Page 11 - Repi Refining News Today

Russia's federal budget revenues from oil and gas, the lifeblood of its economy, fell 64% in April from the year-earlier period and declined by 5.9% from March, the finance ministry said on Thursday, as a result of higher subsidies to oil refineries.

Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, adding to a 20% decline a day earlier following short seller Hindenburg Research's scathing attack on the company.

Romanian oil and gas group OMV Petrom , majority-controlled by Austria's OMV will pay an additional tax on the crude oil it refines, Romanian lawmakers decided on Wednesday.

U.S. refiner Phillips 66 beat Wall Street estimate for first-quarter profit on Wednesday, joining rivals in gaining from elevated margins on sustained fuel demand amid tight crude supplies.

BP made a profit of $5 billion in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading, but the company's shares fell as it slowed a share buyback programme.

OPEC oil output fell in April due to a halt in some of Iraq's exports and delays to Nigerian shipments, a Reuters survey found on Tuesday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance.

Hindenburg Research said on Tuesday it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate Icahn Enterprises , making it the latest in a string of recent high-profile targets of the U.S. short seller.

Most stock markets in the Gulf fell on Tuesday with the U.S. Federal Reserve set to begin a two-day meeting at which it is expected to decide to raise interest rates by another 25 basis points.

Iraq produced 3.938 million barrels per day (bpd) of crude in April, down 262,000 bpd from March, a source at state-owned crude marketer SOMO told Reuters on Tuesday.

After nearly a century, oil output in the U.S. Gulf of Mexico is heading towards its peak with new platforms providing a last hurrah as the region becomes a hot spot for burying greenhouse gases.