Oil Product

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 22 - Looming Chinese refinery cuts to hit oil demand 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 13 - Hedge funds remain cautious on oil: Kemp 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 07 - Venezuela's oil minister offered PDVSA presidency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 02 - Pennsylvania pipeline fight could upend international oil flows

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 30 - Deal reached to avert strike at Canadian Rail

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

May 30 - Iraq may consider hedging crude production

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 29 - Oil prices tumble after OPEC rollover: Kemp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 18 - Oil inventories become more visible: Kemp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXCLUSIVE-Chinalco proposes taking entire Guinea Simandou iron ore mine

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

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

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

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

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

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

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

May 15 - India's gasoline boom stalls: Kemp

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

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

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

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

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

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

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

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

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

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

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

May 12 - Jittery oil traders shore up against OPEC disappointment 

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

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

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

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

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

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

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

May 11 - Shell proposes adding Russian oil to Brent benchmark 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ConocoPhillips will lay off 300 Canadian workers after selling most local assets to domestic crude producer Cenovus Energy Inc, the Houston-based company said on Thursday.ConocoPhillips in March agreed to sell oil sands and western natural gas assets to Cenovus for C$17 billion ($12.4 billion), making it the latest international oil major to pull back from a region beset by high costs and low crude prices.  Click here to read full stories.

May 05 - Little fanfare, but Gulf of Mexico oil still growing steadily 

As rapid growth in U.S. shale production grabs headlines and threatens to upend attempts by OPEC to balance oil markets, a more unsung sector of the U.S. industry is also hitting new output highs - the offshore Gulf of Mexico.While attention and investment is focused on shale, the Gulf is the among the most prolific oil source in the United States, producing more than Alaska, the West Coast and Rocky Mountains combined. The region churned out a record 1.76 million barrels per day of crude in January, trailing only Texas onshore production, which includes the growing Permian Basin. Click here to read full stories.

May 04 - London tries to lure Saudi Aramco with new listing structure - sources 

The London Stock Exchange is working on a new type of listing structure that would make it more attractive for oil giant Saudi Aramco to join the bourse, sources familiar with the discussions said.Exchanges around the world are vying for a piece of Saudi Aramco's initial public offering (IPO), expected to be the largest in history. The company is expected to list on the Riyadh exchange, the Tadawul, and at least one major international stock market. Click here to read full stories.

May 04 - Slumping oilfield services sector bets on new offshore technology 

The oil industry's top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry.At the Offshore Technology Conference, the industry's annual gathering of floating rig and subsea well suppliers, sales pitches this year are all about cost savings and faster time to first production.  Click here to read full stories.

May 04 - U.S. oil inventories dip, but gasoline builds amid weak demand - EIA 

U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer.Crude inventories fell by 930,000 barrels in the week to April 28, much less than analysts' expectations for a decrease of 2.3 million barrels. Although crude stocks have steadily declined for the last four weeks, at 527.8 million barrels they still 3 percent higher from this time a year ago. Click here to read full stories.

May 03 - OPEC oil output falls in April but compliance weakens - Reuters survey 

OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya.But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys. Click here to read full stories.

May 03 - ConocoPhillips posts surprise loss on higher-than-expected costs 

ConocoPhillips reported a surprise quarterly loss on Tuesday as operating costs came in higher than expected, sending its shares lower in afternoon trading.However, the largest U.S. independent oil producer's results reflected a slow but steady improvement across the industry bolstered by improved pricing for its oil and natural gas. Crude prices are up more than 50 percent from a year ago. Click here to read full stories.

May 03 - Hedge funds lose faith in OPEC: Kemp 

Hedge funds are losing faith that OPEC can accelerate the rebalancing of the oil market even if the group agrees to extend output cuts when it meets later this month.Hedge funds and other money managers cut their combined net long position in the three main futures and options contracts linked to Brent and WTI by 139 million barrels in the week to April 25. Click here to read full stories.

May 03 - BP's profit triples on higher oil prices and output 

BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill.The British oil and gas company joined oil major rivals including Exxon Mobil, Chevron and Total in posting stronger-than-expected quarterly earnings, mostly thanks to higher oil and gas prices.  Click here to read full stories.

May 02 - Libya's oil output hits 760,000 bpd, highest since 2014 - NOC 

Libya's oil production has risen above 760,000 barrels per day (bpd), its highest since December 2014, the National Oil Corporation (NOC) said on Monday.Chairman Mustafa Sanalla said in a statement the NOC was working on plans to increase production further. He has previously set a goal of boosting output to 1.1 million bpd by August. Click here to read full stories.

May 02 - Pembina buys Veresen for $7.1 bln as pipeline sector consolidates 

Pembina Pipeline Corp will buy smaller rival Veresen Inc in a C$9.7 billion ($7.10 billion) stock-and-cash deal, the expanding Canadian company said on Monday, the latest deal in a sector that has been consolidating in the face of low commodity prices and high costs.With prices slow to rebound from a two-year slump, pipeline companies have been under pressure to merge as they grapple with overcapacity and sliding tariffs. Investors have doubted the sector's ability to generate returns, with no major projects on the horizon beyond a few currently approved ones. Click here to read full stories.

May 02 - U.S. Interior chief signs order for new offshore oil-exploration plan 

U.S. Interior Secretary Ryan Zinke on Monday signed an order directing the Bureau of Ocean Energy Management to issue a new five-year plan for development on the U.S. Outer Continental Shelf.Speaking at the Offshore Technology Conference in Houston, Zinke said his order implements President Donald Trump's directive to review drilling bans in parts of the Atlantic, Arctic and Pacific Oceans. He said his office is focused on the plan and the president's order to encourage energy exploration by allowing national monument designations to be rescinded. Click here to read full stories.

May 02 - How North Korea gets its oil from China: lifeline in question at UN meeting 

As the United Nations Security Council decides whether to tighten the sanctions screws on North Korea, the country's increasingly isolated government could lose a lifeline provided by state-owned China National Petroleum Corp (CNPC).For decades, the Chinese oil giant has sent small cargoes of jet fuel, diesel and gasoline from two large refineries in the northeastern city of Dalian and other nearby plants across the Yellow Sea to North Korea's western port of Nampo, five sources familiar with the business told Reuters. Nampo serves North Korea's capital, Pyongyang. Click here to read full stories.

Apr 28 - U.S. refiners bet on strong exports to balance market

U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. The first wave of earnings results from several large independent U.S. refiners showed that they are not chasing U.S. gasoline profits, due to already high inventories and steady-but-not-spectacular demand. Instead, they are taking advantage of demand from places like Mexico and South America, where sputtering local refineries cannot meet customer needs. Click here to read full stories.

Apr 28 - Libya's Sharara, El Feel oilfields restart after pipeline protest 

Libya's Sharara oilfield has restarted after the end of protests by an armed group that had blocked pipelines there, National Oil Corp (NOC) chairman Mustafa Sanalla said on Thursday. No details were immediately available about output at the field, which has a production capacity of nearly 300,000 barrels per day (bpd). A Libyan oil source and a local official had earlier told Reuters production had resumed at the field, which is operated by state oil firm NOC with Repsol, Total, Norway's Statoil and OMV. Click here to read full stories.

Apr 28 - OPEC wants further drop in oil stocks, is working for consensus 

OPEC wants oil inventories to decline further and is working to ensure a policy-setting meeting in May reaches consensus, the group's secretary-general said on Thursday in comments pointing to an extension of a global supply cut. The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. Click here to read full stories.

Apr 28 - OPEC output cuts whet Asia's appetite for North Sea oil 

OPEC production cuts have created record Asian demand for European oil and made China the second biggest consumer of North Sea crude as flows from its usual Middle East suppliers dip. Rising Asian appetite for North Sea crude has largely been fuelled by the falling premium charged for North Sea crude over rival Middle East oil and this demand could last beyond OPEC's supply cuts if that favourable pricing persists. Click here to read full stories.

Apr 28 - China sets deadline for refiners to apply for oil import permits 

China's top state planner will stop accepting new applications from oil refiners to use imported crude oil from May 5, it said on Thursday, amid growing concerns about domestic refining overcapacity that has led to record exports of fuel. China has allowed 22 independent refiners to import crude oil since 2015 with quotas totalling 81.93 million tonnes, or 1.64 million barrels per day, making up 12 percent of the country's total crude oil imports, according to China Petroleum and Chemical Industry Federation (CPCIF). Click here to read full stories.

Apr 28 - Brazil minister backs tariff to curb U.S. ethanol imports 

Agriculture Minister Blairo Maggi has asked Brazil's foreign trade council to impose tariffs on ethanol imports following a surge in shipments from the United States, an official said on Thursday, a move that could stir trade tensions with the Trump administration. Brazil is the main market for U.S. exports of corn ethanol which have swelled in recent months to fill a gap left by falling domestic output, as cane farmers in the South American country diverted more of their crop to making sugar because of high prices. Click here to read full stories.

Apr 27 - Maiden Bakken oil cargo to Asia ships out, with more to come 

The first ever reported export of North Dakota's crude oil to Asia left port last month, according to a shipping document seen by Reuters on Wednesday, in what is expected to be the first of numerous cargoes once the key Dakota Access pipeline starts moving oil in May.Swiss-based Mercuria Energy Trading S.A. loaded more than 600,000 barrels of Bakken crude, as well as some Mars Sour crude and DSW crude, in late March off the coast of Louisiana onto the very large crude carrier (VLCC) Maran Canopus, destined for Singapore, according to the bill of loading and ship tracking data. Click here to read full stories.

Apr 27 - U.S. crude stocks draw down, products build amid record refining - EIA 

U.S. crude oil inventories fell sharply and stockpiles of gasoline and distillates jumped last week as refiners hiked production rates to the highest since November 2015 to process a record amount of crude, the Energy Information Administration said on Wednesday.Crude inventories fell 3.6 million barrels in the week to April 21, compared with analyst expectations for a decrease of 1.7 million barrels. Click here to read full stories.

Apr 27 - Europe lures rare diesel cargoes from U.S. East Coast 

U.S. East Coast refineries are stepping up exports of diesel despite a regional deficit of the fuel as strong overseas demand, particularly in Europe, is proving more profitable.Two tankers carrying 60,000-tonne cargoes of diesel have been booked in recent days out of New York Harbor to go to Northwest Europe, traders said. Click here to read full stories.

Apr 27 - Drilling costs rise as U.S. oil, gas activity picks up: Kemp 

U.S. oil and gas drilling costs have started to rise in response to a surge in activity and are set to increase further as the slack in the rig market declines.Drilling costs increased by 7 percent between November 2016 and March 2017, according to preliminary data on producer prices from the U.S. Bureau of Labor Statistics. Click here to read full stories.

Apr 26 - Russia seeks oil market data before backing output cut extension 

Russia wants to see more analysis of the global oil market and will wait for OPEC's meeting next month before deciding whether to back an extension to an oil supply reduction deal, Russian Energy Minister Alexander Novak said on Tuesday.The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, pledged to cut output by 1.8 million barrels per day (bpd) in the first half of 2017. Click here to read full stories.

Apr 26 - Some oil companies in Venezuela pull expats as unrest escalates - sources

As political turmoil in Venezuela mounts, oil firms including Norwegian major Statoil ASA and Spain's Repsol SA have further reduced their already-dwindling ranks of expatriate employees in the country, sources familiar with the situation said.Statoil, Repsol and Chevron Corp are among the foreign oil companies that hold minority stakes in more than 40 joint ventures with state-run Petroleos de Venezuela (PDVSA), providing cash-strapped Venezuela with crucial crude production and income amid a debilitating economic crisis. Click here to read full stories.

Apr 26 - BHP Billiton puts U.S. shale gas assets on the block again 

BHP Billiton has put its Fayetteville shale gas assets in the United States back on the block, the world's largest miner said on Wednesday, as it seeks to focus on more lucrative opportunities in oil.BHP first tried to sell the Fayetteville assets more than two years ago, having made the shale gas investment in 2011 before writing it down by $2.8 billion a year later after gas prices dropped. Click here to read full stories.

Apr 26 - Distillate export boom keeps U.S. refiners busy: Kemp 

U.S. refiners have become a powerhouse of distillate exports, causing the supply-demand balance for fuels from the middle of the barrel to tighten in the United Statesdespite a very warm winter.Exports of distillate fuel oil rose to a record 1.4 million barrels per day (bpd) in the week ending April 14, according to the U.S. Energy Information Administration. Click here to read full stories.

Apr 26 - Baker Hughes expects N.America revenue to rise in 2nd quarter 

Baker Hughes Inc said on Tuesday it expects revenue from North America to rise in the current quarter from the first as oil producers drill more onshore wells, helping the oilfield service provider make up for a fall in demand in the Gulf of Mexico.Oil producers are spending more on lucrative shale fields to take advantage of oil prices stabilizing at over $50 per barrel, while clamping down on expensive and time-consuming offshore projects. Click here to read full stories.

Apr 26 - Russia elbows Saudi Arabia aside as China's top crude oil supplier in March 

Russia reclaimed its position as China's biggest crude oil supplier in March, customs data showed on Tuesday, displacing Saudi Arabia after two months in second place as Moscow fights to hang on to its slice of the Chinese market.Russian shipments grew nearly 1 percent to 1.104 million barrels per day (bpd) from the same month a year earlier, as China's private refineries maintained high processing rates and restocked inventories after receiving fresh 2017 import quotas. China's crude imports rose to a record in March, overtaking the United States and shattering expectations. Click here to read full stories.

Apr 26 - Norway doubles Barents Sea oil and gas estimate, alarms green lobby 

Norway's portion of the Barents Sea could contain twice as much undiscovered oil and gas as previously thought when a newly mapped area bordering Russia is included, raising the prospect of drilling in environmentally sensitive ice-covered waters.Norwegian governments have often said they will only drill in ice-free areas in the Arctic, both because companies lack technology to clean up oil spills onto ice and because icebergs can damage drilling installations. Click here to read full stories.

Apr 25 - Russia indicates it can lift oil output if deal on curbs lapses 

Russian oil output could climb to its highest rate in 30 years if OPEC and non-OPEC producers do not extend a supply reduction deal beyond June 30, according to comments by Russian officials and details of investment plans released by oil firms. The Organization of the Petroleum Exporting Countries, along with Russia and other non-OPEC producers, pledged to cut 1.8 million barrels per day (bpd) in output in the first half of 2017. Click here to read full stories.

Apr 25 - Iran becomes No.2 oil supplier to S.Korea in first quarter 

Iran ranked as South Korea's second-biggest oil exporter over the first three months of 2017 as it ramped up output to regain market share after sanctions were lifted last year, the first time ever it has claimed the No.2 spot on a quarterly basis. South Korea's March imports from Iran more than doubled from a year ago to a record 18.54 million barrels, or 597,935 barrels per day (bpd), data from state-run Korea National Oil Corp (KNOC) showed on Monday.  Click here to read full stories.

Apr 25 - Oil prices falter as hedge funds stop buying: Kemp 

Hedge funds have tempered their bullishness towards crude oil as the short-covering rally that gripped the market since the end of March ran its course. Hedge funds and other money managers increased their net long position in the three major futures and options contracts linked to Brent and WTI by 8 million barrels in the week to April 18. Click here to read full stories.

Apr 25 - Cenovus earnings overshadowed by unpopular ConocoPhillips deal 

As Cenovus Energy Inc prepares to release first-quarter earnings this week, investors are looking for answers about a recent C$17 billion ($12.6 billion) acquisition that wiped out about a fifth of its market value. Disgruntled shareholders will grill Cenovus at an annual meeting on Wednesday following results about its purchase of most of ConocoPhillips' Canadian oil and gas assets. Click here to read full stories.

Apr 25 - Atlantic Basin crude flow to Asia to rise after Brent premium to Dubai hits near 6-yr low 

The price gap between Atlantic Basin sweet crude against Middle East sour grades hit its narrowest since 2010 on Monday and is likely to spur traders to ship more low-sulphur oil to Asia while OPEC cuts production. Front-month Brent crude's premium to Dubai, or the exchange of futures for swaps, dropped to 55 cents a barrel on Monday, the narrowest between the two crude oil benchmarks since June 2010, according to trade sources and Reuters data. Click here to read full stories.

Apr  24 - OPEC panel recommends 6-month extension of oil output cuts - source 

An OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said, in an effort to clear a glut of crude that has weighed on prices. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers originally agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. Click here to read full stories.

Apr  24 - Iran's crude exports set to fall in May to 14-month low

Iran's crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country's tanker loading schedule said, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers. Part of the drop may also be attributable to a decline in demand, as loadings bound for India are set to slump to a one-year low after a dispute over the award of a contract for a gas field and Japan's orders fall by more than half from April. Click here to read full stories.

Apr  24 - Schlumberger expects reactivation costs to squeeze margins 

Schlumberger NV warned on Friday that margins would remain under pressure as the oilfield services provider spends more to bring back idled equipment to meet rising demand from North American shale producers after a two-year lull. Shares of the company, whose quarterly profit nearly halved due to a jump in costs, fell as much as 4.4 percent to $73.18, their lowest in nearly a year. Click here to read full stories.

Apr  24 - U.S. drillers add oil rigs for 14th week in a row - Baker Hughes

U.S. drillers added oil rigs for a 14th week in a row, extending an 11-month recovery that is expected to boost U.S. shale production in May in the biggest monthly increase in more than two years. Drillers added five oil rigs in the week to April 21, bringing the total count up to 688, the most since April 2015, energy services firm Baker Hughes Inc said on Friday.  Click here to read full stories.

Apr 21 - Murky oil inventory picture leaves market grappling for clarity 

The jury is still out over whether an OPEC-led production cut aimed at tightening oil markets is working, or if the producer club has simply enabled higher prices without making much of a dent in the global fuel supply overhang.Analysts say there are early indications that at least some inventories, key in gauging the health of the market, are starting to draw down. Click here to read full stories.

Apr 21 - Saudi Arabia, Kuwait signal likely extension of oil output cut 

Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.Consensus is growing among oil producers that a supply restraint pact that started in January should be prolonged after its initial six-month term, Saudi Energy Minister Khalid al-Falih said. Click here to read full stories.

Apr 21 - Weak U.S. gasoline prices prompts NY Harbor-bound tanker to change course 

A tanker of gasoline en route to New York Harbor from Europe has been diverted to a Caribbean storage hub because a narrow window of opportunity for shipping profitably to the U.S. East Coast appears to have shut, traders said.At least 16 tankers carrying some 600,000 tonnes of gasoline blending components were booked early in April to send fuel from Europe to the East Coast.  Click here to read full stories.

Apr 21 - Mexico plans second deepwater oil tie-up in Maximino, Nobilis areas - sources 

Mexican state-run oil company Pemex plans a second deepwater "farm-out" joint venture in the Maximino and Nobilis areas in the Gulf of Mexico where super light crude has been found near the U.S. border, two people familiar with the matter said.Speaking this week, the people said Pemex would likely seek approval in June from the National Hydrocarbons Commission, or CNH, the industry regulator, to launch a tender for partners with the aim of announcing a winner in December. Click here to read full stories.

Apr 21 - Hedge fund confidence in OPEC starts to fray: Kemp 

OPEC and some of the most important hedge funds active in commodities reached an understanding on oil market rebalancing during informal briefings held in the second half of 2016.OPEC committed to implement credible production cuts and reduce global crude stocks while hedge funds responded by establishing bullish long positions in both flat prices and calendar spreads. Click here to read full stories.

Apr 20 - China gathers state-led consortium for Aramco IPO - sources 

China is creating a consortium, including state-owned oil giants and banks and its sovereign wealth fund, that will act as a cornerstone investor in the initial public offering of Saudi Aramco, people with knowledge of the discussions told Reuters.Saudi Aramco, a key exporter to China along with Russia's Rosneft, is due to list next year, with a potential $100 billion equity sale that is expected to be the world's largest to date. Click here to read full stories.

Apr 20 - China demand drives Singapore oil storage sales to nearly a year-high 

Crude oil sales from storage tanks around Singapore rose to an 11-month high in March, with nearly half of the volumes going to China and traders clearing inventories ahead of record shipments to Asia expected to arrive in April.Traders sold a total of 22.6 million barrels of crude from storage in Singapore, southern Malaysia and northern Indonesia in March, Thomson Reuters Eikon trade data showed. Around half of the volumes went to China, partly to help quench the still-growing demand from the country's independent refiners. Click here to read full stories.

Apr 20 - OPEC, non-OPEC to meet on same day as group's May gathering-sources 

OPEC plans to meet with non-OPEC oil producers on the same day as its scheduled May 25 conference, sources familiar with the arrangements said, as they decide whether to extend supply cuts into the second half of the year.Ministers from the Organization of the Petroleum Exporting Countries will convene at their Vienna headquarters. Joint talks with non-OPEC oil ministers will also take place that day, two sources said. Click here to read full stories.

Apr 20 - CNPC hands Chinaoil crown to domestic fuel veteran as "Madame Wang" retires 

China National Petroleum Corp (CNPC) will install its domestic fuel sales chief to head the state-owned oil giant's trading arm, succeeding Wang Lihua who is retiring after two decades guiding one of the world's top oil merchants, sources said.Tian Jinghui, a vice president at PetroChina, CNPC's listed subsidiary, and a veteran of its fuel marketing business, will be appointed chairman of CNPC's trading unit China National United Oil Corp, or Chinaoil, three sources briefed on the matter said. This is the first major management reshuffle in Chinaoil's 24-year history. Click here to read full stories.

Apr 20 - U.S. crude stocks dip, but gasoline inventories rise - EIA 

U.S. crude stocks fell last week as refineries hiked output, but gasoline supplies, which are already seasonally high, surprisingly increased, the Energy Information Administration said on Wednesday.Crude inventories fell by 1 million barrels in the week to April 14, compared with analysts' expectations for an decrease of 1.5 million barrels. Click here to read full stories.

Apr 20 - Exxon will not say if it is seeking waiver from Russia sanctions 

Exxon Mobil Corp on Wednesday declined to comment on a media report that it is seeking permission from the U.S. government to drill in several areas of the Black Sea banned by U.S. sanctions on Russia. The Wall Street Journal reported that Exxon had in recent months applied to the U.S. Treasury Department for a waiver to drill with Russian oil producer Rosneft. Any such request is likely to draw attention because Exxon's former chief executive, Rex Tillerson, is now U.S. secretary of state. Click here to read full stories.

Apr 19 - E. Coast refiner shuns Bakken delivery as Dakota Access Pipeline starts 

Philadelphia Energy Solutions Inc, the largest refiner on the U.S. East Coast, will not be taking any rail deliveries of North Dakota's Bakken crude oil in June, a source familiar with delivery schedules said on Tuesday - a sign that the impending start of the Dakota Access Pipeline is upending trade flows.At its peak, PES would have routinely taken about 3 miles' worth of trains filled with Bakken oil each day. But after the $3.8 billion Dakota Access Pipeline begins interstate crude oil delivery on May 14, it will be more lucrative for producers to transport oil to refineries in the U.S. Gulf Coast. Click here to read full stories.

Apr 19 - Saudi oil exports drop in February on OPEC cut deal - JODI data 

Saudi Arabia's crude oil exports in February fell to their lowest level since mid-2015, official data showed on Tuesday, as the world's largest oil exporter complied with an OPEC-led agreement to cut output.Saudi Arabia crude shipments dropped to 6.957 million barrels per day (bpd) from 7.713 million bpd a month before, according to data from the Joint Organizations Data Initiative (JODI). Click here to read full stories.

Apr 19 - Rebalancing oil market will take more time, says UAE 

Draining a global oil glut will take more time despite an improvement in oil market fundamentals since producers started cutting supplies, the energy minister of the United Arab Emirates said on Tuesday."It will take time...It took us from mid-2014 to now. We are correcting but that correction will take time," Suhail bin Mohammed al-Mazroui said in an interview at an event marking the 150th anniversary of Thomson Reuters in the Middle East. Click here to read full stories.

Apr 18 - Saudi's Falih says too soon to discuss extending oil output pact - Arabiya TV 

The level of compliance among OPEC and non-OPEC oil producers with a global deal to cut output is very good, above 100 percent, but it is premature to talk about extending the deal, Saudi Energy Minister Khalid al-Falih said on Monday.Speaking to Al-Arabiya television on the sidelines of a renewable energy investment conference, Falih said he saw a consensus within OPEC on stabilising the oil market, and that producers would do whatever was necessary to achieve that goal, whether it took six months or more. Click here to read full stories.

Apr 18 - Blackstone to buy EagleClaw Midstream for about $2 bln 

EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas' Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion.Private equity firms, including Blackstone, Carlyle Group, and CVC Partners, have built up significant firepower in recent years to invest in the oil and gas industry, where asset prices have dipped sharply since crude oil prices collapsed mid-2014. Click here to read full stories.

Apr 18 - BP accuses Monroe Energy of wrongfully terminating contract 

BP Plc has accused Monroe Energy of wrongfully terminating a crude supply contract in 2016, costing the oil major at least $59 million in damages, according to a federal court filing. BP said in the filing that Monroe Energy, a subsidiary of Delta Air Lines Inc, terminated the contract after misinterpreting a provision regarding the blending of crude oils. Click here to read full stories.

Apr 17 - Undaunted by oil bust, financiers pour billions into U.S. shale 

Investors who took a hit last year when dozens of U.S. shale producers filed for bankruptcy are already making big new bets on the industry's resurgence.In the first quarter, private equity funds raised $19.8 billion for energy ventures - nearly three times the total in the same period last year, according to financial data provider Preqin. Click here to read full stories.

Apr 17 - Most oil producers want extension of output cuts - Iran minister 

Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh was quoted as saying."(Zanganeh) stressed that most countries want OPEC's decision to be extended," the Iranian Students' News Agency (ISNA) reported. Click here to read full stories.

Apr 17 - Chevron exploring sale of Canada oil sands stake worth about $2.5 bln - sources 

Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada's Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation.The company has discussed with investment banks the prospect of selling the stake in the western Canadian oil sands project, a source said. Click here to read full stories.

Apr 17 - Speculators raise U.S. crude oil net longs - CFTC

Money managers raised their net long U.S. crude futures and options positions in the week to April 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.The speculator group raise its combined futures and options position in New York and London by 44,747 contracts to 337,225 during the period. Click here to read full stories.

Apr 17 - Brazil gov't mulls letting Petrobras back out of pre-salt bids 

Brazil may allow Petrobras to pull out of auctions for exploration blocks in the offshore pre-salt area to which the state-run oil company committed, if it considers the price too high, two sources with knowledge of the matter told Reuters.Petroleo Brasileiro SA, as the company is formally known, had previously been obliged by Brazilian law to acquire a 30 percent stake and operate all newly auctioned blocks in the pre-salt area, where massive discoveries have been made since the end of the last decade. Click here to read full stories.

Apr 17 - Dakota Access Pipeline to start interstate service May 14 

The controversial Dakota Access Pipeline will begin interstate crude oil delivery on May 14, according to a filing with the U.S. Federal Energy Regulatory Commission.Energy Transfer Partners LP on Thursday filed what is known as a tariff, which lays out details about the line and the oil to be delivered. Click here to read full stories.

Apr 13 - After years of soaring growth, Asia's fuel demand falters 

After years of often explosive growth, fuel consumption in Asia's biggest economies is stuttering, undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to end a global supply glut and lift prices.Gobbling up over a third of global supplies, Asia is the world's biggest and fastest growing region for oil consumption, and its seemingly insatiable fuel thirst has long been a core support for prices. Click here to read full stories.

Apr 13 - Inside edge: Trump advisor Icahn's big bet against biofuels credits 

Billionaire investor Carl Icahn's oil refining company, CVR Energy, made a massive bet in 2016 that prices for U.S. government biofuels credits would fall - just before Icahn started advising President Donald Trump on regulations driving that market.The size and specifics of the gamble - involving $186 million worth of biofuels credits the company said it needed at the end of 2016 to satisfy regulatory requirements - have not been previously reported by the media. Click here to read full stories.

Apr 13 - New U.S. pipelines to drive natural gas boom as exports surge 

U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to become one of the world’s top natural gas exporters.The pipelines are expected to boost output from shale fields in the three states by giving producers access to new domestic and international markets. Click here to read full stories.

Apr 13 - U.S. crude stockpiles fall unexpectedly - EIA

U.S. crude stocks fell unexpectedly last week, the Energy Information Administration said on Wednesday, while gasoline and distillate inventories also declined in a report that analysts said should be supportive for prices.Crude inventories fell by 2.2 million barrels in the week to April 7, compared with analysts' expectations for an increase of 87,000 barrels. Click here to read full stories.

Apr 13 - Oil rebalancing: delayed rather than derailed? Kemp 

Oil market rebalancing has been pushed back by a few months rather than pushed off course, if recent movements in crude futures prices are to be believed.Brent futures prices for June delivery have risen in 10 of the last 11 trading sessions by a total of more than $5 per barrel.Click here to read full stories.

Apr 12 - OPEC figures show oil output cuts exceed pledge in March - sources 

OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of higher-than-expected adherence to its first production cut in eight years.The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 to prop up prices and reduce a glut. Russia and 10 other non-OPEC states agreed to cut half as much. Click here to read full stories.

Apr 12 - As Texas oil output surges, cash crude discounts near 2-year lows 

Surging West Texas oil production has pushed the value of the region's spot crude to its lowest discount to the U.S. oil benchmark in nearly two years, as an exuberant shale industry pumps more to take advantage of higher prices and demand from refiners who have seen supplies cut by top global producers.OPEC and non-OPEC suppliers are working toward cuts of 1.8 million barrels per day, around 2 percent of the 92 million bpd global market, as they try to bring down record oil inventories and raise prices. Click here to read full stories.

Apr 11 - Libya's Sharara oilfield shut again as pipeline blocked: sources 

Production at Libya's Sharara oilfield has been halted after an unknown group blocked a pipeline just one week after a previous shutdown, a Libyan oil source and a field engineer told Reuters on Monday. Sharara's production had recovered to 213,000 barrels per day (bpd) by Sunday, when the latest stoppage began. The new blockade led the North African country's National Oil Corporation (NOC) to declare force majeure on loadings of Sharara crude from the Zawiya export terminal, the oil source said. Click here to read full stories.

Apr 11 - Oil surplus or scarcity? Shale makes it even harder to predict 

The shale oil boom has transformed the U.S. and global energy sector to such an extent that it has upended traditional supply dynamics and made forecasts far more polarised.Investment banks, many of which finance new projects, along with oil majors such as Total and Eni, have warned that huge spending cuts caused by a plunge in oil prices since 2014 would lead to a supply crunch in the next two years. Click here to read full stories.

Apr 11 - China says accord reached at last with Myanmar on oil pipeline 

China and Myanmar have reached an agreement on an oil pipeline between the neighbouring countries after almost a decade of talks, with the project due to start "very quickly", Chinese vice foreign minister Liu Zhenmin said on Monday.The new oil gateway fits with China's "One Belt, One Road" ambitions, linking it with central Asia and Europe, and will provide a more direct alternative route to sending Middle Eastern oil via the crowded Malacca Straits and Singapore. Click here to read full stories.

Apr 10 - Speculators raise U.S. crude oil net longs - CFTC 

Money managers raised their net long U.S. crude futures and options positions in the week to April 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.The speculator group raised its combined futures and options position in New York and London by 23,035 contracts to 292,478 during the period. The increase was the first since February. Click here to read full stories.

Apr 10 - U.S. drillers add oil rigs for 12th straight week - Baker Hughes 

U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices.Drillers added 10 oil rigs in the week to April 7, bringing the total count up to 672, the most since August 2015, energy services firm Baker Hughes Inc said on Friday. Click here to read full stories.

Apr 10 - Iran security body reviewing new IPC oil contracts - minister 

Iran's top security body is still reviewing the Iran Petroleum Contract (IPC) model, Oil Minister Bijan Zanganeh was quoted as saying on Sunday, as the contracts aimed at attracting foreign investors appear to face fresh delays.In January, Iran named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects under the IPC, which Tehran hopes will boost production after years of sanctions.  Click here to read full stories.

Apr 10 - Nigeria to require higher quality on fuel imports from July 1 

Nigeria will raise quality standards on its imported gasoline, diesel and kerosene from July 1, a change health campaigners have long said is necessary to protect citizens from toxic fuel.All imported diesel from July 1 can contain a maximum of 50 ppm sulphur, while gasoline and kerosene can contain a maximum of 150 ppm, according to an environment ministry official and information from the Standards Organization of Nigeria, the body responsible for setting requirements for imported goods. Click here to read full stories.

Apr 07 - Weak crude oil stunts U.S. energy IPOs, boosts outlook for M&A 

The stream of U.S. energy companies going public at the start of 2017 has dried up on concerns over the future direction of oil prices, but private buyers seeking mergers and acquisitions are ready to take advantage of the volatility to secure cheap deals. Texas-based FTS International and Select Energy Services are among six U.S. energy companies that filed for listings in the first quarter but delayed, even after receiving the green light from local regulators, Thomson Reuters data showed. Click here to read full stories.

Apr 07 - Asia demand, hedging boosts trading in forward U.S. oil contracts 

Trading volumes and open interest in U.S. crude futures soared in 2016, particularly among buyers out of Asia and shale companies locking in output, both of whom have shown an affinity for far-dated contracts, the CME Group Inc said on Thursday. NYMEX light sweet crude oil futures average daily volume hit an all-time high of 1.303 million contracts in November 2016, according to exchange data. Click here to read full stories.

Apr 07 - Traders bet their oil storage assets that OPEC cuts will work

The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply. Since January, Glencore, Vitol and Gunvor have completed or have been seeking to sell parts of their holdings in storage firms. Click here to read full stories.

Apr 07 - Traders clear Europe's tanks by shipping more gasoline to U.S.  

Traders are shipping more gasoline from Europe to the U.S. East Coast ahead of the summer driving season as a steady reduction in inventories there props up prices. At least 16 tankers carrying some 600,000 tonnes of gasoline blending components including naphtha have been booked in recent days by traders including Glencore, ExxonMobil, Mercuria, Repsol and Total, shipping data shows. Click here to read full stories.

Apr 07 - Nigeria pushes to legalise illicit refineries in restive Delta oil region 

Nigeria aims to legalise illicit oil refineries in the turbulent Niger Delta region, the vice-president's office said on Thursday, hoping to bring peace to the production heartland for the crude on which the country relies. If the refineries are legalised, it could help soothe tensions in the Delta states, where an uneasy peace is now being kept as the government holds talks with local communities, including militants whose attacks cut oil production by as much as a third last year. Click here to read full stories.

Apr 07 - Traders cancel light cycle oil cargoes ahead of China tax-sources 

Traders in North Asia are rushing to cancel loadings of a range of oil products for sale to China, ahead of a planned Chinese consumption tax that will make the trade uneconomic. At least two light cycle oil (LCO) cargoes have been cancelled for late April loading from South Korea ahead of the planned tax on the refinery by-product, two sources familiar with the matter said on Thursday. They declined to be named as they were not authorised to speak with the media. Click here to read full stories.

Apr 06 - Asia demand, hedging boosts trading in forward U.S. oil contracts 

Trading volumes and open interest in U.S. crude futures soared in 2016, particularly among buyers out of Asia and shale companies locking in output, both of whom have shown an affinity for far-dated contracts, the CME Group Inc said on Thursday.NYMEX light sweet crude oil futures average daily volume hit an all-time high of 1.303 million contracts in November 2016, according to exchange data. Click here to read full stories.

Apr 06 - U.S. crude inventories rise unexpectedly, product stocks dip - EIA 

U.S. crude stocks unexpectedly rose last week to a fresh record high, while gasoline and distillate inventories fell less than expected, the Energy Information Administration said on Wednesday, interrupting a recent string of bullish news for the oil market.Crude inventories rose 1.6 million barrels in week ending March 31, compared with expectations for a decrease of 435,000 barrels. Stocks, which have been steadily building to record highs this year, once again were at a peak, reaching 535.5 million barrels. Click here to read full stories.

Apr 06 - Traders cancel light cycle oil cargoes ahead of China tax-sources 

Traders are rushing to cancel loadings in North Asia of a range of oil products for sale to China, ahead of a planned Chinese consumption tax that will make the trade uneconomic.At least two light cycle oil (LCO) cargoes have been cancelled for late April loading from South Korea ahead of the planned tax on the refinery by-product, two sources familiar with the matter said on Thursday. They declined to be named as they were not authorised to speak with media. Click here to read full stories.

Apr 06 - Chevron pivots to Permian shale as mega-project era fades 

Nearly a century after Chevron Corp amassed the No. 2 stake in America's largest oilfield, Chief Executive John Watson is hitting the accelerator on developing the company's vast Permian Basin holdings.In an interview, Watson made clear his desire to put the West Texas to New Mexico expanse in the ranks of Chevron's biggest ventures. That is a stark change from just five years ago, when Chevron executives rarely mentioned the shale basin. Click here to read full stories.

Apr 05 - Petrobras says Exxon expressed 'strong interest' in pre-salt oil 

U.S. oil company Exxon Mobil Corp expressed to Brazil's state-controlled company Petrobras "strong interest" in the exploration of deep-water oil fields off the Brazilian coast, Petrobras Chief Executive Pedro Parente said on Tuesday."Considering movements towards a strategic partnership, we have nothing concrete with Exxon, but they have certainly expressed strong interest in the Brazilian pre-salt exploration," Parente told reporters. Click here to read full stories.

Apr 05 - Syncrude outage limits ConocoPhillips oil sands production 

A shutdown at the Syncrude oil sands facility in northern Alberta has curbed output from ConocoPhillips' Surmont plant, the U.S. company said on Tuesday, as the shortage helped push heavy Canadian crude prices to the narrowest discount in nearly two years.The 350,000 barrel-per-day Syncrude project cut production for all of April to zero, according to market sources, following a fire last month that damaged the facility and forced the operator to bring forward planned maintenance. Click here to read full stories.

Apr 05 - U.S. gasoline consumption flattens as fuel economy improves: Kemp 

Growth in U.S. gasoline consumption is slowing after two years of brisk increases between the middle of 2014 and the middle of 2016.The average fuel economy of vehicles on U.S. roads is improving, as a result of federal regulations, which is offsetting the continued growth in driving. Click here to read full stories.

Apr 04 - Libya oil output jumps after Sharara force majeure lifted 

Libya's crude production rose on Monday after state-owned National Oil Corp (NOC) lifted force majeure on loadings of Sharara crude oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters. NOC lifted force majeure on crude loadings of Sharara on Monday morning, shortly after the field was restarted, a Libyan oil source told Reuters. Click here to read full stories.

Apr 04 - Brazil's black market pipeline: Gangs hijack Petrobras' oil, fuel

In September, police investigating a wave of killings in the northern Rio de Janeiro suburbs followed a tip to the isolated scrubland near the massive Duque de Caxias oil refinery. Police presumed the killings were linked to turf battles between criminal gangs in the run-up to municipal elections the following month. Click here to read full stories.

Apr 04 - Hedge funds square up most of their former record bullish position in oil: Kemp 

Hedge funds have continued liquidating their large bullish position in crude amid doubts about the pace and timing of any rebalancing in the oil market. Hedge funds’ net position in Brent and WTI has been cut to 642 million barrels, down from a record 951 million barrels on Feb. 21. Click here to read full stories.

Apr 04 - U.S. East Coast refiners profit on winter gasoline at expense of summer stocks

The U.S. East Coast gasoline market looks set to begin the summer driving season with fewer barrels in storage than last year, as refiners have been profiting by producing winter grade gasoline longer than usual, trading sources said. Traders said the additional production of winter grade came because the price of butane, a key blending component for winter gasoline, has nearly halved in two months. That spurred traders and refiners to make more of the higher-volatility fuel that cannot be used in the summer. Click here to read full stories.

Apr 03 - Iraq has pledged to fully comply with oil cut deal, OPEC chief says 

Iraq has assured OPEC it will fully comply with an agreement to cut oil supply in order to bolster crude prices, OPEC Secretary General Mohammed Barkindo said on Sunday in Baghdad. Iraq's compliance stands now at 98 percent, the nation's oil minister Jabar al-Luaibi told reporters, after addressing a conference in the Iraqi capital, also attended by Barkindo. Click here to read full stories.

Apr 03 - Venezuela's Maduro wins power over oil despite court reversal 

The Venezuelan Supreme Court may have amended part of its explosive decision to take over the opposition-led congress, but it still gives embattled leftist President Nicolas Maduro broad new powers over the OPEC nation's vast oil wealth. The reversal on Saturday came after political leaders worldwide and street protestors at home accused the pro-government court of effectively making Maduro a dictator. Click here to read full stories.

Apr 03 - Brazil's oil exports set to jump this year, weakening OPEC curbs 

Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among non-OPEC producers. Higher output from the U.S. and Brazil are among the factors impeding an OPEC-led effort to lift crude prices through production cuts. Click here to read full stories. 

Apr 03 - Speculators cut U.S. crude oil net longs-CFTC 

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to March 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The change was the fifth consecutive cut. The speculator group cut its combined futures and options position in New York and London by 12,362 contracts to 269,443 during the period. Click here to read full stories.

Mar 31 - IEA says oil prices will not jump sharply, despite OPEC supply cuts 

The International Energy Agency (IEA) does not expect a major increase in global oil prices despite efforts by OPEC and non- OPEC members to reduce output, its executive director Fatih Birol told Reuters. OPEC and 11 other producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year in an effort to eradicate a stubborn supply glut and boost prices. Click here to read full stories.

Mar 31 - Saudi Aramco formally appoints banks to advise on share sale

Saudi Aramco has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters. The trio join Moelis & Co and Evercore, which have been appointed independent financial advisers, one source said of what is expected to be the world's biggest share sale. Click here to read full stories.

Mar 31 - Cenovus shares slump on $13 bln deal to buy Conoco's assets 

Cenovus Energy shares had their biggest one-day percentage fall ever on Thursday as investors balked at the company's C$17.7 billion ($13.3 billion) cash and stock deal to buy oil sands and natural gas assets from ConocoPhillips. The acquisition announced on Wednesday, the fifth-biggest Canadian energy deal on record, will more than double Cenovus production to 588,000 barrels of oil equivalent per day and make it the third-biggest Canadian producer. Click here to read full stories.

Mar 30 - OPEC compliance with oil curbs rises in March as UAE joins cut - survey 

OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. The reduction by the UAE has helped boost OPEC compliance this month with its production-cutting deal to 95 percent, up from an initial February estimate of 94 percent and a record high, according to Reuters surveys. Click here to read full stories.

Mar 30 - U.S. crude oil stockpiles build as products draw down - EIA 

U.S. gasoline stocks and distillate stockpiles dropped sharply last week as refinery runs jumped, while crude inventories grew less than anticipated, a relief for those hoping for a long-anticipated drawdown in petroleum stocks, the Energy Information Administration said on Wednesday. Crude inventories rose 867,000 barrels in the week ending March 24, compared with analysts' expectations for an increase of 1.4 million barrels. Total inventories were nearly 534 million barrels, EIA data shows, a record. Click here to read full stories.

Mar 30 - U.S. to review energy royalty rates on federal land 

The U.S. Interior Department said on Wednesday that it would form a new committee to review royalty rates collected from oil and gas drilling, coal mining and renewable energy production on federal lands to ensure taxpayers receive their full value. Interior Secretary Ryan Zinke said the committee would advise him on whether the government is getting a fair price from companies that lease public land for energy and natural resource development. Click here to read full stories.

Mar 29 - BP to sell more refineries and sharpen focus on retail outlets 

BP plans to sell more refineries without investing in new plants despite growing oil production and will focus on modernising existing operations while expanding its network of filling stations to generate $3 billion in additional cash. The group's head of refining told Reuters that even though BP's output was set to spike in the next five years as new fields become operational, its attitude to refining remains more cautious. Click here to read full stories.

Mar 29 - Major oil traders see high likelihood of output cuts being extended 

Major oil traders gathered in Switzerland this week said they expected OPEC and non-OPEC producers to extend their pact to curb output in the second half of this year, providing Russia complies. "I think the surprise so far this year is how quickly shale came back on a relatively modest price rebound," Gunvor CEO Torbjorn Tornqvist told a panel at the FT Commodities Global Summit in Lausanne. Click here to read full stories.

Mar 29 - Libya's oil output down 252,000 bpd due to armed protests

Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters, reducing output by 252,000 barrels per day (bpd), a source at the National Oil Corporation (NOC) said on Tuesday. NOC declared force majeure on loadings of Sharara crude from the Zawiya oil terminal in the west of the country and Wafa condensate loadings from the Mellitah terminal. Click here to read full stories.

Mar 29 - Goldman takes on the Brent spreads: Kemp 

Progress towards oil-market rebalancing and the need for an extension of production cuts by OPEC and non-OPEC countries has become the most contentious issue in the oil market. "We believe that the rebalancing of the oil market is in fact making progress despite the record high U.S. crude inventories," Goldman Sachs analysts said in a note to clients on Sunday. Click here to read full stories.

Mar 28 - Saudi Arabia sweetens huge Aramco IPO with tax cut 

Saudi Arabia's government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company's initial public offer of shares next year, which is expected to be the world's largest equity sale. A royal decree on Monday, retroactive to Jan. 1, set a tax rate of 50 percent for the firm. Previously, Aramco had paid 85 percent tax, plus a 20 percent royalty levied at a different stage; the decree did not mention the royalty.  Click here to read full stories.

Mar 28 - The DNA of oil wells - U.S. shale enlists genetics to boost output 

A small group of U.S. oil producers has been trying to exploit advances in DNA science to wring more crude from shale rock, as the domestic energy industry keeps pushing relentlessly to cut costs and compete with the world's top exporters. Shale producers have slashed production costs as much as 50 percent over two years, waging a price war with the Organization of the Petroleum Exporting Countries (OPEC). Click here to read full stories.

Mar 28 - Asset sales plan secures EU backing for $130 bln Dow, DuPont merger 

Dow Chemical and DuPont won the blessing of the European Union for their $130 billion merger on Monday by agreeing to sell substantial assets including key research and development activities. The European Commission had been concerned that the merger of two of the biggest and oldest U.S. chemical producers would leave few incentives to produce new herbicides and pesticides in the future. The deal is one of a trio of mega mergers that will reshape the industry and consolidate six companies into three. Click here to read full stories.

Mar 28 - Hedge funds unwind record bullish position in oil: Kemp 

Hedge funds have unwound much of the concentration of bullish positions that contributed to a fall in oil prices this month, suggesting a broader range of views about where prices go next. Hedge funds and other money managers now hold a combined net long position in Brent and WTI of 684 million barrels, down from a record 951 million on Feb. 21, though still well above the recent low of 422 million on Nov. 15 before OPEC announced output cuts. Click here to read full stories.

Mar 28 - U.S. crude shipments set to pick up as export window opens 

U.S. crude exports are poised to pick up, analysts and traders said, as rising domestic production has pushed the discount for U.S. futures versus Europe's Brent benchmark to its steepest since the United States lifted a ban on exports in late 2015. The discount for U.S. futures versus benchmark Brent settled at $3.02 per barrel on Monday after touching $3.07 per barrel, its widest since December 2015. That makes it more profitable for U.S. oil traders to ship crude to destinations where it fetches a higher price. Click here to read full stories.

Mar 27 - OPEC, non-OPEC to look at extending oil-output cut by six months 

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the statement had said the committee "reports high level of conformity and recommends six-month extension". Click here to read full stories.

Mar 27 - Shell and Anadarko mull clean break from Permian venture 

Royal Dutch Shell Plc and Anadarko Petroleum Corp may let a 10-year joint venture in the oil-rich Permian Basin of Texas expire and split their properties, hoping to speed up development, according to a senior Shell executive. The divorce and re-parceling of acreage would let each company drill and develop new wells at its own pace in the Permian, which has become the U.S. oil industry's hottest development area for its low operating costs as crude prices hover under $50 per barrel. Click here to read full stories.

Mar 27 - Goodhart's Law and OPEC's output deal: Kemp 

No evidence has emerged of cheating on the OPEC/non-OPEC production agreement so far. But Goodhart's Law is a reminder traders should expect countries to try to circumvent any target once it has been chosen. Goodhart's Law states that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes ("Monetary Theory and Practice", Goodhart, 1983). Click here to read full stories.

Mar 27 - Libya's National Oil Corp warns of new attempt at independent oil sales

Libya's National Oil Corporation (NOC) said on Sunday that it had identified "illegal" efforts to sell crude oil without its approval and warned potential buyers not to enter into such contracts. Factions based in eastern Libya have previously tried to sell oil independently of NOC in Tripoli, but their moves have been frustrated by U.N. resolutions that remain in place. Click here to read full stories.

Mar 27 - U.S. drillers add most rigs in a week since January - Baker Hughes 

U.S. drillers added oil rigs for a tenth week in a row, doubling the rig count in a ten-month recovery as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 21 oil rigs in the week to March 24, the biggest weekly increase since the week to Jan. 20, bringing the total count up to 652, up from a six-year low of 316 in May, energy services firm Baker Hughes Inc said on Friday.  Click here to read full stories.

Mar 27 - Speculators cut U.S. crude oil net longs to lowest since December - CFTC 

Hedge funds and other money managers cut their net long U.S. crude futures and options positions to the lowest levels this year in the week to March 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London for the fourth time consecutive week. The positions were cut by 33,272 contracts to 281,804 during the period. The levels were the lowest seen since the week ended Dec.  Click here to read full stories.

Mar 27 - U.S. oil refiners push for biofuels overhaul at White House

U.S. oil refining executives met with a senior official in President Donald Trump's administration at the White House last week to argue their position for an overhaul of the nation's biofuels program, two people in the meeting told Reuters. While it is not unusual for the White House to meet with stakeholders on key issues, the meeting is a sign the Trump administration is actively considering possible changes to the wide-reaching program. Click here to read full stories.

Mar 24 - All drill, no frack: U.S. shale leaves thousands of wells unfinished 

U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC's most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world's top oil exporters to cut supply, drain record-high inventories and lift prices. Click here to read full stories.

Mar 24 - Saudi exports to U.S. to fall by 300,000 bpd in March - official 

Saudi Arabia's crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with OPEC's agreement to reduce supply, a Saudi energy ministry official said on Thursday. The United States imported about 1.3 million bpd from OPEC's top exporter in February, according to U.S. Energy Information Administration data. Click here to read full stories.

Mar 24 - Saudi in 'serious discussions' with NYSE for Aramco IPO listing - foreign min 

Saudi Arabia is having "serious discussions" with the New York Stock Exchange about having the NYSE as one of the exchanges for state oil giant Saudi Aramco's IPO, the Saudi foreign minister told Fox News on Thursday. "Our objective is to try to complete the IPO sometime in 2018. There are serious discussions with the New York Stock Exchange about having the NYSE be one of the exchanges for the Aramco IPO and I believe the decision will be made on the financial merits," Adel al-Jubeir told Fox News. Click here to read full stories.

Mar 24 - U.S. asked to slap duties on biodiesel from Argentina, Indonesia 

U.S. biodiesel producers on Thursday asked the U.S. government to impose antidumping duties on imports of biodiesel from Argentina and Indonesia that it says have flooded the U.S. market and violated trade agreements. The move by the National Biodiesel Board (NBB) trade group comes after two years of tension between U.S. and foreign producers over soaring imports that the group says have threatened the profitability of domestic producers. Click here to read full stories.

Mar 24 - Saudi Arabia tries to drain oil stocks while protecting customer relationships: Kemp 

Saudi Arabia faces a difficult balancing act as it tries to work down excess global crude stocks while protecting relationships with important refining customers in the United States and Asia. Saudi Aramco exports most of its crude direct to refiners under long-term contracts that prohibit resale to other refiners or independent traders. Click here to read full stories.

Mar 24 - As Trump targets energy rules, oil companies downplay their impact 

President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers. Click here to read full stories.

Mar 23 - Major oil companies open their wallets in Gulf of Mexico bidding 

Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signaled the oil industry's return to the Gulf of Mexico's deep waters with high bids in a government auction up 76 percent over a year ago. The auction of offshore oil and gas parcels received nearly $275 million in high bids, compared with $156.4 million a year ago. The year-ago auction drew the fourth lowest total bids for leases in the central Gulf. Click here to read full stories.

Mar 23 - Libyan oil output rises to 700,000 bpd after port fighting ends - NOC 

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement. Click here to read full stories.

Mar 23 - China's Sinopec buys first major refinery in Africa from Chevron 

China's Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp's South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced on Wednesday. China Petroleum and Chemical Corp, or Sinopec, Asia's largest oil refiner, said the assets include a 100,000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities. Click here to read full stories.

Mar 23 - U.S. crude stockpiles at record high as imports surge -EIA 

U.S. crude oil stocks rose to a fresh record last week, the Energy Information Administration said on Wednesday, as a surge in imports and rising domestic production more than offset a hike in refinery runs. Crude stocks in the world's top oil consumer have been building since the beginning of the year and undermining hopes that an OPEC-led deal to cut production will reduce a persistent global glut. Click here to read full stories.

Mar 23 - Britain awards 25 oil exploration licences in frontier tender 

Britain has awarded 25 licences for oil and gas exploration in previously untapped waters and announced a new licensing round for mature areas to be held in late May or June, the Oil and Gas Authority (OGA) said on Thursday. Seventeen companies received exploration licences in a tender that closed in October. The tender attracted the lowest interest in 14 years as appetite for finding new oil in the North Sea has waned amid high costs and weak oil prices. Click here to read full stories.

Mar 22 - Beset by delays, Myanmar-China oil pipeline nears start-up 

Nearly a decade in the making, a project to pump oil 770 km (480 miles) across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the port of Kyauk Phyu, marking the opening of a new oil trading route. Dogged by sensitive relations between Naypyitaw and Beijing, the $1.5 billion oil pipeline has been sitting empty for two years, but the two sides are now close to a deal, said Myanmar-based government and industry sources, despite some last-minute tensions. Click here to read full stories.

Mar 22 - New projects, shale boom could trigger oil oversupply by 2018-19: Goldman 

New production projects and a fresh shale boom could boost oil output by a million barrels per year and result in an oversupply in the next couple of years, according to Goldman Sachs. "2017-19 is likely to see the largest increase in mega projects' production in history, as the record 2011-13 capex commitment yields fruit," the U.S. investment bank said in a research note on Tuesday. Click here to read full stories.

Mar 22 - Ex-oil traders seek buyer for Canadian refinery after bet fails 

The former crude oil traders who bought a struggling, remote Canadian refinery in 2014 as a turnaround bet are quietly trying to unload the asset after facing weak margins and high regulatory costs, according to two people familiar with the efforts. SilverPeak Financial Partners was once seen as a buyer of refineries - not a seller. The former traders running the commodity venture had planned to build a merchant refiner with trading capabilities, using their purchase of a Newfoundland refinery as a beachhead into the industry. Though the company looked at refineries in Europe, South America and Africa, the deals never materialized, and the stand-alone Canadian plant floundered. Click here to read full stories.

Mar 22 - U.S. oil and gas industry reaps the benefits of international trade: Kemp 

Rising exports have thrown a lifeline to U.S. shale producers and refiners, giving them an additional outlet at a time when the domestic market has been at risk of becoming saturated. The United States exported record quantities of natural gas, propane, gasoline, distillate fuel oil and light crude last year while continuing to import the heavy oils needed by its refineries. Click here to read full stories.

Mar 21 - OPEC leans towards oil cut extension, but non-members need to be in - sources 

OPEC oil producers increasingly favour extending beyond June a pact on reducing crude supply to balance the market, sources within the group said, although Russia and other non-members need to remain part of the initiative. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for six months, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much. Click here to read full stories. 

Mar 21 - Hedge funds rush for exit after oil trade becomes crowded: Kemp 

edge funds cut their bullish bets on oil by the largest amount on record in the week to March 14, according to the latest data published by regulators and exchanges. Hedge funds and other money managers cut their combined net long position in the three main futures and options contracts linked to Brent and WTI by a record 153 million barrels in just seven days. Click here to read full stories.

Mar 21 - Petrobras seen reversing loss on higher oil, lower writedowns 

Petróleo Brasileiro SA, Brazil's state-controlled oil company, likely returned to a profit in the fourth quarter, reflecting the impact of higher average oil prices, lower asset writedowns and cost-cutting, analysts said on Monday. Rio de Janeiro-based Petrobras probably earned 3.701 billion reais ($1.2 billion) last quarter, reversing a net loss of 16.458 billion reais in the third quarter, according to the average analyst estimate compiled by Thomson Reuters. Petrobras lost a record 35.8 billion reais a year earlier. Click here to read full stories.

Mar 21 - TransCanada seeks pipe approval linked to Petronas LNG terminal 

Transcanada Corp has secured shippers' commitment for a pipeline associated with Malaysian state-owned oil company Petronas' pending Pacific NorthWest liquefied natural gas (LNG) terminal in western Canada andtargets 2018 for construction, the company said on Monday. Government construction approval will allow the company to start building most of the North Montney Mainline before majority owner Petroliam Nasional Bhd, or Petronas, decides whether to commit to the project, TransCanada said in a statement. Click here to read full stories.

Mar 21 - Biofuels credits surge ahead of EPA deadline for 2017 requirements - traders 

Prices of compliance credits used by oil companies to meet annual U.S. government biofuels requirements surged on Monday, as traders positioned themselves for the delayed implementation of the rule that set volumes for 2017. Prices of renewable fuel (D6) Renewable Identification Number (RIN) credits jumped as high as 50 cents apiece in late trade on Monday, traders said. That was up from as low as 40 cents earlier in the session and from 37.5 to 39 cents on Friday as buying resumed after weeks of uncertainty had gripped the market and kept oil refiners to the sidelines. Click here to read full stories.

Mar 20 - Beijing, Saudi Arabia agree to more oil cooperation, exports to China  

China and Saudi Arabia will increase their cooperation in the oil sector, including in Saudi oil exports to China, the two countries said in a joint communique issued on Saturday at the end of Saudi Arabian King Salman's visit to Beijing. The world's largest oil exporter has been looking to cement ties with the world's second-largest economy. Click here to read full stories.

Mar 20 - Libya's NOC says expects to regain Es Sider, Ras Lanuf oil ports 

Libya's National Oil Corporation (NOC) has been coordinating with military forces from eastern Libya and has "no reason to believe" it will not regain control of the Es Sider and Ras Lanuf oil ports, NOC's chairman said. The loss and recapture of the ports this month by the eastern-based Libyan National Army (LNA) had raised doubts over its willingness to let the Tripoli-based NOC manage the ports. Click here to read full stories.

Mar 20 - U.S. drillers add oil rigs for 9th week in a row - Baker Hughes 

U.S. drillers added oil rigs for a ninth week in a row, extending a recovery that is expected to boost shale production by the most in six-months in April. Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday.  Click here to read full stories.

Mar 20 - Speculators cut U.S. crude oil net longs by record amount - CFTC 

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive cut, U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Hedge fund bets on crude have been closely watched as oil futures have retreated in the past two weeks, breaking out of a range had held since OPEC agreed in November to cut production to reduce a supply-glut. Click here to read full stories.

Mar 17 - Halfway into 2017's oil supply cut, Asia remains awash with fuel

Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group's efforts to rein in a global glut have so far had little effect. The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices. Click here to read full stories.

Mar 17 - Venezuela's cash-strapped PDVSA offers Rosneft oil stake - sources

Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country's Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation's dire economic situation and Moscow's growing muscle there. Rosneft, Russia's top oil producer, has been offered a 10 percent stake in the Petropiar joint venture. Click here to read full stories.

Mar 17 - U.S. EPA hit hardest as Trump budget targets regulations

 President Donald Trump's administration on Thursday proposed a 31 percent cut to the Environmental Protection Agency's budget, as the White House seeks to eliminate climate change programs and trim initiatives to protect air and water quality. The EPA would sustain the biggest cut of any federal agency in the White House 2018 budget, as Trump seeks to clear away regulations he claims are hobbling U.S. oil drillers, coal miners and farmers. Click here to read full stories.

Mar 17 - Latin America struggles to stem pricey fuel imports

Latin American countries are becoming more reliant on costly fuel imports amid floundering efforts to bolster domestic oil output and expand refinery capacity. Incomplete reform projects and budget cuts that have stalled investments are aggravating the situation for many Latin American countries Click here to read full stories.

Mar 17 - Saudi oil minister says output cuts may be extended if necessary - Bloomberg

A deal to cut oil output by the Organization of the Petroleum Exporting Countries could be extended if inventories remain above average, Saudi Energy Minister Khalid al-Falih said in an interview with Bloomberg on Thursday. OPEC and some non-OPEC producers agreed to cut production from Jan. 1 to reduce record stocks of global crude oil, but the deal has been dampened by data showing persistently rising U.S. stockpiles. Click here to read full stories.

Mar 16 - IEA says oil market could tilt into deficit in H1 if OPEC sticks to cuts

Global oil inventories rose for the first time in January as the market grappled with a swell in production last year, but if OPEC maintains its output cuts, demand should overtake supply in the first half of this year, the International Energy Agency said on Wednesday. The IEA's monthly report struck a more bullish note than that issued by the Organization of the Petroleum Exporting Countries on Tuesday. Click here to read full stories.

Mar 16 - China, Saudi Arabia eye $65 bln in deals as king visits 

Saudi Arabia's King Salman oversaw the signing of deals worth potentially $65 billion as he began a visit to Beijing on Thursday, as the world's largest oil producer looks to cement ties with the world's second-largest economy. The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is on a month-long Asian tour. Click here to read full stories.

Mar 16 - U.S. oil stockpile decline reverses 9 weeks of builds - EIA

U.S. crude stocks fell last week as imports plummeted, dropping after nine consecutive increases, while gasoline and distillate inventories declined more than expected, the Energy Information Administration said on Wednesday. The stockpiles have been closely watched by oil traders eager to determine whether a November agreement to cut output by the Organization of the Petroleum Exporting Countries is reducing a global supply glut.  Click here to read full stories.

Mar 16 - Syncrude Canada site output down as fire continues burning

Several crude bitumen processing upgrader units at Syncrude Canada's oil sands plant in Alberta were shut or running at minimized rates on Wednesday as a fire continued to burn for a second day, the company said. Mining and extraction of bitumen at Syncrude's Mildred Lake and Aurora sites are also being paced to balance the resulting lower demand, the company said in a statement. Click here to read full stories.

Mar 16 - Libya's eastern parliament supports end of unified National Oil Corp

Libya's eastern parliament said on Wednesday it supported ending a deal to unify the country's National Oil Corporation (NOC), a day after eastern forces recaptured major oil ports from a rival faction. The fighting for control of the ports in Libya's Oil Crescent, a strip of coast southwest of Benghazi, has raised fears of an escalation of violence and a reversal for the OPEC member state's efforts to revive its oil output. Click here to read full stories.

Mar 16 - Brazil audit court clears Petrobras to restart asset sales

Brazil's federal audit court TCU on Wednesday allowed state-run oil company Petroleo Brasileiro SA to proceed with its divestment program, but required the company to restart the process except for two projects. The decision means that moves by Petrobras, as the company is known, to sell off a controlling stake in its fuels distribution unit BR Distribuidora will start from scratch. Click here to read full stories.

Mar 15 - OPEC's compliance with output cuts high, rebalancing progresses - Goldman

OPEC's compliance with output cuts remained high even though the group's monthly report indicated a rise in global crude stocks and a production jump from Saudi Arabia, Goldman Sachs said on Tuesday. Goldman said in a research note that market rebalancing is still progressing, and it saw demand for oil finally exceeding supply in the second quarter aided by production cuts, despite an expected rise in U.S. shale output. Click here to read full stories.

Mar 15 - OPEC says oil stocks still increasing, Saudis raise output

OPEC said on Tuesday oil inventories have risen despite a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in an effort to clear a glut and support prices. In a monthly report, OPEC also said its biggest producer Saudi Arabia increased output in February by 263,000 barrels per day to 10 million bpd, after in January making a larger cut than required by the OPEC accord to ensure strong initial compliance. Click here to read full stories.

Mar 15 - East Libyan forces recapture oil ports

East Libyan forces said they had regained control on Tuesday of the major oil ports of Ras Lanuf and Es Sider from a rival faction that seized them earlier this month and were pursuing their opponents into the desert. Ahmed al-Mismari, spokesman for the eastern-based Libyan National Army (LNA), said fighters from the Benghazi Defence Brigades (BDB) were retreating towards the coastal town of Harawa, more than 100 km (60 miles) west of Es Sider and to Jufra, their desert base nearly 300 km to the south. Click here to read full stories.

Mar 15 - China crude oil stockpiling impervious to OPEC price hike: Russell

China's stockpiling of crude oil appears to have increased in the first two months of the year, despite prevailing higher prices caused by OPEC and its allies curbing output. The country rarely releases detailed inventory levels for strategic and commercial storage, but it's possible to work out an estimate from net crude imports, domestic output and refinery throughput. Click here to read full stories.

Mar 15 - Delta hires consultant to study refinery options -sources

Delta Air Lines has hired a consultant to assess the impact on jet fuel prices if the carrier sells or closes the Philadelphia-area refinery it purchased five years ago to keep fuel affordable, two sources familiar with the process said. They said the consultant will also study other scenarios involving jet fuel prices and the refinery sector, including the impact if other refineries close. Click here to read full stories.

Mar 15 - Brent spreads become battleground amid doubts over oil rebalancing: Kemp

Global oil markets are gradually rebalancing, but progress has been slower and more uneven than the Organization of the Petroleum Exporting Countries and bullish hedge funds expected. OPEC as well as most commentators, crude traders and hedge funds have assumed the rebalancing of the oil market will be accompanied by a shift from contango towards backwardation in oil futures prices. Click here to read full stories.

Mar 14 - Russian oil major says U.S. shale growth imperils OPEC deal

A recovery in U.S. oil output may deter OPEC and non-OPEC producers from extending production cuts beyond June and might lead to a new price war, Russia's top oil major said on Monday. U.S. shale oil production had been in retreat as oil prices tumbled from above $100 a barrel in 2014 to below $30 in 2015, making costly fracking processes less profitable. Click here to read full stories.

Mar 14 - Oil prices drop as hedge funds head for the exit: Kemp

Hedge funds and other money managers had barely started liquidating their record bullish position in crude oil futures and options before prices tumbled on March 8. The critical question is how much more of the position will need to be liquidated before the market stabilises again. Click here to read full stories.

Mar 14 - U.S. shale oil output to soar in April, Permian to hit fresh record

U.S. shale oil production in April was set for its biggest monthly increase since October as output in the Permian Basin, America's fastest growing shale oil region, was expected to hit another record high, government data showed on Monday. Total shale oil production was expected to rise 109,000 barrels per day to 4.96 million bpd, according to the U.S. Energy Information Administration's drilling productivity report. Click here to read full stories.

Mar 14 - Iran leapfrogs Iraq as India's no. 2 oil supplier in Feb - trade data

India's oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, shipping data showed on Monday. The jump meant Iran replaced regional rival Iraq as India's second-biggest oil supplier - a role Tehran used to occupy before Western sanctions were imposed against it over the country's disputed nuclear programme. Click here to read full stories.

Mar 14 - Japan PM Abe seeks Saudi support for Aramco listing in Tokyo

Japan's Prime Minister Shinzo Abe asked Saudi Arabia's King Salman on Monday to support a listing of oil giant Aramco's shares in Tokyo, as financial centres in Asia and elsewhere step up efforts to win the coveted $100 billion listing. Abe made the request for support on the Aramco listing to the Saudi monarch, who responded by saying the kingdom would look into the request because he wants Japanese investors to buy Aramco shares, Japan'sDeputyChief Cabinet Secretary Kotaro Nogami told reporters. Click here to read full stories.

Mar 13 - Commodities mark worst week in months amid glut, China drag

Global commodities from oil to metals and grains were on course to post their steepest weekly declines in months on Friday as the recent rallies in the asset class showed signs of fatigue, pressured by a glut and tepid demand from top consumer China. Gold, which investors typically run to when they flee risky assets, was not spared from this week's selloff as the metal dropped below the critical $1,200 an ounce support amid a looming U.S. interest rate hike. Click here to read full stories.

Mar 13 - OPEC aims in vain for the Goldilocks oil price: Kemp 

CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals. The oil industry conference in Houston started with a celebration of higher prices, progress towards drawing down global stockpiles, and optimism about the outlook for shale producers. Click here to read full stories.

Mar 13 - Despite sanctions relief, Shell still cool on Iranian oil buys

Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction ofwhat it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases, which were disclosed in its annual report, and the company declined to comment further. Click here to read full stories.

Mar 13 - Trillion-dollar question looms as Aramco audits oil reserves 

When Saudi Aramco reveals a Western audit of its oil reserves, investors will be looking for two answers: How much oil and how much detail? Saudi Energy Minister Khalid al-Falih has hinted at a surprise on the upside on reserve volumes ahead of Aramco's 2018 share listing, but industry sources say detail on individual deposits – which investors have long sought - will be thin. Click here to read full stories.

Mar 13 - U.S. refiners' biofuel bill soars to record high as debate heats up

Oil refiners shelled out a record over $2 billion to meet U.S. biofuels requirements in 2016, a 70 percent surge that helps fuel a growing debate over who should shoulder the costs for meeting environmental regulations. A Reuters review of regulatory filings from ten refiners, including Valero Energy Corp and CVR Energy Inc, showed that they paid $2.22 billion last year for compliance credits that companies use to prove they are meeting annual government requirements for volumes of biofuels to be blended with gasoline and diesel.  Click here to read full stories.

Mar 13 - Oil trading giant Vitol bets on fuel retail for growth

From Pakistan to Turkey, the world's largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell. With the sharp drop in global oil prices, major integrated oil companies have been shedding assets, including the marginally profitable retail outlets, to cut costs. Click here to read full stories.

Mar 13 - China's teapot refineries lobby for fuel export permits

China's independent oil refineries, known as "teapots", have sought to lobby the government to lift a ban on fuel exports, in a proposal made to the annual meeting of parliament this week, two refinery executives said on Friday. China has suspended the grant of export quotas to independent refiners for this year, ending a year-old policy allowing some independents to sell diesel, gasoline and naphtha abroad and dealing a blow to the group.   Click here to read full stories.

Mar 13 - Speculators cut U.S. crude oil net longs for second week - CFTC

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to March 7, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The move was the second consecutive cut, the data showed. The speculator group cut its combined futures and options position in New York and London by 19,513 contracts to 401,659 during the period. Click here to read full stories.

Mar 10 - CERAWEEK-Oil industry revives quest for deepwater reserves 

Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world's top energy firms are restarting their search for giant oilfields under the ocean after a two-year lull. A recovery in oil prices to about $50 a barrel from a 12-year low in 2016 is reviving oil majors' appetite for risk. Click here to read full stories.

Mar 10 - Saudis tell U.S. oil: OPEC won't extend cuts to offset shale - sources 

Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday. Oil producers led by Saudi Arabia and top non-OPEC exporter Russia are in an uneasy truce with U.S. shale firms after a two-year price war that sent many shale producers to the wall. The Saudis and Russia led a deal to curb output in late 2016 to end a global supply glut that pushed oil prices to a 12-year low. Click here to read full stories.

Mar 10 - Order for Venezuela to pay Exxon $1.4 bln in damages overturned - lawyer 

A World Bank tribunal's order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp over nationalizations has been annulled, a lawyer for the Venezuelan government said on Thursday. The case at the World Bank's International Centre for Settlement of Investment Disputes is one of many arising from nationalizations during late President Hugo Chavez's 1999-2013 rule of the South American OPEC member country. Click here to read full stories.

Mar 10 - China's CEFC courts "teapots" for first domestic refinery acquisition 

Privately-run conglomerate CEFC China Energy has approached several independent Chinese oil processors seeking to acquire its first domestic refinery operation, its next move towards becoming a global integrated oil player. New details of CEFC's attempts to buy a refinery in China come less than three weeks after the little-known Shanghai-based firm announced its first major upstream oil investment, a $900 million deal for a 4 percent stake in an Abu Dhabi oilfield.  Click here to read full stories.

Mar 10 - U.S. oil production forecasts revised higher: Kemp 

U.S. oil production forecasts for 2017 and 2018 have been boosted significantly as a result of rising prices as well as improved modelling techniques for predicting output down to the well level. Crude production is expected to reach 9.53 million barrels per day (bpd) in December 2017, according to the latest forecasts from the U.S. Energy Information Administration (EIA). Click here to read full stories.

Mar 10 - Libya's oil output drops to 620,000 bpd - NOC head 

Libya's oil output has fallen to 620,000 barrels per day, a drop of about 80,000 bpd since clashes erupted around some of the country's major export terminals, the head of the National Oil Corporation (NOC) said on Thursday. Mustafa Sanalla told Reuters that production by Waha Oil Co, a joint venture between NOC and foreign partners, had been entirely halted. Waha pumps oil to Es Sider, one of two ports that the eastern-based Libyan National Army (LNA) lost control of last Friday to a rival faction. Click here to read full stories.

Mar 09 - CERAWEEK-U.S. shale plots production growth despite OPEC's warning

U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgence that could confound OPEC's strategy to tighten global supplies. As shale firms rebound from a two-year price war with OPEC, many are planning to expand production in North Dakota, Oklahoma and other shale regions. Click here to read full stories.

Mar 09 - Oil bulls blink after months of attempts to push crude prices higher 

Oil bulls trying to push the crude market higher finally waved the white flag on Wednesday, triggering the biggest rout in a year, on concerns that stubbornly high inventory levels would persist despite supply cuts. Prices had been locked in the tightest trading range in over a decade as traders and speculators piled into bets that oil prices would rise after the world's top producers cut output. Click here to read full stories.

Mar 09 - CERAWEEK-Oil executives cautiously optimistic about Trump policies 

Oil executives cautioned it is too soon to gauge the impact of President Donald Trump's policy proposals on their businesses, but they are looking forward to hearing more about plans for energy regulation, trade and taxation. Tougher environmental regulations under the Obama administration stymied energy infrastructure projects like the Keystone XL crude pipeline and Dakota Access Pipeline, and required automakers and refiners to spend more to reduce pollutants. Click here to read full stories.

Mar 09 - Aramco IPO has limited destination choices 

Aramco is too big to experiment. Every global stock exchange would love to handle the debut of the world's biggest oil producer. A Reuters Breakingviews analysis weighing six market-related, political and other factors suggests New York is the most attractive locale and Tokyo a top wild-card. Kingdom authorities reckon the fossil-fuel colossus may be worth some $2 trillion. If only 5 percent of the company is listed next year, as expected, that would translate into $100 billion of shares on offer. Aramco Chief Executive Amin Nasser said this week that Riyadh's Tadawul and one or two other venues internationally would host. Click here to read full stories.

Mar 09 - U.S. crude stockpiles soar, gasoline inventory plunges - EIA 

U.S. crude oil inventories surged last week to another record high, while gasoline stocks went the other direction, posting their largest one-week drop in nearly six years, the Energy Information Administration said on Wednesday. Crude inventories rose 8.2 million barrels in the week to March 3, compared with analysts' expectations for a 2 million-barrel build. Most of that - 4.6 million barrels - came from an unexpectedly large surge in stocks on the west coast. Click here to read full stories.

Mar 08 - CERAWEEK-Saudi energy minister says oil market fundamentals improving 

Saudi Energy Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving after an agreement struck with top oil producers to curb supply and end a two-year glut took effect. The kingdom led a pact between the Organization of the Petroleum Exporting Countries and other major producers, including Russia,Mexico and Kazakhstan, to cut global crude output by about 1.8 million barrels per day (bpd) from Jan. 1, and bring supply closer to demand. Click here to read full stories.

Mar 08 - Oil-for-loan debts cost Venezuela's PDVSA hard-won India market share 

Venezuela's state-run oil company, PDVSA, has spent at least a decade trying to build business ties and boost shipments to refineries in India, where crowds once welcomed the late socialist leader Hugo Chavez with cries of "Viva!" Now, the ailing firm is being forced to slash sales to its crucial trade partner. Click here to read full stories.

Mar 08 - CERAWEEK-OPEC invites U.S. shale firms, hedge funds into talks on glut 

The Organization of the Petroleum Exporting Countries is moving to bring U.S. shale producers and hedge funds into widening talks about how best to tame a global oil glut. The group held unprecedented talks with fund executives on Tuesday and earlier held meetings with shale producers, including Pioneer Natural Resources Co and ConocoPhillips. Click here to read full stories.

Mar 08 - Burning less oil at home will help Saudi exports and Aramco IPO

Saudi Arabia is likely to reduce the amount of oil it burns to generate power this summer as the kingdom hikes domestic energy prices and uses more natural gas in power stations, industry sources said. Burning less crude at home means the world's top oil exporter may not need to push output to the record high of 10.67 million barrels per day (bpd) reached in July last year, even if the Organization of the Petroleum Exporting Countries and other producers end supply curbs in June. Click here to read full stories.

Mar 08 - Oil industry costs will rise as focus shifts to growth: Kemp 

Oil industry costs are notoriously pro-cyclical, which is one of the main reasons for the pattern of boom and bust that has afflicted in the industry from the beginning. The cost of everything from skilled and unskilled labour to engineering contracts, field services, raw materials, equipment, spare parts and rig hire tends to rise and fall with price of oil. Click here to read full stories.

Mar 08 - EIA revises U.S. crude oil output growth in 2017 higher 

The U.S. Energy Information Administration expects U.S. crude oil production in 2017 to rise by more than it had previously forecast, according to its monthly short term energy outlook released on Tuesday. The agency said that crude oil output will rise to 9.21 million barrels per day this year from 8.88 million bpd in 2016, a 330,000-bpd increase. Last month, it forecast a 100,000 bpd year-over-year increase. Click here to read full stories.

Mar 07 - CERAWEEK-Too early to discuss oil deal's extension - Russia, Iraq 

Russia and Iraq said on Monday it was too early to discuss an extension of a historic deal to curb oil output beyond June while cash-strapped Angola supported the move to boost oil prices. Members of the Organization of the Petroleum Exporting Countries (OPEC) including Iraq and non-OPEC countries such as Russia last year agreed to cut oil production by some 1.8 million barrels per day (bpd)for six months beginning Jan. 1 to reduce global oil supplies that have weighed on prices. Click here to read full stories.

Mar 07 - CERAWEEK-Exxon to invest $20 bln on U.S. Gulf Coast refining projects

Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Monday it would invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast. The investments at 11 sites should create 35,000 temporary construction jobs and 12,000 permanent jobs, Chief Executive Darren Woods said in a speech at CERAWeek, the world's largest gathering of energy executives.  Click here to read full stories.

Mar 07 - IEA warns of oil "supply crunch" by 2020 with no capex renaissance 

Global oil supply may struggle to match demand after 2020, when the pinch of a two-year decline in investment in new production could leave spare capacity at a 14-year low and send prices sharply higher, the International Energy Agency said on Monday. Investors generally are not betting on a sharp rise in the price of crude oil any time soon, but the contraction in global spending in 2015 and 2016 and growing global demand means the world could well face a "supply crunch" if new projects are not soon given the go-ahead, the IEA said in its five-year "Oil 2017" market analysis and forecast report. Click here to read full stories.

Mar 07 - Saudi cuts to lighter crude prices show shifting oil market: Russell 

A decision by Saudi Aramco to cut the price of its benchmark Arab Light crude to Asian refiners for April-delivery cargoes has prompted speculation that the world's top oil exporter is chasing market share. There is always a risk in over-interpreting moves in Aramco's official selling prices (OSPs), and trying to fit them into a narrative that supports a particular view of the state of the market. Click here to read full stories.

Mar 07 - East Libyan forces mobilising for counter attack at oil ports - officials 

East Libyan forces carried out fresh air strikes on Monday and said they were mobilising ground forces as they attempt to win back two of Libya's largest oil ports, military officials said. Forces loyal to the eastern-based Libyan National Army (LNA) lost control of the ports of Sider and Ras Lanuf on Friday to a rival faction known as the Benghazi Defence Brigades (BDB), and have been unable to dislodge them with air strikes and ground operations since then. Click here to read full stories.

Mar 06 - Inventories are responding to OPEC cuts - CeraWeek secretary general

Oil inventories onshore and offshore are responding to production cuts implemented by OPEC, the secretary general of the organization, Mohammad Barkindo, said on Sunday. OPEC-led production cuts have helped raise global oil prices by more than 10 percent since they were approved in November. Click here to read full stories.

 Mar 06 - Titans of oil world meet in Houston after 2-yr price war - CeraWeek

The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States. When OPEC in November joined with several non-OPEC producers to agree to a historic cut in output, the group called time on a fight for market share that drove oil prices to a 12-year low and many shale producers to the wall. Click here to read full stories.

Mar 06 - Armed faction enters major Libyan oil ports, putting output at risk 

An armed faction entered two major Libyan oil ports on Friday, pushing back forces that captured and reopened the terminals in September, officials and residents said. The move risks increasing the fighting around the ports and casts new doubt over Libya's attempt to revive its oil production. The terminals at Es Sider and Ras Lanuf are two of Libya's largest, with potential combined production capacity of about 600,000 barrels per day (bpd). Click here to read full stories.

Mar 06 - U.S. ethanol group clashes with Icahn over details of biofuels negotiation 

The head of the Renewable Fuels Association says billionaire investor Carl Icahn told him last week President Donald Trump was about to issue an order overhauling the U.S. biofuels program - something both Icahn and the White House have denied. Confusion over Trump's plans for the Renewable Fuel Standard (RFS), which requires increasing volumes of biofuels to be added to gasoline and diesel each year, triggered gyrations in the energy and agricultural markets this week and reopened questions about Icahn's role shaping the president's regulatory policy.  Click here to read full stories.

Mar 06 - Speculators cut U.S. crude oil net longs from record high - CFTC 

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Feb. 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 22,533 contracts to 421,171 during the period. The contracts were at a record high the previous week. Click here to read full stories.

Mar 03 - Saudi cuts light oil prices to Asia as global oversupply persists

World's top crude exporter Saudi Arabia cut April prices of light crude it sells to Asia for the first time in three months in a bid to shore up demand in an oversupplied market, trade sources said on Friday. The OPEC kingpin raised prices for two straight months to March after production cuts by the Organization of the Petroleum Exporting Countries and Oman strengthened Middle East oil benchmark Dubai, but it unexpectedly cut prices in April as oversupply of light crude persisted. Click here to read full stories.

Mar 03 - China's largest 'teapot' refiner, CEFC team up in Shandong oil terminal venture

Dongming Petrochemical, China's largest independent or 'teapot' refiner, has signed a deal with privately run CEFC China Energy and a local port authority to build a crude oil terminal in Shandong province, seeking to ease a logistics bottleneck gripping the country's teapot oil sector. The 3.9 billion yuan project with conglomerate CEFC China Energy and Rizhao port authorities comes as China's teapots refiners emerge as a catalyst in the global oil market, ramping up Russian and U.S. imports in frenzied buying that has led to tanker queues and scarce storage space.  Click here to read full stories.

Mar 03 - U.S. shale producers renew their challenge to OPEC: Kemp

U.S. crude oil production appears to be rising strongly thanks to increased shale drilling as well as rising offshore output from the Gulf of Mexico. Production averaged almost 9 million barrels per day (bpd) in the four weeks to Feb. 24, according to the latest weekly estimates published by the Energy Information Administration. Click here to read full stories.

Mar 03 - Peak gasoline demand looms with engine efficiency gains

Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said. Global demand for gasoline, which accounts for more than a quarter of the world's oil consumption, is set to peak as early as 2021 even in the face of relentless growth in the vehicle fleet, according to the Edinburgh-based consultancy. Click here to read full stories.

Mar 03 - Sinopec to start operating Zhanjiang commercial oil tanks; SPR site delayed -sources

Sinopec Corp is expected to start operating by June a new commercial crude oil tank farm in the southern Chinese city of Zhanjiang, where a large strategic reserve site is also under construction, three industry sources said this week. The new commercial tanks will store 8.5 million barrels, equivalent to over four supertankers. Click here to read full stories.

Mar 03 - Nigeria files new charges against Shell, Eni, others over 2011 oilfield purchase - court documents

Nigeria's financial crime watchdog has filed new corruption charges against Royal Dutch Shell, Eni and others regarding the $1.3 billion purchase of a long-disputed oilfield in 2011, according to court documents released on Thursday. The charges of conspiracy to commit a felony and official corruption were made after an investigation by Nigeria's Economic and Financial Crimes Commission found new evidence, Jonson Ojogbane, an EFCC senior prosecutor named in the documents, told Reuters by telephone. Click here to read full stories.

Mar 03 - Russian cuts to oil production stall in February

Russia's oil output stayed unchanged in February from the previous month, with cuts at just a third of the levels pledged by Moscow under a global deal to reduce production, Energy Ministry data showed on Thursday. The country's oil and gas condensate output remained at 11.11 million barrels per day (bpd) last month, down 100,000 bpd from levels agreed as the starting point for the accord. Click here to read full stories.

Mar 02 - Exxon touts growth potential with eye toward dividend 

Exxon Mobil Corp, the world's largest publicly traded oil producer, sought to reassure anxious investors on Wednesday about its growth potential, highlighting both short- and long-term projects executives said should continue to help fund the 106-year-old dividend. "Our job is to compete and succeed in any market," new Chief Executive Officer Darren Woods said at the company's annual analyst day in New York. Click here to read full stories.

Mar 02 - U.S. crude oil stocks rise, production up again - EIA 

U.S. crude oil stocks rose last week even as refineries boosted output, while inventories of gasoline and distillates fell, the U.S. Energy Information Administration said on Wednesday. Crude inventories rose by 1.5 million barrels in the last week, compared with analysts' expectations for an increase of 3.1 million barrels. Click here to read full stories.

Mar 02 - China loads up on West African oil in March, hitting fresh record 

China's loadings of West African crude oil are set to rise to a new record in March as the nation stocks up on medium and heavy oil in the midst of OPEC production cuts, according to a Reuters survey of shipping fixtures and oil traders on Wednesday. Some 1.41 million barrels per day (bpd) of West African oil are expected to load for China over the coming month, surpassing February and hitting a fresh high since Reuters began tracking the shipments in 2004. Click here to read full stories.

Mar 02 - Russia cuts oil output in February but compliance is low - sources 

Russian oil production fell in February to around 11.10 million barrels per day (bpd), from over 11.2 million bpd in October, two sources familiar with the data told Reuters on Wednesday, showing weak compliance with agreed supply curbs. Russia pledged to cut its oil output by 300,000 barrels per day in the first half of 2017 under an agreement with the Organization of the Petroleum Exporting Countries and non-OPEC countries reached in December to lift prices.  Click here to read full stories.

Mar 01 - OPEC compliance with oil curbs rises to 94 pct in Feb - Reuters survey 

OPEC has cut its oil output for a second month in February, a Reuters survey found on Tuesday, allowing the exporter group to boost already strong compliance with agreed supply curbs on the back of a steep reduction by Saudi Arabia. The Organization of the Petroleum Exporting Countries is cutting its output by about 1.2 million barrels per day (bpd) from Jan. 1 - the first such deal since 2008 to get rid of a glut. Non-OPEC countries pledged to cut about half as much. Click here to read full stories.

Mar 01 - Aramco's Malaysia deal gives Saudis upper hand in fight for Asia oil share

Top global oil exporter Saudi Arabia broke from the pack in the race to lock up Asian market share after agreeing on Tuesday to pump $7 billion into a refinery-petrochemical complex in Malaysia, analysts said. State oil giant Saudi Aramco's investment into Malaysia's RAPID project will secure an outlet for its crude oil for at least two decades and beefs up its downstream portfolio ahead of its initial public offering (IPO) next year.  Click here to read full stories.

Mar 01 - Rising U.S. shale to rein in oil below $60 despite OPEC cuts - Polls

Oil may struggle to rise beyond about $60 a barrel by the end of 2017, even if OPEC extends its supply cuts and global demand continues to improve, as U.S. shale production ramps up. Brent crude futures are expected to average $57.52 a barrel in 2017, according to a Reuters poll of 31 analysts and economists. The current forecast is slightly lower than the $58.01 forecast in the previous survey. Brent has averaged about $55.73 this year. Click here to read full stories.

Mar 01 - Oil traders back off bets on accelerated rebalancing: Kemp 

Brent spreads have weakened sharply in recent days as traders become less convinced the oil market will rebalance early in the second quarter. The calendar spread from May to June has eased from 6 cents contango per barrel on Feb. 21 to 30 cents contango on Feb. 27. Click here to read full stories.

Mar 01 - U.S. oil output fell 91,000 bpd in Dec to 8.783 mln bpd -EIA

U.S. oil production in December fell 91,000 barrels per day to 8.783 million bpd, according to data from the U.S. Energy Information Administration released on Tuesday. Oil companies pared activity onshore, with production in North Dakota falling 17.6 percent and Texas down 5.8 percent from a year earlier. Offshore, oil production rose, climbing 7.7 percent to 1.728 million barrels a day in the offshore Gulf of Mexico. Click here to read full stories.