India’s crude production will surge by a quarter in phases commenced next month when Scottish explorer Cairn Plc’s Indian arm, listed on the Bombay Stock Exchange, begins pumping from the Mangla field of its Rajasthan acreage. At an optimum production level, the acreage is estimated to reduce India’s oil import bill by $6.8 billion, or [...]
Sunoco Inc. has begun the six-week planned turnaround of its 160,000 barrel per day refinery in Toledo, Ohio, in early August and expects it to last until mid-September, the company declared in a second quarter earnings call. For full story, click here
Brunei Shell Petroleum has posted its Seria Light crude oil official selling price at US$73.26 a barrel retroactively for July term supply, a dip of $0.12 from the previous month. For full story, click here
Nigerian crude oil differentials were steady on Wednesday despite evidence of higher exports scheduled for September, traders said. For full story, click here
The government has nominated Indian Oil Corp, Hindustan Petroleum Corp. and Mangalore Refinery and Petrochemicals for purchasing crude oil from Cairn India’s Rajasthan fields. For full story, click here
Its a top oil firm after the $23-billion deal and is soon expected to be a must-have stock. Suncor Energy Inc, newly bulked up from its C$22.5 billion (US$ 20.8 billion) acquisition of Petro-Canada, would likely be the No. 2 issue on the Toronto Stock Exchange’s (TSX) benchmark index GSPTSE, with a market cap close to C$55 billion. Suncor is set to be Canada’s biggest energy company and largest industrial concern. The beefed-up firm is likely to see early demand for its shares from index funds. It is also set to attract big investors that need substantial holdings in large, liquid stock issues.
U.S. crude futures edged lower but stayed above $71 a barrel on Thursday, paring Wednesday’s 0.8 percent gain that came on a weaker dollar and a rally in heating oil futures after government data showed a surprise dip in distillate supplies. For full story, click here
India’s Bharat Petroleum Corp. declared that it has issued a tender to import up to 2 million barrels of sweet crude for loading in October. For full story, click here
U.S. crude futures surged towards $72 a barrel on Wednesday, erasing a 0.2 percent loss made the previous day, after industry data showed a surprise drawdown in U.S. crude oil inventories last week against a forecast for a stock build. For full story, click here
Exports of goods during June slipped 28 per cent to $12.8 billion from $17.7 billion in the same month last year, dipping for the ninth month in a row due to a slowdown in major global markets. For full story, click here
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