Petroleum industry
BP Group, a British energy company, has announced the discovery of oil in the Corcovado-1 field located off the coast of the southeastern state of Sao Paulo, Brazil. The discovery was made in partnership with Petrobras, a Brazilian state-controlled oil company. According to BG, the oil was found in the
Petroleum industry
Crude oil prices fell significantly on Tuesday, sinking below $50 a barrel for the first time in a week, as swollen inventories continue to weigh on the market. The growing imbalance between massive crude supplies and still-weak demand remains a major roadblock to efforts to push higher. Traders are eyeing
Petroleum industry
Global crude oil futures rose sharply on March 26, 2009, as equity markets reflected hopes for an economic recovery. The International Energy Agency's chief economist cautioned that a strong rebound could lead to an oil shortage. Meanwhile, strong demand and robust oil supplies in the United States have
Petroleum industry
Oil prices pared losses on Wednesday after the U.S. government released data showing a significant drop in crude stockpiles at the key hub Cushing, despite overall inventories reaching 16-year highs. The mixed report from the Energy Information Administration (EIA) highlighted the complex dynamics at play in the oil market,
Petroleum industry
Valero Energy, the country's largest independent refiner, has acquired seven ethanol plants from VeraSun Energy for $477 million, providing a much-needed lifeline to the struggling biofuel industry. This move comes as the industry faces excess production capacity and falling gasoline consumption, with VeraSun, the nation's second-largest
Petroleum industry
Recent price hikes by PetroChina Co., Ltd. and China Petroleum & Chemical Corporation (Sinopec) have sparked speculation that the National Development and Reform Commission (NDRC) might lower the maximum retail prices of oil products. The two petroleum giants increased their retail prices of gasoline and diesel oil in several provinces
Petroleum industry
Chicago Board of Trade corn futures are forecasted to open with gains Tuesday, driven primarily by developments in outside markets, traders explained. The price projections for corn futures vary between 3 to 5 cents higher. Observers note that the ties between crude oil and corn, both being connected to ethanol,
Petroleum industry
In a sharp rebuke to multinational oil giant Chevron, Amazonian leaders have condemned the company's attempts to undermine a landmark environmental trial in Ecuador. The lawsuit, which has been ongoing since 1993, targets Chevron for its alleged dumping of over 18 billion gallons of toxic waste in the
Petroleum industry
BP and Verenium Corporation have joined forces to develop and commercialize cellulosic ethanol from non-food feedstocks. The joint venture, a 50-50 partnership, will form the commercial entity for deploying cellulosic ethanol technology developed under the first phase of their partnership. The companies have committed $45 million in funding and assets
Petroleum industry
Despite the global oil market fluctuations, major oil companies in the Philippines have rolled back the prices of petroleum products, reflecting the downward trend in international crude oil prices. Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines, and Chevron Philippines have reduced their diesel, kerosene, and gasoline prices by varying
Petroleum industry
The Russian stock market experienced a significant surge on Thursday, driven by rising crude prices and a mix of positive global market trends, as well as poor U.S. economic statistics that failed to deter investors. The RTS index rose 1.77% to 547.63 points, while the MICEX gained
Petroleum industry
As the offshore Kashagan field prepares to enter full production, Kazakhstan is facing a significant increase in oil exports, sparking a need for major expansions in its export capacity, according to Chevron. The country's vice president, Ian MacDonald, stated that Kazakhstan requires new, dedicated, and reliable export capacity
