By MICHAEL RICHARDSON
SINGAPORE — Cash-rich China is using a period of relatively low oil prices to improve its energy security and ensure that its economy has the oil-based fuels needed to sustain growth when recovery from the slump takes hold.
Should Japan, which is currently far more reliant on imported oil than China, adopt a similar [...]
By Rania El Gamal and Silvia Aloisi
ROME, May 24 (Reuters) - Energy leaders on Sunday debated what oil price would spur investment in the sector without hurting a wider global economic recovery, as top producer Saudi Arabia forecast prices eventually moving towards $75 a barrel.
The Group of Eight energy ministers are meeting in Rome [...]
Crude oil prices yesterday rose to more than $60 a barrel, their highest level in six months, on hopes that the world economy would soon bounce back and demand for oil may recover.
But Nigeria is in early talks with the World Bank to secure a loan to help finance its budget deficit caused by the [...]
The price of oil climbed more than 7 percent to $51.61 a barrel yesterday as commodity prices rallied across the board, buoyed by a weakening dollar and the prospect of an economic recovery fueled by the Federal Reserve.
The price of copper, corn, gold and other products surged, pushing the Dow Jones-AIG Commodity Index up 5.7 [...]
JAKARTA, Jan. 12 (Xinhua) — Indonesian President Susilo Bambang Yudhoyono announced subsidized-oil prices cuts on Monday to boost purchasing power.
The move was Indonesia’s latest effort to cushion the deepening fallout of the global recession, following the fall of global oil price up to over 40 U.S. dollars per barrel after reaching [...]
By Matthew Walter
Jan. 12 (Bloomberg) — Venezuelan President Hugo Chavez says he won’t adjust the oil-exporting country’s pegged exchange rate amid a plunge in prices for crude. Instead, seeking to maintain his popularity, he may devalue the currency by sleight of hand.
The government is already cutting its sales of dollars at the rate it [...]
NEW YORK (AFP) – Oil prices rose sharply Monday as the Israeli-Palestinian conflict intensified and major crude producer Iran said OPEC would hold a special meeting next month.
New York’s main contract, light sweet crude for February, shot up 2.47 dollars to close at 48.81 dollars a barrel.
Brent North Sea crude for delivery in February rallied [...]
Oman will amend its 2009 budget to assume an average oil price of $45 a barrel following a sharp decline of around $100 in international crude prices since July.
Oman’s official news agency said the Persian Gulf Arab oil producer’s council for financial affairs and energy resources agreed at a meeting to amend the oil [...]
COLUMBUS, Ohio – Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007 and the Dow Jones industrial average fell nearly 700 points.
A tandem of bleak economic reports led to an early decline even before the NBER report [...]
By PABLO GORONDI, Associated Press Write
Oil prices were down but recovering from earlier lows Tuesday, after surging overnight, as investors weighed the U.S. government’s new efforts to deal with the financial crisis against fresh evidence of the economic downturn.
The U.S. Federal Reserve said Tuesday it would buy up to $600 billion in mortgage-backed assets, [...]
