Angola seen facing oil-related instability

Angola struggles with economic problems and the potential for political instability as a presidential election approaches, warns an analyst at Verisk Maplecroft, Bath, UK. Source: News


Pertamina lets contract for Balikpapan refinery

PT Pertamina (Persero) has let a contract to CB&I, Houston, to provide technology licensing and engineering design for a grassroots alkylation unit to be built as part of the upgrade and modernization of the 260,000-b/d refinery in Balikpapan, East Kalimantan, Indonesia. Source: News


MARKET WATCH: NYMEX oil prices drop on higher US rig count

Light, sweet crude oil prices fell on the New York market July 22 to their lowest level since May 9. Analysts attributed falling oil prices to ample world gasoline supplies and also a climbing weekly US rig count, which suggests world oil inventories could remain high longer than expected. Source: News