Aug 24, 2010
Categories: News
Abu Dhabi National Oil Company, the state-run producer of petroleum products in the United Arab Emirates capital, said reports about the company increasing gasoline prices in September are “completely false.” The company commented in a statement published on state-run WAM news agency. The Gulf News reported on August 22said that the U.A.E. may raise gasoline prices a third time this year, citing a person from Abu Dhabi National Oil. Retailers in Dubai and the northern emirates such as Emirates National Oil Company ... Read More
Aug 20, 2010
Categories: News
Crude oil declined to trade near a six-week low, down 1.8% this week, fell on Thursday after the Labor Department said weekly claims for unemployment benefits climbed to the highest level since November. The Federal Reserve Bank of Philadelphia’s general economic index dropped to the lowest reading since July 2009. Crude for September delivery fell as much as 40 cents, or 0.5%, to $74.03 a barrel in electronic trading on the New York Mercantile Exchange and traded at $74.06 at 10:35 a.m. ... Read More
Aug 20, 2010
Categories: News
Royal Dutch Shell Plc is seeking to sell its stakes in four oil blocks off the coast of Brazil, a spokesman said. Shell aims to sell its stakes ranging from 20% to 82.5% in the BS-4, BM-S-8, BM-S-45, and BM-ES-28 blocks, spokesman Jaryl Strong said on Thursday in an e-mailed response to questions. Shell is the operator of two of the blocks. Shell joins Repsol YPF SA, OGX Petroleo & Gas Participacoes SA and Statoil ASA in selling oil exploration assets in ... Read More
Aug 20, 2010
Categories: News
A unit of Kuwait Petroleum Corporation and PT Pertamina, Indonesia’s state-oil company, will study the feasibility of more than tripling the capacity of the Balongan oil refinery in Java. Balongan’s oil-refining capacity may increase to as much as 425,000 barrels a day from 125,000 barrels a day, Pertamina spokesman Mohamad Harun said by telephone on Friday. Kuwait Petroleum International Company and Pertamina signed a memorandum of understanding on Thursday carry out the study, the Jakarta-based company said in an e-mailed statement today. ... Read More
Aug 19, 2010
Categories: News
Crude oil traded near the lowest in two days after the US government said total petroleum stockpiles surged to the highest level in at least 20 years. Oil dropped after Wednesday’s Energy Department report showed inventories of crude and fuels climbed 5.34 million barrels to 1.13 billion last week. Supplies of distillate fuel, which include heating oil and diesel, rose to the highest since 1983. Crude pared losses after equity markets in Asia gained. Brent crude for October settlement traded at $76.42 ... Read More
