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BP: oil price will stay high

Lucinda Kemeny, Sunday Times UK

LORD BROWNE, chief executive of BP, the world’s second-largest oil company, has warned the City and British industry to prepare for a long period of high oil prices.

Increased Scrutiny Could Shrink World Oil Reserves

The world’s oil companies were already double-checking their books before Royal Dutch/Shell Group sent the industry into a tizzy this month by reducing the stated amounts of its proven reserves by almost 4 billion barrels of oil and natural gas. That’s 20% of its total.

Russia Says ‘No’ to Nuclear Fusion Plant in Japan

MOSCOW – Russia on Thursday declined Japanese pleas to back Tokyo’s bid to host a disputed nuclear fusion reactor as the global contest for the multi-billion project threatened to hurt relations among the participants.

Japan and France are vying for the right to build the world’s first such reactor, but the six members of the joint venture have so far failed to agree on the site. The plant would generate energy the same way the sun does.