Page 12 - Repi Refining News Today

Exxon Mobil Corp is not giving up on oil exploration in Brazil, the company's country chief Alberto Ferrin said on Monday during the Offshore Technology Conference (OTC) in Houston.

Saudi Arabia's stock market ended higher on Sunday in response to Friday's rise in oil prices, while the Egyptian index was in the red on profit-taking.

The U.S. will not block a court auction of shares in oil refiner Citgo Petroleum Corp's (PDVSAC.UL) parent, Justice Department officials told a federal court, paving the way for a potential seizure by creditors of Venezuela's most-prized foreign asset.

Brazilian environmental agency Ibama has recommended the rejection of state-run oil firm Petrobras' request to drill a well in the mouth of the Amazon River Basin, documents seen by Reuters showed on Friday.

Brazilian state-run oil firm Petrobras said on Saturday that it is awaiting the government's stance on its request to drill a well at the mouth of the Amazon River Basin, following a technical recommendation by the country's environmental agency to reject the proposal.

Top oil exporter Saudi Arabia may cut the price for its flagship Arab Light crude to Asia in June despite an extra output cut from OPEC+, as refiners hit by sliding fuel prices consider reducing output and China and India snap up cheap Russian crude.

Refining giant Sinopec Corp sees China's diesel and gasoline demand growing more in the second quarter than in the first three months of 2023, a trend set to bolster the firm's profitability further this year.

A unit of Chinese refiner Sinopec has won mining rights to develop a coal mine in the Inner Mongolia region of the country for 30.15 billion yuan ($4.36 billion), a company representative said on Friday.

Russia this week took control of the Russian assets of Finland's Fortum and Germany's Uniper , which both operate power plants in Russia, and warned it could seize more.

Exxon Mobil burned brighter in the first quarter, thanks to the Permian Basin and Guyana. The $485 billion oil giant earned $11.4 billion, or twice as much as it did the same period a year ago. Moreover, while the firm continued to shower its investors with cash, sending them $8.1 billion, the company also increased production to 3.8 million barrels of oil equivalent per day, a 4% rise from a year ago.