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Nippon Oil plans Jan crude refining down 25 pct y/y: TOKYO, Dec 25 - Nippon Oil Corp (5001.T) plans to refine 3.95 million kilolitres (801,000 barrels per day) of crude oil in January to meet domestic demand, down 25 percent from a year earlier, a company executive said on Thursday. The forecast is unchanged from its projection ...

Only dreaming of a "White Christmas"?: More and more people are only dreaming of a White Christmas because of global warming. That s the conclusion by my colleague Erik Kirschbaum in a nice story from Berlin today about how climate change is making it less likely that people in the northern hemisphere will see snow at ...

Russia hosts new gas body, faces OPEC ire over oil: MOSCOW - Russia, the world's top gas exporter, hosted the founding of a formal gas producers' group on Tuesday but faced criticism from OPEC for refusing to join in cutting oil output to support energy prices. With Prime Minister Vladimir Putin presiding, energy ministers from 12 ...

Oil decline erodes airline fuel hedge value: CHICAGO - Major U.S. airlines are cheering the jaw-dropping decline in fuel prices, but at the same time are wincing that some of the insurance they bought to hedge against fuel spikes seems to have been a waste of money. To some degree, top carriers all are struggling to blunt ...

Japan Cosmo Oil likely to cut refining in Jan-Feb: TOKYO - Japanese refiner Cosmo Oil Co (5007.T) said on Wednesday it is likely to refine less crude oil in January-February than during the same period a year earlier because of weak demand. Cosmo Oil processed 6 percent less in October-December than in the year-ago period. Cosmo, ...

Oil contango drives down investor profits: NEW YORK - The deepening discount of near month oil futures contracts against later months is scaring investors off simple passive funds that helped drive big returns during crude's six-year rally, Erik Simpson, managing director at Vantage Energy Hedge Fund said on Friday. ...

Oil falls below $39 on economic gloom: NEW YORK - Oil prices fell another 2.3 percent to below $39 a barrel on Tuesday as a raft of gloomy economic data reinforced expectations that world energy demand will shrink for the first time in 25 years. OPEC, which has already agreed to slash global oil supplies by 5 percent, ...

Iraq to start 2nd bidding round for oil, gas contracts: BAGHDAD -- Iraqi Ministry of Oil has announced it will open its second licensing round for international companies to develop the country's oil and gas fields at the end of the year, according to a ministry statement received by Xinhua on Tuesday. The statement said that Oil ...

Canada heavy oil firms try to weather price storm: CALGARY, Alberta - Producing heavy oil in Canada, much of which comes from the big oil sands deposits of northern Alberta, is a tough business and it's getting tougher. The tar-like crude trades at a discount to lighter varieties. That wasn't a problem in July, when benchmark oil ...

Oil price has found floor: OPEC president: LONDON - Oil prices have found a floor around current levels, OPEC President Chakib Khelil told Reuters on Friday. He was asked if he expected the oil price to fall further: "Not really," he said. "I don't believe there is any reason for it to fall any further, I don't see it ...

Iran says oil market oversupply at 2 million bpd: TEHRAN -- The global oil market is oversupplied by 2 million barrels per day (bpd), Iran's oil minister said here Sunday, a day after the Organization of Petroleum Exporting Countries (OPEC) deferred a decision on a new output cut. "Market assessments indicate that the market has ...

OPEC says deep recession slashes need for its oil: LONDON - The first drop in world oil demand in 25 years will sharply lower the need for OPEC crude in 2009, the producer group said on Tuesday, opening the door for a substantial production cut when it meets in Algeria this week. In its monthly oil market report, OPEC said demand ...

OPEC ministers open meeting in Cairo: CAIRO -- The Organization of the Petroleum Exporting Countries (OPEC) opened its consultative ministerial meetings here Saturday to discuss how to shore up oil prices amid a looming global recession. The closed session is held in preparation for a special ministerial-level ...

Oil producers to carry on spending, but warily: DUBAI - A deep drop in oil prices has sapped the confidence of producer nations as even top exporter Saudi Arabia faces the prospect of a financial deficit next year. But they are still expected to carry on spending for as long as possible and the core Gulf producers can draw on ...

Gasoline prices drop to lowest level in Los Angeles in 3 years: LOS ANGELES -- Because of lower demand, the average price of a gallon of self-served and unleaded gasoline fell to its lowest level since January 2005 in the Los Angeles area on Thursday. The average price is 2.557 dollars less than the record high of 4.626 set on June 21, the ...

Iraq central gov't, Kurdistan agree oil exports: BAGHDAD - Iraq's oil ministry and the country's largely autonomous northern Kurdish region have agreed to export oil from Kurdistan to Turkey, an Oil Ministry spokesman said on Thursday. The initial agreement represents a breakthrough in a dispute between the two Iraqi authoritie...

BP cuts staff, sees risks at $50 oil: MOSCOW - Russia's TNK-BP, half-owned by oil major BP, is cutting downstream business staff at its head office and expects oil production to suffer if oil prices do not recover in 2009, a company executive said on Thursday. Alexander Kaplan, vice-president of TNK-BP, told a news ...

Oil demand falls first time in a generation: LONDON/NEW YORK - Global oil demand is expected to decline slightly in 2008 and 2009, the first drop in a generation, as the most severe economic crisis since the 1930s slashes consumption across the developed world. Worldwide demand will decline by 20,000 barrels per day (bpd) ...

Oil falls towards $53 as demand worries weigh: LONDON - Oil fell to around $53 a barrel on Thursday as a holiday weekend in the United States and an upcoming OPEC consultative meeting limited trade. Oil fundamentals are weak, with U.S. crude stocks rising sharply and oil demand in the United States falling in September to its ...

Nigeria threatens to stop further crude production cuts: ABUJA -- Nigeria on Wednesday threatened that it would stop further cuts in its crude oil production if other member countries of the OPEC cartel failed to obey its earlier directives to do so. The OPEC had ordered the cut to save crude oil from further bashing in the ongoing ...

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Yao's gift of sport for all: Chinese NBA player Yao Ming teaches a boy with special needs how to ...

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