EMPTY VESSELS'S SOUND
The White House on Friday stepped up criticism of China's deployment of an oil rig in the South China Sea, saying the move had complicated relations in the region and made peaceful resolution of territorial disputes more difficult.
"This is a provocative act, and it raises tensions in the region," White House spokesman Jay Carney said.
China and Vietnam are locked in a dispute over contested waters that both claim as part of their territory. The standoff, which escalated after a state-run Chinese oil company positioned an oil rig in the area, has sparked riots in Vietnam and raised fears of a military conflict.
The U.S. hasn't taken a position on the nations' competing sovereignty claims in the region, Mr. Carney said, but said no country should resort to intimidation and threats.
"We're very concerned about dangerous conduct and intimidation by government-controlled assets operating in this area, and we call on all parties to conduct themselves in a safe and professional manner to preserve freedom of navigation and overflight, to exercise restraint, to take steps to lower tensions and to address competing sovereignty claims peacefully and in accordance with international law," Mr. Carney said.
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There are more than a dozen LNG export projects currently being proposed to US regulators, though across the industry almost no final investment decisions have been announced over the last 18 months and some developers have delayed their decisions into 2018 or beyond. Few firm supply purchase agreements have been announced for the projects that have yet to commit to moving forward.
According to the U.S. Energy Information Administration, Canada's largest energy customer has boosted domestic oil production from less than four million barrels per day in 2008 to 9.2 million bpd now, while gas output has risen from 67 million cubic feet per day to 89 million cf/d.
Egypt’s fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank’s International Finance Corp.
International Brent crude futures LCOc1 were at $57.75 per barrel at 0733 GMT, up 58 cents from the previous close, after trading as high as $58.13. U.S. WTI crude was at $51.95 per barrel, up 50 cents. Earlier in the day, it traded as high as $52.22.