01182017Wed
Last update: Wed, 18 Jan 2017 10am

Markets - Energy

Markets - Energy - Asia

China Nov crude oil imports from Saudi Arabia up 29.19pc: y/y BEIJING: China's November crude oil imports from Saudi Arabia jumped 29.19 percent on a year earlier to 1.15 million barrels per day (bpd), customs data showed on Thursday.That means Saudi Arabia has overtaken Russia to become the largest crude oil supplier of the country.Imports from Russia rose 17.92 percent on a year earlier to 1.12 million bpd, customs data showed on Thursday.Crude oil imports from Iran in November climbed 24.48 percent year-on-year to 611,338 bpd, while imports from Iraq rose 15.68 percent to 695,148 bpd.The country imported 850,425 bpd of crude oil from Angola in November.Copyright Reuters, 2016

Markets - Energy - Europe

Statoil says Sture oil terminal accident nearly killed staff OSLO: An accident in October at Statoil's Sture oil export terminal on the west coast of Norway, was highly serious and almost resulted in fatalities, the company said in a report on Wednesday. Last month Norway's government said it would appoint a public commission to review the safety of the oil and gas industry after a series of incidents at Statoil's offshore and onshore facilities raised concerns.In the Sture incident five people were injured including ...

Markets - Energy - Europe

Oil prices lifted by expected fall in US inventories LONDON: Oil rose on Wednesday, driven by expectations for a decline in US crude inventories and bringing price gains for December to 10 percent, which would be the strongest performance in the final month of the year in six years. Brent crude oil futures were up 32 cents on the day at $55.67 a barrel by 1217 GMT, while US crude futures rose 30 cents to $53.60 a barrel. Brent's rally is its largest so ...

Markets - Energy - Asia

Middle East Crude-Benchmarks rise; more February ESPO crude on offer SINGAPORE: The Middle East crude benchmark Dubai rose on Wednesday on expectations that the OPEC and non-OPEC output deal to reduce production will start to tighten supplies.A single Dubai partial traded during the Platts window on Wednesday, with Indian private refiner Reliance selling the partial to Shell at $52.90 a barrel.Spot trade for Middle East crude has slowed as most buyers have already secured sufficient cargoes to meet their feedstock requirements.Trade for Russia Asia-Pacific ESPO ...

Markets - Energy - Americas

Mexico fuel prices to begin gradual liberalization at end March MEXICO CITY: A staggered fuel price liberalization in Mexico will begin at the end of March, the head of the country's energy regulatory commission (CRE) said on Wednesday. Guillermo Garcia, president of the commission, told a news conference market prices for gasoline and diesel will be rolled out gradually by regions, beginning with the northwestern states of Baja California and Sonora on March 30. Copyright Reuters, 2016

Markets - Energy - Europe

ExxonMobil, ENI, Total to negotiate Cyprus gas exploration NICOSIA: US giant ExxonMobil with Qatar Petroleum, Italy's ENI and France's Total have been selected to negotiate a licence to explore offshore Cyprus oil and gas, officials said Wednesday.In July, eight energy giants bid for drilling rights at three blocks off the Mediterranean island's southern coast.ENI and Total were jointly selected as preferred bidders for block 6 and ENI was picked for block 8, while ExxonMobil and Qatar Petroleum were chosen for block 10.Licenses would ...

Markets - Energy - Europe

Brent curve signals oil tanks will start emptying in second half of 2017: Kemp LONDON: OPEC and non-OPEC oil producers have agreed to reduce their combined output by more than 1.7 million barrels per day for six months from January 2017. But the agreement contains a provision that it can be extended for a further six months, subject to market conditions. Oil traders are betting on an extension, with most of the rebalancing of the oil market expected to occur in the second half of 2017. Storage tanks are ...