Crude oil
ConocoPhillips expects 2012 output to fall 4.3%
ConocoPhillips said it expects production to decline 4.3% to 1.55 million bpd of oil equivalent this year. The company's previous 2012 production guidance was for 1.6 million bpd of oil equivalent. Phillips 66 is expected to have a refining capacity of 2 million bpd, down from 2.2 million bpd in 2011.
US oil demand seen at 15-year low in 2012 - EIA
US oil demand will fall to a 15-year low of 18.77 million bpd this year, led by a drop in gasoline demand to an 11-year low, government forecasters said Tuesday. That downward revision turned a flicker of growth in oil demand into a second straight year of decline, and the sixth of the last seven years.
CERAWeek '12: Energy industry can be key economic engine - study
A new study says the energy industry has the potential to be a key engine of economic growth and recovery after proving resilient throughout the recent recession compared with other sectors.
Car accident shuts major US oil pipeline for days
A major oil pipeline will be shut down for several days after a spill and fire near Chicago caused by a freak car accident. The pipeline was shut down within hours of the accident early Saturday morning and will remain shut down until Thursday morning, an Enbridge spokeswoman said.
BP reaches $7.8bn settlement over Gulf oil spill
BP says it has reached a settlement with the Plaintiffs' Steering Committee (PSC), subject to final written agreement, to resolve the majority of economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. The cost is approximately $7.8 billion, the company said.
Pakistan rejects US call to drop Iran gas pipeline
Pakistan isn't shying away from a fight with the US over Washington's threat of sanctions if Islamabad continues to push ahead with plans for a gas pipeline to Iran. New Delhi, too, has argued that it needs Iranian crude oil to meet its energy needs, despite pressure from the US to cut back.
BP shuts down Alaska oil processing hub after fire
BP said late Thursday it has shut down an oil-processing center at Alaska's Prudhoe Bay oil field, following a fire. No one was injured and the fire extinguished itself, according to the company. Fire crews found little or no damage inside the building, but facility managers decided to shut down the plant.
Oil trader Gunvor to buy, restart Petroplus refinery in Antwerp, Belgium
Oil trading and logistics company Gunvor Group said Friday it will buy the 107,500 bpd refinery that insolvent Swiss oil refiner Petroplus had shut down in Antwerp, Belgium. The deal is expected to close in six to eight weeks, the company said. Financial details were not disclosed.
Closed-loop control can clamp down on crude unit corrosion
Automating the detection process and controlling applications in real time dramatically boosts performance
HP Impact: BP’s energy outlook to 2030
Global energy demand will continue to grow over the next 20 years, albeit at a slowing annual rate, fueled by economic and population growth in non-OECD countries. Increased energy efficiency and stro..
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