That could hinder OPEC's ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise. Outages in the group, such as in Iraq and Libya, are effectively helping OPEC to balance the market, rather than voluntary cutbacks, say analysts.» Read More
*Coast Guard says will re-open channel' as soon as we can'. "We will begin the process of a tapered... not a floodgate resumption of marine traffic," Captain Brian Penoyer, commander of U.S. Coast Guard sector Houston- Galveston and captain of the Port of Houston, told reporters on Monday.
A Coast Guard spokesman declined to discuss the timeline. The closure of the channel on Saturday has led to a queue of more than 80 vessels trying to move into or out of the Gulf of Mexico, with shipping delays forcing Exxon Mobil Corp to cut production at its largest refinery.
HOUSTON, March 24- Exxon Mobil Corp cut production at its largest refinery on Monday as the U.S. Coast Guard was preparing for a possible re-opening of the Houston Ship Channel by late afternoon to return the supply of crude oil for more than one-tenth of the nation's refining capacity.
*Revenues rise 1.3 percent to $307 billion in 2013. LONDON, March 24- Top oil trader Vitol's revenues were flat in 2013 despite higher crude and product volumes as increased competition led to another year of single-digit growth.
As of 7 a.m. CST, the channels to Houston and Texas City, Galveston and the Intracoastal Waterway remained shut near the entrance to Galveston Bay, where heavy fuel oil washed ashore and out into the Gulf of Mexico.
The Coast Guard said 43 ships were waiting to go out from the port of Houston and 38 ships were waiting to come in.
*Coast Guard says no timeline for reopening Houston Channel. TEXAS CITY, Texas, March 23- The closure of major Texas shipping channels that deliver crude to more than a tenth of the nation's refining capacity looked set to run to a third day as crews were still working on Sunday evening to clean up after an oil spill.
NEW YORK, March 20- The United States added former Gunvor owner Gennady Timchenko to its sanctions list on Thursday, raising questions about whether the move could drag his far-reaching business interests into the standoff between Russia and Ukraine. *Had a turnover of $93 billion in 2012, up from $5 billion in 2004..
*PetroChina posts 21 pct yr-yr rise in Q4 net profit; 2013 profit up 12 pct. producer PetroChina Co Ltd said on. "Last year marked a turning point for PetroChina," Chairman Zhou Jiping told reporters after the company posted a 21 percent rise in fourth quarter net profit, largely due to government hikes in natural gas prices and an improvement in its refining business.
LAUNCESTON, Australia, March 20- The price of Middle East crude oils being supplied to Asia appears too high given an increase in supply from Iran, Iraq and rival Russia and muted demand from refiners. The Brent- Dubai exchange for swaps fell to $3.75 a barrel on Wednesday, down from the year-high of $4.44 on March 14.
Mercuria's purchase of JPMorgan's physical commodities business marks the culmination of a 10- year journey for Swiss traders Marco Dunand and Daniel Jaeggi, two men who transformed a small trading house into an operation to rival the biggest in the natural resources business.
SINGAPORE, March 19- Brent crude held near a six-week trough below $106 a barrel on Wednesday as worries about an escalation of the crisis in Ukraine eased and on expectations of a rise in U.S. oil stocks.
SINGAPORE, March 19- Brent crude sat near a six-week trough below $106 a barrel on Wednesday as concerns eased about an escalation of the crisis in Ukraine and investors looked to an increase in U.S. oil stocks.
Between 7,000 and 10,000 gallons of sweet crude leaked into the Oak Glen Nature Preserve about a quarter of a mile from the Great Miami River, according to early estimates from the Ohio Environmental Protection Agency.
LONDON, March 18- Murphy Oil is in advanced talks to sell its Milford Haven refinery in Wales to a low-profile private equity fund that will continue operating the struggling plant, sources familiar with the situation said on Tuesday.
LONDON, March 18- China's biggest refiner Sinopec is in talks with Malaysia's Petronas to buy a 15 percent stake in a $20 billion Canadian liquefied natural gas project, three sources with knowledge of the matter said.
BEIJING/ HONG KONG, March 18- Asia's top oil. refiner Sinopec Corp will set up a. The Hong Kong and Shanghai- listed company now has 23,000 such stores, with sales totalling 13.3 billion yuan in 2013, it said.
MOSCOW, March 14- A possible ban on visas for the heads of Russia's two biggest energy firms, Rosneft and Gazprom, may hamper their international partnerships but also harm their Western partners and push the two towards the East.
BEIJING, March 14- China's largest state refiner, Sinopec Corp, said it had entered a long-term deal to buy liquefied petroleum gas from Phillips 66, showing the U.S. shale drilling boom is having an impact on Asian markets.
TOKYO, March 14- Japan's biggest refiner JX Nippon Oil& Energy has cut its annual crude contract with Iran by 27 percent, an industry source said, a move that will likely keep at bay any potential U.S. pressure over oil shipments from the Islamic republic.