Jan 20 - OPEC output cuts under scrutiny as market tightens - IEA
World oil markets are slowly tightening as demand rises while investors wait to see if production cuts agreed by OPEC and other producers will be implemented as promised, the International Energy Agency (IEA) said on Thursday.In its monthly oil market report, the IEA said output cuts announced by the Organization of the Petroleum Exporting Countries and 11 non-OPEC producers in November had "entered their probation period". Click here to read full stories.
Jan 20 - Trump's energy pick Perry softens stance on climate change
Rick Perry, President-elect Donald Trump's pick to run the U.S. Energy Department, said during a Senate confirmation hearing on Thursday that global warming caused by humans is real, but that efforts to combat it should not cost Americanjobs. The comment marks a shift for the former Texas governor, who had previously called the science behind climate change "unsettled" and a "contrived, phony mess." Click here to read full stories.
Jan 20 - OPEC chief sees oil stocks declining as cuts take effect
Oil stocks around the world need to decline by at least another 270 million barrels to reach a five-year industry average for OPEC to be able to say the markets are becoming balanced, OPEC Secretary General Mohammed Barkindo told Reuters. "The primary goal is to accelerate the stocks drawdown," Barkindo said on the sidelines of the World Economic Forum in Davos. Click here to read full stories.
Jan 20 - Brazil plans two subsalt auctions in 2017, another in 2018
Brazil plans to hold two subsalt oil auctions in 2017, putting new exploration areas up for bidding in November for what should be the "most competitive" round of the year, Oil Secretary Marcio Felix said in an interview on Thursday. The auctions, an effort to lure foreign investment in a sector that for much of the past decade has been the object of protectionist policies in Brazil, will be the first since 2013 for the offshore region known as the subsalt, where giant discoveries were made starting about a decade ago. Click here to read full stories.
Jan 20 - Fracking gets conditional endorsement from Church of England advisers: Kemp
Two groups of Church of England advisers have cautiously endorsed fracking for shale gas in the United Kingdom provided it does not conflict with climate change policy and robust regulations are put in place. If the Church’s advisory panel had come out against fracking, the decision would have been widely cited by lobbying groups active on climate issues as well as local issues to oppose further drilling and fracturing. Click here to read full stories.
Jan 20 - Tensions rise at North Dakota pipeline as Trump set to take White House
Tensions have increased this week near the construction site of the Dakota Access pipeline, with repeated clashes between protesters and police ahead of Friday's inauguration of President-elect Donald Trump, an unabashed fan of the $3.8 billion project. Police used tear gas and fired bean-bag rounds to disperse crowds, and have arrested nearly 40 people since Monday, many of them on a bridge that has been the site of frequent confrontations, law enforcement officials said. Click here to read full stories.
Jan 20 - U.S. crude oil stocks build unexpectedly as refining slows down - EIA
U.S. crude inventories rose unexpectedly last week as refineries sharply slowed production, while gasoline stocks soared amid weak demand, the Energy Information Administration said on Thursday. Crude inventories rose 2.3 million barrels in the week to Jan. 13, compared with analysts' expectations for an increase of 342,000 barrels. Click here to read full stories.
Jan 19 - OPEC sees smaller oil glut in 2017 but flags U.S. shale recovery
OPEC signalled a falling oil supply surplus in 2017 on Wednesday as the exporter group's output slips from a record high ahead of a deal to cut supply and outside producers show positive initial signs of complying with the accord. However, the Organization of the Petroleum Exporting Countries, in a monthly report, also pointed to the possibly of a rebound in U.S. output, as higher oil prices following supply cuts by other producers support increased shale drilling. Click here to read full stories.
Jan 19 - Trump EPA pick expresses doubts on climate, defends oil industry funding
President-elect Donald Trump's choice to lead the U.S. Environmental Protection Agency expressed doubt about the science behind global climate change during a contentious Senate confirmation hearing on Wednesday, but added he would be obliged for now to uphold the EPA's finding carbon dioxide poses a public danger. Oklahoma Attorney General Scott Pruitt, 48, sued the agency he intends to run more than a dozen times on behalf of his state. Click here to read full stories.
Jan 19 - OPEC output cuts boost appeal of light crude, but market yet to respond: Russell
One of the consequences of the cuts to crude oil supply by OPEC and its allies has been the sharp narrowing of the premium that light crude commands over heavier grades. In theory, this should result in increased flows of light crude to Asia, with refiners substituting gasoline-rich grades for the heavier crudes typically more popular in the region. Click here to read full stories.
Jan 19 - Volatility and its various meanings in the oil market: Kemp
"We are entering a period of much more volatility in the (oil) market", the head of the International Energy Agency warned on Sunday. "The name of the game is volatility" Fatih Birol said in an interview with Reuters Television, repeating similar comments he made at the end of 2016. Click here to read full stories.
Jan 19 - China sets first crude 2017 import quotas at 68.8 mln tonnes for non-state companies
China has issued the first batch of crude oil import quotas for non-state companies at 68.81 million tonnes, or 1.38 million barrels per day (bpd), four refining sources with knowledge of the matter said. Twenty-nine companies received quotas, including independent refiners and trading companies, the sources said, citing an official document. Click here to read full stories.
Jan 19 - Global oil, gas discoveries drop to 70-year low - Rystad Energy
Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices. The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of a supply shortage by the end of the decade. Click here to read full stories.
Jan 19 - Oil and Trump: Russians full of optimism in Davos
What a difference a year makes. Twelve months ago, the mood of the Russian delegation at the World Economic Forum in Davos was distinctly gloomy, with oil prices near 12-year lows below $30 per barrel and Western sanctions depressing their economy and financial markets. Click here to read full stories.
Jan 18 - Saudi Aramco to continue building oil, gas capacity to meet demand - CEO
Saudi Aramco Chief Executive Amin Nasser said the state oil giant was working on building its oil and gas production capacity to meet futurse demand growth. "What we are doing at Saudi Aramco is building our capacity in oil, we are the most reliable oil producer, we have a maximum sustained capacity of 12 million barrels per day (bpd). The kingdom has a capacity of 12.5 million bpd," Nasser said on Tuesday. Click here to read full stories.
Jan 18 - U.S. shale oil output set to grow in February as prices rise
The month-on-month increase in production would be the first since October and the third rise in a year, according to the U.S. Energy Information Administration's drilling productivity report. February production will edge up 40,750 barrels per day (bpd) to 4.748 million bpd, the EIA said. In January, it was expected to drop by 5,900 bpd. Click here to read full stories.
Jan 18 - Trump Interior nominee would review Obama's limits on oil drilling
Representative Ryan Zinke of Montana, President-elect Donald Trump's nominee for secretary of Interior, on Tuesday said he would consider an expansion of energy drilling and mining on federal lands but would ensure sensitive areas remain protected. The former Navy SEAL sought to outline a measured approach to the job of managing America’s national parks, forests and tribal lands during a four-hour Senate confirmation hearing that was mostly cordial, lacking some of the hot-tempered grilling that has marked other sessions to vet Trump’s cabinet nominees. Click here to read full stories.
Jan 18 - U.S. crude discount to Brent widens on Trump tax talk, OPEC
U.S. oil prices hit their biggest discount to global benchmark Brent crude in five months on Tuesday as President-elect Donald Trump said an oil import tax plan would be too complex and as a global deal to reduce supply hits Middle East output. The deeper the discount, the easier it is for U.S. crude producers to export oil to refiners worldwide. A glut in global supply had limited the appetite for crude from the United States until late last year, even after the United States had lifted a long-standing ban on exports. Click here to read full stories.
Jan 18 - Iraq's southern oil exports fall since start of OPEC cut - loading data
Oil exports from Iraq's southern terminals have fallen so far in January, according to loading data and an industry source, a sign that OPEC's second-largest producer is following through on the group's decision to cut output. Baghdad's initial request to be exempt from the deal, plus loading programmes pointing to continued high Iraqi exports, have added to scepticism that the country would comply with the output cuts. Iraq is supposed to curb production by 210,000 barrels per day. Click here to read full stories.
Jan 18 - Global ship insurers to resume near full coverage for Iran oil - officials
Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. Restrictions on U.S. firms handling Iranian goods had greatly limited the number of reinsurers of cargoes, but the new arrangements - which essentially allow re-insurance of ships without the involvement of U.S. firms - should boost the number of eligible shipments. Click here to read full stories.
Jan 18 - U.S. oil and gas industry has turned the corner: Kemp
U.S. petroleum producers are looking forward to better times in 2017 as the industry has passed the low-point in the cycle and embarked on the road to renewed expansion. Domestic oil and gas production hit a trough in the first half of 2016 and showed signs of rising in the second half as drilling picked up in response to higher prices. Click here to read full stories.
Jan 18 - Canadian energy firms at bigger risk from cyber, bomb attacks -spy agency
Canada's main spy agency last year warned energy companies about an increasing risk of cyber espionage and attacks on pipelines, oil storage and shipment facilities and power transmission towers using homemade explosives, according to a classified document seen by Reuters. The Canadian Security Intelligence Service (CSIS) warning last May highlights an additional risk for the energy sector, where opposition to pipelines has ramped up in Canada, home to the world's third-largest oil reserves, and the United States. Click here to read full stories.
Jan 17 - OPEC sees market stability in 2017, Venezuela aims for $70 price
OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months. The head of the Organization of the Petroleum Exporting Countries was back in Caracas for a second meeting in two months with President Nicolas Maduro whom he lavishly praised for an "inspirational" role in the producers' pact to cut output. Click here to read full stories.
Jan 17 - China's crude oil output will fall 7 pct by 2020 - govt
China's crude oil output is expected to drop by 7 percent by 2020 compared with the previous five-year plan as output from some of the nation's largest, but oldest wells falls, while natural gas supplies will rocket by almost two-thirds. Under a plan covering the period 2016-2020 published by the National Development and Reform Commission (NDRC) on Tuesday, crude output will be around 200 million tonnes by 2020, equivalent to 4.0 million barrels per day (bpd). That would be down from 215 million tonnes in the 2011-2015 plan. Click here to read full stories.
Jan 17 - Saudi pledges adherence to oil cut, confident others will
Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC's plan to prop up prices would work. Saudi Energy Minister Khalid al-Falih, speaking at an industry event in Abu Dhabi, also said he was encouraged by signs of commitments by other participants in the deal since it took effect on Jan. 1. Click here to read full stories.
Jan 17 - Noble Energy to buy Clayton Williams Energy for $2.7 bln
Oil producer Noble Energy Inc said on Monday it would buy smaller rival Clayton Williams Energy Inc for about $2.7 billion in a cash-and-stock deal to enhance its presence in the Permian Basin, the top U.S. oil field. Noble Energy said the deal includes 71,000 net acres in the core of the Southern Delaware Basin in Reeves and Ward counties in Texas, which are a part of the larger Permian Basin. Click here to read full stories.
Jan 17 - Oil prices stall as hedge funds stop adding to longs: Kemp
Hedge fund bullishness towards the price of crude oil appears to have peaked for the time being, with fund managers booking some profits after the strong rally in the final seven weeks of 2016. Few managers are willing to bet on a pull back in prices at the moment with the number of short positions still towards the bottom end of the range that has prevailed since 2014. Click here to read full stories.
Jan 16 - Oil prices will be much more volatile in 2017 - IEA
Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed by independent producers such as Russia, Oman and Mexico. Click here to read full stories.
Jan 16 - China's crude oil juggernaut to roll on, but more slowly: Russell
There is little doubt China's crude oil imports enjoyed a robust 2016, hitting a record high. The question is how long the party can continue?. Customs data released on Jan. 13 showed Chinese imports of crude reached 36.38 million tonnes in December, or 8.57 million barrels per day (bpd), the most in a month and well above the previous mark of 8.04 million bpd set in September. Click here to read full stories.
Jan 16 - Volatility and cyclicality in oil prices - will this time be different? Kemp
Extreme volatility and strong cyclicality have been the defining characteristics of oil prices and the industry since the first modern oil well was drilled in Pennsylvania in 1859. Oil prices are much more volatile than the prices of manufactured goods or services, and in this they resemble other industrial and agricultural commodities. Click here to read full stories.
Jan 16 - Venezuela will circulate new proposal next week to support oil prices
Venezuela will next week circulate a new proposal to crude producers in a bid to support oil prices, President Nicolas Maduro said on Sunday, without providing details. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico. Click here to read full stories.
Jan 16 - Hedge funds scale back bullish bets on U.S. crude
Hedge funds and money managers trimmed their bullish wagers on U.S. crude oil for the second week in a row, data showed on Friday, as skepticism over OPEC delivering on its promised cuts grew and inventories in the U.S. began to swell once again. The speculator group cut its combined futures and options position in two major NYMEX and ICE markets by 5,151 contracts to 327,057 in the week to January 10, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Jan 16 - U.S. oil drillers cut rigs for 2nd week in 7 months - Baker
U.S. oil drillers cut rigs this week for only the second week in the last seven months, likely just a brief pause in a recovery expected to last into 2018 as shale producers plan to boost spending as crude prices hold near an 18-month high. Drillers cut seven oil rigs in the week to Jan. 13, bringing the total rig count down to 522, compared with 515 rigs seen a year ago, according to energy services firm Baker Hughes Inc on Friday. Click here to read full stories.
Jan 13 - Venezuela's PDVSA sees 2017 oil output stuck near historic lows - document
Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela's export revenues and is the socialist government's financial motor, saw production tumble by nearly 10 percent in 2016 due to an unraveling economy and low oil prices. Click here to read full stories.
Jan 13 - Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts
OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 percent would be good and as low as 50 percent acceptable. The Organization of the Petroleum Exporting Countries is planning to cut its output by 1.2 million barrels per day to 32.50 million bpd from Jan. 1. Russia and other non-members are planning to cut about half as much. Click here to read full stories.
Jan 13 - Pemex sells Maya crude to U.S. West Coast for first time since 2008
Mexico's Pemex has begun selling heavy Maya crude for the first time since 2008 to U.S. West Coast refiners, the head of the state oil company's international trading arm said on Thursday. Pemex will also market more light Isthmus crude this year to the U.S. West Coast, most, if not all destined for California. Click here to read full stories.
Jan 13 - Saudis cut oil output to lowest in 2 years, pledge further reductions
Saudi Arabia has cut oil output to its lowest in almost two years, its energy minister said on Thursday, as the world's largest oil exporter leads OPEC's drive to eradicate a global glut and prop up prices. Energy Minister Khalid al-Falih said output had fallen below 10 million barrels per day - more than it had promised as part of a global output cut deal between OPEC and non-OPEC producers. Click here to read full stories.
Jan 13 - Oil price forecasts for 2017, 2018 rise as downside risks fall: Kemp
Energy professionals have become less bearish about the outlook for oil prices in 2017 and 2018 as downside risks have fallen, an annual survey by Reuters shows. But price expectations for the end of the decade have changed little since the last survey in March 2016. Click here to read full stories.
Jan 13 - Nigeria's NNPC proposes changes to increase deepwater oil revenues
Nigeria's state oil company has proposed legal amendments aimed at enabling the government to increase royalties and other revenues from deepwater oil production. OPEC member Nigeria has been hit hard by a slump in crude oil prices in the last two years, which helped to push the country into recession. And militant attacks in the southern Niger Delta throughout 2016 have hampered production. Click here to read full stories.
Jan 12 - Saudi keeps Feb oil exports steady to most buyers in Asia; cuts India, Malaysia
Saudi Arabia has cut February term crude supplies to refiners in India and Southeast Asia, seeking to comply with an OPEC deal, but it has held most of its exports to the rest of Asia steady for a second month, industry sources said on Wednesday. State oil giant Saudi Aramco reduced February term supplies of mainly heavy crude to Indian refiners Reliance Industries and Hindustan Mittal Energy Ltd (HMEL), as well as to Malaysia's Petronas, four sources familiar with the matter said. Click here to read full stories.
Jan 12 - U.S. expected to launch WTO complaint over Chinese aluminum subsidies
The Obama administration is expected to launch a complaint against Chinese aluminum subsidies with the World Trade Organization on Thursday, a person familiar with the matter said. The complaint will likely add to rising trade tensions between the world's two largest economies as President-elect Donald Trump prepares to take office next week with pledges to reduce U.S. trade deficits with China as a top priority. Click here to read full stories.
Jan 12 - Nigeria oil union suspends three-day nationwide strike after talks
A Nigerian oil labour union has suspended a nationwide three-day strike over job losses that hit petrol stations and oil tankers, following talks with the government on Wednesday. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is one of several labour unions that have criticised oil companies for sacking workers in the last few months. Click here to read full stories.
Jan 12 - Trump taps well of protest with calls for more drilling in national parks
President-elect Donald Trump aims to open up federal lands to more energy development, tapping into a long-running and contentious debate over how best to manage America’s remaining wilderness. The U.S. government holds title to about 500 million acres of land across the country, including national parks and forests, wildlife refuges and tribal territories stretching from the Arctic to the Gulf of Mexico. Click here to read full stories.
Jan 12 - Pemex withdrawing request for oil field contract change
Mexico's cash-strapped state oil company Pemex requested authorities allow it to lower the tax regime on its top oil field Ku Maloob Zaap (KMZ), but the company said the request was now in the process of being withdrawn. Pemex had asked the government to place KMZ under an exploration and extraction contract to lower its taxes, sources told Reuters. Click here to read full stories.
Jan 12 - U.S. crude, fuel stockpiles soar amid record high refining - EIA
U.S. inventories of crude and refined oil rose sharply and more than expected last week, with stocks of distillates hitting six-year highs, as crude imports and refining hit record highs, government data showed on Wednesday. Crude inventories rose 4.1 million barrels in the week to Jan. 6, the U.S. Energy Information Administration said, higher than analyst expectations for a 1.2-million-barrel build. Click here to read full stories.
Jan 12 - British Columbia approves Kinder Morgan pipeline expansion
British Columbia on Wednesday gave the green light to Kinder Morgan Inc's plan to nearly triple its Trans Mountain oil pipeline, which runs from Canada's oil sands through the province to a marine terminal on the Pacific Coast. British Columbia Premier Christy Clark said in a statement the C$6.8 billion ($5.16 billion) project had satisfied or was close to satisfying the five conditions she laid out in 2012 for any company wanting to build pipelines in the province. Click here to read full stories.
Jan 12 - Enbridge may face tough legal battle to keep 60-yr-old pipeline running
Enbridge Inc may be set for a bruising legal battle in Wisconsin after a Native American tribe voted against renewing land use agreements on a major crude oil pipeline, potentially shutting down a conduit that has been in operation since the 1950s, legal experts said. The vote last week has ratcheted up tension on Enbridge, which already faces questions about the safety of the line elsewhere in the U.S. Midwest. Click here to read full stories.
Jan 11 - Asia's diesel profit may rise for first time since 2013 - analysts
Asian refiners' profit margins from producing diesel in 2017 may rise for the first time in four years as demand for the fuel improves in the infrastructure, construction, mining and oil and gas exploration sectors. A return to normal winter conditions after last year's warmer-than-average temperatures along with a recovery in crude oil prices that will stabilise the finances in some producer countries will also spur higher margins, analysts and traders said. Click here to read full stories.
Jan 11 - Argentina clinches deal to attract investment in Vaca Muerta shale
Argentina has clinched a deal with labor unions and energy companies aimed at luring investors to the Vaca Muerta formation in Patagonia, one of the largest shale reserves in the world, the government said on Tuesday. Vaca Muerta has attracted investment from Chevron Corp and Exxon Mobil Corp But the formation, which is about the size of Belgium, remains mostly unexplored, largely due to high production costs and a lack of labor flexibility, oil major executives have said. Click here to read full stories.
Jan 11 - Tokyo Commodity Exchange launches physical oil market
The Tokyo Commodity Exchange (TOCOM) on Wednesday launched a physical market for oil products including gasoline and kerosene, the first such contracts by a Japanese exchange. The listed contracts will be gasoline, kerosene, gas oil, bunker A and low sulphur bunker A (LSA) for delivery by maritime shipment or at a refinery. Click here to read full stories.
Jan 11 - India's gasoline thirst shows no sign of being slaked: Kemp
India’s gasoline consumption continues to grow rapidly as an increasing number of individuals purchase their first motorised vehicle, helping drive the fastest growth in fuel demand in the world. India’s gasoline consumption rose more than 12 percent in 2016 compared with 2015, according to preliminary fuel sales figures compiled by the Ministry of Petroleum and Natural Gas. Click here to read full stories.
Jan 11 - General Frost to the rescue: cold helps Russia comply with OPEC deal
It has defeated armies trying to invade Russia in the past, and now the fabled Russian winter has come to Moscow's rescue again, this time helping it comply with a deal among world oil exporters on cutting output. Russia, which has in the past been accused of dragging its feet in implementing oil production and exports deals, reduced production by 100,000 barrels a day in the first few days of January, industry sources told Reuters. That is a third of the way towards the total cut Russia promised to deliver by mid-2017. Click here to read full stories.
Jan 11 - U.S. crude output set to rise in 2017 as slump may be over - EIA
The decline in U.S. crude output that began amid a global slump in oil markets in mid-2014 appears finally to be over, the U.S. government said on Tuesday, as higher oil prices and increased drilling activity are set to boost output for this year. The news is good for U.S. shale producers reeling from a two-year price slump that has forced millions of dollars of cuts in capital spending and caused the layoff of thousands of workers. Click here to read full stories.
Jan 11 - Mexico's Pemex says protests cause 'critical' border city fuel shortage
Mexico's oil company, Pemex, is struggling to supply gas stations around the northern border city of Mexicali because of a blockade at a storage site, part of sometimes violent protests and looting over a gasoline price hike. In a post on Twitter on Tuesday afternoon, Pemex said its ability to supply gas stations in Mexicali, across the border from California, had reached "critical levels" because of the blockade of its local storage plant. Click here to read full stories.
Jan 10 - Oil companies may boost E&P spending after 2 years of declines - Barclays
Global oil and gas companies are expected to raise exploration and production (E&P) spending in 2017 by 7 percent, marking the first increase in three years, Barclays said on Monday. Oil prices have recovered after a more than two-year slump caused by a glut due to U.S. shale oil flooding the market. Prices have risen about 21 percent since the OPEC, which accounts for a third of global oil output, signed an agreement in November to curb supply. Click here to read full stories.
Jan 10 - Iraq says December oil exports from Basra at record 3.51 mln bpd
Oil exports from Iraq's southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said on Monday. However, Iraq's Oil Minister Jabar Ali al-Luaibi said the unprecedentedly high exports from the south would not affect Iraq's decision to lower production in January in line with an OPEC agreement, according to a ministry statement. Click here to read full stories.
Jan 10 - Hedge funds: fully invested in oil or not? Kemp
Hedge funds amassed a record bullish position in crude oil futures and options by the end of last year, which helped drive crude prices sharply higher in the final six weeks of 2016. Fund managers had accumulated a net long position in the three main futures and options contracts linked to Brent and West Texas Intermediate (WTI) equivalent to 796 million barrels by Dec. 27. Click here to read full stories.
Jan 10 - Russia cuts oil output by 100,000 bpd in early Jan - industry sources
Russia cut its oil production in early January by around 100,000 barrels per day (bpd) from the previous month after an agreement with OPEC to cap global crude output, twosources from the energy sector told Reuters on Monday. Russia's oil and gas condensate output averaged 11.1 million barrelsper day (bpd) in the period from Jan. 1 to Jan. 8, according to the two sources. This was down from 11.21 million bpd in December andOctober's level of 11.247 million bpd, a starting point for output reduction agreed with the Organization of the Petroleum Exporting Countries. Click here to read full stories.
Jan 10 - Gasoline taxes fall despite promises to slow climate change-study
Average taxes on gasoline worldwide have tended to fall in recent years despite promises by many nations to do more to limit global warming, a study showed on Monday. Gasoline, or petrol, the most common fuel used to power cars, emits the greenhouse gas carbon dioxide when burnt. Click here to read full stories.
Jan 09 - Iran capitalises on OPEC oil cut to sell millions of barrels - sources
Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. In the past three months, Tehran has sold almost half the oil it had held in floating storage, which had tied up many of its tankers as it struggled to offload stocks in an oversupplied global market. Click here to read full stories.
Jan 09 - Shell battles Nigerian communities in high-stakes London lawsuit
A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The High Court will judge whether members from two communities, Bille and Ogale in Nigeria's oil-rich Delta region, can sue the Anglo-Dutch company in British courts. Click here to read full stories.
Jan 09 - Saudis, Russia to diverge on speed of oil output cuts - Kemp
OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers both within and outside the Organization of the Petroleum Exporting Countries are likely to phase in the reductions gradually. Click here to read full stories.
Jan 09 - U.S. drillers add oil rigs for 10th week in a row -Baker Hughes
U.S. energy companies this week added oil rigs for a tenth week in a row, extending the drilling recovery into an eighth month as crude prices remained near an 18-month high. Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc said on Friday. Click here to read full stories.
Jan 09 - Hedge funds cut bullish bets on U.S. crude for first time in 5 weeks
Hedge funds and money managers trimmed bullish wagers on U.S. crude oil for the first time in five weeks, data showed on Friday, as a strong dollar weighed on prices and doubts about compliance of an output deal emerged. The speculator group cut its combined futures and options position in New York and London by 9,626 contracts to 332,207 during the week to Jan. 3, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. Click here to read full stories.
Jan 06 - Saudi Aramco explores Feb oil supply cuts of 3-7 pct to meet OPEC target
Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings as it moves to implement an agreement on curbing global oil output, sources said on Thursday. The Organization of the Petroleum Exporting Countries agreed in late November to cut production in the first half of 2017 to reduce global oversupply and prop up prices. Click here to read full stories.
Jan 06 - Lebanon to restart oil, gas licensing round after three-year delay
Lebanon intends to restart its first oil and gas licensing round after a three-year delay, the energy minister said on Thursday, hoping to kick-start the development of a hydrocarbon industry stalled by national political paralysis. In its first sitting since being formed in December, Lebanon's new cabinet passed two decrees on Wednesday defining the blocks and specifying conditions for production and exploration tenders and contracts. Click here to read full stories.
Jan 06 - OPEC oil output falls from record high ahead of planned cuts - Reuters survey
OPEC's oil output in December fell from a record high ahead of a deal to cut production, a Reuters survey found on Thursday, helped by attacks on Nigeria's oil industry and top exporter Saudi Arabia trimming exports. The decline, the first since May according to Reuters surveys, occurred despite higher exports from second-largest OPEC producer Iraq and a further upward trend in Libyan output. Click here to read full stories.
Jan 06 - China's Iran oil imports to hit record on new production - sources
China's Iranian crude oil imports may rise to a record this year as state-owned oil firms lift more crude through their upstream investments while extending their current supply contracts, senior industry and trading sources said. Chinese firms were expected to lift between 3 million to 4 million barrels more Iranian oil each quarter in 2017 than last year, four sources with knowledge of the matter estimated. Click here to read full stories.
Jan 06 - U.S. crude stockpiles slump, fuel inventories surge at year end
U.S. crude oil inventories fell sharply as higher refining runs prompted a surge in gasoline and distillate stocks in the last week of 2016, the Energy Information Administration said on Thursday. Crude inventories fell 7.1 million barrels in the week to Dec. 30, much more than analysts' expectations for a decrease of 2.2 million barrels. Click here to read full stories.
Jan 05 - Vitol clinches $1 bln pre-finance oil deal with Iran-sources
The world's largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co. (NIOC) to loan it an equivalent of $1 billion in euros guaranteed by future exports of refined products, four sources familiar with the matter said. The pre-finance deal is the first such major contract signed between Iran and a trading house since sanctions were lifted in early 2016. Vitol and NIOC declined to comment. Click here to read full stories.
Jan 05 - New Lebanese govt OKs oil decrees to start stalled tender process
Lebanon's new government on Wednesday passed two decrees concerning oil and gas exploration blocks, meaning a tender process for offshore reserves, stalled since 2013, can begin. Beirut estimates it has 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore, but squabbling between parties has prevented it from kick-starting exploration and development of the sector. Click here to read full stories.
Jan 05 - U.S. EPA seeks to ban Genscape from verifying renewable fuel credits
The U.S. Environmental Protection Agency wants to revoke Genscape's ability to verify biofuels compliance credits after regulators say it failed to detect a massive fraud perpetrated by companies it was monitoring. The announcement, made Wednesday, will likely bolster calls to reform the U.S. biofuels programs from critics such as investor Carl Icahn, who was recently named as a special adviser to President-elect Donald Trump. Click here to read full stories.
Jan 05 - China to plough $360 bln into renewable fuel by 2020
China will plough 2.5 trillion yuan ($361 billion) into renewable power generation by 2020, the country's energy agency said on Thursday, as the world's largest energy market continues to shift away from dirty coal power towards cleaner fuels. The investment will create over 13 million jobs in the sector, the National Energy Administration (NEA) said in a blueprint document that lays out its plan to develop the nation's energy sector during the five-year 2016 to 2020 period. Click here to read full stories.
Jan 05 - Nigerian crude oil exports to edge higher in February
Nigeria's crude oil exports are on track to edge higher in February, due in part to deferred January cargoes, loading programmes compiled by Reuters showed on Wednesday. The loading programme of 1.62 million barrels per day (bpd) on 50 cargoes comes despite only three cargoes of Bonga crude being planned, compared with seven in January. Click here to read full stories.
Jan 04 - Oil business seen in strong position as Trump tackles tax reform
Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump's cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump's emerging leadership includes Exxon Mobil Corp Chief Executive Officer Rex Tillerson as secretary of state, former Texas Governor Rick Perry as energy secretary and Oklahoma Attorney General Scott Pruitt asEnvironmental Protection Agency administrator. Click here to read full stories.
Jan 04 - Iraqi PM says Kurds exporting more oil than allocated
Iraq Prime Minister Haider al-Abadi said the autonomous Kurdish region was exporting more than its allocated share of oil as the country seeks to comply with an OPEC output cut. In November, OPEC agreed to cut output by 1.2 million barrels per day from January 2017 to support prices. Iraq, OPEC's second largest producer, agreed to reduce output by 200,000 bpd to 4.351 million bpd. Click here to read full stories.
Jan 04 - Refiner Delek to buy rest of Alon USA for $464 million
Refiner Delek U.S. Holdings Inc said it had agreed to buy the shares of Alon USA Energy Inc it does not already own for $464 million to increase its exposure to cheap crude produced in Texas's prolific Permian basin. The combined company, with an enterprise value of about $2.8 billion, will focus on the Permian basin with its refining system having access to about 207,000 barrels per day of Permian crude. Click here to read full stories.
Jan 03 - As smog returns, Beijing says skies are getting cleaner
The Chinese capital was on the second-highest orange smog alert in the depth of winter on Tuesday as city officials said the air quality was improving overall, citing data for the whole of last year. Over the new year holiday, hundreds of flights were cancelled and highways closed across northern China as average concentrations of small breathable particles known as PM2.5 soared above 500 micrograms per cubic metre in Beijing and surrounding regions. Click here to read full stories.
Jan 03 - Sinopec starts supplying cleaner fuel to Beijing in anti-smog drive
China's largest state refiner Sinopec Corp on Friday began supplying the Chinese capital with a new, lower-emission grade of petrol and diesel in line with efforts to combat smog that has plagued the country just a month into the winter. Beijing will be the first city in China to adopt Sinopec's new fuel standard - known as 'Beijing Six' - with the country as a whole set to roll out a grade dubbed 'National Five', similar to Europe's 'Euro V' grade fuel, for petrol and diesel from Jan 1. Click here to read full stories.
Jan 03 - U.S. gasoline demand falls in October for first time in nearly a year - EIA
U.S. gasoline demand fell year-over-year for the first time in 11 months in October, according to data released on Friday by the U.S. Energy Information Administration. Gasoline demand, which is still on pace for a record year, fell by 1.6 percent, or 150,000 barrels per day, to 9.095 million bpd in October, according to the EIA's petroleum supply monthly report. Click here to read full stories.
Dec 29 - Our best wishes for a serene (and decisively less turbulent) New Year 2017 to all friends, tweeps, readers, followers and clients.
Dec 23 - One size fits all? In offshore oil sector, using standard gear could cut costs 30 pct - assoc
Offshore oil majors could shave nearly a third off their exploration and development costs by simply agreeing to industry-wide equipment standards, according to an industry association executive.Rather than having big companies continue to go their own, expensive ways in ordering drilling gear tailored for their individual needs, oil majors could take a leaf out of the U.S. shale oil industry's book, said Allen Leatt, chief executive of the International Marine Contractors Association (IMCA). Click here to read full stories.
Dec 23 - Blackstone in talks to buy stake in Energy Transfer assets
Private-equity firm Blackstone Group LP is in talks to buy a stake in assets owned by Energy Transfer Partners LP, the company building the controversial Dakota Access pipeline, a source familiar with the situation said on Thursday.Blackstone is discussing joining the deal with Jamie Welch, who previously served as chief financial officer of ETP parent Energy Transfer Equity LP. Click here to read full stories.
Dec 23 - U.S. refiners cash in on Mexico's record fuel imports
U.S. Gulf Coast refiners are cashing in on rising fuel demand from Mexico, shipping record volumes to a southern neighbor that has failed to expand its refining network to supply a fast-growing economy.The fuel trade could top a million barrels per day (bpd) at times in 2017 as Mexico becomes increasingly dependent on the United States for strategic energy supplies and providing business worth more than $15 billion a year to refiners such as Valero, Marathon Petroleum and Citgo Petroleum. Click here to read full stories.
Dec 23 - Wall Street and oil take the 2016 spoils
Oil is set to be 2016's top market performer, with its near 50 percent gain an outcome few would have predicted when it plunged to a 12-year low in January.In a year of shocks, including Britain's vote to leave the European Union and Donald Trump's election as U.S. president, several major assets have been on a rollercoaster. Click here to read full stories.
Dec 23 - OPEC monitoring committee to meet first half of Jan - Kuwaiti oil minister
An OPEC committee responsible for monitoring compliance with a global agreement to reduce oil output will meet in the first half of January, Kuwait's oil minister said on Thursday."We will meet... in January with OPEC and non-OPEC countries and we will coordinate over the method in which (compliance with) the cut will be implemented," Essam Abdul Mohsen Al-Marzouq told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo. Click here to read full stories.
Dec 23 - China 'teapot' oil refinery sets up Singapore office - traders
Sinochem Hongrun Petrochemical Co. Ltd, a Shandong-based independent refiner and fuel exporter, plans to open a Singapore trading office early next year, the latest of China's so-called "teapot" refiners to seek a presence in the global oil market.The new Singapore operation will be headed by Lian Liping, a senior official at state-run Sinochem, which owns a stake in Hongrun's 140,000 barrels per day (bpd) Shandong plant in eastern China. Click here to read full stories.
Dec 22 - Libya's Sharara oilfield resumes production after pipeline blockade lifted
Production at the major Libyan oilfield of Sharara reached 58,000 barrels on Wednesday as operations gradually resumed after the lifting of a two-year pipeline blockade, the National Oil Corporation (NOC) said.The NOC hopes to be able to add 270,000 barrels per day (bpd) to national output over the next three months after announcing on Tuesday that pipelines leading from Sharara and a nearby field, El Feel, had been reopened. Click here to read full stories.
Dec 22 - Brent curve signals oil tanks will start emptying in second half of 2017: Kemp
OPEC and non-OPEC oil producers have agreed to reduce their combined output by more than 1.7 million barrels per day for six months from January 2017. But the agreement contains a provision that it can be extended for a further six months, subject to market conditions. Click here to read full stories.
Dec 22 - U.S. crude stocks rise unexpectedly, product inventories down - EIA
U.S. crude stocks rose unexpectedly last week, but gasoline and distillate inventories were lower, the U.S. Energy Information Administration said on Wednesday.Crude inventories rose by 2.3 million barrels in the week to Dec. 16, compared with expectations for a decrease of 2.5 million barrels. Click here to read full stories.
Dec 22 - Canada's Trudeau says Trump very supportive of Keystone XL pipeline
Canadian Prime Minister Justin Trudeau said on Wednesday that U.S. President-elect Donald Trump was "very supportive" of TransCanada Corp's proposed Keystone XL crude oil pipeline in their first conversation after the U.S. election."He actually brought up Keystone XL and indicated that he was very supportive of it," Trudeau told an event in Calgary, Canada's oil capital. "I’m confident that the right decisions will be taken." Click here to read full stories.
Dec 21 - Obama bans new oil, gas drilling off Alaska, part of Atlantic coast
U.S. President Barack Obama on Tuesday banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp on the environment before Republican Donald Trump takes office next month.Obama used a 1950s-era law called the Outer Continental Shelf Act that allows presidents to limit areas from mineral leasing and drilling. Environmental groups said that meant Trump's incoming administration would have to go court if it sought to reverse the move. Click here to read full stories.
Dec 21 - Libya's NOC says oil pipelines reopened, expects 270,000 bpd boost in 3 months
Libya's National Oil Corporation said on Tuesday that pipelines leading from the western fields of Sharara and El Feel had been reopened after a two-year blockade, paving the way for a major boost to production.The NOC said in a statement that it expected to add 175,000 barrels per day (bpd) to national production in the next month, and 270,000 bpd over the next three months. Click here to read full stories.
Dec 21 - North Dakota spill sixth largest pipeline leak in 2016 - data
Crews have recovered about 1,805 barrels of oil from a creek in North Dakota following a Dec. 5 spill that leaked 4,200 barrels, making it the sixth-largest pipeline leak this year, according to government data.The cause of the spill is still not known, said Wendy Owen, spokeswoman for True Companies, which owns the Belle Fourche Pipeline. Of the total spill, about 3,100 barrels leaked into the nearby Ash Coulee Creek, a small waterway that feeds the Little Missouri River, a tributary of the Missouri River. Click here to read full stories.
Dec 21 - Kinder Morgan wins dismissal of $171 mln investor lawsuit
The Delaware Supreme Court dismissed on Tuesday a $171 million investor lawsuit against Kinder Morgan Inc stemming from the pipeline operator's acquisition of El Paso Corp and its affiliates.The lower Court of Chancery ruled last year that Kinder Morgan was on the hook for the bulk of the damages owed to investors in a master limited partnership, or MLP, which was shortchanged in deals with its own parent, El Paso Corp. Click here to read full stories.
Dec 20 - Asia set for biggest refining capacity jump in three years
Asia will post its biggest net refining capacity addition in three years in 2017, further boosting demand for crude in the world's biggest and fastest growing oil consuming region. New and expanded refineries from China to India will offset closures in Japan, adding a net 450,000 barrels per day (bpd) of crude processing capacity in 2017, the highest since 2014, energy consultancy Wood Mackenzie says. Click here to read full stories.
Dec 20 - Tanker docks at Libya's Es Sider port to load first crude cargo in two years - officials
An oil tanker docked at the east Libyan port of Es Sider on Monday to load the first cargo of crude since the terminal reopened following a two-year closure, port officials said. Es Sider, Libya's biggest export terminal, had been shut due to a blockade by a military faction since 2014. It reopened in mid September, but repairs were needed before tankers could load at the port, and its capacity remains far below its pre-conflict level of 350,000 barrels per day (bpd). Click here to read full stories.
Dec 20 - BP splashes out on deals to beef up oil, gas reserves
BP on Monday agreed to buy stakes in gas-heavy exploration areas off the coast of Mauritania and Senegal from Kosmos, days after announcing the long-awaited renewal of an onshore oil concession in Abu Dhabi. The combined deals are worth around $3.4 billion and will add valuable oil and gas reserves to BP's books that have seen resources shrink on the back of divestments it needed to make to pay for the 2010 Gulf of Mexico oil spill. Click here to read full stories.
Dec 20 - Saudi Arabia crude exports fall to 7.636 mln bpd in Oct - JODI
Saudi Arabia's crude oil exports fell in October by 176,000 barrels per day from the month before, despite high production, but its refined products shipments rose as the kingdom expands its refining power, official data showed on Monday. The world's top exporter shipped 7.636 million barrels per day in October, down from 7.812 million bpd in September, according to data from the Joint Organizations Data Initiative (JODI). Click here to read full stories.
Dec 20 - Death of diesel in passenger cars of limited concern to refiners
Even if the diesel engine's scandal-driven fall from grace pushes it out of the world's passenger cars, an increasing need for it on ships, in trucks and heavy industry could save the refineries that invested heavily in producing the fuel. The unfolding crisis that kicked off when Volkswagen falsified U.S. car emissions has spurred a litany of changes at vehicle manufacturers, which are now putting their cash behind electric cars, or back to gasoline engines. Click here to read full stories.
Dec 20 - Idemitsu buys fewer Showa Shell shares after family opposes deal
Idemitsu Kosan Co said on Monday it completed the purchase of just under a third of rival refiner Showa Shell Sekiyu KK, cutting the amount of shares it planned to buy after facing opposition from Idemitsu's founding family. Idemitsu's purchase, made possible after anti-monopoly regulators gave the go-ahead, is the latest twist in a protracted struggle with the family over plans to merge with Showa Shell. Click here to read full stories.
Dec 19 - As bruising year ends, U.S. refiners brace for more costly regulations
U.S. refiners such as Valero Energy Corp and Marathon Petroleum Corp are bracing for stricter, smog-busting gasoline regulations set to hit in January, threatening more headwinds for an industry that has just endured its least profitable year since the shale boom started five years ago.Many refiners are grappling with record costs to meet U.S. biofuel standards and the prospects of rising crude prices in the wake of the decision by OPEC and other oil producers to cut production. Click here to read full stories.
Dec 19 - BP strikes deal for 10 percent stake in Abu Dhabi's ADCO concession
BP became the second Western oil major to renew a 40-year onshore concession in Abu Dhabi on Saturday after almost two years of negotiations to improve terms to help operate the United Arab Emirates' biggest oilfields.The British oil company signed an agreement with state-run Abu Dhabi National Oil Company (ADNOC) giving it a 10 percent stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), which operates the concession. Click here to read full stories.
Dec 19 - China to scrap fuel export quotas for 'teapot' refineries - sources
Beijing will not issue fuel export quotas for independent refineries next year, dealing a blow to the upstart group of companies and scrapping a key component of a scheme that has transformed China's oil markets, three sources said.The surprise move ends a policy launched at the start of this year that allowed some privately run refineries - known as 'teapots' - to sell their diesel, gasoline and naphtha abroad, just a few months after Beijing first allowed them to import crude oil. Click here to read full stories.
Dec 19 - Hedge funds boost bullish U.S. crude bets after OPEC deals
Hedge funds boosted their bullish bets on U.S. crude oil for a fourth week in five to a near two-and-a-half year high, data showed on Friday, as top producers agreed to cut output alongside OPEC members.The speculator group raised its combined futures and options position in New York and London by 42,389 contracts to 318,152 in the week to Dec. 13, its highest since July 2014, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Dec 19 - Iraq boosts oil sales to China, U.S., India before OPEC supply cuts bite - sources
Iraq is selling more crude oil to its biggest customer, China's Unipec, people familiar with the matter say, digging a deeper foothold in the global supply market just before production cuts agreed with OPEC and other producers are scheduled to kick in.With new deals with Indian and U.S. refiners also coming on stream, the expanded contract with the trading arm of Asia's largest refiner Sinopec means Baghdad will have to reduce supply to other clients to honour its commitment to cut output by 210,000 barrels per day (bpd) from 2017. Click here to read full stories.
Dec 16 - Cost of pump-at-will oil policy spurred Saudi OPEC U-turn
Saudi Arabia has long said it could produce as much as 12 million barrels per day (bpd) of oil if needed, but that pump-at-will claim - which would require huge capital spending to access spare capacity - has never been tested.Sources say the kingdom may have stretched its current limits by extracting a record of around 10.7 million bpd this year, which could be one reason why Riyadh pushed so hard for a global deal to cut production. Click here to read full stories.
Dec 16 - Pipeline from two Libyan oil fields "reopens" but output hampered
A group of oil guards in Libya said on Thursday they had reopened a long blockaded pipeline leading from the major oil fields of Sharara and El Feel, but an oil worker said a separate group had prevented a production restart at El Feel.The apparent agreement by a faction of the Petroleum Facilities Guard (PFG) in Rayana to open the pipeline after shutting it for more than two years has raised hopes of a major output boost from Sharara and El Feel, which together can produce more than 400,000 barrels per day (bpd). Click here to read full stories.
Dec 16 - OPEC supply still opaque despite more data - Petro-Logistics
OPEC's first supply cut deal in eight years came as good news for a Swiss family business founded by an economics analyst who once helped the then Rhodesian government procure oil supplies in the face of sanctions.Geneva-based Petro-Logistics earns money from the lack of timely and complete information from OPEC members and other oil exporters like Russia in the 95 million barrels-per-day global market, by tracking shipments to estimate production and supply. Click here to read full stories.
Dec 16 - U.S. Energy Department unfairly criticised over spending, forecasts: Kemp
The U.S. Department of Energy has become a lightning rod for criticism in parts of the Republican Party and the fossil fuels industry unhappy about the Obama administration's energy and climate policies.Presidential candidate Rick Perry promised to abolish the Department of Energy along with the Departments of Commerce and Education during a debate in 2011. Click here to read full stories.
Dec 16 - Energy East pipeline woes cast pall over Canada's Atlantic coast
For years, heavy equipment operator Ashley Underhill has tried to defy the notion that one could only make a good living in Canada's poorer east coast by spending most of the time away from the family in the nation's western oil patch. One reason Underhill had battled on, working on small private contracts, including snow clearing and wood cutting, was Energy East, a planned 4,600-km (2860-mile) pipeline between Alberta's oil sands and the east coast and the promise of an economic boost it could bring. But the approval for two western pipelines last month dimmed Energy East's prospects and now Underhill is looking to work in the oil sands in western Canada. Click here to read full stories.
Dec 16 - Nigeria signs $5.1 billion deal with five oil companies to clear unpaid bills
Nigeria will clear unpaid bills worth $5.1 billion for oil production joint ventures piled up over many years under a deal signed on Thursday with Shell, Chevron, Total, Eni and Exxon Mobil.The deal would unlock new investment in the OPEC member country, Oil Minister Emmanuel Ibe Kachikwu said in a speech at the signing ceremony, adding the repayment would take place over the coming five years. Click here to read full stories.
Dec 15 - OPEC signals larger 2017 oil surplus, unless cuts implemented
OPEC on Wednesday signalled a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback pledges made at the weekend. The Organization of the Petroleum Exporting Countries pumped 33.87 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, up 150,000 bpd from October, OPEC said in a monthly report. Click here to read full stories.
Dec 15 - U.S. oil industry cheers Trump energy pick, seeks gas export boost
The U.S. oil and gas industry on Wednesday welcomed President-elect Donald Trump's choice of former Texas Governor Rick Perry to head the U.S. Department of Energy, and wasted no time making its first specific request of him: to support increased exports of America's natural gas overseas. Trump named Perry as his pick for the top U.S. energy job on Wednesday morning, handing the portfolio to a climate change skeptic with close ties to the oil and gas industry, and who previously proposed abolishing the department. Click here to read full stories.
Dec 15 - U.S. crude stocks down, though inventories up again in Cushing -EIA
U.S. crude stocks fell more than expected last week, though they once again rose at the key storage hub in Cushing, Oklahoma, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.6 million barrels in the week to Dec. 9, compared with analyst expectations for an decrease of 1.6 million barrels. The data was affected by the largest draw in the West Coast since August, where stocks fell by 2.3 million barrels. Click here to read full stories.
Dec 15 - Petrobras to sell stake in Nova Fronteira ethanol venture - source
State-controlled Petróleo Brasileiro SA on Thursday will sign a deal to sell its 49 percent stake in Nova Fronteira Bioenergia SA to partner Sao Martinho SA for up to 500 million reais ($150 million), a person directly involved in the transaction said on Wednesday. Sao Martinho, one of Brazil's top-five sugar and ethanol producers, currently owns 51 percent of Nova Fronteira, which was founded six years ago and has a state-of-the-art mill in the center-west state of Goiás. Click here to read full stories.
Dec 15 - Maersk, DONG oil and gas merger talks stall over price - sources
Talks between shipping group A.P. Moller-Maersk and DONG Energy to merge their oil and gas business have stalled after the two Danish firms could not agree on a price, industry and banking sources said on Wednesday. The breakdown in talks aimed at creating a joint company worth more than $10 billion may open the door for other bids for DONG's operations, which it is spinning off as it moves away from fossil fuels to focus on offshore wind, the sources said. Click here to read full stories.
Dec 15 - S.Korea's Nov Iran crude imports jump fourfold from last year
South Korea's Iranian crude oil imports rose more than fourfold in November from a year earlier and nearly doubled from the previous month as Hyundai Chemical started its new condensate splitter, while Tehran continued to increase its output to pre-sanction levels. The world's fifth-largest crude importer imported 1.73 million tonnes of Iranian crude last month, or 423,020 barrels per day (bpd), compared with 395,132 tonnes during the same month a year earlier and 902,987 tonnes in the previous month, customs office data showed on Thursday. Click here to read full stories.
Dec 15 - Tillerson to hand over reins to Exxon's president Woods
Exxon Mobil Corp said on Wednesday its president, Darren Woods, will become chief executive and chairman in January following the retirement of Rex Tillerson, who is U.S. President-elect Donald Trump's choice for secretary of state. Tillerson, 64, will retire at the end of the year and Woods, 51, will take over effective Jan. 1, Exxon, the world's largest publicly traded oil company, said. Click here to read full stories.
Dec 15 - Protesters agree to end blockade of western Libya oil pipelines -officials
Protesters blockading pipelines to Libya's Sharara and El Feel oil fields have promised to reopen them and production could restart in the coming days, security officials and an oil industry source said on Wednesday. Reopening the fields could add 365,000 barrels per day (bpd) to Libya's production, which has been drastically reduced by conflict and political disputes. Click here to read full stories.
Dec 15 - Saudi Aramco in deals with foreign firms in push for local content
State oil giant Saudi Aramco signed deals with several foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically. Deals include setting up joint ventures with U.S.-listed firms Rowan Companie and Nabors Industries to own, manage, and operate drilling rigs in Saudi Arabia. Click here to read full stories.
Dec 14 - Oil demand to grow more swiftly, too early to assess global output cut
Global oil demand will rise more strongly than expected next year, although it is too soon to assess fully the impact of a joint cut in supply by the world's largest producers, the International Energy Agency said on Tuesday. In its monthly oil market report, the IEA said revisions to its estimate of Chinese and Russian consumption had prompted it to raise its forecast for global oil demand growth this year by 120,000 barrels per day (bpd) to 1.4 million bpd, and to lift its forecast for 2017 by 110,000 bpd to 1.3 million bpd. Click here to read full stories.
Dec 14 - Saudi Arabia engineers big shift in oil market sentiment: Kemp
Saudi Arabia has transformed sentiment in the oil market by assembling an unprecedented coalition of oil producing countries to agree output cuts in 2017. Saudi officials have obtained pledges from OPEC members to cut production by almost 1.2 million barrels per day and from non-OPEC members by an extra 560,000 bpd during the first half of 2017. Click here to read full stories.
Dec 14 - Iran crude oil exports to hit 5-mth low in Dec -source
Iran's crude oil exports in December are set to fall 8 percent from November to a five-month low, a source with knowledge of its preliminary tanker schedule said, as lower shipments to China and others in Asia offset bumper exports to Europe. Iran was exempted from last month's OPEC deal to reduce output by 1.2 million barrels per day (bpd) starting from January, and had been expected to boost its output slightly. Click here to read full stories.
Dec 14 - S.Korea pairs state utility, private tech giants in $37 bln bid to seize global green energy lead
South Korea aims to vault from laggard to leader in the renewable energy industry, as Seoul prepares to hook the country's tech giants up to nearly $40 billion in public funds in a bold plan to become a new global leader in green power. Amid questions over the future of clean energy in the United States under President-elect Donald Trump, as well as China's appetite for cutting fossil fuel reliance, Seoul is accelerating into battery and 'smart' grid technology - vital to store and transmit power whose generation changes with the weather. Click here to read full stories.
Dec 14 - After Alaska flop, Shell's search for oil moves closer to home
In the waters off Malaysia, Royal Dutch Shell is finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost hope of discovering any new reserves. The Anglo-Dutch group is combining the latest technology with the wisdom of industry veterans to unlock new oil and gas deposits where it already operates, usually within 20 km (12 miles) of existing platforms. Click here to read full stories.
Dec 14 - Slack data management exposed BP to high safety risk - leaked report
BP's refining operations are exposed to high safety risks that can lead to deadly accidents and pollution as a result of slack data management and a lack of investment, according to a leaked internal report from 2015. The report, co-authored by BP, IBM and industry consultancy WorleyParsons , states that the British company's refining and petrochemical business, known as downstream, is trailing rivals such as Royal Dutch Shell by up to seven years in managing information to reduce safety risks and financial losses. Click here to read full stories.
Dec 14 - Trump picks former Texas Governor Perry as energy secretary
Donald Trump has chosen former Texas Governor Rick Perry to head the U.S. Department of Energy, a source close to the president-elect said, putting him in charge of an agency he proposed eliminating during his bid for the 2012 Republican presidential nomination. The choice of Perry adds to the list of oil-drilling advocates skeptical about climate change who Trump has picked for senior positions in his Cabinet, worrying environmentalists but cheering an industry eager for expansion. Click here to read full stories.
Dec 13 - U.S. shale output set to rise in January as OPEC pulls back
U.S. shale production is set to snap a five-month decline in January, the U.S. government said on Monday, a move that comes just days after OPEC and rival producers agreed to reduce crude output in an effort to boost prices. The month-on-month increase in production would be the first since July and the second rise in a year, according to the U.S. Energy Information Administration's drilling productivity report. Click here to read full stories.
Dec 13 - Iraq to abide by OPEC cut, expects output growth in future
Iraq is committed to cutting its production to comply with a global pact to support prices, the country's oil minister said, adding he was nevertheless confident OPEC's No. 2 producer has the potential to boost its output in coming years. Iraq is reviewing several options to implement the reduction, including cuts from Kirkuk oilfield, southern fields being developed by oil majors or other state-run areas, Oil Minister Jabar al-Luaibi said in an interview. Click here to read full stories.
Dec 13 - Trump to announce Exxon chief Tillerson as secretary of state
President-elect Donald Trump will announce Exxon-Mobil Corp's Rex Tillerson as his choice for secretary of state on Tuesday, a senior transition official said, confident that the oil executive can get past questions about his ties to Russia. Trump is to make the announcement on Tuesday morning, going with a business leader whose experience in diplomacy is from making deals with foreign countries for the world's largest energy company. Click here to read full stories.
Dec 13 - UAE's ADNOC to cut Jan oil supplies to Asia; Kuwait, Oman to follow
Abu Dhabi National Oil Company on Tuesday said it would cut crude supplies by 3-5 percent across its three export grades to meet commitments under an OPEC deal to curb output. The move is one of the first visible indicators that oil markets could be physically tighter in 2017 as the Organization of the Petroleum Exporting Countries (OPEC) and other producers cut production to ease a supply glut and prop up prices. Click here to read full stories.
Dec 13 - Hedge funds establish record bullish position in oil after OPEC: Kemp
Hedge funds were badly caught out by the production cuts announced by OPEC at the end of last month, triggering a furious rally as managers raced to buy back loss-making short positions. When OPEC announced a deal had been reached on Nov. 30, a substantial number of short positions were still uncovered, providing the opportunity for a classic squeeze. Click here to read full stories.
Dec 13 - U.S. gasoline margin jumps as PES considers advancing planned work
Philadelphia Energy Solutions (PES) is considering advancing planned work after a weekend fire at its Philadelphia refinery complex, sparking a jump on Monday in the traded cost to refine crude oil into gasoline. The U.S. gasoline crack spread, a key indicator in refining margins, jumped by 3.48 percent to $12.22 a barrel on the New York Mercantile Exchange, in the minutes after Reuters reported that PES may move up work to upgrade units to new fuel standards. Click here to read full stories.
Dec 12 - OPEC, non-OPEC agree first global oil pact since 2001
OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball, the market's focus will now switch to compliance with the agreement. Click here to read full stories.
Dec 12 - Oil traders prepare flotilla to ship U.S. exports to Asia
Oil traders and major producers are lining up a flotilla of carriers to ship more U.S. crude to Asia in December than in nearly two decades as higher prices, supported by OPEC's proposed supply cuts, offer a rare opportunity to boost sales to the region. A 40-year U.S. ban on crude exports was lifted in 2015 but only a few cargoes have shipped during a global glut in supply. The Organization of the Petroleum Exporting Countries last week agreed to its first supply cut in eight years as the cartel sought to end the two-year glut. Click here to read full stories.
Dec 12 - Advantage OPEC in global crude game, but no checkmate: Russell
The global crude oil market is starting to resemble a gigantic game of chess, with a bold opening gambit by OPEC and its allies giving them an advantage, but the game is still far from checkmate. The weekend deal by 12 countries outside OPEC to join the producer group's agreement to curb crude output certainly looks bullish for prices, as it takes the total amount of oil leaving the market in the first half of 2017 to almost 1.8 million barrels per day (bpd). Click here to read full stories.
Dec 12 - Goldman says non-OPEC output cut deal aimed at inventory glut
Goldman Sachs said the formal agreement by non-OPEC oil producers this weekend in Vienna to help curb output was reached with a goal of "normalization" of inventories and not necessarily just at raising oil prices. The Organization of the Petroleum Exporting Countries (OPEC) had previously agreed to cut output by 1.2 million barrels per day (bpd), and on Saturday, 11 non-OPEC producers agreed to join the effort and reduce output by 558,000 bpd. Click here to read full stories.
Dec 12 - U.S. drillers add the most oil rigs since July 2015 - Baker Hughes
U.S. energy companies this week added the most oil rigs since July 2015, extending the seven-month drilling recovery as crude prices rose to a near 17-month high. Drillers added 21 oil rigs in the week to Dec. 9, bringing the total count up to 498, the most since January, but still below the 524 rigs seen a year ago, energy services firm Baker Hughes Inc said on Friday. Click here to read full stories.
Dec 12 - Russia signs Rosneft deal with Qatar, Glencore
Russian state holding company Rosneftegaz on Saturday signed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore to sell a 19.5 percent stake in state-owned oil major Rosneft, Rosneft said. The privatisation deal, which Rosneft Chief Executive Igor Sechin called the largest in Russia's history, was announced by Rosneft in a meeting with President Vladimir Putin on Wednesday. Click here to read full stories.
Dec 12 - Hedge funds' bullish U.S. crude bets soar to 6-week high after OPEC deal
Hedge funds rushed to place bullish wagers on U.S. crude oil, data showed on Friday, after the world's largest producers agreed to curb output for the first time since 2008 in an effort to rein in a glut and support prices. The speculator group raised its combined futures and options position in New York and London by 86,085 contracts to 275,763 in the week to Dec. 6, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. That was the biggest weekly increase since late August, when speculators boosted bullish bets by a record 88,924 contracts. Click here to read full stories.
Dec 12 - Tillerson choice raises questions of corporate vs national interest
The central question facing Exxon Mobil Corp Chief Executive Rex Tillerson if he becomes U.S. secretary of state is whether a lifelong oil man with close ties to Russia can pivot from advancing corporate interests to serving the national interest. Tillerson, 64, got his start as a production engineer at Exxon in 1975 and has worked there ever since, running business units in Yemen, Thailand and Russia before being named chief executive in 2006. He was expected to retire next year. Click here to read full stories.
Dec 09 - Only 5 non-OPEC producers so far attending talks to widen output cut
Only five of 14 non-OPEC oil producers have agreed so far to meet the group on Saturday for talks aimed at widening a deal to reduce output, casting doubt on whether OPEC will secure the full cuts it is seeking, two OPEC sources said. The Organization of the Petroleum Exporting Countries, which finalised its first oil output cut in eight years last month to prop up prices, is to hold talks with non-member countries in Vienna in the hope that they will also limit supply. Click here to read full stories.
Dec 09 - Saudi Arabia keeps full crude supply to Asia in January
Saudi Arabia will supply full contracted volumes of crude oil to at least four Asian buyers in January and will allocate extra volumes to at least two, despite commitments to cut production in an OPEC deal, refinery sources said on Friday. The move is in line with Saudi Arabia's strategy of maintaining market share in the fastest growing oil demand region even though the Organization of the Petroleum Exporting Countries agreed last week to scale back output from January, its first cut since 2008. Click here to read full stories.
Dec 09 - For U.S. veterans, pipeline protest promises to galvanize activism
U.S. veterans, thousands of whom last week helped stop a contested oil pipeline running through North Dakota, could become important partners of activists on the environment, the economy, race and other issues that divide Americans. Several academics said the effort to support the Standing Rock Sioux tribe and others opposed to the pipeline project was likely the biggest gathering of its kind of former military personnel since the early 1970s when U.S. veterans marched against the Vietnam War. Click here to read full stories.
Dec 09 - POLL-OPEC deal will pack little punch in raising oil prices
OPEC's landmark oil-production deal may prove effective in running down global inventories, but analysts hold little hope for much of a rise in prices, a Reuters poll showed on Thursday. If all members of the Organization of the Petroleum Exporting Countries honour the deal reached in Vienna on Nov. 30 to cut output, any ensuing price gain and drop in inventories could be quickly reversed by rising non-OPEC production. Click here to read full stories.
Dec 09 - Eyeing upswing, more US oilfield service firms restructure
After two years of hunkering down, struggling U.S. oilfield service providers are preparing for an expected oil-price recovery in an unexpected way: filing for bankruptcy. Companies that drill wells, haul water and provide other services to energy exploration firms have been waiting out a slump in oil prices by idling machinery, laying off workers and extending deadlines for repaying debts. Click here to read full stories.
Dec 09 - Oil traders see no market rebalancing until later in 2017: Kemp
Crude traders expect the oil market to begin tightening and gradually move into deficit, but the shift is not forecast to occur much before the second half of 2017. The expected timetable for rebalancing is revealed by the changing relationship between Brent futures prices for different months in 2017 and 2018. Click here to read full stories.
Dec 09 - Payoff on call options after OPEC deal disappoints oil traders
Oil traders who bought U.S. crude call options before OPEC's agreement last week to cut output did not get the windfall they were expecting as the rally in those options fell short of crude's massive surge. Early last week ahead of the Organization of Petroleum Exporting Countries meeting, traders piled into inexpensive West Texas Intermediate January $60 calls expiring in mid-December with premiums between 6 to 8 cents. The buying pumped open interest up by about 90,000 lots in just three days to a record for that contract. Click here to read full stories.
Dec 09 - Iran's Rouhani says OPEC cooperation key to stabilising oil - TV
Iran's President Hassan Rouhani said on Thursday that members of the Organization of the Petroleum Exporting Countries (OPEC) should work together to secure implementation of a deal reached last month aimed at stabilizing the oil market, Iran's state TV reported. Oil rebounded from the week's lows and hovered above $50 a barrel on Thursday ahead of a meeting on Saturday in Vienna between OPEC and non-OPEC producers that may result in an agreement to cut crude output further. Click here to read full stories.
Dec 09 - Italian bank Intesa to help fund Rosneft deal for Glencore and Qatar - sources
Italian bank Intesa Sanpaolo is expected to provide a consortium of Qatar and commodities trader Glencore with sizeable funds to help finance their purchase of a stake in Russian oil company Rosneft, two sources familiar with the transaction said. Intesa declined to say whether it was helping finance the deal, announced by the Kremlin, which said on Wednesday it had sold a 19.5 percent government stake in Rosneft for 10.5 billion euros ($11.3 billion) to Qatar's sovereign wealth fund and Glencore. Click here to read full stories.
Dec 08 - OPEC, U.S. begin "cat and mouse" oil game as producers pounce on hedges
As far as one of the world’s biggest commodities traders, Glencore’s chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S. shale rivals in the coming year.A 16 percent price rally over the past week has delivered U.S. frackers a golden opportunity to hedge - or sell forward - their production for 2017 and beyond, to shore up their coffers against possible future price falls. Click here to read full stories.
Dec 08 - China teapots to extend oil buying spree into 2017
China's small, independent refiners are set to raise their crude oil imports again in 2017 on expectations that Beijing will keep their intake quotas steady, market participants said, a move that should help eat up some of the global supply glut.Officials at three independent refineries and an official involved in national import policy said they expected the government to keep next year's crude oil import quotas for independents unchanged to slightly higher. Click here to read full stories.
Dec 08 - U.S. gasoline consumption growth may slow in 2017: Kemp
U.S. gasoline consumption has been growing at the fastest rate for more than a decade as lower fuel prices and an expanding economy have combined to produce a big increase in demand.OPEC is relying on continued growth in U.S. gasoline consumption, as well as other fuels, coupled with faster growth in demand from emerging markets, to help rebalance the oil market in 2017. Click here to read full stories.
Dec 07 - In mammoth task, BP sends almost 3 mln barrels of U.S. oil to Asia
Oil major BP is shipping almost 3 million barrels of U.S. crude to customers across Asia, pioneering a lengthy and complex operation likely to become more popular after OPEC last week announced deep production cuts. BP's efforts, involving one of the world's longest sea routes, seven tankers and a series of ship-to-ship transfers, underscore a desire among oil traders to develop new routes to sell swelling supplies of cheap U.S. shale oil to Asia, the world's biggest consumer region. Click here to read full stories.
Dec 07 - Energy Transfer keeps up legal pressure after pipeline defeat
The company building the Dakota Access Pipeline turned to a federal judge late on Monday for a permit to finish the job after the federal government ruled against the controversial pipeline. The pipeline, which is being built by Energy Transfer Partners, has been the subject of protests from the Standing Rock Sioux tribe and climate activists for months, due to its proximity to the tribe's reservation. Click here to read full stories.
Dec 07 - U.S. crude output in 2016, 2017 to fall less than expected - EIA
The U.S. Energy Information Administration expects U.S. crude oil production for 2016 and 2017 to fall by less than previously expected, according to its monthly short term energy outlook released on Tuesday. The forecast comes after last week's deal between members of the Organization of the Petroleum Exporting Countries (OPEC) to cut output, a move that pushed global oil prices to near 18-month highs. Click here to read full stories.
Dec 07 - Junk energy companies rush to primary market - IFR News
Junk-rated energy companies are rushing to the US bond market at the fastest pace in nearly two years, looking to refinance debt following a sharp rally in spreads over the past week. Permian Basin independent producer Parsley Energy and natural gas giant Chesapeake Energy are pricing deals Tuesday, and follow a bond from Cheniere Energy a day earlier which was increased to US$1.5bn from US$1bn on the back of strong demand. Click here to read full stories.
Dec 07 - Oil firms and carmakers diverge in costly debate
Many carmakers are predicting a significant shift to electric vehicles in the next decade. Advances in battery technology and the growth of autonomous driving and ride sharing - suited to electric vehicles - will power this expansion, they reason. But some oil executives take a different view, predicting electricity will play only a bit part in transport out to 2040 at least. If they are on the wrong side of the argument, it could come at a cost to an industry where new projects often cost billions of dollars to build and need decades of at least moderate crude prices to pay off. Click here to read full stories.
Dec 07 - Glencore raises money for Kurdish oil deal, likely short of target -sources
Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil, with investors exercising caution despite the offer of a 12 percent bond yield, industry sources told Reuters. Two sources familiar with the plans said that commodities giant Glencore will price the bond at 12 percent on Tuesday, having received investor commitments for between $200 million and $400 million. Glencore would have to cover the rest itself, though there is no obligation to hit the full $550 million. Click here to read full stories.
Dec 06 - Ahead of deal to cut, OPEC oil output hits record high - Reuters survey
OPEC's oil output set another record high in November ahead of a deal to cut production, a Reuters survey found on Monday, helped by higher Iraqi exports and extra barrels from two nations exempted from cutting supply - Nigeria and Libya. The latest rise in supply means the Organization of the Petroleum Exporting Countries will have a bigger task in complying with a plan to cut supply starting in 2017 - its first production-reduction deal since 2008. Click here to read full stories.
Dec 06 - Saudi Arabia cuts Jan oil price to Asia to 4-mth low to keep market share
Saudi Aramco has cut the January price for its Arab Light crude for Asian customers to the lowest in four months as it holds to a strategy of preserving market share in the world's fastest-growing demand centre. The price cuts are meant to ensure that Aramco can still sell more oil into Asia even after going along with the OPEC-Russia deal to cut output. The Saudis have been struggling over the last two years to fight off increased competition from other producers in the Middle East, Russia and the Atlantic Basin. Click here to read full stories.
Dec 06 - Sioux chief asks protesters to disband, Trump to review pipeline decision
A Native American leader asked thousands of protesters to return home after the federal government ruled against a controversial pipeline, despite the prospect of President-elect Donald Trump reversing the decision after he takes office. A coalition of Native American groups, environmentalists, Hollywood stars and veterans of the U.S. armed forces protested the $3.8 billion oil project. They said construction would damage sacred lands and any leaks could pollute the water supply of the Standing Rock Sioux tribe. Click here to read full stories.
Dec 06 - China stakes claim in Mexico oil opening at deep water auction
Mexico on Monday auctioned eight out of ten deep water oil and gas blocks up for grabs in the Gulf of Mexico, and scored a joint venture for a major crude field in the most hotly-anticipated round of the country's energy opening so far. China's Offshore Oil Corporation took two of the eight blocks, while Australia's BHP Billiton outbid Britain's BP in a bid to partner with Mexican state oil firm Pemex in the promising Trion light oil field in the Gulf of Mexico. Click here to read full stories.
Dec 06 - OPEC sees robust oil demand growth even if prices rise
The Organization of the Petroleum Exporting Countries expects oil demand in 2017 to be as robust as this year, the group's secretary general told an energy conference on Monday, though recently agreed production cuts could raise prices for buyers. Mohammed Sanusi Barkindo, briefing reporters on the sidelines of India's Petrotech energy conference, said Asia would have a big role to play in the demand growth and that there was plenty of room for OPEC and non-OPEC countries to grow in the global oil market. Click here to read full stories.
Dec 06 - Barclays' exit from energy trading stirs concerns over liquidity
British bank Barclays Plc has joined the list of top banks to exit energy trading, an exodus that analysts say raises concern among oil producers that falling liquidity means they cannot use derivatives for their basic function: to hedge risk by locking in future prices. Wall Street firms have scaled back in commodity markets since the 2008 financial crisis from owning physical assets or taking positions in the market in the face of regulatory scrutiny. The banks were big players in the market for derivatives years into the future. Click here to read full stories.
Dec 06 - Iran aims for oil, gas fields tender after January
Iran will launch after January 2017 its first new-style tender to develop oil and gas fields since the lifting of sanctions, an oil official said on Monday, noting that the deadline to submit pre-qualification documents has been extended until Dec 10. OPEC's third largest oil producer hopes its new Iran Petroleum Contracts (IPC), part of an effort to sweeten the terms it offers on oil development deals, will attract foreign companies and boost production after years of under-investment. Click here to read full stories.
Dec 06 - Russia's Rosneft offers $9.4 bln in local bonds and eyes Egyptian investment
Russian oil firm Rosneft opened the books for a 600 billion rouble ($9.4 billion) bond sale on Monday to raise money for foreign projects, and said it was interested in an offshore concession in Egypt. The bond issue is its first in two years and part of a wider 1.071 trillion rouble programme approved last month. Click here to read full stories.
Dec 05 - Ahead of promised cut, Russia's oil output hits record high
Russia plans to use its November oil production, which was its highest in almost 30 years, as its baseline when it cuts output under this week's deal with OPEC, Deputy Energy Minister Kirill Molodtsov said on Friday. Russia has promised to gradually cut output by up to 300,000 barrels per day (bpd) in the first half of 2017 as part of a deal with other producers aimed at supporting oil prices. Click here to read full stories.
Dec 05 - With Dakota denial, outlook for U.S. pipelines turns murky
The U.S. Army's denial of an easement for the Dakota Access Pipeline, after permitting and legal obligations were followed, sets an uncertain precedent for new projects despite President-elect Donald Trump's promise to support energy infrastructure. The decision came after months of protests by the Standing Rock Sioux tribe and others who said the line could desecrate tribal grounds, or a spill could contaminate drinking water. Click here to read full stories.
Dec 05 - HK's CKI returns to Australia with $5.4 bln bid for Duet Group
Hong Kong's Cheung Kong Infrastructure Holdings Ltd made a A$7.3 billion ($5.4 billion) approach for Australian energy giant Duet Group, the target said, a sign CKI has not been deterred by a recent regulatory knockback Down Under. In August, the Australian government rejected a A$10 billion bid by Hong Kong billionaire Li Ka-Shing's CKI for a controlling stake of state-owned energy grid Ausgrid, citing security concerns. Click here to read full stories.
Dec 05 - Saudi, Kuwait expect to restart Neutral Zone oilfields soon - sources
Saudi Arabia and Kuwait are expected to agree this month to resume oil production from the jointly operated oilfields in the Neutral Zone that lies between both countries, industry sources told Reuters on Sunday. The closure of the Neutral Zone's fields, mainly Khafji and Wafra, has become a political sticking point between the two Gulf OPEC allies and senior officials have been trying to resolve the issue for months. Click here to read full stories.
Dec 05 - Hedge funds trim bullish bets on U.S. crude ahead of OPEC deal
Hedge funds and money managers scaled back their bullish bets on U.S. crude oil in the days ahead of a landmark deal by the world's top crude exporters to cut production and rein in a global glut, data showed on Friday. The speculator group cut its combined futures and options position in New York and London by 2,418 contracts to 189,677 during in the week to Nov. 29, the U.S. Commodity Futures Trading Commission (CFTC) said. That cut was the first in three weeks. Click here to read full stories.
Dec 05 - BP approves $9 billion Mad Dog project in Gulf, a first since spill
Oil major BP has approved a $9-billion investment in its Mad Dog project in the Gulf of Mexico, its first major new platform in the region since a 2010 explosion at its Macondo well led to the worst offshore disaster in U.S. history. The decision shows confidence that the company can safely operate in the region and is a bet that oil produced in the deepwater offshore can compete with rival on-shore production. Click here to read full stories.
Dec 02 - How Putin, Khamenei and Saudi prince got OPEC deal done
Russian President Vladmir Putin played a crucial role in helping OPEC rivals Iran and Saudi Arabia set aside differences to forge the cartel's first deal with non-OPEC Russia in 15 years. Interventions ahead of Wednesday's OPEC meeting came at key moments from Putin, Saudi Deputy Crown Prince Mohammed bin Salman and Iran's Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani, OPEC and non-OPEC sources said. Click here to read full stories.
Dec 02 - Red-letter day for oil spreads, as market now sees 2017 rebalancing
After OPEC's first output cut in eight years, long-dated oil futures spreads flipped into positive territory for the first time in two years on Thursday, suggesting an end to the global crude glut is in sight. The tell can be found in a trade known as "Dec Red" - the spread between the December 2017 and 2018 U.S. crude futures contracts. Click here to read full stories.
Dec 02 - The return of OPEC: Bordoff
Two years ago, when the Organization of Petroleum Exporting Countries chose not to cut output and let oil prices collapse, many pundits penned obituaries for the producer group. Yet on Wednesday, OPEC seemed to breathe new life, agreeing to cut output 1.2 million barrels per day (bpd). While OPEC may have been hibernating, the decision by Saudi Arabia, OPEC’s leading member, to let oil prices crash was always a pragmatic one, not an ideological one. OPEC has sent stark reminder that when circumstances change, it can change too -- and it would be foolish to write off OPEC as irrelevant. Click here to read full stories.
Dec 02 - Private equity funds, former oil execs eye Southeast Asia energy assets
Flush with cash, private equity-backed firms and former oil industry executives are eyeing energy assets in Southeast Asia as prolonged lower crude prices drive oil majors hungry for cash to divest or seek additional funds. The firms are banking on a rapid rise in economic growth in Southeast Asia - a region ripe with cheaper and smaller oil and gas fields which are nearing production - to boost oil demand and in turn enable them to resell the assets within a few years at a profit. Click here to read full stories.
Dec 02 - As winter nears, Dakota Access faces frigid weather and costly delays
Delays to the Dakota Access Pipeline have added millions of dollars to Energy Transfer Partners' construction tab - but even if the line is approved, the freezing temperatures will bring their own challenges to finishing the drilling process. Frigid weather makes some aspects of pipeline construction more difficult, though not impossible, engineers and experts interviewed by Reuters said this week. Click here to read full stories.
Dec 01 - OPEC in first joint oil cut with Russia since 2001, Saudis take "big hit"
OPEC has agreed its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output, pushing up crude prices by around 10 percent. Fast-growing producer Iraq also agreed to curtail its booming output, while non-OPEC Russia will join output cuts for the first time in 15 years to help the Organization of the Petroleum Exporting Countries prop up oil prices. Click here to read full stories.
Dec 01 - OPEC's big cut to oil output may not be so impressive: Russell
The trick with the OPEC agreement is not to view it as a cut to output, but rather as the partial removal of excess crude oil from the global market. While there is little doubt that OPEC's agreement to remove 1.2 million barrels per day (bpd) will tighten the global oil market, there is still likely to be plenty of crude around in the first half of next year. Click here to read full stories.
Dec 01 - U.S. crude inventories fall unexpectedly, big distillate build - EIA
U.S. crude oil stockpiles fell unexpectedly last week, while distillate inventories rose sharply, the Energy Information Administration's data showed on Wednesday. Crude inventories fell 884,000 barrels in the week to Nov. 25, compared with analysts' expectations for an increase of 636,000 barrels. Click here to read full stories.
Dec 01 - U.S. veterans to form human shield at Dakota pipeline protest
More than 2,000 U.S. military veterans plan to form a human shield to protect protesters of a pipeline project near a Native American reservation in North Dakota, organizers said, just ahead of a federal deadline for activists to leave the camp they have been occupying. It comes as North Dakota law enforcement backed away from a previous plan to cut off supplies to the camp – an idea quickly abandoned after an outcry and with law enforcement’s treatment of Dakota Access Pipeline protesters increasingly under the microscope. Click here to read full stories.
Dec 01 - New pipelines no silver bullet for battered Canada oil industry
Canada's oil sands producers are getting a long-awaited boost in export capacity, but the two pipeline projects approved this week will not be a silver bullet for the industry's woes unless crude prices pick up or companies improve their operating efficiency. The Canadian government approved Kinder Morgan's plan to triple volumes on its Trans Mountain pipeline to 890,000 barrels per day, and cleared Enbridge Inc's Line 3 replacement project, which will roughly double capacity to 760,000 bpd. Enbridge's Northern Gateway pipeline was rejected. Click here to read full stories.
Nov 30 - Iran, Iraq at loggerheads with Saudis ahead of OPEC meeting
Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a deal to limit output and boost the price of crude when it meets on Wednesday. OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC's de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts. Click here to read full stories.
Nov 30 - Leaner and meaner: U.S. shale greater threat to OPEC after oil price war
In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq. Until a few years ago it was unprofitable to produce oil from shale in the United States. The steep slide in costs could encourage more U.S. shale output if OPEC members cut supplies, undermining the producer group's ability to boost prices. OPEC ministers meet Wednesday to weigh output cuts to end a two-year glut that has pressured global oil prices. Click here to read full stories.
Nov 30 - N. Dakota officials hope to quell pipeline protests with fines
North Dakota officials on Tuesday moved to block supplies from reaching oil pipeline protesters at a camp near the construction site, threatening to use hefty fines to keep demonstrators from receiving food, building materials and even portable bathrooms. Activists have spent months protesting plans to route the $3.8 billion Dakota Access Pipeline beneath a lake near the Standing Rock Sioux reservation, saying the project poses a threat to water resources and sacred Native American sites. Click here to read full stories.
Nov 30 - Saudi Arabia carries on drilling despite oil slump: Kemp
Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs drilling for oil and gas around the world has fallen from a peak of 1,382 in July 2014 to just 920 in October 2016. Click here to read full stories.
Nov 30 - Canada approves new pipelines to boost exports, greens ready to fight
Canada on Tuesday approved Kinder Morgan Inc's hotly contested plan to build a pipeline from the Alberta oil sands to the Pacific coast, setting up a battle with environmentalists who helped elect Prime Minister Justin Trudeau. The Liberal government, under pressure from both green groups and the energy industry, said allowing Kinder Morgan to construct a second pipeline next to its existing Trans Mountain line would help ensure oil exports reach Asia and reduce reliance on the U.S. market. Click here to read full stories.
Nov 30 - Russia launches Urals crude oil futures trading in Moscow
Russia launched trading of a futures contract for Urals crude oil in Moscow on Tuesday, in a step to secure greater prominence for the Russian export blend. President Vladimir Putin has long called for the creation of a Urals futures contract and has said he is unhappy that Urals is sold at a discount to benchmark Brent crude. Click here to read full stories.
Nov 29 - As OPEC price hike looms, Asia's big oil buyers may shop elsewhere
For the first time since 2008, OPEC is set to strike a deal to cut oil output that may boost prices. It may also give itself a bloody nose in Asia, where big buyers are ramping up supplies from elsewhere and say they don't want to pay more for fuel. The Organization of Petroleum Exporting Countries (OPEC) meets on Wednesday to hammer out a deal to prop up prices that have halved since 2014. As they gather, tanker shipments to Asia from non-OPEC sources like Alaska, Azerbaijan, and the North Sea are growing, according to shipping data in Thomson Reuters Eikon. Click here to read full stories.
Nov 29 - North Dakota governor orders pipeline protesters expelled
North Dakota's governor ordered the expulsion of thousands of Native American and environmental activists camped on federal property near an oil pipeline project they are trying to halt, citing hazards posed by harsh weather as a blizzard bore down on the area. The "emergency evacuation" order from Governor Jack Dalrymple came days after the U.S. Army Corps of Engineers, which manages the site, set a Dec. 5 deadline for the demonstrators to vacate their encampment, about 45 miles (72 km) south of Bismarck, the state capital. Click here to read full stories.
Nov 29 - Saudi Arabia's oil problems run far deeper than OPEC: Russell
Saudi Arabia's problems run far deeper than trying to cobble together a deal with fellow OPEC members to curb crude oil output in order to bolster prices. About two-thirds of Saudi Arabia's oil exports head to Asia, and the kingdom's struggles in the region's two biggest importers, China and India, are symptoms of its wider issues in crude markets. Click here to read full stories.
Nov 29 - Shell considering selling its Iraq oil assets - sources
Royal Dutch Shell is considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal programme, industry sources said on Monday. Shell is seeking to slim down its vast oil and gas portfolio following the $54 billion acquisition of BG Group in February, which transformed it into the world's top liquefied natural gas trader. Click here to read full stories.
Nov 29 - Hedge funds raise bullish bets on U.S. crude ahead of OPEC meeting
Hedge funds and money managers have boosted their bullish wagers on U.S. crude oil, data showed on Monday, as the market turned more optimistic that the world's top oil producers would come together to hammer out the details of a deal to cut output. The speculator group raised its combined futures and options position in New York and London by 23,873 contracts to 192,095 contracts in the week to Nov. 22, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. Click here to read full stories.
Nov 29 - Mexico certifies bidders for December deep water oil auctions
Mexico's oil regulator announced on Monday a final list of 17 oil companies representing a dozen countries that have pre-qualified to bid on the country's first-ever deep water oil auctions, set for Dec. 5. The highly anticipated tenders include an auction to pick a partner for Mexican national oil company Pemex to develop its promising Trion field, as well as 10 separate deep water fields, including four clustered around Trion just south of Mexico's maritime border with the United States. Click here to read full stories.
Nov 28 - Saudi energy minister: oil market would balance even without output cuts
Saudi Arabia's energy minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, and that keeping output at current levels could therefore be justified. Under a preliminary agreement reached in September in Algeria, the Organization of the Petroleum Exporting Countries would reduce its production to between 32.5 million and 33 million barrels per day, its first supply curb since 2008. Click here to read full stories.
Nov 28 - Canada pipeline opponents ready to take on Kinder Morgan, Ottawa
If Canada approves Kinder Morgan's Trans Mountain pipeline expansion, the company's four-year campaign for the project will be far from over. Next up is a battle against hardening opposition amongst some communities along its planned route. The C$6.8 billion ($5.04 billion) project is a big step toward opening up Asian markets to supply from Canada's massive oil sands. Kinder Morgan plans to build a pipeline parallel to an existing line and nearly triple capacity on the artery to 890,000 barrels per day. Click here to read full stories.
Nov 28 - Trump faces dilemma as U.S. oil reels from record biofuels targets
The Obama administration signed its final plan for renewable fuel use in the United States last week, leaving an oil industry reeling from the most aggressive biofuel targets yet as President-elect Donald Trump takes over. The Renewable Fuel Standard (RFS) program, signed into law by President George W. Bush, is one of the country's most controversial energy policies. It requires energy firms to blend ethanol and biodiesel into gasoline and diesel. Click here to read full stories.
Nov 28 - U.S. authorities say no plans to forcibly remove North Dakota protesters
U.S. authorities said on Sunday they had no plans to forcibly remove activists protesting plans to run an oil pipeline beneath a lake near the Standing Rock Sioux reservation in North Dakota, despite telling them to leave by early December. The U.S. Army Corps of Engineers, which manages the federal land where the main camp protesting the Dakota Access pipeline is located, said last week it would close public access to the area north of the Cannonball River on Dec. 5 Click here to read full stories.
Nov 28 - Shell in talks over Gabon sale as seeks to hit divestment target
Royal Dutch Shell is in advanced talks with a party interested in buying its onshore operations in Gabon as part of a $30 billion divestment plan following its purchase of BG Group, which was completed in February. Shell had informed its staff of the discussions on Thursday, a spokesman for the firm told Reuters on Friday. Click here to read full stories.
Nov 25 - Saudi Aramco to supply more oil to Asia in January - sources
State oil giant Saudi Aramco has agreed to supply some customers in Asia with incremental crude that will load in January, as it holds to a strategy of maintaining market share, three sources with knowledge of the matter said on Friday. The decision by the world's top exporter to give extra oil came weeks before Saudi Aramco was due to notify customers of their monthly supply allocation. For January supplies, allocations would have been made only around Jan. 10. Click here to read full stories.
Nov 25 - Azerbaijan signals OPEC wants big cuts from non-OPEC producers
OPEC may ask oil producers outside the cartel to make big cuts in output, Azerbaijan said on Thursday, highlighting the challenges in striking a deal as the two sides enter the final stages of talks aimed at cutting production to stabilise prices. The oil minister of Azerbaijan, which is not a member of OPEC, was quoted in a newspaper as saying the cartel may want non-OPEC producers to cut output by as much as 880,000 barrels per day (bpd) - a figure which analysts said could help wipe out excess crude supplies and start to eat into record inventories. Click here to read full stories.
Nov 25 - Risking flames and mines, Iraq oil workers battle to cap burning wells
His face blackened and helmet coated in soot, Hussein Saleh watched the oil fields of his home town in northern Iraq burn, belching up thick smoke that blotted out the sun. Dozens of fellow workers and engineers from Iraq's North Oil Company, wearing dirty jackets and overalls with scarves wrapped around their faces, started up their water tankers and bulldozers for the day's work. Click here to read full stories.
Nov 25 - Rosneft approves $17 billion domestic bond programme
Russia's largest oil producer Rosneft is to return to the country's domestic bond market after a two-year absence with a programme worth 1.071 trillion roubles ($16.6 billion), the company said on Thursday. Rosneft, which is preparing to buy 19.5 percent of its own shares from the state in a share buyback deal worth around 700 billion roubles, said that the money raised from the bonds might be used for overseas projects, new upstream business and planned refinancing. Click here to read full stories.
Nov 25 - Libyan oil output recovers to 567,000 bpd after outage fixed -source
Libya's oil production has risen by more than 40,000 barrels per day (bpd) to 567,000 bpd after repairs to power supplies to two oilfields, a senior Libyan oil source told Reuters on Thursday. Production on Wednesday was 60,000 bpd lower at 523,000 bpd because of power faults, now resolved, in the Waha and Dafa fields, NOC said. Click here to read full stories.
Nov 24 - Oil companies shoulder pain of downturn with lower output
The world's listed oil companies have slashed oil output by 2.4 percent so far this year during one of the industry's worst downturns as OPEC battles to agree on its first production cut since 2008. The aggregated production of 109 listed companies that produce more than a third of the world's oil fell in the third quarter of 2016 by 838,000 barrels per day from a year earlier to 33.88 million bpd, data provided by Morgan Stanley showed. Click here to read full stories.
Nov 24 - Venezuela's Maduro says OPEC output pact 'imminent'
Venezuela's President Nicolas Maduro said on Wednesday an OPEC deal to cut output and hike oil prices was "imminent," and dispatched his oil minister to Russia to help bring other producers on board. The Organization of Petroleum Exporting Countries agreed in Algeria two months ago to limit supply, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions. Click here to read full stories.
Nov 24 - OPEC talks struggle with question of market share: Kemp
OPEC officials are struggling to reach a final agreement on how to share out production cuts implied by the preliminary output accord agreed by ministers in September. In theory, all OPEC members would benefit in absolute terms if an output cut produced even a modest and sustained rise in oil prices, so there are strong financial incentives for a deal. Click here to read full stories.
Nov 24 - IEA expects oil investment to fall for third year in 2017
Investment in new oil production is likely to fall for a third year in 2017 as a global supply glut persists, stoking volatility in crude markets, the head of the International Energy Agency (IEA) said on Thursday. "Our analysis shows we are entering a period of greater oil price volatility (partly) as a result of three years in a row of global oil investments in decline: in 2015, 2016 and most likely 2017," IEA director general Fatih Birol said, speaking at an energy conference in Tokyo. Click here to read full stories.
Nov 24 - Oil spice: With $3 bln port, Malacca eyes slice of shipping giant Singapore's pie
Once at the heart of the global spice trade, Malacca is pumping nearly $3 billion into an ambitious plan to put itself in demand in a different hot commodity - oil. The Malaysian state is reclaiming land along the Straits of Malacca to build a port that can handle the biggest tankers on the planet. The target: a slice of traffic sailing on to nearby Singapore, the top but congested trading hub in a region with $600 billion in annual oil trade - a third of global oil demand. Click here to read full stories.
Nov 24 - Why Trump needs to embrace Obama’s fuel economy rules to make America energy independent: Bordoff
Since the Arab Oil Embargo four decades ago, every president has promised to wean the United States off the need for foreign oil. President-elect Trump is no different, promising in his speeches and transition plans to achieve “energy independence.” His rhetoric to date has focused on ramping up U.S. oil supply — “drill, baby, drill.”
Nov 23 - OPEC to debate oil output cut next week but Iraq, Iran hesitate
OPEC will debate an oil output cut of 4.0-4.5 percent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which are far from certain to give full backing. Three OPEC sources told Reuters a gathering of experts from the oil producer group in Vienna had decided on Tuesday to recommend that a ministerial meeting on Nov. 30 debate a proposal from member Algeria to reduce output by that amount. Click here to read full stories.
Nov 23 - Oil futures show no sign of market tightening despite OPEC talks: Kemp
If OPEC hopes to speed up the rebalancing of the oil market by announcing a production-limiting plan, someone should tell the futures market. Front-month futures have risen sharply in recent days amid rising expectations OPEC will reach some sort of agreement by the next ministerial meeting on Nov. 30. Click here to read full stories.
Nov 23 - As Dakota pipeline saga drags, rancor builds on both sides
The September decision by the Obama administration to delay final approval for the Dakota Access Pipeline was intended to give federal officials more time to consult with Native American tribes that have faced dispossession from lands for decades. But the delays have also caused increased consternation among company officials and led to growing violence between law enforcement and protesters, with both sides decrying the actions of the other in recent days. Click here to read full stories.
Nov 23 - "Chapter 22" looms over some US oil and gas bankruptcy survivors
At Global Geophysical Services LLC headquarters in a Houston suburb, a few employees are winding down what is left of an oil and gas industry data provider that only three years ago had a staff of more than 1,000 and offices around the world. Global Geophysical is a "Chapter 22" company - a term coined by restructuring experts for firms that return to bankruptcy court after their first Chapter 11 overhaul failed to fix their problems. Click here to read full stories.
Nov 23 - Russian tankers defy EU ban to smuggle jet fuel to Syria - sources
Russian tankers have smuggled jet fuel to Syria through EU waters, bolstering military supplies to a war-torn country where Moscow is carrying out air strikes in support of the government, according to sources with knowledge of the matter. At least two Russian-flagged ships made deliveries - which contravene EU sanctions - via Cyprus, an intelligence source with a European Union government told Reuters. There was a sharp increase in shipments in October, said the source who spoke on condition of anonymity due to the sensitivity of the matter. Click here to read full stories.
Nov 23 - Venezuela's Maduro threatens legal action against JPMorgan
Venezuelan President Nicolas Maduro on Tuesday ordered state oil company PDVSA to look into legal action against JPMorgan Chase & Co after the U.S. investment bank reported delays in $404 million in bond interest payments. PDVSA said on Monday it was using a 30-day grace period for coupon payments on its 2035 bond but that reports of other payment delays were wrong. It suggested paying agent Citibank was creating a backlog that had spooked markets. Click here to read full stories.
Nov 23 - Nigeria's lawmakers summon oil minister over deals with China and India
Nigeria's parliament summoned the country's oil minister on Tuesday to clarify details of oil and gas infrastructure agreements worth $80 billion with Chinese companies and a $15 billion deal with India. Nigeria, which relies on crude sales for around 70 percent of its national income, is in recession for the first time in 25 years largely due to low global oil prices. Click here to read full stories.
Nov 22 - OPEC experts' meeting makes progress on output talks
OPEC experts have made some progress on the first day of a two-day meeting to nail down details of their plan to cut oil output, OPEC sources said on Monday, with some expressing optimism about the prospect of a final deal. The second meeting of the High-Level Committee began at 0930 GMT. The committee is a technical body comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers. Click here to read full stories.
Nov 22 - As OPEC looms, hedge funds more cautious on oil: Kemp
Hedge funds have taken a more cautious stance on oil prices amid a flurry of diplomatic activity aimed at securing a production-limiting deal among OPEC members by the end of the month. The funds cut their combined net long position in the three major Brent and West Texas Intermediate (WTI) futures and options contracts by just 3 million barrels to 422 million barrels in the week ending Nov. 15. Click here to read full stories.
Nov 22 - BP ring-fences CEO Dudley from Iran decision-making
BP has created a new executive committee to explore business in Iran which will exclude its American chief executive Bob Dudley in a bid to avoid potential violations of U.S. sanctions still in place. The new committee is headed by BP's chief financial officer Brian Gilvary, who is a British national. Gilvary will coordinate the oil major's operations in Iran and any discussions with the country's national oil company, according to industry sources. Click here to read full stories.
Nov 22 - Energy Transfer MLPs Sunoco Logistics and ETP to combine
Pipeline companies Sunoco Logistics Partners LP and Energy Transfer Partners (ETP), both of which are controlled by general partner Energy Transfer Equity LP, said on Monday they would combine in a corporate consolidation to cut borrowing and operating costs. ETP is the main company behind the controversial $3.7 billion Dakota Access Pipeline, which has been delayed since September, when federal regulators decided to re-review permitting for the project to cross land owned by the federal government. Click here to read full stories.
Nov 21 - Canada oil sands Asia export dream faces port bottleneck
The bullish view for Suncor Energy Inc, Cenovus Energy Inc and other Canadian energy producers calls for Prime Minister Justin Trudeau by next month to approve a major pipeline expansion to the west coast, boosting sales of land-locked oil sands crude to Asia. But a growing number of shipping brokers and physical oil traders warn that any new influx of oil will hit a bottleneck in Vancouver, because of the port's inability to accept the megaships that dominate oil trade globally. Click here to read full stories.
Nov 21 - Oil may rise to $55 if all producers cooperate - Iran
Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. "We are receiving positive signals that increase the likelihood of agreement at the meeting ... and I'm optimistic about the situation," Zanganeh told state television by telephone, after meeting OPEC Secretary-General Mohammed Barkindo in Tehran ahead of the Nov. 30 meeting. Click here to read full stories.
Nov 21 - Iraq's oil contracts make joining OPEC output cut more painful
Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group's output. The compensation - stipulated in contracts - would compound the financial hit of losing much-needed revenue from crude sales, if the cash-strapped country were to yield to OPEC entreaties to curtail national production. Click here to read full stories.
Nov 21 - Speculators raise U.S. crude oil net longs, snap 3-week decline - CFTC
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to Nov. 15, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday. The increase snaps a three-week decline and also comes just weeks ahead of a meeting later this month between members of the Organization of the Petroleum Exporting Countries. Click here to read full stories.
Nov 21 - Glencore seeks $550 mln to raise stakes in Kurdish oil game
Glencore is seeking to raise $550 million from investors via a debt issue guaranteed by oil from Iraqi Kurdistan in an attempt to secure a big slice of the high-risk - and high-reward - market in a region at war with Islamic State. Kurdish oil has been targeted by European traders over the past two years, during an industry downturn, since Erbil began selling oil independently from Baghdad. It has been relatively cheap due to the potential for supply disruptions and threats from Iraq's central government to sue anyone touching the crude. Click here to read full stories.
Nov 21 - Russia's Putin sees no difficulties for Moscow to freeze oil output
Russia is ready to freeze its oil output - among the world's highest - at current level as there would be no problems for Moscow to do so, Russian President Vladimir Putin said on Sunday. OPEC nations are due to agree a world oil freeze pact with non-OPEC countries on Nov. 30. Click here to read full stories.
Nov 18 - Iraq's oil contracts make joining OPEC output cut more painful
Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group's output. The compensation - stipulated in contracts - would compound the financial hit of losing much-needed revenue from crude sales, if the cash-strapped country were to yield to OPEC entreaties to curtail national production. Click here to read full stories.
Nov 18 - Saudi's Falih urges OPEC to cut oil output to low end of target
The energy minister for top OPEC exporter Saudi Arabia said on Thursday he was optimistic about OPEC's deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude. The Organization of the Petroleum Exporting Countries, at a meeting in Algeria in September, made a preliminary deal to limit oil output. The details are meant to be finalised when OPEC ministers gather in Vienna on Nov. 30. Click here to read full stories.
Nov 18 - Oil producers pounce on price uptick to bolster hedging
British-based oil producers have started to sell more oil and gas forward to lock in a small uptick in prices, as doubts grow that the market will ever return to the days of crude at $100 a barrel after a two-year rout. North Sea producers such as Ithaca, Tullow Oil, EnQuest and Premier Oil, whose balance sheets remain under pressure as a halving in oil prices in two years slashed revenues, have beefed up their hedging positions. Click here to read full stories.
Nov 18 - In Tesoro's buy of Western Refining, a bet on Texas
U.S. oil refiner Tesoro Corp's $4.1 billion purchase of Western Refining Inc is a bet on many things, but above all it may be a bet on Texas. The largest refining acquisition since 2011, announced earlier on Thursday, will make Tesoro the fourth-biggest U.S. refiner by capacity. The acquisition fills a hole in Tesoro's portfolio by giving it access to pipelines and refineries that connect to Texas' lucrative Permian shale basin. In the formation, lower-cost drilling has helped boost activity substantially as production has rebounded in 2016 after a two-year rout. Click here to read full stories.
Nov 18 - Shell's North Sea oil trading draws spotlight again this year
Royal Dutch Shell has snapped up a large volume of North Sea oil that helps set the global Brent benchmark, trade sources said, the second time this year that its trading activities have attracted the glare of the spotlight. Shell, the world's second-largest oil company, runs some of Europe's biggest refineries, including the 404,000-barrels-per-day Pernis facility, and is one of the biggest traders in the North Sea crude market, the home of the Brent benchmark. Click here to read full stories.
Nov 17 - OPEC ready to reach 'forceful' deal on cutting oil output - Maduro
OPEC countries are ready to reach a "forceful" agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with OPEC Secretary-General Mohammed Barkindo in Caracas. "There is sufficient will among OPEC countries to take the step we need to take in the month of November, (to reach) a forceful agreement to reduce production and construct new mechanisms to stabilize the market," Maduro said in a televised broadcast from the presidential palace. Click here to read full stories.
Nov 17 - U.S. crude stockpiles rise on heavier imports - EIA
U.S. crude oil inventories rose more than expected last week on increased imports and a build at the storage hub in Cushing, Oklahoma, the U.S. Energy Information Administration showed on Wednesday. Crude inventories rose for the third consecutive week, increasing 5.3 million barrels in week ended Nov. 11, compared with expectations for an increase of 1.5 million barrels. Click here to read full stories.
Nov 17 - Trump's empty threat to stop buying Saudi oil: Kemp
President-elect Donald Trump is very unlikely to restrict imports of crude oil from Saudi Arabia despite threats to do so issued during the election campaign. Trump is first and foremost a showman and impresario rather than a policy wonk. Much of what he said on the campaign trail was intended to mobilise support rather than provide a detailed programme for government. Click here to read full stories.
Nov 16 - Oil wars: how Kremlin's $13 bln Indian deal almost fell apart
A multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia as the two oil superpowers vie for supremacy across the world. The deal between Essar and a consortium led by Kremlin oil giant Rosneft appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Russia, India and Saudi-based industry sources familiar with or involved in the negotiations. Click here to read full stories.
Nov 16 - Los Angeles gasoline jumps after PBF refinery fire -source
Los Angeles wholesale gasoline prices jumped 20 cents a gallon on Tuesday night after the gasoline-producing unit was shut at PBF Energy Inc's Torrance, California, refinery following a fire, a West Coast market source said. The fire was on a line near the refinery's hydrofluoric acid alkylation unit, said Torrance Fire Department Captain Bob Milea. No release of hydrofluoric acid from the alkylation unit was detected. Click here to read full stories.
Nov 16 - Saudi, Russian energy ministers may meet in Doha ahead of OPEC - sources
Saudi Arabian and Russia energy ministers could meet in Qatar this week on the sidelines of a major energy forum, industry sources said on Tuesday as OPEC and non-OPEC members try again to clinch an oil output limiting deal. In September, OPEC agreed at a meeting in Algeria on modest, preliminary, oil output cuts in the first such deal since 2008, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions. Click here to read full stories.
Nov 16 - Dakota Access pipeline protests spread, firms fight back
Demonstrators fanned out across North America on Tuesday to demand the U.S. government halt or reroute the Dakota Access pipeline as the companies behind the controversial project asked a federal court for permission to complete it. In what organizers said were the largest demonstrations to date against the pipeline, thousands of people rallied outside Army Corps of Engineers offices, banks and energy companies, a day after the Obama administration delayed granting a permit needed to finish the project. There were arrests in North Dakota, where the most heated protests took place. Click here to read full stories.
Nov 16 - Toilets, trade and towns; boom time for Asia's plastic makers
From India's plan to plumb in over 100 million toilets in six years to China's ambitious new Silk Road network and the continued movement of millions of people into cities across Asia, plastic makers face years of strong demand. And, because they are closer to end-users and manufacturing hubs, Asian petrochemical makers are best placed to ride the boom. Their profits and share prices are rising and they're investing in new projects to expand their business. Click here to read full stories.
Nov 16 - Niger Delta militants claim attack on Nembe Creek pipeline
Nigerian militant group Niger Delta Avengers (NDA) said on Tuesday it had attacked the Nembe Creek Trunk Line pipeline in the southern Niger Delta in a blow to the government's efforts to quell militancy in the region. The group, after saying in August it would halt hostilities to pursue talks with the government, said on Sunday that it had resumed attacks because of the continued presence of the army in the region. Click here to read full stories.