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Oil and Gas Energy Equipment and Services

  • LONDON, May 25- U.S. freight movements have started increasing again, which should help boost consumption of distillate fuel oil in 2017 and 2018.. Freight movements hit a new record in February, before slipping slightly in March, according to the U.S. Bureau of Transportation Statistics. The ratio of business inventories to sales climbed from 1.28 in January...

  • May 25- Oilfield services provider Petrofac has suspended its chief operating officer in response to the UK Serious Fraud Office's investigation into Monaco- based Unaoil, another setback for the company that has been hit by the oil market downturn. Petrofac's shares slumped as much as 29 percent, wiping more than half a billion pounds off its market...

  • QUITO, May 23- Ecuador's leftist president-elect Lenin Moreno on Tuesday said he would name economics professor Carlos de la Torre as finance minister and former international oil executive Carlos Perez as oil minister. Moreno, 64, also appointed ex-officials from outgoing President Rafael Correa's government. Moreno's main challenge will be to solve the...

  • BEIJING, May 22- China will eventually allow private companies to invest in the country's oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries. "We are expecting specific measures to follow after the State Council releases this...

  • NEW YORK/ LONDON/ SINGAPORE May 19- After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. The stalled drawdowns shed light on the broader challenge facing OPEC- the Organization of the Petroleum Exporting Countries- as it struggles to...

  • NEW YORK/ LONDON/ SINGAPORE May 19- After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. The stalled drawdowns shed light on the broader challenge facing OPEC- the Organization of the Petroleum Exporting Countries- as it struggles to...

  • HOUSTON/ NEW YORK, May 17- Oil tankers carrying roughly 2.5 million barrels of U.S. crude are currently en route to Asia, trade sources said on Wednesday, as U.S. producers take advantage of favorable prices to ship to Asia while OPEC ponders further supply cuts next week. But relatively cheap U.S. crude has buoyed exports to Asia. Traders expect that May U.S. crude...

  • LONDON, May 17- Reported oil stocks have fallen much more slowly than OPEC anticipated at the beginning of the year, leading to scepticism about the effectiveness of the organisation's production cuts. But the sluggish response may reflect the repositioning of formerly uncounted stocks to more visible locations rather than a failure to adjust the...

  • LONDON, May 17- Reported oil stocks have fallen much more slowly than OPEC anticipated at the beginning of the year, leading to skepticism about the effectiveness of the organization's production cuts. But the sluggish response may reflect the repositioning of formerly uncounted stocks to more visible locations rather than a failure to adjust the...

  • HOUSTON/ NEW YORK, May 17- Oil tankers carrying roughly 2.5 million barrels of U.S. crude are currently en route to Asia, trade sources said on Wednesday, as U.S. producers take advantage of favorable prices to ship to Asia while OPEC ponders further supply cuts next week. But relatively cheap U.S. crude has buoyed exports to Asia. Traders expect that May U.S. crude...

  • LONDON, May 17- Reported oil stocks have fallen much more slowly than OPEC anticipated at the beginning of the year, leading to skepticism about the effectiveness of the organization's production cuts. But the sluggish response may reflect the repositioning of formerly uncounted stocks to more visible locations rather than a failure to adjust the...

  • LONDON, May 17- Reported oil stocks have fallen much more slowly than OPEC anticipated at the beginning of the year, leading to scepticism about the effectiveness of the organisation's production cuts. But the sluggish response may reflect the repositioning of formerly uncounted stocks to more visible locations rather than a failure to adjust the...

  • CNBC Disruptors Phononic

    Phononic has developed an energy-saving alternative to the heat guzzling compressors that power traditional refrigerators.

  • BEIJING, May 15- Global oil inventories in floating storage have declined by one-third since the start of the year, a source from the Organization of the Petroleum Exporting Countries told Reuters on Monday.

  • SAO PAULO, May 12- Odebrecht Ôleo& Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA, has obtained support from more than 60 percent of its creditors for a restructuring of about $5 billion in debt, two sources with knowledge of the matter said on Friday. OOG is among Odebrecht SA subsidiaries struggling with a widespread slowdown in Latin...

  • NEW YORK, May 10- The Dakota Access Pipeline leaked 84 gallons of crude oil at a pump station in South Dakota last month, according to state documents, just weeks before the pipeline is set to start commercial service. The spill, the equivalent of two barrels of oil, occurred on April 4 in Tulare township in Spink County, according to South Dakota's Department of...

  • Offshore oil rig

    A move by London-based Subsea 7 to take a stake in Singapore's EMAS Chiyoda Subsea may provide a lifeline to the heavily-indebted oil and gas services firm.

  • NEW YORK, May 8- The energy industry scrutinizes U.S. oil stockpile data every week for evidence that OPEC supply cuts are ending a global crude glut, but growing domestic output means the world's largest oil consumer may be the last place to feel the cuts. Stubbornly high U.S. inventory levels have shaken market confidence that a deal by the Organization of the...

  • NEW YORK, May 8- The energy industry scrutinizes U.S. oil stockpile data every week for evidence that OPEC supply cuts are ending a global crude glut, but growing domestic output means the world's largest oil consumer may be the last place to feel the cuts. Stubbornly high U.S. inventory levels have shaken market confidence that a deal by the Organization of the...

  • SINGAPORE, May 8- Oil prices rose on Monday as Saudi Arabia's energy minister said an OPEC- led production cut scheduled to end in June would likely be extended to cover all of 2017, although a relentless increase in U.S. drilling capped gains. Saudi Arabia's energy minister Khalid Al-Falih said on Monday oil markets were rebalancing after years of oversupply,...