LONDON, Sept 25 (Reuters) – European refiners, in a
desperate battle for survival, are investing in costly upgrades
or trying to close plants that bleed the most money, but
industry experts say their efforts fall short of what is needed
to make the industry profitable.
Some 1.8 million barrels per day (bpd) of capacity has shut
since 2008, with the loss of Coryton in Britain, Harburg in
Germany and Berre l’Etang in France, to name a few, but the
industry is still struggling to make decent returns.
BRUSSELS (Reuters) – European refiners will enjoy only a brief period of improved margins before high product imports and weak demand will undermine profitability, industry experts say.
In particular an abundance of light shale oil and gas in the United States will create surplus gasoline, propane and naphtha barrels, prompting U.S. refiners to seek new markets overseas, forcing out European products.
LONDON, Sept 17 (Reuters) – Brent crude oil fell below $99
per barrel on Wednesday after a bigger-than-expected build in
weekly U.S. crude stocks, and a strong dollar continued to
create headwinds for commodities.
U.S. crude stocks rose more than twice as much as expected
week-on-week, the Energy Information Administration said, as
refineries cut output and imports jumped.
LONDON, Sept 12 (Reuters) – Brent crude oil fell below $98 a
barrel on Friday as concerns over weak demand and plentiful
supplies prompted investors and traders to dump the contract,
while a strong dollar created further headwinds.
Brent futures have sold off hard this week, dipping to
two-year lows. On Friday, short-covering provided some support
early in the session but by the time U.S. traders arrived at
their desks the market had resumed its slide.
LONDON, Sept 12 (Reuters) – Scotland will ask Britain to
help finance the cost of removing old North Sea rigs and
pipelines even if it votes for independence and gains most of
the oil revenues, a move that bankers and lawyers say may result
in years of legal battles.
An independent Scotland would benefit from most of the new
revenues from North Sea oil output – worth $50 billion a year -
but it will nevertheless ask Britain to co-finance some $60
billion of decommissioning to remove old platforms and
LONDON, Sept 12 (Reuters) – Brent crude oil held above $98 a
barrel on Friday as the market rebounded from a two-year low but
concerns over weak demand and plentiful supplies, plus a strong
dollar, continued to weigh on prices.
Brent futures have sold off hard this week, and hit a
two-year low on Thursday at $96.72 a barrel.
London, Sept 2 (Reuters) – Brent crude dipped below $102 a
barrel on Tuesday, pressured by worries about slowing oil demand
growth in China and Europe, a strong U.S. dollar and ample
Brent crude for October delivery was down 87 cents
at $101.91 a barrel at 0906 GMT after falling more than a dollar
in early London trading to an intraday low of $101.76.
LONDON, Aug 22 (Reuters) – Britain’s oil industry is facing
the threat of a cascade of North Sea rig closures, unless ageing
platforms can urgently source more gas to help squeeze out the
The potential threat to oil revenues looms as Scotland
prepares to vote in September’s independence referendum — a
debate in which oil production forecasts have become a political
LONDON, Aug 22 (Reuters) – Brent crude oil futures drifted
lower on Friday, further below $103 a barrel, as a strong dollar
and plentiful supplies continued to pressure prices.
October Brent crude was down 16 cents to $102.47 a
barrel by 0829 GMT. U.S. crude was down 34 cents at
$93.62 a barrel.
LONDON, Aug 20 (Reuters) – Oil traders have begun fixing
tankers to take North Sea, West African and Arab crudes to South
Africa for storage, hoping for a repeat of the multi-million
dollar bonanza they reaped in 2008-2009.
Shipping fixtures show that in late July and August, BP
, Mercuria, Total and Chevron all booked
suezmaxes to deliver crude to South Africa, with traders saying
that a good number of these barrels will go into storage.