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Ecuador to fight oil dispute fine QUITO: Ecuador said Saturday it will fight to avoid paying a fine to Occidental Petroleum as compensation for canceling a contract with the US oil giant.   "We will continue fighting to not pay a penny to this abusive transnational corporation," said President Rafael Correa, accusing the company of "wanting to deliberately defraud the state."   Earlier this month, the International Center for Settlement of Investment Disputes, which is a branch of the World Bank, released a ruling declaring Quito must pay $1.77 billion plus interest to Occidental Petroleum as compensation for canceling a contract with the company.   Including taxes, the amount is now $2.3 billion, Correa said Saturday.   In May 2006, Occidental Petroleum, or Oxy, sued Ecuador for $3.37 billion at the ICSID a day after the country announced the cancelation of a contract under which the company could extract 100,000 barrels of oil per day from the South American nation's Amazon basin region.   Ecuador was ...

Oil prices wobble as IEA cuts demand growth forecasts  NEW YORK: Oil prices slipped Friday as the International Energy Agency cut its global crude demand growth forecast, sparking some profit-taking after gains that were prompted by geopolitical concerns in Syria.   New York's main contract, WTI light sweet crude for November delivery, lost 21 cents to $91.86 a barrel on the Nymex exchange.   Brent North Sea crude for November sank $1.09 to $114.73 a barrel in late London trade.   "The bearish IEA report set the tone for today's ...
US gas futures edge down from 2012 high before weekend  NEW YORK: US natural gas futures edged lower early on Friday, which traders blamed on some profit taking after the front month rose to a fresh 2012 high in electronic trade.   A smaller-than-expected weekly inventory build and some near-term cool weather in consuming regions boosted the contract on Thursday. The front month had gained 6 percent so far this week before Friday's dip.   But milder weather on tap for later in the month and for at least ...
Oil advances on persistent Middle East tensions  NEW YORK: Global oil prices climbed Thursday on the back of geopolitical jitters surrounding Syria, but a rise in US inventories moderated the price gains in US trade.   In New York, the main contract, WTI light sweet crude for delivery in November, rose to $92.07 a barrel, up 82 cents from Wednesday.   London's Brent contract for November delivery gained $1.38 to $115.71 a barrel, the highest level since mid-September.   "Brent is continuing to profit from the geopolitical tensions ...
Colombia hopes to boost oil reserves to 41bn barrels by 2030  BOGOTA: Colombia, Latin America's fourth-largest oil producer, hopes for a 20-fold increase in oil reserves to 41 billion barrels by 2030 in the best case scenario, o r at least to 7.7 billion barrels in the worst case, the energy minister said on Thursday.   Oil output in Colombia has taken off over the last decade on the back of improved security, better fiscal terms and investment in heavy oil deposits, but the country has struggled to ...
US crude turns lower in choppy trading  NEW YORK: US crude futures turned lower in choppy trading on Wednesday, after testing above recent intraday highs above $93 a barrel and with concerns about economic growth hemming in the oil prices even as a tense Middle East lends support.   US crude was down 45 cents at $91.94 a barrel at 12:45 p.m. EDT (1645 GMT), having swung from $91.57 to $93.66.   Copyright Reuters, 2012 ...
Oil prices jump on Mideast tensions NEW YORK: Crude oil prices rebounded Tuesday, lifted by supply worries amid Middle East tensions, especially between Syria and Turkey. New York's main contract, light sweet crude for November, closed at $92.39 a barrel, up a hefty $3.06 from Monday's close. In London trade, Brent North Sea crude for delivery in November jumped $2.68 to settle at $114.50 a barrel. Although concerns about global economic growth and demand weighed on US and European stock markets, the oil market ...


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