Petroleum industry
Copper prices tumbled to three-week lows on Tuesday as concerns over global growth intensified due to escalating violence in the Middle East, which sent oil prices soaring. The most actively traded copper contract, for March delivery, fell 13.5 cents, or 3%, to settle at $4.3470 a pound on
Petroleum industry
The Iraqi government has announced plans to sign a training agreement with Britain for Iraqi marine troops, with a focus on protecting oil export platforms. Iraqi government spokesperson Ali Al-Dabagh stated that the cabinet has authorized the Minister of Defense to sign the project, with the goal of providing training
Petroleum industry
ConocoPhillips, the third-largest U.S. oil company, has outlined its production growth expectations amidst a $10 billion asset sale program. The company's vice president, Ryan Lance, states that onshore U.S. shale production is expected to grow by 10-18% annually between 2010 and 2014. However, overall production is
Petroleum industry
Russian stocks rose on Friday as Gazprom and Rosneft led the rally, with the MICEX index gaining 0.96% to 1,766.53 points and the RTS index up 0.6% to 1,928.58 points. The MICEX index rose 1.8% for the week and the RTS index was
Petroleum industry
Representative Joe Barton (R-TX) was interviewed on Fox News Channel's "Your World" on Monday, January 31, 2011, by Neil Cavuto. The discussion centered on domestic oil production's impact on Middle Eastern oil imports and its potential effects on the energy market. In the interview,
Petroleum industry
Energy companies saw gains on Monday, January 26, 2011, as Chevron Corp.'s (CVX) announcement of successful well tests in the Moho-Bilondo permit area off the Republic of Congo coast sparked optimism. The news contributed to a higher Dow Jones U.S. Oil & Gas Index, while key energy
Petroleum industry
Oil company NIS, controlled by Russia's Gazprom, will continue to hold a monopoly on crude oil imports in Serbia until at least 2013 due to a lack of storage capacity among potential competitors. Although new government regulations lifted the monopoly and stipulate that only companies with at least
Petroleum industry
The Energy Information Administration's latest report showed that US crude inventories fell by 2.15 million barrels to 333.11 million barrels, marking the sixth consecutive weekly drop. However, refined product stocks, including gasoline and distillates, surged, with gasoline stocks increasing by 5.08 million barrels to 223.
Petroleum industry
The Australian government has granted BP four permits to explore for oil and gas in the Ceduna Sub-basin off South Australia, following an extensive assessment that examined BP's ability to undertake the work in accordance with Australia's stringent requirements. This is the first time Australia has
Petroleum industry
Petrol prices in India are set to rise again, with state-owned oil companies Indian Oil Corp, Hindustan Petroleum Corporation Ltd, and Bharat Petroleum Corporation announcing hikes of up to Rs 2.54 per liter, effective from midnight tonight. This increase is the second in a month, following a previous hike
Petroleum industry
Sinopec Shanghai Petrochemical Company Limited, a subsidiary of China Petroleum and Chemical Corporation, set a new record in 2010 by processing a total of 10.52 million tonnes of crude oil. The daily crude oil processing volume was 211,265 barrels, slightly lower than the target of 215,000 barrels
Petroleum industry
US stocks declined yesterday due to drops in oil and metals prices, which weighed down energy and materials shares, while concerns about lower supermarket profits hit consumer stocks. The S&P materials index fell 1.6% and the energy index dipped 1.1% as metals and oil prices decreased
