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Petroperu seeks $1.5 billion state funds to complete expansion of Talara refinery: president

Peruvian state-owned oil firm Petroperú is seeking as much as $1.5 billion of government funding to complete expansion of its Talara refinery, the company's president Carlos Paredes said at a press conference on Tuesday.

European Investment Bank postpones decision on fossil fuel lending

The European Investment Bank has postponed taking a decision on whether to stop financing fossil fuel projects to November, an official said on Tuesday, as the multilateral lender works out whether to keep financing gas projects for a period.

Oil falls on weaker economic growth forecasts and swelling U.S. crude stocks

Oil prices fell on Tuesday, as investors worried that the unrelenting U.S.-China trade war would keep squeezing the global economy, and that swelling U.S. crude inventories would further pressure prices.

U.S. oil output from 7 shale plays expected at 8.97 million barrels per day in November: EIA

U.S. oil output from seven major shale formations is expected to rise 58,000 barrels per day in November to a record 8.971 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Tuesday.

Latest News

China says it already bought 700,000 tonnes of U.S. pork, data shows smaller sales

Chinese firms have already purchased 700,000 tonnes of pork and 700,000 tonnes of sorghum from the United States this year to meet market demand, a foreign ministry spokesman said on Tuesday, although U.S. government data pointed to smaller pork sales.

Brazilian senate committee paves way for offshore oil rights sale

A Brazilian Senate committee cleared the way for what may be a record-setting offshore oil rights auction on Tuesday, approving a government deal with state-run oil company Petroleo Brasileiro SA to settle a years-old dispute.

ADNOC wants Italy's ENI, Austria's OMV to partner with it on refinery expansion

Abu Dhabi National Oil Company (ADNOC) wants to partner with Italy's Eni and Austria's OMV to expand its refining capacity to 1.5 million barrels per day, a company executive said on Tuesday.

China's record pork prices to rise faster, further: analysts

China's record pork prices are set to rise faster in coming weeks, said analysts on Tuesday, even as official data showed that the nation's most popular meat has already pushed consumer inflation to a six-year high.

U.S. oil and gas jobs fall as drilling declines: Kemp

U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further.

Occidental estimates higher third-quarter production on Permian boost

Oil and gas producer Occidental Petroleum nudged its estimate for third-quarter production higher on Tuesday, helped by fewer shutdowns in Colorado's DJ basin and strong performance in its Permian Resources unit.

China's Sinopec weighs output cuts due to freight rate surge: sources

Asia's largest refiner, Sinopec, is weighing plans to cut oil imports in December and reduce output at its refineries after a surge in global tanker freight rates hit margins, four sources with knowledge of the matter said.

China's steel industry fragmentation worsening: official

China's steel sector fragmentation is worsening, an industry official said on Tuesday, citing unplanned new capacity at small mills undermining government efforts to restructure and merge companies in the huge industry.

China's Yantai Port to launch LNG storage plants by 2022: sources

China's Yantai Port Group aims to launch two jointly-owned liquefied natural gas (LNG) storage facilities by 2022 and expects government approval for them this month, two sources familiar with the matter said.

China's CNOOC to trial LNG delivery by rail: executive

China National Offshore Oil Corp (CNOOC) is working with a railway company to trial delivery of liquefied natural gas (LNG) by rail, a senior company executive said on Tuesday.

Germans to pay 5.5% higher levy for renewable power in 2020

Germany's power network operators (TSOs) will hike by 5.5% next year the fee consumers have to pay to support the country's shift toward renewable energies, they said on Tuesday, confirming what a source earlier told Reuters.

China iron ore hits over two-week low as Vale ramps up output

Iron ore futures in China, the world's top buyer of the steelmaking raw material, hit a nearly three-week low on Tuesday after Brazilian miner Vale SA reported higher output in the third quarter.

OPEC, allies to maintain oil market stability beyond 2020: Barkindo

The Organization of the Petroleum Exporting Countries and its allies are committed to maintaining oil market stability beyond 2020, with physical supplies relatively tight globally, OPEC Secretary-General Mohammad Barkindo said on Tuesday.

UK regulator looks to cut costs of new Hinkley Point grid link

British energy market regulator said it would grant National Grid 637 million pounds ($803.38 million) to build the transmission link for the Hinkley Point C nuclear plant, lower than the company's initial request for 717 million pounds.

Groups bidding for PES refinery due to tour fire-damaged site: sources

Groups vying for the idled Philadelphia Energy Solutions oil refinery have entered the second phase of the bidding process and are gearing up for visits to the plant, according to three sources familiar with the matter.

Japanese refiners restart shipments after Typhoon Hagibis

Japan's biggest refiner, JXTG Nippon Oil & Energy Corp, said on Tuesday it has resumed land shipments at its Negishi refinery, near Tokyo, in the wake of Typhoon Hagibis, while other refineries said sea shipments have been renewed.

Exxon Mobil, India's ONGC sign expertise-sharing deal

Global energy giant Exxon Mobil Corp <XOM.N> will offer its expertise and technology to India's biggest state-owned explorer Oil and Natural Gas Corp Ltd <ONGC.NS> to help develop its resources in offshore blocks, according to two sources directly privy to the development.

China's gas demand growth to slow to 10% this year, Sinopec official says

China's natural gas demand is expected to reach 307 billion cubic meters (bcm) this year, an increase of just 10% from 2018, an official of state-run Sinopec Gas Co said on Tuesday, as a slowing economy hits consumption.

Australia's Newcrest greenlights first-stage expansion of Cadia gold mine

Australia's Newcrest Mining Ltd, the country's biggest gold producer, said on Tuesday it will go ahead with a $685 million first-stage expansion of its flagship Cadia mine in New South Wales.

Chile's Codelco says considering closure of coastal copper smelter

Chile's Codelco, the world's largest copper producer, said on Monday that it is evaluating the closure of its Ventanas copper smelter in a polluted coastal region.

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