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U.S. DOE Weekly Petroleum Status Report for July 25 (Text)

Following is the text of the weekly Petroleum Status Report from the U.S. Department of Energy: U.S. crude oil refinery inputs averaged about 16.6 million barrels per day during the week ending July 25, 2014, 47,000 barrels per day less than the previous week’s average. Refineries operated at 93.5% of their operable capacity last week. […]

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How sanctions will affect the West’s $35bn invested in Russian oil

The US and EU have banned the export to Russia of hi-tech oil equipment needed in Arctic, deep sea, and shale extraction projects. This will leave Western companies, which have an estimated $35 billion invested in Russian oil, in a bind. New stage three sanctions won’t immediately slash Russian oil production, which at 10.55 million […]

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ConocoPhillips deal propels Oando to Nigeria’s top league

ConocoPhillips (COP.N) has waited for more than a year to close the deal with Oando, which is listed in Lagos, Toronto (OER.TO) and Johannesburg, because the local firm struggled to raise finance and had to navigate local bureaucracy. But for Oando’s chairman, the deal means as much for the young Nigerian company as for the […]

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Luxury oil summit during Rugby Cup was an ‘investment’

Energy Minister Simon Bridges is defending a $240,000 bill for taxpayers to wine and dine 11 oil executives – including four nights’ luxury accommodation, a sailing trip and the royal treatment for two games during the 2011 Rugby World Cup. Mr Bridges portrayed the spending as an investment, highlighting the $800 million a year in […]

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Canada Stocks Fall as Athabasca Slumps to Lead Oil Drop

Canadian stocks fell, after closing last week at a record, as a decline in oil producers overshadowed rising metal prices before U.S. economic data that may signal slowing growth. Athabasca Oil Corp. (ATH) sank 6.8 percent as the oil sands producer said it is still working to close an asset sale with PetroChina Co. BlackBerry […]

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BP, Shell, Morgan Stanley seek end of oil price-fixing lawsuit

In papers filed on Monday night in U.S. District Court in Manhattan, the defendants said there was no evidence they colluded to manipulate spot prices or intended to do so, in violation of U.S. commodity and antitrust laws. They also said that because the alleged manipulation took place outside the United States and was governed […]

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Iraq challenges shipment of Kurdish oil to Texas

A small drama quietly being played out in the waters off Galveston, Texas, could end up having ripple effects across both Iraq and the international oil sector. At issue is a tanker, the United Kalavrvta, that arrived off the coast of Texas over the weekend. The vessel is carrying about 1 million barrels of crude […]

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Exclusive – U.S. condensate oil export requests put on hold for now: sources

The companies seeking clarification on exporting ultra-light oil, known as condensate, have been told that their requests are being “held without action,” a person familiar with the matter said last week, describing an indefinite pause in the review process that allows officials to seek additional information on a decision. This may also give the agency […]

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Libya seeks intl help over huge oil depot fire, warns of ‘disaster’

A massive fire is “out of control” after armed militias fighting for control of Tripoli’s airport blew up an oil storage tank on Sunday night. Libya’s interim government has said it could cause a “humanitarian and environmental disaster.” Militia groups fighting for control of Tripoli’s airport are thought to have hit an oil storage tank […]

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Britain sets out shale rules with new oil, gas licensing round

Concerns about the potentially dangerous impact of hydraulic fracturing, or fracking, in the search for shale gas has prompted protests in Britain and outright bans on the practice in France and elsewhere. The licences are the first step in the exploration process but do not give outright permission to drill. Oil and gas exploration companies […]