China’s leading refineries will surge their crude oil processing in July to fresh highs from record levels in June, encouraged by recent fuel price hikes and rising sales amid increasing signs of economic recovery. For full story, click here
Economic outlook for the country has shifted remarkably as the Federal Government’s deficit budget is likely going to fizzle out due to surge in crude oil prices to above $65 per barrel in the international markets, Renaissance Capital has stated. For full story, click here
Many believe that the growing urgency by Asian countries, particularly China, Japan, India and South Korea, to secure energy sources is beginning to shape profound changes in global relations, both economic and political. For full story, click here
BL announced that the diversion of crude oil traffic from Haldia to Paradip has started taking a toll on the former port’s throughput. For full story, click here
U.S. crude oil futures surged on Thursday, pushed to a 2009 peak above $64 a barrel by better-than-expected economic indicators and OPEC leaving output steady ahead of government oil inventory data. For full story, click here
Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Valero Energy Corp. announced that the key gasoline-making unit at its Delaware refinery was back on-line following an extended outage, and that other units will be restarted over the next few days. The refinery was shut on March 4 for economic reasons while work continued, since Feb. 15, at the plant’s coker unit. For full [...]
The International Energy Agency announced that it expects global oil demand to decline by 2.4 million barrels a day this year, about the same amount that Iraq produces, as the economic crisis reduces consumption to the lowest since 2004. For full story, click here
The global economic slump would not have any effect on the auction of oil and gas exploration blocks under ‘NELP-VIII’ launched on Thursday. For full story, click here
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