Platts Oil Industry News

Washington (Platts) -- 19Nov2008 -- US Secretary of Energy Samuel Bodman said Wednesday that he expects continued price volatility in global oil markets for years to come. "I think the likelihood is that we're going to see a lot of...

Washington (Platts) -- 19Nov2008 -- US President-elect Barack Obama named a host of key advisers Wednesday, including the person who will be charged with developing his major energy and environmental policies. Carol Browner, who ran...

London (Platts) -- 19Nov2008 -- European naphtha prices have recovered modestly this week, with naphtha crack spreads against North Sea Brent crude rising back above minus $20/barrel as the US draws material from the prompt market, helping...

Rio de Janeiro (Platts) -- 19Nov2008 -- Brazilian oil and gas company Petrobras said its new business plan, which it will announce at year-end, will prioritize tapping the country's light oil and natural gas--a shift from the traditional strategy...

New York (Platts) -- 19Nov2008 -- NYMEX's front-month crude future contract on the CME's Globex system was 40 cents lower at $53.99/barrel Wednesday, taking its cue from weaker equity futures, but waiting on the weekly US oil data. ...

London (Platts) -- 19Nov2008 -- The US Energy Information Administration has slashed its forecast of OPEC's 2009 oil export revenues by $489 billion to $595 billion from the $1.084 trillion previously projected. The EIA sees OPEC...

London (Platts) -- 19Nov2008 -- The Northwest European MTBE-gasoline factor has eased on improved product supply in the Amsterdam-Rotterdam-Antwerp area, market sources said Wednesday. "A vessel of MTBE is arriving into NWE either...

Moscow (Platts) -- 19Nov2008 -- Lukoil deputy CEO Leonid Fedun said Wednesday he hopes OPEC will decide to cut crude output at its emergency meeting in Cairo on November 29, reiterating his call for Russian authorities to join any such...

Dubai (Platts) -- 19Nov2008 -- Officials from Arab countries bordering the Red Sea will hold an emergency meeting Thursday in the Egyptian capital Cairo to discuss the recent surge in pirate attacks in the region, Yemen's official Saba...

Singapore (Platts) -- 19Nov2008 -- The retail price of palm oil-blended diesel in Malaysia will be the same as regular diesel when it sold at pumps across the country next year, an official with the Ministry of Plantation Industries and...

London (Platts) -- 19Nov2008 -- Global crude futures were down slightly during European trading Wednesday as market participants look to several reports due out later today about US oil inventory data, housing and inflation for an indication...

Singapore (Platts) -- 19Nov2008 -- Indonesia's private upstream player Medco Energi is confident the various financiers and funding plans it has lined up for all seven of its major projects launched this year, including the Senoro Donggi...

Sydney (Platts) -- 19Nov2008 -- Exploration and production company Oil Search has signed a memorandum of understanding with the Papua New Guinea government, and Japan's Itochu Corporation and Mitsubishi Gas Chemical to update a study...

New York (Platts) -- 18Nov2008 -- Consumption of gasoline in the US on a four-week moving average surged as gasoline prices continued to take big hits in the week ended November 14, according to a weekly survey by MasterCard Advisors. ...

Washington (Platts) -- 18Nov2008 -- US President-elect Barack Obama on Tuesday said the country under his administration will "once again engage vigorously" in international talks designed to develop a post-Kyoto Protocol agreement to slash...

New York (Platts) -- 18Nov2008 -- NYMEX December crude futures opened 40 cents higher at $55.35/barrel at 1400 GMT Tuesday as US equity futures rebounded from session lows. Both Dow Jones Industrial Average and S&P 500 futures...

London (Platts) -- 18Nov2008 -- Oil prices will continue to slide until OPEC makes real cuts in crude output or high-cost non-OPEC production is shut in, the Centre for Global Energy Studies said Tuesday. The London-based CGES,...

London (Platts) -- 18Nov2008 -- Chinese demand for West African crude has been declining in recent months, leaving market sentiment bearish as traders prepare to start buying and selling January-loading Angolan cargoes, traders said...

London (Platts) -- 18Nov2008 -- Global crude futures were down slightly Tuesday with the options expiry on Monday failing to create as much volatility on the front-month NYMEX light sweet crude contract as anticipated, market sources...

Tehran (Platts) -- 18Nov2008 -- OPEC's emergency meeting in Cairo on November 29 is likely to result in a decision to pursue talks with non-OPEC producers, Iranian oil minister Gholamhossein Nozari said Tuesday. "One of the decisions...