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Markets - Energy - Americas

OPEC sees oil glut continuing to ease in 2016-17 VIENNA: OPEC said Tuesday it expected the global supply glut to ease further this year and next thanks to reductions in oil output from producers outside the cartel, particularly the United States.If accurate, this will be a vindication of its Saudi-led strategy since 2014 of squeezing non-OPEC suppliers by keeping production at high levels despite low prices.In its July monthly report, the Organization of the Petroleum Exporting Countries predicted a drop in non-OPEC output to 56.0 million barrels per day (bpd) in 2016 from 57.0 million bpd in 2015.In 2017, a further drop to 55.9 million bpd is expected, OPEC said, due in part to further falls in production by US shale oil producers, who need a higher oil price than the current $45-50 to survive.The report gave no prediction for OPEC production but said that in June its total output rose from May by 264,000 bpd to 33.0 million ...

Markets - Energy - Americas

Oil slips to 2-month low; Canada output, more US rigs weigh NEW YORK: Oil prices fell on Monday, hitting two-month lows, pressured by rising Canadian supplies, a higher US oil rig count and cuts in bullish hedge fund bets on crude. Hundreds of thousands of new barrels of crude have begun arriving in Alberta's oil sands region, crowding pipelines as producers recover from wildfires that crippled output two months ago.The rising Canadian output pressured prices even though traders said data from market intelligence firm Genscape showed ...

Markets - Energy - Americas

Venezuela's 2015 oil revenues plunge 40 percent CARACAS: Venezuela's oil revenues plummeted 40.7 percent in 2015 due to sinking global oil prices, the country's state-owned PDVSA said in its annual report released Sunday.PDVSA -- the world's fifth-largest oil company -- earned $72.2 billion in revenues last year, a sharp drop from 2014's $121.9 billion.Meanwhile, its net profit fell 19 percent to $7.3 billion.The South American OPEC country relies heavily on its oil and gas reserves -- which account for 96 percent of ...

Markets - Energy - Americas

Oil falls 2pc on fading supply disruptions, profit taking NEW YORK: Oil prices dropped more than 2 percent on Thursday, pressured by returning Nigerian and Canadian output from outages and as traders looked to book profits ahead of the long holiday weekend in the United States. Resurgent Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September.OPEC's oil output rose in June to its highest in recent history, a Reuters survey showed, ...

Markets - Energy - Americas

Shell JV Deer Park refinery preps Sept-Oct FCCU work HOUSTON: Royal Dutch Shell Plc's 285,500 barrel per day (bpd) joint-venture Deer Park, Texas refinery is preparing for an overhaul in September and October of the gasoline-producing fluidic catalytic cracking unit, sources familiar with the refinery's plans said on Wednesday. In addition to the 70,000 bpd FCCU, the overhaul will also include the Gerbitol unit, which reduces air pollution, and one other unit, the sources said. The work is expected to take at least six ...

Markets - Energy - Americas

Oil edges up further as Brexit shock fades; US drawdown seen NEW YORK: Oil prices rose for the second straight day on Wednesday as concerns over Britain's exit from the European Union faded and impending data was expected to show a sixth weekly draw in US crude stockpiles. A potential oil workers strike in Norway and a crisis in Venezuela's energy sector also provided support to crude futures. The US Energy Information Administration will release weekly oil supply-demand data at 10:30 a.m. EDT (1430 GMT). The ...

Markets - Energy - Americas

Brazil has no immediate plans to raise tax on gasoline sales SAO PAULO: The Brazilian government has no immediate plans to raise the so-called Cide tax on gasoline, Ricardo Dornelles, a senior official at the Mines and Energy Ministry, said on Monday. Copyright Reuters, 2016 ...