Saudi Aramco Releases Crude Oil Prices for Asia for Export in September

(Bloomberg) -- Saudi Aramco, the world's
largest oil company, released the prices for its crude oil
for export to Asia in September, said Asian refinery
officials who received a notice from the company.

The following table gives the differentials in
relation to benchmark prices, the month-on-month change and
the degrees of gravity as defined by the American Petroleum
Institute.


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

Brazil's Bovespa Falls, Led by Petrobras, on Tax Bill, Drop in Oil Prices

(Bloomberg) -- Brazil's main stock index slid for the
second time in three days, led by state-controlled oil company
Petroleo Brasileiro SA, as oil prices dropped and the company
received a bill for $710 million in unpaid taxes.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 551.49, or 1 percent, to 57,485.28 as of 11:08 a.m.
New York time. Petrobras accounted for one-fourth of the drop.


Read more at Bloomberg Stocks 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

Indian Oil Buys Crude From Chevron, Mitsui, Petronas for September Loading

(Bloomberg) -- Indian Oil Corp., the country's
biggest refiner, bought crude oil for loading in September from
Chevron Corp., Mitsui & Co. and Petroliam Nasional Bhd., said
three traders who submitted offers.

Details of the refiner's purchases are as follows:


Read more at Bloomberg Energy News

Petrobras Sells 50 Percent Stake in Argentine Power Utility to Government

(Bloomberg) -- Petroleo Brasileiro SA, Brazil's
state-owned energy company, sold a stake in an Argentine power
utility to government-owned energy companies.

Petrobras sold its 50 percent stake in Transener SA for $54
million to a group formed by Argentine state-energy company
Enarsa and Cordoba-based power unit Electroingenieria, the
Brazilian company said today in an e-mailed statement.


Read more at Bloomberg Emerging Markets News

Asian Stocks Are Little Changed Near Record; Woodside Gains, Samsung Drops

(Bloomberg) -- Asian stocks were little changed as
gains in energy-related shares, driven by crude oil prices
trading near an 11-month high, offset concern that a recent
technology rally more than reflects industry earnings prospects.

Woodside Petroleum Ltd., Australia's second-largest oil and
gas producer, and Keppel Corp., the world's No. 1 builder of oil
rigs, rose. Samsung Electronics Co. fell the most in a year
after memory-chip prices posted the biggest drop in two weeks.


Read more at Bloomberg Stocks News

U.S. Raises Oil Price Forecasts Because of Increased Demand, OPEC Cuts

(Bloomberg) -- The U.S. government increased its
estimated price for crude oil this year and in 2008 because of
rising fuel consumption and production cuts by the Organization
of Petroleum Exporting Countries.

West Texas Intermediate crude oil, the U.S. benchmark, will
average $65.56 a barrel this year, the Energy Department said in
its monthly Short-Term Energy Outlook. The forecast is up 2.3
percent from $64.06 estimated last month. Oil will average
$66.92 in 2008, up 3.2 percent from $64.83 in last month's
forecast.


Read more at Bloomberg Energy News

Oil Rises to a 10-Month High on Signs of Growing Demand, Risks to Supply

(Bloomberg) -- Crude oil rose to a 10-month high on
signs U.S. economic growth may accelerate, spurring increased
fuel demand in the world's biggest energy consumer.

U.S. employers added 132,000 workers in June, wages grew and
the unemployment rate stayed near a six-year low, a Labor
Department report showed today. Oil output by the Organization of
Petroleum Exporting Countries was little changed last month,
according to a Bloomberg News survey, showing that the group was
ignoring calls by consuming countries to bolster production.


Read more at Bloomberg Energy News

Australian Bank Stocks Drop, Led by St.George; Woodside, Oil Shares Gain

(Bloomberg) -- Australian banking stocks fell, led by
St.George Bank Ltd. and National Australia Bank Ltd. after their
U.S. peers dropped on concerns losses on mortgages will deepen.

Energy shares rose, led by Caltex Australia Ltd. and Woodside
Petroleum Ltd. after oil traded near a 10 month high following
attempted car bombings in the U.K.


Read more at Bloomberg Stocks News

Australian Oil Stocks Gain, Led by Woodside; Banks Drop on U.S. Concerns

(Bloomberg) -- Australian oil stocks rose, led by
Caltex Australia Ltd. and Woodside Petroleum Ltd. after oil traded
near its highest in 10 months.

Banking shares fell, led by St George Bank Ltd. and National
Australia Bank Ltd. after their U.S. peers dropped on concerns
losses on mortgages will deepen as the housing market weakens.


Read more at Bloomberg Stocks News

Cosan, JBS, Medial Saude, Petroleo Brasileiro, Vale: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA rising.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 145.35, or 0.3 percent, to 54,288.42 as of 10:12 a.m.
New York time.


Read more at Bloomberg Stocks News

BP Agrees to Venezuelan Terms to Maintain Stake in Cerro Negro Oil Project

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, signed a memorandum of understanding with Venezuela
yesterday to keep its minority stake in a heavy-oil project as
the government consolidates its control of energy assets.

BP, based in London, will retain its 16.67 percent stake in
the Cerro Negro project, which will be majority owned and
operated by state-run Petroleos de Venezuela SA, BP spokesman
David Nicholas said today. The agreement was signed yesterday.


Read more at Bloomberg Emerging Markets News

Gafisa, Gol, Perdigao and Petroleo Brasileiro: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 426.07, or 0.8 percent, to 53,841.03 as of 10:09 a.m.
New York time.


Read more at Bloomberg Stocks News

Crude Oil Falls as Supply Concerns Ease After Nigerian Strike Is Settled

(Bloomberg) -- Crude oil fell in New York after a
strike in Nigeria was settled, easing concerns about supply
disruptions from Africa's biggest oil producer.

Labor unions called off the four-day strike after the
government said it will restrict domestic fuel price rises and
review the sale of two state-owned oil refineries, Lumumba
Okugbawa, deputy general secretary of the Petroleum & Natural Gas
Senior Staff Association of Nigeria, said June 23.


Read more at Bloomberg Commodities News

Crude Oil Rebounds to Trade Above $69 a Barrel as Nigerian Strike Spreads

(Bloomberg) -- Brent oil, a benchmark for two-
thirds of global supplies, rose on concern that strikes by
unions in Nigeria may disrupt exports.

Workers will be withdrawn from Nigeria's oil terminals
starting today, extending a nationwide strike to a second day, a
spokesman for the Petroleum & Natural Gas Senior Staff
Association of Nigeria said yesterday. Africa's biggest oil
producer has lost more than 700,000 barrels a day, or a quarter
of output, since last year because of militant attacks.


Read more at Bloomberg Energy News

Petrobras Expects to Continue Negotiations With Labor Unions, Avoid Strike

(Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-
controlled oil company, wants to continue talks with its workers to
avoid a strike that unions say would aim to reduce production.

``We expect the talks with the unions will continue, and we
will try to reach a negotiated solution with the workers,''
Petrobras Chief Executive Officer Jose Sergio Gabrielli said in an
interview today. ``We expect the strike won't take place.''


Read more at Bloomberg Emerging Markets News

Oil Falls From Close to Nine-Month High; Earlier Gain Seen as Unjustified

(Bloomberg) -- Crude oil fell from near a nine-month
high in New York as some analysts and traders speculated recent
gains weren't justified.

Oil rose this week after the U.S. Department of Energy said
refineries cut processing to a six-week low last week, as demand
for gasoline grew. Oil also rose after Iran, the second-largest
producer in the Organization of Petroleum Exporting Countries,
rejected United Nations demands to quit enriching uranium.


Read more at Bloomberg Energy News

Bharat Petroleum Plans to Increase Naphtha Exports to Asia by 25 Percent

(Bloomberg) -- Bharat Petroleum Corp., India's
third-biggest state-run refiner, plans to increase naphtha
exports to countries to its east by 25 percent this year to gain
from rising demand in Asia.

``We plan to export 1 million metric tons of the fuel to
China, Korea and Japan, this year, from about 0.8 million tons
last year,'' Sumita Bose Roy, General Manager of International
Trade, said in an interview at the Commodity Investment World
Asia conference in Shanghai yesterday.


Read more at Bloomberg Energy News