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Rogers buys oil last week as price drops

NEW YORK - Renowned commodities investor Jim Rogers said on Thursday that he bought oil last week as crude prices collapsed to near four-year lows and that the world is running out of known oil reserves. Rogers told the Reuters Investment Outlook Summit in New York that he also ...

World oil demand to grow in 2009, shrink in 2008: IEA

LONDON - World oil demand growth will return in 2009 after shrinking this year for the first time since 1983 due to the global economic slowdown, the International Energy Agency (IEA) said on Thursday. The IEA's view is in stark contrast to the U.S. Energy Information Administrat...

Crude prices surge on weak U.S. dollar, OPEC possible output cuts

NEW YORK -- Crude prices surged Thursday as the U.S. dollar retreated against major western currencies while OPEC and Russia planned to cut output. The greenback was sharply lower against the major currencies on increasing unemployment and a wider trade deficit in the United ...

"Reasonably priced" oil gone in 25 years

HOUSTON - A majority of oil and natural gas industry executives said the United States will run out of "reasonably priced" oil in the next 25 years, according to a survey released Wednesday by professional services firm Deloitte LLP. Fifty-three percent of 52 director-level or ...

Mexico oil output woes and hedges dim OPEC appeal

MEXICO CITY - OPEC's call for Mexico to help shore up oil prices is likely to fall on deaf ears among policymakers already fretting about sliding oil output and as a massive hedge shields 2009 government revenues. OPEC ministers urged Mexico and other large oil exporters such as ...

Connacher cuts oil sands output as prices slide

CALGARY - Connacher Oil and Gas Ltd (CLL.TO: Quote, Profile, Research, Stock Buzz) said on Monday it will cut bitumen production at its Alberta oil sands project as prices sink below costs, the first Canadian producer to take such action in the wake of falling oil prices. ...

Nikkei down 1.1 percent on profit-taking before FOMC

TOKYO - Japan's Nikkei average slipped 1.1 percent on Tuesday as investors took profits before a key Federal Reserve meeting, with Honda Motor Co and other exporters down on a strong yen and Wall Street losses. Sony Corp slid after a brokerage downgrade that said the company had ...

China joins U.S., Japan with shrinking oil demand

BEIJING - China's apparent oil demand fell last month for the first time in nearly three years as the world's second-largest energy consumer succumbed to the global economic crisis, data showed on Monday. Long a major engine for rising crude oil markets, China now risks becoming ...

OPEC ready to slash oil output due to declining prices

ALGIERS -- The Organization of the Petroleum Exporting Countries (OPEC) is ready to stage a new round of aggressive oil output cut at its upcoming 151st extraordinary ministerial meeting in the North African country of Algeria, in a bid to buttress the declining oil prices ...

OPEC president wants "much more" than 1 million bpd cut

DUBAI - OPEC should cut oil output by "much more" than 1 million barrels per day as inventories were very high, OPEC President Chakib Khelil said in remarks published on Tuesday. "I believe the meeting will take such a decision," al-Hayat newspaper quoted Khelil as saying. "OPEC ...

Rizhao Steel to file suit against Australian iron company

Rizhao Steel Holding Group said Friday it would file a lawsuit against Australian iron ore company Mount Gibson, after being ordered by an arbitrator to compensate the miner for breach of contract. The private steel company, which is based in east China's Shandong Province, ...

Iraq oil cops seen ready to guard pipeline by 2011

BAGHDAD - Iraq's specialized Oil Police will only be ready to take over full responsibility for protecting the nation's oil pipelines from theft and attack by late 2010, a top U.S. official said Sunday. "They need training. They need equipment. They need quality of life. They ...

Iran expects "hard year" in oil market

TEHRAN -- Iran's representative in the Organization of Petroleum Exporting Countries (OPEC) Mohammad Ali Khatibi said that his country expects a hard year in the global oil market, Iran's satellite Press TV reported on Saturday. "The oil market will see tough times next year ...

Japan business sentiment in biggest dive since 70s

TOKYO - Japanese business sentiment has suffered its sharpest fall since the 1970s oil crises, taking the Bank of Japan's tankan survey to its lowest in nearly seven years and adding gloom to an economy facing a lengthy recession. The dismal data in the closely watched quarterly ...

Bush on farewell visit to Iraq dodges flying shoes

BAGHDAD - An Iraqi reporter called President George W. Bush a "dog" and threw his shoes at him on Sunday, sullying a farewell visit to Baghdad meant to mark greater security in Iraq after years of bloodshed. Just weeks before he bequeaths the unpopular Iraq war to President-elect ...

Mexico sees oil exports down 38 percent by 2017

MEXICO CITY - Mexican oil exports could drop by 38 percent to 875,000 barrels per day by 2017, down more than a third from current levels, as the country adds new refining capacity, according to the energy ministry's latest outlook. The ministry's 10-year projections released on ...

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. ...

Petrobras CEO says oil price no hurdle to subsalt

SAO PAULO - Petrobras Chief Executive Jose Sergio Gabrielli said on Friday the price of oil was not an obstacle to developing massive oil deposits that are difficult to access deep beneath the ocean floor. The finds of potentially more than 50 billion barrels of light oil below a ...

CNOOC and BP in talks on sharing production

CNOOC Ltd and BP Plc are in talks on a production-sharing agreement in the South China Sea, the chief executive officer of China's biggest offshore energy explorer said. "We are talking about it," Yang Hua said after a media briefing in Hong Kong on Wednesday, without giving ...

Danfoss sees green potential in smaller cities

Danfoss Group, one of the largest industrial companies in Denmark, is stepping up its efforts to tap opportunities in China's second- and third-tier cities in a bid to promote energy conservation and business expansion. "China is the third-largest market for Danfoss. I will try ...

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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