GENEVA/LONDON (Reuters) – Turkish refiner Tupras plans to cut its dependence on imports of Iranian oil and will meet Saudi Arabian authorities this month, industry sources familiar with the company’s strategy said on Thursday, as Western powers crack down on Iran’s oil sales.
Turkey imports more than 30 percent of its daily consumption from Iran and has so far given no indication that it will comply with a planned European Union import embargo on Iranian crude.
GENEVA, Jan 13 (Reuters) – A Swiss union has launched
an online petition calling on its economy minister to match the
French government’s pledge and intervene directly in talks with
bank lenders to protect refiner Petroplus from
The Swiss-based refiner has reached a temporary agreement
with 13 banking lenders who froze about $1 billion in December
but Petroplus investors and workers are still concerned about
the future of the firm and its five European plants in the
absence of a long-term deal.
LONDON, Dec 30 (Reuters) – Brent oil fell below $107 a
barrel on Friday, pressured by doubts that Iran will disrupt
supply and by an expected drop in European demand for crude due
to refinery outages, although the benchmark was still on track
to post a 13 percent gain for 2011.
Brent 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.
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.