06302016Thu
Last update: Thu, 30 Jun 2016 09am

Europe

Markets - Energy - Europe

Russia beats Saudis for third straight month as China's top crude supplier BEIJING: Russia beat out Saudi Arabia as China's largest oil supplier in May, customs data showed on Tuesday, marking the third month in a row the world's biggest oil producer has topped the world's biggest oil exporter in feeding China's market.Russia's exports to the world's No. 2 oil consumer hit a fresh record and reflect continuing strong demand from China's independent refiners.China imported 5.245 million tonnes, or around 1.24 million barrels per day (bpd) of crude oil from Russia last month, up 33.7 percent year on year, and beating the previous record in April of 1.17 million bpd.Russian imports surpassed Saudi Arabian imports for the first time on a cumulative basis. For the first five months of 2016, Russian imports are 41.8 percent higher than a year ago at 1.06 million bpd, while Saudi Arabian imports averaged 1.05 million bpd."Russian oil remains the teapots' top pick, suiting them in the ...

Markets - Energy - Europe

Europe Product Swaps-Gasoline swaps fall on high stocks, weak demand LONDON: Gasoline refining margins swaps in northwest Europe weakened in the week to Monday, as high inventories failed to keep up with demand.Gasoline stocks in Europe and the United States are elevated due to months of yield-shifting toward lighter products, according to traders and the US Energy Information Administration.The high stocks have pressured margins even as peak driving season comes into full swing, and arbitrage to the United States was narrowing.But refiners in Europe, Asia ...

Markets - Energy - Europe

Shell puts revamped shale arm at heart of growth drive LONDON: Having turned round its North American shale business, Royal Dutch Shell is putting so-called unconventional energy at the heart of its growth plans, and believes lessons from the revamp can be applied across the company. Greg Guidry, head of the Anglo-Dutch group's unconventionals business, told Reuters a drive to slash costs and streamline decision-making had put his division largely on a par with leading rivals in terms of productivity and efficiency. And now the ...

Markets - Energy - Europe

BP approves investment in Egypt gas field 15 months after discovery LONDON: British oil major BP has approved investment in the first phase of developing the large Atoll gas field offshore Egypt, only 15 months after it first announced its discovery. BP, which declined to give an investment figure for the project, said the field was on track to deliver its first gas in the first half of 2018, set to pump 300 million cubic feet a day of gas to the Egyptian market. BP decided ...

Markets - Energy - Europe

Vitol hires former trading boss of Total as head of Africa LONDON: The world's largest oil trading house, Vitol, has hired the former head of trading of French oil major Total, Pierre Barbe, as its new head of Africa, three industry sources told Reuters. Vitol declined to comment. Barbe had worked for Total since 1983 and was in charge of trading at Total, known as Totsa - one of the world's largest oil trading desks - between 2007 and 2014. Copyright Reuters, 2016 ...