Oil and Gas Oil and Gas Refining

  • *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."

  • HOUSTON, March 21- The refinery in Aruba plans to start hiring workers in April to repair and upgrade the 235,000- barrel-per-day plant, while its proposed new operator, Citgo Petroleum, continues talks with the government to sign a contract to lease the idled facility, sources close to the deal told Reuters. Talks between Citgo, Venezuelan PDVSA's refining unit,...

  • LONDON, March 21- The United States will probably consume a record amount of gasoline in 2016, passing the previous peak set in 2007, and the prospect is helping lift crude oil prices. A rapid expansion in U.S. gasoline consumption has coupled with strong demand growth in India and China, falling crude output in the United States, and hedge funds turning bullish, to...

  • Gas prices are on the rise

    The average price of a gallon of gasoline gained nearly 25 cents in the past four weeks.

  • BEIJING, March 21- China's monthly oil imports from Saudi Arabia hit their second highest level on record in February, while arrivals from Russia also surged, as weak crude prices prompted the world's top energy consumer to bring in record high volumes last month. Saudi Arabia was China's top supplier in February with shipments of 1.38 million barrels per day,...

  • A gas flame is seen in the desert near the Khurais oilfield operated state oil giant Saudi Aramco, about 160 km (99 miles) from Riyadh.

    Saudi Aramco wants to buy more U.S. refining and chemical plants once the break-up of its Shell JV is done, sources said.

  • *Oil slump left Nigeria short of funds to import oil products. LONDON/ ABUJA, March 17- Nigeria is set to ramp up the amount of crude oil it swaps for vital gasoline imports by more than a third as it grapples with the worst economic crisis in years and upheaval in its graft-ridden energy sector. A more than 60 percent drop in global oil prices since 2014 has hammered...

  • LONDON, March 17- The breakup of Royal Dutch Shell's and Saudi Aramco's giant U.S. refining joint venture draws a line under an often rocky relationship and allows Aramco to accelerate an ambitious public offering and Shell to push ahead with a large asset sale. The two energy giants' plan to dissolve Motiva Enterprises after a near 20- year partnership leaves...

  • *Short tanker distance benefits exports to Japan, Korea, China. SINGAPORE/ JINAN, China, March 17- The sales team at Sakhalin Energy on Russia's far east still finds Singapore hot, but they're flying in more often these days. The oil and gas producer, based on Russia's Sakhalin island, is one of a handful of far east Russian oil companies that are rapidly expanding their...

  • NEW YORK, March 16- Shell and Saudi Aramco on Wednesday announced plans to break up Motiva Enterprises LLC and divide up the assets, almost two decades after the U.S. oil refining and marketing joint venture was formed. *230,000 barrel-per-day Convent refinery located in St. James Parish, Louisiana;. *600,000 bpd Port Arthur refinery located in Port Arthur, Texas, the...

  • Time to buy refiners

    The oil and gas refining sector is down 20 percent this year. CNBC's Morgan Brennan takes a look.

  • *Saudi Arabia's Feb oil production stable at 10.22 million bpd. U.S. crude was trading at $38.15 per barrel at 0759 GMT, down 35 cents from their last settlement. Brent was down 26 cents at $40.13 a barrel after data showed that top exporter Saudi Arabia's February oil production was near record highs at 10.22 million barrels per day.

  • SINGAPORE, March 14- Oil prices dipped on Monday, weighed by global oversupply and slowing economic growth, although the prospects of falling production lent crude some support. U.S. crude futures were trading at $38.28 per barrel at 0615 GMT, down 22 cents from their last settlement. Brent futures were down 7 cents at $40.32 a barrel.

  • SINGAPORE, March 14- Oil prices were stable in early trading on Monday, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending some support. U.S. crude futures were trading at $38.41 per barrel at 0239 GMT, down 10 cents from their last settlement. But international Brent futures were up 6 cents at...