News
China seen overtaking US as biggest oil importer in 2-3 years
“In two to three years, China will be the largest global importer of crude oil,” Jorge Montepeque, global director of market reports for Platts, said at today’s Global Outlook for Oil event during IP Week.
China forces IEA to boost oil demand forecast
Higher-than-expected demand from China and other Asian countries has forced the International Energy Agency (IEA) to revise up its global oil demand forecast for 2010 by 120,000 barrels a day (b/d) to 86.5 million b/d.
Iraq adopts new pricing for US crude
Somo, the Iraqi state-owned oil marketing firm, has followed in the footsteps of Saudi Arabia and Kuwait by adopting the Argus Sour Crude Index (ASCI) to benchmark price sales of US-bound crude from April onwards.
FirstEnergy and Allegheny announce $8.5bn merger
FirstEnergy and Allegheny Energy have announced an $8.5 billion stock-for-stock merger transaction that would create a diversified generation portfolio including 2,200 megawatts (MW) of renewables.
State drops out of regional carbon trading scheme
Arizona has pulled out of the Western Climate Initiative (WCI) cap-and-trade scheme over fears it would put the state at a competitive disadvantage.
Citi names new global commodities head
Stuart Staley has taken over as Citigroup’s global head of commodities, as the bank aims to boost the business by 30-40% over the next three years.
