IEA sees U.S. gaining market share from OPEC, predicts robust oil demand in next 5 years. Oil prices edged lower towards $64 per barrel on Monday on predictions of a major spike in U.S. oil output in the next five years. International benchmark Brent crude was down 8 cents…
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said…
Venezuelan PDVSA's refineries will operate at 43 percent of their total capacity in March due to a lack of spare parts, light crude and feedstock, according to an internal document from the state-run firm seen by Reuters on Wednesday. The company's domestic refining network…
Vitol executive committee member Chris Bake said 2018 oil demand is looking 'fairly strong.' 'OPEC remains disciplined and the consequences are visible in track down in inventories...Half a billion barrels of oil has been drawn down in a short period of time…
Stronger dollar makes oil costlier for some buyers; API report showed lower U.S. crude inventories. Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in U.S. crude inventories. Brent crude futures were down 11 cents at $65…
Russia's Urals crude exports from the ports of Ust-Luga and Primorsk are seen at 5.6 million tonnes in March compared to 5.0 million tonnes in the February plan, a preliminary loading schedule released on Wednesday showedExports of Urals…
India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed…
China's new crude futures contract faces a mountain of obstacles to overcome if it is to establish itself as a viable benchmark for trading with the world's largest oil importer. The Shanghai International Energy Exchange (INE), which is part of the Shanghai Futures Exchange…
Colonial Pipeline Co is allocating space for Cycle 12 shipments on Line 20, which carries distillates from Atlanta to Nashville, Tennessee, according to a notice sent to shippers on Thursday. Committed information will be available on Friday…
Global LNG imports rose by 20 percent in 2017; new demand emerges across South, Southeast Asia. Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years, opening opportunity…
Colonial Pipeline is allocating Cycle 12 shipments on Line 2, its main distillate line, the company said in a notice sent to shippers on Tuesday. Committed information on the line will be available on Thursday, the company said. Line 2 runs from Houston to Greensboro…
Algeria will acquire more vessels to transport gas to Asia as it eyes increased sales in that region, the chief executive of state energy firm Sonatrach said on Monday.'With Russia and the U.S., gas competition is tough,' Abdelmoumen Ould…
Two employees of Brightoil Petroleum (Singapore) Pte Ltd were charged in court in the city-state this week for their alleged involvement in the theft of marine fuel on board a company barge, a company executive said in a statement on Thursday…
China took the crown as the world’s largest crude oil importer in 2017, according to U.S. Energy Information Administration press release. China imported 8.4 million barrels per day, and the United States imported 7.9 million barrels per day…
Japanese LNG imports reach 8.7 mln T in January, pressuring regional LNG market with China also hoovering up cargoes. Japanese imports of liquefied natural gas (LNG) hit their highest in at least five years in January, with shipments expected…
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