Oil, Asia | 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.

Secretary of State Hillary Clinton called on India to further pressure Iran over its nuclear program after officials said the South Asian nation will curtail its imports of Iranian oil by 20 percent.

U.S. Secretary of State Hillary Rodham Clinton will use a two-day visit to India this week to urge further reductions in Indian imports of Iranian oil.

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.

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.

The European Union on Friday imposed an embargo on oil imports from Syria as security forces in the country surrounded mosques in rebellious cities to prevent worshippers from pouring into the streets for anti-government rallies.

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