International Energy Agency News
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Updated 1 hour, 5 minutes ago
President Barack Obama should resist calls to combat rising gas prices with oil from U.S. reserves, which must be available in the event Iran blocks a pathway for a fifth of the crude heading to market, Republicans say.
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China’s Premier Wen Jiabao is seen signaling next month that curbing pollution, inequality and the risk of financial instability eclipse the benefits of faster economic growth, a survey of analysts indicated.
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China’s energy use rose at the fastest pace in four years in 2011 and efficiency improved, according to the National Bureau of Statistics.
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Refiners in Japan are holding off from signing oil-supply contracts from Iran, four people with knowledge of the talks said, while China International United Petroleum & Chemical Co. agreed to most terms of a 2012 deal with the Islamic republic, according to three other people.
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Mitsubishi Corp., Japan’s biggest commodity supplier, rose the most in four months in Tokyo trading after buying a stake in a Canadian gas field that may hold enough fuel to sustain Asia’s No. 2 economy for 37 years.
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Saudi Arabia, OPEC’s largest crude producer, reduced oil output and exports in December from November when it produced the most in more than 30 years, according to the Joint Organization Data Initiative.
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Frontline Ltd., the owner of 40 oil tankers led by billionaire John Fredriksen, said fourth-quarter losses widened as the company split to withstand the worst rout in rates for 12 years.
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The International Energy Agency said it will publish a report on Iraq’s energy industry and its impact on global supply.
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Venezuelan President Hugo Chavez’s reliance on state oil company Petroleos de Venezuela SA to finance government budgets and social spending is forcing the company to delay investments and lose billions of dollars of export revenue.
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Oil rose to its highest in a month as Iran said it had cut oil exports to six European countries and after China pledged to help resolve Europe’s debt crisis.
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