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Venezuela tells India's ONGC it must cut output

NEW DELHI - Venezuela has told India's Oil and Natural Gas Corp (ONGC.BO) it will have to reduce output from their San Cristobal oilfield joint venture after OPEC this month agreed to cut production, an ONGC source said on Tuesday. The informal notification, expected to be ...

EU takes no side in Russia-Ukraine dispute

PRAGUE - European Union president the Czech Republic said on Saturday it did not intend to become a participant or mediator in gas contract disputes between Russia and Ukraine, but urged both sides to reach an agreement soon. Russia halted gas supplies to Ukraine, through which a ...

Oil dips below $49 on weak U.S. economic data

NEW YORK - Oil prices slipped below $49 a barrel on Tuesday as weak U.S. economic data triggered a bout of profit-taking, outweighing rising geopolitical tensions and OPEC production cuts that threaten to tighten supplies. U.S. crude for February delivery fell 23 cents to settle ...

China makes strategic use of commodity collapse

BEIJING - China's government is using the collapse in commodity prices to further its domestic agenda, with support for stricken sectors tailored to speed up reform plans rather than rescue ailing companies or prop up prices. To survive plummeting demand for exports -- a sharp ...

WRAPUP 1-Bulgaria says Russia gas supplies via Ukraine halted

MOSCOW/KIEV, Jan 6 - Supplies of Russian gas via Ukraine to Bulgaria, Greece and Turkey stopped flowing on Tuesday because of a dispute between Moscow and Kiev over gas prices, officials in Sofia said. Russia on Monday ordered a reduction in gas flow to Europe via Ukraine, a ...

Countries affected by Russia-Ukraine gas row

Reuters - Following are comments from European customers affected by the cut-off in gas supplies by Russia's gas export monopoly Gazprom to its neighbor Ukraine over a pricing dispute: BULGARIA All Russian gas supplies via Ukraine to Bulgaria, halted on Tuesday, Bulgaria's ...

UPDATE 2-S.Korea says KNOC reviews several oil firms for M&A

SEOUL, Jan 5 - South Korea, the world's No.5 crude oil importer, said on Monday its state oil firm was reviewing several foreign energy firms for acquisition, as it seeks to raise reserves six-fold by snapping up depressed resource assets. The move shows that Asia's hunger for ...

Oil falls to $47 on profit-taking

SINGAPORE - U.S. crude prices fell by more than $1 a barrel on Tuesday on profit-taking, after surging 5 percent overnight on fears that Israel's deepening incursion into Gaza and a spat between Russia and Ukraine over gas prices could spark severe supply disruptions. By 0800 GMT...

Sinopec expects 2010 sales to reach US$296 bln

Sinopec Group, Asia's top oil refiner by capacity, said on Tuesday that its 2010 sales are estimated to grow by 41 percent year-on-year, buoyed by surging domestic demand for oil products and increasing upstream sales arising from oil price hikes. The State-owned energy company's ...

Citgo suspends heating oil aid for U.S. poor

BOSTON - Citgo Petroleum Corp, the U.S. arm of Venezuela's state oil company, has suspended its program to provide free heating oil to hundreds of thousands of low-income U.S. families, the head of the nonprofit organization that distributed the fuel said on Monday. The Andean ...

Iran bases budget on oil price of $37.5 per barrel

TEHRAN -- Iran's Oil Minister Gholam-Hossein Nozari said here on Sunday that Iran's government would base its budget for the next calendar year on oil prices of over 37.5 U.S. dollars per barrel, Iran's satellite Press TV reported. "The government and the parliament have agreed ...

Russia-Ukraine gas row disrupts supplies to EU

KIEV/MOSCOW - Russian gas supplies to the Czech Republic and Turkey dropped on Sunday, the latest victims of a deepening row between Russia and Ukraine over debts and pricing. Russian natural gas supplies fell by five percent to the Czech Republic as a result of the stand-off, ...

FACTBOX: 18 countries affected by Russia-Ukraine gas row

Reuters - Russian gas flows via Ukraine shut down completely on Wednesday, hitting 18 countries ranging from large European Union members such as Germany to small ex-Soviet Moldova. AUSTRIA - About 60 pct of gas for domestic use from Russia* Gas flows stopped on January 7. No ...

Exxon Mobil says submits development plan for Natuna

JAKARTA, Jan 8 - U.S. oil major Exxon Mobil (XOM.N) said on Thursday it has submitted a plan to develop the giant Natuna D-Alpha gas field, the latest move in a dispute with Indonesia over its right to participate in the project. The Natuna D-Alpha block on Java island has around ...

Oil drops largest percentage in 7 years on crude build

NEW YORK - Oil prices slid 12 percent on Wednesday, the largest percentage drop in seven years, after a U.S. government report showed crude inventories rose much more than expected in the world's top energy consumer. Crude oil stocks swelled by 6.7 million barrels, the U.S. ...

Gunmen raid ExxonMobil oil platform off Nigeria

CALABAR, Nigeria, Jan 7 - Armed men attacked an oil platform belonging to U.S. energy giant ExxonMobil (XOM.N) off Nigeria early on Wednesday, the latest sign that criminal gangs are extending their reach in Africa's top oil industry. Gunmen in a flat-bottomed vessel raided the ...

Citgo reverses decision to cut oil aid to US poor

BOSTON, Jan 7 - Venezuela-owned Citgo Petroleum Corp said on Wednesday it would resume a controversial program of delivering free home-heating oil for the U.S. poor, two days after indicating the program would be scrapped this year. A Houston unit of a state-owned company backed ...

M'bishi Chem to restart Mizushima naphtha cracker

TOKYO, Jan 6 - Mitsubishi Chemical Corp, Japan's largest petrochemical firm, said on Tuesday it would restart a 450,000 tonnes per year (tpy) naphtha cracker in Mizushima around Jan. 14 after unplanned repair work. The company, a unit of Mitsubishi Chemical Holdings (4188.T), ...

No Russian gas reaching Austria

VIENNA, Jan 7 - Russian gas flows to Austria had stopped completely on Wednesday, oil and gas group OMV (OMVV.VI) said, adding it was drawing on reserves, domestic production and other imports to guarantee gas supply to customers. Ukraine's state energy company Naftogaz said on ...

Billionaire Blavatnik hit hard by Lyondell failure

MOSCOW - Russian-born billionaire Len Blavatnik's international empire faces its biggest test with Tuesday's bankruptcy filing by a key component, the U.S. operations of LyondellBasell, the world's No. 3 petrochemical maker. In two decades of impressive but highly leveraged ...

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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