Regional News

Bloomberg Mexico processed the lowest amount of crude in decades in late June and early July, based on preliminary numbers, after a fire and flood took the country’s largest refinery offline last month. State-owned Pemex refined 695,000 barrels a day of crude, equivalent to about 42 percent of Mexico’s refining capacity, July 1 to July 16, according to the company’s ...

BEIJING / Reuters Russia was China’s biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed. China’s total crude oil imports reached 36.11 million tonnes in June, or 8.79 million barrels per day (bpd), making the country the world’s largest buyer for a ...

Bloomberg The biggest US oil import hub wants to grab a piece of surging North American crude exports. Louisiana Offshore Oil Port, the only terminal along the US Gulf Coast able to handle a fully laden supertanker, is gauging interest from shippers in sending crude overseas on the world’s biggest ships by early next year. Ports are competing to fill ...

BEIJING / Reuters State oil trader Unipec will develop “really strong” ties with China’s independent refiners, said a company executive on Tuesday, even as they present a growing challenge to its parent and Asia’s top refiner, Sinopec Corp. China issued crude oil import quotas to privately run refiners, often called “teapots”, for the first time in 2015, ending decades of ...

Bloomberg Saudi Arabia raised 17 billion riyals ($4.5 billion) from its first local Islamic bond sale this year as the biggest Arab economy seeks funds to bridge a budget deficit amid low oil prices. The government received investor offers in excess of 51 billion riyals, three times the deal size, according to a statement posted on the Ministry of Finance ...

London / Reuters Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help to rein in oversupply and tackle flagging prices. Brent crude futures were up 49 cents at $49.09 a barrel by 0933 GMT. US West Texas Intermediate futures ...

Bloomberg Oil’s bear market may finally be taking its toll on the shale boom. Hours after Halliburton Co. warned that explorers are “tapping the brakes” on drilling, Anadarko Petroleum Corp. said it’s trimming spending in the first earnings report this quarter from a major shale producer. That could make this week a turning point for the troubled global oil market ...

Bloomberg Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global oil-supply glut even as OPEC and its allies said Libya and Nigeria would keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a ...

SINGAPORE / Reuters Global oil demand could peak as early as 2024 if there are more efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices, Goldman Sachs said in research note on refining on Monday. Economic expansion in emerging markets – led by India – may stave off reaching a peak until ...

Bloomberg Schlumberger Ltd., the world’s largest oilfield-services provider, has revamped a deal to buy Russia’s biggest drilling company, less than two years after a similar plan was scuppered amid opposition from the nation’s regulators. Schlumberger plans to buy 51 percent of Eurasia Drilling Co., the two companies said in statements that didn’t disclose the terms. The deal would be one ...