Industry News|cippe Zhenwei Shanghai Petrochemical Show|ZHENWEI EXPO

Oil surges as crude supply unexpectedly drops from 86-year high

NEW YORK (Bloomberg) -- Oil climbed after U.S. crude inventories unexpectedly dropped from the highest level in more than eight decades. Futures rose the most in three weeks in New York. Crude supplies fell 4.94 MMbbl last week, Energy Info......【More】

2016-04-07

Inpex sees $606 million in writedowns amid oil rout

TOKYO (Bloomberg) -- Inpex Corp., Japans biggest oil and gas explorer, expects to book $606 million in impairment charges for the year just ended, following the collapse in oil and gas prices. The charge will probably reduce net income to 2......【More】

2016-04-06

Oil falls to one-month low as Saudis link output freeze to Iran

LONDON (Bloomberg) -- Oil dropped to a one-month low after Saudi Arabias deputy crown prince said his country will freeze output only if Iran follows suit, putting in doubt the prospects of a proposed deal to freeze supply. Futures slipped......【More】

2016-04-05

India open to U.S. imports in effort to diversify sources

NEW DELHI (Bloomberg) -- India is open to buying crude from the worlds newest exporters, including the U.S., as it attempts to diversify its supply sources. The worlds fourth-biggest oil consumer will consider American supplies at the right......【More】

2016-04-01

China seen sustaining strong crude imports

SHANGHAI (Bloomberg) -- Chinas crude imports will rise further from a record this year to feed its expanding refining sector and strategic reserves, according to Standard Chartered Bank. The nations average crude imports will rise by as muc......【More】

2016-03-28

OFSCap acquires The Oil and Gas Asset Clearinghouse

HOUSTON -- OFSCap, LLC, today announced that its affiliate, OFSCap Acquisition, LLC, has acquired The Oil and Gas Asset Clearinghouse from CenterGate Capital. Clearinghouse markets oil and gas properties and, since its inception, has sold o......【More】

2016-03-25

Oil price declines as U.S. crude stockpile gain adds to glut

WASHINGTON, D.C. (Bloomberg) -- Oil maintained its decline after a U.S. government report showed rising crude stockpiles kept supplies at the highest level in more than eight decades. Crude inventories rose 9.36 MMbbl last week, according t......【More】

2016-03-24

Liebherr to deliver crane for Lukoil's Caspian Sea operations

ROSTOCK, Germany -- Liebherr-Russland and Lukoil-Nizhnevolzhskneft have signed a new contract for the delivery of a Liebherr RL 1500-30 EX Litronic offshore crane, which is to start operations on a satellite platform at Ju. Korchagin oil an......【More】

2016-03-23

BSEE assists in opening oil spill response test burn tank

WASHINGTON, D.C. -- The Bureau of Safety and Environmental Enforcement (BSEE) helped oversee and execute a series of test in situ burns in the newly opened burn tank at the Joint Maritime Test Detachment in Mobile, Ala., to evaluate b......【More】

2016-03-22

U.S. Steel to idle two plants, cut up to 770 jobs amid oil price rout

PITTSBURGH, Pennsylvania (Bloomberg) -- U.S. Steel Corp., the countrys second-biggest producer of the metal, said it will dismiss as many as 770 workers and idle two plants that make products used in oil drilling as energy companies cut pro......【More】

2016-03-21