By Shinhye Kang
Dec. 23 (Bloomberg) -- South Korea, Asia's third-biggest crude-oil buyer, will increase the tariffs on fuel imports as inflation slows and global oil prices fall.
Crude oil fell for a second day in New York on speculation that a deepening global recession is reducing fuel demand in Asia, undermining OPEC's efforts to boost prices by cutting production.
EXCLUSIVES
Crude Oil May Rally to $93 on Demark Indicator: Chart of Day
Crude oil will rebound to $93 a barrel as technical indicators show that the current price decline has exhausted itself, according to fund manager Daniel Bruno Sanz.
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China's Crude-Oil Production May Rise 1% This Year, CNPC Says
China, the world's second-biggest oil consumer, may increase crude production by 1.2 percent to 189 million metric tons this year, or 3.78 million barrels a day, the nation's largest oil company said.
Crude Oil Falls as Asian Demand Declines on Deepening Recession
Crude oil fell for a second day in New York on speculation that a deepening global recession is reducing fuel demand in Asia, undermining OPEC's efforts to boost prices by cutting production.
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West Australia Selects James Price Point as Preferred LNG Hub
Western Australia selected James Price Point as the location for a proposed liquefied natural gas production hub in the state's far north-west Kimberley region.
Blackham in Talks to Sell Stake in Coal Project in Australia
Blackham Resources Ltd., planning to develop a $2.5 billion plant to convert coal into clean diesel in Australia, is in talks with large energy companies to sell a stake in its mining operation to help fund project costs.
Contact Energy's Share of Power Market Drops to Five-Year Low
Contact Energy Ltd.'s share of the retail power market in New Zealand fell to the lowest in at least five years after plans to increase prices prompted more customers to switch electricity suppliers.
Thailand's PTT to Spend 229.3 Billion Baht Over Next 5 Years
PTT Pcl, Thailand's biggest energy company, plans to spend 229.3 billion baht ($6.6 billion) to expand its businesses between 2009 and 2013.
Gas Negara Expects Sales Volume to Rise as Much as 33% in 2009
PT Perusahaan Gas Negara, Indonesia's biggest natural gas distributor, expects sales volume to rise as much as 33 percent next year.
HIGHLIGHTS FROM NEWSPAPERS
China Power Companies May Lose 70 Billion Yuan, Securities Says
China's power producers may post 70 billion yuan ($10.2 billion) in combined losses this year because of rising costs and falling demand, the China Securities Journal reported, without saying where it obtained the information.
Ancora May Buy Drilling Services Company, Bisnis Indonesia Says
PT Ancora Indonesia Resources plans to buy an oil drilling services company, Bisnis Indonesia reported, citing President Director Usman H. Darus.
To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net;
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