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Oil and Gas Oil and Gas Storage

  • *OPEC expects demand for its crude to fall by 60,000 bpd in 2018. Brent crude fell 20 cents to $47.54 a barrel by 0730 GMT and U.S. light crude was down 15 cents at $45.34. OPEC said its output rose by 393,000 bpd in June to 32.611 million bpd, thanks to extra output from Nigeria and Libya.

  • *China imported 8.55 mln bpd of crude in H1 2016, up 13.8 pct. The dips came after the International Energy Agency's chief economist, Laszlo Varro, said that oil markets were still oversupplied. Also, the Organization of the Petroleum Exporting Countries said late on Wednesday that the world would need 32.20 million bpd of crude from its members next year, down...

  • *Japan is Saudi Arabia's biggest market for crude. TOKYO, July 7- Japan said on Friday that it was preparing to raise the crude oil storage capacity that it lends for free to Saudi Aramco by 30 percent from this summer. Japan is Saudi Arabia's biggest market for crude, but oil stored at the site on the southern islands of Okinawa has also been supplied to South Korea and...

  • June 15- Natural gas constraints in Southern California could pose a risk to the region's power supply this summer, while New England and Texas could face tight electricity supplies, the U.S. Federal Energy Regulatory Commission said on Thursday. California state agencies have not allowed SoCalGas, a unit of Sempra Energy, to inject gas into the facility...

  • MEXICO CITY, June 14- A major fire broke out at Mexican state oil producer Pemex's Salina Cruz refinery on Wednesday after a crude spill, injuring nine people and extending the shutdown of the plant into a second day, the company said. Images sent by local emergency workers showed a tall, thick plume of black smoke spewing from towering flames at the refinery on the...

  • MEXICO CITY, June 14- A major fire broke out at Mexican state oil producer Pemex's Salina Cruz refinery on Wednesday after a crude spill, though there were no initial reports of injuries. Images sent by local emergency workers showed a tall, thick plume of black smoke spewing from towering flames at the coastal refinery in the southern state of Oaxaca.

  • DUBAI/ DOHA, June 13- Qatar, the world's second largest helium producer, has closed its two helium production plants because of the economic boycott imposed by other Arab states, industry sources told Reuters on Tuesday. The helium plants operated by RasGas, a subsidiary of state-owned Qatar Petroleum, were shut after Saudi Arabia closed its border with Qatar,...

  • HOUSTON, June 13- Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to internal data and sources close to the decision. But PDVSA decided to shift its oil to the Statia terminal, operated by U.S. NuStar Energy LP, in the...

  • OPEC production 'cheating' has begun as output rises in May

    CNBC's Jackie DeAngelis pours through the latest data on oil trends from OPEC's May monthly report.

  • Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq,

    The Saudi-led effort to isolate Qatar won't impact the price of oil much, Saudi Arabia's Minister of Energy, Khalid A. Al-Falih, told CNBC.

  • LONDON, June 1- U.S. oil production continues to rise relentlessly, frustrating efforts by OPEC and non- OPEC oil exporters to rebalance the global market and secure an increase in the price of crude. Most of the extra output between September and March came from oilfields in the Gulf of Mexico, where production increased by 257,000 bpd, and Alaska, where output was...

  • NAIROBI, May 30- Fuel shortages have paralysed the small central African nation of Burundi, threatening further damage to an economy already moribund after years of political violence and raising questions about the role of the country's only oil importer. The problem has damaged two big foreign investors, Kenya's KenolKobil and South Africa's Engen, a...

  • NAIROBI, May 30- Fuel shortages have paralyzed the small central African nation of Burundi, threatening further damage to an economy already moribund after years of political violence and raising questions about the role of the country's only oil importer. The problem has damaged two big foreign investors, Kenya's KenolKobil and South Africa's Engen, a...

  • NEW YORK, May 25- Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years. Supplies have remained stubbornly high for months, disappointing traders who were...

  • WTI crude to average around $61 a barrel by Q4: RBC Capital Markets

    Helima Croft, RBC Capital Markets, and Michael Rothman, Cornerstone Analytics, discuss the impact of news out the OPEC meeting on the price of crude.

  • 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...

  • 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...