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Iraq executes 12 ‘terror’ convicts, says judicial official

The growing resort to the death penalty comes as violence in Iraq has reached a level not seen since 2008. — AFP The growing resort to the death penalty comes as violence in Iraq has reached a level not seen since 2008. — AFP BAGHDAD, Nov 18 — Iraqi authorities have executed 12 men convicted of crimes related to “terrorism”, a senior judicial official said today, amid widespread international condemnation against Baghdad’s use of the death penalty. “Yesterday (Sunday), we executed 12 convicts,” the official told AFP on condition of anonymity. “All of them were Iraqi men accused of terrorism.” The latest executions bring the number of people who have been put to death in Iraq this year to at least 144, compared to 129 executions in all of 2012, according to an AFP tally based on reports from the justice ministry and officials. Among them were 42 convicts […]

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Saudi Arabia Won’t Make ‘Sharp’ Oil Output Cuts, Al Rajhi Says

Saudi Arabia is not expected to make “sharp” cuts to its crude production in November and December, Al Rajhi Capital said. “Any meaningful decline in the kingdom’s oil production will take place only when the majority of Libyan oil production comes back and Iranian oil production starts rising,” the investment arm of the nation’s biggest bank by market value said in an e-mailed report today. Saudi Arabia is burning more fuel oil at power plants instead of crude this year, “which means that the seasonality impact on crude production will be smaller in winter,” the investment bank said. To contact the reporter on this story: Wael Mahdi in Manama at [email protected] To contact the editor responsible for this story: Stephen Voss at [email protected]

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Lebanon blasts near Iran's embassy in Beirut

Breaking news 19 November 2013 Last updated at 08:22 Seven people have been reported killed as explosions struck near the Iranian embassy in the Lebanese capital Beirut. Conflicting reports say the blasts could have come from rockets or a car bomb. Several buildings were damaged, eyewitnesses said. Iran is a major backer of the Lebanaese Shia militant group Hezbollah, which has sent fighters to Syria to back the government of Bashar al-Assad. The conflict in Syria has worsened sectarian tensions in Lebanon. The area around the Iranian embassy, in south Beirut, is considered a Hezbollah stronghold. On 15 August, 16 people were killed in a blast in south Beirut. Hezbollah fighters were instrumental in a strategic victory by Syrian government forces in Qusair, close to the border with Lebanon, in early June.

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Lebanon blasts near Iran’s embassy in Beirut

Breaking news 19 November 2013 Last updated at 08:22 Seven people have been reported killed as explosions struck near the Iranian embassy in the Lebanese capital Beirut. Conflicting reports say the blasts could have come from rockets or a car bomb. Several buildings were damaged, eyewitnesses said. Iran is a major backer of the Lebanaese Shia militant group Hezbollah, which has sent fighters to Syria to back the government of Bashar al-Assad. The conflict in Syria has worsened sectarian tensions in Lebanon. The area around the Iranian embassy, in south Beirut, is considered a Hezbollah stronghold. On 15 August, 16 people were killed in a blast in south Beirut. Hezbollah fighters were instrumental in a strategic victory by Syrian government forces in Qusair, close to the border with Lebanon, in early June.

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Nigeria oil production, GDP increases

ABUJA, Nigeria, Nov. 18 (UPI) — The Nigerian National Bureau of Statistics said crude oil production increased more than 7 percent from the second quarter to 2.26 million barrels per day. NBS released data for the third quarter of the year. It said crude oil production increased 7.1 percent from the second quarter to average 2.26 million bpd for the third quarter, Nigerian newspaper ThisDay reported Monday. The Organization of Petroleum Exporting Countries said Nigerian crude oil production for October was 1.8 million bpd. NBS said Nigeria’s gross domestic product increased to 6.81 percent for the third quarter, up from the 6.18 percent reported for the second quarter. The bureau said third quarter GDP growth was attributed largely to economic sectors not related to oil. A July report from the Extractive Industry Transparency Initiative estimated Nigeria lost $10.9 billion in oil revenue to theft and sabotage from 2009 to […]

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Kurdistan sets stage for independent exports

Kurdistan sets stage for independent exports As Iraq’s autonomous Kurdistan region nears completion of its direct oil export pipeline to Turkey, the government has finished laying a legal foundation that could, in effect, give it economic independence from Baghdad.The Kurdistan Regional Government’s (KRG) Minister of Martyrs and Anfal Affairs said Monday that Iraq’s federal government owes $384.7 billion in reparations for acts committed against the country’s Kurdish population.”This is one of the rights of the Kurds,” said Sabah A… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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Ecuador Spent $2.77 Billion on Fuel Subsidies During January-Sept

By Mercedes Alvaro QUITO–Ecuador spent about $2.77 billion on fuel subsidies for the January-September period, including high-octane naphtha, diesel and gas for cooking, the central bank said. The amount represents a 13% increase from the same period last year. During the first nine months of 2013, Ecuador imported a total of $4.14 billion in oil derivatives. Of the total spent on oil subsidies, about 49% went to diesel, 36% to high-octane naphtha and 15% went to cooking gas. According to official data, the main beneficiaries of the subsidies in Ecuador are high-income earners, due to their energy-consumption levels. Last year, the government spent about $3.4 billion in fuel subsidies. Currently, the government is reviewing its policy of subsidizing fuel to refocus the approach. Patricio Rivera, minister coordinator for Economic Policies, said recently in an interview the option to refocus fuel subsidies would be to set consumption quotas, and those […]

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Attorney Takes Stand in Chevron Case

New York lawyer Steven Donziger was the mastermind behind a litigation team that spent more than $21.4 million to allegedly extort billions from Chevron Corp. CVX +0.42% Chevron Corp. U.S.: NYSE $ 120.56 +0.50 +0.42% Nov. 18, 2013 4:02 pm Volume (Delayed 15m) : 4.74M AFTER HOURS $ 120.50 -0.06 -0.05% Nov. 18, 2013 5:14 pm Volume (Delayed 15m): 50,618 P/E Ratio 9.79 Market Cap $230.90 Billion Dividend Yield 3.32% Rev. per Employee $3,588,150 11/18/13 Attorney Takes Stand in Chevro… 11/15/13 Ecuador Seeks Suspension of Ch… 11/15/13 Chevron is Having a Very Bad W… More quote details and news » CVX in Your Value Your Change Short position over environmental damage claims in Ecuador’s Amazon Basin, a lawyer for the oil giant said Monday. Mr. Donziger took the stand in federal court in Manhattan to defend himself against racketeering charges brought by Chevron. Observers in the packed courtroom included […]

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Fight begins over privatizing Mexico's oil monopoly

Mexico oil MEXICO CITY (AP) — The fight to revamp Mexico’s moribund, state-run oil industry could start as early as this week with a Senate proposal to allow private access to the country’s oil, a nationalist symbol that for decades has been fiercely protected by the constitution from possible profiteering by foreign companies. Legislators from the two parties supporting an oil overhaul say they support constitutional changes to allow the government to grant licenses and share oil and profits with multinational giants such as Exxon or Chevron. The anticipated proposal would go much further than the plan introduced by President Enrique Pena Nieto in August, which would have allowed the sharing of profits but not of oil. Javier Trevino, a legislator from Pena Nieto’s Institutional Revolutionary Party, said his party has struck an agreement after several weeks of talks with the opposition National Action Party, which has favored stronger […]

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Fight begins over privatizing Mexico’s oil monopoly

Mexico oil MEXICO CITY (AP) — The fight to revamp Mexico’s moribund, state-run oil industry could start as early as this week with a Senate proposal to allow private access to the country’s oil, a nationalist symbol that for decades has been fiercely protected by the constitution from possible profiteering by foreign companies. Legislators from the two parties supporting an oil overhaul say they support constitutional changes to allow the government to grant licenses and share oil and profits with multinational giants such as Exxon or Chevron. The anticipated proposal would go much further than the plan introduced by President Enrique Pena Nieto in August, which would have allowed the sharing of profits but not of oil. Javier Trevino, a legislator from Pena Nieto’s Institutional Revolutionary Party, said his party has struck an agreement after several weeks of talks with the opposition National Action Party, which has favored stronger […]

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China Shenhua Energy's October coal output up 14.2% year-on-year

Huaihua, Hunan (Platts)–18Nov2013/534 pm EST/2234 GMT China Shenhua Energy Co., the listed subsidiary of Shenhua Group, said at the weekend it mined 27.3 million mt of commercially-ready coal in October, up 14.2% year-on-year. The company sold 46.7 million mt in October, up 14.7% year on year. China Shenhua Energy exported 300,000 mt of coal in October, up from 100,000 mt a year earlier. Over January-October, Shenhua Energy exported 2.2 million mt of coal, down 24.1% year-on-year. The company imported 2.5 million mt of coal in October, up from 0.8 million mt a year earlier. Over January-October, Shenhua Energy imported 9.9 million mt of coal, up 52.3% year-on-year. It did not give a breakdown between thermal coal and coking coal. It has a coking coal mining capacity of around 20 million mt/year, mainly from Shenhua Group subsidiaries Shenhua Wuhai Energy in Inner Mongolia and Shenhua Ningxia Coal Mining Group in […]

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China Shenhua Energy’s October coal output up 14.2% year-on-year

Huaihua, Hunan (Platts)–18Nov2013/534 pm EST/2234 GMT China Shenhua Energy Co., the listed subsidiary of Shenhua Group, said at the weekend it mined 27.3 million mt of commercially-ready coal in October, up 14.2% year-on-year. The company sold 46.7 million mt in October, up 14.7% year on year. China Shenhua Energy exported 300,000 mt of coal in October, up from 100,000 mt a year earlier. Over January-October, Shenhua Energy exported 2.2 million mt of coal, down 24.1% year-on-year. The company imported 2.5 million mt of coal in October, up from 0.8 million mt a year earlier. Over January-October, Shenhua Energy imported 9.9 million mt of coal, up 52.3% year-on-year. It did not give a breakdown between thermal coal and coking coal. It has a coking coal mining capacity of around 20 million mt/year, mainly from Shenhua Group subsidiaries Shenhua Wuhai Energy in Inner Mongolia and Shenhua Ningxia Coal Mining Group in […]

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China on path to further reform one-child policy-spokesman

BEIJING (Reuters) – China will further ease its family planning laws after announcing last week that it would allow millions of families to have two children, a senior official from the government’s family planning commission said on Tuesday. "I can only say that the direction is definite, but as to what kind of specific strategy will be chosen, we have to wait for the experts’ verification of the situation at that time," said Mao Qun’an, the spokesman for the National Health and Family Planning Commission. The commission executes and advises the government on family planning policy, and as a senior official at the agency, Mao would be privy to the direction of the recommendations. The government said last week that it would allow couples in which one of the parents is an only child to have a second child. It was the most significant relaxation of the one-child policy […]

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Beijing Rethinks Formula for GDP

BEIJING—China is studying new ways to measure the size of its economy to reflect ambitious reform plans to make it easier for farmers to sell their land and to take into account property values. The new methods, which dovetail with an economic blueprint for reforms agreed on at a key meeting of Communist Party leaders that ended last week, are likely to increase the size of China’s economy, already the world’s second largest, according to the National Bureau of Statistics. “We need to revise the method of calculating the size of our domestic economy to make it conform with a new economic structure, the latest economic developments and…international standards,” the statistics bureau said. Officials didn’t specify how much the new calculations might change China’s headline numbers, or whether it is likely to speed up or slow growth rates. The statistics bureau will announce gross-domestic-product estimates using the new method […]

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Japan Starts Removing Fukushima Nuclear Fuel

TOKYO—More than 2½ years after the Fukushima nuclear disaster, Tokyo Electric Power Co. 9501.TO -1.62% Tokyo Electric Power Co. Inc. Japan: Tokyo ¥ 548 -9 -1.62% Nov. 19, 2013 3:00 pm Volume : 23.23M P/E Ratio 3.81 Market Cap ¥893.50 Billion Dividend Yield N/A Rev. per Employee ¥129,550,000 11/18/13 Fukushima Watch: Tepco Starts … 11/15/13 Fukushima Watch: Remote Contro… 11/13/13 Watchdog to Proceed with Tepco… More quote details and news » 9501.TO in Your Value Your Change Short position began Monday the painstaking and potentially dangerous process of removing fuel rods from one of the plant’s damaged reactor units. The operation, expected to take more than a year to complete, is Tepco’s first step toward dismantling the devastated plant in what is expected to be a 30- to 40-year cleanup process after one of the worst nuclear accidents in history. The removal of the fuel also provides the operator […]

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Fukushima engineers begin removing fuel rods from damaged reactor

Workers started removing radioactive fuel rods from a reactor building at the wrecked Fukushima nuclear plant  on Monday, plant owner Tokyo Electric Power Co. said. The painstaking and risky task is a crucial first step toward a full cleanup of the earthquake- and tsunami-damaged plant in northeastern Japan. The removal of the rods is the most difficult and dangerous process undertaken since runaway reactors were brought under control two years ago, after being hit by an earthquake and tsunami that claimed nearly 16,000 lives. The rod removal follows months of setbacks and glitches that have stoked widespread criticism of the utility’s handling of the crisis, the worst nuclear accident in decades. The Unit 4 reactor was offline at the time of the March 2011 disaster, and its core did not melt as Units 1 through 3 did. But hydrogen explosions blew out the roof and walls of the Unit […]

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Japan lowers carbon dioxide emissions reduction target

TOKYO, Nov. 18 (UPI) — Japan has slashed its carbon dioxide emissions reduction target. Japan says it now tentatively aims to reduce its greenhouse gas emissions by 3.8 percent from fiscal 2005 levels by 2020 instead of the 25 percent cut from 1990 levels as promised in 2009. The announcement Friday from the world’s fifth-largest emitter of carbon dioxide struck a blow to the United Nations’ Nov. 11-22 climate talks in Warsaw, Poland. “I don’t have any words to describe my dismay,” Xinhua News Agency quoted China’s negotiator in Warsaw, Su Wei , as saying about the downwardly revised air pollution goal. Japan’s environment minister, Nobuteru Ishihara, said the new target “does not consider the possible effect of nuclear power plants reducing emissions” and that Japan “would set a more definite target” after it decided which sources of energy it would use in the future, The New York Times […]

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AAA: Gasoline price decrease ends streak

WASHINGTON, Nov. 18 (UPI) — AAA said Monday the average price for a gallon of regular unleaded gasoline has increased for the longest consecutive streak since August. AAA reported a national average price of $3.20 for a gallon of regular unleaded gasoline. That’s 2 cents more than the same time last week and represents the longest consecutive period of increases since August. AAA spokesman Michael Green told United Press International there were planned and unplanned maintenance issues at several of the nation’s largest refineries, which means there’s a level of uncertainty ahead for retail gasoline prices. “If supplies remain tight in various regions, then the national average [price] could remain flat or even rise 5- to 10 cents per gallon,” he said. “If refineries come off maintenance and increase production to take advantage of falling domestic crude oil costs, then supplies would quickly build and bring prices down through […]

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North Dakota oil relies in part on rail deliveries

BISMARCK, N.D., Nov. 18 (UPI) — North Dakota Industrial Commission Director Lynn Helms said delivery of crude oil from the state should be “adequate” as long as rail deliveries continue. “Crude oil take away capacity is expected to be adequate as long as rail deliveries to coastal refineries keep growing,” he said in his so-called director’s cut, published Friday. Pipelines aren’t enough to keep up with North Dakota oil production. The Association of American Railroads says crude oil delivery by rail has increased steadily in the past year. The NDIC said Friday there was 931,940 barrels of oil produced per day on average in September, a “new all-time high” for the state. Helms said more than 95 percent of the drilling activity in the state targets the Bakken and Three Forks formations, two of North Dakota’s most promising oil fields. The U.S. Energy Information Administration, the Energy Department’s analytical […]

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Strong gasoline boosts USGC cracking margins

New York (Platts)–18Nov2013/343 pm EST/2043 GMT US Gulf Coast cracking margins jumped across the board last week, led by West Texas Sour, Bakken and Louisiana Light Sweet, a Platts analysis showed Monday. Margins strengthened on a combination of higher netbacks and lower operating costs as USGC gasoline prices soared amid lower crude differentials. USGC cracking margins for WTS averaged $15.88/barrel last week, up $5.58/b. LLS jumped $5.38/b to $15.74/b, while Bakken margins rose $3.92/b to average $14.54/b. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more Request a trial to Oilgram News Even margins for imported crudes like Iraqi Basrah Light nearly doubled, […]

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Alaska considering stake in gas pipeline, liquefaction project: commissioner

Anchorage (Platts)–18Nov2013/530 pm EST/2230 GMT The Alaska state government is mulling the taking of a stake in a large natural gas pipeline and gas liquefaction project to meet the concerns of North Slope producers BP, ConocoPhillips and ExxonMobil and of pipeline developer TransCanada, Alaska’s natural resources commissioner said Monday. “It could solve a lot of problems for us and the project sponsors,” the commissioner, Joe Balash, said in an interview. With an estimated cost of $45 billion-$65 billion, the project is a major recommendation of a Black & Veatch study of North Slope royalty issues released Monday. “Direct state equity participation in the [gas] project can provide key benefits to the state including alignment of interests [among the parties], transparency through the midstream portion of the supply chain, facilitation of third-party access to the midstream and potentially improved state cash flows along with improved producer economics,” the consultants said […]

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US NRC to resume Yucca Mountain waste repository licensing review

Washington (Platts)–18Nov2013/410 pm EST/2110 GMT The commissioners of the US Nuclear Regulatory Commission ordered agency staff Monday to complete and publish a safety evaluation report on the proposed Yucca Mountain, Nevada, nuclear spent fuel and waste repository. “The Commission has also requested [Department of Energy] to prepare a supplemental environmental impact statement requested by the staff in order to complete [NRC’s] environmental review of the application,” NRC said in a statement Monday. The multi-volume safety evaluation report, or SER, reflects NRC staff’s assessment of the repository proposed for the site roughly 95 miles (about 153 km) outside Las Vegas and is considered in NRC’s determination of whether the facility would meet regulatory requirements. Volume 3 on the post-closure safety of a repository at Yucca Mountain is central to making that determination. The Nuclear Energy Institute, which represents the US nuclear power industry, was among those who have recommended that […]

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Biomass-based diesel production passes 2013 mandate in October: EPA

Houston (Platts)–18Nov2013/532 pm EST/2232 GMT US biomass-based diesel production production in October passed the federal mandate for full-year 2013, Environmental Protection Agency data showed Monday. Production through October was at 1.39 billion gallons, besting the Renewable Fuels Standard’s 1.28 billion-gallon target for the year. The remaining production throughout 2013 can be partially applied to this year’s ethanol mandate or advanced biofuel mandate, and to 2014’s mandates. Monthly biodiesel production was lower in October for just the third time in a record-breaking 2013, down 3.34 million gallons to 163.78 million gallons. US biomass-based diesel production has been spurred through the year by the return of the $1/gal biodiesel blending tax credit and a 10 cents/gal credit for agricultural biodiesel producers. –Jordan Godwin, [email protected] –Edited by Richard Rubin, [email protected]

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Oil Drillers Rush Back to the Gulf of Mexico

Page added on November 18, 2013 The Gulf of Mexico has been left for dead more than once over the past half-century. It’s now roaring back to life with at least 10 recent mega-discoveries that have renewed oil explorers’ enthusiasm for the region. Billions of dollars are being poured into new wells in the ultra-deep waters off Texas and Louisiana, fueling a resurrection that could set a production record this decade and complete a recovery from the worst offshore oil spill in U.S. history. In 2014, output from the deepest parts of the Gulf, where the water is more than 1,300 feet deep, will be equivalent to about 1.5 million barrels of oil a day, 15 percent more than this year, according to estimates by energy consultants Wood Mackenzie. By 2020, the firm says, the deepwater Gulf, which accounts for about half the Gulf’s 252,000 square miles of federal waters, is […]

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Peak Oil : A Look At “Peak Demand” # 6

IMGP0758               Peak oil demand is a provocative theory and would rely on some unanswered questions being met: namely on the  development of large-scale gas-fired trucks, rail and shipping vessels; the sustainability of the US shale boom; and policy action to support improved fuel-mileage and to phase out oil subsidies. [1]   DAMNED FACTS   A Citi Research report on so-called peak oil demand [ first post of this six-part series here ] has been drawing a lot of attention lately. Understandably: what could be bigger news for anyone concerned with climate change, energy security, etc.? The report comes out hot right from the start, suggesting ‘The End is Nigh’ and we are ‘Approaching a Tipping Point’ on global oil demand. Unfortunately, though, it’s less than persuasive. The first thing that ought to raise an eyebrow or two is how wildly Citi’s analysis […]

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The Coming Bust of the Great Bakken Oil Field

California_Gold_Production There has been a lot of Fanfare on the huge increase of oil production coming from the Bakken Field located in North Dakota.  There are many stories of people moving to the state to take advantage of the new OIL BOOM.  It seems like everyone is going there to start a new life and make it rich in one of the coldest areas in the United States. However, with all BOOMS, comes the inevitable BUST.  This was true shown by the famous example of the 1800′s California gold rush: According to the article, “The Bakken Boom: The Modern Day Gold Rush” : Despite the low productivity of the labor-intensive process of gold panning, annual production grew from just over 1,400 ounces in 1848 to more than 3.9 million ounces by 1852. To put this into perspective, prior to 1848, cumulative U.S. gold production amounted to just over 1 […]

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Retail Gasoline in U.S. Rises From 33-Month Low on Plant Upsets

Gasoline at U.S. pumps gained for the first time in four weeks, rebounding from a 33-month low, as a fire at Citgo Petroleum Corp.’s refinery in Illinois lifted prices in the Midwest. Regular, unleaded gasoline at filling stations increased 2.5 cents from a week earlier to $3.219 a gallon, rising from the lowest level since Feb. 21, 2011, the Energy Information Administration said on its website yesterday. Prices are about 6 percent below year-earlier levels. The biggest gain was in the Midwest, where prices climbed by more than 5 cents to $3.126. U.S. retail gasoline has declined nine out of the past 11 weeks as refiners restored plant operations after seasonal maintenance and produced a record amount of the motor fuel amid lower crude prices. Pump prices rose the past week after an Oct. 23 fire at Citgo’s Lemont refinery and shutdowns at plants that supply fuel to the […]

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Colorado to Tighten Drilling Rules

Colorado unveiled new measures to reduce airborne emissions from oil and natural-gas operations amid worries by state residents that increased drilling would hurt the environment or their health. Gov. John Hickenlooper, a Democrat, unveiled the new rules on Monday, less than two weeks after four communities voted to halt hydraulic fracturing, or fracking. “Natural gas is a crucial part of this country’s future, but we need to address the anxieties and concerns of the public,” Mr. Hickenlooper said in an interview. “People want clean air and clean water where they live, and that is a legitimate expectation.” The state’s proposed rules include first-in-the-nation regulations to force energy companies to reduce the emission of methane, a greenhouse gas linked to global warming that is the major ingredient in natural gas. The rules also attempt to cut emissions of volatile organic compounds, which some scientists say raise ozone levels and contain […]

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Survey: Support for Fracking Is on the Rise

More The often controversial practice of hydraulic fracturing appears to be gaining acceptance, according to a new survey released Monday. The survey, conducted by the Robert Morris University Polling Institute, showed that of the people who had an opinion about fracking one way or the other, 56 percent supported it, while 44 percent were against it. Support among those whose who supported it remained constant even for fracking within the locality where they lived. When those who were polled received information about fracking in presentations from environmental and energy groups, the number who strongly supported fracking was 42 percent, compared with 33 percent somewhat or strongly against it. The remaining 25 percent were not sure how they felt about fracking. Of those with an opinion of fracking, 80 percent believe the practice has the potential to help the country’s economy, and 74 percent said fracking is helping the country […]

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EU, Ukraine Close In on Natural-Gas Deal

The European Union is closing in on a deal that would allow Ukraine to get natural gas from sources to the West rather than from Russia, people familiar with the matter said. Such a move could ease the way for the former Soviet republic to pursue closer economic links with Europe, despite threats of retaliation from the Kremlin. The prospective natural gas deal comes 10 days before leaders of the 28-nation EU and its eastern neighbors meet in Vilnius, Lithuania. The centerpiece of the summit is intended to be a sweeping trade and political deal between Brussels and Kiev, but the signing has been in doubt because of a number of issues, including the fate of the jailed former prime minister Yulia Tymoshenko. Ukraine’s parliament meets again Tuesday to consider a solution to the EU’s demand that she be freed and allowed to go abroad for medical treatment. Meanwhile, […]

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'Apocalyptic' storm floods Sardinia, 16 dead

AP Photo ROME (AP) — Emergency crews worked to reach remote parts of flood-ravaged Sardinia on Tuesday after a torrential rainstorm killed at least 16 people, downed bridges and swept cars away. Italy’s civil protection chief, Franco Gabrielli, said one person remained unaccounted for and that the toll of 16 may still rise as crews reach isolated areas in the countryside where some homes are submerged. The island, famed for its Costa Smeralda beaches of crystal clear water and dry Mediterranean climate, received more than 400 millimeters of water in 24 hours, he told Sky TG24. Olbia Mayor Gianni Giovanelli said the city had been destroyed by the “apocalyptic” storm, with bridges felled by gushing, muddy rivers and water levels reaching 3 meters (10 feet) high in some places. Premier Enrico Letta convened the cabinet Tuesday morning to declare a state of emergency to free up funding and resources. […]

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‘Apocalyptic’ storm floods Sardinia, 16 dead

AP Photo ROME (AP) — Emergency crews worked to reach remote parts of flood-ravaged Sardinia on Tuesday after a torrential rainstorm killed at least 16 people, downed bridges and swept cars away. Italy’s civil protection chief, Franco Gabrielli, said one person remained unaccounted for and that the toll of 16 may still rise as crews reach isolated areas in the countryside where some homes are submerged. The island, famed for its Costa Smeralda beaches of crystal clear water and dry Mediterranean climate, received more than 400 millimeters of water in 24 hours, he told Sky TG24. Olbia Mayor Gianni Giovanelli said the city had been destroyed by the “apocalyptic” storm, with bridges felled by gushing, muddy rivers and water levels reaching 3 meters (10 feet) high in some places. Premier Enrico Letta convened the cabinet Tuesday morning to declare a state of emergency to free up funding and resources. […]

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The Decline of Oil

So-called environmentalists never tire of predicting the end of oil. They’ve been talking about “peak oil” for decades, after which annual production would inevitably decline as we drain the world’s finite supply. In fact, proven reserves (oil that we know is there and is recoverable with current technology and under current law) have been steadily rising, despite the fact that the world pumps 83.9 million barrels a day out of the ground, a 32 percent increase over 20 years ago. New techniques, such as fracking and horizontal drilling, have brought new life to both old fields and new ones whose oil had previously been unrecoverable. And vast new fields, such as the giant finds off the coast of Brazil, have added new reserves. Much of that 32 percent increase in world production has gone to power the fast-rising economies of the developing world, such as China, India, and Brazil. Oil […]

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When is the oil going to run out – and should we worry about it?

Oil drilling in the United States Energy experts have warned recently that Britain currently stores enough natural gas for only thirteen days of supply. Such a stark reality indicates how little reserve actually exists to fall back on. The news also brings to mind the concept of energy and fossil fuel shortage, depicted in movies such as ‘Mad Max’. But with our entire economy and way of life dependent on one particular fossil fuel, namely crude oil, how long can we expect this commodity to last, and for the present levels of production to be maintained? A study by a German think tank published in September, 2010 , warned of the potential for a dire global economic crisis in the next fifteen years as a result of a peak and irreversible decline in world oil supplies. The study stated that there is “some probability that peak oil will occur […]

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Oil Drifts Lower as Iran Talks Eyed

Crude-oil futures drifted lower in Asian trading hours Monday as investors wait for talks over Iran’s nuclear program to commence later this week and economic data releases for hints about U.S. monetary policy. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $93.47 a barrel at 0602 GMT, down $0.37 in the Globex electronic session. January Brent crude on London’s ICE Futures exchange fell $0.37 to $108.13 a barrel. The premium of ICE Brent crude to Nymex WTI remains wide at around $14.68 a barrel after the two benchmarks moved in opposite directions last week. “WTI prices remained weak on rising stock levels, planned and unplanned refinery maintenance, strong import levels and rising oil production,” Barclays BARC.LN +0.67% Barclays PLC U.K.: London GBp 251.13 +1.68 +0.67% Nov. 18, 2013 10:27 am Volume : 6.84M P/E Ratio 100.45 Market Cap GBp40.15 Billion Dividend […]

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Oil subdued near $93 ahead of new Iran talks

KUALA LUMPUR, Malaysia (AP) — Oil prices were subdued Monday ahead of the resumption of negotiations in Geneva to curb Iran’s nuclear program. Benchmark U.S. crude for December delivery was down 45 cents to $93.39 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract rose 8 cents to close at $93.84 on Friday. Oil has traded between $93 and $96 a barrel over the past two weeks, and is down from nearly $110 a barrel in early October. Iran will resume talks this week with six world powers – the U.S., Britain, France, Russia, China and Germany – aimed at resolving a decade-long standoff over Iran’s nuclear program. Last week’s negotiations failed to reach an agreement but the U.S. administration is hopeful that an initial deal with Iran can be reached in this next round of talks. The countries worry […]

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Brent Drops for a Second Day; Citigroup Lowers Forecast

Brent crude declined for a second day amid signs global markets are adequately supplied after Saudi Arabia exported the most oil in eight years. Futures dropped as much as 0.8 percent in London as Citigroup Inc. said it’s “rescinding” expectations for higher prices amid progress toward an agreement over Iran’s nuclear program . Saudi Arabia exported more crude in September than in any month since November 2005, according to data from the Joint Organizations Data Initiative. Hedge funds became the least bullish on West Texas Intermediate in five months as U.S. inventories expanded. “In the longer run the market is still bearish, with plentiful supplies,” said Andrey Kryuchenkov , an analyst at VTB Capital in London. “The market was a tad overbought from a fundamental perspective.” Brent for January settlement fell as much as 82 cents to $107.68 a barrel on the London-based ICE Futures Europe exchange, and traded […]

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Platts Says Oil Review Shows It’s Meeting Regulator Guidelines

Platts, an energy news and price publisher, said its reporting practices and governance policies comply with guidelines set out by international regulators. The company’s procedures align with principles set out by the Madrid-based International Organization of Securities Commissions, a group of national market regulators from more than 100 countries, Platts said in an e-mailed statement today. The conclusion follows an independent review by Ernst & Young that examined Platts’s price assessment processes, including those for oil, at its offices in London, Houston and Singapore . “The results of the review confirm that Platts sets – and meets – high standards for price reporting,” Larry Neal, president of Platts, said in the statement. “Clearly defined and transparent methodologies are the heart of Platts’ assessment processes.” Platts is a unit of McGraw Hill Financial Inc. (MHFI) European Union antitrust authorities raided the offices of companies including Platts, BP Plc, Royal Dutch […]

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IEA World Outlook: Six Key Trends Shaping the Energy Future

khosla-biofuels-vin.jpg Thomas K. Grose Thanks to “fracking,” the United States is reaching the top spot among world oil producers sooner than expected, and is “well on its way to realizing the American dream” of energy independence, the International Energy Agency (IEA) said Tuesday. “But this does not mean that the world is on the cusp of a new era of oil abundance,” the IEA warned in its closely watched annual World Energy Outlook. Instead, the agency predicted that no other country will replicate the United States’ success with hydraulic fracturing and other unconventional technologies that have led to the North American boom in oil and natural gas production. (See related ” Interactive: Breaking Fuel From Rock ,” ” The Great Shale Gas Rush ,” and ” The New Oil Landscape .”) And by the mid-2020s, the Middle East—the world’s only source of low-cost oil—will again be unchallenged as the […]

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UN climate chief calls on coal industry to change

WARSAW, Poland (AP) — The U.N.’s chief climate diplomat has urged the coal industry to diversify to cleaner energy sources and leave most of the world’s remaining coal reserves in the ground. On the sidelines of a U.N. climate conference, Christiana Figueres told CEOs of coal companies meeting Monday at Poland’s Economy Ministry that their industry needs to change radically to curb emissions of heat-trapping gases that scientists say are warming the planet. The coal event is seen as a provocation by climate activists, who climbed the roof of the Economy Ministry and unfurled a banner that read, “Who rules the world? Fossil industries or the people?” Poland generates about 90 percent of its electricity from coal and Economy Minister Janusz Piechocinski said coal must be a part of talks on reducing CO2 emissions. © 2013 The Associated Press . All rights reserved. This material may not be published, […]

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Demonstrators at Warsaw climate summit demand emission cuts

WARSAW, Poland, Nov. 18 (UPI) — Climate change demonstrators took to the streets of Warsaw during the weekend as host Poland comes under fire from critics at the U.N. COP19 climate summit. Chanting “Change the system, not the climate,” and “Justice and positive energy for all,” nearly 1,000 people marched through Warsaw Saturday as part of the international “March for Climate and Social Justice,” the Polish broadcaster TVN 24 reported. The event caused traffic congestion in the heart of the city as it wound its way from the Palace of Culture and Science, passed over the Poniatowski Bridge along Jerusalem Avenue and past the National Stadium, where the UN climate summit is being held. The march ended at Skaryszewski Park near the National Stadium, where demonstrators set up an “eco-park.” At the head of the procession was a large inflatable globe, emphasizing the demonstrators’ point decisions made to reduce […]

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Strains With Israel Over Iran Snarl U.S. Goals in Mideast

WASHINGTON—The Obama administration’s overtures to Iran are straining the U.S. alliance with Israel in ways not seen in decades, compounding concerns about the White House’s ability to manage the Middle East’s proliferating security crises, said current and former American diplomats. In a sign of Israel’s growing disaffection with Washington, French President François Hollande was given a hero’s welcome when he arrived in Tel Aviv on Sunday for a three-day visit that would showcase Paris’s hard line against Iran’s nuclear program ahead of international talks in Geneva this week. Mr. Netanyahu reiterated his criticism that the U.S.-backed compromise was a “very bad deal” while hailing Mr. Hollande for his opposition to the agreement at a joint news conference Sunday evening in Jerusalem. “Your support and your friendship is real. It’s sincere. You were one out of six,” he said, referring to the six world powers participating in talks with Iran. […]

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Israel steps up rhetoric ahead of Iran talks

President Shimon Peres (L) and Israeli Prime Minister Benjamin Netanyahu (R), welcome French President Francois Hollande (C) and his companion Valerie Trierweiler upon their arrival at Ben Gurion ©Getty President Shimon Peres and Israeli Prime Minister Benjamin Netanyahu welcome French President Francois Hollande at Ben Gurion Israel escalated its rhetoric over Iran’s nuclear programme at the weekend, with a senior official warning it was prepared to launch a unilateral military strike against Iran. Although Israel has talked many times about its willingness to take military action on its own, this warning comes ahead of diplomatic talks with Iran on Wednesday that US officials say are “close” to success. At the same time, Benjamin Netanyahu, Israeli prime minister, took to the American airwaves again on Sunday to blast the Obama administration over the prospect of a deal with Iran and to lobby public opinion against any agreement. François Hollande, French […]

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French Leader Assures Israel He Will Keep Pressure on Iran

JERUSALEM — As France and other world powers prepared to resume talks with Iran this week on its disputed nuclear program, the French president, François Hollande, arrived in Israel on Sunday for a three-day visit and was warmly embraced by Prime Minister Benjamin Netanyahu, who has been conducting a lonely campaign against a deal he calls “bad” and “dangerous.” At a red-carpet welcoming ceremony at Ben-Gurion International Airport, Mr. Netanyahu thanked Mr. Hollande for his “resolute stance” on both Syria and Iran, and Mr. Hollande assured Israel that France “will not tolerate nuclear proliferation.” He pledged to keep up the pressure on Iran until it was clear that Iran had given up its quest for nuclear weapons, and declared in Hebrew, “I will always remain a friend of Israel.” Talks in Geneva on Nov. 9 between Iran and six world powers — France, the United States, Germany, Britain, Russia […]

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Israel Working With Saudi Arabia On Iran “Contingency” Attack

Israel Working With Saudi Arabia On Iran “Contingency” Attack Page added on November 17, 2013 When last week’s Iran nuclear talks were blocked by France , it provided a useful glimpse into just who it was that would benefit politically from a continuation of the regional confrontation. But while the French sabotage was an amusing distraction, it revealed a curious shift in middle-east alliances, namely old “enemies” Israel and Saudi Arabia, both feeling shunned by Big Brother, suddenly becoming the best of buddies. It was only a matter of time before this novel alliance moved beyond just paper and tested how far it could go in real life. Said test may come far sooner than expected: according to the Sunday Times, Israel’s Mossad and Saudi Arabia are planning an attack against Iran if negotiations and talks don’t come to an agreement , and that Saudia Arabia will permit Israel […]

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Sectarian fury could threaten Iraq's push for record oil output

BASRA, Iraq, Nov. 17 (UPI) — The Iraqi government is seeking to restore calm in the southern province of Basra, the country’s main oil production center, after hundreds of foreign oilmen were hastily evacuated amid violent protests by Iraqi oil workers. The evacuation, after rioters wrecked a camp used by Houston-based Schlumberger Inc., the world’s largest oilfield services company, came amid a worsening surge of sectarian warfare across Iraq that threatens to undermine a drive by the government to boost oil production to record levels and challenge Saudi Arabia as the world’s leading oil power. Until recently, the bloodletting, largely the work of Sunni extremists of al-Qaida against Iraq’s Shiite majority, had not seriously threatened the Basra oil fields, which produce around two-thirds of Iraq’s output. But in the last few weeks the Shiites around Basra, Iraq’s second largest city, have become targets, and any major escalation could impact […]

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Sectarian fury could threaten Iraq’s push for record oil output

BASRA, Iraq, Nov. 17 (UPI) — The Iraqi government is seeking to restore calm in the southern province of Basra, the country’s main oil production center, after hundreds of foreign oilmen were hastily evacuated amid violent protests by Iraqi oil workers. The evacuation, after rioters wrecked a camp used by Houston-based Schlumberger Inc., the world’s largest oilfield services company, came amid a worsening surge of sectarian warfare across Iraq that threatens to undermine a drive by the government to boost oil production to record levels and challenge Saudi Arabia as the world’s leading oil power. Until recently, the bloodletting, largely the work of Sunni extremists of al-Qaida against Iraq’s Shiite majority, had not seriously threatened the Basra oil fields, which produce around two-thirds of Iraq’s output. But in the last few weeks the Shiites around Basra, Iraq’s second largest city, have become targets, and any major escalation could impact […]

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A tough time

SINCE far back in time Yazidis have gathered every year at Lalish, a village in Iraqi Kurdistan, to celebrate the Feast of Assembly, their faith’s most important annual rite. Yet this year the minority’s conical temples and tombs stood empty. Even Baba Sheikh, the Yazidis’ leader, was too afraid to attend the seven-day festival. A recent upswing in violence has pushed Iraq’s monthly death toll close to 1,000. The region around the capital, Baghdad, has borne the brunt of the carnage. But attacks have also increased in the relatively peaceful Kurdish autonomous region in the north, where much of Iraq’s Yazidi community of 70,000-300,000 lives. They have reason to be fearful. In bordering districts of Iraq proper, such as the city of Mosul and the Sinjar region to the west, armed Islamist groups have often singled out Yazidis as targets. On August 14th 2007, nearly 800 people perished when […]

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Iraq’s Delays in Finishing Pipeline Defer Iran Gas Exports

Page added on November 17, 2013 While some Iranian energy officials had earlier said Iran’s natural gas exports to Iraq would begin by mid-March 2014, higher consumption in Iran during the cold season and Iraq’s delays in constructing its side of the pipeline will defer the project by a few months. Iran, which has the largest gas reserves in the world, seeks to enhance gas production by increasing foreign and domestic investments. But it is still a net importer of the energy source as the local demand has outstripped production increases. Iran is particularly dependent on imports during winter months, when residential heating demand peaks. Iran exports natural gas to Turkey, Armenia, and Azerbaijan, and receives pipeline imports from Turkmenistan and the Republic of Azerbaijan. Since 2000, Iran’s annual natural gas imports have exceeded its exports in all but two years (2010 and 2012). In 2011 and 2012, Iran […]

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