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  • Schlumberger posts first quarterly loss in 12 years Thursday, 21 Jan 2016 | 4:19 PM ET

    Jan 21- Schlumberger Ltd, the world's No.1 oilfield services provider, reported its first quarterly net loss in 12 years as it recorded more than $2 billion in restructuring and asset impairment charges. Net loss attributable to Schlumberger was $1.02 billion, or 81 cents per share, in the three months ended Dec. 31, compared with a profit of $302 million, or 23 cents...

  • *Sanctions lifted, OPEC member Iran pushes oil and gas revival U.S. firms expected to wait and see how nuclear deal plays out. WASHINGTON, Jan 20- For U.S. oilfield services companies suffering the worst revenue slump in decades it would at first seem like a lifeline: The lifting of sanctions on Iran by six world powers reopened the door for their foreign units to...

  • *U.S. crude hits September 2003 low under $28. It bounced back to trade down 70 cents at $27.76 as of 0945 GMT. "You need the low price to slow down shale much faster," said Bjarne Schieldrop, chief commodities analyst with SEB in Oslo.

  • European stock markets drop as oil price slides Wednesday, 20 Jan 2016 | 3:11 AM ET

    LONDON, Jan 20- European stocks dropped on Wednesday as a relentless slide in oil prices hit world markets. Britain's FTSE 100 fell 1.9 percent, Germany's DAX slid 2.3 percent while France's CAC retreated by 2.2 percent. Oil prices lost yet more ground, with U.S. crude dropping towards $27 a barrel, after the International Energy Agency, which advises...

  • LONDON, Jan 19- Italy's RINA expects to start verifying safety and environmental standards for Iranian ships including oil tankers in a matter of weeks, the classification society said, stealing a lead on rivals as business interest in Iran heats up. RINA said it had signed an agreement this week with Iran's Asia Classification Society, enabling the Genoa-...

  • Ample storage space for oil may limit price moves Tuesday, 19 Jan 2016 | 6:20 AM ET

    *New storage capacity to come on line in Asia this year. New storage tanks built in recent years, mostly in the United States and Asia, leave hundreds of millions of barrels of space to fill, confounding expectations that excess production could overflow tanks and drive prices further down. Benchmark Brent crude dipped below $28 a barrel on Monday, its lowest level...

  • LONDON/ HOUSTON, Jan 18- An agreement to build oil tankers in Iran for Venezuela has been left in limbo years after it was announced as Western sanctions plus disagreements over payments and delivery terms took their toll, sources familiar with the matter say. The deal was heralded in 2006 with much fanfare by Tehran and the socialist government of...

  • Jan 15- U.S. energy firms this week continued to cut the number of rigs drilling for oil to the lowest in nearly six years, data showed on Friday, suggesting drillers were preserving cash as they evaluate spending plans as crude prices hover near 12- year lows. Drillers removed one oil rig in the week ended Jan. 15, bringing the total rig count down to 515, the least...

  • Jan 14- China's state-run oil refiner Sinopec Corp has purchased its first ever batch of U.S. crude oil for export, a source told Reuters on Thursday, a landmark transaction after the ending of a four-decade ban on domestic exports. The cargo, due to be loaded from a Gulf Coast port in March, may mark the start of a sustained flow of U.S. oil to China, the world's...

  • LAUNCESTON, Australia, Jan 15-- Sort of lost among the attention given to China's record crude oil imports in December was the fact that the nation's exports of refined fuels also hit an all-time high. There is little doubt that China has been taking advantage of the relentless decline in crude prices to fill strategic and commercial stockpiles, a trend likely to...

  • BRUSSELS, Jan 12- The European Commission said on Tuesday it had launched an in-depth investigation into oilfield services provider Halliburton's planned purchase of its smaller rival Baker Hughes. Halliburton offered in November 2014 to buy Baker Hughes for about $35 billion in cash and stock, creating an oilfield services behemoth to take on market...

  • BRUSSELS, Jan 12- The European Commission said on Tuesday it had launched an in-depth investigation into Halliburton's planned purchase of its oilfield services rival Baker Hughes. Halliburton Co offered in November 2014 to buy rival Baker Hughes Inc for about $35 billion in cash and stock, creating an oilfield services behemoth to take on market leader...

  • BRUSSELS, Jan 12- The European Commission said on Tuesday it had launched an in-depth investigation into Halliburton's planned purchase of its oilfield services rival Baker Hughes. Halliburton Co offered in November to buy rival Baker Hughes Inc for about $35 billion in cash and stock, creating an oilfield services behemoth to take on market leader...

  • *Refiners tweak crude oil feedstocks to favor gasoline. LONDON, Jan 12- After years of building up diesel production, European oil refiners are using every trick in the book to maximize gasoline output to meet unabated global demand as the two fuels stage a sharp reversal of fortune. But today the world faces a growing excess of diesel and spectacular demand in...

  • Azeri oil disaster an open wound for survivors Tuesday, 12 Jan 2016 | 2:00 AM ET

    BAKU, Jan 12- For the survivors of a lifeboat which hung between a blazing oil rig and 10- metre waves on a wind-lashed sea, the horror lives on while the search for the comrades they saw die is not complete. A fire still burns from the worst ever accident in Azerbaijan's oil industry. An enquiry continues on the Dec. 4 disaster which took around 30 lives when a 27- hour...

  • BENGHAZI, Jan 11- Libya's National Oil Corporation has emptied oil storage tanks at the Ras Lanuf terminal as a precaution after Islamic State militants attacked the country's two biggest oil ports last week, an official from the company said on Monday. "We have taken all the oil stored in the tanks there to a safer location," Mohamed al-Manfi, an official at the...

  • RABAT, Jan 11- Libya's National Oil Corporation has emptied oil storage tanks in Ras Lanuf as a precaution after the Islamic State group attacked Libya's two biggest oil ports last week, an official from the company said on Monday.

  • *China's oil demand seen slowing after years of record growth. SINGAPORE, Jan 11- Brent crude oil fell over 3 percent on Monday as China's economic slowdown dented the outlook for demand, with traders placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. Analysts pointed to China's slowdown, which saw a slide in...

  • *China's oil demand seen slowing after years of record growth. SINGAPORE, Jan 11- Crude oil prices fell over 2 percent on Monday as China's economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. Other oil market analysts are pointing to China's...

  • SINGAPORE, Jan 11- U.S. crude oil prices were down more than 2 percent in early trading on Monday as traders increasingly lose faith in a significant market recovery soon and bet on even lower prices. U.S. crude West Texas Intermediate dropped more than 2 percent in early Monday trading to a low of 32.43 per barrel before edging back to $32.51 by 0038 GMT, still down 65...