Crude Drops Below $92
CNBC reported that oil fell below $92 per barrel due to disappointing economic data out of China, Japan and Spain. It is hoped that jobs data out of the US, slated for release later this week, will improve oil's prospects.
Articles Tagged "japan"
Kenya and Japan to Survey for Oil
Reuters reported that the National Oil Corporation of Kenya and Japan Oil, Gas and Metals National Corporation have signed an agreement to evaluate Kenya's onshore petroleum reserves.
Oil Prices to be Volatile
Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
Oil Industry Impact from Earthquake in Japan
Spot market oil prices fell to a two-week low in New York on speculation that the worst earthquake in Japan’s history will hurt growth and reduce fuel demand in the world’s third largest economy.
Russia and Middle Eastern Oil Sources Competing for Asian Business
Japanese and South Korean refiners have increased oil purchases from Russia, eroding the dominance of Middle Eastern suppliers and electing for a more competitive crude source that is three weeks closer by ship. While Russian exports have surged over the last 6 months, the Middle East remains dominant, with total Middle East output in June around 19.9 million barrels, while Russia’s output was 10.3 million barrels, peaking at 330,000 barrels a day in June.
Japan Crude Imports Plunged, Run Rate has Inched Up
A plunge in Japanese crude imports last month and weekly refining rates just over 70 percent show that demand in the world’s third-leading oil consumer is still weak and any pick-up promises to be slight. For full story, click here
Nippon Oil has filed suit over Japan Tax Office Finding
Japan’s Nippon Oil Corp declared that it had filed a lawsuit with the Tokyo District Court, asking for a rejection of the National Tax Tribunal’s findings in January that imposed extra taxes on the refiner on gains from energy derivatives trading. For full story, click here
Japan Energy will cut Q3 refining on weak demand
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
Japan Energy will cut Q3 refining on weak demand
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
Kuwait Crude Oil Exports to Japan dipped 28%
Kuwait News Agency declared that Kuwait’s crude oil exports to Japan plunged 28.2% in April from a year earlier to 10.59 million barrels or 353,000 barrels per day. Japan is Kuwait’s leading oil buyer with accounting for 20% of its total crude exports. For full story, click here
