Wall Street up on energy shares after Japan quake

Stocks rose on Friday, led by gains in energy shares after Japan’s biggest earthquake on record hurt the country’s oil refining capacity, but trade was choppy as investors tried to weigh the quake’s economic impact. The 8.9 magnitude quake that struck the northeast coast of Japan, the world’s third largest economy, triggered... 

As oil muddies outlook, Fed policy less certain

Surging oil prices are deepening a split inside the Federal Reserve, blurring the likely direction of U.S. monetary policy and making next week’s policy meeting all the more contentious. The sharp rise in energy costs, precipitated by a wave of pro-democracy uprisings across the Arab world, could affect the economy in different ways, by retarding... 

Iran joins Venezuela, Libya to say no harm in $100 oil

OPEC’s leading oil price hawk Iran joined Venezuela and Libya on Sunday to say it saw no need for the cartel to consider raising crude supplies to rein in crude prices now near $100 a barrel. Iranian Oil Minister Massoud Mirkazemi said some members of the Organization of the Petroleum Exporting Countries saw no need for producers to act even if... 

OPEC ready to act but not due to speculators: report

OPEC is ready to act to address supply shortages in the oil market but not to counter price moves caused by speculation, Secretary General Abdullah al-Badri told an Austrian newspaper. The group is monitoring the situation closely, and “OPEC will intervene to stabilize the market if the market is imbalanced. OPEC will not intervene because of... 

Market flat, pares losses from jobless claims

U.S. stocks were little changed on Thursday, paring losses after weaker-than-expected jobless claims and helped by a rise in Marathon Oil. Contributing to the weakness was a sharp drop in shares of Merck on disappointing drug trial news. The drugmaker was the biggest percentage decliner on the S&P 500. Weekly initial claims for unemployment benefits... 

Russian 2010 oil output hits post-Soviet record

Russian oil output rose by 2.2 percent in 2010 to a record 10.1 million barrels per day (505.193 million tonnes) as higher prices prompted the world’s top oil exporter to ramp up production at its greenfield sites. The growth in crude production surprised many analysts, who had expected 1.1 percent on average, when polled just before the start... 

Oil at $90 brings small OPEC supply rise: survey

OPEC output has risen slightly in December as Nigerian supply has increased, a Reuters survey found, indicating the group has yet to boost production substantially in response to prices at a 26-month high. Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets, all except Iraq, has averaged 26.75 million... 

Platts Survey: October OPEC Oil Output Dropped to 32.26 Mil. Barrels Per Day

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 32.26 million barrels per day (b/d) of crude oil in October, according to a Platts survey of OPEC and oil industry officials just released. This is a 210,000 b/d decline from the September level of 32.47 million b/d. Excluding Iraq, production from the 12... 

NEMI and Aviva to merge, creating a growth-oriented international coal and energy business.

NEMI Northern Energy & Mining Inc. and Aviva Corporation announce that they have entered into a merger implementation agreement to combine the businesses of the two companies to create a new growth-oriented international coal and energy group. The combined entity will provide investors with exposure to operating and development stage assets across... 

Mustang Fuel Corp. Selects Quorum to Manage Gas Marketing Activities

Quorum Business Solutions, Inc., a leading provider of business and information technology solutions for the oil, gas, and renewable energy industry, announces that Mustang Fuel Marketing Company has entered into an agreement to license Quorum Gas Marketing to manage its commercial natural gas marketing activities. “We were in the market for a system...