Energy

Crude Oil Rises as IEA Warns About Impact of Russian Gas Supply Disruption Crude oil rose as the International Energy Agency, an advisor to 28 nations, expressed concern about the first halt in Russian gas exports to Europe in three years.

Traders Seeking Another 10 Supertankers for Storage, Frontline Chief Says Oil traders are seeking as many as 10 supertankers to store crude, potentially taking the amount hoarded at sea to almost five days of European Union demand, according to Frontline Ltd., the largest owner of the vessels.

Iran Will Cut February Crude Oil Shipments to Two Asian Refiners by 14% Iran, OPEC’s second-largest producer, will reduce shipments of crude oil for February to two refiners in Asia as part its commitment to the group’s output cuts, said officials from the companies.

Lyondell Chemical Blames `Dramatic' Slump in Demand for Bankruptcy Filing Lyondell Chemical filed for bankruptcy protection citing waning demand for its products and asked for court approval of an $8 billion loan to help fund operations while it reorganizes.

Russian Gas Shipments to Europe Through Ukraine Halted in Freezing Weather Russian natural-gas exports through Ukraine to Europe halted for the first time in three years, threatening to create shortages as freezing weather spurred demand for power.

PetroChina's Biggest Refinery Processes 7% More Crude as New Units Start PetroChina Co. increased crude-oil processing at its biggest refinery by 7 percent to a record last year after new units started operations.

Sinopec Hainan Shuts Oil Refining Unit in China for Planned Maintenance Sinopec Hainan Petrochemical Co., a subsidiary of China’s largest oil refiner, shut a refinery unit that produces high-grade diesel and gasoline for planned maintenance, a company official said.

Nippon Oil, Nippon Mining to Cut Mizushima Refining Capacity on Low Demand Nippon Oil Corp. and Nippon Mining Holdings Inc., which last month agreed to merge and form Japan's largest refining company, plan to reduce processing capacity at two of their refineries to cope with falling demand.

OPEC Crude Oil Production Dropped 1.5% in December, Bloomberg Survey Shows OPEC, supplier of more than 40 percent of the world’s oil, cut output 1.5 percent in December to the lowest in 16 months to counter the first annual drop in prices since 2001, a Bloomberg News survey showed.