IEA: Rebalancing would be ‘here to stay’ if producers maintain resolve

Global oil stocks fell by 500,000 b/d and preliminary data for July, particularly in the US where stocks fell by 790,000 b/d, is supportive of rebalancing supplies with demand, according to the most recent Oil Market Report from the International Energy Agency. Source: News

Tupras to add units at Izmit, Izmir, and Kirikkale refineries

Turkish Petroleum Refineries Corp. (Tupras) has let a contract to Jacobs Engineering Group Inc., Dallas, to supply process technology for sulfur recovery units the company plans to install at three of its refineries in Turkey.   Source: News

Shell begins restart of Pernis refinery

Shell Nederland Raffinaderij BV has initiated what will be a phased restart of its 404,000-b/d Pernis refinery and integrated petrochemical production site in Rotterdam, the Netherlands, following a July 29 power outage that led to a fire and subsequent shutdown of the manufacturing site. Source: News

MARKET WATCH: NYMEX oil prices drop nearly $1/bbl

Crude oil prices on the New York market fell nearly $1 for both September and October delivery on Aug. 10 as little news came out of a joint technical meeting between the Organization of Petroleum Exporting Countries and non-OPEC countries in Abu Dhabi. Source: News