Oil prices could drop by as much as $15 per barrel should countries such as Libya restore production and sanctions on Iran be eased, forcing some of the most expensive US oil projects to stop pumping, the head of the world's largest oil trad
Iraq's State Oil Marketing Organisation (Somo) has finalised a term deal to buy up to 1.097 million tonnes of gasoil for delivery next year from Swiss trader Vitol and oil major BP, traders said on Wednesday.
The company has a
Vitol Tank Terminals International (VTTI) is studying almost doubling its oil storage capacity at the port of Fujairah, just outside the Strait of Hormuz, and could start construction by early 2014, a spokeswoman for VTTI said on Sunday.
Vitol, the world's largest oil trader, is buying and selling Iranian fuel oil, undermining Western efforts to choke the flow of petrodollars to Tehran and put pressure on Iran's suspected nuclear weapons programme.
Iran has probably yet to feel the pain of Western sanctions on its oil revenues, as the 17 percent gain in crude prices since December has largely offset the decline in exports. But the key word here is yet.
Ian Taylor, the head of
French oil major Total and trading house Vitol have won a tender to supply the UAE fuel retailer Emarat with 1.2 million tonnes of 95 RON gasoline in 2012, traders said.
Vitol won 65 per cent of the volume, while the rest was awarded to T
The upstream growth plans of the world's two biggest oil trading companies took a big step forward on Thursday as Iraq pre-qualified Glencore and Vitol to bid for billions of barrels of oil exploration rights next January.
The Iraqi oi
Vitol, the world's largest energy trader, has announced plans to build an oil import and distribution terminal in Cyprus.
Vitol Tank Terminals International (VTTI), a wholly owned subsidiary of Vitol Group, said it expects the project
Vitol has signed an agreement with Kuwait Petroleum Corporation (KPC) to supply liquefied natural gas (LNG) to Kuwait to help the state meet peak electricity demand during summer from 2010 to 2013.
While KPC is following through on its pla