LONDON (Reuters) – Brent crude oil was steady near $108 a barrel on Friday as Iran’s threats to halt flows through a vital oil channel offset a surprise jump in U.S. oil stocks, leaving oil on track to post a 14 percent annual gain.
The benchmark is poised to close the year at a record-high average of around $111 a barrel, surpassing the previous annual peak of just below $100 reached in 2008. With the exception of 2008, oil prices have closed higher every year for the last decade.
LAGOS/LONDON, Dec 22 (Reuters) – Nigerian authorities
were putting emergency measures in place on Thursday to prevent
an oil spill from a Royal Dutch Shell facility, the
biggest leak in Nigeria for more than 13 years, washing up on
its densely populated coast.
Tuesday’s spill, which Shell said happened while a tanker
was loading oil, has led to the complete shutdown of the
company’s 200,000 barrel per day (bpd) Bonga facility, about 120
kilometres off the coast of the West African nation.
LONDON, Dec 21 (Reuters) – Libya has agreed to supply
oil to four major European trading houses in 2012, a senior
National Oil Corporation (NOC) source said, amounting to at
least 9 percent of its crude exports, in a break from a policy
of restricting sales to refiners.
Glencore and Swiss-based trading giants Vitol,
Gunvor and Trafigura together will receive around 70 cargoes,
the NOC source said on Wednesday, as Libya expands its pool of
LONDON, Dec 21 (Reuters) – Royal Dutch Shell
is shutting down its 200,000 barrels per day (bpd) Bonga
oilfield off the Nigerian coast after a leak occurred while
loading a tanker on Tuesday, the firm said in a statement.
Shell said that “less than 40,000 barrels of oil” has leaked
into the ocean. The flow of oil has now halted, a spokesman
LONDON, Dec 20 (Reuters) – Asian buyers will step up
monthly imports of West African crude oil by nearly 40 percent
in January to around 1.75 million barrels per day (bpd),
according to Reuters calculations, as some buyers switch from
In December, crude oil loadings were exceptionally low at
1.26 million bpd, the data showed. The January figure is the
highest since last March, according to calculations based on
tanker data from trade sources.
LONDON, Dec 16 (Reuters) – Libya’s National Oil
Corporation (NOC) said on Friday Russia’s LUKOIL and
Italy’s Saras were among a pool of four or five firms
chosen to supply the country with up to three million tonnes of
gasoline in 2012.
“The best offers have been decided and we have informed the
companies that their offers have been accepted,” a senior source
at the NOC said.
LONDON (Reuters) – Sanctions on Syria’s oil sector are squeezing the country in the short term but production and exports are likely to resume once Syrian oil companies find new Asian partners to buy their oil, a Gulfsands executive told Reuters.
Gulfsands, which sources over 90 percent of its output from Syria, has shut down production there along with oil major Royal Dutch Shell and Canada’s Suncor Energy due to the latest set of EU sanctions.
LONDON (Reuters) – A lack of clear and effective policy for UK refiners may be jeopardising their viability, and deterring buyers, the UK’s oil industry body said on Thursday, threatening the sector with further closures and reduced national fuel supplies.
The number of refineries in the UK has slumped to eight from 18 in the late 1970s as refiners have seen margins tumble, due in part to regulatory requirements, and others could be at risk of closure if they do not find buyers soon.
LONDON, Dec 8 (Reuters) – A lack of clear and
effective policy for UK refiners may be jeopardising their
viability, and deterring buyers, the UK’s oil industry body said
on Thursday, threatening the sector with further closures and
reduced national fuel supplies.
The number of refineries in the UK has slumped to eight from
18 in the late 1970s as refiners have seen margins tumble, due
in part to regulatory requirements, and others could be at risk
of closure if they do not find buyers soon.
LONDON/BRUSSELS (Reuters) – The European Union plans to add Syria’s General Petroleum Corporation (GPC) to its list of sanctioned companies, diplomatic sources told Reuters on Wednesday, in a move designed to starve the government of President Bashar al-Assad of vital oil revenues.
World powers are imposing tough economic sanctions on the Syrian government over a violent crackdown on anti-government protests.