(Reuters) – Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut... More »
(Reuters) – U.S. oil refiner Marathon Petroleum Corp posted a smaller-than-expected quarterly loss on Monday, hours after it announced the sale of its Speedway gas stations to Japan’s Seven & I (3382.T) for $21 billion, which is expected to ease the refiner’s ... More »
MOSCOW (Reuters) – Russian oil and gas condensate output increased to 9.8 million barrels per day (bpd) on Aug. 1-2 from 9.37 million bpd in July as the country eases production curbs under an OPEC+ deal, a source familiar with data said on Monday. The Energy ... More »
(Reuters) – A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse. U.S. West Texas ... More »
SINGAPORE (Reuters) – Minimal oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks ... More »
BAKU/DUBAI/LONDON (Reuters) – OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil... More »
CAIRO (Reuters) – Iraq’s oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market. Thamer al-Ghadhban said in a statement that the “massive oil cut deal will help lower oil inventories and boost pri... More »
TOKYO (Reuters) – Japanese Education Minister Koichi Hagiuda said on Friday the government would not extend its request that schools be closed until spring break to stem coronavirus infections, setting the stage for classes to resume at the start of the academ... More »
KUALA LUMPUR (Reuters) – A fire killed five people at a refining and petrochemicals complex in southern Malaysia owned by Petronas and Saudi Aramco, authorities said on Monday. It was the second fire in less than a year at the $27 billion Pengerang Integrated ... More »
SINGAPORE (Reuters) – China’s Hengyi Petrochemical Co Ltd is operating its new 160,000 barrels per day refinery in Brunei at near full capacity after trial production began in July, two company officials told Reuters. The plant in Palau Muara Besar is one of f... More »
SAO PAULO/RIO DE JANEIRO (Reuters) – Brazil’s planned privatization of eight Petroleo Brasileiro SA (PETR4.SA) refineries has lured several of the world’s largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. ... More »
SINGAPORE (Reuters) – China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest set of U.S. sanctions on the South American exporter, two Beijing-based senior sources with direct knowledge of the matter t... More »
SINGAPORE (Reuters) – Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, ‘Shell Recharge’, will be available at 10... More »
WASHINGTON (Reuters) – Iowa’s Republican Senator Chuck Grassley said the Trump administration’s Environmental Protection Agency has “screwed” the U.S. ethanol industry and farmers by granting waivers to 31 small petroleum refineries, effectively exempting them... More »
BEIJING (Reuters) – The death toll from typhoon Lekima in eastern China rose to 44 people on Monday morning, according to official data, as the storm continued up the coast, racking up billions of dollars in economic losses and widely disrupting travel. An add... More »
SINGAPORE/BEIJING (Reuters) – China’s fuel producers are making extended curbs to their output in the third quarter after supply from mammoth new refineries stoked an already-sizeable glut, potentially dragging on crude oil demand from the world’s biggest impo... More »
(Reuters) – Morgan Stanley lowered its long-term Brent price forecast on Tuesday and said the oil market is broadly balanced in 2019 after OPEC and its allies including Russia agreed to extend their production cuts by even longer than expected. The bank lowere... More »
WASHINGTON (Reuters) – Democratic presidential hopeful Amy Klobuchar on Saturday called for revamping the Environmental Protection Agency’s (EPA) rules governing how small refineries are exempted from the nation’s biofuel laws, a proposal aimed at boosting her... More »
NEW YORK (Reuters) – Philadelphia Energy Solutions will defer retirement payments to union members until next year, the company said in a letter to the union last week, the latest sign the refiner is struggling to find its financial footing after emerging from... More »
NEW YORK (Reuters) – The Trump administration made it easier for oil refineries to get waivers from the nation’s biofuel law at least four months before a 2017 court decision it often cites to justify the move to the corn lobby, and the move was motivated by a... More »
WASHINGTON/SINGAPORE (Reuters) – The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their ... More »
NEW YORK (Reuters) – U.S. sanctions on Venezuela’s oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region. Those two companies ... More »
DUBAI (Reuters) – Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output “well below” 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support ... More »
LAUNCESTON, Australia – If the sharp plunge in China’s exports in February shows anything, it’s that a gap is opening between what the country is shipping out and its still resilient imports of major commodities. Exports dropped 20.7 percent in February from t... More »
WASHINGTON (Reuters) – The Trump administration is expected on Monday to announce changes in biofuels policies, including a plan to count ethanol exports toward federal biofuels usage quotas and allowing year-round sale of fuels with a higher blend of ethanol,... More »
HOUSTON/CARACAS (Reuters) – U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to t... More »
(Reuters) – Marathon Petroleum Corp said on Monday it would buy rival Andeavor for more than $23 billion to form a company that would leapfrog Valero Energy Corp as the largest U.S. refiner by capacity. The cash-and-stock deal values Andeavor at about $152 per... More »
SINGAPORE (Reuters) – Top oil exporter Saudi Arabia is expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude, trade sources said on Monday. The official selling price (OSP) for fl... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery is seen at sunset in front of the Philadelphia skyline in Pennysylvania, U.S., March 24, 2014. REUTERS/David M. Parrott/File Photo NEW YORK (Reuters) – U.S. President Donald Trump urged representatives... More »
FILE PHOTO: Labourers work behind an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Photo MUMBAI (Reuters) – India’s Reliance Industries Ltd and global technology companies wil... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in front of the Philadelphia skyline March 24, 2014. REUTERS/David M. Parrott/File Photo (Reuters) – Philadelphia Energy Solutions LLC, the owner of the lar... More »
China's refiners raised crude oil processing runs to near record monthly levels in October as refining margins jumped after the country's state planner hiked prices for gasoline and diesel at the pump. More »
Texas on Monday edged toward recovery from the devastation of Hurricane Harvey as shipping channels, oil pipelines and refineries restarted some operations and authorities lifted an evacuation order for the area around a once-burning chemical plant. More »
The U.S. Coast Guard on Monday allowed some barge traffic to enter Port Arthur, Texas, home of the country's largest oil refinery, and is considering allowing ships to enter on Tuesday, a spokesman said. More »
Salvage efforts continued on Monday to remove a sunken drydock in an industrial portion of the Houston Ship Channel, home to major oil refineries and petrochemical plants, officials said. More »
The largest crude oil refinery in the United States was shutting down on Tuesday night due to flooding from Tropical Storm Harvey in its 603,000 barrel-per-day (bpd) Port Arthur, Texas, plant, said sources familiar with operations. More »
Flooding from Tropical Storm Harvey has shut nearly a fifth of U.S. oil-refining capacity, triggering worries about a gasoline supply crunch as the slow-moving tempest lumbers through the heart of America's petrochemicals industry. More »
U.S. President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company on Friday in an effort to halt financing that the White House said fuels President Nicolas Maduro's "dictatorship.... More »
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. More »
Environmental Protection Agency Administrator Scott Pruitt testifies before a Senate Appropriations Subcommittee on Capitol Hill in Washington, U.S., June 27, 2017. REUTERS/Aaron P. Bernstein The U.S. government on Wednesday proposed to reduce the volume of bi... More »
Saudi Arabia’s Energy Minister Khalid al-Falih (L) and Russia’s Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil ... More »
FILE PHOTO: ConocoPhillips CEO Ryan Lance attends Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan on April 4, 2017. REUTERS/Toru Hanai/File Photo ConocoPhillips (COP.N) has beaten its 2017 asset sales target less than four months into t... More »
Shaybah oilfield complex is seen at night in the Rub’ al-Khali desert, Saudi Arabia, November 14, 2007. REUTERS/ Ali Jarekji/File Photo Saudi Arabia’s crude exports to the United States in March will fall by around 300,000 barrels per day from February, in lin... More »
U.S. President Donald Trump speaks at the annual Friends of Ireland St. Patrick’s Day lunch honoring Irish Taoiseach Enda Kenny in the U.S. Capitol in Washington, U.S., March 16, 2017. REUTERS/Kevin Lamarque President Donald Trump’s proposal to do away with th... More »
Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid A government watchdog group, Public Citizen, said on Wednesday it has asked lawmakers to investigate ... More »
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance ... More »
U.S. President-elect Donald Trump gestures from the front door at the main clubhouse at Trump National Golf Club in Bedminster, New Jersey, U.S., November 20, 2016. REUTERS/Mike Segar The Obama administration signed its final plan for renewable fuel use in the... More »
Residents stand on a pier ahead of Hurricane Matthew in Les Cayes, Haiti, October 2, 2016. REUTERS/Andres Martinez Casares Haiti and Jamaica urged residents in vulnerable coastal areas to evacuate and Cuba suspended flights on Sunday as bands of rain from Hurr... More »
Inesia Laguerre cradles her grandchild at the shelter set up in the Lycee Philippe Guerrier ahead of Hurricane Matthew in Les Cayes, Haiti, October 2, 2016. REUTERS/Andres Martinez Casares AU-PRINCE (Reuters) – Fears mounted in Haiti as Hurricane Matthew edged... More »
SINGAPORE/LONDON Oil industry hopes that markets are about return to balance, ending a global glut that pulled down prices by over 70 percent between 2014 and early 2016, might be abruptly dashed. Despite recent disruptions and output cuts, there is mounting e... More »
TORONTO TransCanada Corp is formally requesting arbitration over U.S. President Barack Obama’s rejection of the Keystone XL pipeline, seeking $15 billion in damages, the company said in legal papers dated Friday. TransCanada submitted a notice for an arbitrati... More »
PARIS Gangs of masked youths smashed windows and hurled stones at riot police as thousands of people marched through Paris on Tuesday in protest at a planned change of labor laws that would make hiring and firing easier. Police fired dozens of volleys of tearg... More »
U.S. bank Goldman Sachs, one of the most bearish forecasters on oil over the past year, on Monday raised its short-term price outlook as it said the market had flipped into a deficit due to production outages in Nigeria and Canada. Goldman, one of the most act... More »
SINGAPORE Iran has set its June official selling prices (OSPs) for heavier crude grades it sells to Asia at the biggest discounts to Saudi and Iraqi oil since 2007-2008, raising the stakes in its fight to regain market share. This is third time Iran has change... More »
LONDON Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world’s largest exporters to cut output enough to stem a 19-month-long price slide. Another contr... More »
