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Vitol Chief Says OPEC Freeze at Today’s Levels Not Good Enough

A move by the Organization of Petroleum Exporting Countries to freeze output won’t be sufficient to buoy the market, according to the world’s largest independent oil trader. Capping production at today’s levels is “probably not quite good enough,” Vitol Group of Cos. Chief Executive Officer Ian Taylor said in a Bloomberg Television interview as OPEC …
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Spiralling oil demurrage costs challenge Venezuela’s PDVSA

Venezuela’s state-owned oil company PDVSA is facing cash flow problems as it struggles to pay for its imports of crude and oil products and its debt obligations balloon due to demurrage costs, Latin America traders and shipping sources said. “It is happening with everything, crude, gasoline, diesel, heavy naphtha, etc.,” a Latin America refined products …
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Singapore product cracks hit multi-month highs in Sep amid turnarounds, crude volatility

Oil product crack spreads in Singapore have steadily risen in September to multi-month highs amid seasonal turnarounds and volatility in crude prices ahead of a key meeting of oil producing nations in Algeria this week, S&P Global Platts data showed Wednesday. “The current [rise in] crack [values] have partially been a function of crude volatility …
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Nigeria Looks to Raise Cash by Selling Oil Assets

Facing the likelihood of its first full-year economic contraction in 25 years, Nigeria is contemplating a rare sale of stakes in the oil and gas industry, the country’s biggest foreign-exchange earner. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance …
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CCEA approves oil PSU consortium’s stake buy in Russian assets for over $3 billion

The Cabinet Committee on Economic Affairs has given its approval for Oil India, Indian Oil Corporation and Bharat Petro Resources Ltd to acquire 23.9 per cent in JSC Vankorneft for $2.020 billion and 29.9 per cent stake in LLC Taas-Yuryakh for $1.242 billion from Russia’s national oil company Rosneft. The acquisition in Vankorneft, which operates …