China National, Reliance Win Australian Offshore Oil Exploration Permits

(Bloomberg) -- China National Offshore Oil Corp.,
Total SA and India's Reliance Industries Ltd. were among
companies that won offshore oil and gas exploration permits in
Australia.

Hess Corp., Santos Ltd. and Woodside Petroleum Ltd. also won
licenses in the bidding round, which will result in an investment
of more than A$800 million ($688 million) on exploration,
Industry Minister Ian Macfarlane said today in an e-mailed
statement.


Read more at Bloomberg Energy News

Sinopec First-Half Oil Processing Rises 6.4 Percent on China's Fuel Demand

(Bloomberg) -- China Petroleum & Chemical Corp.,
Asia's largest oil refiner, processed 6.4 percent more crude in
the first half as China's economic growth boosted demand for
fuels to run power plants, cars and machinery.

Oil refining rose to 76.25 million metric tons in the first
six months, Sinopec, as Beijing-based China Petroleum is known,
said on its Web site today. Crude oil production increased 2.1
percent and natural gas output gained 11 percent.


Read more at Bloomberg Emerging Markets News

Cnooc Parent to Raise Domestic Offshore Oil Production to 50 Million Tons

(Bloomberg) -- China National Offshore Oil Corp.,
the nation's largest offshore oil producer, plans to increase
annual domestic offshore output to between 48 million and 50
million metric tons by 2010.

The company's overseas production will rise to between 20
million and 25 million tons a year by then, it said in its
annual report posted on its Web site today.


Read more at Bloomberg Energy News

OPEC sees modest 2008 demand, lower need for its oil

(Reuters) - The assessment, in OPEC's July Monthly Oil Market Report, underscores OPEC's view that crude supply is enough and oil prices near a record high reflect a strain on refineries and other factors beyond its control.




"The outlook for the oil market in 2008 is shaping up to be quite similar to the current year, with continued tightness in the downstream supporting high product prices and frequent refinery outages exerting further upward pressure, despite the healthy crude oil market," OPEC's report said.


Read more at Reuters.com Business News

PetroChina First-Half Oil, Gas Output Climbs 3.7 Percent on Rising Demand

(Bloomberg) -- PetroChina Co.'s first-half
production increased 3.7 percent as the nation's largest oil and
gas producer intensified efforts to meet rising energy demand.

Crude oil and gas output rose to the equivalent of 3.05
million barrels of oil a day, the Beijing-based company said
today. Oil production gained 0.1 percent from a year earlier,
while gas jumped 16.5 percent.


Read more at Bloomberg Energy News

Chico's, Freeport-McMoRan, New Brunswick, Yum! Brands: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 11:40 a.m. New York time.

Oil-service companies: Merrill Lynch & Co. downgraded some
oil-service companies on concern that oil prices will fall and
producer demand will wane. Noble Corp. (NE US), GlobalSantaFe
Corp. (GSF US) and Diamond Offshore Drilling Inc. (DO US) were
cut to ``neutral'' from ``buy.''


Read more at Bloomberg Stocks News

China's First-Half Oil Imports Rise 11 Percent as Domestic Demand Gains

(Bloomberg) -- China's first-half crude oil imports
rose 11 percent from a year earlier as production from domestic
fields failed to keep pace with energy demand in the world's
fastest-growing major economy.

Imports rose to 82 million metric tons (3.28 million barrels
a day), the Customs General Administration of China said in
Beijing today. June imports were 14.1 million tons. Oil exports
dropped 39 percent to 1.8 million tons in the first half and
stood at 220,000 million tons in June.


Read more at Bloomberg Energy News

Oil Falls From 10-Month High as U.S. Refineries Increase Gasoline Outputt

(Bloomberg) -- Crude oil fell from a 10-month high
on expectations that demand will decline because of the
unexpected shutdown of units at U.S. refineries.

BP Plc is shutting the largest of three crude units at its
Whiting, Indiana, refinery, a person familiar with the plant
said. Units were shut at refineries in Texas and Kansas last
week. Oil rose last week on unrest in Nigeria, Africa's biggest
producer. U.K. authorities said a three-year-old British girl
abducted July 5 in Nigeria was freed yesterday.


Read more at Bloomberg Commodities News

Oil Rises to a 10-Month High on Signs of Growing Demand, Risks to Supply

(Bloomberg) -- Crude oil rose to a 10-month high on
signs U.S. economic growth may accelerate, spurring increased
fuel demand in the world's biggest energy consumer.

U.S. employers added 132,000 workers in June, wages grew and
the unemployment rate stayed near a six-year low, a Labor
Department report showed today. Oil output by the Organization of
Petroleum Exporting Countries was little changed last month,
according to a Bloomberg News survey, showing that the group was
ignoring calls by consuming countries to bolster production.


Read more at Bloomberg Energy News

Oil hovers near 10-month high ahead of stock data

(Reuters) - Oil held steady around $73 a barrel after briefly marking a new 10-month high on Thursday, as dealers waited for weekly U.S. oil inventory data expected to show little change in crude or fuel stocks.

London Brent crude currently seen as more representative of global oil prices, eased 6 cents to $72.99 a barrel at 0604 GMT, after having traded as high as $73.32, the highest front-month price since late August.


Read more at Reuters Africa

Chittenden, H&R Block, Nuvelo, Spectra, SurModics: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:10 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $2.61, or 3.5 percent, to $72.05.
Sunoco lost $3.56 to $76.77 and Tesoro retreated $2.80 to $55.11.


Read more at Bloomberg Stocks News

Andrew, BAE, Guitar Center, Sunoco, Valero Energy: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:10 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
Sunoco Inc. (SUN US), the biggest refiner in the Northweat, and
Tesoro Corp. (TSO US), the largest refiner in the U.S. West, to
``sell'' from ``hold'' because of valuations. Valero fell $1.06
to $73.60 in trading before U.S. exchanges opened. Sunoco lost 35
cents to $79.98 and Tesoro retreated $1.51 to $56.40.


Read more at Bloomberg Stocks News

Canada's Dollar Approaches Three-Week Low as Price of Crude Oil Declines

(Bloomberg) -- The Canadian dollar approached a
three-week low after prices of crude oil declined.

``Oil is still on people's mind,'' said Stephen Malyon, a
currency strategist in Toronto at Scotia Capital Inc. ``The soft
commodity price is a good reason to explain the decline in the
Canadian dollar today.''


Read more at Bloomberg Currencies News

Oil rises above $71 on Nigeria strike fears

(Reuters) - Oil prices rose above $71 a barrel on Friday on fears a general strike in Nigeria could intensify and disrupt crude shipments from the world's eighth-largest exporter.

London Brent crude, currently seen as the best benchmark of world oil prices, settled up 96 cents at $71.18 a barrel, after trading as high as $71.50 during the day.


Read more at Reuters Africa

Crude Oil Falls Amid Speculation Nigerian Strike Won't Disrupt Its Exports

(Bloomberg) -- Crude oil fell as some analysts and
traders speculated a strike in Nigeria would fail to affect exports
from Africa's largest producer.

Oil workers left Nigeria's export terminals yesterday as part
of a general strike protesting an increase in domestic fuel prices
and taxes. Oil traders and analysts doubt the strike has further
disrupted supplies from Nigeria. About a third of the nation's
output was already halted by political and criminal violence.


Read more at Bloomberg Energy News

Oil Approaches $70 for First Time in Nine Months on Nigeria Strike Planss

(Bloomberg) -- Crude oil in New York approached $70
a barrel for first time since September after Nigerian unions
planned a strike this week, threatening supplies from Africa's
biggest oil producer.

Oil production is likely to be affected during the strike as
Nigeria's two main oil unions plan to participate, a labor leader
said. Nigeria produces low-sulfur, or sweet, crude oil, prized by
U.S. refiners because of the high proportion of gasoline it
yields. New York oil reached a record $78.40 a barrel on July 14
on concern that Middle East unrest would cut oil shipments.


Read more at Bloomberg Energy News

Oil Rises to Nine-Month High After Workers in Nigeria Threaten to Strike

(Bloomberg) -- Crude oil rose to a nine-month high
after a coalition of labor unions in Nigeria, Africa's biggest
oil producer, threatened to strike this week.

Oil production is also likely to be affected during the
strike as Nigeria's two main oil unions plan to participate, said
Lumumba Okugbawa, deputy general secretary of the Petroleum &
Natural Gas Senior Staff Association of Nigeria, or Pengassan.
Nigeria produces low-sulfur, or sweet, crude oil, prized by U.S.
refiners because of the high proportion of gasoline it yields.


Read more at Bloomberg Commodities News

California, Marathon Oil Deals Lead $10 Billion of U.S. Tax-Exempt Sales

(Bloomberg) -- California and Marathon Oil Corp.
will borrow a total of $3.5 billion in the largest tax-exempt
bond sales this week, leading $10 billion of long-term debt
offerings by U.S. state and local governments.

California, marketing a $2.5 billion general obligation
issue, is first giving individuals the chance to buy the bonds
today and tomorrow. Citigroup Inc. will set prices and rates on
the bonds for institutions such as mutual funds and insurers at
midweek. Marathon Oil is raising $1 billion through a program to
boost Louisiana's economy after Hurricane Katrina devastated
parts of the state. Morgan Stanley is managing the sale.


Read more at Bloomberg Bonds News

Sudan says still in discussions to join OPEC

(Reuters) - Sudan's oil minister said on Monday the African producer was still in discussions to join OPEC, though he gave no timeframe for a decision.

"The decision is ours -- we're still working on it," said Awad Ahmed al-Jaz at the Asia Oil and Gas conference in Kuala Lumpur.


Read more at Reuters Africa

Oil prices may hit $80 a barrel

(Reuters) - Oil prices could surge to $80 a barrel this year because of tropical storms, rising demand for gasoline and disruptions in crude supplies from Nigeria, a senior Iranian oil official said on Sunday.

"The $80 price is a maximum forecast for oil in the current year but the average price of oil in the current year will be $66.20," Mohammad Ali Khatibi, deputy director for international affairs of the National Iranian Oil Company (NIOC), said.


Read more at Reuters Africa