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

Qatar Was OPEC's Wealthiest Per-Capita Exporter Last Year; Nigeria Poorest

(Bloomberg) -- Qatar earned $28,576 per citizen last
year from oil and gas exports, while Nigeria, Africa's most
populous nation, made $391, annual OPEC data shows.

The range reflects large differences in populations among
members of the Organization of Petroleum Exporting Countries.
Nigeria's petroleum-export revenue of $52.5 billion was twice that
of the tiny Persian Gulf emirate.


Read more at Bloomberg Energy News

Iran Doesn't Back OPEC Output Increase in September, Ministry Agency Says

(Bloomberg) -- Iran, the second-largest producer in
OPEC, doesn't support an increase in oil production at the
group's next meeting because high prices are being caused by
geopolitical issues and U.S. gasoline shortages, Shana reported.

Iran won't favor a production increase if the oil market
situation remains the same, the Tehran-based oil ministry press
agency said, citing Oil Minister Kazem Vaziri-Hamaneh.


Read more at Bloomberg Energy News

Crude Oil Declines on Report That OPEC Is Concerned About High Oil Prices

(Bloomberg) -- Crude oil fell after Reuters reported
the Organization of Petroleum Exporting Countries was concerned
about high oil prices and their impact on the world economy.

The group may pump more oil to increase supplies, though
it's unclear whether extra production will be needed this year,
OPEC President Mohamed al-Hamli said, according to Reuters. OPEC,
which produces 40 percent of the world's oil, considers $60 to
$65 a barrel a ``reasonable'' price for crude, KPC World, the
monthly bulletin of the Kuwait Petroleum Corp. reported.


Read more at Bloomberg Energy News

Oil Rises to $75 in New York on Expectations Refineries to Use More Crude

(Bloomberg) -- Crude oil rose above $75 a barrel in
New York for the first time in more than 11 months on
expectations that U.S. demand will rise as refiners bolster
gasoline production.

Valero Corp., Exxon Mobil Corp. and BP Plc, three of the
four biggest U.S. refiners, started up units over the past week.
A government report tomorrow may show that U.S. oil supplies
fell last week as refineries increased production. Iran, OPEC's
second-biggest producer, said there was no need for the group to
hold an emergency meeting.


Read more at Bloomberg Commodities News

OPEC sees modest 2008 demand, lower need for its oil

(Reuters) - The assessment, in OPEC's July Monthly Oil Market Report, underscores OPEC's view that crude supply is enough and oil prices near a record high reflect a strain on refineries and other factors beyond its control.




"The outlook for the oil market in 2008 is shaping up to be quite similar to the current year, with continued tightness in the downstream supporting high product prices and frequent refinery outages exerting further upward pressure, despite the healthy crude oil market," OPEC's report said.


Read more at Reuters.com Business News

UPDATE 1-UMC posts small fall in June sales amid chip recovery

(Reuters) - TAIPEI, July 9 - UMC the world's No. 2
contract chip maker, posted a small annual decline in June sales
on Monday, but the result marked its fourth straight monthly
gain, amid a chip upturn driven by growing tech demand.




The Taiwan firm's second-quarter sales also improved from the
previous three months, when many clients suffered from high
stockpiles, which bodes well for the second half as new PCs,
cellphones, game consoles and flat-screen TVs hit the stores.


Read more at Reuters.com Market News

Splits emerge in S.Africa civil servant strike

(Reuters) - Cracks emerged in a crippling public sector strike on Monday after two unions representing some 160,000 members withdrew from one of the largest mass actions in post-apartheid South Africa.

The Health and Other Service Personnel Union (HOSPERSA) accused the powerful COSATU labour federation, which is spearheading the three-week protest, of pursuing a political agenda in the strike over pay.


Read more at Reuters Africa

Oil Has `Substantial' Risk of Surging as Non-OPEC Output Peaks, Bank Says

(Bloomberg) -- Oil prices have a ``substantial''
risk of surging higher and boosting inflation because non-OPEC
production may soon peak, the Bank for International Settlements
said in its annual report.

``The short-run risks of sharp increases in oil prices
remain substantial,'' the Basel, Switzerland-based BIS said in
its 77th annual report today. ``The impact of oil price increases
could be significant; a recent analysis estimates that a supply-
induced doubling of prices would boost inflation in emerging Asia
by as much as 1.4 percent points above baseline.''


Read more at Bloomberg Energy News

Oil up as Nigeria strike concerns resurface

(Reuters) - Oil resumed its upward march on Thursday, shrugging off steep falls a day earlier triggered by bearish U.S. data, as the market turned its focus back to a strike in Nigeria and OPEC doused hopes of an output increase.

Oil supplies from Africa's top oil exporter were as yet unaffected on the second day of the general strike that has paralysed most economic activity in Nigeria, with loading of tankers at export terminals continuing normally.


Read more at Reuters Africa

UPDATE 2-Longreach to invest $568 mln in Taiwan lender

(Reuters) - TAIPEI/TOKYO June 15 - Private equity house
Longreach Group said it will invest US$568 million to take a
controlling stake in EnTie Bank , its first move into
Taiwan's consolidating banking sector as it seeks to expand in
Asia.




The T$18.8 billion stake purchase in the loss-making lender
highlighted Longreach's ambition to explore the region's retail
banking business.


Read more at Reuters.com Bonds News