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Oil and Gas Oil and Gas Refining

  • RIYADH, Feb 16- OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non- OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day to reduce a price-sapping glut.

  • *OPEC, other exporters promise to cut 1.8 million bpd in H1. LONDON, Feb 16- Oil prices steadied on Thursday as record crude and gasoline inventories in the United States dragged on prices, though OPEC supply cuts helped to support the market. Brent crude was up 10 cents at $55.85 a barrel by 1005 GMT.

  • *OPEC, other exporters promise to cut 1.8 million bpd in H1. LONDON, Feb 16- Oil prices steadied on Thursday as record crude and gasoline inventories in the United States dragged on prices, though OPEC supply cuts helped to support the market. Brent crude was up 15 cents at $55.90 a barrel by 0920 GMT.

  • *OPEC, other producers plan to cut 1.8 million bpd in H1. SINGAPORE, Feb 16- Oil dipped on Thursday as rising fuel inventories and crude production in the United States dragged on prices although ongoing supply cuts led by producer group OPEC prevented the market from slumping further. The Organization of the Petroleum Exporting Countries and other producers...

  • *Says caused by minor leak at refinery near Melbourne. MELBOURNE, Feb 16- Viva Energy said it was repairing a minor leak on an unspecified unit at its 120,000 barrels-per-day Australian oil refinery on Thursday, after "smouldering" led to the unit being shut. Viva, controlled by energy trader Vitol, runs the refinery in Geelong, near Melbourne, supplying about 10...

  • *OPEC, other producers plan to cut 1.8 million bpd in H1. SINGAPORE, Feb 16- Oil held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, while rising fuel inventories and crude production in the United States dragged on prices. The Organization of the Petroleum Exporting Countries and other producers including Russia have agreed to...

  • Investment in oil exploration unlikely to pick up: DBS CEO

    Piyush Gupta, CEO of DBS Group, talks about the impact the oil and gas sector will have on bad debt levels at the bank.

  • SINGAPORE, Feb 16- Oil prices held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, although rising fuel inventories and crude production in the United States weighed on sentiment. Brent crude futures were trading at $55.73 per barrel at 0209 GMT, down just 2 cents from their last close. The Organization of the Petroleum Exporting...

  • Feb 15- U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration said on Wednesday. By 10:59 a.m. ET, it was trading 19 cents firmer at $53.39 a barrel. "Although this is another bearish report, we're likely to see buying interest this afternoon only to...

  • OPEC and non- OPEC countries are committed to reducing production by an average of nearly 1.8 million barrels per day in the first six months of 2017, with an option to extend cuts for a further six months. Set against this is the risk of "compliance fatigue" if OPEC and non- OPEC countries become complacent and allow production to rise towards the end of the period.

  • WARRI, Nigeria— Nigeria lost between $50 billion and $100 billion in oil revenues to militant attacks on installations last year, the country's petroleum minister said Tuesday. At their worst point, the attacks cut production to 1.2 million barrels a day— a loss of 1 million barrels a day, Ibe Kachikwu said in a video posted on social media. Kachikwu promised to work...

  • *Attacks cost Nigeria up to $100 bln in lost revenue. *Graphic on Nigeria oil output http://tmsnrt.rs/2j4spa2. PORT HARCOURT, Nigeria, Feb 14- Nigeria needs to offer work to people who make a living from illegally refining oil in the Niger Delta to achieve peace there, Vice President Yemi Osinbajo said on Tuesday.

  • OPEC and non- OPEC countries are committed to reducing production by an average of nearly 1.8 million barrels per day in the first six months of 2017, with an option to extend cuts for a further six months. Set against this is the risk of "compliance fatigue" if OPEC and non- OPEC countries become complacent and allow production to rise towards the end of the period.

  • PORT HARCOURT, Nigeria, Feb 14- Nigeria needs to offer work to people who make a living from illegally refining oil in the Niger Delta in order to achieve peace there, the African oil-producing nation's Vice President Yemi Osinbajo said on Tuesday. Illicit refineries process stolen crude in makeshift, blackened structures of pipes and metal tanks hidden in...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **South Africa's biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, seeking to overcome valuation squabbles that sunk previous tie-up efforts. **Japan's Kirin Holdings Co said it would sell its Brazilian unit to Heineken NV subsidiary Bavaria S.A. for 2.2 billion Brazilian reais. **Dalian Wanda Group, owned by China's richest man...

  • **South Africa's biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, seeking to overcome valuation squabbles that sunk previous tie-up efforts. **Japan's Kirin Holdings Co said it would sell its Brazilian unit to Heineken NV subsidiary Bavaria S.A. for 2.2 billion Brazilian reais. **Dalian Wanda Group, owned by China's richest man...

  • *Nigeria mired in recession after oil price slump. ABUJA, Feb 11- Nigeria's economy is projected to have contracted 1.54 percent in 2016, according to a budget ministry document, with Africa's most populous country mired in its first recession in a quarter of a century. The International Monetary Fund has predicted that Nigeria's economy would shrink 1.8...