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Oil and Gas Oil and Gas Refining

  • SINGAPORE, June 7- Oil prices dipped on Wednesday, with Brent crude futures around $50 per barrel, as global fuel markets remained oversupplied, although rising tension in the Middle East and falling U.S. inventories lent some support. Brent is almost 8 percent below its open on May 25, when OPEC said they, along with producers outside of the group such as Russia,...

  • SINGAPORE, June 7- Oil prices dipped on Wednesday, with Brent crude futures failing to find support at $50 per barrel, as global fuel markets remained oversupplied, although rising tension in the Middle East and falling U.S. inventories lent some support. Traders said the market was supported by heightened political tensions in the Middle East and by signs of a...

  • June 6- Venezuela's 187,000- barrel-per-day Puerto la Cruz refinery is running at 16 percent of capacity, mainly due to a lack of light oil as state-run PDVSA ships a portion of its Mesa 30 crude to Cuba and Curacao, according to internal trade reports and workers. Mesa 30- one of Venezuela's lightest crudes- is used by PDVSA and its partners to dilute the extra heavy...

  • *OPEC exports remain high despite production cuts. NEW YORK, June 5- Oil prices fell nearly 1 percent on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top...

  • *OPEC exports remain high despite production cuts. NEW YORK, June 5- Oil prices fell about 1 percent on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied...

  • *OPEC exports remain high despite production cuts. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability. "While we would not want to read too much into this in terms of looming trouble for OPEC, the fact...

  • U.S. refineries processed 17.5 million barrels per day of crude in the week ending on May 26, according to the U.S. Energy Information Administration. Part of the explanation lies in the strength of exports, mostly to markets in Central America, South America and the Caribbean, where ageing and inefficient refineries have struggled to meet growing demand from...

  • *Kurdistan eyes oil production of 1 mln bpd. ST PETERSBURG, Russia, June 2- Russian oil major Rosneft agreed on Friday to explore and develop five fields in Iraq's Kurdistan as the company seeks to become a key player in one of the world's newest and fastest-growing oil provinces. Igor Sechin, Rosneft chief executive and a close ally of Russian President Vladimir...

  • LONDON, June 2- OPEC's extended oil supply deal faces a litmus test in the next couple of months while summer demand kicks in, as wary oil traders and investors will need evidence, rather than reassurance, that rebalancing is underway. "OPEC went out of their way to ensure no one was surprised and then you get a market that wanted to be surprised," Standard Chartered...

  • BEIJING/ SINGAPORE, June 2- Privately-run Chinese company Hengyi Group expects to start operating a $3.4 billion refinery in resource-rich Brunei in 2019 after completing building work in October next year, two industry executives briefed on the matter told Reuters. East China-based Hengyi, a leading manufacturer of synthetic fiber, declined to comment...

  • June 1- U.S. crude stocks fell sharply last week, driven by a surge in refining and exports to record highs, while gasoline inventories also dropped sharply ahead of the start of the summer driving season, the Energy Information Administration said on Thursday. U.S. crude stockpiles have been steadily declining for eight straight weeks, suggesting that the...

  • CALGARY, Alberta, May 31- Kinder Morgan Inc's Trans Mountain pipeline expansion is the centrepiece of Canada's plan to ship heavy crude oil to energy-hungry Asia but intense provincial opposition could cause delays and leave Canadian producers lagging U.S. and Middle East firms in the race for market share. Now Trans Mountain looks set to join the ranks of...

  • *OPEC, allies extend production cuts through March 2018. SINGAPORE, May 26- The OPEC- led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets, while refiners in Asia were mostly concerned with whether it meant they would need to go hunting for crude. "This is a declaration of a strong will of...

  • BEIJING/ SINGAPORE, May 26- As OPEC extends production cuts in a bid to tighten the oil market, China's independent refiners- awash with crude and facing disappointing local demand- are poised to slow purchases of oil for at least the next two months. The move by China's so-called "teapots", a key driver of the country's crude appetite, will stir concerns about demand...

  • HOUSTON, May 25- Saudi Aramco plans to spend $18 billion over the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday. Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19- year partnership between Aramco and Royal Dutch Shell Plc..

  • NEW YORK, May 25- Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years. Supplies have remained stubbornly high for months, disappointing traders who were...

  • NEW YORK, May 25- U.S. gasoline retailers stocked up on fuel sold in New York Harbor Thursday ahead of the Memorial Day holiday weekend, traders said, marking a bullish start for the critical summer driving season. A lack of product coming into New York harbor from Europe tightened inventories, said Andrew Lebow, senior partner at Commodity Research Group in Darien,...

  • May 24- U.S. crude oil inventories fell for the seventh straight week as refiners processed a near record amount of crude last week, the Energy Information Administration said on Wednesday, even as gasoline and distillate stockpiles also dipped. At 516.3 million barrels, U.S. crude inventories were the smallest since mid-February, a sign that OPEC's efforts to...

  • *OPEC- led cuts initially agreed for six months to June. That's the question OPEC and oil markets are grappling with before Thursdays meeting of producer countries in Vienna. The cuts were initially agreed to run during the first half of 2017. OPEC and other producers, including Russia, are now expected to agree to extend the deal on Thursday, possibly for nine more...

  • *OPEC- led cuts initially agreed for six months to June. That's the question OPEC and oil markets are grappling with before Thursdays meeting of producer countries in Vienna. The cuts were initially agreed to run during the first half of 2017. OPEC and other producers, including Russia, are now expected to agree to extend the deal on Thursday, possibly for nine more...