Regional News

MUMBAI / NEW DELHI / Reuters India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix. State-owned oil companies – Indian Oil, Bharat Petroleum and Hindustan Petroleum – are planning to raise gas contributions to between ...

Bloomberg Short-selling is rearing its head in the oil market again. After bullish bets on Brent crude hit a record and futures surged to two-year highs, hedge funds are pulling back with a sense that the rally reached its limit for now. Wagers on lower prices rose by the most since June as Middle East tensions took a backseat, while ...

BEIJING / Reuters Chinese oil refiners are churning out record amounts of fuel in the last quarter of 2017, looking to cash in on the best refining profits in nearly two years after a rally in diesel and gasoline prices. Officials at five state-owned oil processors said they are refining and shipping as much product as possible after receiving generous ...

BONN / Reuters The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said. “This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of ...

LONDON / Reuters A consortium behind a liquefied natural gas (LNG) import project in Pakistan, including oil giant Exxon Mobil and France’s Total, has been dissolved, shipping company Hoegh LNG said. Hoegh LNG was due to supply the project’s ship-based import terminal, a floating storage and regasification unit (FSRU), where LNG brought in by tanker is converted back to gas ...

Bloomberg Fifteen days from now, nations that pump more than half the world’s oil gather in Vienna to discuss extending the production cuts that helped lift prices to two-year highs. The outcome is far from certain. Russia, which alongside Saudi Arabia was the architect of the historic cooperation between crude producers, is said to be unconvinced that a decision is ...

Bloomberg Egypt will stop importing liquefied natural gas in 2018 and may eventually export gas after it starts producing this year at the giant Eni SpA-operated Zohr field off the country’s Mediterranean coast, Oil Minister Tarek El-Molla said. Zohr’s output will mostly supply the domestic market, and the nation’s two existing gas-liquefaction facilities are large enough to process any available ...

Bloomberg The world’s biggest oil buyer may be waking up from a seasonal slumber. China added 37 million barrels of oil to inventories in the first nine days of November, a rebound from September and October, when stockpiles fell by more than 120 million barrels, according to commodities intelligence firm Orbital Insight Inc. The drawdown coincided with China in October ...

Bloomberg Egypt is in talks with Saudi Arabian Oil Co. to import crude oil and refine it domestically, giving the North African country more control over its own gasoline and diesel supplies. A deal could be made early next year, Egypt’s Oil Minister Tarek El-Molla said in an interview. Saudi Arabia has been shipping about 700,000 metric tons a month ...

Bloomberg The man overseeing western Europe’s biggest crude spigot is fighting back against the oil doubters. Norway’s push into the Arctic, necessary to prolong the nation’s more than four decades of petroleum production, is running into a multi-pronged attack with claims that projects will be unprofitable and an unprecedented lawsuit targeting the government. “There are many forces who are using ...