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Saudi Arabia says oil producers want to reduce inventories

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JEDDAH, Saudi Arabia (Reuters) – Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among OPEC and allied oil producers to drive down crude inventories “gently” but his country would remain responsive to the needs of what he called a fragile market. Saudi Arabian Energy Minister Khalid al-Falih speaks to the media before Read More

Saudi energy minister recommends driving down oil inventories, says supply plentiful

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JEDDAH, Saudi Arabia (Reuters) – Saudi Arabia’s energy minister said on Sunday he recommended driving oil inventories down and that global oil supplies were plentiful. Saudi Arabian Energy Minister Khalid al-Falih speaks to the media before the OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah, Saudi Arabia, May 19, 2019. REUTERS/Waleed Ali Read More

Exclusive: Saudi’s Falih says sees no oil shortage, but OPEC to act if needed

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JEDDAH, Saudi Arabia (Reuters) – Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from the United States, but OPEC will be responsive to the oil market’s needs. Saudi Minister of Energy Khalid al-Falih speaks during financial sector conference in Read More

Exclusive: Saudi’s Falih says oil stocks still building, but OPEC to act if needed

2 days ago DieselGasoil Comments Off on Exclusive: Saudi’s Falih says oil stocks still building, but OPEC to act if needed
JEDDAH, Saudi Arabia (Reuters) – Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market’s needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building. Saudi Minister of Energy Khalid al-Falih speaks during financial Read More

Factbox: IMO 2020 – a major shake-up for oil and shipping

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(Reuters) – Tougher rules on sulfur emissions from ships will come into effect next year in the biggest shake-up for the oil and shipping industries for decades. United Nations shipping agency the International Maritime Organization (IMO) met in London this week for the only Marine Environment Protection Committee (MEPC) session this year and will fine Read More

Philly refiner defers retirement fund payments to employees: letter

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NEW YORK (Reuters) – Philadelphia Energy Solutions will defer retirement payments to union members until next year, the company said in a letter to the union last week, the latest sign the refiner is struggling to find its financial footing after emerging from bankruptcy less than a year ago. The Philadelphia Energy Solutions oil Refinery Read More

Oil prices rise more than 1% as Middle East conflict persists

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NEW YORK (Reuters) – Oil futures were up more than 1% on Thursday as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its crude infrastructure. FILE PHOTO: Pump jacks operate at sunset in an oilfield in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Read More

Exclusive: Trump EPA did not await court ruling to loosen biofuel rules for refiners – documents

4 days ago DieselGasoil Comments Off on Exclusive: Trump EPA did not await court ruling to loosen biofuel rules for refiners – documents
NEW YORK (Reuters) – The Trump administration made it easier for oil refineries to get waivers from the nation’s biofuel law at least four months before a 2017 court decision it often cites to justify the move to the corn lobby, and the move was motivated by a desire to save the oil industry money, Read More

Oil edges up for third session on Mideast tensions

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TOKYO (Reuters) – Oil prices pushed higher on Thursday for a third day in a row, as fears of supply disruptions amid heightened tensions in the Middle East overshadowed an unexpected rise in U.S. inventories. FILE PHOTO: Pump jacks operate at sunset in an oilfield in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Read More

Coming marine fuel standard will disrupt markets for 1-5 years: BCG study

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FILE PHOTO: Capesize dry-bulk ship, the Great Tang, takes on bunker fuel in the Sing Straits from the Kantek 2 bunker barge December 17, 2017. REUTERS/Roslan Khasawneh HOUSTON (Reuters) – The marine industry’s January 2020 shift to using very low sulfur fuel oil (VLSFO) to power ships worldwide will launch a one- to five-year disruption Read More