Oil and Gas Oil and Gas Refining

  • Global crude oil benchmark Brent was down 10 cents at $48.95 a barrel by 1230 GMT, having closed down 1.8 percent on Wednesday. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28. But hopes of a deal have been dampened by...

  • Global crude oil benchmark Brent was down 15 cents at $48.90 a barrel by 1043 GMT, having closed down 1.8 percent on Wednesday. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28. But hopes of a deal have been dampened by...

  • Global crude oil benchmark Brent was down 15 cents at $48.90 a barrel by 0830 GMT, having closed down 1.8 percent on Wednesday. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28. But hopes of a deal have been dampened by...

  • SINGAPORE, Aug 25- Oil prices dipped on Thursday, extending the previous day's decline, as the market focus returned to a global supply overhang, although a surprise fall in Chinese crude inventories did lend some support. International benchmark Brent crude oil futures were trading down 10 cents at $48.85 per barrel at 0709 GMT, having closed down 1.8 percent...

  • SINGAPORE, Aug 25- Crude prices dipped on Thursday as brimming U.S. and Asian fuel inventories returned investor attention to a large global supply overhang, cutting short a price-rally and restricting Brent crude futures to below the $50 a barrel mark. "Brent also came under pressure after Iraq said it still isn't producing as much oil as it should be, raising...

  • *Some see volatility on OPEC jawboning of output freeze deal. Gasoline and distillate stocks also rose, the EIA said, driving down oil prices that had mostly risen in the past two weeks on speculation of an output freeze by OPEC. "I cannot continue to stress that at this time of year we are supposed to be getting draws," Tariq Zahir, oil trader at Tyche Capital Advisors in...

  • *Some see volatility on OPEC jawboning of output freeze deal. Gasoline and distillate stocks also rose, the EIA said, driving down oil prices that had mostly risen in the past two weeks on speculation of an output freeze by major producers led by OPEC. "I cannot continue to stress that at this time of year we are supposed to be getting draws," Tariq Zahir, oil trader at...

  • 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...

  • 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...