Thursday 17 April 2014
 
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Crude

Shale revolution boosts US oil reserves to record levels

US exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published this week. Proved reserves of crude stood at 30.5 billion barre

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Vanishing volatility signals oil market shift

The oil market has rarely been so quiet. Benchmark Brent has traded in a narrow range of $5 either side of $110 per barrel since the summer of 2012. Price volatility has fallen to some of the lowest levels since crude futures mark

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Global crude oil prices gain on US jobs data

Global crude oil surged to a new high as data showed strong jobs growth in the US and Brent crude followed suit as investors cast doubt on reports Libya's oil ports were about to reopen. Both benchmarks retreated from the day&

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Saudi switch saves 550,000 bpd crude

Saudi Arabia will save 200 million barrels a year of liquid fuel by switching its power stations to more efficient combined cycle turbines, the head of Saudi Electricity Co (SEC) said on Tuesday in a speech reported by state media.

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Iran oil exports show steady increase

Iran exported more crude than allowed under Western sanctions for at least a fourth straight month in February, as ship loading data obtained by Reuters showed top clients again bought more than one million barrels per day (bpd) of Tehran'

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Opec output soars on higher Iraq exports

Crude oil production from the Organization of the Petroleum Exporting Countries (Opec) climbed by 240,000 barrels per day (bpd) to 30.11 million bpd in February from 29.87 million bpd in January following a surge in Iraqi exports, said a report.

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Iraq now world's fastest-growing oil exporter

Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving Opec market share rivalries down the road. Despite worsening violence due

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Saudi plans oil-to-chemicals plant at Yanbu

Saudi Arabia plans to build a plant able to turn crude directly into chemicals, without first having to refine the oil, Saudi Oil Minister Ali al-Naimi said on Tuesday. Development of the Saudi petrochemical sector is part of Riya

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Korean refiners eye more Iraq crude

South Korean refiners are set to import about a quarter more Iraqi term crude this year, industry sources said, as oil from other Middle Eastern suppliers is squeezed out by higher pricing or limits on Iranian supply due to sanctions.

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Opec oil production hits new high in Feb

Opec's oil output has risen further in February from December's two-and-half-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a survey found. Output from the Organisation o

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