Crude oil
Iran crude oil exports drop as sanctions take hold
Iran's crude oil exports appeared to have sharply dropped this month for the first time this year, according to an authoritative consultancy, as sanctions start denting Tehran's most important source of revenue. Iran's crude oil exports had been stable at 2.2 million bpd until now.
India in talks to smoothen Iran crude oil supplies
India has shown no signs of giving in to US pressure to reduce its business dealings with Iran, with the government and a top trade body moving in quite the opposite direction. New Delhi is in talks with Iran to ensure uninterrupted crude oil supplies, as well as to smoothen settlement of payments.
Refining deals up sharply in 2011 amid shedding of global assets
Refiners realigned their corporate strategies in 2011, with many shedding refining assets and others choosing to exit the sector altogether, according to a new report.
Brazil prosecutor files criminal charges in Chevron oil spill case
A federal prosecutor in Brazil will file criminal charges Wednesday against executives from US oil major Chevron and drilling-rig operator Transocean, charging the employees with environmental crimes related to an offshore spill in November. A federal judge will decide whether to bring the charges to trial.
US to exempt EU, Japan on Iran oil sanctions
The US has decided to grant exemptions to Japan and 10 European Union (EU) countries under a new set of Iran oil sanctions, a key lawmaker said. Aimed at shutting down Iran's nuclear program, the sanctions target financial institutions that do business with Iran's Central Bank, a main conduit for Iran's oil sales.
Romney to attack Obama over US gasoline prices
An improving job market is prompting Mitt Romney to focus on rising gas prices as evidence President Obama has mismanaged the economy. Obama's political team is concerned rising gas prices will diminish some of the political advantage the president may gain from the improving economy.
Hess to explore sale of St. Lucia oil terminal
Hess Corp. announced Monday that it is exploring the sale of its St. Lucia crude oil and refined products storage and transshipment terminal in the Caribbean. The news comes two months after Hess unveiled plans to shut down its Hovensa refinery venture in St. Croix.
Essar commissions diesel hydrotreater unit in India
Essar Energy plc, the India-focused integrated energy company, announced that Essar Oil Ltd. has successfully commissioned diesel hydrotreater unit 1 (DHDT-1) as part of the Phase I expansion at its Vadinar refinery in India.
EIA raises oil price forecast for 2012
In its March "Short-Term Energy Report," the DOE/EIA raised its oil price forecast for 2012 to $106/bbl, up $5/bbl from the previous forecast amid concerns over geopolitical tensions in the Middle East, growth in world demand and supply constraints in non-OPEC countries.
OPEC pins high oil prices on speculators, IEA warns of supply woes
Leaders of some of the world's largest oil producing nations Wednesday pinned current high oil prices primarily on market speculators, just as consuming nations warned that even present increased output levels are being more than offset by numerous supply problems.
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