Oil and Gas Oil and Gas Refining

  • The OPEC monopoly must get prices down now! " Members of The Organization of the Petroleum Exporting Countries, who account for about one-third of global oil supplies, are scheduled to meet this weekend with non-members including Russia. The gathering isn't expected to yield any big decisions— those typically come at major OPEC meetings like the one set for...

  • LONDON, Sept 20- U.S. refiners have processed a record volume of crude in the last three months, reversing the previous shortage of distillate but leaving the country with record gasoline stocks at the end of the summer driving season. Fuel availability has been helped by the absence of a direct hurricane hit on the major refining centres located on the coasts of...

  • NEW DELHI, Sept 20- India's Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. President Donald Trump pulled out of an international nuclear deal with Iran and announced new sanctions against the...

  • TOKYO, Sept 20- Japanese oil refiners have temporarily halted Iranian oil loadings ahead of U.S. sanctions and are buying alternatives as it remains unclear whether Japan will receive an exemption, the head of the country's refinery association said on Thursday. Many refiners in Japan, the world's fourth-biggest oil consumer, say they are resigned to...

  • NEW YORK, Sept 19- U.S. crude oil stockpiles fell for a fifth straight week to 3-1/ 2- year lows, while gasoline inventories also drew down sharply last week on unseasonally strong demand, the Energy Information Administration said on Wednesday. Crude inventories fell 2.1 million barrels in the week to Sept. 14 to 394.1 million barrels, the lowest level since...

  • HOUSTON, Sept 17- Libyan crude flows to the United States resumed in September after falling to zero last month amid earlier port closures, Thomson Reuters trade flows data showed on Monday. Four tankers carrying a total of 2.1 million barrels, or 70,800 barrels per day, from Libya's major port in Es Sider and other terminals will arrive or have already made port in...

  • High imports into the East Coast have kept inventories up, offsetting any potential supply disruptions from unit shutdowns at Philadelphia Energy Solutions' refinery complex in Philadelphia and Phillips 66' s Bayway refinery in Linden, New Jersey, market sources said. Gasoline and blending components imports into the East Coast have been higher than...

  • NEW YORK, Sept 17- Brazil's state-run oil giant Petróleo Brasileiro SA aims to raise output as much as 10 percent to around 2.3 million barrels per day in 2019 and cut net debt by $10 billion, Chief Financial Officer Rafael Grisolia told Reuters. The world's most indebted oil company is on course to reduce debt to $69 billion by the end of this year despite falling...

  • NEW DELHI, Sept 14- Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November. India's loadings from Iran for this month and next will drop to less than 12 million barrels each, after...

  • WINNIPEG, Manitoba, Sept 14- China's Sinopec Corp has joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province's heavily discounted crude. State-owned Sinopec, formally known as China Petroleum& Chemical Corp, along with an Alberta indigenous group, China State Construction Engineering...

  • NEW DELHI, Sept 14- Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November. India's loadings from Iran for this month and next will drop to less than 12 million barrels each, after...

  • Sept 13- Venezuela resumed supplying a key domestic crude to political ally Cuba this summer as the South American country's refining output fell further, according to internal documents from state-run oil firm PDVSA seen by Reuters. Venezuela, which has supplied Cuba with oil under agreements since 2000, lacks cash to pay for needed spare parts, equipment...

  • Cramer: The surge in oil prices could reverse the oil-and-gas bear market

    Jim Cramer sees a "big problem" in the U.S. energy market. Wednesday's oil price boost could help curb it.

  • Oil surge could reverse oil-and-gas bear market

    Jim Cramer sees a "big problem" in the U.S. energy market. Wednesday's oil price boost could help curb it.

  • Oil workers make a pipe connection on a drilling rig near Encinal, Texas.

    Jim Cramer sees a "big problem" in the U.S. energy market. Wednesday's oil price boost could help curb it.

  • DES MOINES, Iowa— A group of Iowa landowners and an environmental group asked the Iowa Supreme Court Wednesday to declare a crude oil pipeline permit illegal under the Iowa Constitution, a decision that could force the pipeline in operation for more than a year to be turned off. The farmers' land was taken through eminent domain approved by the state utilities...

  • NEW YORK, Sept 12- U.S. crude oil inventories fell more than expected last week to below 400 million barrels, while gasoline and distillate inventories rose as refiners ramped up production, the Energy Information Administration said on Wednesday. The bullish weekly report sent crude futures higher, with global benchmark Brent rising more than $1 a barrel in...

  • The biggest problem is the lack of sufficient pipeline capacity to move oil from shale wells in western Texas and eastern New Mexico to refineries in the Midwest and export terminals on the Gulf Coast. The massive discount reflects the twin difficulties of moving the crude out of the Permian to the main inland trading hub at Cushing in Oklahoma or down to the...

  • TOKYO, Sept 11- The biggest coal power station on Japan's northern island of Hokkaido, hit by a devastating earthquake last week, will take weeks longer than thought to restart, a government minister said on Tuesday. Clean-up operations continued after the magnitude 6.7 quake on Thursday, which left 44 people dead, knocked out power and damaged the only oil...

  • NEW YORK, Sept 7- Oil prices were steady on Friday, with U.S. crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq. Geopolitical developments lent Brent some support, as protests in the southern Iraqi city of Basra heated up and the civil war in Syria threatened to escalate, analysts said.