Oil Prices Ease on China Demand Dip and Rising U.S. Output
Oil prices fell on Friday as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran on top of OPEC's production cuts.Brent crude futures fell 45 cents to $16.87 a barrel by 1333 GMT. U.S.
Nigeria's NNPC Shuts Refineries After Pipeline Attacks
Nigeria's state oil company said on Wednesday it had shut down two of its four refineries due to crude supply problems after recent pipeline attacks. The Nigerian National Petroleum Corporation carried…
US Oil Boom Delivers Costly Surprise for Traders
The world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent in just a month, as surging U.S production upends the market.Trading…
Angola Could Partially List Oil Company Sonangol
Angola, Africa's second largest crude producer, could partially list state oil company Sonangol, a spokesman for the ministry of mineral resources and oil said on Thursday.This follows comments by Mineral…
Oil Prices Won't Reach 'Desired Level' before 2018, Iraq Says
Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices…
Oil Exports From Southern Iraq Down in January
Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday.
Sinopec to Shutter Four Shengli Oilfields
China's state-owned Sinopec will shut four oilfields this year at Shengli in the eastern province of Shandong, a company newspaper said late on Tuesday, as low global oil prices take a toll on output of the country's ageing fields.
15 Oil & Gas Blocks Returned to Indonesia
Investors returned eight blocks in 2014, five in 2013; companies lost $820 mln in costs on blocks returned in 2015. Oil and gas investors relinquished 15 exploration blocks to the Indonesian government in 2015…
Congo Republic says GDP Growth to Rise in 2017
Congo Republic's economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday. The statement by the…
Russia Can Export 254-255 Mln Tonnes of Oil in 2016
Russia's oil exports this year could reach 254-255 million tonnes if output comes in at 540 million tonnes, Deputy Energy Minister Alexei Teksler said on Tuesday. Teksler said, however, output may be higher than 540 million tonnes…
Colombia Unrest cuts Ecopetrol's Output by 80 pct
Crude production at Colombia's La Cira-Infantas oilfield has fallen more than 80 percent during the last week, state-run oil company Ecopetrol said on Wednesday, due to protests by local residents over hiring practices.
Colombia's Ecopetrol Names New CEO, Echeverry Resigns
Colombian state-run oil company Ecopetrol said its current vice-president, Felipe Bayon, will take over as chief executive, replacing Juan Carlos Echeverry. Echeverry, who has headed the company since March 2015…
Congo Republic Pledges to Reform State Oil Firm as Seeks Bailout
Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it strives to improve accountability and convince international lenders to bail out the country.
Encana Slashes 2016 Costs by $50 Mln
Encana Corp said on Wednesday it has made $50 million in cost savings in 2016, continuing a trend of Canadian oil and gas producers squeezing spending in response to the prolonged downturn in global crude prices.
Lyondell's Houston Refinery Draws Bids from Aramco, Valero, Sunco
At least three firms including Saudi Arabian state oil giant Saudi Aramco have bid over $1 billion for LyondellBasell Industries NV's refinery in Houston, according to four people familiar with the process.
Oil Producer Norway Starts Wage Talks to Avert Widespread Strikes
Norwegian employers and labour unions embarked on four weeks' of wage talks on Monday to stave off widespread strikes that risk impacting output in western Europe's biggest crude producer. Unlike most years…
Norway Calls in Mediator to Avert Strikes
Norwegian employers and labor unions failed to reach a deal in initial wage talks on Thursday, union sources told Reuters, leaving it up to a state-appointed mediator to avert widespread strikes that risk…
Oil Inches Nearer to $70 on Lower U.S. drilling, Iran Worries
U.S. drillers cut rigs for first time in three weeks; concerns of U.S. sanctions against Iran also support crude. Oil rose towards $70 a barrel on Monday, lifted by a drop in drilling activity in the United…
Canadian Oilwell Drilling Forecasted to Jump in 2017
Drilling in Canada's oil and gas fields will pick up in 2017 because of more favourable pricing after two years of record low activity, an industry group said on Tuesday in its annual forecast. The Canadian…
Oil Eases as Iran Exports Soar, U.S. Inventories Rise
U.S. could reimpose sanctions on Iran this month but surging U.S. supplies, stronger dollar cap market. Brent crude futures eased on Wednesday, surrendering early gains after evidence of further increases in U.S.