Petroliam Nasional Bhd has sought to slash its expenditure by 30% from the amount it spent in its 2006 fiscal year. President and CEO Tan Sri Mohd Hassan Marican stated: There must be shared misery. We must have a hard look at costs. For full story, click here
Imperial Oil Ltd. has cut its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$2 a cubic meter to C$478 a cubic meter. For full story, click here
Nigerian crude exports for August have expected to total at least 1.46 million barrels a day from the 10 provisional loading programs seen so far by traders Thursday. For full story, click here
Ecuador’s average oil output slipped 3% to 499,000 barrels a day in the first four months of 2009 from 514,000 barrels a day in the same period of 2008. For full story, click here
As per reports by the state run Korea National Oil Corporation, South Korea’s dependence on Middle Eastern crude oil edged up 1.4% to 83.1% in the first 4 months of 2009 compared with the same period in 2008. For full story, click here
Japan Energy Corp, the nation’s sixth-biggest oil refiner, declared that it plans to cut its crude oil processing volumes for July-September by 9 percent from a year earlier due to slow domestic demand. For full story, click here
Sinopec, with its $7.2 billion bid for Addax Petroleum, is seeking crucial production capacity and coveted reserves in West Africa and the Middle East to help balance its heavy reliance on crude oil processing. For full story, click here
China`s crude oil processing volume reached a new record high of 31.19 million metric tons in May 2009, an rise of 10% year over year and 6% over the previous month. For full story, click here
Activities of the Niger Delta militant groups also known as the Movement for the Emancipation of the Niger Delta people, has affected major oil facilities belonging to Agip, Shell and Chevron, and have also resulted in adverse consequences on oil production in Nigeria. For full story, click here
Oil and Natural Gas Corp. declared that its gross realisation in the quarter ended March more than halved as international crude prices slipped. For full story, click here
Get our independent commentary on oil trends and companies delivered to your inbox.
