Energy Update
LONDON/DUBAI, May 5 (Reuters) - As OPEC officials gathered
this week to formulate a long-term strategy, few in the room
expected the discussions would end without a clash. But even the
most jaded delegates got more than they had bargained with.
(Fri, 06 May 2016) In 2015, more than 70% of the crude oil produced in the Lower 48 states was light oil with an API gravity above 35 degrees. At the same time, 90% of imported crude oil was heavier, with a gravity below 35 degrees API. To accommodate increasing U.S. production of light crude oil, refineries have adjusted their imports by reducing imports of light crudes.
(Fri, 06 May 2016) Nigeria is the largest oil producer in Africa and is among the world?s top five largest exporters of liquefied natural gas (LNG). Supply disruptions, typically caused by pipeline sabotage from thieves siphoning crude oil and condensate, are common in Nigeria?s oil and natural gas industries. Pipeline sabotage and oil supply disruptions have increased in 2016, leading to a decline in Nigeria?s crude oil production.
BEIJING, May 6 (Reuters) - China will take stronger action
against illegal coal projects as it tries to tackle a massive
capacity glut in the sector, the country's state planning agency
said, after ordering the closure of 38 projects.
RIO DE JANEIRO, May 5 (Reuters) - A Brazilian judge on
Thursday ratified the settlement Samarco and its owners, BHP
Billiton and Vale SA, signed with Brazil's
government in March to cover damages for a deadly dam spill last
year, Vale said in a statement.
BEIJING, May 6 (Reuters) - China will take stronger action
against illegal coal projects as it tries to tackle a massive
capacity glut in the sector, the country's state planning agency
said in a notice posted on Friday.
* At least nine producers cut output
* June synthetic settles at $2.15/bbl above WTI
* June WCS settles at $12.00/bbl below WTI
TORONTO, May 5 (Reuters) - Canada's main stock index ended
nearly unchanged on Thursday as gains for gold stocks offset
losses for financials, while investors grappled with impact of a
massive wildfire that has shut some production in the country's
oil sands region.
HOUSTON, May 5 (Reuters) - Apache Corp's cost
savings in the first three months of 2016 exceeded its own
expectations and are likely to continue even if oilfield
services costs rise, executives of the Houston-based oil and gas
producer said on Thursday.
Wuhan Iron & Steel has probably been the most plain and transparent in telling its employees that the iron rice bowl will have to go.
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