China, Oil | featured news

Rosneft is seeking to borrow up to $30 billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.

China's top offshore oil producer CNOOC Ltd has entered into an agreement to buy Canada's Nexen Inc for about $15.1 billion, the Chinese company said on Monday.

The United States and China signaled a willingness on Thursday to work together on "sensitive issues" in a move to cool tensions between rival claimants to the potentially oil-rich and increasingly militarized South China Sea.

The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran's top customers China and India exposed to the possibility of such steps.

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.

Cuba and China have signed a series of economic accords that include the expansion of an oil refinery in Cienfuegos.

China and environmental observers said cleanup efforts on the country's largest reported oil spill were progressing Thursday, but the environmental and economic damage was clear.