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COLUMN-Can Rio Tinto's iron ore strategy work for shareholders?: Russell

LAUNCESTON, Australia, July 16 (Reuters) - Rio Tinto's announcement of a reduction of 10 million tonnes in its forecast shipments of iron ore to 340 million tonnes in 2015 is largely inconsequential.

Oil prices rise after U.S. stock draw, high refinery demand

SINGAPORE, July 16 (Reuters) - Oil prices rose on Thursday morning after data showed that U.S. crude inventories dropped and refinery demand was high.

Australia's Woodside Q2 revenue down over a third on weak gas price

SYDNEY, July 16 (Reuters) - Woodside Petroleum, Australia's biggest independent oil and gas company, on Thursday posted a 36 percent fall in second-quarter revenue from the first quarter due to weak gas prices and lower production volumes from its Pluto LNG venture.

UPDATE 1-Kinder Morgan considering LPG, product and potential crude exports

HOUSTON, July 15 (Reuters) - Kinder Morgan Inc is considering more export opportunities from Texas and the U.S.

UPDATE 1-Obama thanks Putin for role in Iran deal

WASHINGTON, July 15 (Reuters) - President Barack Obama telephoned Russian President Vladimir Putin on Wednesday to thank him for his part in the recent nuclear deal with Iran, the White House said.

UPDATE 1-Brazil's economy drains gasoline, diesel sales; ethanol rises

* Full-year 2015 diesel, gasoline sales seen falling (Adds fuel distributors' comment, outlook for full year gasoline and diesel sales)

UPDATE 1-Kinder Morgan to buy out Shell's JV stake; raises div

July 15 (Reuters) - Kinder Morgan Inc said it would buy the 49 percent stake that it does not already own in natural gas joint venture Elba Liquefaction Co from Royal Dutch Shell Plc, and it raised its dividend.

Obama spoke to Putin about Iran deal -White House

DENISON, Texas, July 15 (Reuters) - President Barack Obama spoke on Wednesday to Russian President Vladimir Putin about the recent Iran nuclear deal as Obama traveled aboard the presidential airplane, Air Force One, the White House said.

Brazil justice minister says Petrobras investigation must follow law

BRASILIA, July 15 (Reuters) - Brazil's Justice Minister José Eduardo Cardozo pledged on Wednesday to punish any investigators found to have broken the law by using unauthorized bugs or leaking documents to the press while probing corruption at state-run oil firm Petrobras.

Vale's designs on China add to Rio, BHP drive for more iron ore

SYDNEY, July 16 (Reuters) - As Rio Tinto and BHP Billiton ship more iron ore than ever to China, the Australia mining giants face a fightback from Brazil's Vale for market share that threatens to drive already weak prices even lower.

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