Wednesday 29 June 2016
 
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Oil prices dive as Britain votes to leave EU

Oil prices slumped by more than 6 per cent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand for oil. Financial markets have been worried for months about what Brexit, or a British exit from the Europe

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PetroRabigh shuts ethane cracker on generator fault

Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh) has shut its ethane cracker due to a turbine generator fault, it said on Thursday. The closure took place late on Tuesday as a precautionary measure, the firm said in a bourse statement. The firm

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Oil's supply-demand balance improving: Al Falih

Oil markets are improving as supply and demand are almost balancing, Saudi Arabia's energy minister said in comments aired on Thursday.   "We see that the market has returned into balance. Supply and demand are almost equal," Khalid Al Falih told S

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Australia in sweet spot to meet Asia demand for ultra-light oil

Australia is in pole position to capture a bigger piece of the growing Asian condensate market, with producers pumping new supplies of the ultra-light oil as natural gas output soars to feed the nation's mega LNG projects.   An Australian wave of

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US adds most oil storage capacity in September-March: EIA

The US added 34 million barrels of crude oil storage capacity from September 2015 to March 2016, the largest expansion since the Energy Information Administration (EIA) began tracking the data in 2011, it said on Wednesday.   Capacity has grown as oil inventorie

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Oil fall tips Opec current account into deficit in 2015

The Organization of the Petroleum Exporting Countries’ (Opec) 2015 oil export revenues slumped 46 percent to a 10-year low, the group said in a report published on Wednesday, underlining the impact on producers' income from a collapse in prices.   Oil

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Saudi Prince talks oil markets with US: SPA

Saudi Arabia's Deputy Crown Prince Mohammed bin Salman discussed global oil market conditions and efforts to maintain its stability with US Energy Secretary Ernest Moniz, state news agency SPA reported on Thursday.   In a brief statement, SPA said the two me

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Iran condensate exports set to fall to 5-month low

Iran's condensate exports in July are expected to fall to the lowest in five months as major buyer South Korea scales back purchases of the ultra-light oil, trade sources said.   Robust demand for condensate, from South Korea in particular, helped drive a re

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Oil rises as investors await Brexit vote

Oil prices edged higher on Thursday, shrugging off a smaller than expected draw on U.S. crude stocks as money and equity markets firmed on the last sweep of opinion polls showing Britons favoured to remain in the European Union (EU). Global markets, including commodities, have be

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Idea elects new board of directors

Members of the International District Energy Association (Idea) have elected Tim Griffin of RMF Engineering to chair its board of directors.    Griffin was among 11 officers and members elected to the board at Idea’s annual business meeting during the

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