Iraq’s oil minister says pipeline sabotage is down significantly since last year and oil exports are up.
Hussain al-Shahristani attributes the improvement to the rise of Sunni awakening councils. That’s the term for Sunni groups that have turned against al-Qaida and now provide security in their home areas.
Speaking on Iraq television, al-Shahristani says attacks dropped from [...]

Iraq invited bids from local and international companies for two new oil tankers and another for chemical products.
The country’s fleet of oil tankers was devastated by tit-for-tat shelling during the 1980-88 Iran-Iraq war and by attacks during the 1991 U.S.-led Gulf War.
Last year, Iraq signed a $65 million contract with China to buy three oil [...]

In its monthly market report, the Organization of Petroleum Exporting Countries said oil’s recent volatility — the price for a barrel has swung back and forth in a $10 range over the past week alone — “reconfirms the view that current price levels do not reflect supply and demand realities.”
Looking ahead to the second [...]

A Miami lawyer is suing OPEC over the skyrocketing price of oil.
Attorney Larry Klayman claims in the lawsuit that the Organization of Petroleum Exporting Countries is violating U.S. antitrust laws by fixing oil prices.
The lawsuit claims OPEC is operating a conspiracy aimed at causing economic harm to the U.S. and other western nations.

Currently, global sulfur production is mainly concentrated in Canada, Russia and the Middle East. The global trade volume of sulfur in 2006 reached 27.7 million tons and meanwhile, China imported 8.81 million tons, accounting for 31.8% of the world’s total. According to the statistics, China consumed about 10 million tons of sulfur in 2006, while [...]

Brazil’s state-run oil company Petrobras plans to spend more than $20 billion to build two new refineries.
The media reports say the two new refineries are expected to begin operating in 2015 and will produce high grade derivatives for export.
The investment plans were announced by Petrobras president Jose Sergio Gabrielli.
The company plans to nearly double its [...]

China’s Sinosteel Corp. said Wednesday it has boosted its stake in Australian iron ore miner and developer Midwest Corp. to 28.4 percent, from 19.9 percent.
The Chinese metals trader, which is battling Murchison Metals Ltd. for Midwest, is bidding 1.36 billion Australian dollars (US$1.3 billion; ?830 million) in an offer that ends June 13.
Sinosteel had 60.4 [...]

Ironclad Mining advised that the Company continues to make good progress towards the development of the Wilcherry Hill Crystalline Magnetite Project to export iron ore to China and other East Asian customers. The Company reported more excellent results from resource extension and exploration drilling; South Australian Government moves to establish bulk commodities port for iron [...]

Wellex Mining Corp. of plastics king William Gatchalian is investing P473 million for an ore project in Dinagat Province.
The project involves the production of beneficiated nickel ore for exports to Macau, Japan, China, Taiwan and India.
The mining facility will have a capacity of 1.2 million wet metric tons of beneficiated nickel ore per year.
It will [...]

The Organization of Petroleum Exporting Countries boosted crude-oil output in May, according to a survey by Dow Jones Newswires.
The survey estimates daily production by the group’s 13 members in May rose 432,000 barrels a day, from the previous month to 32.39 million barrels a day.
May’s production increase came mostly from OPEC’s top producer, Saudi Arabia, [...]