Oil and Gas Oil and Gas Refining

  • BEIJING, April 18- China's Foreign Ministry on Monday called for talks after Costa Rica's state-run oil company, Recope, said last week it had decided to abandon a $1.5 billion refinery upgrade project it was working on with China National Petroleum Corp. Costa Rica made the surprise move in 2007 of breaking off its decades-long relations with Taiwan, now...

  • *Analysts say little impact expected from meeting in Doha. Oil producers lead by top exporters Saudi Arabia and Russia plan to meet in Qatar on Sunday to discuss freezing output around current levels in an effort to contain a global supply glut that sees some 2 million barrels of crude produced every day in excess of demand. "Momentum is building behind an...

  • BEIJING, April 15- China's March refinery throughput fell 0.2 percent compared with the same period a year earlier to 44.91 million tonnes, or 10.58 million barrels per day, data from the National Bureau of Statistics showed on Friday. The daily run rate in March was largely unchanged from the 10.59 million bpd recorded in the first two months this year.

  • BEIJING, April 13- China's crude oil imports rose nearly 22 percent on a daily basis in March from a year earlier, off a record-high in February, while imports for the first quarter grew over 13 percent from the same period in 2015, official data showed. Robust purchases from these so-called "teapot" plants have caused severe port congestion in eastern Shandong...

  • LONDON, April 11- Strong growth in U.S. gasoline consumption has been one of the most important factors supporting oil prices in 2016, but some analysts question whether the official data is overstating the strength of gasoline demand. U.S. gasoline consumption has been running at a record seasonal rate since February, according to weekly data published by the...

  • HOUSTON, April 8- A fire erupted at LyondellBasell Industries' 263,776 barrels-per-day Houston refinery on Friday, forcing the company to cut output as much as 25 percent as it will take up to a month to fix a damaged coker, sources familiar with operations told Reuters. As black smoke blanketed swaths of Houston, emergency officials urged nearby residents not to...

  • LONDON, April 8- Oil refineries are shifting into high gear to produce as much gasoline as possible for the world's fuel-hungry drivers- kicking the problem of a worsening diesel glut further down the road. The "margin" or profit derived from refining crude into diesel has plunged in Europe, hitting multi-year lows this week as demand for the fuel- used heavily for...

  • *But soaring crude output in Iraq, Iran compounds crude glut. SINGAPORE, April 8- Oil prices rose on Friday, lifted by firm economic indicators from the United States and Germany which could support fuel demand, but analysts warned that crude markets were threatened by another downturn because of ongoing oversupply. West Texas Intermediate crude futures were...

  • *But soaring crude output in Iraq, Iran compounds crude glut. SINGAPORE, April 8- Oil prices edged up early on Friday, lifted by firm economic indicators from the United States and Germany which could support fuel demand, but analysts warned that crude markets were threatened by another downturn because of ongoing oversupply. In Europe, rating agency Moody's said...

  • HOUSTON, April 7- A fire erupted at Exxon Mobil Corp's Baytown, Texas refinery on Thursday afternoon, sending a large plume of black smoke into the air that was visible for miles across Houston. People in the vicinity and the U.S. Coast Guard's Vessel Traffic Service said the smoke was coming from the 560,500 barrel per day oil refinery that includes a chemical...

  • NEW YORK, April 7- A plume of black smoke near Houston's Ship Channel that was visible from miles away originated at Exxon Mobil Corp's Baytown, Texas, facility according to the Coast Guard's Vessel Traffic Service. The facility comprises a chemical plant and a 560,500 barrel per day oil refinery. Exxon Mobil could not immediately be reached for comment.

  • HOUSTON, April 7- Exxon Mobil Corp's Baytown, Texas, refinery, the country's second largest, has begun increasing production levels for the first time since cutting back in early February due to a glut of gasoline in the United States, sources familiar with plant operations said.

  • *North Sea oil field maintenance supports Brent futures. SINGAPORE, April 7- Crude futures rose on a raft of supportive indicators on Thursday, although some traders warned that physical supply and demand fundamentals did not warrant a strong price recovery at this stage. International Brent futures jumped above $40 per barrel in early trading and stood at...

  • NEW YORK/ HOUSTON, April 6- The sudden closure and subsequent delay in restarting the Keystone crude pipeline has caused traders to sell off heavy Canadian oil for immediate delivery, trading sources said on Wednesday, while temporarily lending support to U.S. futures markets. The line, which delivers crude from Hardisty, Alberta to Cushing, Oklahoma, and on to...

  • NEW YORK, April 6- Oil prices surged by 4 percent or more on Wednesday after the U.S. government reported a surprise draw in domestic crude stockpiles last week, versus market expectations for a new record high. U.S. crude futures were up $1.60, or 4.4 percent, at $37.49 a barrel by 11:20 a.m. EDT. "I think the market is more about the total change in inventories, rather...

  • April 6- U.S. crude oil inventories unexpectedly fell from record highs last week as refineries continued to hike output and imports fell, while gasoline stocks rose, snapping a six-week decline, data from the Energy Information Administration showed on Wednesday. The EIA report was "modestly supportive" with the jump in refinery runs and fall in imports "...

  • *Kuwait says production freeze deal is likely this month. LONDON/ SINGAPORE, April 6- Crude futures rose on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran's plans to boost production pressured physical oil prices. Oil futures recovered from one-month lows to end the...

  • NEW YORK, April 5- The sudden closure of the Keystone oil pipeline from Canada has forced Phillips 66 to shut several units at its Illinois refinery, sources said on Tuesday, as the ripple effects of disrupting one of the largest U.S. import lines spread. TransCanada Corp said it had shut its 590,000 barrel per day Keystone pipeline system, which carries light and...

  • NEW YORK, April 5- U.S. refiners who are delaying compliance with new cleaner gasoline production rules could face soaring costs beginning next year as they scramble to find deadline-extending fuel credits in a tight market, industry experts warn. The U.S. Environmental Protection Agency awards credits to refiners who produce gasoline with sulfur levels...

  • CUSHING, OK, April 5- From the air above this small Oklahoma town, the 300 steel oil storage tanks that dot the landscape appear filled to the brim, their floating lids bobbing atop more than 65 millions of barrels of oil. Such worries make weekly estimates of Cushing stockpiles from the Energy Information Administration one of the hottest market indicators.