Oil rises on Mideast tensions, glum demand outlook caps gains
Oil prices edged up on Tuesday on concerns about possible supply disruptions in the Middle East, but a weaker demand outlook kept a lid on gains, helped by a vow Continue Reading
Crude oil futures stable after IEA reports on emergency stocks
Crude oil futures were largely stable during mid-morning trade in Asia Tuesday as reports on the availability of emergency stocks eased supply concerns stemming from geopolitical tensions in the Middle Continue Reading
Why Goldman Sachs Thinks Oil Should Be Trading Higher
Fears of weak oil demand are taking over the market, overshadowing tanker battles in the Persian Gulf, something that would have typically sent oil prices skyrocketing. However, demand may also Continue Reading
Morgan Stanley: Why Tanker Wars Aren’t Causing An Oil Price Spike
The oil market has changed so much over the past five years that fast-growing non-OPEC oil production limits oil price gains from a spike in tensions in the Middle East, Continue Reading
Asian refiners, shipowners hedge Strait of Hormuz transit risks
Escalating tensions in the Strait of Hormuz forced Asian refiners and shipowners to weigh alternative crude sources, deploy contingency plans and boost safety measures for navigation along Iran’s coastal areas, Continue Reading
Oil Glut Could Worsen As Libya’s Civil War Ends
While the Persian Gulf crisis continues to escalate, oil markets have put Libya’s ongoing civil war on the backburner. This weekend, the shutdown of OPEC producer Libya’s giant Sharara field Continue Reading
Libya Lifts Force Majeure After Giant Sharara Field Starts Pumping Again
Libya has lifted its force majeure on Monday after it stopped loading crude oil for the weekend from the Zawiya terminal following the suspension of production from the country’s largest Continue Reading
Curacao says PM, Venezuela oil minister discussed PDVSA remaining as refinery operator
Curacao’s prime minister and Venezuela’s oil minister discussed the possibility of Venezuelan state oil company PDVSA remaining as the operator of the Caribbean nation’s 335,000 barrel-per-day (bpd) Isla refinery, Curacao’s Continue Reading
Power Outage Leaves Venezuela in the Dark, Again
Power failures have become common in Venezuela as what was once the region’s wealthiest country has plunged into chaos and economic output has more than halved in the last five Continue Reading
JXTG says to shut Osaka refinery venture with PetroChina as demand falls
JXTG Holdings, Japan’s biggest oil refiner, said on Tuesday it plans to close a 115,000 barrel per day (bpd) Osaka refinery that it owns with PetroChina next year, amid falling Continue Reading