User-agent: Mediapartners-Google* Disallow: Trucks World News
Google
 
Loading

Nov 25, 2010

OIL NEWS * China - The diesel drain

 ... Is not the only one complaining about the country's diesel shortage ...

Kunming,Yunnan Province,China -Global Times, by Li Woke -November 19 2010: ... The shortage, which began in September, has made "sold out" signs a common sight at many gas stations and has paralyzed traffic on key expressways with trucks waiting in long lines to fill their fuel tanks... Experts blame the shortage partly on the "power blackout policy" adopted by some local governments to meet their emission-reduction goals. The central government has pledged to cut the amount of fuel used per unit of GDP by 20 percent from 2005 levels before the end of this year... Data released by the Petroleum Flow Committee under the China General Chamber of Commerce last week showed that more than 2,000 private gas stations in southern and eastern China, mostly in Guangdong, Jiangsu, and Zhejiang provinces, have closed due to the shortage... In order to alleviate the shortage, the country's largest oil refiners, Sinopec and PetroChina, recently announced plans to process 583,000 million tons of crude per day this month. They plan to avoid maintenance shutdowns at refineries and to also import 200,000 million tons of diesel for the domestic market. Some oil refineries have also cut their output of gasoline and industrial chemicals to make room for additional diesel refining... (Photo: IC - Drivers stand in line with fuel containers waiting for diesel at a gas station in Xi'an, northwest China's Shaanxi Province)

Labels:

posted by Unknown @ 11:11 PM  0 comments

Dec 7, 2009

OIL NEWS * WORLDWIDE - Oil below $75 as OPEC ministers flag steady output

London,UK -The Associated Press/The Trucker, by PABLO GORONDI -7 Dec 2009: -- Oil prices fell below $75 a barrel Monday as the dollar strengthened and several OPEC ministers said they don't expect their group to change production levels at a meeting later this month... By early afternoon in Europe, benchmark crude for January delivery was down 67 cents to $74.80 in electronic trading on the New York Mercantile Exchange. The contract lost 99 cents to settle at $75.47 on Friday... Top oil officials from Libya, Kuwait, Algeria and Qatar said Saturday that the Organization of Petroleum Exporting Countries, which supplies about 35 percent of the world's crude, will likely leave output levels unchanged at the group's next policy meeting on Dec. 22... Saudi Arabia's oil minister, Ali Naimi, said Saturday that oil prices, which have bounced around the high $70s for about two months, were "perfect"...

Labels:

posted by Unknown @ 3:06 PM  0 comments

Mar 16, 2009

OIL NEWS * Austria - OPEC Holds Off on More Production Cuts

Wien,Austria -AP/The Wall Street Journal (NY,USA)/Transport Topics (USA) -16 March 2009: -- OPEC plans to hold its oil output steady rather than to make deeper production cuts that were sought by some of its members... The 12-nation oil cartel will adhere to the most recent cuts that were announced in December rather making more cutbacks... OPEC previously cut 520,000 barrels a day in September, 1.5 million bbd in October and 2.2 million bbd in December... Meanwhile, Russia, the world’s second-largest oil producer behind Saudi Arabia, said Sunday it is cutting oil exports... Russia, which is not an OPEC member, is also seeking observer status for the cartel, AP reported... (Photo by rosfoto.com: Russia, Tumen region. Oil field)

Labels:

posted by Unknown @ 6:28 PM  0 comments

Jan 7, 2009

OIL NEWS * USA - Oil dips as traders weigh demand signs, Gaza clash

New York,NY,USA -The Associated Press/The Trucker, by PABLO GORONDI -7 Jan 2009: -- Oil prices dipped to near $48 a barrel Wednesday as investors weighed tensions in the Middle East and more bad U.S. economic news suggesting slowing crude demand... By midday in Europe, light, sweet crude for February delivery was down 20 cents to $48.38 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it fell as low as $47.61 before rebounding... On Tuesday, the contract slipped 23 cents to settle at $48.58... In London, February Brent crude rose 17 cents to $50.70 a barrel on the ICE Futures exchange... (Oil prices have risen 43 percent since reaching a five-year low of $33.87 a barrel on Dec. 19 on investor concern that the conflict between Israel and Hamas in Gaza could spread to the rest of oil-rich Middle East and affect supplies)

Labels:

posted by Unknown @ 1:09 PM  0 comments

Nov 17, 2008

OIL NEWS * USA - Crude futures close at a 22-month low under $55 a barrel

San Francisco,CAL,USA -MarketWatch, by Myra P. Saefong -Nov 17, 2008: -- December crude fell $2.09, or 3.7%, to close at $54.95 per barrel Monday on the New York Mercantile Exchange, with prices reflecting weakness in the U.S stock market and ongoing concerns about global energy demand... "The bottom line is if we see a commanding recovery in the stocks, we should move higher" in oil, said Mark Waggoner, president of Excel Futures. "The flip side is we are entrenched in a bear market that shows no sign of bottoming as of yet"... (Photo by Bruce Harmon/Trans Pixs)

Labels:

posted by Unknown @ 7:49 PM  0 comments

Nov 6, 2008

Oil trading * USA - Around $66 as demand continues to ebb

Houston,TX,USA -The Associated Press/The Trucker, by JOHN PORRETTO -5 Nov 2008: -- Oil prices dipped below $66 a barrel Wednesday as investor sentiment once again seemed to shift to the growing global economic malaise and its potential impact on energy demand. Gasoline prices continued to tumble... Indications are that OPEC was acting on an earlier pledge to pull 1.5 million barrels of crude a day from the market failed to support prices... Light, sweet crude for December delivery fell $4.84 to $65.69 a barrel in afternoon trading on the New York Mercantile Exchange... For the week ended Oct. 31, crude-oil inventories remained at 311.9 million barrels, 1.5 percent above year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report... In London, December Brent crude fell $4.34 to $62.10 on the ICE Futures exchange...

Labels:

posted by Unknown @ 4:45 AM  0 comments

Oct 24, 2008

PETROLEUM NEWS * OPEC - Pushes to cut oil supply

But some experts say trimming production may not prop up prices because demand is down

Vienna,Austria -Associated Press/The Detroit News (USA), by George Jahn -October 24, 2008: -- Iran and Venezuela on Thursday urged OPEC to quickly slash output and stem a steep slide in prices that has left crude at its cheapest in 15 months -- and some member countries scrambling to balance their books.
But OPEC's power to raise prices by cutting supply may be fading amid a global economic crisis that has evaporated demand for oil... The emergency meeting was scheduled for Nov. 18, but that was abruptly rescheduled for Friday as oil prices continued to fall away... Benchmark crude futures rose $1.49 Thursday to $68.24 on the New York Mercantile Exchange, but that is still nearly $40 below what oil fetched just 30 days ago... (Picture: oil production field)


* USA - Diesel prices fall further - Falling diesel prices are providing some relief for owner-operators

New York,NY,USA -eTrucker -24 Oct 2008: -- The national average price of a gallon of diesel continued tumbling down in the week ended Oct. 20 to $3.482, off 17.7 cents from the previous weekly average. After several weeks of declines, the current price is 38.8 cents more than in the same week of 2007... Since its record high of $4.764 announced July 14, the weekly national average has declined $1.282, down 27 percent from the peak price... (Photo: Falling diesel prices are providing some relief for owner-operators)

Labels:

posted by Unknown @ 10:31 AM  0 comments

Oct 15, 2008

Crude Futures * USA - Mark first close below $75 since August 2007

San Francisco,CAL,USA -MarketWatch, by Myra P. Saefong -Oct. 15, 2008: -- November crude fell $4.09, or 5.2%, to close at $74.54 per barrel Wednesday on the New York Mercantile Exchange... It was the first time a front-month contract closed below the $75 mark on Nymex since Aug. 31, 2007 as traders continued to show concerns over a slowdown in energy demand. "World demand is not willing to pay for high-priced crude oil right now so the market has to find an attractive price level," said Darin Newsom, DTN senior analyst. On Wednesday, that meant below $75, he said...

Labels:

posted by Unknown @ 5:30 PM  0 comments

Jul 31, 2008

OIL NEWS * UK - Royal Dutch Shell's profits top $11 billion

London,UK -MarketWatch (CAL,USA), by Steve Goldstein -July 31, 2008: -- Royal Dutch Shell said second-quarter profit climbed 33% as surging oil prices helped offset diminished production as the group struggles to pump oil out of Nigeria... Joining Exxon Mobil as the only oil company to earn more than $10 billion in a single quarter, Royal Dutch Shell said its profit rose to $11.56 billion... The quarter included a net $73 million of one-time items, as divestments were offset by mark-to-market valuations on U.K. gas contracts and tax charges... Excluding price changes on unsold inventories and other one-time items, Shell would have earned $7.9 billion, up 5% from the same period last year...

Labels:

posted by Unknown @ 7:21 AM  0 comments

Jun 23, 2008

OIL NEWS * Saudi Arabia - Saudis, U.S. split on oil

Vague pledge to increase output if needed falls short of American demands, means quick price relief is unlikely

Jiddah,Saudi Arabia -The Detroit News, by Sebastian Abbot -June 23, 2008: -- ... A hastily convened global energy summit meeting led by Saudi Arabia ended largely in disagreement on Sunday, with only a modest pledge of increased production and no resolution on what other practical steps should be taken to ease the crisis over soaring oil prices... The Saudis announced they would raise production by 200,000 barrels a day. But news of that increase had already been absorbed by the voracious world market for oil, and it was not expected to affect prices... Oil Minister Ali al-Naimi said at the meeting, attended by officials from more than 30 countries and 25 oil companies... Saudi Arabia, the biggest oil exporter, is the only country that can significantly boost production quickly...

Labels:

posted by Unknown @ 4:03 PM  0 comments

Jun 18, 2008

Oil Exploration * USA - Bush Calls for More

Washington,DC,USA -The New York Times/Transport Topics -18 June 2008: -- President Bush said Wednesday that Congress should allow offshore oil drilling and for opening up more areas for energy exploration... The Energy Information Administration, part of the Department of Energy, estimates that about 75 billion barrels of oil are off limits to development, and that about 21% of that, or 16 billion barrels, is covered by the offshore drilling ban... The offshore drilling moratorium was first enacted in 1982 and has been renewed by Congress every year since then. It prohibits oil and gas leasing on most of the continental shelf, three to 200 miles off the U.S. shore... The president said that Congress should open more of the Arctic National Wildlife Refuge in Alaska to exploration, which he said could produce an additional 10 billion barrels of oil... He touted developing oil shale, saying that the high cost of current oil makes it a more economic resource than in the past... Bush also called for more development of the U.S. refinery industry, saying he was proposing measures to improve the refinery permitting process...

Labels:

posted by Unknown @ 11:53 AM  0 comments

Jun 11, 2008

OIL NEWS * France - IEA Lowers Oil Demand Forecast

European Truckers Step Up Protests

Paris,France -The Associated Press/ Transport Topics (USA) -10 June 2008: -- The International Energy Agency lowered its forecast for global oil demand this year, while thousands of European truckers protested high fuel prices... The IEA said continued high global demand for oil is sending markets surging... “Supply growth so far this year has been poor and higher prices are needed to choke off demand to balance the market,” the group said in its monthly report... The agency said global oil demand would grow 0.9%, or 800,000 barrels a day this year, down from an earlier forecast of 1.2%, or 1 million barrels...


* Soaring demand and limited supply prospects was creating “ground for speculation”

Paris,France -Dow Jones (NY,USA) -26 May 2008: -- IEA Chief Economist Fatih Birol is quoted as saying that current oil prices which rose to above USD 135 last week, were “bad news" and "Too high for producers and consumers". The combination of soaring demand and limited supply prospects was "creating ground for speculation”... He added that the industry was not investing enough to account for declining production in older fields and that consumer countries had to take steps to tame demand by boosting fuel efficiency and lifting fuel subsidies...

Labels:

posted by Unknown @ 6:03 AM  0 comments

Jun 10, 2008

OIL NEWS * WORLDWIDE

* USA - Diesel Falls 1.5¢ to $4.692; Gas Tops $4 for First Time

Washington,DC,USA -Bloomberg /Transport Topics -9 June 2008: -- The national average price of diesel fuel fell for a second straight week, dipping 1.5 cents to $4.692 a gallon, while gasoline rose above $4 for the first time, the Department of Energy said Monday... Diesel fell 1.6 cents last week, its first decline in four weeks after soaring to several record highs. Trucking’s main fuel topped out at $4.723 two weeks ago... Crude oil futures fell more than $4 Monday to $134.35 a barrel after jumping a record $10.75 on Friday to close at a record $138.54 a barrel on the New York Mercantile Exchange, reported...



* Saudi Arabia - Seeks Meeting on Oil Prices

Riyad,Saudi Arabia -AP/Transport Topics (USA) -9 June 2008: -- Saudi Arabia plans to call for a summit between oil-producing and consuming nations to discuss soaring crude prices, the Associated Press reported Monday... The country will work with OPEC to guarantee the availability of oil supplies now and in the future, a government official said following a weekly meeting of the Saudi cabinet... The announcement follows Friday’s biggest single-day increase in oil prices on record, as crude spiked $10.75 to a record $138.54 on the New York Mercantile Exchange. It briefly surpassed $139... The world’s leading economies and largest oil consumers have urged oil producers to boost output, which has stalled at about 85 million barrels a day since 2005...

Labels:

posted by Unknown @ 3:50 AM  0 comments