On his second visit to Saudi Arabia this year, Saudi leaders told President Bush they see no reason to increase oil production until customers demand it.
Saudi oil minister Ali al-Naimi said the kingdom decided on Saturday to raise production by 300,000 barrels, at the request of customers, and that increase was sufficient.
According to the Organization [...]

A U.S. subsidiary of Russia’s state-controlled natural gas company signed a letter of intent to obtain all the capacity of a liquefied natural gas (LNG) terminal planned for Quebec.
The export subsidiary of OAO Gazprom reached a deal with its partners in the Rabaska terminal project to become an equity partner in the venture.
The partners are [...]

Platts, one of the world’s foremost providers of energy and metals information, today announced it is expanding its suite of spot price assessments in global metals to include steel exported from China, specifically hot-rolled coil (HRC) and concrete reinforcing bar (rebar).
“We’re pleased we can answer the steel industry’s call for a reliable source of timely, [...]

World oil prices eased further on Tuesday, trading near 123 dollars a barrel as profit taking helped to cool a red-hot market, analysts said.
Crude oil prices have more than doubled in the past year and rocketed about 25 percent since the start of 2008, when they broke the 100-dollar barrier.
“Oil prices have simply risen too [...]

The export of metals and minerals is expected to grow in the coming financial year as mining projects expand or start production to capture demand from the urbanisation and industrialisation of emerging economies.
The federal government said in its 2007/08 budget papers that “non-rural commodity exports are expected to grow” as new projects and expansions come [...]

It’s taken almost four years and $3 billion, but Australia’s wealthiest individual Andrew “Twiggy” Forrest is about to turn his iron ore dream into reality.
The first commercial export shipment of his Fortescue Metals Group Ltd is due to commence loading on Thursday at Port Hedland in Western Australia’s remote Pilbara region.
The iron ore is from [...]

The price of crude oil struck a record high 126.40 dollars a barrel on Monday amid tensions in the Middle East and ongoing supply fears in Nigeria, traders said.
New York crude beat its all-time peak of 126.27 dollars, reached last Friday.
Later Monday, New York’s main oil futures contract, light sweet crude for June delivery, stood [...]

China exported 4.39 million metric tons of coal in April, preliminary data from the General Administration of Customs showed Monday.
In the January-April period, China exported 14.59 million tons of coal, down 8.1% on year, the data showed.
No figures were given by Customs for coal imports.

Indonesia’s PT Timah Tbk , the world’s largest integrated tin miner, plans to acquire three coal mines with total reserves of 50 million tonnes, a senior company official said on Monday.
Timah has a mine in South Kalimantan which produces up to 1.4 million tonnes of coal a year, but the firm has been looking for [...]

Indonesia has denied that it will set a quota for coal exports as it wants to reserve the coal for future use.
The reports had prompted rising interest in the country’s natural resources from energy-hungry China and India.
The reports were baseless and the new mining law likely to be passed by Parliament by June would in [...]