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OPEC not considering more oil supply cuts now

BEIJING - OPEC is not actively considering cutting production again as oil markets are jittery, but the cartel could opt to meet before its next scheduled meeting in December, Libya's top oil official said on Friday. Shokri Ghanem also warned that continued low oil prices -- ...

Cambodia's first oil unlikely before 2010

SINGAPORE - U.S. major Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) has yet to submit a plan for what was slated to be Cambodia's first oil development, a senior Cambodian official said on Tuesday, which would mean first oil is unlikely until the next decade. The ...

Eastman pursues new markets in North America for extruded plastic sheet

In pursuit of new markets in North America for extruded plastic sheet using Tritan copolyester, Eastman Chemical Company has signed an agreement with Plaskolite Inc. Mustang sheet made from this new-generation copolyester offers differentiated performance for fabricators, ...

Big spender Venezuela's Chavez shrugs off cheaper oil

CARACAS - Venezuela's President Hugo Chavez will seek to tough out the recent slump in oil prices and stick to his spending plans and socialist model despite slower world economic growth. Risk-taker Chavez, who says his statist policies protect oil-dependent Venezuela from the ...

Saudi makes significant oil cuts to some buyers

SINGAPORE/LONDON - Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts OPEC would stick to its latest output deal. One industry source estimated Saudi Arabia had reduced exports, as ...

Oil jumps 10 percent on Saudi supply cuts

NEW YORK - Oil prices jumped more than 10 percent on Tuesday on signs Saudi Arabia and other OPEC members had made cuts in crude exports and as global financial markets rallied ahead of the U.S. election result. Saudi Arabia has reduced exports after the Organization of the ...

Crude futures surge above $70 on weak dollar, production cut

NEW YORK -- Crude futures surged above 70 U.S. dollars a barrel Tuesday on weak dollar and Saudi Arabia's move to cut production. Light, sweet crude for December delivery rose 6.62 dollars to settle at 70.53 a barrel on the New York Mercantile Exchange after rising as high as 71...

UAE reduces oil output according to OPEC agreement

ABU DHABI -- A senior official of the oil-rich United Arab Emirates (UAE) said here on Monday that his country has actually reduced its crude oil output according to the agreement reached on Oct. 24 by the Organization of the Petroleum Exporting Countries (OPEC), the official ...

Minister: Iran to cut oil sale to Total by 70,000 bpd

TEHRAN -- Iran's Oil Minister Gholam-Hossein Nozari said Saturday that Iran will cut crude sale to France's Total company by 70,000 barrels per day, the official IRNA news agency reported. "The cut comes on the heel of Iran's decision to slash its production by 199,000 bpd based ...

Palin: despite oil dip, energy steps still needed

WASHINGTON - Republican vice presidential candidate Sarah Palin, seeking to underscore her expertise on energy issues, said on Wednesday a drop in oil prices should not dissuade the United States from taking steps for greater energy independence. "Though this sudden drop in ...

Defaults rise as Asia petchem values crash

p> SINGAPORE--A string of petrochemical trade defaults in Asia shook market confidence to the core, as end-users and traders started reneging on deals after spot prices went on a free fall over the past three months, traders and sellers said on Tuesday. There have been a lot of ...

Asian MEG producers cutback operating capacities

MEG offers are being heard at US$740/MT in Asia this week, while buyers continue to scout for offers that lower by about 15 dollars. Prices being negotiated for spot MEG cargoes continue to deteriorate in the import market of Asia as market outlook continues to be listless. ...

BP resumes oil output at one Azeri platform

BAKU - A BP-led group resumed oil production at one of its two Azeri offshore platforms shut after a gas leak in September, BP Azerbaijan said on Friday. "Oil production at Western Azeri was resumed late Thursday," a company spokeswoman Tamam Bayatly told Reuters. A source in the ...

Europe oil refining margins to firm, U.S. to fall

LONDON - Oil refining margins in Europe will stay strong into next year, but U.S. refiners may see their profit levels drop, dragged down by a fall in demand for their key product gasoline. "Right now, European refiners are enjoying strong margins, especially simple refiners, ...

Oil drops 10 percent on demand, risk concerns

NEW YORK - Oil prices dropped more than 10 percent on Friday and touched 13-month lows in a global flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand. The International Energy Agency slashed its estimate of worldwide 2008 oil ...

Iran calls for oil market stability

TEHRAN -- Iranian Oil Minister Gholam-Hossein Nozari on Saturday called for the stability of international oil market after a sharp crude price decline on Friday, Iran's English-language Press TV reported. "We should be after market stability," Nozari told reporters Saturday ...

Confidence crisis pummels Asian stock markets

SINGAPORE--Stock markets continued to bleed on Friday with key Asian indices nose diving as much as 10% following overnight losses in the US despite concerted global efforts to ease the credit crunch, analysts said. At 12:32 local time (04:08 GMT), Japan s Nikkei 225 shed 10.04% ...

New Research Center Will Free Chemistry from Earth's Bonds

A new research center combining the tools of chemistry and astronomy will use the unique laboratory of interstellar space to free the study of basic chemistry from the restrictive bonds of Earth. The Center for Chemistry of the Universe will allow scientists to explore new types ...

Scientists design bomb-proof thermometer to measure the heat of explosions

Scientists at the UK's National Physical Laboratory (NPL) in Teddington have designed a high-speed thermometer that can measure the temperature inside explosions without being damaged in the impact. The shockwave, heat, soot and debris from an explosion can damage thermometers. ...

OPEC comments on falling oil price

LONDON - Pressure is mounting within OPEC to reduce supplies after oil prices have fallen by nearly 50 percent, from a record of $147.27 hit in July, and expectations have mounted that global recession will erode fuel demand. The Organization of the Petroleum Exporting Countries ...

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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