THE WALL STREET JOURNAL ONLINE
Crude-oil futures surged more than $1 to settle at $60.17 a barrel on the New York Mercantile Exchange, on news that restrictions imposed on the Trans-Alaska Pipeline System due to high winds will cut capacity by 25%. Here is Tuesday’s roundup of oil and energy news:
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IAEA MAY DENY IRAN NUCLEAR HELP: Most participants at a meeting of the United Nations’ nuclear watchdog agency have reached a tentative agreement to deny Iran technical aid for its plutonium-producing reactor. The agreement would refuse Tehran’s call for help in building the Arak reactor, while approving its requests for International Atomic Energy Agency aid on seven other nuclear projects, diplomats said.
•Deal for Experimental Reactor: Officials from six nations and the European Union signed a 10 billion euro ($12.8 billion) pact to build an experimental nuclear-fusion reactor aimed at developing a cheaper, cleaner and safer energy source.
•Barge Carrying Spilled Oil Sinks: A barge carrying 600 tons of debris from the massive oil spill in the Philippines four months ago sank, raising fears of another environmental disaster.
•Shortage Threatens Solar Power: A severe shortage of poly-crystalline silicon, the basic material used in solar converters, could threaten the health of the solar-power industry, the Financial Times reports.
The Scottish Model: The European Union, looking for ways to increase competition in its energy markets, is studying Scotland’s model, the Financial Times reports.
•IEA Denies Miscalculating Venezuelan Oil: The International Energy Agency dismissed claims by Venezuela’s state oil company that the energy-policy adviser’s data on Venezuelan oil production was erroneously calculated.
•JMG Cancels JED Deal: Canadian oil and gas company JMG Exploration terminated a takeover agreement with rival JED Oil and said its chief financial officer stepped down.
•Baku to Bids for 2016 Games: Baku, the capital of Azerbaijan, plans to bid for the 2016 Summer Olympics. While Baku’s economy has surged in recent years because of oil, much of the capital’s infrastructure has deteriorated.
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