Abu Dhabi  - The Abu Dhabi National Oil Company (ADNOC) said Thursday it will cut its oil production starting in March.

ADNOC's move follows a decision by the Organization of the Petroleum Exporting Countries (OPEC)to cut production to push global oil prices up, the official news agency WAM reported.

The Emirati company issued guidelines for its March crude oil production levels, indicating that the main onshore crude oil, known as Murban, would pump at 10 per cent below normal levels.

ADNOC's latest decision follows previously announced cutbacks for supplies in January and February.

Seoul  - The Nigerian government on Thursday rescinded oil exploration rights at two fields off the Nigerian coast that were granted to South Korean firms four years ago.

Justifying the move, the Nigerian government said the Korea National Oil Corporation (KNOC) had not made payments as scheduled, according to the KNOC. Allegedly, the KNOC only paid 192 million dollars of the 323 million price that had been agreed upon.

The KNOC says the agreement had only been for 192 million dollars. KNOC says part of the deal called for it to help develop Nigeria's energy infrastructure.

New Delhi, Jan 29 : Government on Wednesday night cut petrol price by Rs five per litre and diesel by Rs two per litre, while the domestic Liquefied Petroleum Gas
(LPG) are slashed down by 25 rupees per cylinder.

Petroleum Minister Murli Deora said, "The Cabinet Committee on Political Affairs headed by External Affairs Minister Pranab Mukherjee decided to reduce petrol, diesel and LPG prices to pass on the benefit of softening international oil prices to consumers."

The new prices came into effect from Wednesday midnight.

The Cabinet Committee on Political Affairs, under the chairmanship of foreign minister Pranab Mukherjee, is meeting on Wednesday to discuss reduction in fuel prices. It may take final decision on much awaited reduction of prices of petroleum products on accounts of decline in crude rates in the international market.

Prices of petrol can be reduced by Rs 4 a litre, diesel by Rs 1 per litre and cooking gas LPG by Rs 25 a cylinder, much lower than expected by transporters and general public of the country.

Washington  - US Secretary of State Hillary Clinton announced a new climate change envoy Monday as part of a bolstered US presence on the international stage to address global warming.

Todd Stern will become the country's chief climate negotiator with the international community, which is hoping to agree to a new climate treaty by the end of this year. Stern will also be involved in domestic US efforts to reduce pollution.

Budapest  - Senior EU ministers, heads of state and financiers began arriving in the Hungarian capital on Monday for a high-level summit to discuss the planned Nabucco gas pipeline.

Hungary's Socialist Prime Minister Ferenc Gyurcsany said he intends to urge the European Union at the summit on Tuesday to provide financial backing to help get the Nabucco project off the ground.

Nabucco is a 3,300-kilometre gas pipeline that is planned to bring natural gas from Central Asia and the Middle East into the EU. The eight-billion-euro project is seen by the EU as a crucial step towards reducing Europe's dependence on Russian gas.