Oil Product

Aug 23 - Libya's Sharara oil field reopening after latest shutdown - field workers 

Libya's Sharara oil field, the country's largest, was gradually restarting on Tuesday after repeated disruptions causing production shutdowns, two sources at the field said.Earlier in the day, the National Oil Corporation (NOC) said a three-day pipeline blockade had ended and force majeure had been lifted on loadings of Sharara crude at Zawiya terminal. But the NOC removed its statement as an oil source said there was a further block on production at the field.  Click here to read full stories.

Aug 23 - North American exodus at PetroChina sparks speculation of company shift 

A flurry of departures across the U.S. and Canadian units of Chinese state energy firm PetroChina Co Ltd have sparked speculation that the oil trader is reducing its presence in North America, even though the company says it is committed to the region.More than 30 people in its Houston and Calgary offices have left PetroChina since 2016, including heads of desks in crude, financial, natural gas and chemical trading, the company confirmed to Reuters. Click here to read full stories.

Aug 23 - Chevron CEO Watson to step down, Wirth likely successor - source 

Chevron Corp Chief Executive John Watson will step down by the end of next month and likely be replaced by Vice Chairman Mike Wirth, a source familiar with the matter told Reuters on Tuesday.The unexpected shake-up at one of the world's largest oil and natural gas producers comes as pressure grows on the industry to further cut costs and control spending. Click here to read full stories.

Aug 23 - Total overtakes Shell in North Sea where appetite for assets remains high 

French oil major Total has overtaken rival Royal Dutch Shell to become the second-largest producer in the North Sea with its acquisition of Maersk's Norwegian and UK producing assets.The $7.45 billion deal by Total was welcomed by the market, with analysts saying it helped the French company rebalance its portfolio by adding assets in developed countries after going for projects in riskier places such as Iran and Russia.  Click here to read full stories.

Aug 23 - Argentine biodiesel industry says U.S. duties will halt exports 

Argentine biodiesel exports will be priced out of the U.S. market, its leading industry body said, after Washington decided on Tuesday to impose steep duties on imports that it said were unfairly subsidized.The countervailing duties on soy-based Argentina biodiesel could be as much as 64.17 percent, according to a statement from the U.S. Commerce Department. Duties of up to 68.28 percent will be imposed on palm oil biodiesel imports from Indonesia. Click here to read full stories.

Aug 23 - Energy Transfer sues Greenpeace over Dakota pipeline 

Energy Transfer Partners LP on Tuesday sued Greenpeace and other environmental groups, accusing them of launching an "eco-terrorism" campaign aimed at blocking the Dakota Access Pipeline, the center of months of opposition by Native American and green groups.The pipeline operator said Greenpeace, Earth First and other organizations engaged in "acts of terrorism" to solicit donations and interfere with its pipeline construction activities, damaging its "critical business and financial relationships."  Click here to read full stories.

Aug 22 - Total deepens North Sea exposure with $7.5 billion Maersk Oil deal 

Total is buying Maersk's oil and gas business in a $7.45 billion deal which the French major said would strengthen its operations in the North Sea and raise its output to 3 million barrels per day by 2019.For Danish company A.P. Moller Maersk, the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year. Click here to read full stories.

Aug 22 - Refiner Valero's secret campaign against U.S. biofuels mandates 

U.S. biofuels regulations, which mandate mixing corn-based ethanol into gasoline, have lately drawn together a diverse cast of political opponents.They include an upstart gas station owners' trade group, a former Obama administration environmental adviser and billionaire activist investor Carl Icahn, who owns a refiner and served as U.S. President Donald Trump's special advisor on business regulation - until he resigned Friday amid allegations of a conflict of interest. Click here to read full stories.

Aug 22 - Iraq plans major change to oil pricing for Asia 

Iraq has informed its customers that it plans to switch its price benchmark for Basra crude in Asia to DME Oman futures from January, dropping the average of Platts' Oman-Dubai quotes, in a major shift in the way it prices its oil.The proposal by state-oil marketer SOMO would mark a significant change by OPEC's second-largest producer away from fellow members Saudi Arabia, Kuwait and Iran, which have been using price assessments from global agency S&P Global Platts as their benchmark for decades. Click here to read full stories.

Aug 22 - Canadian oil sands producers: Heady days may not last long 

Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived.Most of these companies are expected to book losses or post sharp drops in profit in the coming quarters as prices take a hit from a spike in oil sands production and costs rise due to a lack of pipeline capacity. Click here to read full stories.

Aug 21 - Rosneft, partners to announce acquisition of India's Essar Oil completed 

A consortium led by Russian oil major Rosneft will announce on Monday completion of a $12.9 billion deal to acquire Indian private refiner Essar Oil, strengthening ties between the world's largest oil producer and the fastest growing fuel consumer.Rosneft will get a 49 percent stake in Essar and the two investors, European trader Trafigura and a Russian fund UCP, will hold another 49 percent in equal parts. The purchase is the biggest foreign acquisition ever in India and Russia's largest outbound deal. Click here to read full stories.

Aug 21 - Libya's Sharara oilfield shut by pipeline blockade - sources 

Libya's Sharara oilfield, the country's largest, has been shut down since Saturday because of a pipeline blockade, industry sources and an engineer said.State-owned National Oil Corporation (NOC) declared force majeure on loadings of Sharara crude from the Zawiya oil terminal on Sunday, a document seen by Reuters showed. Click here to read full stories.

Aug 21 - Few foreign bids expected for Petrobras $1 bln natgas project - sources 

Taking aim at local corruption, Brazil is trying to get competition among global players to build a $1 billion natural gas plant, but the number of foreign bids will be smaller than anticipated due to more stringent requirements, sources said.Brazil's state oil company Petroleo Brasileiro SA excluded large local engineering firmsimplicated in a devastating corruption scandal from bidding on the project meant to be a model of clean contracting. Click here to read full stories.

Aug 21 - Hedge funds scale back bullish bets on U.S. crude 

Hedge Funds and money managers cut their bullish bets on U.S. crude for the second week in a row, data showed on Friday, as prices tumbled on a strong dollar and persistent worries about oversupply.The speculator group cut its combined futures and options position in two major NYMEX and ICE markets by 9,804 contracts to 294,392 in the week to August 15, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.

Aug 21 - Venezuelan oil company PDVSA blasts 'financial blockade' 

A U.S.-led "blockade" has hurt Venezuelan state oil company PDVSA's capacity to undertake routine financial transactions, and forced it to rely on political allies like China and Russia, the company's president said on Friday."They're blocking our payments," said PDVSA's Eulogio Del Pino in a televised speech, criticizing "the empire" for seeking to sabotage the OPEC nation's socialist government. Click here to read full stories.

Aug 18 - Bank jitters over Venezuela stall oil delivery to U.S. refiner 

A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of a bank letter of credit to discharge, three sources have told Reuters.The cargo's fate adds to state-run oil company PDVSA's precarious financial position. Revenue from the company's oil sales, which have suffered because of low prices and declining production, account for more than 90 percent of the nation's exports. Click here to read full stories.

Aug 18 - China's CEFC in early talks to buy Rosneft stake - sources 

CEFC China Energy, which has grown from a niche oil trader to a sprawling energy conglomerate, is in talks to acquire a stake in Russian state oil giant Rosneft, three people with direct knowledge of the discussions said.The people said senior executives at both companies were in preliminary discussions, though there have already been two meetings between CEFC Chairman Ye Jianmin and Rosneft CEO Igor Sechin since July. Click here to read full stories.

Aug 18 - Vietnam crude oil imports to hit record as refinery gets ready to start 

Vietnam's crude oil imports will soar to record highs in August as the country ramps up fuel refining at a time when local crude output is dwindling.August will mark the first month on record in which Vietnam is a net importer of crude oil, according to shipping data in Thomson Reuters Eikon, with the trend set to continue in coming months as the Southeast Asian nation's refinery capacity grows. Click here to read full stories.

Aug 17 - Oil producers signal offshore return in latest Gulf of Mexico auction 

Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum.This compared with $18 million in high bids at the Bureau of Ocean Energy Management's (BOEM) Outer Continental Shelf auction last summer. Click here to read full stories.

Aug 17 - Petronas 2.0: tougher on costs and more downstream 

When Wan Zulkiflee Wan Ariffin took over as CEO of Malaysian state energy firm Petronas in April 2015, the price of a barrel of Brent crude oil had tumbled to around $55, half the level of the previous year.Over the following months prices fell further, forcing Wan Zul, as he is better known, to lop $12 billion from costs and cut thousands of jobs for the first time at Petronas - a major contributor to Malaysia's budget and one of the country's biggest employers. Click here to read full stories.

Aug 17 - Goodbye contango? Oil's long march towards backwardation: Kemp 

“The rebalancing of the oil market desired by the leading producers has been a stubborn process,” the International Energy Agency wrote in its latest monthly oil market report.The agency’s evident frustration about the slow and uneven pace of rebalancing, and the conflicting signals about whether it is happening at all, is shared by many traders, analysts and investors. Click here to read full stories.

Aug 17 - U.S. crude stockpiles fall the most in nearly a year - EIA 

U.S. crude oil inventories fell for the seventh consecutive week in their largest drawdown in nearly a year while exports and production continued to rise, the Energy Information Administration said on Wednesday.Crude inventories fell 8.95 million barrels in the week to Aug. 11, nearly three times analysts' expectations for a decrease of 3.1 million barrels and the largest draw in since the week to Sept. 2. Click here to read full stories.

Aug 17 - Petrobras Argentina sale under scrutiny in Brazil 

Brazilian prosecutors plan to investigate last year's controversial sale of the Argentine subsidiary of Petrobras, Brazil's state-controlled oil company, a lawyer representing some Petrobras shareholders said on Wednesday.Petrobras, formally known as Petroleo Brasileiro SA, sold its 67.2 percent stake in Petrobras Argentina SA for $892 million to Pampa Energia SA, Argentina's largest power company. Click here to read full stories.

Aug 16 - Pullback in U.S. fracking sand use pressures producers

U.S. shale oil companies are pulling back on the amount of sand they use to hydraulically fracture new wells, responding to rising prices of the material that are driving up costs.Investors worry a slowdown in sand use, combined with new mining capacity coming online, could lead to a glut of the material and bring down prices. The worries have pressured shares of sand companies. Click here to read full stories.

Aug 16 - Offshore drilling mergers raise hopes for sector recovery 

Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices.Transocean Ltd, one of the world's largest offshore drilling contractors, on Tuesday agreed to buy Norwegian rival Songa Offshore SE for $1.1 billion. The deal follows Ensco Plc's pending purchase of Atwood Oceanics Inc in a transaction valued at $839 million.  Click here to read full stories.

Aug 16 - Libya's Sharara oilfield output dropped after security breaches - engineer 

Production at Libya's Sharara oilfield dropped to between 130,000 and 150,000 barrels per day (bpd), from about 280,000 bpd, because of recent security breaches, an engineer who works at the field said on Tuesday.Field employees had difficulty accessing some of the field's facilities after cars and mobile phones were stolen, said the engineer, who did not want to be named because he was not authorised to speak to the media. Click here to read full stories.

Aug 16 - Leaner, meaner Petronas targets key markets for growth 

Malaysian state energy firm Petronas will focus on a few select markets for expansion, its CEO told Reuters, as it positions itself as leaner and meaner for a medium-term period of relatively low oil prices.Hurt by a slump in oil prices, Petroliam Nasional Berhad has cut its costs and its spending, deferring some projects in an effort to help profitability in a tough energy market. Click here to read full stories.

Aug 15 - Oil traders expect Asia to import more Venezuelan crude if U.S. sanctions kick in

Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela's oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts. Washington is considering sanctions on Venezuela's oil industry in response to the ruling Socialist Party's crackdown on officials and parties opposed to the government. An embargo against Venezuelan crude could block imports of about 740,000 barrels per day to the U.S.  Click here to read full stories.

Aug 15 - U.S. shale output seen posting 9th straight monthly rise - EIA

U.S. shale oil production for September which includes a new regional data input, is forecast to rise by 117,000 barrels per day to 6.15 million bpd, its ninth consecutive monthly rise, the U.S. Energy Information Administration said on Monday. The total forecast figure has expanded to include the Anadarko region, a growing and prolific shale play that has the second-most operating rigs, at 129, after the Permian's 373, according to the EIA's monthly drilling productivity report. Click here to read full stories.

Aug 15 - Venezuela ships more oil to U.S. in July vs June, but less than yr ago

Venezuela's PDVSA and its joint ventures last month shipped 638,325 barrels per day (bpd) of crude to the United States, a 30 percent increase over June due to larger sales of upgraded oil, according to Thomson Reuters trade flows data. Venezuelan crude output has declined this year to its lowest point in 27 years due to a lack of investment and payment delays to oil service firms, affecting exports to customers in key markets including the United States. Click here to read full stories.

Aug 15 - Hedge funds gamble for a third time on oil rebalancing: Kemp

"If at first you don't succeed, try, try, try again," goes the proverb used to encourage students. Hedge fund managers are becoming bullish towards crude oil and refined fuels for the third time this year and must be hoping the signs of market rebalancing are real this time after early setbacks proved costly. Click here to read full stories.

Aug 15 - China's state oil giant to complete ownership reforms by Nov

State-owned refiner China National Petroleum Corp (CNPC) said it will complete mandatory mixed-ownership reforms before the end of November, as part of government efforts to make state firms more efficient and market-oriented. CNPC, the state-owned parent of PetroChina, said on Monday it has established a special working group to complete the reform process, which aims to restructure firms into limited liability corporations and cut direct government interference in their business operations. Click here to read full stories.

Aug 15 - S.Korea's July Iranian crude oil imports jump 27 pct

South Korea's crude oil imports from Iran rose 26.5 percent in July from a year ago, driven by Seoul's strong appetite for competitively priced Iranian light oil as Tehran looks to boost market share. Korea, one of Iran's major Asian customers, shipped in 1.40 million tonnes of crude from Tehran in July, or 330,151 barrels per day (bpd), up from 1.10 million tonnes last year, customs data showed on Tuesday. Click here to read full stories.

Aug 15 - Mexico's Pemex in talks with producers for crude swap -refining chief

Mexico's state-run Pemex has started talks with oil producers to swap a portion of its output of heavy Maya crude for lighterimported grades that better fit some of its refineries, the chief of industrial transformation said. Mexico needs medium sweet crudes to ramp up oil processing and distillation at some refineries that have been struggling to increase profitability, Carlos Murrieta told Reuters in an interview late on Friday. Click here to read full stories.

Aug 14 - Energy hedge funds look to spreads, margins as long bets flail 

For the oil-trading community, the fall of hedge fund manager Andy Hall signaled a heavy blow, but while commodity funds continue to shutter their doors, some are finding other ways to make money, including trading refining margins and calendar spreads. Commodity hedge funds have dwindled in recent years as oil prices slumped, leaving only a handful of larger players, including Hall, who ran the Astenbeck Capital Management fund until deciding to close it following losses this year. Click here to read full stories.

Aug 14 - Drilling ship leaves Vietnam oil block after China row 

The drilling ship at the centre of a row between Vietnam and China over oil prospecting in disputed waters in the South China Sea has arrived in waters off the Malaysian port of Labuan, shipping data in Thomson Reuters Eikon showed on Monday. Drilling by the Deepsea Metro I ship was suspended in Vietnam's Block 136/3 last month after pressure from China, which says the concession operated by Spain's Repsol overlaps the vast majority of the waterway that it claims as its own. Click here to read full stories.

Aug 14 - Saudi Arabia favours New York for Aramco listing despite risks - sources 

Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world's largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom's economic and energy policies, the sources said. Click here to read full stories.

Aug 14 - U.S. shale output poised to keep rising despite investor concerns 

Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry's latest quarterly results. The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained, come on the heels of one high-profile Permian Basin producer's oil output miss last quarter and decisions by several other energy companies to trim annual budgets.  Click here to read full stories.

Aug 14 - IEA says strong oil demand growth helping market rebalance 

World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday. The agency raised its 2017 demand growth forecast to 1.5 million barrels per day (bpd) from 1.4 million bpd in its previous monthly report and said it expected demand to expand by a further 1.4 million bpd next year. Click here to read full stories.

Aug 11 - OPEC sees higher 2018 oil demand, points to easing glut 

OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid ofprice-sapping excess supply. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its oil next year, up 220,000 bpd from the previous forecast. Click here to read full stories.

Aug 11 - Noble Group reports $1.75 bln Q2 loss, cites tough market 

Commodities trader Noble Group reported a second- quarter loss of $1.75 billion on Thursday, weeks after warning it faced its steepest quarterly loss in a year and a half and would slash jobs and sell assets to cut debt. Once Asia's largest commodities trading house, Noble is slimming down drastically to its core Asian coal trading business after a crisis-wracked two years. Last month, it announced the sale of its U.S. gas and power business and began a process to sell its oil liquids unit.  Click here to read full stories.

Aug 11 - Oil market marches on towards backwardation: Kemp

Oil traders are increasingly convinced the market will rebalance over the next year with a major drawdown in crude and products stocks. Conviction about market rebalancing is showing in a big rise in the calendar spreads for West Texas Intermediate (WTI) and especially Brent crude in the last two months. Click here to read full stories.

Aug 11 - Oil bulls party like it's 2014 and $100 a barrel 

Brent crude futures finally bear the hallmarks of a market in which supply and demand are falling into balance, although the last time this happened, it was 2014 and the price was over $100 a barrel. Prices of oil for prompt delivery are above those for delivery further in the future to the extent that the first three timespreads, or price differences between two futures contracts, are in negative territory. Click here to read full stories.

Aug 11 - British Columbia throws wrench in Kinder Morgan pipeline plan 

British Columbia will not allow Kinder Morgan Canada Ltd to begin work on public land for its Trans Mountain pipeline expansion until it "meaningfully" consults aboriginal communities, provincial officials said on Thursday. The $5.5 billion project through British Columbia, which secured federal government approval last year, would almost triple the capacity of the current Trans Mountain pipeline. Click here to read full stories.

Aug 11 - Shell aims to restart Europe's largest oil refinery by end of August 

Royal Dutch Shell said on Thursday it aimed to restart Europe's largest oil refinery by the end of the month following a July 30 shutdown, sending gasoline and diesel prices lower. Shell began restarting some units at the 404,000-barrels-per-day Pernis refinery in Rotterdam on Tuesday, the shut down having been caused by a fire at a power plant. Click here to read full stories.

Aug 10 - U.S. crude stockpiles drop as refinery use hits 12-year high 

U.S. crude stockpiles fell last week as refineries boosted output to the highest percentage of capacity in 12 years, the Energy Information Administration said on Wednesday, but a surprise increase in gasoline stocks capped gains in oil prices. Crude inventories fell by 6.5 million barrels in the week to Aug. 4, compared with expectations for a decrease of 2.7 million barrels. Click here to read full stories.

Aug 10 - U.S. shale breakeven price revealed around $50: Kemp

U.S. shale producers need a WTI oil price around $50 per barrel to break even, according to an analysis of financial statements for the second quarter. Fifteen of the largest shale oil and gas producers reported total net losses of $470 million for the three months between April and June when benchmark WTI prices averaged $48. Click here to read full stories.

Aug 10 - Shorting the short: Investors bet against Icahn's oil refiner after biofuel trade 

Investors have built up a large short position in investor Carl Icahn’s oil refining company, CVR Energy, in the past three months, according to Reuters data, as evidence mounts that the company’s gamble on the biofuels market is going sour. Icahn has been one of the loudest critics of the federal biofuels program. Click here to read full stories.

Aug 10 - Flood of gasoline supply heads to U.S. Northeast as driving season ends 

As the U.S. summer driving season winds down, a wave of gasoline barrels is headed for the Northeast market from Europe and the U.S. Gulf Coast, which will squeeze profit margins for local refiners in the country's biggest fuel-consuming region. A string of inventory draws in the United States and a revival in gasoline demand alleviated a longstanding glut in the New York gasoline hub, drawing interest from shippers in Europe at a time when buying historically eases at the end of August. Click here to read full stories.

Aug 10 - Mexico's Pemex seeks oil projects in Americas -exploration chief 

Mexico's Pemex is looking for oil projects in the United States, Brazil, Colombia and Argentina to keep up output after an energy reform that means it is sharing more domestic production, a top executive from the state-run oil company said on Wednesday. Exploration chief Jose Antonio Escalera mentioned Argentina's giant Vaca Muerta shale play as an interesting project where Pemex could jump into a partnership. Click here to read full stories.

Aug 09 - OPEC expects laggards to comply more fully with oil cut pact

OPEC expects greater adherence to its pact with non-OPEC producers to cut oil output after two days of meetings in Abu Dhabi aimed at boosting compliance with the accord. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) until March 2018 to get rid of a glut and support prices. Click here to read full stories.

Aug 09 - EIA cuts U.S. oil production growth forecast for 2018 

The U.S. Energy Information Administration said on Tuesday it expects U.S. crude oil production in 2018 to rise by less than previously expected. The agency forecast that 2018 crude oil output will rise by 560,000 barrels per day to 9.91 million bpd. Last month, it expected a 570,000 bpd year-over-year increase to 9.9 million bpd. Click here to read full stories.

Aug 09 - Shell restarts part of Europe's largest oil refinery 

Royal Dutch Shell said on Tuesday it was restarting a number of units at Europe's largest oil refinery in the Netherlands following a 10-day outage. The phased restart of the 404,000 barrel per day Pernis refinery is expected to weigh on refining margins in the region which rose sharply in the wake of the outage, caused by a fire at a power unit and a subsequent hydrogen fluoride leak.  Click here to read full stories.

Beijing summons steel execs, regulators, bourse to discuss price surge - sources 

China has summoned regulators, a major exchange and steel company executives to a meeting on Wednesday to discuss steel prices, people familiar with the matter said, as a surge in markets due to output cuts draws scrutiny from authorities. The meeting, to be hosted by the National Development & Reform Commission (NDRC), will discuss futures and physical steel prices, an official at China Iron and Steel Association (CISA) said, speaking on conditiona of anonymity. Click here to read full stories.

Aug 09 - Petrobras CEO: Pre-salt oil extraction costs $8 per barrel 

Oil extraction in Brazil's promising pre-salt offshore wells costs about $8 per barrel, Petroleo Brasileiro SA Chief Executive Officer Pedro Parente said at an event in Sao Paulo on Tuesday. Discovered only 10 years ago, the pre-salt area has rapidly become the top priority for Petrobras and other oil majors holding exploration rights to some of its large reserves. Click here to read full stories.

Aug 09 - U.S. envoys told to be coy on re-engaging in Paris climate deal - cable 

U.S. diplomats should sidestep questions from foreign governments on what it would take for the Trump administration to re-engage in the global Paris climate agreement, according to a diplomatic cable seen by Reuters. The cable, sent by U.S. Secretary of State Rex Tillerson to embassies on Friday, also said diplomats should make clear the United States wants to help other countries use fossil fuels. Click here to read full stories.

Aug 08 - Production at Libya's Sharara oil field returns to normal after protest - NOC 

Production from Libya's largest oil field was returning to normal after being briefly disrupted by armed protesters who broke into a control room in the coastal city of Zawiya, the National Oil Corporation (NOC) said on Monday. A pipeline supplying jet fuel and gasoline from Zawiya to Tripoli that the protesters had also closed has reopened, the NOC added. Click here to read full stories.

Aug 08 - China July soybean imports hit highest on record as ports clear logjams

China's July soybean imports surged 30 percent to their highest level on records back to 2010, according to Reuters calculations based on customs data, as ports in the world's top oilseed consumer rushed to clear a months-long backlog of cargoes. July imports hit 10.08 million tonnes, topping the earlier highest level set in May at 9.59 million tonnes, and were up 31 percent from 7.69 million tonnes in June. Click here to read full stories.

Aug 08 - Saudi cuts Sept crude supplies to most Asian buyers by up to 10 pct - sources 

The world's top crude oil exporter Saudi Arabia will cut supplies to most buyers in Asia by up to 10 percent in September to comply with a producers' deal to cut output, multiple sources with knowledge of the matter said on Tuesday. Of the seven refineries surveyed by Reuters, four received their first supply cuts since the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, including Russia, agreed to cut output in November. Click here to read full stories.

Aug 08 - Baker Hughes clinches major integrated services contract

Baker Hughes, a GE Company has won a major contract to provide a wide range of services to develop Papua New Guinea's first offshore gas field which is seen as a new model to help producers adapt to a world of low oil prices. The contract, worth several hundred million dollars, contrasts with the traditional model where a company awards various parts of field development separately to different providers. Click here to read full stories.

Aug 08 - YPF chairman sees turning point in Argentina oil, gas output 

Argentina’s state-run petroleum company YPF SA forecasts that its production will increase in 2018 after contracting this year, as the number of rigs operating in the country rises, the company's chairman said on Monday. Despite a wave of investment announcements in the Vaca Muerta shale area, one of the world's largest, Argentina's oil output has continued to fall since President Mauricio Macri took office in late 2015 while natural gas output rose marginally thanks to government price supports. Click here to read full stories.

Aug 08 - Keystone XL pipeline representatives quizzed in Nebraska hearings 

An attorney representing opponents of TransCanada Corp's proposed Keystone XL pipeline grilled the company's representatives during hearings in Nebraska on Monday, in proceedings that mark the last big hurdle for the long-delayed project. The proposed 1,179-mile (1,897-km) pipeline linking Canada’s Alberta oil sands to U.S. refineries has been a lightning rod of controversy for nearly a decade, pitting environmentalists worried about spills and global warming against business advocates who say the project will lower fuel prices, shore up national security and bring jobs. Click here to read full stories.

Aug 08 - Hedge funds get bullish again on oil (third time lucky?): Kemp

Hedge funds and other money managers are becoming bullish again about oil prices, for the third time this year, as investors conclude the market is showing clear signs of rebalancing. Hedge funds raised their combined net long position across the five major futures and options contracts linked to petroleum prices by 135 million barrels in the week to Aug. 1. The combined weekly increase in net long positions across Brent, WTI, U.S. gasoline and U.S. heating oil was the largest since Dec. 6, immediately after OPEC announced it was cutting production. Click here to read full stories.

Aug 07 - More than meets the eye as China tops U.S. as biggest crude importer: Russell

How impressed should you be by China overtaking the United States as the world's largest importer of crude? The answer is quite a bit, but maybe not as much as you thought. China imported an average 8.55 million barrels per day (bpd) in the first half of 2017, above the 8.12 million bpd by the United States, according to government figures from both countries. Click here to read full stories.

Aug 07 - Higher-cost crude could squeeze margins at U.S. refiners

U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. The shift also could mean higher prices for consumers in the last weeks of the summer driving season and into the fall if refiners are able to pass along those higher costs to drivers, analysts said. Click here to read full stories.

Aug 07 - Oil bulls aren't out of the woods yet

Oil investors seem to buy the idea that recovery is finally underway after three years of gluts, but a price boom seems unlikely as the options market shows that at least until OPEC's supply deal expires, producers will pounce on any rallies. The oil price has gained about 20 percent in the last two months to above $52 a barrel, doggedly posting higher highs and higher lows, which would suggest this rally is more robust than the recoveries seen in March and May this year. Click here to read full stories.

Aug 07 - Macroeconomic risks for the oil industry: Kemp

The global oil industry now appears to be in the early stages of a cyclical expansion which is likely to see prices rise over the next few years, slowly at first but then accelerating later. Deep and long cycles in oil prices have been the defining characteristic of the industry since the 1860s ("Crude volatility: the history and the future of boom-bust oil prices", McNally, 2017). Click here to read full stories.

Aug 07 - Canadian Natural among bidders for Cenovus' Pelican Lake - sources

Cenovus Energy Inc has received separate bids from Canadian Natural Resources Ltd, ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million). Calgary-based Cenovus is also in advanced talks to sell another oil project in Suffield, Alberta, which is likely to fetch between C$500 million and C$600 million, the people added. Click here to read full stories.

Aug 07 - Nebraska regulators block testimony ahead of Keystone XL hearings

Nebraska regulators weighing the fate of TransCanada Corp’s  proposed Keystone XL pipeline have ruled that opponents of the project cannot use one of their best new arguments against it in final hearings next week: that America does not need the oil. The state’s five-member Public Service Commission is scheduled to hold court-like hearings on Aug. 7-11 before deciding whether to approve the project’s route, marking the final hurdle for the long-delayed project after President Donald Trump gave it federal approval in March. Click here to read full stories.

Aug 07 - Speculators raise U.S. crude oil net longs to highest since mid-April - CFTC

Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to August 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 45,640 contracts to 306,830 during the period. The level was the highest seen since mid-April, according to data compiled by Reuters. Click here to read full stories.

Aug 07 - U.S. oil drillers cut rigs for second week in three - Baker Hughes

U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's  Baker Hughes energy services firm said in its report on Friday.  Click here to read full stories.

Aug 07 - Fuel retailer Pilot Flying J in talks to acquire Noble Petro - sources

Fuel retailer Pilot Flying J is in talks to acquire Noble Petro, the U.S. refined products supply and wholesale distribution business of trader Noble Group, two sources familiar with the matter said this week. Noble, once Asia's largest commodities trading shop, is divesting operations after two years of financial upheaval that knocked down its shares and pushed its credit rating to below investment grade. Click here to read full stories.

Aug 04 - U.S. to reject biofuel program tweak in snub to Icahn

The Environmental Protection Agency will reject a proposal backed by billionaire Carl Icahn and a handful of refining companies to overhaul the U.S. biofuels program, in a victory for big ethanol producers that had fought to defend the existing policy, three sources familiar matter told Reuters on Thursday. The decision is a blow to independent oil refiners, including Icahn's CVR Energy and top U.S. refiner Valero Energy Corp, that have said the current U.S. biofuels policy costs them hundreds of millions of dollars by forcing them to blend petroleum-based and plant-based fuels. Click here to read full stories.

Aug 04 - Asia oil demand seen shifting back to Mideast, Russia in Q4 after Brent rise 

Asia's spot market demand for Middle East and Russian crude oil could rise this month as a regional price shift pares shipments from the Atlantic Basin and the United States back from record highs, refining industry insiders and watchers said on Friday. Dubai and Oman benchmarks for Middle East crude have touched multi-month highs on expectations of stronger demand and falling arbitrage supplies. Higher demand could soak up excess oil in the market, supporting premiums for Middle East and Russian oil when trade for October-loading cargoes kicks off next week, industry insiders said. Click here to read full stories.

Aug 04 - Goldman Sachs buys into Aramco $10 bln loan as it seeks IPO role - sources 

Goldman Sachs  has bought a slice of Saudi Aramco's  $10 billion credit facility as it seeks a role in the historic listing of the oil company, sources familiar with the matter told Reuters. It is common practice in capital markets to first establish banking relationships through loan transactions which are then followed by other deals. Click here to read full stories.

Aug 04 - OPEC supply-cut compliance runs up against ire over country targets 

OPEC has delivered record-high adherence to its oil output-cutting pact so far in 2017, but with laggards Iraq and the UAE yet to show how they can meet their prescribed targets, sources say a refocusing on exports may be the key to further progress. The two major producers have shown relatively low compliance with the agreement based on figures from secondary sources - government agencies, consultants and industry media - that OPEC uses to monitor its output. Click here to read full stories.

Aug 04 - Venezuela cuts oil supply to Citgo as Russia's Rosneft gets more

Venezuela's state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia's Rosneft  following a plan signed in May to catch up on overdue deliveries, according to PDVSA documents, sources from the company and its joint ventures. Venezuela's oil output has declined since 2012 with the fall accelerating this year amid a lack of investment and payment delays to suppliers. Almost all of Petróleos de Venezuela's customers are receiving reduced volumes. That includes the United States, which has received less Venezuelan crude oil this year. Click here to read full stories.

Aug 04 - U.S. shale oil producers cannot shake impulse to keep pumping 

With slumping crude oil prices stuck below where they started this year, U.S. shale oil producers have cut more than $1.2 billion from their 2017 spending budgets, even as they pledge to pump more oil. That more-for-less approach highlights the shale industry's ability to ramp up production and keep improving the process of drilling and fracking a well to increase its clout in global oil markets. Click here to read full stories.

Aug 04 - Nigeria to legalize mini refineries, supply them with crude  Nigeria will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. On Monday, Niger Delta leaders threatened to pull out of peace talks with the government unless their demands were met by Nov. 1. Click here to read full stories.

Aug 03 - Sanctions gap lets Western firms tap Russian frontier oil

A gap in U.S. sanctions allows Western companies to help Russia develop some of its most technically challenging oil reserves, and risks undermining the broad aim of the measures, a Reuters review of company results and media releases has found. When Washington imposed the sanctions on Moscow in 2014 over its annexation of Crimea and role in the Ukraine conflict, the U.S Treasury said it wanted to "impede Russia's ability to develop so-called frontier or unconventional oil resources". Click here to read full stories.

Aug 03 - Flurry of vessels booked from Mideast to Europe after Dutch refinery outage 

Oil traders are rushing to secure vessels to ship refined fuel from the Middle East to Europe after a Dutch refinery outage made the route profitable, pushing freight rates to multi-month highs, traders and shipbrokers said on Thursday. At least 10 long-range tankers able to carry 55,000 to 75,000 tonnes of jet fuel and diesel have been provisionally booked to head to Europe, with at least four of them taken by Royal Dutch Shell, two shipbrokers said. Click here to read full stories.

Aug 03 - U.S. crude, gasoline and diesel stockpiles fall - EIA 

U.S. crude, gasoline and diesel inventories all fell in the latest week as gasoline demand hit a record high, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.5 million barrels in the week to July 28, compared with analysts' expectations for a decrease of 3 million barrels. Click here to read full stories.

Aug 03 - Standard Chartered eyes New York energy trading, bucks Wall St trend - sources 

Standard Chartered is planning to launch an energy trading business in New York, two sources familiar with the matter said, in what appears to be the first major bank move into the sector in the United States after years of retreat on Wall Street due to cutbacks and stricter regulation. The British bank has hired Matthew Hastings, a former oil options trader at PetroChina International America in Houston, as its new head of energy trading in London, according to the sources this week. He will replace Cyril Youinou, a former Lehman Brothers trader, they added. Click here to read full stories.

Aug 03 - Global trade recovery lifts diesel demand: Kemp 

World trade is growing again which will give a big boost to middle distillates such as diesel used in the high-power engines that move almost all freight. World trade volumes grew by 5 percent in the three months to May compared with the same period a year earlier, according to the Netherlands Bureau for Economic Policy Analysis (CPB). Click here to read full stories.

Aug 02 - Venezuelan oil supply to Phillips 66 falls amid quality issues

Venezuela's supply of heavy crude to U.S. independent refiner Phillips 66 has dropped by more than two-thirds this year in part due to quality problems, and the company has cancelled at least one cargo in recent months, according to sources from state-run oil company PDVSA. Phillips 66 has also asked for price discounts for other shipments of Venezuelan crude, according to the sources. Click here to read full stories.

Aug 02 - India refiners outshine Asia peers with new output, rising local demand

Indian refiners are outperforming their competitors in South Korea and Thailand as they have ramped up output from new fuel and chemical capacities to meet rising domestic demand that could further lift their earnings over the next two years. Asia is adding net refining capacity of 360,000 barrels per day (bpd) this year, according to Wood Mackenzie, with units coming online in China and Vietnam that could keep most of Asia well-supplied and weigh on refining margins for export-oriented refiners in South Korea and Thailand.  Click here to read full stories.

Aug 02 - The energy patch: where rights offerings are "sexy" again

Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights offerings have raised billions of dollars over the past 18 months, according to data compiled by Reuters, to help revitalize these energy companies in return for large fees and juicy investment returns. Click here to read full stories.

Aug 02 - European oil majors seek to harness U.S. offshore wind

Some European oil majors have made inroads into the emerging U.S. offshore wind energy market, aiming to leverage their experience of deepwater development and the crowded offshore wind arena at home. Late entrants to the offshore wind game in Europe, which began with a project off Denmark 25 years ago and is now approaching maturity, they are looking across the Atlantic at what they view as a huge and potentially lucrative new market. Click here to read full stories.

Aug 02 - Philadelphia oil refinery taps debt restructuring adviser-sources

Philadelphia Energy Solutions LLC, the owner of the largest U.S. East Coast oil refining complex, has hired an investment bank to help tackle its debt burden, as it struggles with low profit margins, people familiar with the matter said on Tuesday. The move underscores the challenges facing some East Coast refineries, which used to enjoy a competitive advantage when oil prices were high because they were able to secure supplies cheaply by rail. The crash in oil prices has changed that. Click here to read full stories.

Aug 02 - U.S. ethanol makers steer away from fuel, reach for booze

A U.S. glut of fuel-grade ethanol has major producers, including Green Plains Inc and industry pioneer Archer Daniels Midland Co, pursuing other markets and idling excess capacity in an effort to rebuild sagging margins. ADM and Green Plains both said on Tuesday they are converting fuel-ethanol capacity into beverage and industrial alcohol production, as well as idling some mills. The announcements follow Pacific Ethanol's decision in June to buy a beverage-grade facility in Illinois, a diversification away from fuel ethanol. Click here to read full stories.

Aug 02 - BP production growth boost shares despite profit drop

British energy company BP's  second-quarter profit dipped but beat forecasts after an exploration write-off in Angola, while a 10 percent rise in oil and gas production from a slew of new projects gave shares a strong boost. BP also increased cash flow from operations in a further sign that efforts by top oil companies to cut costs since the 2014 price slump are paying off as it expects oil prices to hold at around $50 a barrel into next year. Click here to read full stories.

Aug 02 - Shell says restart of Europe's largest refinery is at least two weeks away

Royal Dutch Shell said on Tuesday the earliest restart expected for Europe's largest oil refinery is the second half of August. Shell shut most units at the 404,000-barrels-per-day (bpd) Pernis refinery in the Netherlands following a power outage caused by a fire on the evening of July 29. Click here to read full stories.

Aug 01 - OPEC oil output jumps to 2017 high on further Libya recovery 

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC's adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from levels above 90 percent earlier in the year. Click here to read full stories.

Aug 01 - Oil markets escape Venezuela sanctions for now 

U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain. The move came after Sunday's vote creating a new legislative superbody with the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote while Washington called it a "sham."  Click here to read full stories.

Aug 01 - Oil analysts more bearish as OPEC deal under scrutiny - poll

Oil analysts have cut their 2017 crude price forecasts for a sixth straight month in July, citing concerns over compliance with an OPEC-led deal to limit production that could dampen the market's attempt to rebalance. The Organization of the Petroleum Exporting Countries and partners including Russia have agreed to reduce output by about 1.8 million barrels per day (bpd) until March 2018. Click here to read full stories.

Aug 01 - Shell's Pernis refinery fire buoys oil product prices 

A shutdown at Europe's largest oil refinery is boosting already-strong profit margins for petroleum products and further tightening a market that had been showing signs of rebalancing for weeks. Royal Dutch Shell shut down most of its units at the 404,000 barrels per day Pernis refinery in Rotterdam following a fire late in the evening on July 29 in its power supply system.  Click here to read full stories.

Aug 01 - Hedge fund short covering lifts oil prices: Kemp 

In recent weeks short covering, rather than long building, has driven oil prices higher, which suggests fund managers are becoming less bearish about prices rather than more bullish. Hedge funds and other money managers continued to reduce their short positions in crude and refined fuels in the week to July 25, pushing prices higher. Click here to read full stories.

Jul 31 - Canadian heavy oil plugs gap left by OPEC, Latam 

Canada's struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output. Output has fallen in Organization of the Petroleum Exporting Countries and non-OPEC Latin American countries such as Mexico and Colombia, leading refiners as far away as China to look to Alberta's oil sands to fill the gap. Click here to read full stories.

Jul 31 - Exxon Mobil profit disappoints Wall Street, Chevron shines 

Exxon Mobil Corp posted a rare earnings miss on Friday, the only international oil producer to do so last quarter, as production slipped in its African and Canadian operations. Exxon's results were overshadowed by rival Chevron Corp, which easily exceeded Wall Street's expectations with a double-digit percentage increase in production. Click here to read full stories.

Jul 31 - U.S. considering some sanctions on Venezuela oil sector -sources 

The Trump administration is considering imposing U.S. sanctions on Venezuela's vital oil sector in response to Sunday's election of a constitutional super-body that Washington has already denounced as a "sham" vote, U.S. officials said. The measures, which could be announced as early as Monday, are not expected to include a ban on Venezuelan oil shipments to the United States -- one of the harshest options -- but could block sale of lighter U.S. crude that Venezuela mixes with its heavy crude and then exports, the officials told Reuters. Click here to read full stories.

Jul 31 - U.S. drillers add fewest oil rigs in a month since May 2016 -Baker Hughes 

U.S. energy companies added 10 rigs in July, the fewest of any month since May 2016, as recent declines in crude prices have slowed the pace of a 14-month drilling recovery. The rig count has slowed as several U.S. exploration and production (E&P) companies reduced capital spending plans. Click here to read full stories.

Jul 31 - Physical oil market tightens as refiners scramble for crude: Kemp

Physical crude markets are at last showing signs of tightening as record refinery consumption in the United States coincides with a slowdown in oil exports from the Middle East Gulf. U.S. refineries processed an average of almost 17.3 million barrels of crude per day last week, an increase of 620,000 barrels per day (bpd) compared with the same week in 2016. Click here to read full stories.

Jul 31 - Hedge funds boost bullish bets on U.S. crude to 3-month high 

Hedge funds and money managers boosted their bullish wagers on U.S. crude oil to the highest in three months, data showed on Friday, as U.S. shale showed signs of a slowdown and Saudi Arabia pledged to cut exports in August. The speculator group raised its combined futures and options position in two major NYMEX and ICE markets by 22,517 contracts to 261,190 in the week to July 25, its highest since April 25, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.

Jul 28 - Saudi Aramco advisers favour London for historic IPO - sources

Saudi Aramco's advisers have recommended London for the historic listing of the oil company, with U.S. disclosure rules a concern for Saudi authorities, sources familiar with the matter told Reuters. A final decision on the venue for what is expected to be the world's biggest IPO and is targeted to raise $100 billion will be taken by Crown Prince Mohammad bin Salman, who is overseeing Saudi Arabia's radical economic reforms, they said. Click here to read full stories.

Jul 28 - U.S. oilfield service firms eye pricing gains despite rangebound crude

Oilfield service companies do not expect their businesses will get a major activity boost from oil prices in the second half of this year, but demand is robust enough that they will be able to raise fees, executives said. "We are well structured for the $45 to $55 a barrel range," Andy Hendricks, chief executive of drilling and fracking services provider Patterson-UTI Energy, said in a phone interview on Thursday.  Click here to read full stories.

Jul 28 - Hedge funds' active positioning in crude oil: Kemp

Hedge funds are some of the most important and dynamic participants in the oil market but public information on their positions and behaviour is severely limited. The only comprehensive information on hedge fund positions that is regularly available is contained within the commitments of traders reports published by regulators and exchanges. Click here to read full stories.

Jul 28 - U.S. oil refiners pare exposure to Venezuelan crude imports

U.S. refiners are shifting away from processing heavy crude, lessening the potential impact on their businesses and motorists of any supply disruptions from Venezuela as the Trump administration considers new sanctions on the country. Refiners Valero Energy Corp  and Marathon Petroleum Corp on Thursday said they plan to run more light and sweet crudes this quarter, continuing a trend away from heavy, sour crudes supplied by Venezuela and other OPEC producers. Click here to read full stories.

July 27 - Noble shrinks, sells part of business to Mercuria as it faces huge quarterly loss

Noble Group, once Asia's largest commodities trader, is to cut staff and sell assets, including its U.S. gas and power business to Mercuria Energy Group, as it faces a quarterly loss of up to $1.8 billion. Hong Kong-based Noble added that it would "explore strategic alliances in Asia" with Mercuria after establishing some initial links with the Swiss trader's Asian affiliates. Click here to read full stories.

July 27 - Why record U.S. oil exports are poised for even more growth

U.S. refineries are producing more fuel than ever as they seek to meet rising demand - from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world's top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010.  Click here to read full stories.

July 27 - Shell beats Q2 expectations as downstream business shines

Royal Dutch Shell RDSa.L more than tripled profit for the second quarter compared with a year ago, ahead of analysts' expectations, boosted by its refining and chemicals business. Current cost of supplies (CCS) excluding exceptional items, the company's way of measuring profit, rose 245 percent to $3.6 billion, compared with a company-provided analyst consensus of $3.15 billion. Click here to read full stories.
 

July 27 - Limits of analysis on commitments of traders: Kemp

Futures and options markets play an increasingly important role in pricing crude oil but little is known about the identity and behaviour of market participants or their impact on prices. The only comprehensive information on traders’ positions regularly available comes from the commitments of traders (COT) reports issued weekly by regulators and exchanges. Click here to read full stories.

July 27 - U.S. crude oil, gasoline stocks fall sharply - EIA

U.S. crude stocks fell sharply last week due to strong refining activity and an increase in exports, while gasoline and distillate inventories also dropped more than expected, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.2 million barrels in the week to July 21, a far deeper draw than the decrease of 2.6 million barrels analysts had forecast. Click here to read full stories.

July 27 - Nigeria aims to diversify as 'era of oil booms' ends

Nigeria plans to cut its oil exploration costs and move away from reliance on crude for export revenues, according to a national petroleum policy approved by the federal executive council this week. Africa's largest oil exporter said it expects oil prices to stay near $45 per barrel "for the foreseeable future" and that it must diversify its economy and develop its own refining and petrochemical sectors. Click here to read full stories.

Jul 26 - Halliburton, Schlumberger take hit on Venezuela bills in second quarter

Venezuela was unable to pay its biggest oilfield suppliers in cash in the second quarter, and top service companies Halliburton and Schlumberger accepted promissory notes that they immediately wrote down by hundreds of millions of dollars, their second-quarter reports showed. Schlumberger, the world's largest oilfield service firm by revenue, took a $510 million impairment charge on promissory notes received from Petroleos de Venezuela SA in lieu of $700 million in outstanding fees. Click here to read full stories.

Jul 26 - Indonesia open to rejoining OPEC if not forced to cut – minister

Indonesia is open to rejoining the Organization of the Petroleum Exporting Countries as long as it is not forced to curb its own crude oil production, the nation's energy and mineral resources minister said on Tuesday. "We would have to have a concession for not following cuts from time to time," the minister, Ignasius Jonan, said in an interview in Houston, where he is meeting with major oil producers. Click here to read full stories.

Jul 25 - OPEC moves to cap Nigerian oil output, boost compliance

OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018. Click here to read full stories.

Jul 25 - China, India oil imports show Saudi Arabia is already carrying the burden of cuts: Russell

Saudi Arabia wants to do more to boost crude oil prices by taking a razor to its exports, but the kingdom is already doing much of the heavy lifting in Asia, where it is surrendering market share in the world's top importing region. Saudi Energy Minister Khalid al-Falih said after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday that his country would limit crude oil exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago.  Click here to read full stories.

Jul 25 - China crude oil imports hold at strong levels in June

China imported 36.11 million tonnes, or 8.79 million barrels per day (bpd) of crude oil in June, customs data showed on Thursday, again making the country the world's top buyer for the month. June imports were up 17.9 percent from a year earlier, according to Reuters calculations, although shipments dipped 2.9 percent from May's figure, which was the second-highest on record. Click here to read full stories.

Jul 25 - Break in rationing on Enbridge Canada pipelines likely short lived

Enbridge Inc's move not to ration space on heavy oil pipelines out of western Canada for the first time in 16 months is likely to give producers only a short respite from difficulties in getting crude to market, industry players said. Market access is a persistent headache for Canadian energy firms, who produce oil from the world's third-largest crude reserves but often struggle to get their barrels to U.S. markets because of limited space in export pipelines. Click here to read full stories.

Jul 25 - Barclays unwinds remaining oil positions, boosting options volumes

Barclays Plc was liquidating its remaining U.S. crude options positions early on Monday, according to two market sources, causing volumes to spike as the British bank closes down its energy business. The investment bank was seen selling all or part of its oil book, causing a surge in volumes in the U.S. crude options market early in the trading session, the sources said. Click here to read full stories.

Jul 25 - UAE oil giant in talks to obtain loan of up to $5 billion - sources

Abu Dhabi oil giant Adnoc is in talks to obtain a syndicated loan worth up to $5 billion, the latest sign that the region's giant oil companies are increasingly turning to the debt markets to fund expansion. Two banking sources said on Monday that company's talks with regional and international banks are focusing on a loan that may total several billion U.S. dollars. Click here to read full stories.

Jul 25 - Halliburton sees N. America customers "tapping the brakes"

Halliburton Co reported impressive second quarter results on Monday but warned the growth in North American rig count was "showing signs of plateauing", sending shares down as much as 4.2 percent. Oilfield services providers such as Halliburton have been helped by a boom in North American drilling even though oil has stayed below $50. Click here to read full stories.

Jul 25 - Hedge funds close bearish positions in crude and gasoline: Kemp  Hedge fund managers have continued to cover short positions in crude oil and gasoline, helping lift prices across the petroleum complex against a backdrop of improving fundamentals. Hedge funds and other money managers reduced short positions in the five major petroleum futures and options contracts by a further 44 million barrels in the week to July 18. Click here to read full stories.

Jul 24 - U.S. weighs financial sanctions to hit Venezuela's oil revenue - sources

The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country's oil, according to a senior White House official and an adviser with direct knowledge of the discussions. The move could severely restrict the OPEC nation's crude exports and starve its socialist government of hard currency. Click here to read full stories.

Jul 24 - Saudi Arabia curtails crude flow to United States: Kemp

Saudi Arabia is making good on promises to curtail oil shipments to the United States with the likely intention to drain visible inventories and support prices. The United States imported an average of 524,000 barrels per day (bpd) of crude from Saudi Arabia in the week ending July 14, the lowest volume for more than seven years. Click here to read full stories.

Jul 24 - After false dawn, Big Oil to double down on cost cuts

After a brief respite at the start of the year, the world's top oil and gas companies are set to double down on cost cutting as a recovery in crude prices after a three-year slump falters. Corporate hopes were raised by a deal between members of the Organization of Petroleum Exporting Countries and other non-OPEC producers to cut production, which lifted oil prices above $58 a barrel in January, after they had slid to as low as $27 in 2016. Click here to read full stories.

Jul 24 - Hedge funds boost bullish bets on U.S. crude for 3rd straight week

Hedge funds and money managers raised their bullish wagers on U.S. crude for a third straight week, data showed on Friday, amid signs that oversupply in the United States may be easing as stockpiles draw down. The speculator group raised its combined futures and options position in two major NYMEX and ICE markets by 36,267 contracts to 238,673 in the week to July 18, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.

Jul 24 - U.S. oil drillers cut rigs for second week since January - Baker Hughes Analysts, however, noted weekly declines in the rig count were likely just a brief pause in a drilling recovery expected to continue through at least 2019. Drillers cut 1 oil rig in the week to July 21, bringing the total count down to 764, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Jul 21 - Russia, Venezuela discuss Citgo collateral deal to avoid U.S. sanctions-sources

Russia's top oil producer Rosneft is negotiating to swap its collateral in Venezuelan-owned, U.S.-based refiner Citgo for oilfield stakes and a fuel supply deal - a move to avoid complications from U.S. sanctions, two sources with knowledge of the negotiations told Reuters. State-owned Rosneft holds a 49.9 percent stake in Citgo as collateral for a loan last year of about $1.5 billion to the OPEC nation, which is reeling from low oil prices and a severe recession. Click here to read full stories.

Jul 21 - Exxon sues U.S. over fine levied for Russia deal under Tillerson

Exxon Mobil Corp sued the U.S. government on Thursday, blasting as "unlawful" and "capricious" a $2 million fine levied against it for a three-year-old oil joint venture with Russia's Rosneft. The U.S. Treasury Department on Thursday morning slapped the world's largest publicly traded oil producer with the fine for "reckless disregard" of U.S. sanctions in dealings with Russia in 2014 when Secretary of State Rex Tillerson was Exxon's chief executive. Click here to read full stories.

Jul 21 - S.Korea easing rules at oil terminals in effort to become trade hub

South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No. 5 crude importer bolsters an effort to become a North Asia trading hub. Asia's fourth-largest economy is pushing ahead with a 2014 plan to turn Ulsan and Yeosu ports into northeast Asia's oil shipping and storage cluster, a potential challenge to the long-established Asian oil trading centre in Singapore. Click here to read full stories.

Jul 21 - U.S. gasoline surplus eliminated by trade flows: Kemp

The U.S. gasoline surplus has disappeared thanks to a sharp drop in prices which has caused imports from Europe to slow and exports to Latin America and other markets to accelerate since the start of June. U.S. refineries are processing record volumes of crude while domestic gasoline consumption appears to be holding steady at the same level as 2016 which threatened to flood the market with excess fuel. Click here to read full stories.

Jul 21 - U.S. gasoline surplus eliminated by trade flows: Kemp

The U.S. gasoline surplus has disappeared thanks to a sharp drop in prices which has caused imports from Europe to slow and exports to Latin America and other markets to accelerate since the start of June. U.S. refineries are processing record volumes of crude while domestic gasoline consumption appears to be holding steady at the same level as 2016 which threatened to flood the market with excess fuel. Click here to read full stories.

Jul 20 - Backing of workers, communities key to Libya's oil revival

When the head of Libya's state energy company visited Sharara oil field in early July, community leaders and workers crowded into a conference room to ask about jobs, training and services for local people. When, they asked, would their villages start to see the benefit of the country's rising oil production? "You've been very patient," Mustafa Sanalla reassured them, before adding: "You need to be patient a little longer." Click here to read full stories.

Jul 20 - Russia to work with OPEC on oil market rebalancing - source

Russia is ready to continue working with OPEC to help rebalance oil markets, a Russian energy source said on Wednesday, adding that Moscow welcomed a flexible approach by OPEC's leader Saudi Arabia to accommodate rising output from Nigeria and Libya. "We welcome the constructive approach and flexibility of our partners in addressing the challenges which arise on the path towards a balanced market," the source, who is close to the Russian delegation negotiating with OPEC, said. Click here to read full stories.

Jul 20 - U.S. crude, gasoline stocks drop sharply - EIA

U.S. crude stocks dropped more than expected last week, while gasoline and distillate inventories also fell sharply, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 4.7 million barrels in the week to July 14, compared with analysts' expectations for a decrease of 3.2 million barrels. Gasoline stocks fell by 4.4 million barrels, the fifth straight week of declines. The draw was far greater than analysts' expectations in a Reuters poll for a 655,000-barrel drop, and lowered U.S. gasoline inventories to 231 million barrels. Click here to read full stories.

Jul 20 - U.S. oil service results to top last year as investors eye margin outlook

U.S. oilfield service companies' second-quarter earnings should easily top last year's depressed results, but a near 15 percent slide in oil prices since January has weakened the outlook for the second half of the year. Earnings for suppliers of land drilling rigs, tubing and hydraulic fracturing services in North America, where expanding shale production is driving revenue, are expected to improve over a year earlier. Click here to read full stories.

Jul 20 - Saudi Arabia empties domestic crude tanks: Kemp 

Saudi Arabia has been progressively reducing its bloated domestic stocks of crude in a sign the global oil market is rebalancing, albeit more slowly than OPEC anticipated. Saudi Arabia’s domestic crude stocks declined in 16 of the 19 months between November 2015 and May 2017 according to government data reported to the Joint Organisations Data Initiative. Click here to read full stories.

Jul 19 - Saudi Arabia still aims to reduce supply; weighs Nigerian, Libyan barrels

Saudi Arabia remains committed to work with other oil producers to try and address recent changes in global supply including the rise in output from Nigeria and Libya, a Saudi industry source familiar with the kingdom's oil policy said on Tuesday. The top oil exporter's goal remains to stabilize oil markets by drawing down the global inventory overhang, the Saudi source said. Click here to read full stories.

Jul 19 - Oil cuts working, market in balance by end-March - Kuwait minister

The world oil market is taking longer than expected to rebalance but the glut should go by the end of March and OPEC need not take further action to curb supplies for now, Kuwait's oil minister said. Essam al-Marzouq also told Reuters there was no need for the Organization of the Petroleum Exporting Countries to hold an extraordinary meeting before its scheduled gathering in November because OPEC-led supply cuts were "working well". Click here to read full stories.

Jul 19 - U.S. gasoline market surges on refiner problems, inventory draws

The U.S. gasoline market has made its way to its strongest footing in weeks on the back of sustained inventory draws and a spate of East Coast refinery issues, traders said on Tuesday. A rebound in refining margins and cash gasoline prices marked the first sign of sustained strength during the crucial summer driving season after demand got off to a slow start in 2017 and high inventories kept prices low. Click here to read full stories.

Jul 19 - U.S. uncompleted well backlog hangs over oil market: Kemp 

U.S. oil and gas exploration and production companies are drilling new wells faster than they can be fractured and hooked up to gathering systems, creating a growing backlog of drilled but uncompleted oil and gas wells. By June, the number of drilled but uncompleted oil and gas wells across the seven largest shale plays had topped 6,000, according to estimates from the U.S. Energy Information Administration. Click here to read full stories.

Jul 19 - BP mulling IPO of U.S. Midwest and Gulf Coast pipeline assets
BP Plc is considering an initial public offering of its vast U.S. Midwest and Gulf Coast pipeline assets, the company said on Tuesday, a move that would raise cash. The proposed spinoff, which would be called BP Midstream Partners, revives a plan first broached internally aboutfive years ago before slumping crude oil prices caused the company to put the idea on hold, a person familiar with the proposal said. Click here to read full stories.

Jul 18 - U.S. shale oil output seen up for eighth month at 5.6 mln bpd - EIA

U.S. shale oil production is forecast to rise for the eighth consecutive month, climbing 112,000 barrels per day (bpd) to 5.585 million bpd in August, the U.S. Energy Department said in a report on Monday. The increase comes amid market concerns that rising shale output will dampen the Organization of the Petroleum Exporting Countries' efforts to curb a global supply glut. Click here to read full stories.

Jul 18 - Twice burned, funds wait for clear sign of oil rebalancing: Kemp

Hedge funds have continued to cover their short positions in crude and refined products, but the impact on oil prices has been surprisingly muted so far, with a much smaller rally in prices than expected. Hedge funds and other money managers reduced short positions in the five main futures and options contracts linked to petroleum prices by a combined 69 million barrels in the week to July 11. Click here to read full stories.

Jul 18 - Asia's naphtha trapped in downward spiral as supply glut hits

Asia is being hit with a naphtha supply glut that could push the market down further, after spot prices in South Korea already flipped from premiums to discounts in late June for the first time since March. Discounts in South Korea, Asia's top naphtha importer, widened four times - to $4 a tonne less than benchmark Japan quotes on July 13 - versus a discount of around $1 on June 28.  Click here to read full stories.

Jul 18 - Brazil's Petrobras beats 2017 oil output goal in first half

 Brazil's state-controlled oil company Petroleo Brasileiro SA  produced 5.6 percent more oil in the first half of this year than in the same six-month period of 2016, exceeding its daily target for 2017, data showed on Monday. Petrobras produced 2.171 million barrels per day (bpd) in the January through June period, the company said, exceeding its 2.07 million bpd goal for the year. In the first half of 2016, production averaged 2.056 million barrels per day. Click here to read full stories.

Jul 14 - Cold storage: traders shift oil products out of tanks as short-term demand soars

Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity. Three traders told Reuters they have cut the amount of oil they hold in tanks or decided not to renew storage contracts in the past year. Click here to read full stories.

Jul 14 - IEA says OPEC compliance with oil cuts at lowest in 6 months

OPEC's compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying market rebalancing, the International Energy Agency said on Thursday. OPEC's compliance with cuts slumped to 78 percent last month from 95 percent in May as higher-than-allowed output from Algeria, Ecuador, Gabon, Iraq, the UAE and Venezuela offset strong compliance from Saudi Arabia, Kuwait, Qatar and Angola. Click here to read full stories.

Jul 14 - First tech, now financing: U.S. shale firms get creative to pump more oil

U.S. shale producers survived an oil price crash and confounded OPEC's efforts to drain a global glut by employing innovative drilling and production techniques. Now, some of these producers are turning to creative investments to pump more oil. Drilling joint ventures, called "DrillCos" for short, combine cash from investors like Carlyle Group LP with drillable-but-idle land already owned by producers. Investors get a pledge of double-digit returns within a few years, while producers can raise productivity without spending more of their own money. Click here to read full stories.

Jul 14 - Tide turns for sulphur-rich oil in a sea of light crude

The world is awash with oil, but in pockets of the market lower-quality, sulphur-rich crude is limited and buyers are competing for cargoes. Lacklustre gasoline demand growth, particularly in the United States, and fears of a repeat of last year's poor summer gasoline profits, led refineries in the Atlantic Basin to skew their yields in favour of distillates, by running heavier oil. Strong profits for fuel oil has also encouraged refineries to run sour crudes.  Click here to read full stories.

Jul 14 - Saudi Arabia curbs oil shipments to United States: Kemp

Saudi Arabia is trying to support oil prices by reducing its crude shipments to the United States in a bid to cut the amount of oil in commercial storage. U.S. crude imports from Saudi Arabia averaged less than 900,000 barrels per day (bpd) in the four weeks ending on July 7, according to the U.S. Energy Information Administration. Click here to read full stories.

Jul 14 - Venezuela oil exports to ally Cuba drop 13 pct - documents

Venezuela's oil and fuel deliveries to political ally Cuba have slid almost 13 percent in the first half this year, according to documents from state-run oil company PDVSA viewed by Reuters. The bulk of the 2017 decline in shipments was in crude oil for Cuba's refineries, which dropped 21 percent to 42,310 bpd, the documents showed. Click here to read full stories.

Jul 14 - no report available due to French National holiday, Bastille Day.

Jul 13 - OPEC sees lower demand for its oil in 2018, points to surplus

OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut. Giving its first 2018 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year. Click here to read full stories.

Jul 13 - China crude oil imports hold at strong levels in June

China imported 36.11 million tonnes, or 8.79 million barrels per day (bpd) of crude oil in June, customs data showed on Thursday, again making the country the world's top buyer for the month. June imports were up 17.9 percent from a year earlier, according to Reuters calculations, although shipments dipped 2.9 percent from May's figure, which was the second-highest on record. Click here to read full stories.

Jul 13 - U.S. crude stockpiles drop the most since September - EIA

U.S. crude oil inventories last week dropped the most in ten months, falling more than expected as imports declined and refining rates rose, while gasoline stocks decreased although demand remained lackluster, the Energy Information Administration said on Wednesday. Crude inventories fell 7.6 million barrels in the week to July 7, compared with analysts' expectations for a decrease of 2.9 million barrels. Click here to read full stories.

Jul 13 - OPEC oil supply is lost in a fog of data: Kemp

The Organization of the Petroleum Exporting Countries coordinates the policies of its members by giving each of them a production allocation rather than limiting how much they can export. OPEC agreements have been specified in terms of output rather than exports since the first allocations were agreed in March 1982 (“Annual Statistical Bulletin”, OPEC, 2017). Click here to read full stories.

Jul 13 - Saudis to cut Aug oil exports to lowest level this year - source

Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said. "There is strong demand for our crude but we are sticking to our OPEC commitments," the source, who is familiar with the kingdom's oil policy, said on Wednesday. Click here to read full stories.

Jul 13 - Demand at Mexico onshore oil and gas auction spurs output hopes

Mexico auctioned 21 of 24 onshore oil and gas blocks on offer on Wednesday to investors from North America and Asia including tycoon Carlos Slim and Mexican newcomer Jaguar, anticipating a substantial boost for natural gas output. Monterrey-based Jaguar Exploracion y Produccion de Hidrocarburos took a stake in over half the areas awarded, which the oil industry regulator said would eventually yield around $2 billion in investments over the 30-year lifespan of the contracts. Click here to read full stories.

Jul 13 - Commodities trader Gunvor to open crude desk in Houston - sources Swiss commodities trader Gunvor has hired at least three traders to launch a crude desk in Houston, Texas, sources familiar with the matter said this week, the latest expansion of its operations in the United States. Gunvor began building its U.S trading operation last year, initially focusing on refined products and natural gas. Its U.S. refined products desk has been based in Houston, while natural gas trading operations operated out of Stamford, Connecticut. Click here to read full stories.

Jul 12 - OPEC figures show June oil output rise led by exempt nations - sources

OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in two nations exempt from a supply cut deal countered high compliance by many others. The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million bpd from Jan. 1 to reduce a glut and support prices. Russia and 10 other non-OPEC states agreed to cut half as much. Click here to read full stories.

Jul 12 - EIA cuts U.S. oil production forecast for 2018, remains at record

The U.S. Energy Information Administration said on Tuesday it expects U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook. In the agency's latest monthly short-term energy outlook, it forecast that 2018 crude oil output will rise to 9.9 million barrels per day from 9.3 million bpd this year, a 570,000 bpd increase.  Click here to read full stories.

Jul 12 - China sets sights on oil benchmark after years of delays

China has opened more than 6,000 trading accounts for its long-awaited crude futures contract - with three-quarters coming from individual traders - as it pushes ahead with plans to compete with global pricing benchmarks. China's oil majors and about 150 brokerages have also registered, but the strong interest by 'mom-and-pop' investors looks set to mark out China's crude futures from western counterparts, which are dominated by institutional investors. Click here to read full stories.

Jul 12 - UAE state oil firm considers trading unit in reform push - sources

Abu Dhabi National Oil Company (ADNOC) is looking to set up its own trading unit, possibly together with an oil major or a big trading house, joining other Middle East producers seeking to boost earnings via new revenue streams, industry sources said. A sharp drop in crude prices since mid-2014 has forced the oil industry to cut costs and look for ways to boost efficiency amid competition from new producers such as U.S. shale firms. Click here to read full stories.

Jul 11 - Libya, Nigeria may attend OPEC, non-OPEC July meeting

Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices. Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices. This has prompted more talk among producers about including them in the pact. Click here to read full stories.

Jul 11 - Venezuela's PDVSA guarantees investor security amid uncertainty

Venezuela's state oil producer, PDVSA, said in a statement it is guaranteeing "legal security" for all foreign companies in the leftist-run nation, rebuffing a government adviser's suggestion that their operations could be nationalized. The statement, which was distributed to its joint venture partners and which Reuters saw, comes after a prominent government-allied lawyer said a new legislative body could rewrite parts of the constitution to ensure the state has full ownership of the oil industry. Click here to read full stories.

 Jul 11 - Oil traders succumb to a dangerous despond: Kemp

U.S. Independence Day marked a turning point in the oil market, when a short-covering rally ran out of momentum and gave way to a renewed and very aggressive bear market. Hedge funds and other money managers increased their net long position in futures and options contracts linked to Brent and WTI by 46 million barrels in the week leading up to July 4. Click here to read full stories.

Jul 11 - Statoil drills dry wells off Canada's Newfoundland

Norway's Statoil  and Canada's Husky Energy have hit dry wells in a prospect in the Atlantic offshore Newfoundland for which they had high hopes, Statoil said on Monday. The companies have drilled two dry wells in the Flemish Pass geological basin, some 500 km (310 miles) off the east coast of Canada's Newfoundland and Labrador province. Click here to read full stories.

Jul 11 - Aramco CEO sees oil supply shortage as investments, discoveries drop

The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco's chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul. Click here to read full stories.

Jul 10 - Oil pact monitors won't discuss further cuts at July meet - report

A ministerial committee monitoring an OPEC-led pact on cutting oil production will not discuss the possibility of further cuts at its regular meeting on July 24, OPEC's secretary-general said in comments carried by Russia's Interfax news agency on Sunday. Mohammad Barkindo, who was speaking to journalists in Istanbul before the World Petroleum Congress, said such discussions would be premature, Interfax reported. Click here to read full stories.

Jul 10 - Oil could hit $60 before year-end -Barron's, citing Citi analyst

Accelerating world oil demand and reduced supply from the Organization of the Petroleum Exporting Countries (OPEC) could push crude prices up to $60 a barrel before the end of the year, according to a report from Barron's. The report cites research from Citigroup senior energy analyst Eric Lee, who previously called for a bear market in oil when the price was above $100. The decline in recent weeks to a low of just over $44 for Brent crude, the international benchmark, has made Lee a short-term bull, Barron's notes. Click here to read full stories.

Jul 10 - Renewed slide in oil price will test U.S. shale profits: Kemp

U.S. independent oil and gas producers came close to breaking even during the first quarter of 2017 thanks to aggressive cost cutting and improvements in well productivity. Some shale producers claim they can drill wells profitably at prices well below $50 per barrel and in some cases below $40. Click here to read full stories.

Jul 10 - Cash-strapped Venezuela offers India's ONGC oil stake -sources

Cash-hungry Venezuela has offered Indian oil company ONGC Videsh an increased stake in an oil field, according to two sources close to the proposal, as the country seeks to shore up its bruised energy industry and strengthen ties with New Delhi. State oil firm Petroleos de Venezuela SA (PDVSA) has proposed selling a 9 percent stake in the San Cristobal field to ONGC Videsh (OVL), a subsidiary of India's state-owned top explorer Oil and Natural Gas Corp, the sources said this week. Click here to read full stories.

Jul 10 - Hedge funds raise U.S. crude oil net length - CFTC

Hedge funds and money managers raised their bullish bets on U.S. crude in the week to July 3, after cutting positions to a nine-month low the previous week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 15,518 contracts to 172,810 during the period. The increase came a week after hedge funds and other money managers cut U.S. crude oil net longs to a nine-month low amid soaring gross short positions. Click here to read full stories.

Jul 10 - Pakistan orders Shell subsidiary to pay $2.4 million for tanker blast

Pakistan's oil and gas regulator on Friday ordered a subsidiary of Royal Dutch Shell to pay about 257 million rupees ($2.4 million) in damages and compensation for a tanker explosion that killed more than 200 people. The Oil and Gas Regulatory Authority (OGRA) has held Shell Pakistan Ltd (SPL) responsible for the blast in Punjab province on June 25 after the tanker carrying gasoline for the company rolled over, and villagers rushed to collect leaking fuel. Click here to read full stories.

Jul 07 - Brent bulls and bears play options tug-of-war

The Brent crude oil options market is showing a definite split between the optimists and the pessimists this week, but it would seem the bulls are starting to gain the upper hand. The benchmark September Brent futures contract has risen by around 1.3 percent so far this week and on Thursday was up 66 cents on the day at $48.45 a barrel, having fallen from a one-month high of $49.90 a barrel on Tuesday. Click here to read full stories.

Jul 07 - Saudi Aramco says oil reserves steady, output at record ahead of IPO 

Saudi Aramco, which is in the midst of auditing its oil reserves ahead of a planned stock market listing next year, said its crude oil and condensate reserves held steady last year despite record production. The company's daily crude production hit a new high of 10.5 million barrels per day (bpd) in 2016, according to its annual review released on Thursday, up from 10.2 million bpd in 2015. Click here to read full stories.

Jul 06 - U.S. crude oil, gasoline inventories slump - EIA 

U.S. crude oil inventories last week slumped to their lowest levels since January as refining rose and imports fell, while gasoline stocks also fell sharply ahead of the Fourth of July holiday weekend, the Energy Information Administration said on Thursday. Crude inventories fell 6.3 million barrels in the week to June 30,far more than analysts' forecasts for a 2.3 million-barrel drawdown, to 502.9 million barrels. Click here to read full stories.

Jul 05 - IEA chief Birol: Oil market to rebalance in second half of 2017

The global oil market is expected to rebalance in the second half of 2017, but further output increases among key producers such as Nigeria and Libya could hamper this process, International Energy Agency chief Fatih Birol said on Tuesday. He said some key producers including Libya and Nigeria had significantly increased output in recent months. Click here to read full stories.

Jul 05 - OPEC's rising oil exports put output cuts to the sword: Russell 

OPEC's attempt to bolster crude oil prices by cutting output are now largely an exercise in self-deception, with recent production and export numbers laying bare the group's shortcomings. While the Organization of the Petroleum Exporting Countries may be able to claim relatively high compliance with its plan to lower output by 1.2 million barrels per day, this is ultimately just a smokescreen. Click here to read full stories.

Jul 05 - Indian refiners tap spot crude market to feed increased capacity

Indian companies have stepped up purchases of high-sulphur crude oil from the Middle East and Russia in the spot market to feed demand from expanded refining capacity, trade sources said. Four refiners in the world's third largest crude importer bought 9 million barrels of Middle East and Russian crude loading in July-August via spot tenders last month, drawing down excess supplies in the market after China's demand slowed.  Click here to read full stories.

Jul 05 - Canada orders seizure of oil tanker carrying crude from Iraqi Kurdistan

The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million. Click here to read full stories.

Jul 04 - Saudi heavy crude price to Asia may hit highest in over 3 yrs

World No.1 oil exporter Saudi Arabia could raise prices for the heavy crude it sells to Asia in August to the highest in more than three years, trade sources said. The move would come after refiner profits on churning out fuel oil from heavy crude hit record highs, with state oil giant Saudi Aramco cutting heavy crude production as part of a drive led by the Organization of the Petroleum Exporting Countries (OPEC) to rein in global output. Click here to read full stories.

Jul 04 - Iraq has right to achieve oil output in line with reserves - minister

Iraq has the right to achieve oil output that is in line with its crude reserves, Oil Minister Jabar al-Luaibi said on Monday at an event in London. Iraq is the second-largest producing member of the Organization of the Petroleum Exporting Countries after Saudi Arabia. Click here to read full stories.

Jul 04 - Mexico's Pemex sees October selection of refinery coking plant partner 

Mexican state oil company Pemex plans to choose a partner at the end of October to finish the development and operate a $2 billion coking plant at its Tula refinery, government and Pemex sources told Reuters. Pemex is looking for partners to improve the performance of its state-owned refineries, which currently process about 915,000 bpd of crude, well below their combined capacity of 1.6 million bpd. Click here to read full stories.

Jul 04 - GE closes Baker Hughes deal, becomes No. 2 oilfield service provider 

General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. The new company, to be called "Baker Hughes, a GE company," will begin trading on Wednesday on the New York Stock Exchange under the stock ticker "BHGE." Click here to read full stories.

Jul 04 - Hedge funds walk into bear trap in oil: Kemp

Hedge fund managers had amassed a record number of short positions in petroleum futures and options by the start of last week, which primed the oil market for a sharp short-covering rally at the end of the month. Hedge funds and other money managers held short positions in the five major contracts on crude, gasoline and heating oil amounting to 510 million barrels on June 27, according to regulatory and exchange data. Click here to read full stories.

Jul 04 - Total marks Iran return with South Pars gas deal 

France's Total signed a deal with Tehran on Monday to develop phase 11 of Iran's South Pars, the world's largest gas field, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent, and National Iranian Oil Co subsidiary Petropars with 19.9 percent. Click here to read full stories.

Jul 03 - OPEC oil output jumps to 2017 high as Nigeria, Libya pump more 

OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC's adherence with its supply curbs at a historically high 92 percent in June, compared with 95 percent in May, the survey found. Click here to read full stories.

Jul 03 - All eyes on July for U.S. oil demand to drain glut 

U.S. oil traders are hoping the sweltering days of July are also hot ones for demand, believing the new month is the last best opportunity this year to see the overhang of inventories finally subside. Export opportunities to Asia and big U.S. summer driving demand - expected to hit a record this weekend - are seen as the primary drivers for a drawdown in stocks that have remained stubbornly above seasonal averages. Click here to read full stories.

Jul 03 - U.S. oil drillers cut rigs for first week since January - Baker Hughes 

U.S. oil drillers cut rigs this week for the first time since January and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut. Analysts, however, noted the weekly decline in the rig count was likely just a brief pause in a drilling recovery expected to continue through at least 2019. Click here to read full stories.

Jul 03 - Asian imports of Iranian oil slow for first time since Jan 2016 

Imports of Iranian crude by its four main buyers in Asia fell 2 percent in May from a year ago, marking the first year-on-year decline since January 2016, when Western sanctions were lifted leading to a spike in Tehran's exports. Iran's top four Asian buyers - China, India, South Korea and Japan - imported 1.60 million barrels per day (bpd) last month, government and ship-tracking data showed. Click here to read full stories.

Jul 03 - U.S. shale producers are drilling themselves into a hole: Kemp 

U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude. Drilling and production are rising. Prices are declining. Companies are barely breaking even or losing money. Costs are starting to rise. And share prices are sliding. Click here to read full stories.

Jun 30 - Libya's oil output nears 1 mln bpd, highest in 4 years - source 

Libyan oil production is fluctuating between 950,000 barrels per day (bpd) and "close to" 1 million bpd, rising from around 935,000 bpd earlier this week, a Libyan oil source with direct knowledge of the matter told Reuters on Thursday. Production has been fluctuating mainly due to technical and power generation problems, the source said, declining to be named because he was not authorised to speak to the media. Click here to read full stories.

Jun 30 - Iran's July crude exports set to fall from June-source

Iran's crude oil exports in July are set to fall 7 percent from this month's three-month high, mainly due to a decline in exports to Europe, a person with knowledge of the Middle Eastern country's tanker loading schedule said. The OPEC member has been raising oil production to recoup market share lost under Western sanctions to regional rivals such as Saudi Arabia. Its exports last year also showed a similar decline in July before recovering sharply from August. Click here to read full stories.

Jun 30 - BHP chairman says $20 bln investment in shale was a mistake 

BHP Billiton's Chairman Jac Nasser said on Thursday BHP's $20 billion investment in U.S. shale oil and gas six years ago was, in hindsight, a mistake. BHP entered the shale business at the height of the fracking boom in 2011 and invested billions more developing the operations. The fall in oil prices since then has led to pre-tax writedowns of about $13 billion on the business. Click here to read full stories.

Jun 30 - North Sea spot crude market suggests oil outlook may be too glum

The North Sea crude oil market is finally showing signs of long-lost strength, suggesting that some of the pessimism that has driven down oil futures by 5 percent this month and created a record bet against a price rise may be unjustified. On Thursday, about 6 million barrels of North Sea Brent crude were being stored on ships, down from four-month highs of as many as 9 million last week, and trading sources said it seemed now refineries were starting to take in more cargoes. Click here to read full stories.

Jun 30 - Kurdistan says buyers of its crude not taking oil to United States 

Iraqi Kurdistan said on Thursday its crude buyers had told it they were not taking oil to the United States as the semi-autonomous region seeks to avoid tensions with the central government in Baghdad. Baghdad has long opposed independent Kurdish oil sales and managed to block tankers destined for the U.S. market several years ago. Click here to read full stories.

Jun 30 - U.S. thirst for European gasoline stalls, casting shadow on demand 

Europe's steady exports of gasoline to the United States have slowed substantially this year as tanks filled in the world's largest consumer nation and once-meteoric demand growth slowed. The drop in gasoline shipments to the densely populated U.S. East Coast is forcing European exporters to turn to less steady buyers in West Africa and compete with refineries elsewhere in the United States to export to Latin America and Asia. Click here to read full stories.

Jun 30 - Canada says wants single body to assess major energy projects

Canada wants a single federal authority to assess the potential impact of oil pipelines and mines, officials said on Thursday, a move that could help quell protests that have blocked projects. Responsibility for examining projects' environmental impact on federally regulated land is shared between three entities, a system the Liberal government says the public does not trust. Click here to read full stories.

Jun 29 - Asia falls further behind U.S., Europe in financial oil trading 

Asia is dropping further behind the United States and Europe in financial oil trading despite being the world's biggest fuel-consuming region, exposing refiners from China to Singapore to the moods of speculators who often ignore market fundamentals. While China's Unipec, a unit of state refiner Sinopec, vies with Europe's Vitol to be the top global crude trader, Asian might in physical markets has not spilled over into international futures trading. Click here to read full stories.

Jun 29 - Despite weak oil prices, OPEC still pockets more dollars 

With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this year than last and the prospect of higher revenues is likely to motivate OPEC to stick with output cuts or even deepen them. Click here to read full stories.

Jun 29 - U.S. crude stockpiles edge higher, gasoline draws down - EIA 

U.S. crude oil inventories edged up last week while gasoline stocks decreased, the Energy Information Administration said on Wednesday, providing a modest lift to oil prices that have been pressured by an ongoing supply glut. Crude inventories rose 118,000 barrels in the week ending June23, compared with forecasts for a 2.6 million-barrel decrease, as imports rose 129,000 barrels per day and refinery runs fell 262,000 bpd. Click here to read full stories.

Jun 29 - Halliburton in talks to buy billionaire Kaiser's equipment firm - sources

Halliburton Co is in late-stage talks to acquire a fast-growing U.S. oilfield equipment supplier backed by Oklahoma energy and banking billionaire George Kaiser, according to sources familiar with the matter. The move comes after the No. 2 oilfield services company was rebuffed in two earlier efforts to acquire similar products. Click here to read full stories.

Jun 29 - OPEC should let oil prices rebalance the market: Kemp

The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. Click here to read full stories.

Jun 28 - China's CNPC suspends fuel sales to North Korea as risks mount - sources 

China National Petroleum Corp has suspended sales of fuel to North Korea over concerns the state-owned oil company won't get paid, as pressure mounts on Pyongyang to rein in its nuclear and missile programmes, three sources told Reuters. It's unclear how long the suspension will last. A prolonged cut would threaten critical supplies of fuel and force North Korea to find alternatives to its main supplier of diesel and gasoline, as scrutiny of China's close commercial ties with its increasingly isolated neighbour intensifies. Click here to read full stories.

Jun 28 - OPEC in no rush on deeper oil output cut, to look at in July- delegates 

OPEC will not rush into making a further cut in oil output or end some countries' exemptions to output limits, OPEC delegates said, although a meeting in Russia next month is likely to consider further steps to support the market. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply cut into 2018, but oil has fallen sharply then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output. Click here to read full stories.

Jun 28 - Libya's oil production rises above 900,000 bpd - sources 

Libya's oil production stands at about 935,000 barrels per day (bpd) this week after touching as high as 950,000 bpd late last week, Libyan oil sources said on Tuesday. The National Oil Corporation (NOC), which is targeting one million bpd by the end of July, received a boost this month when it reached an interim agreement with Germany's Wintershall  to resume production amid a contract dispute. Click here to read full stories.

Jun 28 - Oil pipeline firms' discounts rile clients, roil markets

U.S. pipeline operators are selling their underused space at steep discounts to keep crude flowing - angering shippers and distorting an already opaque market for oil trading. Pipeline firms such as Plains All American and TransCanada Corp move about 10 million barrels of crude around the United States every day. Click here to read full stories.

Jun 28 - Shale producers say spending 'flexibility' key as oil prices drop 

U.S. shale oil producers plan to keep drilling new wells despite this month's crude price drop but expect to revisit spending should pricing remain below $45 a barrel for several months. "We will not drill into oblivion," Tim Dove, chief executive of Pioneer Natural Resources Co, told investors on Tuesday at a J.P. Morgan energy conference in New York. Click here to read full stories.

Jun 28 - Vitol's Taylor sees Brent oil trading at $40-$55 as U.S. output rises 

Ian Taylor, head of the world's largest independent oil trader Vitol, says Brent crude prices will stay in a range of $40-$55 a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market. "Everybody was positioned for a market rebalancing and a stocks draw to happen in the second quarter. And if you look at the macro analysis, that should start happening," Taylor said in an interview with Reuters. Click here to read full stories.

Jun 28 - Venezuela's largest refining complex to work at 42 pct capacity in July - documents 

Venezuela's largest refining complex plans to lower operating rates in July to 42 percent of its 955,000-barrel-per-day capacity, a level that would require state-run oil company PDVSA to keep increasing fuel purchases, according to internal documents seen by Reuters. Petroleos de Venezuela  last week launched one of its largest offers on the open market in recent years to buy more than 6 million barrels of fuel and up to 9 million barrels of diluents for the second half of 2017.  Click here to read full stories.

Jun 28 - Platts proposes removing restrictions on Qatar crude from July 

Oil price agency S&P Global Platts is proposing to remove from next month restrictions it had placed on Qatari crude in its pricing assessment after Saudi Arabia and some other Arab states cut ties with Doha, a spokeswoman said on Wednesday. Platts, a unit of S&P Global Inc, initiated a review on June 6 on the deliverability of crude loading from Qatari ports in its Middle East crude price assessments after Saudi Arabia and the other states moved to isolate Qatar over charges that it was supporting terrorism.  Click here to read full stories.

Jun 27 - In disaster's wake, BP doubles down on deepwater despite surging shale 

About 300 BP workers commute 150 miles here by helicopter, from the Louisiana coast to a deep-sea drilling platform that can produce more oil in a day than a West Texas rig can pump in a year. On the deck of Thunder Horse, they work two-week shifts, drink seawater from a desalination plant, and eat ribs and chicken ferried in by boat. On the ocean floor, robots provide remote eyes and arms as drills extract up to 265,000 barrels per day. Click here to read full stories.

Jun 27 - Has the oil market reached "peak bear"? 

Investor bets against the oil price are piling up at breakneck speed, the market is still buckling under the weight of excess supply for a third year in a row, but has bearish sentiment got out of hand? The price of a barrel of oil has dropped nearly 20 percent between January and June and is closing in on its largest slide in the first half of any year in the last 20 years. Click here to read full stories.

Jun 27 - Hedge funds abandon all hope in OPEC: Kemp  

“All hope abandon, ye who enter here,” is the warning inscribed above the gate of Hell, according to the Italian poet Dante Aligheri (“The Divine Comedy”, Inferno, Canto III, 1308-1320). Hedge funds and other money managers appear to have entered their own special version of hell and abandoned all hope that OPEC will rebalance the oil market, slashing formerly bullish bets on crude futures and options. Click here to read full stories.

Jun 27 - Colonial distillate line demand below capacity, 1st time in 6 yrs 

Colonial Pipeline Co, the largest U.S. refined products system, said on Monday that shipping demand on its main distillate line fell below capacity for the first time in nearly six years as the East Coast remained awash in fuel. As a global glut in both crude and refined fuels continues to depress international oil prices, Colonial is seeing demand for space on its pipeline fall.Click here to read full stories.

Jun 26 - Clogged oil arteries slow U.S. shale rush to record output 

A gallon of gasoline that allows a driver on the U.S. East Coast to travel about 25 miles has already navigated thousands of miles from an oil field to one of the world's largest fuel markets. If its last stop is one of the region's struggling refineries - an increasingly unlikely prospect - the crude used to produce the gas would have probably arrived by tanker from West Africa. That's because the region's five plants have no pipeline access to U.S. shale fields or Canada's oil sands. Click here to read full stories.

Jun 26 - Russia keeps top spot as China oil supplier in May, Angola pips Saudi again

For the third month in a row, Russia has maintained its spot as China's top crude oil supplier and Angola clung onto the second spot over Saudi Arabia, data from Chinese customs for May imports showed on Friday. The data release follows the decision from Saudi Arabia and Russia, the world's two-biggest oil producers who are vying for market share in China, to extend a global oil supply cut agreement to bolster prices in an oversupplied market. Click here to read full stories.

Jun 26 - China, India, Japan hamper Asia oil demand growth, efforts to balance market

As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance. A fuel glut in China, a hangover from demonetisation in India, and an ageing, declining population in Japan are holding back crude oil demand growth in three of the world's top four oil buyers. Click here to read full stories.

Jun 26 - U.S. drillers add oil rigs for record 23rd week in a row - Baker Hughes 

U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. Click here to read full stories.

Jun 26 - Speculators cut U.S. crude long futures to November low - CFTC

Money managers cut net long U.S. crude futures and options positions to their smallest long position since November as the oil market continues to struggle under the weight of heavy supply. The speculator group cut its combined futures and options position in New York and London by 55,236 contracts to 159,859 for the week to June 20, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Jun 26 - Petrobras to amend pre-salt riser contract with TechnipFMC 

Petróleo Brasileiro SA is in talks to amend terms of a contract on pipeline connections supplied by TechnipFMC Plc to ensure smooth exploration and production activities at the Brazilian oil company's most promising offshore development, a spokeswoman said on Friday. State-controlled Petrobras is now seeking a double coating on "risers," or connections for flexible underwater pipelines, after it closed a $300 million contract with TechnipFMC a almost year ago to supply the equipment,she said. Click here to read full stories.

Jun 23 - Big Oil turns to big data to save big money on drilling 

In today's U.S. shale fields, tiny sensors attached to production gear harvest data on everything from pumping pressure to the heat and rotational speed of drill bits boring into the rocky earth. The sensors are leading Big Oil's mining of so-called big data, with some firms envisioning billions of dollars in savings over time by avoiding outages, managing supplies and identifying safety hazards. Click here to read full stories.

Jun 23 - Traders test OPEC "whatever it takes" resolve to defend oil price 

When OPEC leader Saudi Arabia pledged in May to do "whatever it takes" to defend world oil prices, it didn't expect the market to be testing its resolve just one month later. As the Organization of the Petroleum Exporting Countries extended oil production cuts, oil prices fell 18 percent in just 20 days. OPEC members appear determined not to rush into deeper output curbs despite market pressure. Click here to read full stories.

Jun 23 - Oil market flashes warning about stock levels in 2018: Kemp 

Oil traders have become increasingly doubtful that OPEC will manage to cut crude stocks down to the five-year average in 2018 and keep them there. Calendar spreads for Brent futures throughout the rest of 2017 and 2018 have weakened significantly since OPEC agreed to roll over its production allocations at the end of May. Click here to read full stories.

Jun 23 - Demand to ship gasoline on top U.S. pipeline at 6-yr low 

The operator of the biggest U.S. fuel pipeline system said on Thursday demand to transport gasoline to the country's populous northeast is the weakest in six years, the latest symptom of a global oil market grappling with oversupply. Summer is typically when gasoline demand peaks in the world's biggest oil consuming country as motorists hit the road for vacation, and keeping their gas tanks full strains the capacity of U.S. refiners and pipelines. Click here to read full stories.

Jun 22 - Oil bear market separates strong, weak U.S. shale producers 

Crude oil's bear market is highlighting the haves and have nots among U.S. shale producers, with the stronger promising to keep pumping even as prospects dim for some of their financially strapped peers. Crude prices have dropped more than 20 percent since late February, in part because of rising U.S. shale production that is offsetting OPEC's efforts to tame global stockpiles. On Wednesday, prices fell more than 2 percent to $42.58 after touching a 10-month low during the day. Click here to read full stories.

Jun 22 - Oil traders hunt for shale's pain threshold: Kemp 

Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower. U.S. exploration and production firms have hired 530 extra drilling rigs since the end of May 2016 - 431 to target oil and 99 to focus on gas - according to oilfield services firm Baker Hughes. Click here to read full stories.

Jun 22 - Oil to keep flowing in Dakota line while legal battle continues 

Oil will continue to flow through the Dakota Access Pipeline through the summer while authorities conduct additional review of the environmental impact, after a judge on Wednesday ordered more hearings in coming months. Last week, U.S. District Court Judge James Boasberg in Washington ruled in favor of Standing Rock Sioux and Cheyenne River Sioux tribes, who said more environmental analysis of the Dakota Access line should have been carried out. The tribes had said the 1,170-mile (1,880 km) line violates their hunting, fishing and environmental rights. Click here to read full stories.

Jun 22 - U.S. crude and gasoline stockpiles fall - EIA

U.S. crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell 2.5 million barrels in the week to June 16, surpassing analysts' expectations for a decrease of 2.1 million barrels, as imports rose marginally by 56,000 barrels per day. Click here to read full stories.

Jun 22 - Looming Chinese refinery cuts to hit oil demand 

Some of China's top oil refineries are having to take the highly unusual step of cutting operations during what is typically the peak demand summer season when hot weather drives up power usage and families take to the road during school holidays. Almost 10 percent of China's refining capacity is set to be shut down during the third quarter, signaling that demand growth from the world's top crude importer is stuttering further. Click here to read full stories.

Jun 22 - Fuel oil margins rise to five-year high, potential boon for simple refiners 

Fuel oil profit margins have surged to their highest in more than five years on lower supplies and rising demand from electric power generators, which may push some refiners to increase their runs. Fuel oil, the residue left over after initial crude refining, has become scarce in Asia as refiners make their plants more complex by upgrading their plants to change the fuel into gasoline and diesel. Click here to read full stories.

Jun 21 - Oil firms could waste trillions if climate targets reached - report 

Oil giants including Exxon Mobil and Royal Dutch Shell risk spending more than a third of their budgets by 2025 on oil and gas projects that will not be feasible if international climate targets are to be met, a thinktank says. More than $2 trillion of planned investments in oil and gas projects by 2025 risk becoming redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees celsius, according to a report by the Carbon Tracker thinktank and a group of institutional investors. Click here to read full stories.

Jun 21 - OPEC, non-OPEC compliance with oil cuts hits highest in May- source 

OPEC and non-OPEC oil producers' compliance with a deal to cut global output has reached its highest in May since they agreed on the curbs last year, reaching 106 percent last month, a source familiar with the matter said on Tuesday. OPEC compliance with the output curbs in May was 108 percent, while non-OPEC compliance was 100 percent, the source said. Another source confirmed compliance by all producers in May was 106 percent. Click here to read full stories.

Jun 21 - Oil traders brace for storm expected to hit U.S. Gulf Coast this week 

Oil traders from Texas to Louisiana braced on Tuesday for supply disruptions as a potential tropical storm developing in the U.S. Gulf of Mexico threatened to hit refining and production centers with wind and rain later this week. The Louisiana Offshore Oil Port, the largest privately owned crude storage terminal in the United States, suspended vessel offloading operations early on Tuesday morning ahead of the storm, but said it expected no interruptions to deliveries from its hub in Clovelly, Louisiana.  Click here to read full stories.

Jun 21 - Cenovus to replace CEO, plans asset sales after unpopular deal 

Cenovus Energy Inc said on Tuesday it would replaceChief Executive Brian Ferguson, who championed an unpopular purchase of western Canadian oil sands assets, and its shares tumbled nearly 9 percent. Ferguson will remain CEO until October while Cenovus searches for a new leader, then stay on in an advisory role until March 2018, the company said. Click here to read full stories.

Jun 21 - Rigs Shut Down as Storm Churns in Gulf of Mexico (Dow Jones)
Media reports say Tropical Storm Cindy has led to the shutdown of some oil rigs and platforms in the Gulf of Mexico, with an oil terminal in Louisiana also reportedly having suspended service. "If next week's EIA report shows a significant decline in US crude-oil imports, the storm is the likely reason," says ING. Meanwhile, the Gulf accounts for 17% of US crude output. The center of Cindy--located about 270 miles southeast of Galveston, Texas, 2 hours ago--was last forecasted to make landfall around Thursday morning near the Texas/Louisiana border.

Jun 20 - Oil market fundamentals heading in right direction-Saudi's Falih 

Saudi Energy Minister Khalid al-Falih said the oil market is heading in the right direction but still needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday." In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut needs time to take effect," he told the newspaper, referring to a global deal to curb oil production. Click here to read full stories.

Jun 20 - Indebted Noble confirms bank loan relief, but skips coupon payment 

Noble Group Ltd on Tuesday confirmed it had extended a key debt deadline and was in "constructive" talks with potential investors, but the crisis-hit trader also pushed back payment of the coupon on a closely watched bond.The decision to defer payment of the coupon on its $400 million perpetual securities, due June 26, worried investors, who said the failure to pay $12 million sent a negative signal and suggested lenders may have asked the group to defer payment where possible. Shares slipped after a sharp rise on Monday. Click here to read full stories.

Jun 20 - U.S. top court hands Chevron victory in Ecuador pollution case 

The U.S. Supreme Court on Monday handed a victory to Chevron Corp by preventing Ecuadorean villagers and their American lawyer from trying to collect on an $8.65 billion pollution judgment issued against the oil company by a court in Ecuador.The justices turned away an appeal by New York-based lawyer Steven Donziger, who has spent more than two decades trying to hold Chevron responsible for pollution in the Ecuadorean rain forest, of lower court rulings blocking enforcement in the United States of the 2011 judgment. Click here to read full stories.

Jun 20 - Hedge funds sour on crude oil and fuels: Kemp 

Hedge fund managers have become very bearish about the outlook for oil prices as production from countries outside OPEC grows and threatens to undermine the effectiveness of OPEC’s output controls.Hedge funds and other money managers cut their combined net long position in the three major futures and options contracts linked to Brent and WTI by 51 million barrels in the week to June 13. Click here to read full stories.

Jun 20 - Interior head says public lands can make US a "dominant" oil power 

Boosting drilling and mining on America's protected federal lands can help the United States become not just independent, but "dominant" as a global energy force, according to Interior Secretary Ryan Zinke, whose agency manages about one-fifth of U.S. territory.In an interview with Reuters, Zinke outlined his approach to development and conservation in America's wildest spaces, and discussed how that philosophy was guiding his review of which national monuments created by past presidents should be rescinded or resized to make way for more business. Click here to read full stories.

Jun 19 - Innovators toil to revive Canada oil sands as majors exit 

In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's vast underground bitumen reservoirs and better compete with the booming shale industry in the United States. Click here to read full stories.

Jun 19 - Hedge funds cut bullish bets on U.S. crude oil for first time in 4 weeks 

Hedge funds and money managers cut bullish wagers on U.S. crude oil for the first time in four weeks, data showed on Friday, as prices dropped amid a surge in U.S. inventories and an output cut by top producers showed little signs of alleviating a glut. The speculator group cut its combined futures and options position in two major NYMEX and ICE markets by 27,112 contracts to 215,096 in the week to June 13, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.

Jun 19 - Chinese state oil giants take petrol price battle to the pumps 

Chinese state oil giants Sinopec and PetroChina are waging war at the nation's gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 billion retail fuel market. The rare price war kicked off in late March as Sinopec reported first quarter retail sales had slid to a three-year low. Spurred by a glut of fuel, Sinopec started offering hefty discounts in response to ad-hoc but frequent promotions by independent petrol station operators. Click here to read full stories.

Jun 16 - In latest sign of crude glut, ageing supertankers used to store unsold oil 

Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices. Around 10 very large crude carriers (VLCCs), all between 16 and 20 years old, have been chartered since the end of May to store crude for periods ranging from 30 days to around six months, brokers told Reuters. Each VLCC can carry 2 million barrels of oil. Click here to read full stories.

Jun 16 - East Libyan oil export halt order again targets Glencore deal 

A parallel state oil company based in eastern Libya has ordered a halt to exports handled by Glencore from the port of Hariga, putting the trading giant once again at the heart of a long-standing dispute for the control of Libya's oil. Glencore has an exclusive deal with the internationally recognised National Oil Corp (NOC) based in Tripoli to export crude from the eastern port, but the rival eastern NOC has been trying to wrest control of those crude sales since late 2014. Click here to read full stories.

Jun 16 - BP's Dudley seen reigning for years to restore major's might 

When BP boss Bob Dudley clinched a final deal to settle litigation over the deadly Deepwater Horizon disaster, many oil industry executives and investors thought his mission was accomplished. But now, two years later, the 61-year-old is showing no sign of easing into retirement. In fact he plans to oversee an ambitious expansion plan and stay at the helm of the British oil major until at least the end of the decade, according to sources familiar with the matter. Click here to read full stories.

Jun 16 - U.S. EPA expected to unveil renewable fuel plan as soon as this week - sources 

The U.S. Environmental Protection Agency is expected to propose renewable fuel use requirements for 2018 as soon as this week, five sources told Reuters this week, and traders expect no changes to conventional targets and modest increases to biofuel volumes. The proposal will mark the first from the administration under President Donald Trump for the controversial Renewable Fuel Standard (RFS), a 2005 law aimed at cutting U.S. oil imports and boosting renewable fuel use. Click here to read full stories.

Jun 16 - India's oil imports from Iran plunge over gas field row 

India's oil imports from Iran have fallen to their lowest since June 2016, shipping data shows, in possible retaliation for Tehran not awarding a gas field development to Indian companies. India, Iran's top oil client after China, shipped in 487,600 barrels per day (bpd) in May, about 9 percent less compared with April and nearly 40 percent less than a peak registered in October, according to ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts. Click here to read full stories.

Jun 15 - Oil supply seen outpacing consumption in 2018, demand to top 100 mln bpd 

Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the International Energy Agency said on Wednesday. The Paris-based IEA said production outside the Organization of the Petroleum Exporting Countries would grow twice as quickly in 2018 as it will do this year, when OPEC and 11 partner nations have restrained output. Click here to read full stories.

Jun 15 - U.S. judge orders more environmental analysis of Dakota pipeline 

A federal judge ordered the U.S. Army Corps of Engineers to reconsider its environmental review of the Dakota Access Pipeline on Wednesday, opening up the possibility that the line could be shut at a later date. U.S. District Judge James Boasberg in Washington said the Army Corps did not adequately consider the effects of a possible oil spill on the fishing and hunting rights of the Standing Rock Sioux tribe. Click here to read full stories.

Jun 15 - U.S. crude stockpiles dip, gasoline builds unexpectedly - EIA 

U.S. crude oil inventories fell last week, but an unexpected build in gasoline stocks and weak demand for the motor fuel offset market optimism over the crude drawdown, the Energy Information Administration said on Wednesday. Crude inventories fell 1.7 million barrels in the week to June 9, compared with analysts' expectations for a decrease of 2.7 million barrels, as imports fell 481,000 barrels per day. Click here to read full stories.

Jun 15 - Kinder Morgan Canada invites aboriginal investment as pipeline faces block 

Kinder Morgan Canada Ltd welcomes investment from the country's aboriginals so that they have a stake in its Trans Mountain pipeline expansion, its head said on Wednesday, as the company braces for major obstacles for the project. Many aboriginal communities in Canada fiercely oppose energy infrastructure development through their lands, and companies have been trying to court them to ensure smooth completion of projects. Click here to read full stories.

Jun 15 - Rosneft, partners to invest over $8 bln in Russia's offshore energy sector 

Rosneft and its partners plan to invest 480 billion roubles ($8.4 billion) in developing Russia's offshore energy industry in the next five years, part of a bid to boost output from new areas, the Russian oil major told Reuters. Most Russian oil output comes from western Siberia, where fields are depleting, pushing firms to look for new regions. Sanctions complicate the process, barring Western firms from helping with Arctic offshore, deepwater and shale oil projects. Click here to read full stories.

Jun 14 - OPEC sees oil market rebalancing at slower pace, says output rises 

OPEC said on Tuesday a long-awaited rebalancing of the oil market was under way at a "slower pace" and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply. In a monthly report, the Organization of the Petroleum Exporting Countries said its output rose by 336,000 barrels per day (bpd) in May to 32.14 million bpd led by a rebound in Nigeria and Libya, which were exempted from supply cuts because unrest had curbed their output. Click here to read full stories.

Jun 14 - Ex-CEO of Noble Group claims millions of dollars in unpaid shares from company founder 

The former chief executive of troubled Hong Kong-based commodity merchant Noble Group, Yusuf Alireza, has issued a claim against the firm's founder and emeritus chairman Richard Elman over alleged unpaid share payments worth millions of dollars. In a writ of summons issued on June 13 to Hong Kong's High Court, Alireza claims that Elman as well as a company called Fleet Overseas (New Zealand), which is allegedly affiliated with Elman, failed to pay out shares of Noble Group following Alireza's departure of the company in 2016.  Click here to read full stories.

Jun 14 - U.S. shale firms more exposed to falling oil prices as hedges expire 

Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and expectations that prices would continue to rally after the Organization of the Petroleum Exporting Countries extended those cuts in May, analysts said.  Click here to read full stories.

Jun 14 - China's May oil output lowest on record; refiners churn out more 

China's crude oil production fell to its lowest on record in May, even as refineries in the world's top buyer of crude churned out product at their fastest pace in nearly two years, data showed on Wednesday. Crude output fell 3.7 percent in May from a year earlier to 16.26 million tonnes, or 3.83 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday. The figure is the lowest since the bureau began publishing records in 2011. Click here to read full stories.

Jun 14 - Global energy demand stumbles for third year - BP 

Global energy demand continued its sluggish rise last year as growth in Chinese consumption fell to its lowest in nearly two decades, while renewables flourished, BP said in a report on Tuesday. Slower demand growth helped stall the acceleration of greenhouse gas emissions for a third year to levels not seen since the 1980s, but emissions remained well above targets set out globally under the 2015 Paris accord on climate change. Click here to read full stories.

Jun 14 - PDVSA leaves Bahamas oil terminal, expands in St Eustatius - sources 

Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to internal data and sources close to the decision. Buckeye and PDVSA had tried to resolve payment delays and other frequent problems that stalled some shipments, the sources said. But PDVSA decided to shift its oil to the Statia terminal, operated by U.S. NuStar Energy LP, in the neighboring island of St. Eustatius. Click here to read full stories.

Jun 14 - Traders keep oil in Asian storage for later sale, undermine OPEC supply cuts 

A 10-percent decline in oil prices since late May could push traders to keep crude in storage, looking to sell down the line when forward prices are higher. That would undermine the impact of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), which partly aimed to force traders holding oil in storage to sell to reduce bloated inventories that have sapped global prices. Click here to read full stories.

Jun 14 - Libya's NOC, Wintershall strike interim deal to resume output 

Libya's National Oil Corporation (NOC) and German oil firm Wintershall have agreed an interim deal to resume production, a step forward in a contract dispute that was blocking up to 160,000 barrels per day. NOC said on Tuesday the arrangement would allow an immediate resumption of production at Wintershall's NC 96 and NC 97 concession areas in eastern Libya, as well as connected fields where production has been blocked. Click here to read full stories.

Jun 13 - Saudi to limit July oil volumes to Asia, slash U.S. volumes - sources 

Saudi Arabia, the world's top oil exporter, will limit volumes of crude to some Asian buyers in July and deepen cuts in allocations to the United States, industry sources with knowledge of the matter said on Monday.State-run oil firm Saudi Aramco would supply full contracted crude volumes to at least five Asian buyers mainly in North Asia and lower volumes for some customers in India, China and South Korea, the sources told Reuters on condition of anonymity. Click here to read full stories.

Jun 13 - Hedge funds remain cautious on oil: Kemp 

Hedge funds remain cautious on the outlook for oil prices despite confident statements from Saudi Arabia that global oil inventories will decline substantially in the next few months.Asset managers cut their combined net long position in the three main futures and options contracts linked to Brent and WTI by 39 million barrels in the week ending June 6. Click here to read full stories.

Jun 13 - U.S. July shale oil output to climb for 7th straight month 

U.S. shale oil production is expected to rise for a seventh consecutive month in July, according to a forecast Monday from the U.S. Energy Information Administration, as analysts continue to raise concerns about oversupply given a resilient U.S. shale industry.July production is forecast to grow by 127,000 barrels per day to a record 5.48 million bpd, according to the EIA's monthly drilling productivity report. That would mark the biggest monthly rise since February and the highest production level since record-keeping began in 2007. Click here to read full stories.

Jun 13 - Qatar crisis to speed the rise of Asia's spot LNG trade 

Qatar's isolation by other Arab nations has dealt a strong hand to Japanese utilities in talks reviewing long-term gas contracts with the top LNG exporter, likely accelerating a shift to a more openly traded global market for the fuel.If Japan gets its way in the periodic contract review, the world's biggest buyer of LNG would have to import more short-notice supplies from producers such as the United States, another step away from rigid deals that run for decades towards a more active spot market. Click here to read full stories.

Jun 13 - Crude oil, fuel shipping costs from Qatar set to rise on port ban 

The costs to ship fuel and crude oil from Qatar are expected to rise after the United Arab Emirates banned vessels that previously called at Qatar from docking at UAE ports, multiple sources from the oil and shipping sectors said on Monday.After Saudi Arabia, the UAE, Egypt and others last week severed diplomatic and transport links with Qatar after accusing it of sponsoring terrorism, the UAE blocked vessels carrying Qatari crude from entering the Emirates' oil ports.  Click here to read full stories.

Jun 12 - Saudi to supply full contracted crude volumes to Asian buyers in July 

Saudi Arabia, the world's top crude oil exporter, will supply full contracted volumes of crude to at least five Asian buyers in July, industry sources with knowledge of the matter said on Monday.State oil company Saudi Aramco will also supply full volumes of heavy crude for a third straight month, despite cutting supplies for this grade earlier this year, one of the sources said. Click here to read full stories.

Jun 12 - Oil comeback for cut-exempt producers threatens to swamp OPEC 

OPEC's battle against an oil glut is under threat as unsold crude from members Nigeria and Libya, which are exempt from a global production-cutting deal, is swamping the Atlantic Basin.Nigeria has more than 60 million barrels of unsold crude, traders of its oil said, surpassing the level reached when global oversupply peaked two years ago. More export plans are a week away, likely bringing more than 50 million extra barrels. Click here to read full stories.

Jun 12 - Embattled Noble receives interest for oil business - FT

 

Struggling commodity trader Noble Group Ltd has been approached by potential buyers for its oil business, the Financial Times newspaper reported on Monday, citing four people familiar with the matter.Noble has been sounded out by rival trading companies about buying parts of its Americas-focused oil unit but has so far resisted entering into discussions, the FT reported. It did not name any potential buyers. Click here to read full stories.

 

Jun 12 - As Gulf crisis bites, Qatari food factories seek to fill gap 

At a meat processing plant in Doha's sprawling industrial zone, masked workers toil through the night heaving boxes of raw chicken across a pristine factory floor.They have been working extra shifts since Monday when Saudi Arabia, the United Arab Emirates (UAE) and other nations cut ties and severed all transport links with Qatar, prompting fears of food shortages in the import-dependent country. Click here to read full stories.

Jun 12 - Speculators raise U.S. crude oil net longs - CFTC 

Money managers raised their net long U.S. crude futures and options positions for a third straight week, while the oil market continues to struggle under the weight of heavy supply.The speculator group raised its combined futures and options position in New York and London by 3,160 contracts to 242,208 for the week to June 6, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Jun 12 - U.S. drillers add oil rigs for record 21st week in a row -Baker Hughes 

U.S. energy firms added oil rigs for a record 21st week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months.Drillers added 8 oil rigs in the week to June 9, bringing the total count up to 741, the most since April 2015, energy services firm Baker Hughes Inc said on Friday.  Click here to read full stories.

Jun 09 - Rising Kashagan output weighs on Kazakhstan's CPC oil price

One of the world's fastest growing crude streams, Kazakhstan's CPC, is battling to find new buyers in a market saturated with light grades and with core European customers reluctant to buy more of the pungent oil blend even as its value has plunged. It is a familiar picture for oil producers which have struggled with oversupply in the past three years, sending oil prices from above $100 a barrel to less than $50 a now. Click here to read full stories.

Jun 09 - Moody's upgrades BP for first time in 19 years

Moody's upgraded BP's credit rating for the first time in 19 years on Thursday, citing a strong performance despite oil price volatility and greater fiscal clarity following a $20 billion settlement of the deadly 2010 Gulf of Mexico spill. The rating agency bumped BP up one notch to A1 and said the London-based company's outlook was positive. Moody's last upgraded BP's long-term issuer rating in 1998, a spokesman said. Click here to read full stories.

Jun 08 - Abu Dhabi petroleum port eases limits on oil tankers sailing to and from Qatar

Abu Dhabi petroleum port authorities have eased restrictions on oil tankers going to and from Qatar, according to industry sources and shipping circulars seen by Reuters on Wednesday. Abu Dhabi Petroleum Ports Authority issued a new circular on Wednesday removing previous restrictions on non-Qatar owned, flagged or operated vessels sailing to and from Qatar. Click here to read full stories.

Jun 08 - U.S. crude stocks bounce unexpectedly - EIA

U.S. stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the week ended June 2, compared with expectations for an decrease of 3.5 million barrels, the first such increase in 10 weeks. Click here to read full stories.

Jun 08 - Woodside faces delay on Senegal oil project over ownership row

A dispute between two Australian energy companies escalated on Thursday, potentially delaying a promising oil project off Senegal which was due to start producing as early as 2021. The deepwater SNE project is being closely watched as it would be the first oil development in the West African nation, in an offshore area that has recently attracted oil giants BP Plc, Total SA  and China's CNOOC Ltd. Click here to read full stories.

Jun 08 - Libya's Sharara oilfield closed by protest strike - sources

Libya's Sharara oilfield was closed on Wednesday after workers went on strike following the death of a colleague, shutting in nearly one third of the country's current output, a Libyan oil industry source and a field engineer said. Sharara had been pumping 269,000 barrels per day (bpd) of crude before workers at the field went on strike, angered by what they said was the delayed arrival of an air ambulance overnight when their colleague drowned in a swimming pool. Click here to read full stories.

Jun 08 - China's crude imports hit second highest on record in May

China's crude oil imports rebounded to the second highest on record in May, making China the world's top buyer for the month amid concerns over tightening crude supply to Asia and an extension of producer cuts to March next year. China imported 37.2 million tonnes or 8.76 million barrels per day of crude oil last month, up 15 percent from a year earlier and nearly 8 percent from April, data from the General Administration of Customs showed. Click here to read full stories.

Jun 08 - Trafigura pledges to cut debt, reduce share buybacks

Swiss commodity trader Trafigura will reduce its "far from perfect" leverage over the next year as it sells some assets and has passed the peak for new investments while also reducing this year's share buybacks, its chief financial officer said. "We are executing the deleveraging that we outlined previously ... The (debt) ratio is far from perfect but the deleveraging trend is there," Christophe Salmon told Reuters. Click here to read full stories.

Jun 07 - Platts restricts Qatari-loading crude in pricing process

Oil pricing agency S&P Global Platts said it will not automatically include Qatari-loading crude in its Middle East benchmark after Saudi Arabia and some other Arab states cut ties with Doha, a move that disrupted traditional shipping routes. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain said on Monday they would sever all ties including transport links with Qatar, escalating past diplomatic disagreements.  Click here to read full stories.

Jun 07 - Exxon says Qatar LNG not affected by Arab states tension

Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations.  Click here to read full stories.

Jun 07 - Venezuela's oil minister offered PDVSA presidency

Venezuela has offered the presidency of state oil company PDVSA to Oil Minister Nelson Martinez, three sources with knowledge of the situation said on Tuesday, a move seen as heralding little if any change for the OPEC nation's struggling energy industry. The three people, two PDVSA sources and one industry source, asked not to be identified because they were not authorized to speak to the media. Click here to read full stories.

Jun 07 - North Sea crude set for rare supertanker trip across the Atlantic

A supertanker carrying North Sea crude is set to cross the Atlantic in a rare trade flow, the latest sign of how growing Atlantic Basin supply is changing traditional shipping routes. Norwegian producer Statoil has booked the Zourva, a Very Large Crude Carrier (VLCC) capable of transporting around 2 million barrels of oil, to the eastern Canadian terminal of Canaport, according to trading sources and Reuters shipping data. Click here to read full stories.

Jun 07 - EIA raises 2018 U.S. crude output forecast to record

The U.S. Energy Information Administration on Tuesday boosted its forecast for U.S. crude oil production next year, saying it now expects output to top 10 million barrels per day, on track to reach its highest level on record. In EIA's latest monthly short-term energy outlook, the agency forecast that production will grow 680,000 bpd to 10.01 million bpd in 2018. In last month's report, the EIA said it expected a 650,000 bpd year-over-year gain to 9.96 million bpd. Click here to read full stories.

Jun 06 - U.S. and Mexico sugar talks go into overtime after day of drama 

U.S. Commerce Secretary Wilbur Ross on Monday extended the deadline for U.S.-Mexico sugar trade negotiations by 24 hours, and sources on either side of the spat said U.S. industry added new demands after the governments struck a provisional deal. Ross said extra time was needed to complete "final technical consultations" for a deal. At stake is the possibility of stiff U.S. duties and Mexican retaliation on imports of American high-fructose corn syrup ahead of wider trade talks expected in August. Click here to read full stories.

Jun 06 - Genel tumbles as co-founder Rothschild joins leadership exodus 

Genel Energy co-founder Nathaniel Rothschild quit on Monday in the latest high-profile departure at the loss-making Iraqi Kurdistan oil producer, which will now be dominated by Turkish owners and focused on Turkey's gas market. Shares in Genel were down 12 percent at 1517 GMT on news of Rothschild's move, which follows co-founder Tony Hayward, the former BP chief executive, and chief financial officer Ben Monaghan, also announcing their departures in recent months. Click here to read full stories.

Jun 06 - Indonesia seeks to rejoin OPEC, but not cut output - official 

Indonesia has sent a letter to the Organization of the Petroleum Exporting Countries (OPEC) requesting to reactivate its membership in the group as long as it can avoid output cuts, energy ministry officials said. "Yes, it's true," Energy and Mineral Resources Ministry spokesman Sujatmiko told Reuters via text message, when asked to confirm the letter had been sent. Sujatmiko, who goes by one name only, said that the letter was sent to OPEC on May 24. Click here to read full stories.

Jun 06 - Hedge funds keep it cagey on oil drawdown prospects: Kemp 

Hedge fund managers continued to square up positions after the OPEC meeting on May 25 left oil production allocations unchanged for another nine months. Money managers increased their combined net long position in the three main Brent and WTI futures and options contracts by 20 million barrels in the week to May 30. Click here to read full stories.

Jun 05 - Big oil, small U.S. towns see new reward in old production technique

Amid the frenetic activity of American shale oilfields recovering from a two-year recession sit a handful of oil towns that seemed impervious as many producers went into bankruptcy and the economy around them sank. Occidental Petroleum Corp and a few other oil producers with wells near this town on New Mexico's border with Texas steadily pumped low-cost oil through the downturn, using a technique that has been heralded worldwide as a way to reduce carbon emissions and boost oil output. Click here to read full stories.

Jun 05 - U.S. considers possible sanctions against Venezuela oil sector - officials

The Trump administration is considering possible sanctions on Venezuela’s vital energy sector, including state oil company PDVSA, senior White House officials said, in what would be a major escalation of U.S. efforts to pressure the country’s embattled leftist government amid a crackdown on the opposition. The idea of striking at the core of Venezuela’s economy, which relies on oil for some 95 percent of export revenues, has been discussed at high levels of the administration as part of a wide-ranging review of U.S. options, but officials said it remains under debate and action is not imminent. Click here to read full stories.

Jun 05 - Qatar's dispute with Arab states lifts oil prices, may impact LNG supply

Saudi Arabia and key allies on Monday cut ties with Qatar, accusing it of supporting extremism, sending shockwaves through the energy industry as the countries involved include the world's top oil and liquefied natural gas (LNG) exporters. Saudi Arabia, the world's biggest crude oil exporter, along with the United Arab Emirates, Egypt, and Bahrain said they would sever all ties including transport links with Qatar, the top LNG exporter in the world.  Click here to read full stories.

Jun 05 - U.S. drillers add oil rigs for record 20th week in a row - Baker Hughes

U.S. energy firms added oil rigs for a record 20th week in a row in a year-long return to the well pad although some analysts expect the pace of additions could level off as crude prices remain below $50 per barrel. Drillers added 11 oil rigs in the week to June 2, bringing the total count up to 733, the most since April 2015, energy services firm Baker Hughes Inc said on Friday.  Click here to read full stories.

Jun 05 - Saudi Arabia's oil price hike to Asia may be self-harming: Russell

Saudi Arabia's dilemma is shown quite neatly by its decision to raise crude oil prices for Asian refiners even though the kingdom is steadily surrendering market share in China, its biggest customer. Saudi Aramco, the state-owned oil company, lifted the official selling price (OSP) for its benchmark Arab Light grade to Asian refiners by 60 cents a barrel for July shipments, according to a statement released on Sunday.  Click here to read full stories.

Jun 05 - U.S. Gulf Coast unduly responsible for falling gasoline demand in 2017

Even with Americans on track to drive a record number of miles this year, government data shows U.S. gasoline demand has been lackluster, and the South is to blame. If the Energy Department data is correct, the U.S. Gulf Coast is having an unusual influence on the overall decline in gasoline usage so far this year. But analysts and traders said the region's status as a global refining hub may be skewing both the national and regional numbers. Click here to read full stories.

Jun 05 - Bullish bets on U.S crude rose as OPEC extended output cuts

Hedge funds raised bullish wagers on U.S. crude oil for the second straight week to a near one-month high, data showed on Friday, as Organization of the Petroleum Exporting Countries and other producers pledged to continue output cuts into 2018. Money managers raised their combined futures and options position in New York and London by 17,555 contracts to 239,049 in the week to May 30, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Jun 02 - OPEC looked at extra 1-1.5 pct oil supply cut, could revive proposal

OPEC discussed cutting its oil output by a further 1-1.5 percent when it met last week, three sources familiar with the matter said, and could revisit the proposal should inventories remain high and continue to weigh on prices. The Organization of the Petroleum Exporting Countries and non-member producers ultimately decided at their May 25 meeting to extend their existing supply-cutting agreement for nine months, although oil ministers including Saudi Arabia's Khalid al-Falih confirmed deeper curbs had been debated. Click here to read full stories.

Jun 02 - Pennsylvania pipeline fight could upend international oil flows

Refiners from the Midwest United States are fighting for access to a vital Pennsylvania pipeline – a move that could cripple their East Coast competitors and redraw the map for international flows of crude and fuel into coveted coastal markets. The regulatory dispute centers on a proposal by pipeline operator Buckeye Partners’  to that state's Public Utilities Commission.  Click here to read full stories.

Jun 02 - U.S. crude stockpiles slump as refining surges to record high - EIA

U.S. crude stocks fell sharply last week, driven by a surge in refining and exports to record highs, while gasoline inventories also dropped sharply ahead of the start of the summer driving season, the Energy Information Administration said on Thursday. The government data boosted oil prices, acting as a salve for the market's ongoing concerns about a global glut. Click here to read full stories.

Jun 02 - Trump dismays, angers allies by abandoning global climate pact

President Donald Trump said on Thursday he would withdraw the United States from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from global leaders and executives. Trump, tapping into the "America First" message he used when he was elected president last year, said the Paris accord would undermine the U.S. economy, cost U.S. jobs, weaken American national sovereignty and put the country at a permanent disadvantage to the other countries of the world. Click here to read full stories.

Jun 02 - China is the winner from Trump's climate own goal: Russell

It's not hard to imagine Chinese President Xi Jinping having a wry smile at both the decision by Donald Trump to pull the United States out of the Paris climate accord and the global reaction. While President Trump's decision had been expected, it does confirm that world leadership on efforts to limit global climate change will now shift to Asia, and China in particular.  Click here to read full stories.

Jun 02 - Investors expect to meet with Exxon on climate-impact report

Exxon Mobil Corp investors will push to meet with oil company officials this summer to hash out elements of a climate-impact analysis following a shareholder vote calling for studies of technology and climate-related risks to its business. Exxon has said that it will reconsider its opposition to the request, not that it would begin discussions or initiate new studies. Click here to read full stories.

Jun 02 - U.S. shale booms and depresses oil prices again: Kemp

U.S. oil production continues to rise relentlessly, frustrating efforts by OPEC and non-OPEC oil exporters to rebalance the global market and secure an increase in the price of crude. After a devastating slump in 2015 and 2016, the U.S. oil industry has returned to strong growth, with drilling and output rising rapidly. Click here to read full stories.

Jun 02 - Russia could boost oil output next year, to test new tax regime

Russia could increase oil production next year to as much as 551 million tonnes, or 11.07 million barrels per day (bpd), and will begin testing a new tax regime to support output growth, Alexei Texler, first deputy energy minister, told Reuters. The increase will depend on how smoothly a global output-cutting agreement is wound down, Texler said, adding that this year's oil output was seen at 547 million tonnes. Click here to read full stories.

Jun 02 - Saudi Arabia likely to raise July crude prices following OPEC cut extension

Official selling prices (OSPs) are expected to rise across the board for Saudi crudes sold to Asia in July after OPEC and non-OPEC producers pledged to extend output cuts and as the contango in Middle East crude benchmarks narrowed last month, the survey of six refiners and traders found. A contango market refers to prompt prices that are lower than those in future months, while narrowing contango signals increased demand or tightening supply. Click here to read full stories.

Jun 01 - OPEC oil output rises in May as cut-exempt Nigeria, Libya pump more

OPEC oil output rose in May, the first monthly increase this year, a Reuters survey found on Wednesday, as higher supply from two OPEC states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others. A drop in output in Angola and Iraq and continued high compliance from Gulf producers Saudi Arabia and Kuwait helped lift OPEC's adherence with the supply cut deal to 95 percent from 90 percent in April, according to Reuters surveys. Click here to read full stories.

Jun 01 - OPEC, non-OPEC committed to cutting inventories to 5-yr average - Falih

OPEC and non-OPEC countries are committed to bringing global oil inventories down to the industry's five-year average, Saudi Energy Minister Khalid al-Falih said on Wednesday, adding he saw the target being reached in the very near future. Speaking in Moscow after a meeting between OPEC and Russia, Falih and his Russian counterpart Alexander Novak also said they saw their cooperation in oil markets lasting after the current joint oil output agreement expires in March next year. Click here to read full stories.

Jun 01 - Exxon shareholders approve climate impact report in win for activists

Exxon Mobil Corp's  chief executive said on Wednesday the company would reconsider how it communicates the risks its faces from climate change after shareholders approved a measure calling for increased transparency. The non-binding proposal passed with 62 percent of ballots cast in a rare defeat for Exxon's management, which had recommended a vote against the measure. The company argued that it already provides sufficient information on the potential impact of changing technologies and energy demand on its asset portfolio. Click here to read full stories.

Jun 01 - Saudi Aramco trading arm hiring staff for Singapore push - sources

The trading arm of oil giant Saudi Aramco is looking to step up hiring for its Singapore office as it pushes into the regional energy hub, three sources with knowledge of the matter said. The office aims to employ 10 to 15 staff by year-end after opening with one person in late 2015, said one of the sources. That would include operational, analytical and administrative workers. Click here to read full stories.

Jun 01 - Trump to announce decision on global climate deal on Thursday

President Donald Trump said he would announce on Thursday his decision whether to keep the United States in a global pact to fight climate change, as a source close to the matter said he was preparing to pull out of the Paris accord. Trump said he would make the announcement at 3 p.m. EDT (1900 GMT) in the White House Rose Garden, ending his tweet with "MAKE AMERICA GREAT AGAIN!". Click here to read full stories.

Jun 01 - Platts approves Indonesia's Karimun terminal in Singapore pricing

Oil price agency S&P Global Platts has approved Indonesia's Oiltanking Karimun Terminal in its Singapore pricing process for gasoil, jet fuel and gasoline cargoes, the company said in a note to subscribers on Thursday. Platts, a unit of S&P Global, will publish offers of oil product cargoes loading from the storage terminal in its pricing process, known as the market-on-close, from July 3, the company said. Click here to read full stories.

Jun 01 - U.S. oil rig count to peak soon unless WTI prices rise: Kemp

U.S. exploration and production companies have hired an extra 400 rigs to target oil-bearing formations since the end of May 2016, according to oilfield services company Baker Hughes. The number of active oil-directed rigs has more than doubled over the last year, from 316 to 722, in one of the most remarkable recoveries on record, coming after one of the deepest slumps during the previous two years. Click here to read full stories.

May 30 - Deal reached to avert strike at Canadian Rail

Canadian National Railway Co  on Monday said it had reached a tentative agreement with a union representing 3,000 conductors, ahead of a looming strike deadline at Canada's largest railroad. The union had set a strike deadline of Tuesday at 4 a.m. EDT (0800 GMT) after the railroad announced new work rules during negotiations to replace an expired contract. Click here to read full stories.

May 30 - Iraq may consider hedging crude production

Iraq may look at hedging part of its crude oil production, the head of the OPEC member's oil marketer SOMO said, as a way to protect government revenue against the risk of oil price volatility. "It is in our strategy in the future that maybe we will consider hedging part of Iraqi crude ... SOMO is floating an idea now and this is yet to be studied," Falah Al-Amri, who is also Iraq's OPEC governor, told Reuters in an interview. Click here to read full stories.

May 30 - Key projects at risk as Greens back NDP in British Columbia

British Columbia's minority Green Party on Monday struck a deal with the left-leaning New Democrats to govern Canada's western-most province, a move that casts doubt on the future of key energy projects from firms such as Kinder Morgan Inc.   Announcement of the partnership ends a stalemate that emerged last week when the final tally of votes from a May 9 election stripped Liberal premier Christy Clark of her majority. She will now leave office. Click here to read full stories.

May 30 - Greece to open up onshore oil and gas prospects in 2018 - licensing authority

Greece will begin the process of opening up new onshore oil and gas prospects to exploration next year, the chief executive of the country's oil and gas resources management company said on Monday. Among the first will be the Greek region of Grevena, close to where the Trans Adriatic Pipeline (TAP) will cross, Yannis Bassias, head of the Hellenic Hydrocarbons Resources Management (HHRM), told Reuters in an interview. Click here to read full stories.

May 30 - U.S. aid agency under scrutiny for loans in Chile

The U.S. government is auditing a foreign aid program that loaned almost $1 billion to renewable energy projects in Chile – including solar farms in such deep financial trouble that the loans may never be fully repaid, according to people familiar with the matter. The Office of Inspector General for the U.S. Agency for International Development (USAID OIG) is examining approximately $890 million of loans approved by the Overseas Private Investment Corporation (OPIC), it confirmed in an emailed statement after inquiries by Reuters. Click here to read full stories.

May 30 - Speculators raised bullish bets on Brent crude ahead of OPEC - ICE

Investors raised their bullish bets on Brent crude oil to a four-week high in the week to May 23 ahead of OPEC's meeting over whether to extend output cuts, data from the InterContinental Exchange (ICE) showed on Monday. Hedge funds and money managers increased their net long positions on Brent crude by 51,453 contracts to 347,852, the data showed. Click here to read full stories.

May 29 - Oversold: Oil traders punish OPEC for promising too much

As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel. Click here to read full stories.

May 29 - OPEC ponders how to co-exist with U.S. shale oil

First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil around five years ago. Click here to read full stories.

May 29 - U.S. drillers add oil rigs in a record streak but pace slows - Baker Hughes

U.S. energy firms added oil rigs for a record 19 weeks in a row as expectations of higher crude prices after an OPEC-led decision to extend current output curbs motivate producers to boost spending on new drilling. The pace of those additions, however, has slowed with the total added so far in May falling to the lowest since October due to soft oil prices. Click here to read full stories.

May 29 - In Aramco IPO pitch, Canada plays up its natural resources expertise

The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. In pitch documents obtained by Reuters, the TSX talks up "a customized regulatory environment for resource issuers", its leading position in oil and gas equity capital raising, and strong trading interest from outside the country. Click here to read full stories.

May 29 - Hedge funds boost U.S. crude oil net longs ahead of OPEC extension

Hedge funds raised bullish bets on U.S. crude for the first time in five weeks in the week to May 23, data showed on Friday, as prices rallied amid increased expectations that a deal to cut crude output would be extended until March 2018. The speculator group raised its combined futures and options position in New York and London by 37,182 contracts to 221,495 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

May 29 - Oil prices tumble after OPEC rollover: Kemp

Ministers from OPEC and non-OPEC oil-exporting countries agreed on Thursday to extend existing production cuts for a further nine months to the end of March 2018. Front-month Brent futures prices reacted by closing down $2.50 per barrel or more than 4 percent, reversing around half of their gain the run up to the meeting. The price decline was fairly predictable once OPEC decided to roll over existing production cuts rather than deepen them. Click here to read full stories.

May 29 - China's teapot refiners set to slow crude imports as tanks overflow

As OPEC extends production cuts in a bid to tighten the oil market, China's independent refiners - awash with crude and facing disappointing local demand - are poised to slow purchases of oil for at least the next two months. The move by China's so-called "teapots", a key driver of the country's crude appetite, will stir concerns about demand in the world's top oil buyer, which fell from a peak of 9.2 million barrels per day (bpd) in March to 8.4 million bpd in April. Click here to read full stories.

May 26 - OPEC, non-OPEC extend oil output cut by 9 months to fight glut 

OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.Oil prices dropped more than 4 percent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018. Click here to read full stories.

May 26 - Big drop in U.S. oil stocks finally on the way, traders say 

Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years.A reduction would show the market is finally reversing course after years of stock builds that left a worldwide overhang of half a billion barrels of crude oil and refined products. Click here to read full stories.

May 26 - U.S. oilfield service firms lag shale recovery; old deals hold 

U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down.Oil service companies that provide the crews, labor and technology used to drill, construct and operate wells are lagging the recovery in U.S. shale producers. The lopsided situation could chill the production rebound or keep it from spreading to more shale fields, executives of services companies said. Click here to read full stories.

May 26 - Saudi Aramco to spend $18 bln on growth in the Americas -Motiva 

Saudi Aramco plans to spend $18 billion in the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday.Motiva called the $18 billion estimate "a general framework of opportunities" to increase refining capacity, branch into chemicals, and expand its commercial operations, marketing and branded presence in the next five years. Click here to read full stories.

May 25 - OPEC, non-OPEC set for new oil cut, eye longer duration 

OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crudeprices.The Organization of the Petroleum Exporting Countries is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017. Click here to read full stories.

May 25 - U.S. oilfield service firms lag shale recovery; old deals hold 

U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down.Oil service companies that provide the crews, labor and technology used to drill, construct and operate wells are lagging the recovery in U.S. shale producers. The lopsided situation could chill the production rebound or keep it from spreading to more shale fields, executives of services companies said. Click here to read full stories.

May 25 - U.S. crude inventories slump amid near record refining - EIA 

U.S. crude oil inventories fell for the seventh straight week as refiners processed a near record amount of crude last week, the Energy Information Administration said on Wednesday,even as gasoline and distillate stockpiles also dipped.Crude inventories fell 4.4 million barrels in the week ended May 19, more than analysts' forecasts of a 2.4 million-barrels decline. Click here to read full stories.

May 25 - OPEC still battling oil glut after five months of cuts 

How long will it take for oil inventories to drop to normal levels? That's the question OPEC and oil markets are grappling with before Thursday’s meeting of producer countries in Vienna.At just over 3 billion barrels, stockpiles in consumer nations are about 300 million barrels above their five-year average, little changed from levels in December when the Organization of the Petroleum Exporting Countries and its allies agreed to cut output by about 1.8 million barrels per day (bpd). Click here to read full stories.

May 25 - Shell, ConocoPhillips oil sands share selloff risks flooding market 

Canadian equity markets risk being swamped with oil sands company shares this year as Royal Dutch Shell and ConocoPhillips prepare to offload C$6.8 billion ($5.1 billion) worth of stakes in two domestic producers, just months after acquiring them.The two firms acquired shares in Canadian Natural Resources Ltd and Cenovus Energy as part of deals struck earlier this year to sell off oil sands assets. Click here to read full stories.

May 25 - Kinder Morgan prices Canadian IPO at C$17 per share -term sheet 

U.S. pipeline company Kinder Morgan Inc has priced its Canadian initial public offering at C$17 per share, according to a term sheet of the deal seen by Reuters on Wednesday.The company's pricing, which fell below its initially projected range of C$19 to C$22 per restricted voting share, suggests that demand from investors was not as strong as previously expected. Kinder Morgan has been looking to raise capital to fund a project to expand its Trans Mountain pipeline. Click here to read full stories.

May 25 - OPEC meets again but has it had an impact on oil prices? Kemp 

Ministers from OPEC and non-OPEC oil exporters are meeting in Vienna today and tomorrow to decide whether to extend production cuts that have been in effect since the start of the year.The formal conference comes after extensive consultations in recent weeks which seem to have produced a consensus to extend cuts at the same level for a further nine months to the end of March 2018. Click here to read full stories.

May 24 - OPEC set to prolong oil output cuts by nine months 

OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.OPEC's top producer, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel. Click here to read full stories.

May 24 - Proposed U.S. oil reserve sales could boost, not hurt, OPEC's plan 

U.S. President Donald Trump's proposal to sell 270 million barrels of oil from the U.S. petroleum reserve could have the unintended consequence of actually helping OPEC rebalance global petroleum markets.OPEC meets in Vienna on Thursday. With other producing nations including Russia, the group is expected to agree to extend output cuts of 1.8 million barrels per day.  Click here to read full stories.

May 24 - Shell to sell C$4.1 billion stake in Canadian Natural -sources 

Royal Dutch Shell Plc has decided to offload a roughly C$4.1 billion ($3 billion) stake in Canadian Natural Resources Ltd (CNRL) that it acquired as part of a deal to retreat from Canada's oil sands earlier this year, people familiar with the situation told Reuters.The energy company has been interviewing investment banks to hire a financial adviser for the share sale, four people said in the past week, declining to be named as the discussions are confidential. Click here to read full stories.

May 24 - Noble Group says still talking with potential strategic parties 

Struggling commodity trader Noble Group Ltd said on Wednesday it was still in discussions with various potential strategic parties as it sought to regain market confidence, but its shares fell 11 percent in early trade.Sources have told Reuters that China's state-owned Sinochem is no longer pursuing an investment in Noble due to concerns over its finances and business outlook - a development that came after Noble reported a shock quarterly loss and said it would not be profitable for the next two years. Click here to read full stories.

May 23 - Saudi Arabia, Iraq agree oil output cut needs 9-month extension 

OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad. Click here to read full stories.

May 23 - India moving beyond oil as seeks alternatives to OPEC 

OPEC production cuts and the prospect of more expensive oil are pushing India to consider U.S. and Canadian suppliers, as well as encouraging it to turn to renewable energy, the country's petroleum and natural gas minister said on Monday.Dharmendra Pradhan made the comments in Vienna ahead of OPEC's meeting this Thursday when members will decide whether to extend production cuts to ease the global oil glut that has grown in tandem with rising North American output. Click here to read full stories.

May 23 - Trump budget would cut oil stockpile, open Arctic refuge to drilling 

U.S. President Donald Trump's White House would sell half of the nation's emergency oil stockpile and open the Alaska National Wildlife Refuge to drilling as part of a plan to balance the budget over the next 10 years, documents released by the administration on Monday showed.The White House budget, which will be delivered to Congress on Tuesday, is meant as a proposal and may not take effect in its current form. But it reveals the administration's policy hopes, which include ramping up American energy output. Click here to read full stories.

May 23 - Hedge funds shuffle positions as OPEC decision nears: Kemp 

Hedge funds have started to rebuild bullish long positions in crude oil as OPEC prepares to extend its production cuts for an additional nine months.Hedge funds and other money managers increased their net long position in the three major futures and options contracts linked to Brent and WTI by 6 million barrels in the week to May 16. Click here to read full stories.

May 23 - Asia oil refinery delays favour producer case for extending output cuts 

Delays in the start up of new oil refineries in Asia will provide support for appeals by crude producers, led by Saudi Arabia and Russia, to extend output cuts to next March to support higher prices.Asia's refining capacity in 2017 was expected to expand by the most in three years, helping to tilt the global oil market back into balance as production cuts led by Russia and the Organization of the Petroleum Exporting Countries (OPEC) took effect. But analysts are rethinking the Asia demand impact after delays in Chinese and Vietnamese projects, adding more importance to a potential extension of the producer-led supply cuts. Click here to read full stories.

May 23 - Goldman sees risks for renewed oil market surplus in later 2018 

Goldman Sachs said it sees risks for a renewed surplus in oil markets later next year even if a nine-month extension of production cuts by the OPEC oil cartel and other producers normalizes OECD inventories by early 2018."We see risks for a renewed surplus later next year if OPEC and Russia's production rises to their expanding capacity and shale grows at an unbridled rate," the bank said in a note. Click here to read full stories.

May 22 - From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel 

It was an unconventional venue for an unusual encounter.In the Vatican's Sistine Chapel in the summer of 2016, OPEC's new secretary general Mohammed Barkindo bumped into Citigroup's global head of commodities research Ed Morse.Their chat, at an energy industry event held in the Chapel, led to a series of meetings that have reshaped the way the Organization of the Petroleum Exporting Countries interacts with the hedge funds and trading houses that influence world oil markets. Click here to read full stories.

May 22 - OPEC heads towards supply cut extension as Saudi signals most on board 

OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut.Saudi Arabia's energy minister said on Sunday that extending the supply cuts by a further nine months until next March, and adding one or two small producers to the pact, should reduce oil inventories to their five-year average, a key gauge for OPEC to monitor the success of the initiative. Click here to read full stories.

May 22 - Nigerian oil labour union suspends Exxon Mobil strike in Rivers state 

A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday.Reuters had been unable to verify independently whether members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had shut the company's facilities in the region on Friday, and oil industry sources said there was no impact on production. Click here to read full stories.

May 22 - U.S. drillers add oil rigs for 18th week in a row -Baker Hughes 

U.S. energy companies added oil rigs for an 18th week in a row, the second-longest such streak on record, as expectations of higher crude prices have motivated drillers to boost monthly shale production to its highest level since mid-2015.Drillers added eight oil rigs in the week to May 19, bringing the total count to 720, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. Click here to read full stories.

May 22 - OPEC nears decision time: rollover or deepen cuts? Kemp 

OPEC ministers head to Vienna next week where they are expected to ratify an extension of the current production cuts that has been agreed informally among the key participants.Saudi Arabia and Russia announced earlier this week that they have agreed on the need to extend OPEC and non-OPEC output cuts for a further nine months until March 2018. Click here to read full stories.

May 22 - Hedge funds cut long U.S. crude positions for fourth week -CFTC 

Hedge funds and money managers cut bullish bets on U.S. crude for the fourth straight week due to ongoing concerns about rising output and the effectiveness of OPEC supply cuts.The speculator group cut its combined futures and options position in New York and London by 9,710 contracts to 184,312 during the week to May 16, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

May 20 - CYBER ATTACK .WNCRY ( continued )
- as you may already know, our servers have been attacked by WannaCRY last Friday, May 12th ( as some 300,000 PCs worldwide )
- despite our best efforts, the serveur hosting all our swap calculators cannot be cleaned, and therefore will be discarded. We already bought a new one, from OVH Private Cloud. Full installation and setting-up and tests might take a week.
- ALL physical Cash Energy & Freight calculator including Oil Products / Natgas / LPG / Power / Emissions / Coal / Tanker and Dry Bulk prices/rates were restored on dedicated PCs, enabling us to update on demand ( 3 to 4 times a day )
- ALL physical Cash Agri / Softs / Metals pages have not been affected therefore running as usual.
- once again we apology for all inconvenience.

May 19 - Full tanks and tankers: a stubborn oil glut despite OPEC cuts

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. Click here to read full stories.

May 19 - Has the oil market grown weary of OPEC's promises? 

Is the oil market getting tired of OPEC's verbal intervention? The price swings of recent months suggest market players want a big surprise from the Organization of the Petroleum Exporting Countries (OPEC) when it meets on May 25 in Vienna for oil to break above a very tight range around $50 per barrel. Click here to read full stories.

May 19 - Rosneft working to be ready for competition post-oil output cuts - Sechin

Russia's Rosneft, the world's top listed oil company by output, is working to be ready to compete on global oil markets after the deal with OPEC on oil curbs expires, Chief Executive Igor Sechin said on Thursday. Rosneft is key for Russia's efforts to meet obligations under the deal with the Organization of the Petroleum Exporting Countries, under which Moscow has promised to cut production by 300,000 barrels per day. Click here to read full stories.

May 19 - Saudi Arabia crude exports rise to 7.232 mln bpd in March

Saudi Arabia's crude oil exports rose by 275,000 barrels per day in March from February, and it built stocks that month despite a fall in crude production, official data showed on Thursday. OPEC's biggest producer exported 7.232 million bpd in March, up from 6.957 million bpd in February, according to data from the Joint Organizations Data Initiative (JODI). It pumped 9.90 million bpd in March, down from 10.011 million bpd the month before. Click here to read full stories.

May 19 - ExxonMobil plans to import fuel to Mexico to supply its gas stations

ExxonMobil Corp said on Thursday that it will start importing its own gasoline into Mexico before the end of the year to supply the Mobil-brand gas stations it will be opening in Latin America's second largest economy. ExxonMobil expects to open its first service stations in Mexico later this year and will sell gasoline and diesel fuels, as it pumps $300 million in the coming decade in an effort to gain a foothold in the country's retail fuel market.  Click here to read full stories.

May 19 - Saudi Aramco to sign deals with U.S. firms during Trump visit - sources

Saudi Aramco is due to sign deals with 12 U.S. companies on Saturday during U.S. President Donald Trump's visit to Saudi Arabia, sources with knowledge of the matter said. The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the oil giant's push to develop local manufacturing, the sources said. Click here to read full stories.

May 19 - Halliburton's incoming CEO sees significant price hike

Halliburton Co, the No. 2 oilfield service provider, expects to raise prices at least 10 percent and in some cases 20 percent or more this year, higher increases than many customers expect but ones that company executives said were crucial to fuel the oil industry's nascent growth. The rising business activity comes as Jeff Miller prepares to become the 98-year-old company's chief executive officer next month, taking over from Dave Lesar, CEO since 2000. Click here to read full stories.

May 18 - CYBER ATTACK .WNCRY continue
- we are displeased to announce to our customers that our servers have been contaminated with WNCRY, following last week Cyber attack everybody heard about.
- despite our best efforts, the serveur hosting all our swap calculators cannot be cleaned, and therefore will be discarded. We shall have to buy a new one, this time from OVH Private Cloud. Full installation and setting-up and test might take a week.
- physical Cash Energy calculator including oil products / Natgas / LPG / Power / Emissions and Coal prices has been restored in a separate PC, updating 3 to 4 times a day.
- physical Cash Freight calculator including Tanker and Dry Bulk rates has been restored also in a separate PC, updating once per day.
- physical Cash Agri / Softs / Metals pages are safe and do run today as usual.
- once again we apology for all inconvenience, the less to say ? that WannaCRY has really made us cry !

May 18 - Flotilla of U.S. crude heads to Asia as OPEC weighs extending cuts

Oil tankers carrying roughly 2.5 million barrels of U.S. crude are currently en route to Asia, trade sources said on Wednesday, as U.S. producers take advantage of favorable prices to ship to Asia while OPEC ponders further supply cuts next week. At least three vessels capable of moving 1 million barrels of crude each are sending domestic oil to Asian refiners, as well as some Mexican crude, several sources said. Click here to read full stories.

May 18 - Russia's Sechin says wants smooth future exit from global oil deal

Igor Sechin, the head of Russia's largest oil producer Rosneft, said on Wednesday once the global deal to cut oil production expires, it should be ended in a way to avoid causing price volatility. He said he had asked Russian Energy Minister Alexander Novak to negotiate a smooth exit mechanism with OPEC and the other leading oil producers party to the output cut agreement. Click here to read full stories.

May 18 - Exxon says to open gas stations in Mexico, invest $300 mln

Exxon Mobil Corp announced it will bring its Mobil-brand gas stations to Mexico, pumping $300 million in the coming decade as it seeks to gain a foothold in the country's retail fuel market. Exxon expects to open its first service stations in Mexico later this year and will offer motorists its Synergy gasoline and diesel fuels, the U.S.-based oil company said in a statement on Wednesday. Click here to read full stories.

May 18 - Oil inventories become more visible: Kemp

Reported oil stocks have fallen much more slowly than OPEC anticipated at the beginning of the year, leading to scepticism about the effectiveness of the organisation's production cuts. But the sluggish response may reflect the repositioning of formerly uncounted stocks to more visible locations rather than a failure to adjust the supply-demand balance. Click here to read full stories.

May 18 - U.S. oil inventories fall; crude draws down for sixth week - EIA

U.S. crude oil inventories fell for a sixth straight week, as OPEC efforts to reduce supply appear to be coming to fruition ahead of the cartel's upcoming meeting next week, while gasoline and distillate stocks also dropped. The U.S. Energy Information Administration said on Wednesday that crude inventories fell 1.8 million barrels for the week to May 12, compared with expectations for a decrease of 2.4 million barrels. Click here to read full stories.

May 18 - Fuel shortage again hits oil-rich Venezuela amid refinery woes, protests

Pockets of oil-rich Venezuela were suffering gasoline shortages on Wednesday as the OPEC nation's ageing refineries faced more operational problems and protests blocked some deliveries. Venezuela, which has the world's cheapest gasoline, has been plagued by intermittent fuel shortages in recent months as its oil industry struggles with lower production. Click here to read full stories.

May 18 - Saudi oil wealth is again a magnet for western leaders: Kemp

Saudi Arabia has again become the favourite destination for western political leaders seeking to promote arms sales and encourage other exports to boost their economies at home. UK Prime Minister Theresa May visited last month to promote trade as the country seeks to diversify its export markets after Brexit. Click here to read full stories.

May 18 - Petrobras turnaround could yield first dividend in years in 2017

Brazil's state-controlled oil company Petrobras will pay its first shareholder dividend in three years if the company turns a profit in 2017, Chief Executive Officer Pedro Parente said on Wednesday. Parente took the helm of the world's most indebted energy company a year ago and said he is ahead of schedule with an aggressive restructuring plan to cut its $95 billion debt, reduce costs and sell assets. Click here to read full stories.

May 17 - CYBER ATTACK .WNCRY continue
- we are displeased to announce to our customers that our servers have been attacked by WNCRY virus, following last week Cyber attack.
- despite our best efforts, all our calculators were not fully cleaned this morning, and consequently ALL our SWAP pages are being discontinued until further notice ( and hopefully not more than a further day )
- physical Cash Energy calculator ( including oil products cash prices ) have been stopped too.
- we are making our best efforts to restore cleaned version on all our servers, hopefully before End of this Day.

May 17 - Iran likely to back longer OPEC-led oil cut if all on board - sources

A proposal to extend an OPEC and non-OPEC supply cut for nine months is a postive idea, sources familiar with Iranian thinking said, suggesting OPEC's third-largest producer is likely to go along with such a plan if there is a consensus. Saudi Arabia and Russia, the world's top two oil producers, agreed on Monday on the need to extend output cuts for nine months until March 2018 to erode a glut. That would be longer than the optional six-month extension first agreed.  Click here to read full stories.

May 17 - In America's largest oilfield, whir of activity confounds OPEC

As oilfield workers for Lilis Energy Inc threaded together drill pipes one recent morning in the Permian Basin, a bulldozer cleared sagebrush to make way for the company's fifth well since January. Lilis aims to expand production sevenfold this year in America's most active oilfield. The whir of activity is all the more impressive after the small firm nearly collapsed in late 2015 - amid unrestrained production from the Organization of the Petroleum Exporting Countries (OPEC). As per-barrel prices plummeted, Lilis piled on debt and struggled to pay workers. Click here to read full stories.

May 17 - Oil output spike brightens North Sea's twilight years

North Sea oil output is expected to jump by a net 400,000 barrels per day (bpd) or about a fifth in the next two years, defying gloomy forecasts for the oldest deepwater basin that produces the world's benchmark crude price. Projects from the West Shetlands to the icy fringes of the Arctic Ocean aim to add 1.2 million bpd, Reuters research shows. Click here to read full stories.

May 17 - Glencore, Carlyle team up to rescue bankrupt Moroccan refinery

Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco's only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said. Two sources close to the process said the Moroccan government wanted at least $2 billion for the plant at Mohammedia, on the Atlantic coast near Casablanca. However, no decision on any sale is imminent, due partly to its complex debts. Click here to read full stories.

May 17 - Global oil market rebalancing speeds up, inventories lag - IEA

The global oil market is rebalancing and the pace at which supply and demand are falling into line is picking up, even if inventories still fail to reflect the impact of OPEC supply cuts, the International Energy Agency said on Tuesday. In its monthly report, the IEA kept its global demand growth forecast for 2017 unchanged at 1.3 million barrels per day (bpd), because of slowdowns in previously robust consumer countries such as the United States, Germany and Turkey. Click here to read full stories.

May 17 - Iraq in favour of extending any OPEC-led oil output cut-PM Abadi

Iraq is committed to reducing oil production to decrease a glut in the global market, and will support extending output cuts in line with any OPEC decision, Prime Minister Haider al-Abadi said on Tuesday. The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider whether to extend output cuts agreed in December last year between OPEC and 11 non-member countries, including Russia. Click here to read full stories.

May 16 - Alert CYBER ATTACK .WNCRY
- we are displeased to announce to our customers that our servers have been contaminated with WNCRY, following last week Cyber attack
- consequently ALL our swap calculators (and pages) are discontinued until further notice.
- physical Cash Energy calculator ( including oil products cash prices ) still working fine, but service will be interrupted for malware cleaning this afternoon.
- we are making our best efforts to restore cleaned version on all our servers, hopefully before End of the Day.

May 16 - Elliott steps up pressure on BHP to ditch petroleum

Activist investor Elliott Management upped the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant's petroleum business. Elliott, which has built up a 4.1 percent stake in BHP's UK-listed arm and is urging changes to boost shareholder value, said there were clear signs that the market was receptive to a new strategy for BHP. Click here to read full stories.

May 16 - OPEC and hedge funds are trapped in Groundhog Day: Kemp

Hedge funds had become increasingly bearish towards crude oil by the middle of last week, leaving them vulnerable to a short squeeze with OPEC's next meeting coming up on May 25. In fact, hedge fund positioning in crude is nearly identical to before the last OPEC meeting held on Nov. 29, which was followed by a fierce short-covering rally. Click here to read full stories.

May 16 - Brazil acts to protect ethanol producers as U.S. imports jump

Brazil is toughening requirements for ethanol importers to protect domestic producers from an incoming surge of U.S. corn ethanol, a minister said on Monday, adding that he opposed the idea of new tariffs that could trigger costly retaliation. Buyers of foreign ethanol will now have to follow a rule applied to Brazilian ethanol producers regarding minimum stocks to guarantee supplies in the market, according to a government decision published in the official gazette on Monday. Click here to read full stories.

May 16 - U.S. shale oil output to rise for 6th straight month in June

U.S. shale production is expected to rise for the sixth consecutive month in June, government data showed on Monday, as producers continued to increase drilling activity because of higher oil prices. June output is set to rise by 122,000 barrels per day to 5.4 million bpd, according to the U.S. Energy Information Administration's drilling productivity report. That would be the highest production since May 2015. Click here to read full stories.

EXCLUSIVE-Chinalco proposes taking entire Guinea Simandou iron ore mine

Chinalco has asked Guinea to let it take over the whole of the troubled Simandou iron ore mine project, sources familiar with the matter say, as Beijing pursues a global strategy to secure key resources for its vast economy for decades to come. Mired in legal disputes, located in Guinea's remote interior and being planned at a time of depressed world prices, the mine has nevertheless attracted intense interest from China, the world's biggest producer and consumer of steel. Click here to read full stories.

May 16 - Saudi Aramco appoints new downstream head, source names other new VPs

Saudi Aramco has appointed a new senior vice president for downstream operations, a company statement said, while an industry source said other vice presidents were also appointed at a board meeting last week. Abdulaziz al-Judaimi was named as senior vice president for downstream operations, Saudi Arabia's state oil giant said on its Twitter account on Sunday, after the board met last week in Shanghai to discuss the company's plans.  Click here to read full stories.

May 15 - Saudi Arabia, Russia agree oil output cuts until March 2018

Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut, pushing up prices. The timing of the announcement ahead of OPEC's next official meeting on May 25 and the statement's strong wording surprised markets, and the move will go a long way to ensure that other OPEC members and other producers who participated in the initial round of cuts fall into line. Click here to read full stories.

May 15 - S.Korea's Iranian crude imports fall 38 pct on month in April

South Korea's oil imports from Iran fell nearly 38 percent in April from the month before as Tehran struggled to maintain supply after clearing crude stored on ships. South Korea, one of Iran's main Asian customers, imported 1.41 million tonnes of Iranian crude in April, or 344,933 barrels per day (bpd), customs data showed on Monday. That was down 37.5 percent from nearly 2.3 million tonnes in March, but still up 63.5 percent from 863,557 tonnes a year earlier. Click here to read full stories.

May 15 - India's gasoline boom stalls: Kemp

India's gasoline consumption has flattened out in recent months after tremendous growth between 2014 and 2016. India's motorists consumed 581,000 barrels of gasoline per day between February and April, according to the Petroleum Planning and Analysis Cell at the Ministry of Petroleum and Natural Gas. Click here to read full stories.

May 15 - China April oil refinery run down 0.6 pct y/y at 10.82 mln bpd -stats bureau

China's April refinery throughput fell 0.6 percent year on year to 10.82 million barrels per day (bpd), the lowest level since September 2016 as the nation's crude oil producers cut output, data showed on Monday. April throughput came in at 44.45 million tonnes, according to figures released by the National Bureau of Statistics (NBS). Click here to read full stories.

May 12 - IEA to review oil demand outlook after China, India signal auto policy shifts 

The International Energy Agency will review its electric vehicle (EV) use and oil demand forecasts after India and China recently signaled new policies in favour of electric cars and vehicles using other alternatives to gasoline.In its current policies scenario, last updated in November 2016, the IEA expects vehicle demand for oil to rise until 2040. Click here to read full stories.

May 12 - China, India plans for electric cars threaten to cut gasoline demand 

Demand for gasoline in Asia may peak much earlier than expected as millions of people in China and India buy electric vehicles over the next decade, threatening wrenching change for the oil industry, oil and auto company executives warned. They said refiners should prepare for a future in which gasoline, their biggest source of revenue, will be much less of a cash cow. Click here to read full stories.

May 12 - Mercuria warns of undue impact of derivatives on dated Brent oil price 

Trading in the North Sea crude oil physical market has seen a boost from a growing number of participants, but trader Mercuria warned on Thursday that more financial players meant derivatives could have an unduly large impact on the setting of the dated Brent benchmark price. Dated Brent, which governs around two-thirds of the world's oil trades, is set using prices of physical barrels of four streams of North Sea crude, Brent itself, Forties, Ekofisk and Oseberg (BFOE) and a series of derivative rates. Click here to read full stories.

May 12 - Noble Group plummets for second day, surprise loss stokes debt worries 

Noble Group Ltd's  shares plunged for a second straight day on Friday and have now lost half their value on an unexpected quarterly loss that has raised worries about the struggling commodity trader's ability to its finance its debt. Noble reported a quarterly loss of $129.3 million for January-March, its latest setback in a crisis-wracked two years despite deep restructuring.  Click here to read full stories.

May 12 - Jittery oil traders shore up against OPEC disappointment 

Oil traders are snapping up options to protect against another steep price drop in case OPEC and its partners fail to deliver enough of a supply cut to satisfy investors of their commitment to tackle a three-year-old surplus of unused crude.The Organization of the Petroleum Exporting Countries meets on May 25 and will discuss extending its agreement forged with a number of its rivals, including Russia, late last year to cut output by 1.8 million barrels per day in the first half of 2017. Click here to read full stories.

May 12 - Oil bulls draw hope from fall in U.S. crude stocks: Kemp 

U.S. crude stocks have shown a sustained decline over the last five weeks, giving oil bulls new inspiration that the market is rebalancing.Commercial crude inventories have fallen by 13 million barrels since the end of March, according to data from the U.S. Energy Information Administration. Click here to read full stories.

May 12 - Suspected Russia-backed hackers target Baltic energy networks 

Suspected Russia-backed hackers have launched exploratory cyber attacks against the energy networks of the Baltic states, sources said, raising security concerns inside the West's main military alliance, NATO. Lithuania, Latvia and Estonia, all members of NATO and the European Union, are on the political front line of tensions between the West and Moscow. The Baltics are locked into Russia's power network but plan to synchronise their grids with the EU. Click here to read full stories.

May 11 - NYSE executives to woo Aramco IPO in upcoming Saudi visit 

A New York Stock Exchange (NYSE) delegation will visit Saudi Arabia in late May to try to lure a listing by state oil giant Saudi Aramco, industry sources familiar with the matter said.The visit will follow a similar trip to Riyadh last month by London Stock Exchange (LSE) CEO Xavier Rolet, as top exchanges around the world vie to win slices of Aramco's initial public offering, expected to be the largest in history. Click here to read full stories.

May 11 - Shell proposes adding Russian oil to Brent benchmark 

Royal Dutch Shell on Wednesday urged oil pricing agency S&P Global Platts to protect the dated Brent crude benchmark from declining North Sea supply by including other grades, such as Russian Urals, in its price-setting process.The suggestion marks a shift from two years ago when Shell said adding Urals would not be "worth the trouble". Click here to read full stories.

May 11 - Shares in commodity trader Noble tank after profit warning 

Shares in Noble Group Ltd lost a fifth of their value to hit their lowest in 14 years after a profit warning by the struggling commodity trader stoked worries that its recovery from a deep restructuring could take longer than expected.The Singapore-listed company cited a challenging operating environment in its profit warning on Tuesday night and said it was caught out by movements in coal prices. It will hold an earnings call at 6 p.m. (1000 GMT).  Click here to read full stories.

May 11 - Wintershall dispute holds back Libyan oil output as it tops 800,000 bpd - NOC 

Libya's oil production is running at above 800,000 barrels per day (bpd) for the first time since 2014, the National Oil Corporation (NOC) said on Wednesday, but a commercial dispute with German oil firm Wintershall has shut in a further 160,000 bpd.Libya's output could reach between 1.1 million and 1.2 million bpd if political obstacles were removed, the NOC said in a statement. Click here to read full stories.

May 11 - U.S. crude oil inventories drop sharply as imports decline - EIA 

U.S. crude stockpiles posted their biggest one-week drawdown since December last week as imports dropped sharply, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply.Crude inventories fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said, compared with expectations for a decrease of 1.8 million barrels. At 522.5 million barrels, crude stocks were the lowest since February. Click here to read full stories.

May 11 - Bid to revoke Obama methane rule fails in surprise U.S. Senate vote 

The U.S. Senate on Wednesday rejected a resolution to revoke an Obama-era rule to limit methane emissions from oil and gas production on federal lands, dealing a blow to President Donald Trump's efforts to free the drilling industry from what he sees as excessive environmental regulation.The Congressional Review Act resolution received just 49 votes after Republican leaders scrambledfor weeks to secure the 51 needed to pass it. The resolution would have revoked the rule and prevented similar regulations from being introduced. Click here to read full stories.

May 10 - Saudi signals first cut in crude supplies to Asian customer-refinery source 

Saudi Arabia, the world's biggest oil exporter, has notified at least one Asian refiner of its first cut in crude allocations since an OPEC output cut took effect in January, a source told Reuters on Wednesday.After talks, the buyer avoided a cut in June because of an earlier request for extra supplies, the source said. Click here to read full stories.

May 10 - Higher U.S. crude output to cap oil prices through 2018 - EIA 

Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the U.S. government said on Tuesday, ahead of a meeting of major oil producers later this month to discuss extending supply cuts.U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration said. Click here to read full stories.

May 10 - U.S. Democratic senators seek probe into Icahn’s biofuel credit dealings 

Eight Democratic senators asked U.S. regulators on Tuesday to launch an investigation into billionaire Carl Icahn’s activities in the U.S. biofuels blending credit market, saying the activist investor may have violated trading laws since becoming an adviser to President Donald Trump."We are writing to request that your agencies investigate whether Carl Icahn violated insider trading laws, anti-market manipulation laws, or any other relevant laws based on his recent actions in the market for renewable fuel credits," the senators said in a letter to the heads of the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Environmental Protection Agency. Click here to read full stories.

May 09 - Saudi says likely to extend oil cuts to end-2017 or longer 

Saudi Arabia's oil minister said on Monday that oil producers would "do whatever it takes" to rebalance the market and that he expected a global deal on cutting crude output to be extended to the end of 2017 or possibly longer.The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de-facto leader, and other producers including Russia pledged to cut output by 1.8 million barrels per day (bpd) in the first half of the year to lift oil prices. Click here to read full stories.

May 09 - Some Chase branches in Seattle closed by protests over pipeline loans 

Native American leaders and climate activists protested at several Chase branches in Seattle on Monday, forcing them to close temporarily as demonstrators demanded the bank not lend to projects like the Keystone XL oil pipeline.Police said 26 people were arrested by late afternoon. Activists said they disrupted operations at 11 Chase branches, and two other branches closed as well. Click here to read full stories.

May 09 - Several traders leave commodity firm Noble Group -sources 

Several traders have left Noble Group Ltd in recent weeks, according to sources familiar with the moves. Michael Paradise, a crude oil trader, left the company in early May, according to three sources. It was not immediately clear where Paradise went. He joined Noble in 2014 from Citigroup Inc, where he was director of oil trading. Click here to read full stories.

May 09 - China's crude oil imports ease from record, fuel exports fall 

China's crude oil imports eased in April from March's record high as refiners processed less oil during a heavy maintenance season, while exports of refined fuel fell by a quarter from a month earlier due to quota reductions.China shipped in 34.39 million tonnes of crude oil last month, or about 8.37 million barrels per day (bpd), down nearly 9 percent from March, according to data from China's General Administration of Customs on Monday. Click here to read full stories.

May 09 - Hedge funds turn bearish on oil and refined fuels: Kemp 

Hedge funds and other money managers were turning increasingly bearish towards oil even before prices plunged on Thursday.Hedge funds cut their net long position in the three main futures and options contracts linked to Brent and WTI by 97 million barrels in the week to May 2. Click here to read full stories.

May 08 - Saudi energy minister says oil output cuts likely to be extended 

Saudi Arabia's energy minister Khalid Al-Falih said on Monday that oil markets were rebalancing after years of oversupply, but that he still expected an OPEC-led deal to cut output during the first half of the year to be extended to all of 2017.The Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, as well as other producers including Russia, pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year to prop up the market. But ongoing high supplies have resulted in crude oil prices falling back below $50 per barrel. Click here to read full stories.

May 08 - Brimming U.S. oil storage tanks to feel OPEC cuts last 

The energy industry scrutinizes U.S. oil stockpile data every week for evidence that OPEC supply cuts are ending a global crude glut, but growing domestic output means the world's largest oil consumer may be the last place to feel the cuts.Stubbornly high U.S. inventory levels have shaken market confidence that a deal by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other top producers to cut 1.8 million barrels per day (bpd) from supply will end the two-year glut. Click here to read full stories.

May 08 - Hedge funds cut bullish U.S. crude bets for 2nd straight week 

Hedge funds and money mangers cut bullish bets on U.S. crude for the second straight week, data showed on Friday, as oil prices fell amid signs of rising output in the United States, Canada and Libya, adding to the bearish sentiment in the market.The speculator group cut its combined futures and options position in New York and London by 60,882 contracts to 224,058 during the week to May 2, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. Click here to read full stories.

May 08 - U.S. drillers add oil rigs for 16th week in a row -Baker Hughes 

U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel.Drillers added six oil rigs in the week to May 5, bringing the total count up to 703, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. Click here to read full stories.

May 05 - Malaysia's clogged oil shipping lanes underscore failure to reduce glut 

Oil industry leaders meeting in Malaysia next week to discuss extending production cuts won't have to look far for evidence the market remains awash in supply.Just off the coast, in the Straits of Malacca, dozens of tankers loaded with record amounts of unsold fuel show an OPEC-led agreement to cut production in the first half of 2017 has yet to tighten the market. Click here to read full stories.

May 05 - ConocoPhillips to lay off 300 in Canada oil sands pullback 

ConocoPhillips will lay off 300 Canadian workers after selling most local assets to domestic crude producer Cenovus Energy Inc, the Houston-based company said on Thursday.ConocoPhillips in March agreed to sell oil sands and western natural gas assets to Cenovus for C$17 billion ($12.4 billion), making it the latest international oil major to pull back from a region beset by high costs and low crude prices.  Click here to read full stories.

May 05 - Little fanfare, but Gulf of Mexico oil still growing steadily 

As rapid growth in U.S. shale production grabs headlines and threatens to upend attempts by OPEC to balance oil markets, a more unsung sector of the U.S. industry is also hitting new output highs - the offshore Gulf of Mexico.While attention and investment is focused on shale, the Gulf is the among the most prolific oil source in the United States, producing more than Alaska, the West Coast and Rocky Mountains combined. The region churned out a record 1.76 million barrels per day of crude in January, trailing only Texas onshore production, which includes the growing Permian Basin. Click here to read full stories.

May 04 - London tries to lure Saudi Aramco with new listing structure - sources 

The London Stock Exchange is working on a new type of listing structure that would make it more attractive for oil giant Saudi Aramco to join the bourse, sources familiar with the discussions said.Exchanges around the world are vying for a piece of Saudi Aramco's initial public offering (IPO), expected to be the largest in history. The company is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market. Click here to read full stories.

May 04 - Slumping oilfield services sector bets on new offshore technology 

The oil industry's top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry.At the Offshore Technology Conference, the industry's annual gathering of floating rig and subsea well suppliers, sales pitches this year are all about cost savings and faster time to first production.  Click here to read full stories.

May 04 - U.S. oil inventories dip, but gasoline builds amid weak demand - EIA 

U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer.Crude inventories fell by 930,000 barrels in the week to April 28, much less than analysts' expectations for a decrease of 2.3 million barrels. Although crude stocks have steadily declined for the last four weeks, at 527.8 million barrels they still 3 percent higher from this time a year ago. Click here to read full stories.

May 03 - OPEC oil output falls in April but compliance weakens - Reuters survey 

OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya.But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys. Click here to read full stories.

May 03 - ConocoPhillips posts surprise loss on higher-than-expected costs 

ConocoPhillips reported a surprise quarterly loss on Tuesday as operating costs came in higher than expected, sending its shares lower in afternoon trading.However, the largest U.S. independent oil producer's results reflected a slow but steady improvement across the industry bolstered by improved pricing for its oil and natural gas. Crude prices are up more than 50 percent from a year ago. Click here to read full stories.

May 03 - Hedge funds lose faith in OPEC: Kemp 

Hedge funds are losing faith that OPEC can accelerate the rebalancing of the oil market even if the group agrees to extend output cuts when it meets later this month.Hedge funds and other money managers cut their combined net long position in the three main futures and options contracts linked to Brent and WTI by 139 million barrels in the week to April 25. Click here to read full stories.

May 03 - BP's profit triples on higher oil prices and output 

BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill.The British oil and gas company joined oil major rivals including Exxon Mobil, Chevron and Total in posting stronger-than-expected quarterly earnings, mostly thanks to higher oil and gas prices.  Click here to read full stories.

May 02 - Libya's oil output hits 760,000 bpd, highest since 2014 - NOC 

Libya's oil production has risen above 760,000 barrels per day (bpd), its highest since December 2014, the National Oil Corporation (NOC) said on Monday.Chairman Mustafa Sanalla said in a statement the NOC was working on plans to increase production further. He has previously set a goal of boosting output to 1.1 million bpd by August. Click here to read full stories.

May 02 - Pembina buys Veresen for $7.1 bln as pipeline sector consolidates 

Pembina Pipeline Corp will buy smaller rival Veresen Inc in a C$9.7 billion ($7.10 billion) stock-and-cash deal, the expanding Canadian company said on Monday, the latest deal in a sector that has been consolidating in the face of low commodity prices and high costs.With prices slow to rebound from a two-year slump, pipeline companies have been under pressure to merge as they grapple with overcapacity and sliding tariffs. Investors have doubted the sector's ability to generate returns, with no major projects on the horizon beyond a few currently approved ones. Click here to read full stories.

May 02 - U.S. Interior chief signs order for new offshore oil-exploration plan 

U.S. Interior Secretary Ryan Zinke on Monday signed an order directing the Bureau of Ocean Energy Management to issue a new five-year plan for development on the U.S. Outer Continental Shelf.Speaking at the Offshore Technology Conference in Houston, Zinke said his order implements President Donald Trump's directive to review drilling bans in parts of the Atlantic, Arctic and Pacific Oceans. He said his office is focused on the plan and the president's order to encourage energy exploration by allowing national monument designations to be rescinded. Click here to read full stories.

May 02 - How North Korea gets its oil from China: lifeline in question at UN meeting 

As the United Nations Security Council decides whether to tighten the sanctions screws on North Korea, the country's increasingly isolated government could lose a lifeline provided by state-owned China National Petroleum Corp (CNPC).For decades, the Chinese oil giant has sent small cargoes of jet fuel, diesel and gasoline from two large refineries in the northeastern city of Dalian and other nearby plants across the Yellow Sea to North Korea's western port of Nampo, five sources familiar with the business told Reuters. Nampo serves North Korea's capital, Pyongyang. Click here to read full stories.