Petroleum Industry News
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Nigeria’s slow implementation of structural economic reforms is limiting its chances of a credit- rating upgrade, Moody’s Investors Service said.
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The outlook for ethanol production growth in the U.S. is dimmed because of the growing debate on whether the country should abandon or revise the biofuels policy, the International Energy Agency said today.
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Norway announced it will raise taxes on oil companies by about 3 billion kroner ($520 million) a year to damp cost pressures and overheating in western Europe’s biggest oil producer.
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Banco Angolano de Investimentos SA, Angola’s largest bank by assets, is forecasting 10 percent revenue growth this year as Africa’s second-biggest oil and gas- producing nation expands.
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Mozambique’s Cabinet approved the southern African nation’s petroleum law, which sets out timelines on reporting discoveries and stipulates that some revenue from fields must be allocated to communities.
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Grangemouth, Scotland’s sole oil refinery, will halt several units for maintenance work in September, according to two people with direct knowledge of the partial shutdown plan.
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The main rebel group in Nigeria’s oil-rich Niger River delta said it’s resuming assaults on Africa’s biggest petroleum industry after its suspected leader, Henry Okah, was imprisoned in South Africa.
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Germany’s diesel and heating oil consumption rose in January from a year earlier, according to data from the Association of the German Petroleum Industry.
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West Texas Intermediate fell for the second time in three days after data showed U.S. crude stockpiles rose the most in four weeks and a government order prevented the restart of a pipeline to the Texas Gulf Coast.
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Oil markets will be balanced this year with Brent crude at about $100 a barrel in Europe where demand continues to decline, said an adviser to Saudi Oil Minister Ali al-Naimi.
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