Oil and Gas Oil and Gas Refining

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  • *State refiners looking to buy 240,000 bpd total from Iran. Iran was India's second biggest oil supplier- a position now belonging to Iraq- before economic sanctions aimed at Iran's nuclear programme hampered its trade relations, forcing the South Asian nation to tap alternative suppliers. India's state refiners- Indian Oil Corp, Mangalore Refinery and...

  • LONDON, March 31- Strong growth in consumption of gasoline while demand for other fuels remains more subdued is creating a headache for oil refiners in the United States and around the rest of the world. U.S. refineries are configured to turn just under half of the crude petroleum they process into motor gasoline, according to the U.S. Energy Information...

  • Brent crude futures fell 45 cents to $38.81 a barrel as of 0823 GMT. The front-month contract for U.S. crude futures was down 65 cents at $37.67 a barrel, after dropping to $37.57, the lowest since March 16. "The door is open for lower prices," said Hamza Khan, head of commodity strategy with ING.

  • SINGAPORE, March 31- Oil futures fell in Asian trade on Thursday, with U.S. crude hitting its lowest level in more than two weeks, amid renewed worries of global oversupply after inventories in the United States rose to a record high. The front-month contract for U.S. crude futures dropped 43 cents to $37.89 a barrel, after dropping to $37.74 earlier, the lowest since...

  • LAUNCESTON, Australia, March 31- Should Asia be bracing itself for a flood of gasoil from China in the second quarter? So far this year China has already been ramping up exports of middle distillates, with diesel shipments rising 736 percent to 1.52 million tonnes in the first two months of the year compared to the same period last year, while jet kerosene gained...

  • Brent crude futures fell 36 cents to $38.90 a barrel as of 0331 GMT. The front-month contract for U.S. crude futures dropped 46 cents to $37.86 a barrel, after dropping to $37.74 earlier, the lowest since March 16. Prices will "zig-zag" for the rest of the year, said Tony Nunan, oil risk manager at Japan's Mitsubishi Corp..

  • Brent crude futures fell 22 cents to $39.04 a barrel as of 0136 GMT. The front-month contract for U.S. crude futures dropped 26 cents to $38.06 a barrel, after settling up 4 cents in the previous session following a gain of 3 percent earlier in the session. Prices will "zig-zag" for the rest of the year, said Tony Nunan, oil risk manager at Japan's Mitsubishi Corp..

  • The front-month contract for U.S. crude futures dropped 29 cents to $38.03 a barrel by 0021 GMT, after settling up 4 cents in the previous session following a gain of 3 percent earlier in the session. Brent crude futures fell 25 cents to $39.01 a barrel after ending the previous session up 12 cents, having retreating from a session peak of $40.61.

  • *Weak dollar, Wall Street rally lent support to oil. NEW YORK, March 30- Oil prices settled steady on Wednesday, erasing most of the day's gains, after U.S. government data showed crude inventories at all-time peaks again despite strong refinery runs. Crude stockpiles in the United States rose 2.3 million barrels last week, reaching a seventh straight week of record...

  • *Weak dollar, Wall Street rally limit downside in oil. Crude stockpiles in the United States rose 2.3 million barrels last week, reaching a seventh straight week of record highs at 534.8 million barrels, the Energy Information Administration reported. U.S. crude futures' front-month contract was down 5 cents at $38.23 a barrel by 1:57 p.m. EDT on selling by...

  • *Wall Street rally, weak dollar still bolster oil. Brent crude's front-month contract was up 40 cents, or 1 percent, at $39.54 a barrel by 11:49 a.m. EDT. U.S. crude's front-month rose 30 cents, or 0.8 percent, to $39.58, reaching $39.85 earlier.

  • NEW YORK, March 30- U.S. crude oil stockpiles rose less than expected last week as imports fell and refinery runs rose, while gasoline and distillate inventories drew down, data from the Energy Information Administration showed on Wednesday. "Large decline in imports likely contributed to the smaller-than-expected crude oil build," said Dominic Chirichella,...

  • March 25- Qatar has invited all OPEC members and major producers from outside the exporting group to attend talks on April 17 on a deal to freeze output at January levels to support the global oil market, Qatar's energy ministry said on Tuesday. "The need has become an urgent matter to bring back balance to the market and recovery to the global economy," the ministry...

  • *Fedun: Iran cannot raise oil output sharply without foreign cash. MOSCOW, March 24- Iran's participation is not essential for the oil market to move closer to balance if a global agreement on freezing production is signed in Doha next month, Leonid Fedun, one of Russia's most prominent oil bosses, said on Thursday. Last year, Russia and OPEC refused to cooperate on...

  • *OPEC, Russia output freeze may be' meaningless'- IEA. NEW YORK, March 24- Oil prices fell to below $40 a barrel on Thursday, on track to their first weekly loss in over a month, pressured by record high U.S. stockpiles, weakening equity markets and a strong dollar. A senior executive from the International Energy Agency, meanwhile, said a deal among a few OPEC producers and...

  • LONDON, March 24- The political economy of oil prices in the United States is complicated. The United States is the world's largest oil consumer and one of its biggest importers. And its oil is medium-cost, more expensive to produce than the large fields in the Middle East but cheaper than frontier areas like the Arctic.

  • LIMA, March 23- State-owned energy company Petroperu said on Wednesday that it expects its crude oil pipeline in northwestern Peru to resume operations in about 65 days after two ruptures halted the flow of about 5,500 barrels per day. Petroperu president German Velasquez added that the closure of the pipeline had not affected its Talara refinery.

  • ABUJA, March 23- OPEC member Nigeria expects oil producers to agree a supply freeze at a meeting in Doha next month which should stabilize crude prices even if Iran does not join, its petroleum minister said on Wednesday. Qatar has invited OPEC members and major non- OPEC producers to meet on April 17 to agree a freeze following an initial deal in February between...

  • LONDON, March 23- Trading houses are betting on oil markets remaining oversupplied for at least two more years even as crude prices stage a recovery driven by early signs of falling production. Ian Taylor, chief executive of top oil trader Vitol, said on Tuesday that "stocks of crude and products continue to build and these will weigh upon the market."

  • LONDON, March 23- Trading houses are betting on oil markets remaining oversupplied for at least two more years even as crude prices stage a recovery driven by early signs of falling production. Ian Taylor, chief executive of top oil trader Vitol, said on Tuesday that "stocks of crude and products continue to build and these will weigh upon the market."