Royal Dutch Shell reported an 11 percent rise in fourth quarter profits on Thursday, beating analysts’ forecasts, as higher oil prices and stronger refining margins outweighed the impact of lower U.S. gas prices.
Europe’s largest oil company by market capitalization said its current costof supply (CCS) net income was $7.7 billion.
Excluding one-offs, the result was $7.27 billion, compared to an average
forecast of $6.70 billion from a company poll of analysts.
Brent crude prices averaged $118.60 per barrel last quarter, up from $105.43 a year before.
CCS earnings strip out unrealized gains or …

Oil prices rose to near $104 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly fell, suggesting demand may be improving.
Benchmark oil for June delivery was up 28 cents to $103.83 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 44 cents to settle at $103.55 in New York on Tuesday.
Brent crude for June delivery was up 10 cents at $118.26 per barrel in London.
The American Petroleum Institute said late Tuesday that crude inventories fell 1.0 …

Iran says that it is involved in a long-running technological war with the United States and Israel. In recent years, Tehran has repeatedly announced it has defused malware in its industrial sector including the highly specialised Stuxnet in 2010, which it said had targeted the country’s nuclear facilities.
This round of cyberattack began on Sunday, Mehr quoted Hamdollah Mohammadnejad, deputy oil minister in charge of civil defence, as saying. He said the ministry and some provincial officers were taken offline, and a special headquarters was set up to confront the attacks.
Iran …

Asia refining profits from gasoil rose for the fifth time in six days. Naphtha and fuel oil swaps declined, reducing producers’ margins from these fuels.
Middle Distillates
The premium of gasoil to Dubai crude, a benchmark price for Asia, rose 37 cents, or 2.2 percent, to $16.93 a barrel at 2:28 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. That would be the highest for the crack spread since Feb. 17.
Singapore gasoil swaps for May rose 30 cents to $132.20 a barrel. Jet fuel’s premium to gasoil …

Nairobi – A row between Kenya and Somalia over their maritime border may deter multinational oil companies from exploring for oil and gas offshore east Africa, and a Somali official warned that the argument could escalate.
The two coastal nations disagree over the location of their boundary line in the Indian Ocean. At stake are their legal claims to sell rights for exploration and collect revenue from any discovery.
Kenya recently identified eight new offshore exploration blocks available for licensing, and all but one of them are located in the contested area.
“The …