Showing Archived Posts

China: High Oil Prices Could Cause Social Unrest

Posted March 21st, 2012 at 6:35 am (UTC-5)
Leave a comment

China is warning that rising domestic oil prices could threaten social stability, after Beijing raised the price of retail gasoline for the second time in two months. The government said earlier this week that it was raising gas prices by 6.5 percent and diesel by 7 percent — the biggest price hike in China in […]

Tags: , Posted in East Asia Pacific

US Exempts 11 Countries from Iran Oil Sanctions

Posted March 21st, 2012 at 1:20 am (UTC-5)
Leave a comment

The United States says 11 countries have “significantly reduced” their purchases of Iranian oil and will not be subject to U.S. sanctions intended to pressure Iran over its controversial nuclear program. In a statement Tuesday, Secretary of State Hillary Clinton commended the countries – mostly European – and urged other importers of Iranian oil to […]

Tags: , , , Posted in Middle East

US Senate Fails to Approve Contested Canadian-US Oil Pipeline

Posted March 9th, 2012 at 4:15 am (UTC-5)
Leave a comment

The U.S. Senate has failed to approve a measure that would have bypassed U.S. President Barack Obama’s rejection of a proposed oil pipeline from Canada to the U.S. Gulf Coast. The Republican-sponsored amendment to a federal transportation bill would have allowed Calgary-based TransCanada to move forward on the controversial Keystone XL pipeline without the administration’s […]

Tags: , , , Posted in Economy, US

Pakistan Studying Iranian Oil Supply Offer

Posted February 29th, 2012 at 8:50 pm (UTC-5)
Leave a comment

Pakistan says it is studying an Iranian offer to supply the energy-starved Pakistani economy with 80,000 barrels of crude oil per day. A Pakistani official Wednesday said Iran also offered to let Islamabad make deferred payments for the Iranian oil. The official said Pakistan will send a delegation to Iran in the middle of March […]

Tags: , , Posted in Economy, South Asia

Sudan Appeals for Chinese Help in Settling Oil Dispute

Posted February 28th, 2012 at 5:25 am (UTC-5)
Leave a comment

Sudan has asked China for help in resolving a long-running dispute about oil revenues with newly independent South Sudan, while the south says it is looking for alternative sources of income. After meetings in Beijing Tuesday, Sudanese Foreign Minister Ali Ahmed Karti said Sudan will also consult with other partners, as it tries to end […]

Tags: , , , , , Posted in Africa, Economy

Sudan Appeals for Chinese Help in Settling Oil Dispute

Posted February 28th, 2012 at 3:10 am (UTC-5)
Leave a comment

Sudan has asked China for help in resolving a long-running dispute about oil revenues with newly independent South Sudan. After meetings in Beijing Tuesday, Sudanese Foreign Minister Ali Ahmed Karti said Sudan will also consult with other partners, as it tries to end the impasse. “We are inviting also the companies, CNPC and Petronas to […]

Tags: , , , Posted in Africa

Negotiators Trying to Settle BP Oil Spill Damages

Posted February 25th, 2012 at 12:05 pm (UTC-5)
Leave a comment

Negotiators for the U.S. government and victims of the devastating 2010 BP oil spill in the Gulf of Mexico are making a last-minute effort to resolve the massive damage case against the British oil giant. A trial about who is responsible — and to what degree — for the worst offshore oil spill in U.S. […]

Tags: , , , Posted in US

Iran Nuclear Tensions Boosting World Oil Prices

Posted February 24th, 2012 at 4:25 pm (UTC-5)
Leave a comment

The price of oil on world markets jumped again Friday amid growing tensions over the West’s attempt to halt oil-producing Iran’s nuclear program. U.S. crude oil on the New York market rose for the seventh straight trading session, ending the week at $109.77 a barrel, a nine-month high. Brent crude sold on the London market […]

Tags: , , Posted in Economy

China’s State Oil Company in Talks for Uganda Refinery

Posted February 23rd, 2012 at 2:55 am (UTC-5)
Leave a comment

Chinese state media say one of the country’s largest national oil companies is in negotiations to invest in Uganda’s first ever oil refinery. The China Daily said Thursday that the state-owned China National Offshore Oil Corp (CNOOC) plans to invest in the project, which will be located in the Lake Albert basin in Western Uganda. […]

Shell: Nigeria Oil Industry Leaking Profits

Posted February 21st, 2012 at 10:25 am (UTC-5)
Leave a comment

A top oil firm says Nigeria’s oil industry is falling far short of its potential due to theft and mismanagement. Ian Craig, Royal Dutch Shell’s director for sub-Saharan Africa, says Nigeria could be producing up to 4 million barrels per day. But Craig told a conference in Abuja Tuesday that thieves were stealing about 150,000 […]

Tags: , Posted in Africa, Economy