Global Energy Industry News

Oil market heading towards balance, more draws needed – OPEC sec-gen

April 28, 2017
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By hellenicshippingnews.. OPEC Secretary-General Mohammad Barkindo said on Thursday that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average. “While it is evident that the market rebalancing is now moving forward and investment specifically in […]

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S&P Global Platts Analysis of U.S. Energy Information Administration (EIA) Data

April 28, 2017
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By hellenicshippingnews.. U.S. refiners processed a record amount of crude in the week ended April 21, leading to a sizable draw in crude stocks and builds in refined product inventories, Energy Information Administration data showed Wednesday. U.S. refinery utilization increased 1.2 percentage points to 94 […]

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Cnooc revenue rises almost 56% on oil price rise

April 28, 2017
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By hellenicshippingnews.. Cnooc Ltd., China’s offshore oil producer, said Thursday that its first-quarter revenue rose 55.8% to 38.39 billion yuan ($5.57 billion) from the same period last year. It attributed the increase to a rise in global oil prices. The state-owned oil […]

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Angola in full compliance with OPEC output cuts – oil minister

April 28, 2017
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By hellenicshippingnews.. Angolan oil minister Jose Maria Botelho de Vasconcelos said on Thursday his country was more than fully complying with OPEC production cuts, and that he believed a deal to curb output would be extended beyond June. “Yes I think so,” de Vasconcelos said at an industry […]

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