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40 oil "flashpoint" for OPEC

NEW YORK - Oil producers in the Middle East are expected to fight hard to keep crude oil above $40 a barrel although near-term forecasts are for lower prices, an official with U.S. fund manager BlackRock said Monday. "We're in a nasty global recession and oil demand will go down,...

Ghana votes for new president to usher in oil era

ACCRA - Ghanaians voted for a new president on Sunday in a tight race between two foreign-educated lawyers hoping to lead the West African nation into an era of greater prosperity thanks to offshore oil. The elections are widely expected to be peaceful. That would be a boost for ...

Madagascar Oil sees 1.7 bln barrels in Tsimiroro

ANTANANARIVO - Houston-based Madagascar Oil boosted its estimate of reserves at its Tsimiroro project on the Indian Ocean island by 30 percent on Friday to 1.7 billion barrels. In March, the company said it produced Madagascar's first oil in 60 years from an onshore steam ...

Stratasys to offer high performance thermoplastic for direct digital manufacturing

American additive fabrication machine maker, Stratasys announced at the EuroMold Show (Dec 3, Frankfurt) that it offer SABIC's ULTEM* 9085, a high-performance thermoplastic for direct digital manufacturing (DDM) and rapid prototyping for its patented fused deposition molding (FDM...

Iraq to restart oil exports to S.Korea Jan 1

DUBAI - Iraq will restart oil exports to South Korea's SK Energy on Jan. 1 following a year's hiatus after SK withdrew from a contract with Iraq's Kurdish region, an Iraqi oil ministry source said on Wednesday. "We've done the deal," the source told Reuters by telephone. "They ...

Exploration costs rise in still-busy oil industry

SAN FRANCISCO - Oil and gas companies hammered by plunging energy prices have seen no relief from exploration and production costs, which rose 5 percent in just six months this year, according to a leading consultancy. Delays and cancellations of extraction projects have made ...

Obama's energy secy to push renewables, less oil

WASHINGTON - The change promised by U.S. President-elect Barack Obama will extend to the Energy Department, where the next energy secretary is likely to focus more than ever on renewable and alternative energy sources and less on traditional fossil fuels like crude oil. Steven ...

Consumers pay as prices jump

Editor's note: A number of commodities saw price hikes in 2010. Among these, soaring prices of agricultural commodities pushed the consumer price index (CPI), the major gauge of inflation, to a record high of 5.1 percent. While some prices have moderated due to government ...

Nigerian oil company says gas to be abundant in 2009

LAGOS -- Group Executive Director of Exploration and Production of Nigerian National Petroleum Company (NNPC) Chris Ogiemwonyi has assured that the perennial shortage of gas used in thermal power stations in the country will end in 2009. Speaking in Abuja on Tuesday, Ogienwonyi ...

Developing economies to slow sharply

WASHINGTON - The international financial crisis is set to sharply slow growth in emerging and developing economies next year, ending a five-year global commodity price boom, the World Bank said on Tuesday. The World Bank's 2009 Global Economic Prospects report forecast world ...

Canadian oil firms wait on job cuts

CALGARY, Alberta - Global economic turmoil and skidding oil prices have yet to cause Canadian oil companies to resort to large-scale job cuts but harder measures will be coming if the industry's prospects don't improve. They are struggling with low oil and natural gas prices and ...

OPEC needs big supply cut to stem oil's slide

LONDON - OPEC needs to make a large cut in supplies at a meeting next week, its third reduction since September, to prevent further falls in oil prices as world demand slumps due to slowing economies. The group should cut output by at least 1 million barrels per day (bpd) at the ...

Oil falls 4 percent on forecast for shrinking demand

NEW YORK - Oil prices fell nearly 4 percent on Tuesday after the U.S. government forecast the world economic slowdown would shrink global oil consumption this year for the first time since the early 1980s. U.S. crude fell $1.71, or 3.91 percent, to $42.00 a barrel at 2:30 p.m. ...

World oil demand to fall for first time in decades

WASHINGTON - Global oil demand will contract for the first time since the early 1980s as world economic growth slows to a near standstill, the U.S. government said on Tuesday. The forecast for 2008 and 2009 is bad news for energy companies and oil producing nations that depend on ...

Vale may cut iron ore export prices

The world's largest iron ore producer Vale SA may cut iron ore prices by about 10 percent, the first reduction in a year, indicating the miner has begun to consider demand when setting prices. Vale will define new prices this week, following a drop in spot prices in China in the ...

Iran calls for OPEC output cut by 1.5-2 mln bpd

TEHRAN -- Iran's Oil Minister, Gholam-Hossein Nozari, said here on Sunday that Iran would propose the Organization of the Petroleum Exporting Countries (OPEC) to cut output by 1.5 to 2 million barrels per day (bpd), Iran's official IRNA news agency reported. "Our position in the ...

Oil slides as U.S. government weighs auto aid

NEW YORK -- Crude oil futures closed lower on Friday as U.S. Treasury Department said it would lend funds to the auto industry after a rescue plan went aborted in the Senate on Thursday night. The collapse of the auto bailout plan had escalated fears that a worsening recession ...

Canadian oil firms make cautious spending cuts

CALGARY, Alberta - EnCana Corp and Petro-Canada moved to cut 2009 capital spending on Thursday to cope with falling commodity prices and market turmoil, but they left themselves enough room to change plans quickly in case the economy swings to the better, or worse. After years of ...

Oil firms push London stock market higher by 0.7%

LONDON -- The London stock market closed higher on Thursday after upbeat news from oil firms offset falls in the financial sector, with the FTSE index of leading shares up 21 points, or 0.7 percent, at 4388.7. Tullow Oil, which rose 20 percent, was the top riser after it ...

U.S. oil demand drop may slow by mid-2009

NEW YORK (Reuters) - The steep declines in U.S. oil demand will likely slow down in the second half of 2009, but a rebound higher is unlikely next year as the economic crisis continues to damp consumer behavior. Consumption in the world's largest economy has been dropping ...

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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