06292016Wed
Last update: Wed, 29 Jun 2016 09pm

Europe

Markets - Energy - Europe

Pemex to speed up overhaul to beat falling oil output LONDON: Mexico's national oil company plans a wave of new asset sales and production partnerships to navigate through the oil price downturn and stabilize soaring debt and falling production levels, its chief executive officer said. Petroleos Mexicanos, known as Pemex, is undergoing sweeping reforms after which CEO Jose Antonio Gonzalez Anaya hopes it will emerge as one of the industry's leading national companies such as Norway's Statoil. Gonzalez Anaya, 48, took over the Pemex leadership in February as it struggled with a deep rout that took oil to a near 13-year low. He has since accelerated a reform plan he said will be achieved through asset sales and joint ventures with foreign oil companies. Before that however, Pemex's production is expected to decline in 2017 from this year's levels of 2.13 million barrels per day, but is expected to stabilise in 2018, Gonzalez Anaya told Reuters. Speaking in London after ...

Markets - Energy - Europe

West Africa Crude-Trade thin as Angolan programme awaited, weaker margins LONDON: Traders said offers for Nigerian grades were too high to tempt refiners which are under pressure from falling margins. A strike at some of Total's French refineries helped to buoy cracks for several weeks but now refiners face a global gasoline glut. The arbitrage of Nigerian crude to the United States has also slowed down, one trader said. An incident on an offshore platform in Angola's oil-producing Cabinda region has raised concerns of a ...

Markets - Energy - Europe

Russia's offline primary oil refining capacity seen at 1.56mn T in July MOSCOW: Russia's offline primary oil refining capacity seen at 1.56 million tonnes in July, down from revised 1.98 million tonnes in June, according to Energy Ministry data. Offline primary oil refining capacity has been revised in June from initially expected 1.7 million tonnes. Copyright Reuters, 2016 ...

Markets - Energy - Europe

IEA sees oil market balance in 2016, surplus to re-emerge next year LONDON: The oil market is now in balance thanks to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tilt into surplus again early next year, the International Energy Agency said on Tuesday. The agency said in its monthly report that demand growth in 2017 is likely to reach 1.3 million barrels per day (bpd), the same level at which it estimates growth for this year, having revised up its May ...

Markets - Energy - Europe

Russia's Gazprom expects China's gas consumption to double MOSCOW: Russia's top gas producer Gazprom expects China's gas consumption to more than double, deputy CEO Alexander Medvedev said on Tuesday, suggesting the company is still counting on robust growth in demand in China even as the economy slows. As part of Russia's strategic shift eastwards prompted by rows with the West, Gazprom will supply China with gas via the Power of Siberia pipeline to be built in eastern Russia, raising volumes gradually to make ...

Markets - Energy - Europe

Total says to acquire Belgian renewable power provider Lampiris PARIS: French oil and gas company Total plans to take over Belgium's third-largest largest residential supplier of natural gas and renewable power Lampiris, the company said on Tuesday as it expands its presence in the renewable energy market. "Total and Lampiris have signed an agreement under which Total will acquire all of the shares in Lampiris," the companies said in a joint statement. Copyright Reuters, 2016 ...

Markets - Energy - Europe

Oil falls as Brexit threat rattles markets LONDON: Oil fell on Tuesday, as investor nervousness over next week's vote on Britain's possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices. Perceived safe-haven assets such as the Swiss franc and German Bunds rallied, while industrial commodities and equity markets, seen as more vulnerable to economic risk, fell after polls showed Britain's "Leave" campaign leading before a referendum on EU membership. .This overshadowed a more upbeat ...