OPEC's Refining Capacity Rises on New Investments in Saudi Arabia, Iran

(Bloomberg) -- OPEC's refining capacity increased by
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.

Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.


Read more at Bloomberg Energy News

Iran Will Ration Gasoline Until 2009 After Cutting Consumption 25 Percent

(Bloomberg) -- Iran will continue to ration
gasoline until ``at least'' 2009 because the program launched
last month has already cut consumption by a quarter, an oil
official said.

``The system will remain in place at least as long as the
current government is in power,'' Hojatollah Ghanimifard,
National Iranian Oil Co.'s director for international affairs,
said in an interview at the oil ministry in Tehran yesterday.
President Mahmoud Ahmadinejad started his four-year term in
August 2005.


Read more at Bloomberg Energy News

Crude Oil Falls on Speculation of Higher Gasoline Output, OPEC Supplies

(Bloomberg) -- Crude oil fell for a third day on
speculation that U.S. refineries are increasing their fuel
production and a signal that OPEC might be willing to pump more.

A report tomorrow may show refineries operated at 91.6
percent of capacity, a 10-month high, according to a Bloomberg
News survey. OPEC will raise output if required, an official of
Iran's Oil Ministry said. Hedge-fund managers and other large
speculators cut long positions, bets that prices would rise, last
week, according to the U.S. Commodity Futures Trading Commission.


Read more at Bloomberg Energy News

Iran president rejects economic policy criticism

(Reuters) - "Some are against the ... government's success and they want
to make us tired and retreat, but be sure that they won't
succeed," President Mahmoud Ahmadinejad said during a provincial
tour, according to the daily Donya-Ye Eqtesad.




The economists' letter, published in newspapers on Tuesday,
also said government foreign policy "had not been constructive",
drawing U.N. sanctions in a row with the West over Iran's atomic
plans.


Read more at Reuters.com Economic News

Oil Trades Near Nine-Month High on U.S. Refinery Slowdowns; Iran Concerns

(Bloomberg) -- Crude oil traded near a nine-month
high in New York after a drop in U.S. refining raised concern
that fuel supplies may remain below average.

Maintenance at refineries last week cut processing rates to
a six-week low, prompting oil companies to produces less diesel
and heating oil in an effort to boost gasoline stockpiles. Oil
also rose after Iran, the second-largest producer in the
Organization of Petroleum Exporting Countries, rejected United
Nations demands to suspend its uranium enrichment.


Read more at Bloomberg Commodities News

Oil Jumps on U.S. Refining Slowdown, Iran's Refusal to Defer Nuclear Plans

(Bloomberg) -- Crude oil rose to a nine-month high
in New York on concern that U.S. refineries are failing to keep
up with growing gasoline demand, and after Iran said it isn't
willing to suspend its nuclear program.

Refineries operated at 89.2 percent of capacity last week,
the lowest since May 4 and the lowest utilization rate in 15
years for the second week in June, an Energy Department report
showed yesterday. Iran, the Middle East's second-largest producer
of crude oil, said its nuclear research is advancing. The U.S.
and its allies accuse Iran of developing nuclear weapons.


Read more at Bloomberg Energy News

Crude Oil Declines From a Nine-Month High as Cyclone Gonu Misses Platforms

(Bloomberg) -- Crude oil fell from a nine-month high
on speculation that U.S. fuel supplies will increase for a sixth
straight week and as Cyclone Gonu weakened after threatening the
Persian Gulf.

U.S. gasoline inventories rose 4.4 percent in the past five
weeks, the Energy Department said. U.S. refiners maximize output
of the fuel at this time of year to meet peak demand. Gonu is
dissipating after sweeping across coastal Oman and Iran. Oman's
ports, including its oil-export terminal at Mina al-Fahal, opened
today for partial operations, Gulf Agency Co. reported.


Read more at Bloomberg Commodities News

Crude Oil Falls From 9-Month High After Cyclone Weakens, Misses Platforms

(Bloomberg) -- Crude oil fell from a nine-month high
in New York after Cyclone Gonu weakened and missed oil and gas
platforms near Oman's coast.

The storm is dissipating after sweeping across coastal Oman
and Iran. A least 28 people died in the two countries, the
Associated Press reported.


Read more at Bloomberg Energy News

Colorado, Utah Rival OPEC Reserves, Lure Shell, Chevron, Exxon With Sale

(Bloomberg) -- Colorado and Utah have as much oil as
Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya,
Angola, Algeria, Indonesia, Qatar and the United Arab Emirates
combined.

That's not science fiction. Trapped in limestone up to 200
feet (61 meters) thick in the two Rocky Mountain states is
enough so-called shale oil to rival OPEC and supply the U.S. for
a century.


Read more at Bloomberg Energy News

India, Pakistan Near Accord on Gas Price for `Peace Pipeline,' Iran Says

(Bloomberg) -- Pakistan and India are close to an
agreement on the price of natural gas that will pass through a
proposed $7.4 billion pipeline linked with Iran, according to one
of the officials involved in the talks.

Hojatollah Ghanimifard, Iran's negotiator, said he hoped
``all problems would be settled'' by June 30, the latest deadline
set by Iran to finalize the contract, Shana, the press agency for
Iran's oil ministry, said in a statement late yesterday.


Read more at Bloomberg Emerging Markets News

Crude-Oil Futures Fall in New York, Gain in London on Threats to Supplies

(Bloomberg) -- Crude oil fell in New York and rose in
London to a nine-month high, boosted by threats to supply from
Nigeria and Iran.

London-traded Brent crude, traditionally cheaper, now costs
a record $6.46 a barrel more than New York oil. A government
report yesterday showed that supplies in Cushing, Oklahoma, the
delivery point for New York futures, jumped last week, adding to
a glut that is depressing prices. Refinery fires and power
outages have cut demand for the U.S. benchmark grade.


Read more at Bloomberg Energy News

Crude Oil Is Little Changed After U.S. Gasoline Supplies, Demand Increase

(Bloomberg) -- Crude oil was little changed after a
government report showed that U.S. gasoline inventories and
consumption increased last week.

U.S. gasoline supplies rose 1.43 million barrels last week,
an Energy Department report showed today. Gasoline use averaged
9.36 million barrels a day in the past four weeks, up 1.2 percent
from a year ago, the department said. Refineries operated at the
highest rate since Jan. 5. Prices also rose after UN inspectors
said they were learning less about Iran's nuclear program.


Read more at Bloomberg Commodities News

Oil below $64; gasoline worry offsets Iran relief

(Reuters) - Oil fell below $64 a barrel on Monday, extending a decline after Iran released 15 British sailors and marines last week, although concerns over the state of pre-summer U.S. gasoline supplies tempered selling.

U.S. crude fell 43 cents to $63.85 a barrel by 0651 GMT, adding to Thursday's 10-cent drop after markets were closed on Friday for the Easter holiday. London Brent crude was down 33 cents at $67.91, although trading was expected to remain light as many European market remain shut for Easter Monday.


Read more at Reuters Africa

Falling oil, rising home sales spark rally

(Reuters) - The rally took the Dow and S&P 500 to their highest levels since February 27.

The drop in oil, which came as hopes grew for a diplomatic resolution to the standoff between Iran and Britain, helped buoy airlines and consumer-oriented shares such as home improvement chain Home Depot Inc. , which gained 2.3 percent.


Read more at Reuters.com Hot Stocks News

TREASURIES-Prices little changed on strong houses report

(Reuters) - NEW YORK, April 3 - U.S. Treasury debt prices fell in thin trade on Tuesday as a rebound in stocks and signs of an easing in British-Iranian tensions eroded interest in flight-to-quality trades.

Government bonds briefly extended losses after a stronger-than-expected pending home sales report, but volumes were light on religous holidays and ahead of kept of Friday's release of March job numbers.


Read more at Reuters.com Bonds News

Oil eases on hope for diplomacy in Iran stand-off

(Reuters) - Oil prices dipped on Tuesday as the market was soothed by the potential for a diplomatic solution to a stand-off between OPEC producer Iran and Britain.

U.S. light crude for May delivery fell 22 cents to $65.72 a barrel by 0348 GMT, after rising 7 cents on Monday. London Brent crude lost 9 cents to $68.65, trimming 64-cent gains on Monday, when it hit a seven-month high of


Read more at Reuters Africa

European shares dented as Iran concern tops M&A

(Reuters) - European shares fell on Friday as concern over the tension between Britain and Iran pushed up oil prices and eclipsed a fresh burst of supportive merger news.

Markets got off to an uneasy start as London and Tehran still had not reached an agreement on the release of 15 British sailors and marines seized by Iran last week.


Read more at Reuters Africa

US blue chips up on safety bid amid Iran concerns

(Reuters) - U.S. blue chips ended higher on Thursday with investors scooping up large-cap, defensive stocks including Altria Group Inc. and energy shares, as the dispute between Iran and the West appeared to escalate.

The Nasdaq was nearly unchanged as a rally in biotechnology shares was offset by profit warnings from the semiconductor sector.


Read more at Reuters Africa

Wall St indexes fall as Bernanke, data, oil weigh

(Reuters) - U.S. stocks ended lower on Wednesday after Federal Reserve Chairman Ben Bernanke said he was uncomfortable with inflation and uncertain about the economy, compounding the impact of a weak durable goods report.

Escalating tensions between Iran and the West also kept investors on edge and boosted crude oil prices nearly 2 percent.


Read more at Reuters Africa

Oil stands near six-month high on Iran tension

(Reuters) - Oil held near its highest close in over six months on Thursday as traders weighed rising risk to Gulf supplies from mounting tension between Iran and the West.

Small draws in weekly U.S. product and crude stocks were overshadowed by fears surrounding the world's fourth-largest oil exporter, which has been holding 15 British sailors and marines since Friday and was hit with new U.N. sanctions at the weekend.


Read more at Reuters Africa