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Lula says not in Brazil's interest to join OPEC

PARIS - Brazil has no interest in joining the Organization of Petroleum Exporting Countries (OPEC) because it does not aspire to become a crude oil exporter, President Luiz Inacio Lula da Silva said on Sunday. Brazil, which has huge offshore oil reserves, was invited to join OPEC ...

L.A. wholesale gasoline jumps 17 cts on buying

HOUSTON, Sept 3 - Wholesale gasoline in the Los Angeles market jumped 17 cents on Thursday due to heavy refiner buying amid tight supply, traders said. Gasoline blended to meet California's strict environmental standards sold as high as 55 cents per gallon above the October RBOB ...

Brazil's Lula keeps fast-track on oil bill-Senator

BRASILIA, Sept 3 - Brazilian President Luiz Inacio Lula da Silva rejected on Thursday demands by congressional leaders to take his proposed legislation for more government control of oil production off a fast track, the ruling party chief in the Senate said. Lula presented on ...

Walter Energy credit agreement extended, limit reduced

Sept 3 - Walter Energy (WLT.N) said its lenders extended their credit agreement by about two years, but hiked interest rates and reduced the borrowing limit. As a result of the amendment, the metallurgical coal producer said the size of the facility was reduced to $300 million ...

Lula asked to take Brazil oil bill off fast-track

BRASILIA, Sept 2 - Congressional leaders in Brazil urged President Luiz Inacio Lula da Silva on Wednesday to take his proposed oil legislation off a fast-track and allow more time for debate. Lula presented on Monday a proposal that would increase state control over oil reserves, ...

Chevron says Nigeria onshore oil operations normal

LONDON, Sept 3 - U.S. energy company Chevron (CVX.N) said its Nigerian onshore oil operations, which had previously suffered disruptions, were functioning as normal on Thursday. Chevron said on May 25 it had shut in approximately 100,000 barrels per day (bpd) of oil production ...

Oil steadies on neutral U.S. inventory report

NEW YORK - Oil prices settled unchanged on Wednesday after government data showing a smaller-than-expected drop in U.S. crude stocks offset a steep drop in gasoline inventories. Crude stocks in the world's top consumer dropped 400,000 barrels in the week to August 28, less than ...

Transocean says well at BP discovery deepest ever

SAN FRANCISCO, Sept 2 - Transocean Ltd (RIG.N) declared a well that one of its rigs drilled with BP Plc (BP.L) to be the oil and gas industry's deepest -- another deepwater success in the face of a deteriorating shallow-water market. Earlier on Wednesday, Britain's BP had ...

Oil deal with Libya no links with Lockerbie bomber release

LONDON, Aug. 30 - British Justice Secretary Jack Straw said on Sunday that trade deals with Libya had no bearing on the decision to free the Lockerbie bomber Abdelbaset Ali Mohmed alMegrahi, Britain's Skynews reported. Straw made the remarks after leaked letters apparently showed ...

OPEC's forecast for the global crude oil demand remains unchanged

VIENNA, Aug. 11 - OPEC on Tuesday left its global oil demand forecast unchanged for this year, projecting a fall of 1.65 million barrels a day compared to last year. World oil demand, the Organization of Petroleum Exporting Countries (OPEC) said in its monthly report, is expected ...

Oil States International posts Q2 loss on charges

July 29 - Oil and gas services provider Oil States International Inc (OIS.N) posted a quarterly loss, hurt by weakness across its segments and a goodwill impairment charge. For the second quarter ended June 30, the company posted a loss of $63.5 million, or $1.28 a share, ...

Fuel sanctions not to affect Iran

TEHRAN, Aug. 9 - An Iranian oil official said Sunday that any sanctions on Iran's fuel demand would not affect Iran, the official IRNA news agency reported. "Iran is by no means concerned about providing its fuel ... Any sanctions on Iran's fuel demand would affect its suppliers ...

TSX slides for 2nd day as oil price tumbles

TORONTO, July 29 - Toronto's main stock index fell for a second day in a row on Wednesday as oil and gold prices tumbled and U.S. data added to fears of a weak economic recovery. The energy sector, which accounts for about 22 percent of the TSX index, was the biggest drag, ...

Oil firms say Nigeria reform will hit investment

ABUJA July28 - Nigeria's plans to reform its oil industry could threaten billions of dollars of investment if they go ahead in their current form, foreign oil firms in Africa's top energy exporter warned on Tuesday. Nigeria wants to drastically overhaul its oil sector with ...

Whiting Petroleum Q2 results top Wall Street view

Sees Q3 production 4.80-5 mmboe July 29 - Independent oil and gas company Whiting Petroleum Corp (WLL.N) reported a surprise second-quarter profit, helped by higher production from its Bakken shale and EOR projects. For the quarter, the company's net loss was $93.2 million, or $1...

BP CEO cautious on oil price, demand outlook

LONDON - Oil prices are likely to trade toward the lower end of a $60-$90 a barrel range for now and there is little sign of any demand growth, BP's chief executive said on Tuesday. The cautious outlook came alongside BP's second-quarter earnings which fell 53 percent partly ...

BP sees 2009 refinery rates higher than 2008

NEW YORK, July 28 - BP (BP.L) said global refinery utilization rose to 93.6 percent in the second quarter of 2009 from the same quarter last year and the company expects rates to remain higher than they were in 2008 despite the challenges of low demand and high distillate stocks. ...

Superior Energy Q2 adjusted earnings fall

July 28 - Oilfield services company Superior Energy Services Inc (SPN.N) reported lower adjusted quarterly earnings that missed market expectations, hurt by a fall in demand for production-related services and rental tools, especially in the domestic land market. Reduced ...

Saudi burns more crude for power, halts fuel oil import

SINGAPORE - Saudi Arabia, the world's top oil exporter, is burning more crude in domestic power plants to keep new wells pumping and produce cleaner electricity, likely eliminating demand for imported fuel this summer. The use of even more crude oil to generate electricity allows ...

Questar Q2 profit falls; ups lower end of FY outlook

July 28 - Oil and gas company Questar Corp's (STR.N) second-quarter profit more than halved, weighed down by a decline in realized prices, and it raised the lower end of its full-year profit outlook range. For the quarter, net income attributable to Questar was $77.9 million, or ...
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