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Lower OPEC output won't boost prices: Deutsche Bank

HOUSTON - Early indications that OPEC members are complying with the deepest ever oil-supply cuts may not stop oil prices from falling further, a top energy analyst said on Wednesday. "It's going to be difficult," said Adam Sieminski, chief energy economist for Deutsche Bank. ...

SK Energy sees crude imports at $45-$55/bbl in '09

SEOUL, Jan 22 - SK Energy (096770.KS), South Korea's top refiner, said on Thursday it expected crude oil import costs in 2009 to average $45-$55 a barrel, down from $93.60 a barrel in 2008. The refiner also expects the South Korean won to average 1,300 against the dollar this ...

British Gas cuts bills by 10 pct

LONDON, Jan 22 - British Gas will cut gas prices for household customers by 10 percent from Feb 19, the Centrica (CNA.L) subsidiary said on Thursday. British Gas said the price cuts represent the first cut in standard gas bills by a major energy supplier since 2007 and should ...

Shell: No firm date for Australia refinery restart

PERTH, Jan 22 - Royal Dutch Shell Plc has no firm date yet for the restart of the 85,000 barrels per day Clyde refinery in Australia, which has been shut since the end of November, the firm said on Thursday. "The refinery is still undergoing maintenance. There is no expected ...

Crude prices rise slightly on better-than-expected U.S. GDP data

Crude prices rose Friday on better-than-expected U.S. GDP data while the Organization of Petroleum Exporting Countries (OPEC) warned to cut more output. The Commerce Department reported the U.S. economy shrank at a 3.8 percent pace at the end of 2008, which was not as bad as ...

Oil rises 1.1 percent, OPEC cuts, weather lend support

SINGAPORE - Oil prices rose more than 1 percent Tuesday, reversing day-ago losses as traders focused on short-term factors like cold U.S. weather and an Australian cyclone, despite forecasts of a further rise in U.S. crude stocks. Oil prices have clawed back from lows under $33 a ...

Cyclone shuts about half of Australian oil output

PERTH, Jan 27 - A cyclone off the west Australian coast has shut down almost half of the country's oil output since Sunday and prompted miner Rio Tinto Group/Plc (RIO.AX)(RIO.L) to halt iron ore exports through one of its main ports. Oil and gas firms operating off Australia's ...

Oil settles 6 percent higher as OPEC output drops

NEW YORK - Oil prices rose more than 6 percent on Friday as mounting evidence that OPEC is complying with the bulk of its record output cuts countered gloomy economic data that further dimmed the outlook for global energy demand. U.S. crude settled up $2.80 at $46.47 a barrel, ...

Energy IPOs look to stay on sidelines in 2009

NEW YORK, Jan 23 - Plagued by low energy prices and recent overcapacity, oil and gas companies hoping to go public might have to sit out 2009, if not wait longer. Crude oil CLc1 prices are off about 70 percent from the $147 per barrel all-time highs hit last summer, compromising ...

Sinopec reports 4.5% rise in 2008 refining throughput

BEIJING, Jan. 23 -- China Petroleum and Chemical Corp.(Sinopec), the nation's largest oil refiner, said Friday that it processed 168.8 million tons of crude oil in 2008, up 4.49 percent year-on-year. The company, which is also a leading oil producer, said in a preliminary report ...

Exxon, Chevron to supply gas to Indonesian local market

JAKARTA, Jan. 23 -- Giant global oil and gas firms Exxon Mobil Corp and Chevron Corp have signed a deal worth 6.76 billion U.S. dollars as part of its commitment to allocate parts of their outputs to domestic industries, the Jakarta Post reported on Friday. Exxon has agreed to ...

Nexen produces synthetic oil from oil sands project

CALGARY, Alberta - Nexen Inc (NXY.TO) said on Thursday it produced the first synthetic crude from its C$6.1 billion ($5 billion) Long Lake, Alberta, oil sands project, although with the industry downturn the product is worth a fraction of what it would have been last summer. ...

Substandard thin steel bars banned

Construction authorities in Xi'an, capital of Shaanxi province, over the weekend ordered builders to stop using thin steel bars that do not meet construction standards. Liu Lin, director of the construction and real estate management department under the Xi'an Industry and ...

Chevron says committed to Indonesia gas project

JAKARTA, Jan 22 - Chevron Corp (CVX.N) is reviewing its business plans in Indonesia, but remains committed to developing natural gas fields offshore from East Kalimantan, Borneo island, the U.S. major said on Thursday. The Gehem and Gendalo natural gas projects in the Makassar ...

China's natural gas output continues to rise, up 12.3% in 2008

BEIJING, Jan. 31 -- China's production of natural gas rose 12.3 percent year on year to 76.1 billion cubic meters in 2008 as the government promoted cleaner energy, an industry association said. The annual growth rate was down from 23.1 percent in 2007, the China Petroleum and ...

Low-carbon economy calls for emerging industries

The trend of a global, low-carbon economy provides a great opportunity for the development of emerging industries, and in turn those industries will boost the economy, experts and entrepreneurs said at the 1st World Emerging Industries Summit on September 1. Zheng Xiongwei, an ...

Steel industry outlook still hazy

Despite the prospects of lower iron ore prices for the fourth quarter of this year, the overall outlook for domestic steel mills still remains hazy due to weak demand from downstream sectors, industry sources said on Thursday. Iron ore prices fixed by the big three global miners ...

Crude prices rise slightly on better-than-expected U.S. GDP data

NEW YORK, Jan. 30 -- Crude prices rose Friday on better-than-expected U.S. GDP data while the Organization of Petroleum Exporting Countries (OPEC) warned to cut more output. The Commerce Department reported the U.S. economy shrank at a 3.8 percent pace at the end of 2008, which ...

New oil pricing mechanism drafted

Crude oil prices fell nearly one month, standing under $75 per barrel Tuesday, while China still kept the retail price unchanged. Crude prices have dropped since the August 3 peak of $82.89 per barrel. In 2009, the National Development and Reform Commission (NDRC) adopted an oil ...

Iran's oil revenues reaches $64 bln for 9 months

TEHRAN, Jan. 31 -- Iran's Oil Minister Gholam-Hossein Nozari has said that Iran's oil revenues reached 64 billion U.S dollars for the first nine months of the Iranian year, Iran's satellite Press TV reported on Saturday. "The Islamic Republic's oil revenues for the first nine ...

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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