Crude oil
China's teapot refiners set to slow crude imports as tanks overflow
BEIJING/SINGAPORE (Reuters) — As OPEC extends production cuts in a bid to tighten the oil market, China's independent refiners—awash with crude and facing disappointing local demand—are poised to slow purchases of oil for at least the next two months.
OPEC extends oil output cut by nine months to fight glut
VIENNA (Reuters) — OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
Venezuela says considering options to repay debts
VIENNA (Reuters) — Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia.
US crude inventories slump amid near record refining
(Reuters) — US crude oil inventories fell for the seventh straight week as refiners processed a near record amount of crude last week, the Energy Information Administration said on Wednesday, even as gasoline and distillate stockpiles also dipped.
Pertamina appoints Sinopec unit for crude oil processing
JAKARTA (Reuters) — Indonesian state oil and gas company PT Pertamina has appointed a unit of China's Sinopec to process crude oil from Iraq, Daniel Purba, a senior vice president said on Wednesday.
OPEC set to prolong oil cuts as delegates predict smooth meeting
VIENNA (Reuters) — OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.
Equatorial Guinea, Arabian Energy enter agreement for African oil terminal
MALABO, Equatorial Guinea -- Following the signing of an agreement between the Government of Equatorial Guinea and Arabian Energy DMCC to work together on the Bioko Oil Terminal in Saudi Arabia, the realization of the petroleum tank farm gained some important momentum.
Trump budget wants to halve oil stockpile, open Arctic refuge to drilling
WASHINGTON (Reuters) — US President Donald Trump's White House wants to sell half of the nation's emergency oil stockpile and open the Alaska National Wildlife Refuge to drilling as part of plans to balance the budget over the next 10 years, documents by the administration showed.
Rosneft cuts oil output with an eye to ramping up again
MOSCOW (Reuters) — Russia's Rosneft is ready to resume full oil output quickly once OPEC-led cuts end as the country's top producer has focused its own cuts on newer fields, its chief executive has said.
India moving beyond oil as seeks alternatives to OPEC
VIENNA/NEW DELHI (Reuters) — OPEC production cuts and the prospect of more expensive oil are pushing India to consider US and Canadian suppliers, as well as encouraging it to turn to renewable energy, the country's petroleum and natural gas minister said on Monday.
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- China issues extra crude oil import quota to teapot refineries 11/25
- McDermott achieves ISO 50001 Certification for energy management at four fabrication yards 11/25
