Brazil, Mexico Shares Fall as Subprime, Housing Fears Revive; Peru Rises

(Bloomberg) -- Stocks in Brazil and Mexico erased
rallies and fell after investors sold riskier assets on renewed
concern that losses on U.S. mortgages will curb earnings growth.

Mexico's Bolsa index declined 241.02, or 0.8 percent, to
30659.66, dragged down by America Movil SAB, Latin America's
largest mobile-phone company. Brazil's Bovespa slipped for the
third time in four days, led by state-controlled oil company
Petroleo Brasileiro SA.


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Petrobras Sells 50 Percent Stake in Argentine Power Utility to Government

(Bloomberg) -- Petroleo Brasileiro SA, Brazil's
state-owned energy company, sold a stake in an Argentine power
utility to government-owned energy companies.

Petrobras sold its 50 percent stake in Transener SA for $54
million to a group formed by Argentine state-energy company
Enarsa and Cordoba-based power unit Electroingenieria, the
Brazilian company said today in an e-mailed statement.


Read more at Bloomberg Emerging Markets News

Brazil's Bovespa Gains on Rates, Led by Petrobras; Mexico's ICA Advances

(Bloomberg) -- Brazil's main stock index had its
biggest gain in a week after the central bank cut borrowing costs,
bolstering confidence in company profits.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 601.36, or 1 percent, to a record 58,157.21. State-
controlled oil company Petroleo Brasileiro SA led the gains.
Mexico's Bolsa index also gained.


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Australia's S&P/ASX 200 Climbs, Led by Woodside Petroleum, Macquarie Bank

(Bloomberg) -- Australian stocks gained, led by
Woodside Petroleum Ltd. after it said second-quarter sales
increased 14 percent, and by Macquarie Bank Ltd., which said today
first-quarter profit rose ``substantially.''

``Macquarie was more positive than they normally are and
Woodside got a bounce after production came in as forecast,'' said
Troy Angus, who helps manage the equivalent of $2.1 billion at
Paradice Investment Management Ltd. in Sydney. ``It shouldn't come
as a surprise that corporate Australia is doing so well. With the
strong domestic economy we're likely to see a pretty robust
reporting season.''


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OPEC Raises 2007 Forecast for Demand for Its Crude Oil as Norway Falters

(Bloomberg) -- OPEC raised its estimate of demand
for its crude oil this year because of lower-than-expected
supply from producers outside the group.

The Organization of Petroleum Exporting Countries raised
its estimate of demand for OPEC crude by 500,000 barrels a day
for the second quarter and increased third- and fourth-quarter
estimates by 100,000 barrels a day. Daily demand for OPEC crude
will average 30.7 million barrels in 2008, versus 30.8 million
in 2007, Vienna-based OPEC said in a monthly report today.


Read more at Bloomberg Energy News

Tunisia grants oil exploration permit to Shell

(Reuters) - Tunisia has awarded an oil and gas exploration permit to an Anglo-Dutch Shell subsidiary, Shell Tunisia, government officials said on Friday.

Under the production-sharing agreement, Shell Tunisia in partnership with Tunisian state oil firm Entreprise Tunisienne des Activites Petrolieres (ETAP), will invest $3.0 million in search and drilling work.


Read more at Reuters Africa

Mexican Pipeline Blast Prompts Shutdowns at Nissan, Vitro, Kellogg Plants

(Bloomberg) -- More than 100 companies in Mexico
including automaker Nissan Motor Co. and cereal maker Kellogg
Co. reduced or suspended production after a pipeline explosion
yesterday interrupted natural gas supplies.

The blast in the central state of Queretaro damaged a 36-
inch pipeline operated by state-owned oil monopoly Petroleos
Mexicanos, cutting supplies to the cities of Guadalajara,
Queretaro, Aguascalientes and Leon. A guerilla group that calls
itself the Popular Revolutionary Army claimed responsibility.


Read more at Bloomberg Emerging Markets News

OPEC says crude supply not to blame for oil price

(Reuters) - The Organization of the Petroleum Exporting Countries is ready to pump more, but for now sees no need and has rebuffed calls from consumer countries for extra oil to lower prices from $76 a barrel.




Oil has been on an upward march since January when it sank


Read more at Reuters.com Business News

Occidental Has Unplanned Maintenance at Its Oil Refinery in Sundown, Texas

(Bloomberg) -- Occidental Petroleum Corp. had
unplanned maintenance and flared some gases at a plant in Sundown,
Texas, according to a report on a state-administered Web site.

The flaring started yesterday at 9 a.m. local time as part of
a process to regenerate catalysts at the Slaughter Gasoline Plant
after a decline in its sulfur recovery efficiency, the report on
the Texas Commission on Environmental Quality Web said.


Read more at Bloomberg Energy 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

Gafisa, Gol, Perdigao and Petroleo Brasileiro: Brazilian Equity Movers

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

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 426.07, or 0.8 percent, to 53,841.03 as of 10:09 a.m.
New York time.


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Brazil Stocks Fall, Led by Petrobras, on Strike Concern; Televisa Declines

(Bloomberg) -- Brazil's main stock index fell for a
second day on investor concern that a possible strike at state-
controlled oil company Petroleo Brasileiro SA will hurt output.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 614.48, or 1.1 percent, to 54,029.24. Petrobras,
whose shares account for about one-sixth of the index, fell 85
centavos, or 1.7 percent, to 50.79 reais, declining for the first
time in nine days.


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Bharat Petroleum's Crude Oil Purchases From Petronas to Decline 33 Percent

(Bloomberg) -- Bharat Petroleum Corp., India's
third-biggest state-run refiner, will cut crude oil purchases
from Petroliam Nasional Bhd. by 33 percent in the year to March
2008 as Malaysia's state oil company can't increase supplies.

Bharat Petroleum, based in Mumbai, will buy 10,000 barrels
a day of Malaysian oil varieties Tapis, Miri and Labuan from
15,000 barrels a day in the fiscal year ended March 2007, C.K.
Sengupta, executive director for international trading at the
Indian refiner, said in an interview in Kuala Lumpur while
attending the Asia Oil and Gas conference.


Read more at Bloomberg Energy News

Crude Oil Is Steady After Gaining as Saudi Arabia Cuts Shipments to Asia

(Bloomberg) -- Crude oil was little changed in New
York after rising yesterday on signs the Organization of
Petroleum Exporting Countries may extend production cuts to trim
global stockpiles.

Saudi Arabia, the world's biggest exporter, yesterday told
Asian refiners that it would curb shipments for a ninth month in
July. An Energy Department report tomorrow will probably show
above-average oil stockpiles in the U.S. fell 400,000 barrels
last week as refiners increased output to meet rising summer
demand, according to a Bloomberg News survey of 13 analysts.


Read more at Bloomberg Energy News

Turkish Stocks Decline on Rising Bond Yields: World's Biggest Mover

(Bloomberg) -- Turkey's benchmark stock index dropped
for a third day as rising bond yields in the U.S. decreased the
appeal of riskier emerging-market assets.

Tupras Turkiye Petrol Rafinerileri AS, Turkey's biggest oil
refiner, and Turkiye Is Bankasi AS, the country's biggest bank,
paced the decline.


Read more at Bloomberg Stocks News

Hindustan Seeks 520,000 Tons of Low-Sulfur Gasoil for June, July Delivery

(Bloomberg) -- Hindustan Petroleum Corp., India's
second-largest state refiner, is seeking to import 520,000 tons
of low-sulfur gasoil for delivery in June and July, according to
a document obtained by Bloomberg News.

Details of the company's requirement are as follows:


Read more at Bloomberg Energy News

Pertamina's Diesel Sellers Reject Its New Price Formula for Fuel Supplies

(Bloomberg) -- PT Pertamina's proposed new price
formula for diesel supplies in the second half was rejected by
the Indonesian state oil company's suppliers, including Kuwait
Petroleum Corp., PTT Pcl and Petroliam Nasional Bhd.

The suppliers disagreed on a proposed new price formula for
the supply of diesel cargoes with sulfur content of 0.35 percent
starting in July, said company officials involved in talks. They
declined to be identified because of confidentiality agreements.


Read more at Bloomberg Energy News

Oman Oil to Boost Qarn Alam Field Oil, Gas Output Through Steam Injection

(Bloomberg) -- Petroleum Development Oman, a state-
owned company in which Royal Dutch Shell Plc is the largest
foreign investor, signed two agreements to increase output from
the aging Qarn Alam oil and gas field through steam injection.

Dodsal Group, an Indian construction company based in the
United Arab Emirates, will drill 150 wells and build a water
treatment plant at Qarn Alam, Petroleum Development Oman said in
a statement late yesterday.


Read more at Bloomberg Energy News

Sudan Sells Nile Blend Crude Oil for Loading in July to Itochu, Chinaoil

(Bloomberg) -- Sudan Petroleum Corp., the country's
state-owned oil company, sold as much as 2 million barrels of
Nile Blend crude oil for loading in July to two buyers, said
traders who submitted offers.

---------------------------------------------------------------
Crude:         Nile Blend from Sudan
Quantity:      1 million barrels
Loading:       July, from Bashayer Marine Terminal
Buyer:         Itochu Corp.
Price:         **ICP Minas +$1.25 a barrel
---------------------------------------------------------------
Crude:         Nile Blend from Sudan
Quantity:      1 million barrels
Loading:       July, from Bashayer Marine Terminal
Buyer:         China National United Oil Corp. (Chinaoil)
Price:         **ICP Minas +28 cents a barrel
----------------------------------------------------------------

**ICP = Indonesian Crude Price


Read more at Bloomberg Energy News

Australia's Resources Stocks Climb, Led by BHP, Woodside; AWB Declines

(Bloomberg) -- Australian resources stocks rose, led
by BHP Billiton Ltd. and Woodside Petroleum Ltd., after prices of
commodities including crude oil and copper climbed.

AWB Ltd. fell after a government minister yesterday said the
company, which was previously the nation's monopoly wheat
exporter, won't have its trading powers restored.


Read more at Bloomberg Stocks News