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OPEC oil prices rebound slightly: VIENNA -- The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly to 46.03 U.S. dollars per barrel last week from 45.40 dollars the previous week, the Vienna-based cartel said Monday. It was the first rebound after nine consecutive ...

Indonesia's Pertamina eyes Verenex Libya oil find: JAKARTA - Indonesia's state oil firm, Pertamina, would like to participate in the Libyan oil area of Canadian energy company Verenex, a senior company executive said on Monday. Pertamina has said it wants to expand its upstream activities and to participate in several potential ...

Oil tumbles below $50 on delayed OPEC output cut: NEW YORK -- Crude oil lost more than 9 percent to close below 50 U.S. dollars a barrel Monday after OPEC deferred decision on further production cut to its next meeting later this month. Light, sweet crude for January delivery fell 5.15 dollars to settle at 49.28 dollars a barrel ...

Japan's Itochu suspends Entrada oil project: TOKYO - Japanese trading house Itochu Corp (8001.T: Quote, Profile, Research, Stock Buzz) said on Monday it had suspended development of the Entrada oil and gas field in the Gulf of Mexico as it found that the reserves there were short its estimates. Itochu, the fourth-biggest ...

Nigeria panel says restive delta needs more oil cash: ABUJA - Nigeria should divert a quarter of its oil revenues to the restive Niger Delta and release the leader of the region's main militant group if it is to achieve peace there, a panel set up by the government said on Monday. Attacks by militants and kidnappings of foreign oil ...

Jury clears Chevron of charges in Nigeria clash: SAN FRANCISCO - A U.S. jury on Monday cleared Chevron Corp of liability charges arising from a violent clash on one of its oil platforms off the coast of Nigeria a decade ago. The charges stemmed from May 1998 when about 100 local villagers, protesting environmental damage and ...

Iraq OKs construction of two new oil refineries: BAGHDAD - Iraq's cabinet has approved the construction of two new oil refineries with a total capacity of 300,000 barrels per day, Iraq's Oil Ministry spokesman said on Sunday. One of the refineries is to be located in northern Kirkuk province and the other in southern Maysan ...

Saudi targets "fair" oil price at $75: CAIRO - Saudi Arabia on Saturday cited $75 a barrel as a "fair price" for oil, the first time in years that the world's biggest exporter has identified a target for crude prices. Saudi Oil Minister Ali al-Naimi said oil prices needed to return to $75 to keep the more expensive ...

Iran says non-OPEC crude producers to cut oil production: TEHRAN - Iran's Oil Minister Gholam Hossein Nozari said here Sunday that the non-OPEC crude producers had agreed to cut their oil production, the semi-official Fars news agency reported. Nozari, who was addressing the correspondents on the sidelines of the opening ceremony of ...

ABS and PS prices continue to fall in Asia amid a bearish market: As market outlook continues to be pessimistic, CFR China ABS prices slipped to US$1200/MT, while GPPS dipped to US$700/MT. As lackluster market sentiments reign and unenthusiastic buying continues, most CFR China ABS offers from South Korea and Taiwan have dipped to US$1220/MT ...

Oil falls below $46 near four year lows: SINGAPORE - Oil fell below $46 a barrel to near four-year lows on Thursday, extending four consecutive days of falls as continued demand worries minimized bullish draws in U.S. oil stocks. Oil prices have lost more than $100 a barrel since an all-time high of $147.27 hit in July, ...

OPEC to cut oil supply at December meeting: DUBAI - OPEC will cut oil output at its next meeting on December 17 in Algeria, Qatar's oil minister said Wednesday. "For sure we will cut in Oran (Algeria)," Abdullah al-Attiyah told reporters on the sidelines of a petrochemical conference in Dubai. "I don't know by how much. We ...

Oil dips as demand crumbles, OPEC eyes deeper cuts: NEW YORK - Oil prices extended losses on Wednesday as fuel demand in the United States continued to crumble under the weight of a financial crisis, prompting OPEC to sharpen the ax for another round of production cuts. U.S. crude fell 17 cents to settle at $46.79 a barrel after ...

Shell says oil sands upgrader work cuts output: CALGARY, Alberta - Royal Dutch Shell Plc said on Tuesday its 155,000 barrel per day Scotford oil sands upgrader near Edmonton, Alberta, is operating at reduced levels as the company completes maintenance work on one of the facility's units. Randy Provencal, a spokesman for Shell, ...

Canada oil sands seen threatening millions of birds: CALGARY, Alberta - A coalition of North American environmental groups says the development of Canada's oil sands region threatens to kill as many as 166 million birds over the next five decades and is calling for a moratorium on new projects in the region. The coalition's groups, ...

William Yau becomes CEO of Borouge's Marketing Company in Singapore: William Yau has been appointed Chief Executive Officer of Borouge Pte based in Singapore with effect from November 15, 2008. He succeeds Harald Hammer, who returns to Borealis in Europe, to assume the role of Vice President for its new Mobility Business Unit. Yau comes to Borouge ...

Iran eyes budget based on oil at $45/barrel: TEHRAN - Iran's government and a parliament committee have an initial agreement to base next year's budget on an oil price of $45 a barrel, lower than previously suggested as crude prices have tumbled, a newspaper said on Tuesday. But one senior lawmaker in Iran, the world's ...

Oil drops 4.7 percent, down $100 from record: NEW YORK - Oil prices fell nearly 5 percent to below $47 a barrel on Tuesday, down $100 from their peak, driven down by a gloomy economic outlook and news that OPEC made only two-thirds of its pledged supply cuts in November. U.S. crude settled at $46.96 a barrel, down $2.32, or ...

IEA cuts medium-term oil demand forecasts: LONDON - World oil demand growth is likely to slow down more sharply than previously estimated in the next few years due to the economic downturn, the International Energy Agency said on Friday. Global oil demand is expected to grow by 220,000 barrels per day (bpd) in 2009 to ...

Iran lets private Iranian firms trade oil: TEHRAN - Iran, the world's fourth-largest oil producer, is permitting local private firms and not just foreign companies to enter the trade in Iranian crude, officials said on Sunday. Deputy Oil Minister Akbar Torkan referred to two Iranian entities now permitted to carry out the ...

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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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