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Oil and Gas Oil and Gas Refining

  • *Saudi cuts supplies to meet OPEC output commitments. TOKYO, May 10- Saudi Arabia, the world's biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. OPEC has previously kept supplies to clients...

  • HAVANA/ HOUSTON, May 9- Cuban exports of refined oil products fell about 97 percent between 2013 and 2016, according to a United Nations trade report released this week, reflecting falling supplies from its political ally Venezuela. Cash-strapped Cuba reported its exports of goods, such as oil products, nickel, sugar, tobacco products and pharmaceuticals, fell...

  • *OPEC output cut extension likely, says Saudi energy minister. NEW YORK, May 8- Oil prices edged down in a volatile trade on Monday despite Saudi Arabia's oil minister saying that he expected OPEC and its partners to consider extending their deal to cut supply possibly into next year to end a global glut. Growing U.S. drilling and production have played a role in...

  • *OPEC, others originally agreed to cut in first half of 2017. But global inventories remain high, pulling crude back below $50 per barrel and putting pressure on OPEC to extend the cuts to the rest of the year. Falih said recent price falls had been caused by seasonal low demand and refinery maintenance, as well as by non- OPEC production growth, especially in the...

  • The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader, and other producers including Russia pledged to cut output by 1.8 million barrels per day in the first half of the year to boost the market. But global inventories remain high, pulling crude oil prices back below $50 per barrel and putting pressure on OPEC to...

  • KUALA LUMPUR, May 8- Saudi Arabia's energy minister Khalid Al-Falih said on Monday that oil markets were rebalancing after years of oversupply, but that he still expected an OPEC- led deal to cut output during the first half of the year to be extended to all of 2017.. The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader,...

  • 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 the year, or even into 2018, although another increase in U.S. drilling capped gains. Brent crude futures were at $49.48 per barrel at 0652 GMT, up 38 cents, or 0.75 percent, from their last close.

  • KUALA LUMPUR, May 8- Saudi Arabia's energy minister Khalid Al-Falih said on Monday that oil markets were rebalancing after years of oversupply, but that he still expected an OPEC- led deal to cut output during the first half of the year to be extended to all of 2017.. The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader,...

  • A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal programme by 2018 to finance the BG acquisition, selling...

  • A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal program by 2018 to finance the BG acquisition, selling...

  • A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last year. Shell remains on track to hit its $30 billion asset disposal programme by 2018 to finance the BG acquisition, selling...

  • HOUSTON, May 3- Tallgrass Energy Partners on Wednesday said it had identified 42 potential acquisitions or new projects totaling more than $6.1 billion in investment that could fuel the midstream operator's growth. On Wednesday, rival Magellan Midstream Partners said it was evaluating a new pipeline to transport crude and condensate from the Permian Basin...

  • May 3- U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer. U.S. crude futures was down 16 cents at $47.50 a barrel by 10:50 a.m. EDT, while Brent fell 10 cents to $50.36 a barrel.

  • DUBAI, May 3- Iraqi fuel oil exports have soared since January despite a reduction in the country's crude production in line with OPEC supply cuts, industry sources said, in what could be a way to boost output of refined products and maintain oil revenues. Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in 2016, data collected by...

  • DUBAI, May 3- Iraqi fuel oil exports have soared since January despite a reduction in the country's crude production in line with OPEC supply cuts, industry sources said, in what could be a way to boost output of refined products and maintain oil revenues. Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in 2016, data collected by...

  • *Global supplies remain near record high despite OPEC cuts. SINGAPORE, May 3- Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. On Tuesday, WTI slid 2.4 percent to its lowest close since March 21 and Brent closed at...

  • *Global supplies remain near record high despite OPEC cuts. SINGAPORE, May 3- Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. On Tuesday, WTI slid 2.4 percent to its lowest close since March 21 and Brent closed at...

  • SINGAPORE, May 3- Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output capped gains. West Texas Intermediate crude rose 48 cents, or 1 percent, to $48.14 a barrel by 0030 GMT. Benchmark Brent futures gained 59 cents, or 1.2 percent to $51.05 a barrel.

  • LONDON, May 2- Commodities trader Vitol has agreed to buy an 85,000 barrel per day condensate splitter in the Netherlands from Koch Supply and Trading, a subsidiary of U.S. conglomerate Koch Industries, Vitol said in a statement on Tuesday. Its acquisition will enhance our offering to our customers across the region, " Russell Hardy, Vitol CEO for Europe, Middle East...

  • NEW DELHI, May 2- India plans to order about a quarter less Iranian crude oil than it bought last year, people familiar with the matter said, as state refiners cut term purchase deals over a row between New Delhi and Tehran on development of a natural gas field. The drop in volumes follows India's threat to order state refiners- Hindustan Petroleum, Bharat Petroleum,...