Crude Oil Falls a Second Day on OPEC Output Boost, Concern Demand Abating

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since July 24, after OPEC
increased output and on concern losses in the U.S. mortgage
market will slow economic growth.

Members of the Organization of Petroleum Exporting
Countries, excluding Angola, raised production last month by the
most since September 2004, a Bloomberg News survey showed.
Prices of commodities including copper in Shanghai and platinum
in Tokyo declined, and stocks in Asia fell, extending a global
slump, on speculation waning growth will slow demand.


Read more at Bloomberg Energy News

Arrow Energy Signs Agreements to Develop Coal Seam Gas Ventures in China

(Bloomberg) -- Arrow Energy NL, an Australian
producer of gas from coal seams, signed two venture agreements
with companies in China's Liaoning province as it seeks to start
production of the fuel in the Asian nation.

The accords with Shenyang Gas Co. and Liaohe Petroleum
Development Co., a unit of China National Petroleum Corp., follow
similar agreements signed over the past weeks, Brisbane-based
Arrow said today in a statement to the Australian Stock Exchange.
Arrow now has seven projects in three geographic regions in the
Asian nation, it said.


Read more at Bloomberg Energy News

Oil Falls, Heading for Biggest 2-Day Decline Since June, on OPEC, Economy

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since June, after OPEC increased
output and on signs U.S. economic growth will slow, reducing fuel
demand.

Members of the Organization of Petroleum Exporting Countries,
excluding Angola, raised production last month by the most since
September 2004, a Bloomberg News survey showed. Asian stocks
dropped on renewed concern losses in the U.S. mortgage market
will trim growth in the world's biggest economy.


Read more at Bloomberg Energy News

UPDATE 1-Anadarko shares up as 2nd-qtr profit tops Street

(Reuters) - HOUSTON, July 31 - Shares of independent oil and
gas producer Anadarko Petroleum Corp. climbed on
Tuesday, a day after the company reported better-than-expected
quarterly earnings and raised its annual production forecast.




Houston-based Anadarko's shares initially rose more than 5
percent, but fell back a bit and were trading up 4.4 percent,
or $2.20 at $52.30 on the New York Stock Exchange at midday.


Read more at Reuters.com Market News

China CNPC strikes oil of commercial value in Chad

(Reuters) - China National Petroleum Corp. (CNPC) has struck oil of commercial value for the first time in Chad, after buying a 50 percent share of an oil exploration partnership in the landlocked African nation last year.

CNPC, China's top oil and gas producer, did not provide any estimates of oil in place or an even more useful gauge such as recoverable reserves in a news release posted on its Web site (www.cnpc.com.cn) on Monday.


Read more at Reuters Africa

Pioneer Natural says has option to raise Midkiff-Benedum stake

(Reuters) - On Friday, Atlas completed purchase of about 73 percent
interest in the system from Anadarko Petroleum .





Read more at Reuters.com Mergers News

Sudan assigns Chinese CNPC offshore oil block

(Reuters) - Sudan has signed a deal with Chinese state oil firm China National Petroleum Corp. (CNPC) to take a majority stake in its Block 13 exploration site, off the coast of the Red Sea, a senior Sudanese oil official said on Friday.

CNPC has a 40 percent stake, 15 percent for both Indonesian state firm and Sudanese state oil firm Sudapet.


Read more at Reuters Africa

Singapore Petroleum Shares Rise to Record After Refining Margins Increase

(Bloomberg) -- Shares of Singapore Petroleum Co.,
the only oil refiner traded on the city state's stock exchange,
rose to a record on speculation a surge in refining profit may
boost second-quarter earnings.

The shares gained as much as 25 cents, or 4.1 percent, to
an all-time high of S$6.40 ($4.21), and traded at S$6.30 at
12:23 p.m. Singapore time.


Read more at Bloomberg Energy News

Crude Oil Rises to 11-Month High on Signs U.S. Refinery Demand Is Rising

(Bloomberg) -- Crude oil rose to an 11-month high in
New York on higher demand after OPEC ministers said the group
should maintain its restrictions on production.

The Organization of Petroleum Exporting Countries yesterday
raised a forecast for demand for its crude by 100,000 barrels to
31.1 million barrels a day in the fourth quarter. The U.S. Energy
Department will probably report tomorrow that crude-oil supplies
fell 700,000 barrels in the week to July 13, according to analysts
surveyed by Bloomberg News.


Read more at Bloomberg Energy News

Australia's S&P/ASX 200 Rises to Record, Led by Woodside: Rio Tinto Slips

(Bloomberg) -- Australia's S&P/ASX 200 Index rose,
set for a record high. Woodside Petroleum Ltd. and Roc Oil Co. led
gains after crude oil climbed to an 11-month high on speculation
maintenance closures in the North Sea may limit global supplies.

Rio Tinto Group fell for a second day after announcing it had
agreed to buy Alcan Inc. for $38.1 billion, increasing its debt.


Read more at Bloomberg Stocks News

Asian Stocks Rise to a Record; Hyundai Motor, Woodside Petroleum Advance

(Bloomberg) -- Asian stocks rose for a third day,
driving a regional benchmark to a record. Hyundai Motor Co. led
South Korean automakers higher after Meritz Securities Co.
lifted its price estimate for the stock, citing earnings.

Woodside Petroleum Ltd., Australia's second-largest oil and
gas producer, climbed as crude futures contracts traded near an
11-month high. Samsung Electronics Co. slid after prices of
computer memory chips fell by the most in two weeks.


Read more at Bloomberg Stocks News

Bovespa Slides in Brazil, Led by Petrobras; Wal-Mart de Mexico Declines

(Bloomberg) -- Brazil's main stock index fell for the
first time in three days, led by Petroleo Brasileiro SA, after the
federal police arrested employees on allegations they manipulated
contracts at the state-controlled oil company.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange shed 561.03, or 1 percent, to 55,882.70, falling from a
July 6 record. Mexico's Bolsa index slid 345.23, or 1.1 percent, to
31,743.02.


Read more at Bloomberg Stocks News

China's CSI 300 Index Slides to Lowest in a Month; Sinopec, Baoshan Drop

(Bloomberg) -- China's stocks fell to the lowest in
a month as new share sales heightened concern that funds will be
will drained from existing equities and a state agency called on
policy makers to take action to damp short-term speculation.

China Petroleum & Chemical Corp. and Baoshan Iron & Steel
Co. were among the biggest contributors to today's decline.


Read more at Bloomberg Stocks News

Petrobras, Porto Seguro and Votorantim Celulose: Brazilian Equity Movers

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

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 362.46, or 0.7 percent, to a record 55,733.67 as of
9:32 a.m. New York time.


Read more at Bloomberg Stocks News

Asian Stocks Climb, Paced by Woodside, Mitsui; Mitsubishi Estate Drops

(Bloomberg) -- Asian stocks rose for a third day, led
by energy-related shares, after declining U.S. fuel stockpiles and
attempted car bombings in the U.K. lifted the price of crude oil
to a 10-month high.

Woodside Petroleum Ltd., Australia's second-largest oil
producer, advanced to its highest in a week. Mitsui & Co., a
Japanese trading company that generated almost 15 percent of last
year's revenue from energy, jumped by the most in two months.


Read more at Bloomberg Stocks News

Asian Oil Stocks Climb, Led by Woodside Petroleum; Mitsubishi Estate Drops

(Bloomberg) -- Asian energy stocks rose, led by
Woodside Petroleum Ltd., after declining U.S. stockpiles and
attempted car bombings in the U.K. lifted the price of crude oil
to a 10-month high.

``Terror threats seem to benefit energy shares as the market
always seems to tie it back to the Middle East and risks to
supply,'' said Shane Oliver, who helps manage the equivalent of
$83 billion at AMP Capital Investors in Sydney. ``You tend to see
the oil price pushed up, benefiting shares.''


Read more at Bloomberg Stocks News

Banco Pine, Cosan, Petroleo Brasileiro and Unibanco: Brazil Equity Movers

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

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 342.14, or 0.6 percent, to 54,488.73 as of 9:36 a.m.
New York time.


Read more at Bloomberg Stocks News

BP's Russia unit surrenders gas field to Gazprom

(Reuters) - The sale is the culmination of years of pressure on BP's
Russian joint venture TNK-BP, which wanted to develop the huge
field to supply lucrative export markets in Asia.




Gas export monopoly Gazprom has consistently blocked these
plans, while regulators accused the Kovykta operating company,
Rusia Petroleum, of breaching its license terms.


Read more at Reuters.com Mergers News

Nigeria Strike Continues After Government, Unions Fail to Reach Agreement

(Bloomberg) -- A nationwide general strike in Nigeria,
Africa's biggest oil producer, continued for a third day after
labor unions and the federal government failed to reach an
agreement over an increase in domestic fuel prices.

Peter Akpatason, the president of the National Union of
Petroleum & Natural Gas Workers, or Nupeng, said the next meeting
was scheduled for 9 a.m. today. Yesterday, oil unions withdrew
workers for export terminals in a bid to halt exports and intensify
pressure on the new administration of President Umuru Yar'Adua.


Read more at Bloomberg Emerging Markets News

Oil Rises, Approaches $70, as Nigerian Strike Spreads to Export Terminals

(Bloomberg) -- Crude oil rose after Nigerian oil
workers left the country's export terminals, amid a nationwide
general strike in Africa's largest crude producer.

Nigerian unions increased pressure on the government in the
second day of the strike, protesting increases in taxes and fuel
prices. The Petroleum & Natural Gas Senior Staff Association of
Nigeria, or Pengassan, will hold more talks with the government
today, said Lumumba Okugbawa, a spokesman for the group.


Read more at Bloomberg Energy News