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Oil Prices Gain 2% on Tightening Supply

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China’s Crude Oil Imports Rise In June

China’s Crude Oil Imports Rise In June

Jul 12, 2019 at 11:45 | Tsvetana Paraskova

Thanks to demand from the start-up of major refineries, Chinese crude oil imports in June have increased since May, and has increased by 15.2 percent from June last year, customs…

Anadarko To Vote On Oxy Takeover In August

Anadarko To Vote On Oxy Takeover In August

Jul 12, 2019 at 10:33 | Irina Slav

The shareholders of Anadarko Petroleum will vote on the company’s takeover by Occidental on August 8, Reuters reports, adding that Occidental avoided a shareholder vote on the deal by…

US And Allies Look To Provide Naval Escorts for Oil Tankers Through Persian Gulf

US And Allies Look To Provide Naval Escorts for Oil Tankers Through Persian Gulf

Jul 12, 2019 at 09:29 | Julianne Geiger

Despite President Donald Trump’s insistence that countries should take responsibility for protecting its own oil tankers through the risky Persian Gulf after two tankers were attacked off the coast of…

Consumer Groups Want California Oil Regulators Fired Over Conflict Of Interest

Consumer Groups Want California Oil Regulators Fired Over Conflict Of Interest

Jul 11, 2019 at 16:31 | Tsvetana Paraskova

Two consumer groups opposed to fossil fuels are calling on California’s Governor Gavin Newsom to fire supervisors at the state agency regulating oil drilling permits over a conflict of interest,…

Phillips 66 Shuts Down Louisiana Refinery Ahead Of Storm

Phillips 66 Shuts Down Louisiana Refinery Ahead Of Storm

Jul 11, 2019 at 15:58 | Tsvetana Paraskova

Phillips 66 will be temporarily closing down its 253,600-bpd Alliance, Louisiana, refinery ahead of possible flooding from a tropical storm in the Gulf of Mexico which is expected to…

Chinese Construction Giant Looks To Sign Oil Pipeline Projects In Iraq

Chinese Construction Giant Looks To Sign Oil Pipeline Projects In Iraq

Jul 11, 2019 at 12:51 | Tsvetana Paraskova

China State Construction Engineering Corporation is looking for opportunities in Iraq’s oil industry and believes it could sign at least one contract per year for oil infrastructure in Iraq, Yu…

OPEC Oil Production Drops In June On New Supply Outages

OPEC Oil Production Drops In June On New Supply Outages

Jul 11, 2019 at 12:13 | Tsvetana Paraskova

OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases…

Pennsylvania Willing To Let Shuttered Oil Refinery Die

Pennsylvania Willing To Let Shuttered Oil Refinery Die

Jul 11, 2019 at 09:33 | Irina Slav

The Pennsylvania government will not finance the recovery of the largest refinery on the U.S. East Coast, which suffered a devastating string of explosions late last month. “The administration does…

Iran To Offer Oil Future Contracts To Foreign Firms Despite Sanctions

Iran To Offer Oil Future Contracts To Foreign Firms Despite Sanctions

Jul 10, 2019 at 17:11 | Julianne Geiger

Iran will offer oil futures to interested foreign parties at pre-determined rates, the Tehran Times reported on Wednesday, citing Iranian VP Es’haq Jahangiri, despite US sanctions that have restricted…

Lukoil Restores Oil Supplies After Russia’s Pipeline Contamination

Lukoil Restores Oil Supplies After Russia’s Pipeline Contamination

Jul 10, 2019 at 16:55 | Tsvetana Paraskova

Russia’s second-largest oil producer, Lukoil, has fully restored the volume of its oil supplies to customers after a major contamination on the Druzhba oil pipeline disrupted Russian crude supply…

WoodMac: Permian Will Need Extra Oil Pipelines To Cope With Surging Output

WoodMac: Permian Will Need Extra Oil Pipelines To Cope With Surging Output

Jul 10, 2019 at 16:01 | Tsvetana Paraskova

Despite the ongoing rush to build oil pipelines to carry crude from the Permian to the Gulf Coast and an overbuild in the short-term, the fastest-growing U.S. shale play will…

Russians Allegedly Offered Oil Money To Fund Italy’s Far Right

Russians Allegedly Offered Oil Money To Fund Italy’s Far Right

Jul 10, 2019 at 13:59 | Tsvetana Paraskova

Three Italians—including a close aide to Italy’s far-right Deputy Prime Minister and Interior Minister Matteo Salvini—and three Russians allegedly held a meeting in Moscow last October to plan an oil…

India Still Negotiating U.S. Nuclear Reactors Deal  

India Still Negotiating U.S. Nuclear Reactors Deal  

Jul 10, 2019 at 12:15 | Tsvetana Paraskova

India continues to hold technical and commercial discussions with Westinghouse for arriving at a project proposal for nuclear reactors in the state of Andhra Pradesh, Jitendra Singh, Minister of State…

China To Boost Fuel Prices On July 10

China To Boost Fuel Prices On July 10

Jul 10, 2019 at 09:33 | JLC

China will raise the retail ceilings of gasoline by CNY150/mt and diesel by CNY140/mt on July 10 (Wednesday), as international crude prices have rebounded in this pricing cycle, according to…

Oil Producers Begin Evacuation From Gulf Of Mexico Platforms Ahead Of Storm

Oil Producers Begin Evacuation From Gulf Of Mexico Platforms Ahead Of Storm

Jul 10, 2019 at 09:19 | Irina Slav

Oil producers in the U.S. part of the Gulf of Mexico have begun evacuating employees from their platforms ahead of a possible storm that is for now a tropical depression,…

Oil Prices Rise After API Reports Very Large Crude Draw

Oil Prices Rise After API Reports Very Large Crude Draw

Jul 09, 2019 at 15:46 | Julianne Geiger

The American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4, compared to analyst expectations of a smaller

Iraq Warns: A Strait of Hormuz Disruption Would Be “Major Obstacle” To Economy

Iraq Warns: A Strait of Hormuz Disruption Would Be “Major Obstacle” To Economy

Jul 09, 2019 at 14:57 | Julianne Geiger

Any disruption in the oil exports flowing through the Strait of Hormuz will be a “major obstacle” for Iraq’s economy, Iraq’s Prime Minister Adel Abdul Mahdi said on Tuesday as…

Ecuadorian Plaintiffs Drop $9.5B Lawsuit Against Chevron

Ecuadorian Plaintiffs Drop $9.5B Lawsuit Against Chevron

Jul 09, 2019 at 13:33 | Tsvetana Paraskova

Chevron said that a group of Ecuadorian plaintiffs had dismissed their only remaining lawsuit against the U.S. supermajor that sought to enforce a US$9.5-billion judgment over water and land…

Report: Egypt Detains Tanker Carrying Iranian Oil

Report: Egypt Detains Tanker Carrying Iranian Oil

Jul 09, 2019 at 12:48 | Tsvetana Paraskova

Egypt seized a Ukrainian oil tanker carrying Iranian crude while it was crossing the Suez Canal ten days ago, according to a report from Arab news outlet Al-Araby Al-Jadeed carried…

Iran’s ‘Misery Index’ Jumps As U.S. Oil Sanctions Cripple Economy

Iran’s ‘Misery Index’ Jumps As U.S. Oil Sanctions Cripple Economy

Jul 09, 2019 at 11:32 | Tsvetana Paraskova

Iran’s ‘misery index’—an informal measure of an economy that adds inflation to the unemployment rate—more than doubled this past winter, jumping to 39 percent from 19.4 percent in the…

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