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Oil and Gas Oil and Gas Refining

  • BEIJING, March 30- China's largest oil and gas producer, PetroChina, on Thursday reported a drop of 78 percent in 2016 annual net profit, to its lowest since at least 2011, as it was hit by lower prices for crude oil and natural gas. The shrinking profits posted by China's state oil and gas producers for last year have highlighted their growing challenges from...

  • HOUSTON, March 30- North Dakota oil production will get a shot in the arm next month as a pipeline comes online despite opposition by environmental groups and Native Americans, allowing the energy industry to save at least $540 million in annual shipping costs. The New York- based company has contracts to send roughly half its daily North Dakota output through...

  • *OPEC compliance with announced output cut increases. SINGAPORE, March 30- Oil prices edged up on Thursday, extending two days of increases as supply disruptions in Libya lifted the market, although bloated U.S. crude inventories curbed gains. In the United States, West Texas Intermediate crude futures rose 19 cents to $49.70 a barrel.

  • *OPEC compliance with announced output cut increases. Prices for front-month Brent crude futures, the international benchmark for oil, were at $52.31 per barrel at 0151 GMT, down 11 cents from their last close. In the United States, West Texas Intermediate crude futures dropped 4 cents to $49.47 a barrel.

  • *OPEC compliance with announced production cut increases. SINGAPORE, March 30- Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets. In the United States, West Texas Intermediate crude futures were up 5 cents at...

  • *OPEC oil output falls more in March- Reuters survey. *OPEC- led production cut expected to be extended into H2. NEW YORK, March 29- Oil prices rose more than 2 percent on Wednesday as U.S. crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC- led output cut by producing countries looked likely to be extended.

  • *OPEC oil output falls more in March- Reuters survey. *OPEC- led production cut expected to be extended into H2. NEW YORK, March 29- Oil prices rose nearly 2 percent on Wednesday as U.S. crude inventories rose less than expected, supply disruptions continued in Libya and the OPEC- led output cut by producing countries looked likely to be extended.

  • CARACAS/ HOUSTON, March 29- Venezuelan state oil company PDVSA on Wednesday confirmed reports of a crude spill from a pipeline connecting its main oil-exporting complex with a tanker loading facility, but said shipments have not been affected. PDVSA said the spill occurred late on Tuesday due to a break in the line running from a crude terminal to a single buoy...

  • *Armed protesters block 250,000 bpd of production in Libya. *OPEC- led production cut expected to be extended into H2. NEW YORK, March 29- Oil prices rose again on Wednesday, up another 1.5 percent as U.S. crude inventories rose less than expected, supply disruptions continued in Libya and the OPEC- led output cut by producing countries looked likely to be extended.

  • March 29- U.S. gasoline stocks and distillate stockpiles dropped sharply last week as refinery runs jumped, while crude inventories grew less than anticipated, a relief for those hoping for a long-anticipated drawdown in petroleum stocks, the Energy Information Administration said on Wednesday. "A little surprised by the magnitude of refined product draws,...

  • *Targets $3 bln boost to free cashflow by 2021. LONDON, March 29- BP has no plan to build new refineries despite growing oil production and will focus on modernising existing plants while expanding its network of filling stations to generate $3 billion in additional cash. Refining of crude oil into fuels such as gasoline, diesel and jet fuel has for years been the...

  • LONDON, March 29- Oil major BP expects its trading operations to benefit from growing global crude trade on the back of abundant U.S., Canadian and Brazilian production and rising energy demand in Asia, a top BP executive said. U.S. shale oil production using fracking technology has turned the world's largest oil consumer into an exporter of crude and products,...

  • *Targets $3 bln boost to free cashflow by 2021. LONDON, March 29- BP has no plan to build new refineries despite growing oil production and will focus on modernising existing plants while expanding its network of filling stations to generate $3 billion in additional cash. Refining of crude oil into fuels such as gasoline, diesel and jet fuel has for years been the...

  • BEIJING, March 29- Two senior oil traders at Sinopec Corp have resigned, with one set to join a private Chinese e-commerce commodity platform, two sources at the top Asian refiner told Reuters. Xu Qing is leaving his post as vice president of Sinopec Fuel Oil Sales Co to become a senior executive with privately-owned ChinaYIE, a Shanghai- based online commodity...

  • *Targets $3 bln boost to free cashflow by 2021. LONDON, March 29- BP plans to sell more refineries without investing in new plants despite growing oil production and will focus on modernizing existing operations while expanding its network of filling stations to generate $3 billion in additional cash. Refining of crude oil into fuels such as gasoline, diesel and...

  • HOUSTON, March 29- An aging California refinery is testing PBF Energy Inc's reputation as a turnaround whiz, with mounting production woes and costly repairs at the 88- year-old plant throwing a wrench into efforts to quickly revive profits. This week, the company lowered its estimate of first-quarter crude throughput at Torrance by 16 percent.

  • LONDON, March 28- Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters, reducing output by 252,000 barrels per day, a source at the National Oil Corporation said on Tuesday. NOC declared force majeure on loadings of Sharara crude from the Zawiya oil terminal in the west of the country and Wafa condensate loadings...

  • WASHINGTON, March 27- Several Democratic senators pressed billionaire investor Carl Icahn on Monday to clarify his role as an adviser to President Donald Trump, saying his position in the administration raised "alarming" questions about potential conflicts of interest with his stakes in the biofuels and pharmaceutical industries. The senators, led by...

  • *Notes low seasonal demand, non- OPEC supply rise. KUWAIT, March 26- A joint committee of ministers from OPEC and non- OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. The Organization of the Petroleum Exporting Countries and rival oil-producing nations were meeting in...

  • *Notes low seasonal demand, non- OPEC supply rise. KUWAIT, March 26- A joint committee of ministers from OPEC and non- OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. OPEC and 11 other leading producers including Russia agreed in December to cut their combined output by...