Crude-oil futures rose more than 5% to a three-week high of nearly $57 a barrel, boosted by colder U.S. weather and looming OPEC production cuts.
Here is Tuesday’s roundup of oil and energy news:
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EMERGENCY GLOBAL-WARMING SESSION: United Nations Secretary-General Ban Ki Moon is planning an emergency meeting of world leaders in September to discuss global warming, the Financial Times reports. Among the discussions will be finding a successor treaty to the Kyoto protocol, due to expire in 2012.
•Cnooc Warns of Falling Output: Cnooc expects a slight drop in output of crude oil and natural gas this year because some bigger fields won’t start operating until 2008 and others remain shut after being hit by a typhoon last year.
•ONGC Profit Rises: State-run Oil & Natural Gas Corp., India’s most valuable company by market capitalization, said its fiscal-third-quarter net profit rose 20%, helped by a lower subsidy payout compared with a year earlier.
•Surge in Keppel Earnings: Singapore’s Keppel, the world’s biggest builder of oil rigs, said its fourth-quarter net profit rose 26% as it sold more rigs and booked higher earnings from its property unit.
•Murphy Settlement Approved: A federal judge approved a $330 million settlement between Murphy Oil and thousands of St. Bernard Parish homeowners over an oil spill that happened during Hurricane Katrina.
•Russia Launches Probe of RussNeft: Raising anxiety in Russia’s oil industry by refreshing memories of the dismantling of Yukos, the Kremlin has launched a tax-fraud probe against an oil company called RussNeft, the FT reports.
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