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US Talking to Iranian Oil Buyers About Cutting Imports

Posted February 21st, 2012 at 4:05 am (UTC-5)
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The United States is negotiating with major importers of Iranian oil, including South Korea and Japan, about reducing their purchases as part of sanctions targeting Tehran’s central bank. A delegation of senior South Korean officials is traveling to Washington Tuesday for talks that will include how much the country needs to cut its imports. South […]

Tags: , , Posted in East Asia Pacific, Economy, US

Oil Price Hits Nine-Month High

Posted February 20th, 2012 at 12:30 pm (UTC-5)
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The price of oil is rising, hitting a nine-month high on the New York market as traders worry about the disruption in Iranian oil exports. On Sunday, Iran cut off the small amount of oil it supplies to British and French companies. It was a pre-emptive retaliation against the European Union’s planned embargo of Iranian […]

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Little Progress in Sudan, South Sudan Oil Talks

Posted February 15th, 2012 at 7:20 am (UTC-5)
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Talks aimed at ending a bitter oil dispute between Sudan and South Sudan have ended without agreement. The six-day talks in Ethiopia’s capital, Addis Ababa, finished early Wednesday. South Sudanese officials said late Tuesday that the sides remain far apart on a deal. Another round of talks is due to begin February 22. Landlocked South […]

Tags: , , , Posted in Africa

Rights Group Urges Mediation in Sudanese Oil Dispute

Posted February 10th, 2012 at 5:30 am (UTC-5)
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International watchdog Global Witness is urging the international community to help end a bitter oil dispute between Sudan and South Sudan, warning the situation could escalate if not resolved soon. The natural resource monitoring group said Friday that the African Union, China and Western governments should engage “at the highest diplomatic levels to broker a […]

Tags: , , Posted in Africa, Economy

South Sudan, Ethiopia Sign Oil Pipeline Deal

Posted February 9th, 2012 at 8:55 am (UTC-5)
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South Sudan has signed a memorandum of understanding with Ethiopia allowing it to build an oil pipeline through Ethiopia to the port of Djibouti. South Sudan’s information minister announced the deal Thursday, amid a bitter oil dispute with Sudan that has prompted the south to halt production. Landlocked South Sudan had been shipping oil in […]

Tags: , , , Posted in Africa, Economy

South Sudan Completes Oil Shutdown

Posted February 8th, 2012 at 12:35 pm (UTC-5)
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The government of South Sudan says it has fully shut down oil production, a move sparked by a dispute with neighboring Sudan. South Sudan initiated the shutdown last month, accusing the north of confiscating more than $800 million worth of oil being transported through northern pipelines. Khartoum says it took the oil because the south […]

Tags: , , Posted in Africa

US Oil Company Reaches Settlement Over Chinese Oil Spill

Posted January 25th, 2012 at 5:00 am (UTC-5)
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Chinese officials say U.S.-based oil giant ConocoPhillips has agreed to pay nearly $160 million in damages in connection with last year’s massive oil spill off China’s northeastern coast. The agriculture ministry says it reached a deal with the company to settle scores of lawsuits from local fishermen, who claim the spill in the Bohai Bay […]

South Sudan Moves to Shut Down Oil Production

Posted January 23rd, 2012 at 10:40 am (UTC-5)
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South Sudan says it has taken the first steps toward halting oil production, a new escalation in its dispute with Sudan over oil revenue. Minister of Information Barnaba Marial Benjamin tells reporters that South Sudanese oil fields began shutting down Sunday, two days after the government warned it may stop production. He says oil companies […]

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EU Agrees to Iranian Oil Embargo

Posted January 23rd, 2012 at 4:35 am (UTC-5)
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European Union nations have agreed to place an oil embargo against Iranian oil exports. The move by the 27-member EU was announced Monday in Brussels in an effort to stop Iran’s disputed nuclear program. Details of the embargo are to be finalized by EU foreign ministers meeting in Brussels. Some reports say the embargo is […]

Tags: , , Posted in Europe

South Sudan Threatens to Shut Down Oil Production

Posted January 20th, 2012 at 10:30 am (UTC-5)
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South Sudan says it may shut down oil production because neighboring Sudan is seizing southern oil flowing through its pipelines. A South Sudan government spokesman told reporters Friday that the minister of petroleum and mining has begun a process to halt production within the next two weeks. VOA has learned that South Sudan’s President Salva […]

Tags: , , Posted in Africa