Al Jazeera English
| Aug 4, 2012
Sudan and South Sudan have ended an oil dispute that nearly ignited an all-out war earlier this year.
The freeze in the flow of oil during the dispute had a major impact on the economies and people of both countries.
Al Jazeera's Imran Khan repo...
Al Jazeera English
| Jul 12, 2012
A desperate rush for free fuel has resulted in the deaths of of at least 100 people in Southern Nigeria. A crowd had gathered around a petrol tanker that overturned in the Niger Delta. That's when it caught fire and blew up. Women and childre...
Al Jazeera English
| Jun 27, 2012
Sudan's government is facing growing public anger over its austerity measures. In the last two weeks, hundreds of protesters have taken to the streets over the rising food and fuel prices. Al Jazeera's Mohamed Vall reports from Khartoum.
BBC Newsnight
| Jun 26, 2012
When Chloe Smith, a junior UK Treasury minister, appeared on the BBC's Newsnight show to defend a change in the government's tax policy, she probably didn't expect an easy ride. She was there after the government announced plans to scrap an increa...
CNN
| Jun 23, 2012
Student protests in Khartoum demanding President Omar al-Bashir's ouster are picking up steam and attracting attention throughout Sudan. The demonstrations have been going on for a week in response to harsh austerity measures.
International Business Times
| Jun 22, 2012
This student protest in Khartoum, filmed on June 20, is one of many happening at universities across Sudan. The growing demonstrations are the result of increasing frustrations with President Omar al-Bashir and the rest of the Sudanese govern...
Al Jazeera English
| May 31, 2012
Thousands of workers have gone in strike in India in protest over fuel prices. The strike on Thursday was organized by the country's main opposition party after the government announced an 11 percent rise in the cost of fuel. But anti-government ...
Al Jazeera English
| Apr 30, 2012
Despite soaring petrol prices, Americans are trading in their fuel-saving hybrids and returning to vehicles with traditional engines. New research shows 65 percent of hybrid owners are having second thoughts when the time comes to buying a new c...
— Nov 15, 2012 at 03:52 pm
...financial system from any entity that facilitates the purchase of Iranian oil through the Central Bank of Iran. The European Union also has an e...
— Nov 19, 2012 at 11:07 am
...U.S. financial system from any entity that facilitates the purchase of Iranian oil through the Central Bank of Iran. The European Union also has...
— May 15 at 07:30 am
...grade, is hindered by corruption, weak institutions and its vulnerability to oil price drops. Moody’s said: “Momentum for addressing challenging...
— May 13 at 06:08 am
...Monetary Fund (IMF) that the elimination of "subsidy would help fiscal adjustment, mobilise non oil revenues, strengthen oil price rule and oil ...
The price of petroleum as quoted in news generally refers to the spot price per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe.
The price of a barrel of oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location. Other important benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".
The demand for oil is highly dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on the global economic growth.
The...
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