Australia Considers Stockpiling Crude Oil, Australian Reports
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Aug. 21 (Bloomberg) -- Australia&#39;s government is considering stockpiling crude oil or refined petroleum products to protect the country from disruption to oil imports, the Australian reported.
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Crude oil futures rose to records in London and New York on concern offshore oil output from Norway, the world&#39;s third-biggest exporter, may be halted by a labor dispute.
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The president of the Organisation of Petroleum Exporting Countries says he has asked the US to release some of its emergency crude oil stocks.
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With oil prices close to &#36;50 a barrel, the Bush administration is set to allow oil refineries to borrow crude from the government's emergency petroleum stockpile to make up for supplies disrupted by Hurricane Ivan, a congressional source briefed on the pending decision told Reuters on Thursday.
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With oil near $50 a barrel, the Bush  administration is set to allow oil refineries to borrow from  the government's emergency petroleum stockpile to make up for  supplies disrupted by Hurricane Ivan, a congressional source  briefed on the pending decision told Reuters on Thursday.
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BHP Billiton is set to reveal much higher-than-expected gold reserves at an Australian site, a report says.
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Crude oil prices surged to a new high Monday on supply concerns ahead of the coming winter, a possible petroleum-industry strike in Norway and data showing that China&#39;s big demand for oil is likely to increase.
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Crude oil futures fell close to a one- month low on expectations a cease-fire in southern Iraq will reduce the sabotage of oil pipelines and supplies from Russia will increase.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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Crude oil prices surged to a new high Monday on supply concerns ahead of the winter, a possible petroleum-industry strike in Norway and data showing that China&#39;s big demand for oil is likely to increase.
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Crude oil may rise this week on concern US inventories are falling and supply may be disrupted from Iraq and Russia, according to a weekly Bloomberg News survey of traders and analysts.
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Oil supplies may fall short of demand by 13 million barrels a day by 2030, according to a study led by former Exxon Mobil Corp. chairman Lee Raymond and based on forecasts from the world's largest oil companies.
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VIENNA, Austria -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
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SYDNEY: Opec may set a new target range for oil prices next week and would like to see crude down from current lofty levels closer to $US30 ($NZ46.
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Australia is considering whether to match a controversial US nuclear deal with India to allow Canberra to sell uranium to the New Delhi government, Foreign Minister Alexander Downer said.
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A new International Energy Agency forecast sees world crude supplies below demand the next five years.
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The world&#39;s oil supply is expected to be stretched thin for another two to three years, even as demand tapers off and the industry gears up for an exploration and production spending spree in 2005.