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Iraqi refinery may be destroyed in battle to save it

BAGHDAD, May 13 (Reuters) - Islamic State militants have dug trenches around natural gas and hydrogen tanks at Iraq's largest refinery, raising the stakes in a battle where the price of victory may be the refinery itself.

UPDATE 1-Russia says current oil price in line with forecast

MOSCOW, May 13 (Reuters) - Russia is consulting with OPEC before a meeting of the oil producers' group in June and the current oil price is within range of Moscow's earlier forecasts, a Russian energy ministry official said on Wednesday.

Russia says current oil price in line with forecast

MOSCOW, May 13 (Reuters) - Russia is continuing its consultations with OPEC before a meeting of the oil producers' group in June and sees the current oil price within the range of Moscow's earlier forecasts, a Russian energy ministry official said on Wednesday.

UPDATE 1-India approves share sales in IOC, NTPC as part of asset divestment

NEW DELHI, May 13 (Reuters) - India's government has approved the sale of shares in state-run oil refiner Indian Oil Corp and power producer NTPC as part of its plan to raise $11 billion from asset sales this financial year.

UPDATE 1-Oil glut worsens as OPEC market-share battle just beginning - IEA

LONDON, May 13 (Reuters) - A global oil glut is building as OPEC kingpin Saudi Arabia pumps near record highs in an attempt to win a market-share battle against stubbornly resistant U.S. shale production, the International Energy Agency (IEA) said on Wednesday.

Oil glut builds as OPEC fights for market share-IEA

LONDON, May 13 (Reuters) - A global oil glut is building as key OPEC oil producers pump near record highs in an attempt to win market share, the International Energy Agency (IEA) said on Wednesday.

Russia's Surgut denies report on Rosneft stake

MOSCOW, May 13 (Reuters) - Russia's third-largest crude oil producer Surgutneftegas denied on Wednesday a Bloomberg report that the company could possibly take a stake in the country's top oil firm, Rosneft.

UPDATE 1-China to boost diesel exports as domestic demand remains weak

* Exports could help meet pick up in Asian demand - traders (Recasts, adds details)

UPDATE 1-Premier Oil cuts spending further on weak oil prices

LONDON, May 13 (Reuters) - Premier Oil has further reduced its capital expenditure plan for this year as it adjusts to weak crude prices that have already forced it to suspend a shareholder payout for 2014.

Glencore fights two Australia tax bills, faces audit

MELBOURNE, May 13 (Reuters) - Glencore Plc is contesting two Australian tax bills on which it has already paid A$42 million ($33 million) and is being audited by the Australian tax office, the miner and commodities trading giant told a Senate panel.

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