Japan’s leading refiner, Nippon Oil Corp. declared plans to refine 4 percent less crude in June from a year ago, a company executive declared on Friday, as domestic demand for oil products remains sluggish. For full story, click here
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Japanese oil firm AOC Holdings announced that it would acquire a 10 percent stake in PL332 block in the Norwegian sector of the North Sea from Canada’s Talisman Energy. For full story, click here
Japan’s crude oil import volumes declined to their lowest February tally in 20 years last month. For full story, click here
After falling from $147 to $35 per barrel towards the end of last year, crude oil has once again gained and touched $45 per barrel on speculation that China's stimulus plan may spur demand for the commodity near term. However, some experts are of the view that this is not just speculation but real purchases driving the prices up.
Japanese oil refiners led by Nippon Oil Corp. plan to close down more capacity during the peak spring maintenance season in 2009, lowering demand for crude oil imports from the world’s third-biggest user. For full story, click here
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
Japanese refiner Cosmo Oil Co informed that it has reduced crude oil refining volume plans for November and December by an additional 3.5 % or 180,000 kilolitres. For full story, click here For company’s website, click here
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