Energy

China's CNPC, Cnooc Group Said to Seek Stake in Repsol's Argentine Unit Repsol YPF SA is in talks with China National Petroleum Corp. and China National Offshore Oil Corp. about a sale of a stake in its Argentinean unit, three people familiar with the discussions said.

Crude Oil Futures Fall to $66 a Barrel in New York, 10% Below Year's High Crude oil futures in New York fell below $66 a barrel, a 10 percent decline from this year’s high, marking a market “correction.”

Saudi Arabia May Cut Heavy Crude-Oil Price as Processing Profits Declines Saudi Arabia may lower the official price of its heavy oil grade sold to Asia from a six-year high as processing profit for fuel used by ships and power plants declined in the previous month, refinery officials said.

OPEC `Satisfied' With Current Crude Oil Price, President Vasconcelos Says OPEC is “satisfied” with the current oil price, OPEC President Jose Maria Botelho de Vasconcelos said today in Beijing.

Total Shares Will Be `Resilient in Downturn,' Sell Puts, Barclays Advises Barclays Capital advised selling Total SA put options on speculation its “strong” balance sheet and “cheap” cost of production will prevent declines in shares of Europe’s third-largest oil company.

U.S. Energy Day Ahead: Oil Posts Third Weekly Decline, May Fall Further Crude oil fell, set for a third weekly decline, on concern an increase in unemployment in the U.S. to the highest in almost 26 years will reduce fuel demand in the world’s largest energy user.

Petroplus Tells Teesside Refinery Workers of Looming Job Cuts, Echo Says Petroplus Holdings AG told workers of potential job cuts at its Teesside, U.K., oil refinery, the Northern Echo reported.

Crude Oil May Decline as Recession Curbs U.S. Demand for Fuel, Survey Says Crude oil may fall on speculation that U.S. fuel inventories will climb as the recession curbs demand in the world’s biggest energy-consuming country.

Iraq Oil Minister May Visit Japan Next Week, Discuss Petroleum Investments Iraq’s oil minister may visit Tokyo next week and discuss the prospect of Japanese investment as the Middle Eastern nation plans to increase petroleum production.

EDF Sells First Non-Financial Samurai Bonds Since Lehman Brothers Collapse Electricite de France SA started a 110 billion yen ($1.2 billion) sale of samurai bonds, the first such securities from a non-financial borrower since Lehman Brothers Holdings Inc.’s September collapse.

Nigeria, Algeria, Niger Sign Agreement on Natural-Gas Pipeline to Europe Nigeria, Algeria and Niger signed an agreement on a proposed Trans-Saharan pipeline that will ship natural gas from Nigeria to Europe.

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