Oil Blog

OPEC in the News 7/31/05

Guyana and OPEC Strike Agreement on Debt Relief
RedNova.com - Dallas,TX,USA
Georgetown, Guyana: Guyana and the Organization of Petroleum Exporting Countries (OPEC) have reached agreement on a multi- million dollar debt relief package. ... 

Indonesia to stay as full OPEC member - official
NewKerala.com - Ernakulam,Kerala,India
JAKARTA : Indonesia, Asia-Pacific's only member of the Organization of the Petroleum Exporting Countries (OPEC), has decided to remain a full member of the ... 

Byron King: Whiskey and Gunpowder
HoweStreet.com - Canada
... demand in the third and fourth quarters of 2005 by 600,000 barrels per day...the International Energy Agency lowered its fourth-quarter demand for OPEC oil by ...

Indonesia to stay as full Opec member
Khaleej Times - Dubai,United Arab Emirates
JAKARTA -- Indonesia, Asia-Pacific's only member of the Organisation of the Petroleum Exporting Countries (Opec), has decided to remain a full member of the ...

Indonesia stays Opec member
New Zealand Herald - New Zealand
Indonesia's declining oil production left it unable to meet its Opec quota, and it became a net importer of oil for several months last year. ... 

Investors who kept faith with black gold reaping the benefits
Sunday Herald - Glasgow,Scotland,UK
... lows because of the severe economic crisis in Asia, a dampener on demand that had either been ignored or severely underestimated by the production cartel OPEC. ... 

July 2005
Business Today Egypt - Cairo,Egypt
... The decision, announced at a meeting of the Organization of Petroleum Exporting Countries (OPEC) in Cairo, is intended to halt a decline in oil prices. ... 


 

Gas Price News 7/31/05

Energy bill won't cut gas, oil prices
DetNews.com - Detroit,MI,USA
... The US petroleum industry, seeing record profits from skyrocketing oil and natural gas prices, lobbied aggressively for the legislation and received billions ...

Drivers used to high gas prices
Vancouver Sun (subscription) - Vancouver,British Columbia,Canada
... litre. As well, 23 per cent of drivers said they would likely reduce their use of a vehicle if gas prices hit $1.75 a litre. Of ...

Regulator set to approve 25% increase in gas prices
Ireland Online - Dublin,Ireland
The Energy Regulator is likely to give the go-ahead for a 25% hike in gas prices from October. The move will add nearly €200 a ...

Texas motorists see lower gas prices
Sweetwater Reporter - Sweetwater,TX,USA
... above last year's average. Sweetwater is below the state average, with gas prices around $2.14 per gallon. The gas average in Corpus ...

Gas prices spread global pain EMPTY FEELING
philly.com - Philadelphia,PA,USA
... When Middle East oil producers at that time cut off the United States and other countries supporting Israel, gas prices doubled within days. ... 

City raising prices for natural gas
Richmond Times Dispatch - Richmond,VA,USA
... your home. And now that Richmond's utilities department has looked at where natural gas prices are headed, you almost surely won't. ...

Natural Gas Prices Expected to Remain High
RedNova.com - Dallas,TX,USA
Jul. 30--The head of Indiana's largest utility warned on Friday natural gas prices will remain high into this winter. "There is ...

Gas prices surge upward just in time for the weekend
Elkhart Truth - Elkhart,IN,USA
... A Patroller found a convenience store on SR 13 in Sidney in Kosciusko County with gas for $2.07 a gallon. Call Pump Patrol at 296-5979 with the prices you see ...

Gas prices rising again
North County Times - Escondido,CA,USA
... Meanwhile, Detroit has taken notice of the effect of higher gas prices on car sales, according to a press release from JD Power and Associates. ...

Gas prices hurt Frisch's results
Cincinnati Enquirer - Cincinnati,OH,USA
High gas prices hit customers hard for fiscal 2005 at Frisch's Restaurants Inc., though the Cincinnati-based chain posted record sales and earnings for the ...

Malaysia raises gas prices up to 18 pct.
BusinessWeek - USA
JUL. 31 12:58 AM ET Malaysia increased the retail prices of gasoline and diesel by up to 18 percent Sunday in an attempt to rein in government subsidies amid ...

Energy bill might not lower gas prices
Northwest Herald - Crystal Lake,IL,USA
... Gas prices jump in the summer because there is not enough supply. It takes time for gasoline refineries to switch their pipelines ... 

Fluctuating gas prices are just good business
Palladium-Item - Richmond,IN,USA
Email from a Richmond resident: "Like everyone else I am watching the rise and fall of gas prices. Is it legal for gas to be $1.99 ... 

Oil Price News 7/31/05

Oil prices rise as fires stoke fears
Chicago Tribune - United States
Oil prices rose more than $2 a barrel over the past week, with traders concerned about everything from hurricanes in the Gulf of Mexico to the strength of ...

Energy bill won't cut gas, oil prices
DetNews.com - Detroit,MI,USA
... The US petroleum industry, seeing record profits from skyrocketing oil and natural gas prices, lobbied aggressively for the legislation and received billions ...

Oil firms hike gasoline prices by
Manila Bulletin - Philippines
... measures geared toward building up the country's energy resources so it would have a way to arrest the spiraling impact of global oil prices, and to push ...

'High oil prices may hurt US economy'
Economic Times - India
... IMF) has expressed confidence for short-term US economic prospects but warned of several challenges further ahead, including the impact of high oil prices. ... 

Oil: Prices surge on refinery fires and North Sea outage
New Zealand Herald - New Zealand
Oil prices surged as US refinery fires and an oilfield outage in the North Sea underlined concerns about stretched global refining and crude production capacity ...

PRECIOUS METALS UPDATE: Newmont:Profits Hurt By Oil Prices
Yahoo News - USA
(NEM) Friday said rising oil prices will increase its costs by as much as US$30 million at the company's massive copper and gold mine in Indonesia. ... 

Shortage of oil products lead to higher international oil prices
Kuwait News Agency - Kuwait
... Awatef Al-Hasawi KUWAIT, July 30 (KUNA) -- The shortage of oil products in the world markets played a vital role in the record increase of oil prices, a matter ... 

Gas prices spread global pain EMPTY FEELING
philly.com - Philadelphia,PA,USA
... Oil prices at about $60 a barrel have bred frustration shared by presidents and peasants, companies and commuters. Consumers are ... 

Yet Another Surge For Oil Prices
580 CFRA Radio - Ottawa,Ontario,Canada
Oil was up more than a dollar per barrel at one point Friday, coming to within a nickel of $61 dollars. It ended the session at ... 

Refinery News 7/31/05

Snags could push gas higher
San Diego Union Tribune - United States
... Oil refiners continue to point to the high cost of petroleum as a key factor in high pump prices -- as well as tight refinery capacity -- and there was no ...

Second BP blast ignites oil price
Telegraph.co.uk - United Kingdom
... Nevertheless, the threat to refinery capacity was enough to push the price of crude in New York to $60.45, up 51 cents, in early trading. ... 

Iran's refineries capacity up by 30% over past 8 years
MehrNews.com - Tehran,Iran
... Over the past eight years, Iran's crude oil refining capacity has increased ... is partly due to the completion of the development plan in Bandar Abbas Refinery. ...

Investors who kept faith with black gold reaping the benefits
Sunday Herald - Glasgow,Scotland,UK
... It coincided with a fire at Murphy Oil's refinery in Louisiana on Thursday. These shutdowns have rekindled concerns about tight refinery capacity. ... 

Oil: Prices surge on refinery fires and North Sea outage
New Zealand Herald - New Zealand
... prices surged as US refinery fires and an oilfield outage in the North Sea underlined concerns about stretched global refining and crude production capacity. ...

IHS Energy sees three plays developing in Basin
MyWestTexas.com - Midland,TX,USA
... nations like China and India, uncertainty over events in the Middle East, hurricanes affecting offshore operations and tight refinery capacity have all ... 

Deadly refinery explosion in March foils record profit for BP
MyWestTexas.com - Midland,TX,USA
... access to BP documents that clear March day an explosion ripped through the refinery. ... The 59,500-ton floating offshore platform with a capacity to pump 250,000 ... 

CORRECTED: US looking for possible links in BP blasts
Reuters.uk - UK
... to enter the residue hydrotreater where the Thursday explosion cut crude oil processing at the 460,000 barrel per day (bpd) capacity refinery by 70,000 bpd and ... 

Refinery News 7/31/05

Snags could push gas higher
San Diego Union Tribune - United States
... Oil refiners continue to point to the high cost of petroleum as a key factor in high pump prices -- as well as tight refinery capacity -- and there was no ...

Second BP blast ignites oil price
Telegraph.co.uk - United Kingdom
... Nevertheless, the threat to refinery capacity was enough to push the price of crude in New York to $60.45, up 51 cents, in early trading. ... 

Iran's refineries capacity up by 30% over past 8 years
MehrNews.com - Tehran,Iran
... Over the past eight years, Iran's crude oil refining capacity has increased ... is partly due to the completion of the development plan in Bandar Abbas Refinery. ...

Investors who kept faith with black gold reaping the benefits
Sunday Herald - Glasgow,Scotland,UK
... It coincided with a fire at Murphy Oil's refinery in Louisiana on Thursday. These shutdowns have rekindled concerns about tight refinery capacity. ... 

Oil: Prices surge on refinery fires and North Sea outage
New Zealand Herald - New Zealand
... prices surged as US refinery fires and an oilfield outage in the North Sea underlined concerns about stretched global refining and crude production capacity. ...

IHS Energy sees three plays developing in Basin
MyWestTexas.com - Midland,TX,USA
... nations like China and India, uncertainty over events in the Middle East, hurricanes affecting offshore operations and tight refinery capacity have all ... 

Deadly refinery explosion in March foils record profit for BP
MyWestTexas.com - Midland,TX,USA
... access to BP documents that clear March day an explosion ripped through the refinery. ... The 59,500-ton floating offshore platform with a capacity to pump 250,000 ... 

CORRECTED: US looking for possible links in BP blasts
Reuters.uk - UK
... to enter the residue hydrotreater where the Thursday explosion cut crude oil processing at the 460,000 barrel per day (bpd) capacity refinery by 70,000 bpd and ... 

Oil Future News 7/31/05

Crude oil futures jump on blast-related supply concern
Xinhua - China
On the New York Mercantile Exchange, light, sweet crude oil futures for September deliver rose 63 cents to end at 60.57 dollars. ...

 

Refinery News 7/29/05

Crude Oil Rises as BP Refinery Blast Raises Supply Concern
Bloomberg - USA
... Louis. ``If there were no excess refinery capacity worldwide, crude-oil demand would fall. It's extremely unlikely that there isn't some available.''. ...

Oil climbs to two-week high of $61 a barrel
Investor's Business Daily (subscription) - USA
... See full story. So the refinery "disruption underscored concern about tight refinery capacity and the market's sensitivity to any outages," he said. ...

US Energy Bill Showers Tax Breaks on Oil Drillers, Utilities
Bloomberg - USA
... No new refinery has been built in the US in three decades. While existing plants have expanded, refinery capacity hasn't kept up with rising fuel demand. ... 

$45.6M for Brent Spence
Cincinnati Post - OH,USA
... has no immediate solution for US dependence on foreign oil, but does have a few long-term provisions such as promoting greater refinery capacity to increase ... 

Oil Moves Higher on Refinery Fires
TheStreet.com - USA
... remind traders how vulnerable the market is to supply disruptions, however small, and exacerbate concerns over tight refining capacity. "A refinery fire always ...

BP Texas refinery fire out
GG2.net - UK
... hours after it flared. The refinery has a total capacity of 460,000 bpd and produces an estimated three per cent of US gasoline. ... 

Oil Price News 7/29/05

Oil prices up on refinery fires in US
BusinessWeek - USA
... factored into crude's upward movement in 2004 and much of this year. Oil prices are now more than 40 percent higher from a year ago. ...

Unocal profit jumps as oil prices soar
Reuters - USA
... and China's CNOOC Ltd., on Friday reported a better-than-expected rise in quarterly profit, boosted by soaring energy prices. The US oil and gas producer ...

Oil prices cripple Thai economy
The Standard - Hong Kong
... at a time of eroding morale, illustrated by a fall in consumer confidence in June to its lowest for more than two years, as international oil prices have risen ... 

Exxon, Shell profits soar on higher oil prices
Globe and Mail - Canada
Across the Atlantic, meanwhile, the newly merged Royal Dutch Shell PLC said its second-quarter profit increased 34 per cent, also because of higher oil prices. ...

Stock indexes negative on earnings, higher oil prices, positive ...
National Post - Canada
TORONTO (CP) - Canada's benchmark stock index sank into negative territory late Friday morning, even as oil prices shot past $60 US per barrel and the Canadian ...

TSX makes minor gains as US indexes surge; crude oil prices climb
CBC News - Canada
TORONTO (CP) - Canada's main stock index closed modestly higher Thursday after mixed earnings and climbing oil prices caused it to vacillate. ...

Newmont Says Oil Prices Will Hurt Profits
Forbes - USA
US-based mining company Newmont said Friday that rising oil prices will increase its costs by as much as US$30 million (euro24.8 million) at their massive ...

Oil prices rise after blast
Ireland Online - Dublin,Ireland
Oil prices lifted back above a key level today after an explosion at one of BP's refineries in the United States. The price of ... 

Oil prices break through USD60 a barrel
Business World - Ireland
Oil prices rose past USD60 a barrel in Asian trading as fires at relatively minor production centres in India and the US triggered buying in a tight market ...

Refinery fires drive up crude oil prices:-
Webindia123 - India
Two US refinery fires, which shut both facilities for an undisclosed period, drove up crude oil and petroleum product prices Friday. ... 

Gas Price News 7/29/05

Regulator flags 25pc rise in gas prices
Business World - Ireland
A hike of 25pc in gas prices has been flagged for this autumn by the energy watchdog the Commission for Energy Regulation (CER). ...

Gas prices drop, with Texas average $2.20 a gallon
Houston Chronicle - United States
... a barrel to $59. But she says not to look for gas prices to fall to $2 a gallon unless crude prices fall closer to $50 a barrel. ...

Canadian Gas Prices May Rise on Lower US Inventory Additions
Bloomberg - USA
July 29 (Bloomberg) -- Canadian natural-gas prices may rise after additions to US inventories missed analysts' estimates, raising concern that utilities may ...

China's Xinao Gas Prices $200M Bond At 7.375% Yld -Source
Yahoo News - USA
SINGAPORE (Dow Jones)--China piped gas operator Xinao Gas Holdings (2688.HK) has priced US$200 million in seven-year bonds at par to yield 7.375%, a person ... 

LA Gas Prices Freeze
Los Angeles Business Journal - Los Angeles,CA,USA
After five weeks of gas price increases related to oil surging to record highs, prices in Los Angeles stayed constant while other areas of Southern California ...

Gazprom to hike gas prices for Moldova
RosBusinessConsulting - Moscow,Russia
RBC, 29.07.2005, Chisinau 18:38:44.Gazprom will increase prices for gas delivered to Moldova starting January 1, 2006, deputy CEO of the company Alexander ...

Gas Prices Down!
XETV FOX6 San Diego - San Diego,CA,USA
... "However, there is plenty of oil and gas to meet demand that is lower than expected. Motorists can expect to see slowly declining gasoline prices for the next ... 

Gas prices in Arizona unchanged
KOLD-TV - Tucson,AZ,USA
... gallon. The highest gas prices in the state are found in Flagstaff with a price of two-dollars and 48 cents a gallon for unleaded. The ... 

Earnings roundup: Oil prices pump up Exxon Mobil profit
San Antonio Express (subscription) - San Antonio,TX,USA
... largest publicly traded oil company, reported a 32 percent increase in second-quarter profit as it reaped the benefits of soaring oil and natural gas prices. ...

Pump prices in area seem to settle a bit over the past few days
Elkhart Truth - Elkhart,IN,USA
... for $2.25 a gallon. Call Pump Patrol at 296-5979 and let us know the gas prices you see today. SOUTH BEND -- Madison Center's free ...

Oil Future News 7/29/05

US oil futures over USD60 after BP blast
Business World - Ireland
US oil futures traded above USD60 a barrel after an explosion at BP PLC's Texas City refinery yesterday reignited jitters of a squeeze in refined crude at the ...

Futures Movers Oil tops $60 a barrel amid fires
MarketWatch - USA
LONDON (MarketWatch) - Crude oil futures pushed over $60 in electronic trade Friday amid two refinery fires in the last week. BP ... 

S&P, Nasdaq post 4-year highs; oil futures near $60
Richmond Times Dispatch - Richmond,VA,USA
NEW YORK The Standard & Poor's 500 index and Nasdaq composite index both reached four-year highs yesterday as investors, unfazed by oil prices nearing $60 per ...

Oil futures up on oil demand projection
Petroleum News - USA
Crude futures gained July 28 after the US Department of Energy gave a mixed picture of ... stocks but suggested that it may raise its 2005 projection for oil demand ...