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.
Russia’s LUKOIL has purchased a stake in a Dutch refinery from France’s Total, gaining a foothold in northwest Europe and blocking a bid by the biggest U.S refiner, Valero, to enter the region.
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India’s year-old advice of an oil price band to reduce volatility in the crude oil market has won the backing of Nigeria, Russia, France, Japan, South Korea and the US, but experts say the proposal may be difficult to implement in the absence of a broader agreement between oil producing and consuming nations.
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Russian oil producer OAO Lukoil Holdings on Wednesday declared its first-quarter net profit slipped 71% from a year earlier, hurt by a dip in crude prices.
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Russia’s main crude export blend, Urals URL-E URL-NWE-E declared to have traded at above $65 per barrel on Friday for the first time since October 2008.
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Crude oil output from Russia is expected to boast modest gains in 2009 despite earlier forecasts of a dip in the industry.
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Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
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.
Cuba is holding talks regarding oil exploration and production deals with Russia, China and Angola, with Moscow shaping up as the partner that could make the communist island energy self-sufficient.
Basic Industry Minister Manuel Marrero, said:
The Cuban oil industry’s venturing out into deep sea waters in the Gulf of Mexico very likely will result in an [...]
Iran’s Minister of Oil Gholam-Hossein Nozari signed a letter of understanding on energy cooperation with Russian Minister of Energy Sergei Shmatko, this Sunday evening. The two sides agreed to cooperate on exchanging crude oil.
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Thursday, July 8, 2010