Crude oil

OPEC's iron grip on oil slides as US shale charges forward

Blume, Adrienne, Hydrocarbon Processing Staff

At OPEC's recent meeting in Vienna, the Saudi-led oil cartel opted to extend its crude oil production cut by nine months to March 2018. Early approval by Iran—OPEC's second-largest producer—added weight to the decision.

OPEC oil cut extension renews Asia's crude supply worries

SINGAPORE (Reuters) — The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets, while refiners in Asia were mostly concerned with whether it meant they would need to go hunting for crude.

Big drop in US oil stocks finally on the way, traders say

NEW YORK (Reuters) — Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years.

Uganda, Tanzania sign deal for world's longest heated pipeline

KAMPALA (Reuters) — Uganda and Tanzania signed a framework agreement on their proposed $3.55 B crude export pipeline on Friday, a key milestone for the project, which is expected to start pumping Ugandan oil to international markets in three years.

China's teapot refiners set to slow crude imports as tanks overflow

BEIJING/SINGAPORE (Reuters) — As OPEC extends production cuts in a bid to tighten the oil market, China's independent refiners—awash with crude and facing disappointing local demand—are poised to slow purchases of oil for at least the next two months.

OPEC extends oil output cut by nine months to fight glut

VIENNA (Reuters) — OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

Venezuela says considering options to repay debts

VIENNA (Reuters) — Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia.

US crude inventories slump amid near record refining

(Reuters) — US crude oil inventories fell for the seventh straight week as refiners processed a near record amount of crude last week, the Energy Information Administration said on Wednesday, even as gasoline and distillate stockpiles also dipped.

Pertamina appoints Sinopec unit for crude oil processing

JAKARTA (Reuters) — Indonesian state oil and gas company PT Pertamina has appointed a unit of China's Sinopec to process crude oil from Iraq, Daniel Purba, a senior vice president said on Wednesday.

OPEC set to prolong oil cuts as delegates predict smooth meeting

VIENNA (Reuters) — OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.