LONDON, Nov 20 (Reuters) – Brent crude oil fell below $78 a
barrel on Thursday, as the demand outlook was hit by weak
economic data in China and Europe, outweighing support from
possible cuts in oil output at an OPEC meeting next week.
“We’ve had disappointing data from China and Europe, and
U.S. crude inventories are high, so there’s plenty of supply,
but tepid demand,” said Michael Hewson, chief market analyst at
ACCRA/LONDON, Nov 14 (Reuters) – Ghana National Petroleum
Corporation (GNPC) is in talks with commodities trader Trafigura
and banks for a $700 million five-year loan at 4.43
percent to fund oil and gas projects, GNPC and a source close to
the deal said on Friday.
The deal would be Trafigura’s first in Ghana and GNPC said
it would be funded through its mandated share of national oil
export revenue rather than using oil as collateral.
LONDON, Nov 10 (Reuters) – U.S. company Murphy Oil
tried for more than four years to sell its Milford Haven
refinery in Wales. The plant was finally doomed last week when a
deal with entrepreneur Gary Klesch fell through because he could
not secure financing.
Banks were not convinced Klesch’s plans to buy Britain’s
smallest and least sophisticated plant were viable, sources
familiar with the transaction said.
LONDON (Reuters) – Brent oil rose above $84 on Wednesday after touching a four-year low below $82 in a day of volatile trading, which also saw U.S. crude gain more than a dollar, as strong signals from the United States outgunned weak data from China and Europe.
U.S. crude inventories increased by 460,000 barrels last week, according to the Energy Information Administration (EIA), while stocks of gasoline and diesel fell.
LONDON, Nov 4 (Reuters) – A deal to rescue the UK’s Milford
Haven oil refinery has collapsed, forcing operator Murphy Oil to
shut the plant with the loss of hundreds of jobs, the latest
victim of a slump in the European refining industry.
Emphasising the political cost of jobs being axed in the run
up to a UK general election next year, British Prime Minister
David Cameron called the decision “very disappointing”.
LONDON, Nov 5 (Reuters) – Brent oil dropped to a new
four-year low below $82 a barrel on Wednesday, a fifth straight
day of losses, as weak economic data from top energy consumer
China intensified worries about demand as a global supply glut
Services sector growth in China weakened in October as new
business cooled, a private survey showed, coming just days after
data revealed sluggish factory growth in the world’s
LONDON, Oct 23 (Reuters) – PetroIneos is ramping up imports
of West African crude to its Grangemouth refinery in Scotland,
according to shipping fixtures, booking at least 5 million
barrels since the start of October amid lower prices and
technical problems at the plant.
The joint venture between PetroChina and Ineos
which runs the 210,000 barrel-per-day plant booked
the latest 1 million barrel Suezmax tanker on Thursday, shipping
fixtures show, with another four or five listed since the start
of the month.
MILAN/LONDON, Oct 15 (Reuters) – The lengthy shutdown of a
liquefied natural gas (LNG) plant is helping push Angola’s crude
oil exports to their lowest levels since 2006, having clogged
offshore platforms with unwanted gas supplies and forced
operators to limit extraction.
With few alternatives available to unblock oil flows, the
highly polluting practice of burning off gas in flare stacks,
which the plant was built to prevent, looks set to return for as
long as it takes to carry out repairs, local industry sources
with knowledge of the matter said.
LONDON (Reuters) – Nearly 3 percent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said.
The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further.
LONDON, Oct 14 (Reuters) – Nearly 3 percent of global oil
production is vulnerable to cuts if prices fall to $80 per
barrel, making some projects in Canada, Angola, Brazil and
Norway unprofitable, the International Energy Agency said.
The estimate was included in a monthly report in which the
IEA also cut its forecasts for oil demand and said prices may