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News

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Nigerian Oil Workers Go On Strike, Stop Production At Several Flow Stations

Jan 12, 2017 at 09:11 | Tsvetana Paraskova

Oil workers in Nigeria have stopped crude production at several flow stations owned by state-run company NNPC as labor unions went on strike on Tuesday to protest unpaid wages,

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The Siberian Winter That’s Helping Russia Comply With OPEC Cuts

Jan 11, 2017 at 18:11 | Tsvetana Paraskova

Russia cut 100,000 bpd of its crude oil production as early as in the first few days of the New Year, but it wasn’t the agreement between OPEC and non-OPEC…

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Nigeria To Track Oil Output, Sales To Prevent Theft

Jan 11, 2017 at 18:05 | Tsvetana Paraskova

In a bid to prevent oil thefts and curb revenue losses, Nigeria will start tracking this year the volume of its crude oil output and sales volumes and destinations, oil…

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UAE Oil Minister: Too Early To Say If OPEC Deal Should Be Extended

Jan 11, 2017 at 12:12 | Tsvetana Paraskova

It is still too early to say if the oil supply deal should be extended beyond its original six-month period at the end of the first half this year, the…

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Saudis Cut February Oil Supply To Buyers In India, Southeast Asia

Jan 11, 2017 at 10:14 | Tsvetana Paraskova

Complying with the OPEC deal, Saudi Arabia has cut February term crude oil loadings to some buyers in India and Southeast Asia, but is shipping full delivery volumes to North…

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India’s 2016 Oil Demand Jumps 11% To Record Highs

Jan 11, 2017 at 09:28 | Tsvetana Paraskova

India’s economic growth and rising income pushed up vehicle sales and fuel demand last year, with oil consumption soaring 11 percent to the highest on record, according to oil…

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Markets Brace As API Estimates First Crude Inventory Build In Eight Weeks

Jan 10, 2017 at 16:07 | Julianne Geiger

The American Petroleum Institute (API) reported a 1.5-million-barrel build in its latest data release on Tuesday afternoon. The build to crude inventory sent oil prices downward, even though a…

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Iran To Begin Gas Exports To Iraq Once Baghdad Starts Paying

Jan 10, 2017 at 16:00 | Tsvetana Paraskova

Iran is ready to begin exporting natural gas to Iraq via a pipeline as soon as Baghdad starts making payments, Iranian deputy oil minister for international affairs and trade, Amir-Hossein…

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Platts Sees China’s LPG Demand Growth Slows In 2017

Jan 10, 2017 at 14:47 | Tsvetana Paraskova

Driven by robust industrial and petrochemical consumption, Chinese liquefied petroleum gas (LPG) demand will continue to grow this year by 10 percent, but well below the 24-percent demand jump last…

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Enbridge Sells New Canadian Crude Grade To US, But No One’s Buying

Jan 10, 2017 at 14:15 | Tsvetana Paraskova

Enbridge Inc has started offering the shipping of a new Canadian crude blend via pipeline to the U.S., but no refiner has bought any amount of the new grade so…

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