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 94.1% of operable capacity, meaning that crude throughput rose 347,000 barrels […]

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 major, which reports unaudited quarterly results, said its oil-and-gas output fell 4.2% to […]

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 event in Paris when asked whether the […]

By hellenicshippingnews.. Crude prices fell more than 1 percent on Thursday as the restart of two key oilfields in Libya pumped more crude into an already bloated market. U.S. gasoline futures also led the complex lower, falling to the lowest in at least eight years for this time of year after inventories rose by the […]