The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday."Prices are determined by the markets...If we see the market today we see that the demand is slowing down considerably," said IEA's Fatih Birol, in public comments made during a two-day energy conference in New Delhi.The IEA is revising its 2019 global oil demand growth forecast down … [Read more...]
Iran’s deputy foreign minister says Tehran has not lost any drones
Iranian Deputy Foreign Minister Abbas Araqchi denied on Friday that Iran had lost a drone in the Strait of Hormuz after the United States said that a U.S. Navy ship had "destroyed" an Iranian drone. "We have not lost any drone in the Strait of Hormuz nor anywhere else. I am worried that USS Boxer has shot down their own UAS [Unmanned Aerial System] by mistake!," Araqchi said on Twitter, referring to a U.S. warship in the strategic waterway.U.S. President Donald Trump said on … [Read more...]
Asia stocks firm as Fed props up rate cut expectations
Asian stocks rose on Friday after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month, fuelling appetite for riskier assets and keeping a cap on the dollar.In early European trade, pan-region Euro Stoxx 50 futures were up 0.63%, German DAX futures rose 0.63% and Britain's FTSE futures gained 0.46%.In oil markets, crude surged after the United States said its navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for … [Read more...]
U.S. refinery operations-Phillips 66 says Borger, Texas refinery plans maintenance in the fall
The following is a list of refinery incidents reported in the United States on July 18:* Phillips 66 says Borger, Texas refinery plans maintenance in the fall * Exxon Experiencing Process Upset at Joliet, Illinois Facility- Community Alert * Total Reports Flaring After Transmitter Snag at Port Arthur, Texas Refinery * Total's Port Arthur, Texas refinery raising production to full -sources * PBF Chalmette, Louisiana refinery CDU back to normal production -sources * Shell Says … [Read more...]
IEA says does not expect "huge increase" in crude prices
The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, IEA's Fatih Birol also said, adding that he expects India's oil demand to continue rising.The IEA is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.-China trade … [Read more...]
Asia stocks firm as Fed props up rate cut expectations
Asian stocks advanced on Friday after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month, fuelling appetite for riskier assets and keeping a cap on the dollar.New York Fed President John Williams said on Thursday that policymakers could not wait for economic disaster to hit before adding stimulus, in a speech read as a strong argument in favour of quick monetary action. In oil markets, crude surged after the United States said its navy destroyed an … [Read more...]
Oil jumps, Brent up more than 2% after U.S. Navy downs Iranian drone
Oil prices climbed around 2% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East.Brent crude futures were up $1.28 cents, or 2.1%, at $63.21 by 0329 GMT. They had dropped 2.7% on Thursday, falling for a fourth day that leaves them still set for a weekly drop of more than 5%.West Texas Intermediate crude futures firmed 97 cents, or 1.8%, at $56.27. They ended 2.6% lower in the … [Read more...]
Icahn launches proxy fight after stalled talks with Occidental CEO
Activist investor Carl Icahn formally launched on Thursday a proxy fight against Occidental Petroleum to win control of four board seats, a regulatory filing showed, after talks with the oil company's CEO failed to reach an agreement. Icahn, who owns 4.4% of Occidental shares, said last month he planned to launch a proxy fight to oust and replace four Occidental directors. Icahn has blasted the Houston-based oil and gas producer for failing to give owners a say on its proposed $38 … [Read more...]
Oil falls nearly 3% as U.S. Gulf production returns
Oil fell nearly 3% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region. Crude rose earlier in the session after Iran said it had seized a foreign tanker in the Gulf. Prices pulled back after it emerged that the vessel had only a small cargo and was detained on Sunday for fuel smuggling. Prices were further weighed down after the U.S. equities market opened … [Read more...]
Canada’s 220,000-bpd Hibernia oil platform halts production for second day after spill
Production was shut down for a second day at the 220,000-barrel-per-day Hibernia oil platform off the coast of Atlantic Canada as crews worked to clean up an oil spill into the ocean, Hibernia's largest shareholder ExxonMobil Corp said on Thursday.A sheen was first spotted on the water near the platform on Wednesday and production was halted to deal with the spill, a mix of oil and water, estimated to total around 75 barrels.ExxonMobil spokeswoman Lynn Evans said the company could not … [Read more...]
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