Aug 26, 2010
Categories: News
The combination of slowing Chinese economic growth and expanding refineries mean this year’s 51% decline in profit margins from turning crude into gasoline, diesel and kerosene is poised to worsen. China National Petroleum Corporation says the amount of oil the nation can process will rise to 490 million metric tons this year from 429 million in 2009. The world’s biggest energy consumer is likely to generate a surplus as much as 15 million metric tons (110 million barrels) this year, possibly boosting ... Read More
Aug 25, 2010
Categories: News
Crude oil rose for the first time in six days as forecasts for a decline in US gasoline supplies spurred bets that its slide to an 11-week low was exaggerated. Crude for October delivery rose as much as 74 cents, or 1%, to $72.37 a barrel in electronic trading on the New York Mercantile Exchange. It was at $72.26 at 9:19 a.m. London time. Yesterday, the contract fell $1.47, or 2%, to $71.63, the lowest settlement since June 7. Brent crude for ... Read More
Aug 25, 2010
Categories: News
A High Court in Accra has set aside its earlier ruling against the National Petroleum Authority (NPA) in default of appearance in court over a case brought against NPA by a think tank, Data Development. This paves way for the NPA to state its defense for the implementation of the price adjustment mechanism otherwise known as ‘price differential’. The ex-refinery differential had been implemented by the NPA since 2006 to cushion the petroleum prices against spiral hikes. This mechanism allows petroleum prices ... Read More
Aug 25, 2010
Categories: News
Saudi Aramco, the state-owned oil and gas producer, is planning a maintenance shutdown at its wholly owned Yanbu refinery early next year, a person with knowledge of the schedule said. Work will start in February, said the person, who asked not to be identified because maintenance programs are not disclosed publicly. The refinery, on Saudi Arabia’s Red Sea coast, processes 225,000 barrels of crude a day, producing gasoline, diesel, fuel oil, jet fuel and liquid petroleum gas for domestic use, according to ... Read More
Aug 24, 2010
Categories: News
Oil declined for a fifth day on speculation US crude and fuel inventories rose last week, signaling weaker demand amid signs economic growth is slowing. Crude dropped to the lowest in almost seven weeks on Monday investors sought the relative safety of the dollar over the euro before a report that may show US home sales slumped in July. Crude for October delivery fell as much as 68 cents, or 0.9%, to $72.42 a barrel in electronic trading on the New York ... Read More
