Oil and Gas Oil and Gas Refining

  • 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...

  • 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...

  • *Iraq crude exports to grow by 150,000 bpd this week. On the crude oil front, U.S. drillers added 10 oil rigs in the week to Aug. 19, the eighth straight week of rig additions, as crude rebounded toward the $50- a-barrel mark that makes drilling viable. Elsewhere, Iraq plans this week to increase exports of Kirkuk crude by 150,000 bpd from its northern fields while...

  • In the United States, BP Plc's 413,500 barrel per day refinery in Whiting, Indiana, returned to normal production for the first time since late July, adding to refined products supply. On the crude oil front, U.S. drillers added 10 oil rigs in the week to Aug. 19, the eighth straight week of rig additions, as crude rebounded toward the $50- a-barrel mark that makes...

  • BUCHAREST, Aug 22- Four people were injured in a fire and blast at Romania's Black Sea Petromidia crude refinery, deputy Interior Minister Raed Arafat said on Monday. "The fire is now extinguished," a spokeswoman for the refinery, Costinela Dragan, told Reuters by telephone at about 1600 GMT. In May Romanian prosecutors seized the Petromidia refinery and other...

  • HOUSTON, Aug 19- Exxon Mobil has defended its handling of an outage at its Los Angeles refinery following a blast in February 2015 after a prominent trading company told a state commission that the process had lacked transparency. Speaking before a committee of the California Energy Commission on Tuesday, Brad Lucas, a West Coast trader for Vitol, said that lack...

  • Crude futures have surged nearly $10 a barrel, or almost 25 percent, in just over two weeks on speculation that Saudi Arabia and other key members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non- OPEC members led by Russia. Brent crude was down 27 cents, or 0.5 percent, at $50.60 per barrel by...

  • International benchmark Brent futures were trading at $50.70 per barrel at 1128 GMT, down 19 cents from their last close. West Texas Intermediate crude futures were down 9 cents at $48.13 a barrel after reaching $48.75, their highest since July 5. Iraq has resumed pumping oil from fields operated by the state-run North Oil Company via a Kurdish pipeline to...

  • International benchmark Brent futures were trading at $50.50 per barrel at 0840 GMT, down 39 cents from their last close. West Texas Intermediate crude futures were down 20 cents at $48.02 a barrel after reaching $48.75, their highest since July 5. Iraq has resumed pumping oil from fields operated by the state-run North Oil Company via a Kurdish pipeline to...

  • HOUSTON, Aug 18- Swiss commodity trader Vitol SA criticized Exxon Mobil Corp this week for failing to be transparent about maintenance at its Los Angeles refinery following a February 2015 blast, which contributed to tighter gasoline supplies and higher prices. Speaking before a committee of the California Energy Commission on Tuesday, Brad Lucas, a West...

  • *Saudis output seen at new record high despite OPEC overtures. NEW YORK, Aug 17- Oil's near week-long rally was under pressure on Wednesday after an unexpected drawdown in U.S. crude and gasoline stocks was offset by worries that Saudi Arabia was cranking output to record highs even as OPEC talked of ways to ease a global glut. West Texas Intermediate crude futures...

  • NEW YORK, Aug 17- Oil's near week-long rally sputtered on Wednesday as players weighed up the market after a surprise drawdown in U.S. crude and gasoline inventories was offset by worries Saudi Arabia was cranking output to record highs even as OPEC talked of ways to ease a glut. Reports of refinery outages in the United States, including that of a crude unit at...

  • *OPEC, other producers to meet next month. Brent crude futures were trading at $48.92 per barrel at 0158 GMT, down 31 cents from their last settlement. The Organization of the Petroleum Exporting Countries will probably revive talks on freezing oil output levels when it meets non- OPEC nations next month, with sources citing Saudi Arabia's wish for higher prices.

  • SANTIAGO, Aug 16- The cost of energy in Chile is likely to fall in the next decade, as an auction aimed at providing around a third of the copper exporter's energy needs had attracted bids priced more competitively than forecast, the energy minister said. But the offers ensured that energy prices would be "well below" $60 per megawatt-hour, less than half the cost of...

  • Production losses in Nigeria, where more than 700,000 barrels per day was missing due to militant attacks and pipeline problems, also helped to support prices. They were trading at $48.45 per barrel at 1422 GMT, up 10 cents from their last close. West Texas Intermediate crude reached $46.21 per barrel, its highest since July 15, before easing to $45.94, up 20 cents...