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Oil prices fall on OPEC forecast, US supplies NEW YORK: World oil prices dropped Wednesday after OPEC trimmed its oil demand growth forecast and a US supply report showed surprisingly high inventories.US benchmark West Texas Intermediate for October delivery declined $1.08 to $91.67 a barrel on the New York Mercantile Exchange, its lowest closing price since January.European benchmark Brent oil for October delivery fell $1.12 to $98.04 a barrel on the Intercontinental Exchange in London. The Organization for Petroleum Exporting Countries (OPEC) revised down slightly its global oil demand growth forecasts for both 2014 and 2015.The 12-nation cartel said in a monthly report that oil demand was set to grow by 1.05 million barrels per day in 2014 to 91.2 million barrels a day, trimming 50,000 barrels from the previous growth outlook. Demand in 2015 is expected to grow by 1.19 million barrels per day, 20,000 barrels a day less than before.The OPEC forecast "dented the already bearish ...

Pony Express oil pipeline service delayed to Nov. 1: Tallgrass NEW YORK: The Pony Express pipeline carrying 230,000 barrels per day of crude oil from Wyoming to Oklahoma is likely to begin service for existing customers in early November, a month later than expected, operator Tallgrass Energy Partners LP said in a notice to shippers.The notice issued late on Tuesday did not say why the commencement date for so-called committed shippers had slipped, but earlier this week market sources said the line might have experienced ...
Colombia August oil output down 3.2pc BOGOTA: Colombia's crude oil production averaged 999,000 barrels per day in August, 3.2 percent lower than in the same month of 2013, but up 3.2 percent compared with July, the Energy Ministry said on Wednesday.Though output was affected by rebel attacks on pipelines and several system failures, the armed forces are implementing a new plan to curb bombings, the statement said. The August figure takes average daily output this year to 983,000 bpd.That is still ...
Brent crude price slides further NEW YORK: Oil prices in London continued their steady slide Tuesday amid a flush market and little upside to the current demand picture.But US prices were stable, allowing a further narrowing of the price gap between the two global benchmarks.London's main contract, Brent North Sea crude for October delivery, lost $1.04 to end at $99.16 a barrel, its lowest since April 2013.In New York, West Texas Intermediate (WTI) for October edged up nine cents to ...
Canada crude: Heavy crude grades hit 14-month high CALGARY: Canadian heavy crude prices touched a 14-month high on Monday, driven by improving market access, maintenance on oil sands projects cutting into supply and linefill on Enbridge Inc's new Flanagan South pipeline. Even so, some traders in Alberta's oil capital of Calgary were surprised by the extent of the gains in Western Canada Select (WCS), the de facto heavy crude benchmark. WCS for October delivery last traded at $13.90 per barrel below the West ...
US crude export prospects expand niche for oilfield stabilizers HOUSTON: Orders have surged for a type of oilfield equipment primarily used for to make a light variety of crude safe for pipelines, after a federal ruling signaled that the specialized units also offered a workaround for companies eager to export oil from the US shale boom. The units, known as stabilizers, process that type of crude, known as condensate, just enough to qualify it for export as a refined product, allowing oil producers to ...
Petrobras seeks director's testimony on alleged bribery SAO PAULO: Brazil's state-run oil company Petrobras has asked a federal judge for access to testimony from a jailed former director who, according to media reports, named dozens of politicians in an alleged kickback scheme. Petrobras said in a statement on Monday that as part of an internal investigation, it had also sent letters to companies cited in Brazilian media reports since Friday, seeking further information about allegations of their involvement.Copyright Reuters, 2014 ...


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