Oil | featured news

WASHINGTON (Reuters) - The Obama administration is weighing the circumstances that could warrant tapping the nation's strategic oil reserve, aware that supply disruptions from Iran could harm the global economy, Treasury Secretary Timothy Geithner said on Friday.

Japan is in final talks with Washington on an agreement on cuts in Iranian crude oil imports that could amount to more than 20 percent a year, the Nikkei business daily reported on Thursday, as Tokyo seeks to win waivers from U.S. sanctions.

China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday.

European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said on Wednesday, dealing a blow to Tehran that crowns new Western sanctions months before an Iranian election.

The U.S. trade deficit narrowed in October to its lowest point of the year as Americans bought fewer foreign cars and imported less oil. Exports of American-made autos also fell.

Hackers are bombarding the world's computer controlled energy sector, conducting industrial espionage and threatening potential global havoc through oil supply disruption.

Republican presidential candidate Jon Huntsman says federal officials must investigate what he calls a monopoly in the oil industry....

Oil prices fell below $93 a barrel Monday in Asia as investors mulled whether slowing global economic growth justified a surge in crude this month.

Chevron Technology Ventures demonstrated the use of solar power to boil water into steam using around 7,600 mirrors to concentrate the sun's energy over a solar boiler. We have a $104 price estimate for Chevron, which implies a 14% premium over its current stock price.