Archive for the ‘crude’ Category

Vietnam’s First Refinery Readies to Process Domestic Crude

December 1, 2008

Vietnam’s first oil refinery will use 4 million metric tons of crude from Bach Ho field during a one- year test-run, Vietnam News Agency reported, citing state- controlled Vietnam Oil & Gas Group.

Dung Quat refinery, scheduled to start up by February, will produce 3.4 million tons of petroleum products initially and 5.7 million tons by 2010, the report said today. The plant will need about 6.5 million tons of crude annually.

Bach Ho, the country’s biggest oil field, has been operated by Vietnam Oil & Gas and Russia’s OAO Zarubezhneft for more than two decades. The field produced 4.02 million tons of crude between January and July, according to the joint venture.

By Nguyen Dieu Tu Uyen


Gas prices jump, oil hits $110

March 12, 2008
By JOHN WILEN, AP Business Writer 

NEW YORK – Gasoline and oil prices extended their record-setting streaks Wednesday, with gas at the pump reaching a new high of nearly $3.25 and crude surpassing $110 for the first time.

Investors shrugged off an Energy Department report that crude oil and gasoline supplies jumped last week.

Pumps draw petroleum from oil wells in California. Oil prices ...
Pumps draw petroleum from oil wells in California. Oil prices struck a record high of 109.20 dollars per barrel after the dollar hit a fresh all-time low against the euro.

The national average price of a gallon of regular gas rose by 1.9 cents overnight to $3.246 a gallon, a new record, according to AAA and the Oil Price Information Service. Pump prices are following crude’s recent surge, and could rise as high as $3.75 a gallon this spring, analysts say.

Light, sweet crude for April delivery rose $1.17 to settle at $109.92 a barrel on the New York Mercantile Exchange after earlier rising to a new trading record of $110.20.

The dollar weakened throughout the day Wednesday, setting a number of new low marks against the euro and attracting new buyers to the oil market. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is weak. Many analysts believe the dollar’s decline is the reason crude futures have surged to new records in 11 of the past 12 sessions, despite the fact that crude supplies have risen 10.2 percent since early January.

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Oil jumps above $104 as supply drops, OPEC stands pat

March 6, 2008
NEW YORK — Oil prices surged Wednesday, rising a remarkable $5 a barrel to a record above $104 after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady.

Most analysts had expected the Energy Department’s Energy Information Administration to report oil supplies rose last week for the eighth straight time. Instead, they fell by 3.1 million barrels.

In Vienna, meanwhile, the Organization of Petroleum Exporting Countries said it would hold production levels steady, at least for now.

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