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Russian oil firms may cut output if unprofitable

TARKO SALE, Russia - The world is heading toward a sharp deficit of oil production capacity and Russian companies could cut output and exports should they become unprofitable, Russia's energy minister said on Tuesday. "Oil companies should decide themselves. If it's unprofitable, ...

Aramco hoping to hear from oil tanker pirates Weds

DUBAI - Saudi Aramco hopes to hear from pirates who hijacked a supertanker with an oil cargo worth $100 million later on Wednesday, a spokesman for the company's shipping arm said. "We are still waiting for contact," the spokesman for Aramco unit Vela International told Reuters. ...

Iran could cope with oil as low as $5

TEHRAN - Iran could live with an oil price as low as $5 per barrel, President Mahmoud Ahmadinejad was quoted as saying on Sunday, in comments at odds with the views of the IMF and economic analysts. Like other major crude exporters, Iran is facing declining revenue as global oil ...

Oil rises over $1 to top $51 a barrel

PERTH - Oil rose over $1 to top $51 a barrel on Monday, extending the previous session's gains that were driven by a late rally in Wall Street shares. U.S. light crude for January delivery rose $1.36 to $51.29 a barrel by 2304 GMT. The contract settled 51 cents higher at $49.93 a ...

China mulls tax options to reform oil pricing

BEIJING - Chinese policy makers may decide to increase a refined oil consumption tax rather than impose a new fuel tax, as some market participants are expecting, official sources familiar with the issue told Reuters on Thursday. The consumption tax, currently levied on seven ...

Oil firms to store crude on ships as oil tanks

DUBAI - Oil companies plan to store millions of barrels of crude at sea as they wait for demand to pick up and prices to rise. So far oil companies have booked ships capable of holding up to 10 million barrels, brokers have said, more than the daily output of top exporter Saudi ...

Formosa mulls restart of No.3 naphtha unit in January, YNCC shutters cracker

Formosa's 1.2 mln tpa, No. 3 naphtha unit that has been shuttered since September, may restart. Formosa Petrochemical Corp has deferred restart several times since the shutdown because of persistently failing naphtha demand. Spot discounts on next month loading cargoes from India ...

IEA says oil price pressure to continue in 2009

DUBLIN - Oil prices are set to remain under downward pressure next year as a weak global economy hits demand with worries for investment projects, the International Energy Agency's (IEA) chief economist said on Thursday. Oil fell below $50 a barrel on Thursday, with fuel ...

Oil drops 7 percent to 3-1/2-year low below $50

NEW YORK - Oil prices dropped more than 7 percent to below $50 a barrel on Thursday as a bearish U.S. jobs report intensified concerns of a long and deep global recession and further crushed fuel demand expectations. The U.S. government reported the number of workers making new ...

Turkey joins natural gas exploration in Iraq

ANKARA -- Turkey will explore natural gas in Iraq together with multinational energy company in the near future, the semi-official Anatolia news agency reported Thursday. Turkey's Petroleum Corporation (TPAO), the Petroleum Pipeline Corporation of Turkey (BOTAS) and Shell Energy ...

Fugro ups 2008 outlook on strong demand

AMSTERDAM - Dutch engineering consultancy Fugro NV raised its full year sales and profit forecasts on Thursday as demand for its services to the oil industry continues to rise. The company, which provides seismic services to the oil industry, said it expected 2008 net profit to ...

The slide in oil prices continues

Oil prices have fallen again - on the Nymex, light sweet crude for December delivery dipped to US$53.6, and Brent North Sea crude for delivery in January dipped to US$51.7. Oil futures' four-session loss totaled to almost 8%, natural-gas futures settled 3.5% higher, and heating ...

Oil steady above $54, eyes on U.S. stocks data

SINGAPORE - Oil prices were little changed above $54 a barrel on Wednesday ahead of data expected to show U.S. crude stocks rose last week, another sign that the global economic slump is clipping fuel demand. American banking and car maker woes reverberated around the globe and ...

Nigeria oil pipeline attacked, bunkering arrests

PORT HARCOURT, Nigeria - A Nigerian crude oil pipeline was sabotaged in the Niger Delta and 22 Filipinos were arrested after their ship was intercepted for carrying stolen oil, a military spokesman said on Saturday. A crude oil pipeline that feeds into the Chevron "The details ...

Gazprom sees oil decline, eyes Siberia gas with BASF

NOVY URENGOI, Russia - The world will face oil supply shortages sooner than expected as producers scale back investment due to the financial crisis, the head of Russian energy giant Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) said on Wednesday. Gazprom Chief Executive ...

Toronto index closes higher as oil rallies

TORONTO - Toronto's main stock index closed at its highest level in over a week on Monday in a broad-based rally supported by a rebound in oil prices and talk that global stimulus measures would avert a deeper slide in the economy. The Toronto Stock Exchange S&P/TSX composite ...

Ecuador sees oil as key on deciding debt default

QUITO - Ecuador sees falling oil prices as a determining factor in its decision on whether to service foreign debt that the leftist government deems "illegal," Minister of Politics Ricardo Patino told Reuters on Monday. Patino, one of President Rafael Correa's closet allies, said ...

Oil jumps 7 percent, Saudi Arabia deepens cuts

NEW YORK - Oil rose 7 percent on Monday as a rebound in global equity markets and signs of deepening cuts from top world supplier Saudi Arabia helped the market break a six-session losing streak. U.S. crude for January delivery gained $2.90 to settle at $43.71 a barrel, bouncing ...

PetroSA's oil refinery to cost less than $11 bln

CAPE TOWN - South African state-owned oil company PetroSA expects its 400,000 barrels-per-day Coega oil refinery to cost much less than a forecast $11 billion, PetroSA Chief Executive Sipho Mkhize said on Monday. "We have seen indications that steel costs are going down, so we ...

China sugars the pill of oil market revolution

BEIJING - China is promising a big cut in petrol prices to sweeten a major fuel price reform that will leave drivers paying much more in the longer term and even more likely to drive less if fuel prices rally again. China could cut net pump prices by almost a quarter when the ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

finance

company

Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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