Petroleum industry
Senate Majority Leader Mitch McConnell and President Obama are locked in a dispute over the Keystone XL pipeline, with 60 lawmakers introducing a bill to approve the project and the White House promising to veto it. The bill, sponsored by Sens. Hoeven and Manchin, aims to bypass ongoing litigation in
Petroleum industry
Oil prices slid further on Monday due to concerns that the global supply glut will extend into this year. Major brokerages, including Citigroup, have cut their oil price forecasts for 2015 and 2016, amid a weak world economy and increased US shale production. Edward Morse, head of commodities research at
Petroleum industry
The country's largest fuel retailer, Indian Oil Corporation (IOC), has announced a fuel price hike effective midnight tonight, citing international crude oil price fluctuations and a depreciating rupee-dollar exchange rate. The price increase of 75 paise per litre for petrol and 50 paise per litre for diesel is
Petroleum industry
The China Castor Oil industry has witnessed significant growth over the past five years, driven by increasing demand for medical castor oil. According to a report published by Reportbuyer.com, the global castor oil market size is estimated to reach $1.23 billion by 2015, with China being the largest
Petroleum industry
As the new year began, the Energy Information Administration (EIA) reported that U.S. oil inventories rose last week, while demand for oil and gasoline faltered. The data showed that crude oil stocks rose 2.2 million barrels, gasoline stocks rose 2.479 million barrels, and distillate stocks (diesel/heating
Petroleum industry
A report commissioned by the Alberta government predicts that oil sands producers could lose up to $72-billion if a pipeline is not built to ship heavy crude to the British Columbia coast. The report, conducted by consultants Wood Mackenzie, warns that without such a pipeline, oil sands companies would be
Petroleum industry
Iran's oil minister, Rostam Qasemi, had earlier stated that Saudi Arabia had promised not to replace Iranian crude if sanctions were imposed. However, industry sources close to the matter have disputed this claim, suggesting that Saudi Arabia would indeed fill any demand gap if sanctions are placed. The
Petroleum industry
U.S. oil supplies have taken a significant hit in the week ending December 16, 2011, with a decrease of 10.57 million barrels in crude inventories, according to the Energy Department's weekly inventory release. This marked the second straight weekly decline in crude inventories, with imports hampered
Petroleum industry
Hess Corporation, a global integrated energy company, has released its second edition of the Hess Toy Truck game app, the Hess Racer Game, on Android, extending its 47-year-old holiday tradition online. Building on last year's successful debut of the Hess Jet Game, the new app allows fans to
Petroleum industry
Oil futures jumped in early trading as the US housing starts report showed a surge in home building, a positive sign for the economic recovery. The market was also lifted by concerns over unrest in an oil-producing province of Kazakhstan and a possible meeting of world leaders to discuss sanctions
Petroleum industry
The Canadian stock market experienced a decline on Tuesday as rising oil prices were offset by unfavorable data from Europe's biggest economy. The S&P/TSX Composite Index fell 147.95 points, or 1.24 percent, to 11,759.94, while the S&P/TSX Venture
Petroleum industry
As of December 5-9, the average spot price for 13 types of oil, including North American oil, stood at $109.3 per barrel. The highest average price was observed for Minas oil produced in Indonesia at $118.16 per barrel. The price for Minas serves as a benchmark for other
