Oil and Gas Oil and Gas Refining

More

  • BEIJING, Feb 17- China's state-owned Sinopec will shut four oilfields this year at Shengli in the eastern province of Shandong, a company newspaper said late on Tuesday, as low global oil prices take a toll on output of the country's aging fields. China is the world's fourth largest crude producer, with an output of 4.3 million barrels per day in 2015, up 1.7 percent,...

  • TOKYO, Feb 16- The shake-up in Japan's refining industry, where four of the five biggest refiners are pursuing mergers, will result in the biggest contraction of capacity by a single country and reshape international markets, a Reuters analysis shows. Japan, the world's third-biggest economy, is likely to be left with about 3.2 million barrels per day of refining...

  • *Japan may be down to 2.3 million bpd of refining by 2030. TOKYO, Feb 16- Japan, which once consumed about 10 percent of global oil output in its refineries, is undertaking the biggest refining contraction of any country, ending a dominant era in oil markets while exposing itself to fuel imports from neighbors. Japan may have to rely on fuel imports from China and South...

  • BEIJING, Feb 15- China's crude oil imports fell 20 percent in January from record high volumes the previous month to their lowest level since October, official customs data showed on Monday. China's imports reached a record 7.81 million bpd in December to close out 2015 with an average 6.71 million bpd- a figure well above China's still growing demand for oil.

  • Oil refiners are required to meet EPA targets for biofuel use. Each year, the EPA is required to set targets for biofuel use. "If EPA is going to use an extraordinary action like a waiver, then at least EPA must remove any structural impediments that prevent penetration of renewable fuels," Alonso said.

  • LONDON, Feb 12- The prospect that U.S. oil refiners might respond to rising stockpiles of refined fuels and weakening margins by cutting the amount of crude they process has roiled oil markets in recent days. There are already more than 500 million barrels of crude in storage at refineries, tank farms, pipelines and oilfields across the United States, an increase...

  • NEW YORK, Feb 12- For the past six years, U.S. refiners from Texas to Philadelphia have bought every barrel of crude they can lay their hands on to cash in on a golden era of healthy margins. Now, at least five refiners- including two of the country's largest- have voluntarily cut output of gasoline and distillate in the most widespread cuts since the global financial...

  • BRASILIA, Feb 11- Iran and Brazil are in talks about a possible Iranian investment in troubled refinery projects controlled by Brazilian state-led oil company Petroleo Brasileiro SA, a Brazilian government source told Reuters on Thursday. Iran, which is boosting oil output after the end of sanctions over its nuclear program, is interested in exporting oil to...

  • BRASILIA, Feb 11- Iran and Brazil are in talks about a possible Iranian investment in troubled refinery projects controlled by Brazilian state-led oil company Petroleo Brasileiro SA, a Brazilian government source told Reuters on Thursday.

  • *EIA says Cushing crude stocks hit record near 65 mln bbls. The Cushing build eclipsed a more bullish number from the EIA showing total U.S. crude stockpiles down for the first time in three weeks. "Since we are going into refinery maintenance season, and coupled with Iranian oil coming into the market, any rally will be short-lived," said Tariq Zahir, crude trader and...

  • NEW YORK, Feb 10- U.S. crude prices fell 2 percent on Wednesday after stockpiles at the main U.S. delivery point hit record highs, while Brent rose for the first time in five days after Russia suggested oil producers cut output by a million barrels each. The Cushing build eclipsed a more bullish number from the EIA showing total U.S. crude stockpiles down for the first...

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10- Oil prices seesawed in choppy trade on Wednesday, with U.S. crude slipping and Brent paring gains as worries about a global supply glut offset data showing a surprise drop in U.S. crude stockpiles. OPEC data pointed to a larger oil supply surplus on the world market this year than previously thought, as...

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10 (Reuters)- U.S. oil prices fell on Wednesday, reversing an early rally, and Brent also pared gains as worries about the global supply glut offset encouraging U.S. government data showing a surprise drop in domestic crude stockpiles. "We believe there's been short covering on the headline and we feel we...

  • NEW YORK, Feb 10- U.S. crude stockpiles fell unexpectedly last week as imports slumped, while gasoline inventories hit a record high for a second week, data from the Energy Information Administration showed on Wednesday. U.S. crude futures initially rose on the news, topping $29 a barrel, but quickly retreated, and was at $27.85, down 9 cents on the day by 11:03 a.m....

  • Oil 'has to go back' to $50 next 12-18 months: Pro

    Nearly every oil company stock is lower again, after the IEA saying the risk of oil prices falling further has increased. This can be fixed through a small amount of demand, and supply discipline, explains Kris Kelley, Janus Capital Group's equity research analyst.

  • MUMBAI, Feb 9- Russia's top oil producer Rosneft is still carrying out due diligence to buy a stake in Essar Oil Ltd, the Indian group which runs India's second biggest private sector refinery said on Tuesday. Last week, Bloomberg reported that the company was in talks with Saudi Arabia's biggest oil company Saudi Aramco and National Iranian Oil Company to sell a...

  • *Focus shifting to Fed testimony, IEA, EIA and OPEC data. *Iran says European buyers agreed to lift its crude. Global benchmark Brent futures were down 68 cents at $33.38 at 1212 GMT, while U.S. crude futures lost 81 cents to $30.08.

  • LAUNCESTON, Australia, Feb 8-- One of the dominant themes in Asia's oil products markets is the rise of Chinese fuel exports, so much so that the decline in shipments from India barely gets mentioned. India has in recent years been a fairly major player in Asia's market for refined products, given the presence of plants designed to take advantage of the country's...

  • LAUNCESTON, Australia, Feb 4-- The new entrants to China's crude market will not only boost the amount of oil imported, but are also likely to affect the supply sources and method of delivery. China more than doubled the non-state crude import quota for 2016 to 87.6 million tonnes, equivalent to 1.75 million barrels per day, part of efforts to boost competition and...

  • NEW YORK, Feb 3- U.S. crude oil and gasoline inventories jumped more than expected last week to record highs, data from the Energy Information Administration showed on Wednesday. "I didn't expect to see that big of a build, but it didn't surprise me," said Tariq Zahir of Tyche Capital in Laurel Hollow, New York. "The bears are controlling the market, the bulls are only going...