The price of crude oil pushed to a new high after a militant group in Nigeria said it sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country’s petroleum industry.
A Shell spokeswoman confirmed the damage to the pipeline appeared to have been caused by [...]
Oil prices hit a record high $117 a barrel Friday as jitters over Nigerian oil supplies outweighed a rally in the dollar and fears of an economic slowdown in giant energy consumer China.
U.S. light crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. London Brent crude gained $1.49 to $113.92.
Oil prices [...]
The government is beginning to show concern that the country could achieve its crude oil production target this year amid soaring price in the world market.
Head of the fiscal policy of the finance ministry Anggito Abimanyu said the country’s crude oil production has shown a downtrend, adding production has always been below 917,000 barrels as [...]
The deposit, in the Republic of Buryatia in Russia, makes up one section of the larger Okino-Klyuchevsky coal field, which has 200 million tonnes of reserves and is about 120 km (75 miles) - MOSCOW, April 16 - Russian electricity producer OGK-3 has won a tender to develop a coal field with reserves of 33.8 [...]
Greenpeace activists dumped 200 kilos of coal at the entrance of the Department of Environment and Natural Resources (DENR) on Thursday and unfurled a banner with the message “Atienza, don’t be a climate criminal.”
The activists are demanding that Secretary Lito Atienza immediately reject all plans to construct a dangerous coal-fired power plant in Iloilo City.
Instead [...]
The oil company BP has finished its pullout in North Dakota.
The company said last August it was going to stop selling its brand gasoline and diesel fuel in North Dakota and three other states by the middle of this year.
The announcement affected 11 suppliers in North Dakota that serve 34 retail locations in the state. [...]
Nigerian oil output could fall by nearly a third by 2015 if the country does not garner more investment, the Financial Times reported Thursday.
The business daily quoted a progress report by advisers to President Umaru Yar’Adua that it had seen as saying that funding shortfalls “portend a grave danger not just to the reform process [...]
Oil prices steadied Wednesday above $113 a barrel after setting a record on growing concerns about insufficient global supply.
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Oil surged to an all-time high of $114.08 a barrel Tuesday after a high-profile report by the International Energy Agency said Russian oil production dropped this year for the first time in a decade.
Analysts said growing investor [...]
Soaring oil and food prices lifted inflation to record levels in Europe on Wednesday and posed a serious threat to governments worldwide amid expert warnings of social upheaval.
Record inflation has spared neither rich nor poor countries as food and energy prices have surged worldwide with booming demand in fast-growing Asian countries such as China and [...]
Oil set a record above $115 a barrel on Thursday as a drop in U.S. gasoline inventories raised concern of tighter supply and a weak dollar boosted investor demand for commodities.
A U.S. government report on Wednesday showed a surprise drop in crude inventories and a larger-than-expected decline in stocks of gasoline. Demand for the motor [...]
