NEWS / Foreign Exchange

Crude Market Update

• Royal Dutch Shell shut down a unit at its Deer Park refinery for maintenance from October 22 until January 19 [rdsa.uk]
• South Korean Government may boost surcharges on jet fuel following oil price gains [wire summary story]
• British Petroleum expects total capacity to reach 400MB/D at its Texas refinery; Expects total capacity to reach 300MB/D at its Whiting refinery [Q3 earnings report]
• UK Government plans to abandon renewable energy targets [wires citing report]
• Petrologistics: OPEC output to average 31.4M bpd in October vs. 30.9M bpd in September; Excluding Iraq and Angola OPEC to pump 27.5M bpd in October vs. 27.2M bpd in September
• ConcoPhillips says that gas flows into the UK??™s Teesside from the J-block field are restricted by a gas-processing issue; Expected to return to normal within hours [cop]
• An investment of $30B will be required to produce an additional 2M bpd of oil from Iraq over the next seven years [Centre for Global Energy Studies]
• Israeli pipeline leaks 100 tons of crude oil following an explosion yesterday [wire summary report]
• Valero reports that it incurred a process upset on an amine recovery unit of its New Jersey based Paulsboro refinery [vlo]
• Tanzania has inveted foreign companies to bid for licenses to search for oil in six block across the country [East African]
• India is planning its largest ever auction of oil and gas exploration blocks and has set a tentative start date of mid-November to begin marketing the sale around the world. The long-awaited auction is a crucial part of India's efforts to boost domestic oil production to keep pace with its rapidly growing economy and to help mitigate the growing burden of domestic fuel subsidies, which are set to rise by up to 70%this year.  [The Australian Business]