In a dire forecast, the Paris-based International Energy Agency is warning of an impending crunch in the supply of oil and natural gas needed to power world economic growth in coming years.
The IEA is the energy watchdog of the world’s 26 most-advanced economies, and its pessimistic assessment is contained its latest annual medium-term forecast to [...]
Oil and gas futures prices retreated Tuesday on expectations that a government inventory report today will again show that crude and gasoline stocks rose last week.
The weekly report by the Energy Department’s Energy Information Administration has become critical for analysts and traders during a spring and early summer that have seen an unusually high number [...]
PetroSun, Incorporated is pleased to announce that its wholly owned subsidiary, PetroSun BioFuels Australasia, has entered into a Letter of Intent with Icon Drilling of Brisbane, Australia. The purpose of the transaction is to create a publicly traded alternative fuel company in Australia. Icon Drilling is a wholly owned subsidiary of Icon Energy that is [...]
PetroSun, Incorporated is pleased to announce that its wholly owned subsidiary, PetroSun BioFuels Australasia, has entered into a Letter of Intent with Icon Drilling of Brisbane, Australia. The purpose of the transaction is to create a publicly traded alternative fuel company in Australia. Icon Drilling is a wholly owned subsidiary of Icon Energy that [...]
The federal government gave its approval Monday for the reopening of an oil-shale mine in Utah, one of the experimental works intended to boost domestic oil production on Western lands.
A top-ranking Interior Department official signed off on the project, and officials said an Alabama-based partnership, Oil Shale Exploration Co., would be offered a lease to [...]
China aims to produce 193 million tonnes of oil and 92 billion cubic metres of natural gas by 2010, according to an energy blueprint released by the National Development and Reform Commission (NDRC) on April 10.
While the target represents a mere 5% growth in oil output compared to last year, or 2.12% in annual growth, [...]
China Petroleum & Chemical Corp., Asia’s biggest oil refiner, said first-half profit may rise more than 50 percent on increased sales of fuels and chemicals.
The forecast from Sinopec, as the Beijing-based company is known, came as it said first-quarter profit more than doubled from a year earlier. Net income climbed to 19.4 billion yuan ($2.5 [...]
Plantation firm PPB Oil Palms Bhd. said Thursday it is confident Malaysian regulators won’t block its US$4.3 billion (euro3.6 billion) merger with Singapore palm oil refiner Wilmar International Ltd.
“I don’t think the government will stop (the deal) but they might impose conditions,” Oh Siew Nam, executive chairman of PPB Group Bhd. which is the parent [...]
South Korea’s antitrust watchdog said Thursday it will fine four local oil companies a total of 52.6 billion won (55.9 million dollars) for fixing prices.
The Fair Trade Commission said SK, Hyundai Oilbank, GS Caltex and S-Oil colluded to raise prices for petrol, diesel and kerosene from April 1 to June 10 in 2004.
It said it [...]
Crude oil prices dipped Friday on forecasts for warmer weather in the U.S. northeast, the world’s largest heating oil market.
The market also appeared to be reacting to news that OPEC output had dropped but was still above agreed cutbacks.
Light, sweet crude for March delivery dropped 19 cents to $57.80 a barrel by midday in Europe [...]
