Oil and Gas Oil and Gas Refining

  • SINGAPORE, Aug 29- Oil prices fell about 1 percent on Monday as Iraq's production rose and as Iran said it would only cooperate in producer talks to freeze output if fellow exporters recognized its right to fully regain market share. Traders said the price falls were a result of climbing output from the Middle East, where oil exports from Iraq's southern ports...

  • LAUNCESTON, Australia, Aug 29- There is little doubt that China's surging exports of refined fuels have cut profit margins for Asia's refiners, but the pain is unlikely to be shared equally across all the region's exporters of oil products. However, detailed data is provided by China on the export destinations of its product exports, and Australia, the region's...

  • BEIJING, Aug 28- China Petroleum and Chemical Corporation, or Sinopec Corp, said on Sunday its net profit fell 21.6 percent in the first half of 2016, hurt by a steep decline in international oil prices. The state-controlled energy firm, Asia's largest refiner, said in a separate statement that Dai Houliang had replaced Li Chunguang as company president and...

  • BAGHDAD, Aug 27- Iraq is willing to play an active role within OPEC to support oil prices but will not sacrifice its goal of expanding market share and will continue to ramp up output, its oil minister said on Saturday. Jabar Ali al-Luaibi, on a visit to the southern oil city of Basra, renewed calls for local and international oil companies in Iraq to increase...

  • *Baghdad needs revenue to finance war against Islamic State. BAGHDAD, Aug 27- Iraq's government would consider selling crude through Iran should talks with the autonomous Kurdish region on an oil revenue-sharing agreement fail, a senior oil ministry official in Baghdad told Reuters. Baghdad would not be able to reroute those volumes to Iran but could order...

  • NEW YORK/ HOUSTON, Aug 25- LyondellBasell Industries NV has retained Bank of America Merrill Lynch to help with the potential sale of its 263,776 barrel-per-day refinery in Houston, according to two people familiar with the talks. The Houston unit is a significant Gulf Coast refinery that can run a wide variety of crude oils, from light Bakken to heavier grades...

  • Global crude oil benchmark Brent was down 10 cents at $48.95 a barrel by 1230 GMT, having closed down 1.8 percent on Wednesday. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28. But hopes of a deal have been dampened by...

  • Global crude oil benchmark Brent was down 15 cents at $48.90 a barrel by 1043 GMT, having closed down 1.8 percent on Wednesday. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28. But hopes of a deal have been dampened by...

  • Global crude oil benchmark Brent was down 15 cents at $48.90 a barrel by 0830 GMT, having closed down 1.8 percent on Wednesday. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28. But hopes of a deal have been dampened by...

  • SINGAPORE, Aug 25- Oil prices dipped on Thursday, extending the previous day's decline, as the market focus returned to a global supply overhang, although a surprise fall in Chinese crude inventories did lend some support. International benchmark Brent crude oil futures were trading down 10 cents at $48.85 per barrel at 0709 GMT, having closed down 1.8 percent...

  • SINGAPORE, Aug 25- Crude prices dipped on Thursday as brimming U.S. and Asian fuel inventories returned investor attention to a large global supply overhang, cutting short a price-rally and restricting Brent crude futures to below the $50 a barrel mark. "Brent also came under pressure after Iraq said it still isn't producing as much oil as it should be, raising...

  • *Some see volatility on OPEC jawboning of output freeze deal. Gasoline and distillate stocks also rose, the EIA said, driving down oil prices that had mostly risen in the past two weeks on speculation of an output freeze by OPEC. "I cannot continue to stress that at this time of year we are supposed to be getting draws," Tariq Zahir, oil trader at Tyche Capital Advisors in...

  • *Some see volatility on OPEC jawboning of output freeze deal. Gasoline and distillate stocks also rose, the EIA said, driving down oil prices that had mostly risen in the past two weeks on speculation of an output freeze by major producers led by OPEC. "I cannot continue to stress that at this time of year we are supposed to be getting draws," Tariq Zahir, oil trader at...

  • LONDON, Aug 24- Oil refiners reeling from tumbling profits can expect some reprieve in the coming weeks as lower production will tame a huge global excess of gasoline and diesel. Globally, maintenance is expected to be more significant, particularly in export hubs in the Middle East and Asia, taking off around 5 million bpd of capacity at the peak, roughly 7 percent...

  • Aug 24- U.S. crude and gasoline inventories rose unexpectedly last week as refineries cut output, the U.S. Energy Information Administration said on Wednesday, prompting a drop in oil futures. Crude stocks on the U.S. East Coast soared 3.1 million barrels, the biggest build since February 2015. "The report is bearish, especially relative to expectations, led by the...

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  • LONDON, Aug 24- Oil refiners reeling from tumbling profits can expect some reprieve in the coming weeks as lower production will tame a huge global excess of gasoline and diesel. Globally, maintenance is expected to be more significant, particularly in export hubs in the Middle East and Asia, taking off around 5 million bpd of capacity at the peak, roughly 7 percent...

  • *Aramco could reduce stake in Cilacap facility- Indonesia govt. *Indonesia hopes to formalise joint venture in Oct. JAKARTA, Aug 24- Oil and gas giant Saudi Aramco may reduce its stake in a proposed $5.5 billion refinery project in Indonesia, the country's energy minister said on Wednesday.

  • *Aramco could reduce stake in Cilacap facility- Indonesia govt. *Indonesia hopes to formalize joint venture in Oct. JAKARTA, Aug 24- Oil and gas giant Saudi Aramco may reduce its stake in a proposed $5.5 billion refinery project in Indonesia, the southeast Asian nation's energy minister said on Wednesday.

  • LAUNCESTON, Australia, Aug 23- A surge in China's diesel exports last month to record levels is probably the last thing refiners in the rest of Asia wanted to hear, but they should probably worry more about rising crude oil prices. For example, the premium of gasoil, the broad term for middle distillates that include diesel, in Singapore over Dubai crude averaged...