Oil Product

Oct 20 - OPEC seeking consensus on oil supply cut extension before meeting  

Oil producers are working to build consensus on extending their deal to reduce supplies, OPEC's secretary general said on Thursday, with the potential for continuation throughout 2018 forming a basis for talks. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting oil output by about 1.8 million barrels per day (bpd) until March 2018 in an attempt to eradicate a supply glut that has weighed on prices. Click here to read full stories.

Oct 20 - Russia's Rosneft to take control of Kurdish oil pipeline amid crisis 

Russian energy major Rosneft has agreed to take control of the main oil pipeline in Iraq's Kurdistan, further boosting its role as the main international investor in the semi-autonomous region. The move is an apparent part of a broader strategy by President Vladimir Putin to ratchet up Moscow's political and economic influence in the Middle East. Click here to read full stories.

Oct 20 - Crude or condensate? The dilemma over Nigeria's oil-cut exemption  

When OPEC agreed to exempt Nigeria from its oil production-restraint deal last year, it knew the country faced a huge challenge in recouping output lost due to militant unrest. As tensions subside and the country pumps closer to normal levels, another dilemma looms for the producer group as it continues efforts to eradicate a price-sapping oil glut - how to count Nigeria's crude output without mixing in condensates. Click here to read full stories.

Oct 20 - Rosneft's Sechin says no watershed in oil market, U.S. shale oil a risk 

A global deal to cut oil output has not led to a breakthrough on high inventory levels, while an expected rise in U.S. shale oil output may destabilise the market in 2018, the head of Russia's Rosneft, Igor Sechin, said on Thursday. The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia have agreed to cut their combined output by almost 1.8 million barrels per day to remove excessive oil from inventories and prop up prices. Click here to read full stories.

Oct 20 - Schlumberger's latest asset deal raises fresh concerns ahead of Q3 

Oilfield services giant Schlumberger Ltd sealed a deal to buy oil and gas assets worth $1 billion from Cenovus Energy on Thursday, raising further concerns about its strategy to own more refining and drilling operations directly. For Calgary, Alberta-based Cenovus, the sale is the latest in its plan to offload assets as it pays down debt, including loans it took up to fund its $13.3 billion purchase of oil sands and natural gas assets from ConocoPhillips. Click here to read full stories.

Oct 20 - BP's Chairman Svanberg to step down as Macondo pain subsides

BP's Chairman Carl-Henric Svanberg who helped navigate the British company through the 2010 Deepwater Horizon oil spill,announced his intention to step down after nearly 8 years in the post. BP rarely replaces both its chairman and chief executive in close succession, so the decision means current CEO Bob Dudley, who also took office in 2010, is likely to remain in his position for some time yet, according to company sources.  Click here to read full stories.

 

Oct 19 - OPEC leans towards 9-month extension of oil supply cut  

OPEC is leaning towards extending a deal with Russia and other non-members to cut oil supply for a further nine months, four OPEC sources said, although stronger-than-expected demand growth may allow the group to delay a decision until early next year. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers are cutting oil output by about 1.8 million barrels per day until March 2018, in an attempt to eradicate a supply glut that has weighed on prices. Click here to read full stories. 

Oct 19 - Woodside on track for Myanmar development plan by end-2018 - CEO  

Woodside Petroleum played down disappointing results from its exploration wells in Myanmar on Thursday, with Chief Executive Peter Coleman saying the company is still on track to decide on development plans there by the end of 2018. Australia's top independent oil and gas producer cancelled plans for a seismic survey in Myanmar after drilling five wells scheduled for 2017, Coleman said in an interview, confirming a Reuters report this week.  Click here to read full stories.

Oct 19 - Financial, security woes put Libyan oil recovery on shaky ground  

Libya's oil production revival is being undermined by the same financial, economic and security problems that threaten the promise of stability and a better life for the divided North African nation. Libya surprised many observers when it managed to raise its output fourfold to around one million barrels per day (bpd), boosting its only significant source of income. Click here to read full stories.

Oct 19 - U.S. crude stockpiles slump as production drops - EIA

U.S. crude oil inventories slumped last week as production fell sharply after Hurricane Nate hit the Gulf of Mexico, while refining rates were down sharply as autumn maintenance season ramped up, the Energy Information Administration said on Wednesday. Despite the falloff in refining runs, gasoline and distillate stocks rose, surprising traders, causing oil prices to dip. Click here to read full stories.

Oct 19 - Iraqi Kurdistan faces first major oil outage since referendum 

Iraq's Kurdistan's oil exports more than halved on Wednesday in the first major supply disruption since the independence referendum last month as Iraqi military retook some of the biggest fields from Kurdistan's Peshmerga forces. Kurdish oil exports from the Mediterranean port of Ceyhan have dropped to just 225,000 barrels per day on Wednesday compared to normal flows of 600,000 bpd with both Kurdish and Iraqi sources citing technical glitches in the Kirkuk area. Click here to read full stories.

Oct 19 - China refineries run at record Sept pace - stats bureau 

China's oil refineries increased their run rates by 12.7 percent to a record for September, data showed on Thursday, after a major new state-run refinery launched operations and independent plants came back on stream after maintenance. Processing volumes in September were up 12.7 percent in September compared with the same month a year ago at 49.34 million tonnes, or 12 million barrels per day (bpd). That was also an increase on August's 11.1 million bpd, according to data from the National Bureau of Statistics. Click here to read full stories.

Oct 19 - U.S. diesel margins to drive refiner profits for Q3 and beyond 

U.S. refiners are set to blow past quarterly earnings expectations after margins surged to a two-year peak on the back of a crippling hurricane season that squeezed already tight gasoline and diesel supplies. A series of hurricanes, most notably Harvey, which struck Texas in late August sapped demand for crude oil and led to crushing gasoline lines in various parts of the U.S. Southeast and Midwest. Click here to read full stories.

Oct 19 - Kremlin oil major piles up investments in Iraq's Kurdistan amid crisis Russian state oil major Rosneft has agreed to invest $400 million in five oil blocks in Iraqi Kurdistan, increasing Moscow's exposure to the semi-autonomous region despite a major spike in tensions with the central government in Baghdad. Rosneft has previously loaned Kurdistan $1.2 billion guaranteed by oil sales and is seeking to help Erbil build two major oil and gas pipelines as part of President Vladimir Putin's drive to regain influence in the Middle East. Click here to read full stories.

 

Oct 18 - China's CEFC eyes big league with Rosneft oil offtake deal 

As part of its recent $9.1 billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260,000 barrels per day (bpd) of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude importer, having access to Russian oil would be a big step towards its ambition to create a globally integrated oil supply chain. Click here to read full stories.

Oct 18 - Australia's new energy policy asks renewables to outcompete coal: Russell 

It would be easy to dismiss the Australian government's discarding of a renewable energy target as a Donald Trump-like attempt to cling on to polluting fossil fuels in the face of the rise of cleaner alternatives. Certainly, the decision by the centre-right Liberal Party federal government to end subsidies for renewable energy projects and reject advice to set a clean energy target has the appearance of being an abandonment of efforts to mitigate climate change. Click here to read full stories.

Oct 18 - Canada's oil sands survive, but can't thrive in a $50 oil world 

Canada's oil sands producers are stuck in a rut. The nation's oil firms are retrenching, with large producers planning little or no further expansion and some smaller projects struggling even to cover their operating costs. As the era of large new projects comes to a close, many mid-sized producers - those with fewer assets and producing less than 100,000 barrels of oil a day in the oil sands - have shelved expansion plans, unable to earn back the high start-up costs with crude at around $50 per barrel.  Click here to read full stories.

Oct 18 - U.S. policy on Iran won't harm its oil industry - minister  U.S. President Donald Trump's revised hardline policy towards Iran will have little impact on Tehran's ambition to develop its vital oil industry and attract foreign investment, a senior Iranian official said on Tuesday. The Islamic Republic hopes to signs 10 new deals with foreign companies to develop oil and gas fields by March 2018, Amir Zamaninia, Iran's deputy oil minister for trade and international affairs, told the Oil & Money conference in London. Click here to read full stories.

Oct 17 - OPEC compliance with oil output cut deal at 86 pct - IEA head

The Organization of Petroleum Exporting Countries (OPEC) has a compliance rate with their output cut pledges of about 86 percent, Fatih Birol, the executive director of the International Energy Agency (IEA), said on Tuesday. "Their compliance is about 86 percent, higher than in the past... whether or not they will continue with this plan in November it's up to them," Birol told Reuters on the sidelines of the World Knowledge Forum in Seoul. Click here to read full stories.

Oct 17 - Newest outpost for U.S. crude exports: India

India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015. Click here to read full stories.

Oct 17 - Iraqi forces seize oil city Kirkuk from Kurds in bold advance

Iraqi government forces captured the major Kurdish-held oil city of Kirkuk on Monday, responding to a Kurdish referendum on independence with a bold lightning strike that transforms the balance of power in the country. A convoy of armoured vehicles from Iraq's elite U.S.-trained Counter-Terrorism Force seized Kirkuk's provincial government headquarters less than a day after the operation began, a Reuters reporter in Kirkuk said. Click here to read full stories.

Oct 17 - Investors hit peak bullishness on oil: Kemp

The wave of investor bullishness towards oil that started back in July and August may have peaked at the end of September, according to the latest position records published by regulators and exchanges. Hedge funds and other money managers cut their net long position in the five major futures and options contracts linked to petroleum by a total of 32 million barrels in the week to Oct. 10. Click here to read full stories.

Oct 17 - China offers to buy 5 pct of Saudi Aramco directly - sources

China is offering to buy up to 5 percent of Saudi Aramco directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the world's biggest oil producer on the stock market. Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters. Click here to read full stories.

Oct 17 - Where's the money? oil traders ask as peak demand looms

For major trading houses that ship millions of barrels of oil every day, the prospect of diminishing fuel demand and a shift to renewable power poses a brain-racking challenge with few obvious solutions. "It is a very fair question - what the hell are we going to do?" said Ian Taylor, chief executive of the world's top oil trader Vitol, which trades seven percent of the world's oil. Click here to read full stories.

Oct 17 - U.S. shale output seen posting 11th straight rise in November - EIA

U.S. shale production for November is forecast to rise for a 11th consecutive month, the U.S. government said on Monday, as U.S. prices stabilize around $50 a barrel. U.S. oil output is expected to increase by 82,000 barrels per day (bpd) to 6.12 million bpd, according to U.S. Energy Information Administration's drilling productivity report. Click here to read full stories.

Oct 16 - China crude oil storage splurge is OPEC's best friend: Russell

China's crude oil imports surged to the second-highest on record in September, but this isn't a sign of supercharged demand in the world's second-biggest economy. It's rather a shuffling of where oil is being stored around the globe and a couple of factors that caused a temporary boost to Chinese import demand. Click here to read full stories.

Oct 16 - Iraq says vast areas taken from Kurds in Kirkuk, Kurds deny gains

Iraqi government forces took control of "vast areas" in the region of Kirkuk, including oilfields west of the city, in the early hours of Monday, Iraqi state TV said, but the Kurdistan Regional Government (KRG) disputed the assertions. Iraqi Prime Minister Haider al-Abadi ordered security forces "to impose security in Kirkuk in cooperation with the population of the city and the Peshmerga", the TV reports said. Click here to read full stories.

Oct 16 - Saudi Aramco in stake sale talks with Chinese investor - sources

Saudi Aramco is considering the sale of a stake to a Chinese investor as plans for its highly-anticipated international public offering are pushed beyond its 2018 target, sources familiar with the matter said on Friday. The initial public offering is expected to be the world's largest stock sale, and is a key component of the Saudi government's economic reform program which aims to diversify the desert kingdom away from its reliance on oil exports. Click here to read full stories.

Oct 16 - Six injured, one missing in Louisiana oil platform explosion

One worker is missing and six are injured after an oil production platform operated by a New Orleans company exploded and caught fire in Louisiana's Lake Pontchartrain late on Sunday, authorities said. The platform is operated by Clovelly Oil Co, confirmed Donald Mackenroth, a Clovelly vice president reached by phone. Click here to read full stories.

Oct 16 - Trump strikes blow at Iran nuclear deal in major U.S. policy shift

President Donald Trump struck a blow against the 2015 Iran nuclear deal on Friday, defying both U.S. allies and adversaries by refusing to formally certify that Tehran is complying with the accord even though international inspectors say it is. Warning that he might ultimately terminate the agreement, Trump's move was a major change in U.S. foreign policy at a time when his administration is also in a crisis with North Korea over that country's nuclear ambitions. Click here to read full stories.

Oct 16 - Hedge funds trim bullish bets on U.S. crude, first cut in a month

Hedge funds and money managers cut their bullish wagers on U.S. crude futures and options positions for the first time in a month, data showed on Friday, after U.S. exports surged to a record. The speculator group cut its combined futures and options position in two major NYMEX and ICE markets by 7,183 contracts to 281,583 in the week to Oct. 10, U.S. Commodity Futures Trading Commission (CFTC) data showed.Click here to read full stories.

Oct 16 - S.Korea's Sept Iranian crude oil imports rise to 6-month high

South Korea's imports of Iranian crude oil hit the highest level in six months in September amid Iran’s push to regain its lost market share during years it was under sanctions over its nuclear programme. The world's fifth-biggest crude importer shipped in 1.83 million tonnes of crude oil from Iran in September, or 446,148 barrels per day (bpd). That is a 22.8 percent increase from nearly 1.5 million tonnes a year ago, customs data showed on Sunday. Click here to read full stories.

Oct 13 - Global oil market seen balanced in 2018, even with rising output - IEA 

Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said on Thursday. In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude growing by 1.6 million barrels per day (bpd) in 2017, before moderating to 1.4 million bpd in 2018. Click here to read full stories.

Oct 13 - Trump expected to make U.S. move against Iran nuclear deal - officials 

President Donald Trump is likely to take a major step against the Iran nuclear deal in a speech on Friday, marking a more aggressive approach to Iranian activities in the Middle East that risks complicating U.S. relations with European allies. Trump is to lay out his plan in a 12:45 p.m. EDT (1645 GMT) speech at the White House, the product of weeks of internal discussions between him and his national security team. Click here to read full stories.

Oct 13 - China Sept crude oil, gas imports jump ahead of winter fuel demand 

China's September crude oil imports climbed to the second highest level on record, while natural gas imports rose nearly 5 percent, official customs data showed on Friday, as the world's top energy consumer shored up fuel supplies for winter. For the year to date, gas imports were 48.38 million tonnes, up 22.3 percent, data from the General Administration of Customs showed. Click here to read full stories.

Oct 13 - U.S. crude inventories fall, gasoline posts surprise build - EIA

U.S. crude oil inventories fell last week as refining rates rose, while gasoline posted an unexpected hefty build, the Energy Information Administration said on Thursday. Crude inventories dropped 2.7 million barrels in the week to Oct. 6, slightly more than analysts' expectations in a Reuters poll for a decrease of 2 million barrels. Click here to read full stories.

Oct 12 - OPEC again raises demand forecast for its oil, points to 2018 deficit 

OPEC forecast higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market that could move into a deficit next year. In a monthly report, the Organization of the Petroleum Exporting Countries said the market could find support in winter from low distillate fuel stocks and forecasts of colder weather, which would boost distillates demand for heating. Click here to read full stories.

Oct 12 - PBF's split with PDVSA grows as U.S. refiner halts direct deals 

The fifth largest U.S. buyer of Venezuelan crude, PBF Energy Inc, has halted direct purchases from state-run oil company PDVSA, according to four sources, deepening a rift amid sanctions on the OPEC-member country. PBF is the second buyer in as many months to go elsewhere for its oil and further disagreements could spell new hardships for PDVSA, which owes bondholders $1.2 billion in debt payments due this month. Venezuela relies on oil for over 90 percent of export revenue and U.S. refiners are among its largest cash-paying customers. Click here to read full stories.

Oct 12 - Delta's Monroe Energy shutting Pennsylvania refinery due to fire - source 

Monroe Energy, a subsidiary of Delta Air Lines Inc, was shutting its 185,000 barrel-per-day Trainer, Pennsylvania, refinery due to a fire on Wednesday, a source familiar with the plant's operations said. The fire at the plant outside Philadelphia started about 6 a.m. EDT (1000 GMT) on a 50,000 bpd platformer unit, the source said. It was unclear when Monroe would schedule a restart. Click here to read full stories.

Oct 12 - Glencore sees record oil trading volumes as margins shrink 

Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London-listed commodities trader and miner will shift around 6 million barrels per day (bpd) of crude and refined product this year, up 25 percent from last year. Click here to read full stories.

Oct 11 - Saudi Arabia trims oil exports to China, Japan in November - sources 

The world's top oil exporter, Saudi Arabia, has trimmed crude supplies to its biggest buyers in Asia, multiple sources with knowledge of the matter said on Wednesday, as the kingdom looks to meet its commitment to an OPEC-led supply cut pact. State-owned Saudi Aramco has trimmed supplies to at least three Japanese buyers and one in South Korea by up to 10 percent across different Saudi crude grades, trade sources said. Click here to read full stories.

Oct 11 - U.S. oil output may be set for last spike in 2018 - Vitol 

U.S. oil output could be set for a last spike in 2018 before growth flattens for a number of years as rising costs make a big chunk of production uneconomic, the head of top oil trader Vitol, Ian Taylor, told Reuters. The United States has turned into a major oil exporter in recent years on the back of a shale revolution, which created a global oil glut and sent prices plunging to below $30 per barrel last year from as high as $110 in 2014. Click here to read full stories.

Oct 11 - Feast or famine? Oil market in 2018: Kemp 
Just as Pharaoh’s kingdom experienced a cycle of feast and famine, depending on the Nile inundation, the oil market swings between periods of undersupply and oversupply. “The problem of oil is that there is always too much or too little,” as Myron Watkins, professor of economics at New York University, wrote 80 years ago. Click here to read full stories.

Oct 10 - OPEC sec gen sees clear signs of oil rebalancing, upbeat on demand 

The oil market is rebalancing fast and has almost entirely erased the glut of refined products as OPEC sticks to its supply pact, OPEC's secretary general said on Monday. OPEC's Mohammad Barkindo also said growth in U.S. shale oil output had slowed compared to the first half of 2017 and growth in global demand may show further upward revisions, giving the supply cut effort tailwind. Click here to read full stories.

Oct 10 - OPEC Secretary General urges U.S. shale oil producers to help cap global supply 

OPEC's Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term. "We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle," said Barkindo. Click here to read full stories.

Oct 10 - Saudi Arabia cuts Nov oil allocations, but exports to rise 

Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day (bpd), an oil ministry spokesman said on Monday, in line with the kingdom's commitment to an OPEC-led supply reduction pact. Despite the cut in allocations, from customers' requests for Saudi crude, the top oil exporter plans to ship slightly above 7 million bpd next month, up from low levels during summer when domestic demand was at its peak. Click here to read full stories.

Oct 10 - Asian oil refiners lose profit-bump from Harvey, but may get China boost: Russell 

The boost to Asian refiners' profits from the loss of refining capacity in the United States from August's Hurricane Harvey has proved temporary, but the outlook for the rest of the year is still positive. Asian refiners were among those that scrambled to take advantage of the closure of about a quarter of U.S. processing capacity after Harvey devastated the Gulf of Mexico coast, with profit margins jumping. Click here to read full stories.

Oct 10 - China slashes oil import quota for independent refiner Baota

China's state planner on Tuesday slashed Baota Petrochemical Group Ltd's oil import quota by two-thirds, penalising the independent refiner for not building a gas storage facility amid growing government scrutiny of the nation's 'teapot' refiners. China has since late 2015 allowed 31 independent refiners to import crude oil, granting them quotas based on the size of old refineries they promise to demolish while encouraging them to build clean facilities such as natural gas storage units. Click here to read full stories.

Oct 10 - Fund managers turn cautious on oil as prices fall: Kemp  Hedge fund bullishness towards crude oil and refined products including gasoline and diesel appears to have peaked for now, according to an analysis of regulatory and exchange records. Few long positions in crude and products were added by hedge funds and other money managers in the week to Oct.3, with some increasing short positions for the first time since August. Click here to read full stories.

Oct 09 - Extraordinary steps may be needed in 2018 to rebalance oil market - OPEC's Barkindo 

OPEC and other oil producers may need to take "some extraordinary measures" next year to rebalance the oil market, the OPEC secretary-general said on Sunday."There is a growing consensus that ... a rebalancing process is under way. We are gradually but steadily achieving our common and noble objectives," Mohammad Barkindo told reporters at the India Energy Forum organised by CERAWeek in New Delhi. Click here to read full stories.

Oct 09 - WTI discount to Brent reflects logistics constraints: Kemp

Even as crude stocks decline elsewhere in the United States, stocks are rising in the Midwest, especially around the delivery point for the New York Mercantile Exchange’s light sweet crude contract at Cushing in Oklahoma.Crude stocks at Cushing hit a low of 56 million barrels on July 28 but have since risen by almost 7 million barrels, according to the U.S. Energy Information Administration (EIA). Click here to read full stories.

Oct 09 - U.S. oil ports, refiners and producers plan reopenings after Nate 

Some oil ports, producers and refiners in Louisiana, Mississippi and Alabama that shut facilities ahead of Hurricane Nate were planning reopenings as the storm moved inland on Sunday, away from most energy infrastructure on the U.S. Gulf Coast.The storm, which weakened to a tropical depression and was moving inland toward Alabama and Tennessee, killed 30 people in Central America before speeding across the central U.S. Gulf of Mexico, where more than 90 percent of oil output remained shut. Click here to read full stories.

Oct 09 - Funds boost bullish wagers on U.S. crude oil for 3rd straight week 

Hedge funds and money managers modestly raised their bullish bets on U.S. crude for the third time in a row, data showed on Friday, even as prices slipped on worries of oversupply amid increased U.S. production and exports.The speculator group raised its combined futures and options position in two major NYMEX and ICE markets by 3,211 contracts to 288,766 in the week to Oct. 3, its highest since mid-August, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.

Oct 09 - Canada expects crude-by-rail boom as pipeline project collapses 

TransCanada Corp's decision this week to scrap its $12 billion Energy East pipeline and delays to other export pipeline projects look set to increase producers' reliance on costly crude-by-rail to bring barrels to market.Calgary-based TransCanada said on Thursday it will abandon Energy East, which would have taken crude from Alberta to the Atlantic Coast. The move came after Canada's National Energy Board (NEB) on Aug. 23 announced a tougher review process that would consider indirect greenhouse gas emissions. Click here to read full stories.

Oct 09 - Eni bets big on Zohr explorer finding new treasure

Italian oil major Eni is betting billions on Luca Bertelli being able to achieve something he's been doing since he was nine years old: spotting things others overlook.The geologist, who heads Eni's exploration team, began collecting rocks as a boy growing up in Tuscany, developing a curious eye that eventually led him to discover two of the world's biggest gas fields this century. Click here to read full stories.

Oct 06 - Saudi says "flexible" on Russian idea to extend oil cuts to end-2018 

Saudi Arabia made no firm pledge on Thursday to extend a deal between OPEC, Russia and other producers on cutting supplies but said it was "flexible" regarding Moscow's suggestion to prolong the pact until the end of 2018. Saudi Energy Minister Khalid al-Falih was speaking in a television interview a day after Russian President Vladimir Putin said the supply reduction deal that is due to expire in March could run to the end of next year. Click here to read full stories.

Oct 06 - U.S. Gulf oil producers curtail output ahead of Tropical Storm Nate 

Oil and natural gas operators began evacuating staff and halting production at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to rattle the Gulf Coast energy corridor. Nate, which has killed at least 10 people in Costa Rica and Nicaragua and caused intense rainfall, is forecast to scrape Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall this weekend in Louisiana, near several major refineries. Click here to read full stories.

Oct 06 - Facing tougher regulations, TransCanada scraps $12 bln oil pipeline 

TransCanada Corp abandoned its C$15.7 billion ($12.52 billion) cross-country Energy East pipeline on Thursday amid mounting regulatory hurdles, dealing a blow to the country's oil export ambitions. The demise of the pipeline comes less than a year after the Canadian government rejected another export pipeline, Enbridge Inc's Northern Gateway, and is a further setback for Canada's oil industry which is already hurting from low global crude prices. Click here to read full stories.

Oct 06 - U.S. refiners struggle to keep up with demand for distillates: Kemp 

U.S. refiners are struggling to meet the strong demand for heating oil and other distillates despite operations returning to near normal after Hurricane Harvey. Stocks of distillate fuel oil fell by another 2.6 million barrels to 135 million barrels last week, according to the Energy Information Administration. Click here to read full stories.

Oct 06 - Vitol boss sees oil industry shrinking 

The world's largest oil trader Vitol expects the oil industry to shrink given the quickening pace of the global shift to electric cars and away from fossil fuels, its chief executive said on Thursday. Vitol CEO Ian Taylor told an event at Chatham House in London he saw oil demand peaking around 2028-2030. Click here to read full stories.

Oct 06 - Erdogan says Turkey will close Iraq border and air space soon 

President Tayyip Erdogan said on Thursday that Turkey would soon close its border with northern Iraq and shut its air space in response to last week's Kurdish independence referendum. Erdogan, who held talks in Tehran on Wednesday with Iranian leaders, also said Turkey would decide jointly with Iran and Iraq's central government in Baghdad whether to cut oil exports from Kurdish northern Iraq. Click here to read full stories.

Oct 05 - Putin says oil cuts with OPEC could last to end of 2018 

Russian President Vladimir Putin said on Wednesday a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a bid to curb a supply glut. The pact between the Organization of the Petroleum Exporting Countries, Russia and other producers on cutting output by about 1.8 million barrels per day (bpd) is now due to expire in March. Click here to read full stories.

Oct 05 - North Sea oil market waves red flag at Brent bulls 

A recovery in U.S. crude exports and falling European refining margins have sent prices of North Sea barrels tumbling, which may encourage traders to keep oil in storage and could undermine OPEC's efforts to drain inventories. The Organization of the Petroleum Exporting Countries, Russia and 10 other producers agreed to cut output by about 1.8 million barrels per day (bpd) since January to push prices up and draw oil out of storage to fill the gap. Click here to read full stories.

Oct 05 - Trump administration plans to delay methane controls on oil, gas 

The U.S. Interior Department this week will try again to delay parts of an Obama-era rule to limit methane emissions from oil and gas production on federal lands, a rule Congress upheld earlier in the year, a document showed on Wednesday. The rule, finalized by the Interior Department's Bureau of Land Management (BLM) two months before former President Barack Obama left office, requires oil and gas operators on public lands to prevent leaking, venting and flaring of methane, a potent greenhouse gas. Click here to read full stories.

Oct 05 - Mexico's Pemex gains two new partners for onshore tie-ups

Two foreign oil companies on Wednesday won the rights to partner with Mexico's oil company Pemex on two onshore blocks, a first since landmark energy reform, while a third offshore area received no bids. The auction was run by the National Hydrocarbons Commission, the industry regulator, and marks only the second time partnership rights for Pemex projects have been made available. Click here to read full stories.

Oct 05 - U.S. crude stocks fall as exports hit new record - EIA 

U.S. crude oil stocks fell sharply last week as crude exports rose to a record high of nearly 2 million barrels per day, the Energy Information Administration said on Wednesday. Crude inventories fell 6 million barrels in the week to Sept. 29, compared with analysts' expectations for a decrease of 756,000 barrels. Inventories have dropped in the past two weeks as Gulf Coast refineries restart after weeks of shutdowns due to Hurricane Harvey. Click here to read full stories.

Oct 04 - Saudi king heads to Russia, with oil, investment and Syria on agenda 

The leaders of Saudi Arabia and Russia, the world's biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigning Saudi Monarch. A slew of investment deals, including on a liquefied natural gas project and petrochemical plants, could also be signed during King Salman's trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised. Click here to read full stories.

Oct 04 - Trump EPA to propose repealing Obama's climate regulation - document
The U.S. Environmental Protection Agency will propose repealing the Clean Power Plan - the Obama administration's centerpiece regulation to fight climate change - and plans to solicit input on a rule to replace it, according to an EPA document seen by Reuters. The decision marks the agency's first formal step to sweep away the rule intended to cut carbon emissions from power plants, after President Donald Trump signed an executive order in March launching the EPA's review. Click here to read full stories.

Oct 04 - Algeria to amend energy law by year-end to lure overseas cash - source

Algeria plans to amend its energy law before the end of the year as the OPEC producer tries to attract more foreign investors, a senior source at state energy firm Sonatrach told Reuters. Algeria, a major gas supplier to Europe, wants to boost oil and gas revenues which were hit by a fall in global prices. Click here to read full stories.

Oct 04 - Venezuela's U.S. crude sales hit 14-yr low in Sept on sanctions, port closures
Sales of Venezuelan crude to the United States fell to a 14-year low in September, according to Thomson Reuters Trade Flows data, on U.S. Gulf Coast ports closures due to Hurricane Harvey and sanctions. Venezuela's oil output dropped this year to its lowest point in almost three decades, hurting exports to its main customers. Shipments to the United States have also been hit by U.S. sanctions on Venezuela's state oil company, PDVSA, in August. Click here to read full stories.

Oct 03 - Libya's giant Sharara oilfield closed as gunmen press demands

An armed group forced Libya's giant Sharara oilfield to close late on Sunday, shutting off production of more than 230,000 barrels per day (bpd), the head of the state oil company said. Libya's National Oil Corporation (NOC) declared force majeure on deliveries of Sharara crude, citing "unrest", according to a letter seen by Reuters. NOC Chairman Mustafa Sanalla promised that production would restart by Monday evening. Click here to read full stories.

Oct 03 - Oil drillers, not forecasters, are responsible for WTI weakness: Kemp 

The U.S. Energy Information Administration (EIA) is distorting oil prices by being far too optimistic in its forecasts for U.S. production, according to Harold Hamm, the chief executive of Continental Resources. Hamm, who also chairs the Domestic Energy Producers Alliance (DEPA), a lobbying group, blames EIA for both the outright decline in U.S. oil prices and their underperformance compared with Brent since June. Click here to read full stories.

Oct 03 - Joy and relief greet Puerto Rico fuel deliveries after hurricane 

When Nestor Rodriguez saw Puma Energy fuel tanker 333 pull into Puerto Rico's Quebradillas gas station at 12:37 p.m. on Monday, he bowed, raising his arms to the heavens. "I didn't know if it would come today, or if wouldn't," he said as he filled up his tank, after a three-hour wait in the Caribbean sun. "When I saw that truck, I saw the glory. It was like seeing the Lord." Click here to read full stories.

Oct 03 - Hedge funds amass record bullish position in distillates: Kemp 

Hedge funds have accumulated a record bullish position in middle distillates such as diesel, heating oil and gasoil, anticipating stocks will be relatively tight this winter. Hedge funds and other money managers held a record net long position in U.S. heating oil futures and options equivalent to 62 million barrels on Sept. 26, according to regulatory data. Click here to read full stories.

Oct 03 - Canada review of Trans Mountain pipeline flawed, lawyers argue  Canada failed in its duty to consult First Nations and other groups on the Trans Mountain oil pipeline expansion, and therefore the approval of the C$7.4 billion ($5.9 billion) project must be overturned, lawyers for project opponents argued at the launch of a judicial review on Monday. A decision against the Kinder Morgan Canada Ltd project would send it back into regulatory review, a move that would cause lengthy delays and could derail the project. Click here to read full stories.

Oct 02 - OECD oil stocks set for "substantial" 2017 draw, but may rise in 2018 - IEA

Forecasts for U.S. shale oil growth and uncertainty around China's crude imports may see oil stocks building again next year after OPEC and non-OPEC cuts contributed to "substantial" draws this year, the International Energy Agency (IEA) said. "Assuming OPEC production remains constant, we don't really see a big draw in OECD (Organization for Economic Cooperation and Development) crude inventories over the next 6-9 months," Olivier Lejeune, IEA oil storage market analyst, said on Friday. Click here to read full stories.

Oct 02 - OPEC oil output edges higher in Sept as Iraq, Libya pump more 

OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. OPEC's adherence to its pledged supply curbs slipped to 86 percent from August's 89 percent, the survey found. Top exporter Saudi Arabia continued to shoulder a larger portion of OPEC's total cut by pumping below its target. Click here to read full stories.

Oct 02 - China crude oil import data show winners and losers from rebalancing: Russell 

China's imports of crude oil offer a picture of which exporters are doing the heavy lifting of reducing supplies, and which countries are benefiting the most from the efforts of OPEC and its allies to rebalance the market. While looking at customs data from the world's biggest crude importer isn't a definitive study of global oil market dynamics, it's important as exporters are well aware that China has been leading demand-growth in recent years, a trend likely to continue. Click here to read full stories.

Oct 02 - Want to bet on $100 oil in 2018? Some investors already have 

When crude prices crashed in early 2016 to $27 per barrel, most industry executives said the world had seen the last of oil at $100. Almost two years later, as a global crude glut shows signs of receding, the oil options market has seen a spike in activity at $100 a barrel, indicating some oil bulls are betting the price could trade around that level by this time next year. Click here to read full stories.

Oct 02 - Investors push U.S. shale firms to separate executive pay from drilling 

Activist investors are taking aim at U.S. shale producers, the companies most responsible for turning the nation into a global energy powerhouse, pushing them to stop rewarding executives for spending billions of dollars on new wells when crude prices are depressed. U.S. crude output has surged past 9 million barrels a day largely because of the shale sector, whose output this year is up 27.5 percent. The gains are fueled by a boost of about 50 percent in capital spending, benefiting executives come bonus time but crimping shareholder returns. Investors want the higher spending to go to dividends and buybacks, not more drilling. Click here to read full stories.

Oct 02 - Noble Group expects to sell oil liquids business by end-December  Noble Group Ltd (NGL) expects to sell its oil liquids business by the end of December as part of a plan to slim down drastically its core Asian coal trading business after a crisis-wracked two years. "NGL continues to progress the sale of its Global Oil Liquids business. NGL currently expects the sale of the Global Oil Liquids business to complete by 31 December 2017," the Singapore-listed company said in a statement on Monday. Click here to read full stories.

Sep 29 - Commodity trader Louis Dreyfus sees better signs as H1 profits rise 

Louis Dreyfus, one of the world's top grain trading firms, pointed to improved signs for its commodity trading activities as itposted higher first-half profits in the face of a continuation of high staple cropssupplies. Along with its peers, Louis Dreyfus has been overhauling its businesses as margins for buying, selling and shipping agricultural goods have been eroded by large stockpiles and reduced price volatility.  Click here to read full stories.

Sep 29 - Aramco listing reshapes Saudi Arabia's OPEC oil policy 

Saudi Arabia's plans to float state oil titan Aramco are prompting the country to think the unthinkable. Late last year, Saudi Arabia tried to get fellow oil producers around the world to agree to reduce production. Before an OPEC meeting in Vienna in November, Saudi officials were armed with an unprecedented bargaining chip: if there was no deal, the kingdom would quit the exporter group altogether. Click here to read full stories.

Sep 29 - Tesla's big battery races to keep South Australia's lights on 

One year after the state of South Australia suffered a major blackout, construction has started on building the world's biggest battery to help keep the lights on in Australia's most wind-dependent state. Tesla won a bid in July to build a 129 megawatt hour (MWh) battery and the state is counting on it to be ready by the start of the southern summer in December when electricity demand begins to peak. Click here to read full stories.

Sep 29 - Turkey raises oil threat after Iraqi Kurds back independence 

Turkey threatened potentially crippling restrictions on oil trading with Iraqi Kurds on Thursday after they backed independence from Baghdad in a referendum that has alarmed Ankara as it faces a separatist insurgency from its own Kurdish minority. Iraq's Kurds endorsed secession by nine to one in a vote on Monday that has angered Turkey, the central government in Baghdad, and other regional and world powers, who fear the referendum could lead to renewed conflict in the region. Click here to read full stories.

Sep 29 - World needs new offshore oil investments to avoid shortages - Hess 

Higher investments in offshore oil production are critical to avoiding a supply squeeze by 2020, as expanding shale output will not match projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound, Hess Chief Operating Officer Greg Hill said at an energy conference at Rice University's Baker Institute. Click here to read full stories.

Sep 29 - Exxon's big bet on Brazil oil could signal major pre-salt role 

Exxon Mobil Corp's big bet on Brazil's offshore Campos basin shows its willingness to pay up to replenish its reserves and may pave the way for hefty bids in October auctions in the country's rich pre-salt areas, analysts said. Marking a return to Brazilian exploration after a five-year absence, Exxon took eight blocks in the coveted basin, one of Brazil's most productive, at an auction on Wednesday. Six were taken in partnership with state-run Petroleo Brasileiro (Petrobras). Click here to read full stories.

Sep 29 - Energy industry says 'no thanks' to Trump offer of marine sanctuaries  In a bid to boost energy development, U.S. President Donald Trump’s administration is considering shrinking or eliminating 11 marine sanctuaries designed to protect 425 million acres of coral reefs, marine mammal habitats and pristine beaches. The review is part of a broader strategy to open new areas to oil and gas drilling and "put the energy needs of American families and businesses first," according to the order Trump signed in April that triggered it. Click here to read full stories.

Sep 28 - Exxon Mobil bets on Brazil, buys 10 oil blocks in auction 

Exxon Mobil Corp  vastly expanded its presence in Brazil on Wednesday, winning 10 blocks in the country's 14th round of bidding for oil exploration and production rights, helping the cash-strapped nation fetch a record 3.8 billion reais ($1.19 billion). Exxon Mobil took six blocks in consortia with state-controlled oil giant Petroleo Brasileiro in the promising offshore Campos basin, after bidding 2.24 billion reais for one block. That was Brazil's highest-ever such bid. Click here to read full stories.

Sep 28 - Saudi Arabia to sign deals with Russia during visit - sources 

Saudi Arabia is expected to sign several memoranda of understanding (MoUs) with Russian companies during a state visit to Moscow next week, industry sources said on Wednesday. State oil giant Saudi Aramco and Saudi Basic Industries Corp (SABIC) will sign an MoU with Russia's biggest petrochemical company Sibur to look for opportunities to build petrochemical plants in both countries, one of the sources said. Click here to read full stories.

Sep 28 - China Q4 quota awards show total 2017 oil products exports to be cut 19 pct 

China has allocated 1.644 million tonnes of oil product export quotas for the fourth quarter to two state-owned oil majors, China National Petroleum Corp and Sinopec, a document reviewed by Reuters showed. The quota awards, shown in a Ministry of Commerce document, mean China's total oil product exports for 2017 will fall to about 37.4 million tonnes, some 19 percent lower than last year.  Click here to read full stories.

Sep 28 - India's plan to sell stakes in producing fields to hit state explorers' profit - sources

India plans to offer stakes of up to 60 percent in oil and gas fields owned by state energy companies that are already in production to private firms, five sources with knowledge of the matter said, a move that would hit revenues of state explorers. The government is making the decision after failing to draw investment from global oil majors in new fields. Click here to read full stories.

Sep 28 - Bunge leaves door open on selling itself, cuts 2017 forecast 

Bunge Ltd kept the door open on a sale of the company on Wednesday as it reported a 34 percent drop in quarterly earnings and cut its full-year outlook, but its chief executive officer said that planned cost cuts should help improve performance. The agricultural commodities trader, which rebuffed an approach from rival Glencore Plc in May, will "evaluate the best path," CEO Soren Schroder told analysts on a conference call, when asked whether selling the company was an option. Click here to read full stories.

Sep 28 - How looming La Niña could throw market for a loop, again: Braun

The idea of an impending La Niña has rapidly entered the picture in recent weeks as the sea surface waters in the eastern equatorial Pacific Ocean have drastically cooled. But it is early yet to assume standard La Niña impacts on global weather over the next several months, or even that a full-blown La Niña will set in as the atmosphere and oceans still have some work to do. Click here to read full stories.

Sep 28 - Global trade upturn aids oil market rebalancing: Kemp

Global trade is growing at the fastest rate for six years - which is both a symptom and a cause of the recovery in commodity markets. World trade volumes were up almost 5 percent year-on-year from May to July, according to estimates compiled by government economic planners in the Netherlands. Click here to read full stories.

Sep 27 - Strong growth in fuel demand accelerates oil market rebalancing 

Strong oil demand growth in emerging economies led by China and India, but also from Europe, is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday. A surge in demand for diesel and fuel stock draws after Hurricane Harvey have also helped propel benchmark crude prices to nearly $60 a barrel, levels not seen in over two years, analysts said.  Click here to read full stories.

Sep 27 - Two wheels good: Bike boom nibbles on Asia gasoline demand growth

It is not quite going back to the horse, even if the bicycle was the first contraption to replace beasts as a means of personal transport. This is a new two-wheeled animal, though, that millions of consumers in Beijing, Taipei, Singapore and cities across Asia are renting via phone apps to cover the last mile of journeys, leaving cars and motorcycles at home, and forgoing taxis. Click here to read full stories.

Sep 27 - EPA signals cut to U.S. biodiesel blending; soyoil prices drop 

The U.S. Environmental Protection Agency on Tuesday said it was seeking comment on a proposal to reduce 2018 biodiesel blending requirements into the domestic fuel supply. Prices for soyoil, the most widely used feedstock to produce U.S. biodiesel, fell to a five-week low of 33.23 cents per pound after word of the proposal raised worries of a fall in demand, traders said. Click here to read full stories.

Sep 27 - China's fuel exports to North Korea slow again, but coal imports return -customs

China's fuel exports to North Korea fell in August, along with iron ore imports from the isolated nation, as trade slowed after the United Nations' latest sanctions, but coal shipments resumed after a five-month hiatus, customs data showed on Tuesday. China imported 1.6 million tonnes of coal from North Korea, according to data from Beijing's General Administration of Customs, the first since February, when Beijing banned purchases of the fuel from its northeast neighbour. Click here to read full stories.

Sep 26 - Kurdish independence vote fans rally in Brent crude 

A potential squeeze on oil supply if Kurdish crude flows suffer disruption after the region's independence vote has pushed Brent futures' premium over rival benchmarks to multi-year highs. As global inventory levels fall and oil supply aligns itself more closely to demand, the oil market's sensitivity to any unexpected disruption is growing. Click here to read full stories. 

Sep 26 - As Brent oil markets rebalance, U.S. lags behind 

New York and London oil futures are sending very different signals to market players about the state of global supply balances, with U.S. contracts weak even as physical crude markets rally and London prices indicate tightening supply. The divergence in the two benchmarks is one that is puzzling some oil traders. The signals are key to determining whether the Organization of Petroleum Exporting Countries' goal to rebalance markets by reining in supply is working. Click here to read full stories. 

Sep 26 - Why consumers pay the price for hurricane fuel shortages 

Just days after Hurricane Harvey smacked Texas and hobbled a quarter of U.S. refining industry, the supply networks that fuel the nation's cars, trucks and airplanes began to fail. On paper, there was no fuel shortage. The United States had more than 200 million barrels of gasoline in giant steel tanks scattered across the nation - enough to last more than three weeks. Click here to read full stories.

Sep 26 - Rising diesel consumption is main driver for higher oil demand in 2017 - Shell

A massive surge in diesel fuel demand this year has been the main driver for higher crude oil consumption in 2017 along with buying to fill up strategic petroleum reserves, an executive from oil major Royal Dutch Shell said on Tuesday. Diesel demand for 2017 is making up about 50 percent of the year-on-year demand growth in oil products after only making up 27 percent of the increase in last year's consumption, said Mike Muller, Shell's vice president of crude trading and supply, at an industry conference in Singapore. In 2016, gasoline and other oil products pushed demand higher, he said. Click here to read full stories.

Sep 26 - Hedge fund positions in oil look stretched: Kemp 

Hedge funds have become strongly bullish on the outlook for all parts of the petroleum complex, amid signs global crude stocks are declining and fuels will be short supply after hurricane-related refinery outages. But with so many fund managers already betting heavily on a further rise prices, the market has become lopsided and the risk of a sharp reversal has increased significantly. Click here to read full stories.

Sep 26 - Saudi finance minister tells bond investors Aramco IPO to go ahead in 2018 

Saudi Finance Minister Mohammed al-Jadaan told bond investors during a presentation on Monday that the initial public offering (IPO) of Saudi state oil giant Aramco will proceed as planned in 2018, sources familiar with the matter told Reuters. Aramco has previously said the listing remained "on track" after a report that the oil company was preparing contingency plans for a possible delay into 2019. Click here to read full stories.

Sep 26 - Low stocks, growth in domestic demand to cap Iran oil exports - NIOC

Iran aims to maintain its crude and condensate exports for the rest of 2017 though recent maintenance, depleted oil storage and a growing domestic appetite will limit shipments abroad, a senior official at the national state oil company said on Monday Iran has a target to export around 2.6 million barrels per day (bpd) of crude oil and condensate combined for the rest of the year, said Saeid Khoshrou, director of international affairs at National Iranian Oil Company, on the sidelines of an industry conference in Singapore. Click here to read full stories.

Sep 25 - OPEC says winning battle to end oil glut 

OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday. The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by 15 percent in the past three months. Click here to read full stories.

Sep 25 - Iraqi government asks foreign countries to stop oil trade with Kurdistan 

Iraq on Sunday urged foreign countries to stop importing crude directly from its autonomous Kurdistan region and to restrict oil trading to the central government. The call, published in statement from Prime Minister Haider al-Abadi's office, came in retaliation for the Kurdistan Regional Government's plan to hold a referendum on independence on Monday. Click here to read full stories.

Sep 25 - U.S. oil drillers cut rigs for 3rd week in a row -Baker Hughes 

U.S. energy firms cut the number of oil rigs operating for a third week in a row as a 14-month drilling recovery stalled as companies pared back on spending plans when crude prices were softer. Drillers cut five oil rigs in the week to Sept. 22, bringing the total count down to 744, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Sep 25 - U.S. heating oil market looks tight this winter: Kemp

U.S. stocks of distillate fuel oil, which have been trending downwards all year, now look tight following disruption to major refineries caused by Hurricane Harvey. The position is a marked turnaround from the start of the year, when distillate stocks were at record levels following the second warm winter in a row and a prolonged slowdown in freight movements since 2015. Click here to read full stories.

Sep 25 - Hedge funds raise bullish bets on U.S. crude to 1-month high

Hedge funds boosted bullish wagers on U.S. crude oil to the highest level in one month, data showed on Friday, as prices hit a five-month peak on expectations that a persistent glut would fade and the dollar weakened. The speculator group raised its combined futures and options position in two major NYMEX and ICE markets by 48,946 contracts to 229,932, its highest level since Aug. 22, in the week to Sept. 19, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.

Sep 25 - Japan's Cosmo Oil to boost diesel output to meet demand from ships from 2020  Japan's Cosmo Oil plans to increase diesel output at its Sakai refinery in Osaka, looking to capitalize on an expected jump in demand when a global mandate for ships to switch to cleaner fuels kicks in from 2020, its top executives said. The company, wholly owned by Cosmo Energy Holdings, is considering adding units such as a desalter that will allow its 100,000-barrels per day crude distillation unit (CDU) to process more heavy oil and maximize diesel output from its delayed coker in Sakai, Cosmo Oil President Hisashi Kobayashi told Reuters on the sidelines of an industry event. Click here to read full stories.

Sep 22 - OPEC panel to discuss extending oil cut deal, tracking exports 

OPEC and non-OPEC nations meeting on Friday will discuss a possible extension of an oil supply cut deal to support prices and will consider monitoring exports to assess compliance.The Organization of the Petroleum Exporting Countries aims to clear a global oil supply glut by curbing output by about 1.2 million barrels per day (bpd). Russia and other non-OPEC producers agreed to cut half as much. The pact runs to the end of March. Click here to read full stories.

Sep 22 - Mission accomplished? OPEC banishes contango: John Kemp 

“There is no doubt that the oil market is moving in the right direction,” the Organization of the Petroleum Exporting Countries noted with satisfaction in its most recent bulletin published on Wednesday.“The rebalancing process was never going to happen overnight; it was never going to happen in a linear fashion; and it was always going to require a concerted effort,” OPEC observed. Click here to read full stories.

Sep 22 - Brazil's Braskem terminates supply contract with Venezuela's PDVSA 

Brazil's Braskem has terminated a contract to buy light virgin naphtha and natural gasoline from Venezuela's state-run oil company PDVSA that would expire this month, the petrochemical company said on Thursday.The Sao Paulo-based firm declined to comment on the reason for ending the long-term supply agreement early, but said the contract represented less than 0.1 percent of its annual naphtha consumption. Click here to read full stories.

Sep 22 - Stormy weather exposes shortcomings of world's oil refineries 

Hurricane Harvey's crippling impact on U.S. oil refinery operations this month and the challenge buyers faced in filling the gap in gasoline supplies has exposed a shortage of spare refining capacity around the globe.Nearly a quarter of U.S. refining capacity was knocked out by the storm this month, driving U.S. gasoline prices to two-year highs above $2 a gallon. Many plants are still struggling to resume normal operations, prompting other refineries around the world to crank up output to fill the gap. Click here to read full stories.

Sep 22 - North Sea crude market sends biggest bull signal since 2014 

The North Sea crude market is at its strongest for almost four years, as demand for prompt-loading barrels has rocketed and supply remains slightly constrained by oilfield maintenance.Forward rates, or contracts-for-difference (CFDs), on cargoes of North Sea crude oil loading in the next week, have hit their highest since late 2014, overtaking prices for cargoes loading further in the future. Click here to read full stories.

Sep 21 - Russia's Lukoil eyes decade of oil output growth 

Russia's second-largest oil producer Lukoil expects its output to rise over the next 8-10 years as it brings new fields onstream, vice president and co-owner Leonid Fedun said on Wednesday.Lukoil has suffered from sluggish production because its fields, located mostly in Western Siberia, are mature and depleted. But it has been focusing on growth in new producing regions, such as the Caspian Sea and Iraq. Click here to read full stories.

Sep 21 - Robust Asia demand drives Mideast, Russia crude premiums to multi-month highs 

Spot premiums for Middle East and Russian crude loading in November and December have hit multi-month highs, spurred by robust demand in Asia, trade sources said on Wednesday.Asian buyers snapped up spot cargoes this month after Saudi Aramco and Abu Dhabi National Oil Company cut supplies, and as they both prepare to ramp up heating oil production for peak winter demand in the northern hemisphere, the sources said.  Click here to read full stories.

Sep 21 - U.S. crude inventories up again, gasoline, diesel stocks down - EIA 

U.S. crude oil stockpiles jumped last week as imports and production increased, while distillate inventories fell the most in nearly six years and gasoline inventories also declined, as the Gulf Coast recovers from the impact from Hurricane Harvey, the Energy Information Administration said on Wednesday.Crude inventories rose for a third straight week, building by 4.6 million barrels in the week ending Sept. 15, compared with analyst expectations for an increase of 3.5 million barrels. On the East Coast, crude stockpiles touched the lowest level seasonally since 2014. Click here to read full stories.

Sep 21 - Oil-patch IOU: Argentina's late subsidy payments hurt gas producers 

Argentina is behind on at least $700 million in promised subsidy payments to natural gas producers, hurting oil companies at a time when the government is trying to woo more investment in the nation's energy sector.The incentives have cost cash-strapped Argentina more than $7 billion since they were implemented in 2013 by former leftist President Cristina Fernandez. The program, unique in Latin America, is aimed at attracting investment to help boost the country's declining output and reduce its reliance on imported liquefied natural gas. Click here to read full stories.

Sep 21 - From Russia with fuel: North Korean ships may be undermining sanctions 

At least eight North Korean ships that left Russia with a cargo of fuel this year headed for their homeland despite declaring other destinations, a ploy that U.S. officials say is often used to undermine sanctions.Reuters has no evidence of wrongdoing by the vessels, whose movements were recorded in Reuters ship-tracking data. Changing a ship's destination once underway is not forbidden and it is unclear whether any of the ships unloaded fuel in North Korea. Click here to read full stories.

Sep 20 - Saudi Aramco could disclose accounts early 2018 - sources 

Saudi Aramco will be able to release its audited financial accounts in early 2018 if the government decides on a venue for listing the oil giant's IPO and finalizes several reforms this year, three sources said.It will be the first public earnings disclosure for Aramco and one of the most important internal milestones in preparing for the initial public offering (IPO), which is expected to raise as much as $100 billion. Click here to read full stories.

Sep 20 - Nigeria, Libya likely to attend OPEC-led panel; Saudi may not - sources 

Nigeria's oil minister and the head of Libya's state oil company are likely to attend a joint meeting between OPEC and non-OPEC nations on Friday, two OPEC sources said, to discuss the progress of their deal to limit output.Both countries are exempt from an OPEC-led deal to cut output and their resulting boost to production has weighed on prices. This has prompted more talk about including Libya and Nigeria in the pact. Click here to read full stories.

Sep 20 - U.S. natural gas prices rise as winter stocks look tight: Kemp 

U.S. natural gas stocks look somewhat tight after low prices this summer worked off the excess stocks that built up in the first half of the year.Current stocks are in line with the five-year seasonal average but that may not be enough given the increase in exports and the number of additional combined-cycle power plants that have become operational in 2017. Click here to read full stories.

Sep 20 - EU cuts duties on Argentine biodiesel, challenge to come 

The European Union will lower import duties on Argentine biodiesel after the World Trade Organization (WTO) ruled against initial measures, prompting an EU producer group to put together a new challenge against cheap imports.The EU will from Wednesday cut anti-dumping duties to between 4.5 percent and 8.1 percent, the EU official journal said. This came after the WTO ruled that the European Commission's decision to set initial rates of 22-25.7 percent in 2013 was unjust. Click here to read full stories.

Sep 19 - Oil cargoes shift away Venezuela as hurricanes extend disruptions 

Shippers are sending oil cargoes originally bound for Venezuela to other spots in Latin America and the Caribbean, in advance of coming hurricanes that threaten to further disrupt oil flows in the region, according to traders and Reuters data.After Hurricanes Harvey and Irma caused massive flooding and damage in Texas and Florida, fuel tankers floating off Venezuela's coast have been shifted elsewhere, largely because the cash-strapped state firm PDVSA cannot pay for the cargoes. Click here to read full stories.

Sep 19 - U.S. shale output set to rise for 10th consecutive month -EIA 

U.S. shale production is set to rise for the 10th month in a row in October, the U.S. government said on Monday, spurred by U.S. oil prices rising above the $50 a barrel threshold.Output across seven shale plays is forecasted to rise by nearly 79,000 barrels per day (bpd) to 6.1 million bpd, according to the U.S. Energy Information Administration's monthly drilling productivity report. Click here to read full stories.

Sep 19 - Russia's Rosneft clinches gas pipeline deal with Iraq's Kurdistan 

Russian oil major Rosneft will invest in gas pipelines in Iraq's autonomous Kurdistan, expanding its commitment to the region ahead of an independence referendum to help it become a major exporter of gas to Turkey and Europe.Kurdistan's parliament approved a plan on Friday to hold a referendum on independence on Sept. 25, ignoring opposition from Baghdad and the wider region as well as Western concerns that the vote could heighten tensions in the region. Click here to read full stories.

Sep 19 - Petrobras sells $2 billion in bonds, replacing costlier debt 

State-controlled Petróleo Brasileiro SA raised $2 billion from the sale of seven- and 10-year securities, replacing more expensive shorter-dated bonds as it seeks to trim a debt burden that is the largest among major oil firms.Two people with direct knowledge of the deal said on Monday that Petrobras sold $1 billion each worth of senior unsecured bonds due in 2025 and 2028,respectively. The people said Petrobras sold the January 2025 bond at a yield of 5.3 percent, and the January 2028 bond at 6 percent. Click here to read full stories.

Sep 18 - Oil and chemical spills from Hurricane Harvey big, but dwarfed by Katrina

More than 22,000 barrels of oil, refined fuels and chemicals spilled at sites across Texas in the wake of Hurricane Harvey, along with millions of cubic feet of natural gas and hundreds of tons of other toxic substances, a Reuters review of company reports to the U.S. Coast Guard shows.The spills, clustered around the heart of the U.S. oil industry, together rank among the worst environmental mishaps in the country in years, but fall far short of the roughly 190,000 barrels spilled in Louisiana in 2005 after Hurricane Katrina - the last major storm to take dead aim at the U.S. Gulf Coast.

Sep 18 - Venezuela publishes oil prices in Chinese currency to shun U.S. dollar

Venezuela published the price of its oil and fuel in Chinese currency on Friday in what it called an effort to free the socialist-run country from the "tyranny of the dollar," echoing a plan recently announced by President Nicolas Maduro.Maduro last week said his government would shun the dollar after the United States announced sanctions that blocked certain financial dealings with Venezuela on accusations that the ruling Socialist Party is undermining democracy.

Sep 18 -Speculators cut U.S. crude oil net longs - CFTC

Hedge funds and other money managers cut their bullish bets on U.S. crude futures and options positions in the week to September 12, 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 5,435 contracts to 180,985 during the period. In the previous week, speculators raised their crude oil net longs.

Sep 18 - North Korea fuel prices soar after U.N. sanctions capping supply

Gasoline and diesel prices rose sharply in North Korea after its sixth nuclear test and as the U.N. Security Council imposed new sanctions capping fuel supply, market data analysed by Reuters on Monday showed.The Security Council unanimously passed a resolution on Sept. 11 banning exports of condensates and natural gas liquids to the North and capping the annual supply of refined petroleum products at two million barrels and crude at its current levels.  

Sep 18 - Storms worsen unprecedented summer slump in U.S. diesel supply

U.S. diesel stockpiles did something this year that has never happened in the summer before: They shrank. And that was even before Hurricane Harvey landed, knocking out a quarter of U.S. refining capacity, crippling production of fuel products.Thanks to surprising summer demand, particularly from exports, inventories of diesel, jet fuel and heating oil were heading into the busy winter at their lowest levels in three years.

Sep 15 - BP-led group extends Azeri oil "contract of the century"

BP and Azerbaijan agreed on Thursday to extend into 2050 a contract to develop the ex-Soviet state's biggest oilfield cluster, a deal dubbed "the contract of the century" when first signed in 1994. Under the new production sharing agreement, the Azeri state energy company SOCAR will increase its share to 25 percent from 11.65 percent, while BP's stake declines to 30.37 percent from 35.8 percent. BP will remain the operator. Click here to read full stories.

Sep 15 - S.Korea's Iranian crude oil imports rise around 40 pct on year in Aug 

South Korea's imports of Iranian crude oil increased 40.2 percent in August from the same month a year earlier, with its refiners snapping up competitively priced cargoes from the Middle Eastern nation. South Korea, the world's fifth-biggest crude importer, brought in 1.55 million tonnes of Iranian crude last month, or 365,641 barrels per day (bpd), compared with 1.1 million tonnes in the same month in 2016, customs data showed on Friday. Click here to read full stories.

Sep 15 - Venezuela state oil firm's credit woes spread to U.S. unit Citgo 

Washington's recent sanctions against Venezuelan state-run oil company PDVSA have started to ensnare its U.S. unit, Citgo Petroleum, making it harder for the refiner to obtain the credit it needs to purchase crude, according to six traders and banking sources. Fewer oil providers are willing to sell cargoes to Citgo on open credit, instead requiring prepayment or bank letters of credit to supply its 749,000-barrel-per-day refining network, the sources said. Click here to read full stories.

Sep 15 - Aramco says IPO on track after report it is preparing for possible delay 

Saudi Aramco's planned initial public offering remains on track, the company said on Thursday, after Bloomberg reported that the oil company is preparing contingency plans for a possible delay by a few months into 2019. Saudi authorities are aiming to list up to 5 percent of the world's largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion. Click here to read full stories.

Sep 15 - U.S. shale sector at critical price threshold: Kemp

Forward U.S. oil prices for 2018 have climbed back above $50 per barrel, a level that should be high enough to stabilise drilling activity over the next two months. But if prices continue their current upward trend, shale firms will almost certainly interpret that as a sign to increase output and begin ramping up their drilling programmes again. Click here to read full stories.

Sep 15 - Saudi Arabia plans to launch nuclear power tender next month - sources

Saudi Arabia is expected to launch a tender process for its first nuclear reactors as early as next month and will reach out to potential vendors from countries including South Korea, France and China, industry sources said. The world's top oil exporter wants to start construction next year on two plants with a total capacity of up to 2.8 gigawatts, three industry sources said, as it follows Gulf neighbour the United Arab Emirates in seeking atomic energy. Click here to read full stories.

Sep 15 - Global use of liquid fuels to grow by nearly a fifth by 2040 - EIA 

Global use of petroleum and other liquid fuels will grow by nearly a fifth by 2040, driven by the transportation and industrial sectors, the U.S. government said on Thursday. Consumption is set to grow from 95 million barrels per day in 2015 to 104 million bpd in 2030 and 113 million bpd in 2040, according to the U.S. Energy Information Administration's international energy outlook for 2017. Click here to read full stories.

Sep 14 - Global oil inventories shrinking on robust demand - IEA 

The global oil surplus is beginning to shrink due to stronger-than-expected European and U.S. demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday. The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) from 1.5 million bpd. Click here to read full stories.

Sep 14 - U.S. crude inventories jump, gasoline stocks drop most on record- EIA

U.S. crude oil stockpiles rose sharply last week and gasoline inventories fell the most on record as refineries continued to be hampered by damage from Hurricane Harvey, the Energy Information Administration said on Wednesday. Refineries operated at the lowest level in nine years after Harvey, which hit the Gulf Coast on Aug. 25, shuttered plants on the Texas Coast as well as oil production operations and ports. Click here to read full stories.

Sep 14 - Shell set to draw line under a century of Iraqi oil 

Royal Dutch Shell is set to end a century of oil production in Iraq by withdrawing from two of the Arab state's flagship fields to focus on more profitable gas development. Shell's retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world's biggest oil reserves and wants to boost production after years of conflict hindered development. Click here to read full stories.

Sep 14 - China's crude refinery output rebounds in Aug on new quotas 

Chinese refineries processed 6.5 percent more crude oil in August than a year earlier at 47.12 million tonnes, or about 11.1 million barrels per day, data from the National Bureau of Statistics showed on Thursday. August processing also rose from July's 10.71 million bpd, which was the lowest in 10 months. Click here to read full stories.

Sep 14 - Nigeria unlikely to join OPEC cuts before March - oil minister 

Nigeria is very unlikely to join OPEC's cuts in oil production before March, its oil minister said on Wednesday. The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output by about 1.8 million barrels per day (bpd) until next March in an attempt to support prices by cutting a glut of crude oil on world markets. Click here to read full stories.

Sep 14 - Venezuela's crude supply to the United States was flat in August

Venezuelan crude sales to the United States in August were largely unchanged at 638,935 barrels per day (bpd) compared with the prior month, but continued to fall far short of year-earlier levels, according to Thomson Reuters Trade Flows data. State-run oil company PDVSA has sought to increase exports of diluted crude oil (DCO), a blend of imported naphtha and extra heavy oil from the Orinoco Belt, Venezuela's largest producing region. Click here to read full stories.

Sep 13 - OPEC sees higher oil demand, signs of tighter market 

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast. Click here to read full stories.

Sep 13 - China sets 2020 target for nationwide ethanol use to cut corn stocks

China plans to roll out the use of ethanol in gasoline nationally by 2020, state media reported on Wednesday citing a government document, as Beijing intensifies its push to boost industrial demand for corn and clean up choking smog. It's the first time the government has set a targeted timeline for pushing the biofuel, known as E10 and containing 10 percent ethanol, across the world's largest car market, although it has yet to announce a formal policy. Click here to read full stories.

Sep 13 - Mind the gap: Brent and WTI point in opposite directions: Kemp

Commuters and tourists are regularly warned to “mind the gap” between train doors and the platform at certain stations on the London Underground. But the warning could just as easily apply to traders in Brent and WTI after the two crude benchmarks diverged sharply over the last month. Click here to read full stories.

Sep 13 - Black Sea wheat exports to Asia hit record high in August, hurting Australian growers

Wheat exports from the Black Sea region to Asia climbed to an all-time high last month as suppliers capitalized on record output, higher quality grain and new handling infrastructure, hurting traditional heavyweight supplier Australia. Amid a scramble by exporters to secure sales following four record global harvests, Black Sea traders have been able to boost volumes by undercutting rivals. Click here to read full stories.

Sep 13 - Shell to withdraw from Iraq's Majnoon oilfield - Iraqi oil officials 

Royal Dutch Shell is seeking to sell Iraq's Majnoon oilfield and the oil ministry has started preparations to finalise its exit, according to an oil ministry letter and oil officials. A letter signed by Iraqi oil minister Jabar al-Luaibi and dated Aug. 23 and directed to Shell Iraq Petroleum Development gave approval for Shell to quit Majnoon, an oilfield near Basrah which started production in 2014. Click here to read full stories.

Sep 12 - U.S. Gulf refiners rumble back to life, piece by piece 

U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum. Plants typically shut only a few units for overhaul in spring and fall, with most refinery units remaining in operation for 4-6 years between full maintenance shutdowns. Click here to read full stories.

Sep 12 - Glencore sale of Rosneft stake earns rivals' respect, bankers' relief 

Glencore's move last week to sell most of its stake in Russian oil major Rosneft to Chinese conglomerate CEFC is eliciting admiration from the Swiss oil trader's rivals and relief from its bankers. To rivals, it appears to be a clever deal by Glencore's boss Ivan Glasenberg, who had initially invested 300 million euros of Glencore's money in a deal worth 10.2 billion. Click here to read full stories.

Sep 12 - Iraq halts plan to switch Asian oil pricing in Jan - letter 

Iraq's Oil Marketing Company (SOMO) postponed its plan to switch its price benchmark for Basra crude in Asia to DME Oman futures from January 2018, according to a letter seen by Reuters. SOMO told customers it needs more time to study a plan to change its price benchmark for Basra crude to DME Oman futures from the average of Platts' Oman-Dubai prices with effect from January 2018, according to the letter dated Sept. 10, and sent by Falah Alamri, the former head of the state oil marketer. Click here to read full stories.

Sep 12 - Hedge funds watch U.S. refinery restarts: Kemp 

Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise. Hedge funds and other money managers increased their combined net long position in the five major petroleum contracts linked to crude, gasoline and heating oil by 46 million barrels in the week to Sept. 5, according to the latest regulatory and exchange data. Click here to read full stories.

Sep 12 - OPEC sees oil rebalancing under way, further inventory declines 

An OPEC-led supply cut deal is helping to rebalance the global oil market, OPEC's secretary-general said on Monday, and higher demand in the rest of this year should lead to further reductions in oil inventories. The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output by about 1.8 million barrels per day until next March in a bid to reduce inventories and support prices. Click here to read full stories.

Sep 11 - Saudi's Falih discuss oil supply cuts extension with Venezuela, Kazakhstan 

Saudi Arabian Energy Minister Khalid al-Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry said on Sunday. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices. Click here to read full stories. 

Sep 11 - Saudi to supply full crude allocations to most Asian refiners - sources 

Saudi Arabia will supply full contracted volumes of crude oil to at least five north Asian term buyers in October, while a sixth regional refiner was notified of cuts to its October Arab Extra Light supplies, sources familiar with the matter said on Monday. The October allocations are in contrast to the steep cuts in the September allotments and reaffirms Saudi Arabia's desire to maintain its Asian market share. Saudi Arabia is the world's biggest crude exporter. Click here to read full stories. 

Sep 11 - U.S. oil drillers cut rigs for 3rd week in four as recovery stalls - Baker Hughes

U.S. energy firms cut oil rigs for a third time in the past four weeks as a 14-month drilling recovery stalls with energy firms reducing spending plans in response to recent crude price declines. Drillers cut three oil rigs in the week to Sept. 8, bringing the total count down to 756, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories. 

Sep 11 - Will Saudi Aramco deliver world record profit for next year's IPO?

When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO).  Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure suggested by Saudi Crown Prince Mohammed bin Salman, who wants to raise cash through the IPO to finance investments aimed at helping wean the world's biggest oil exporting nation off dependency on crude. Click here to read full stories. 

Sep 11 - China invests $9.1 bln in Rosneft as Glencore, Qatar cut stakes 

Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft for $9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world's second largest energy consumer, to boost cooperation with the world's top oil producer. Click here to read full stories. 

Sep 11 - ADNOC could list stake in fuel retail business in early 2018 - sources

Abu Dhabi National Oil Co (ADNOC) could list more than 10 percent of its fuel retail business by early 2018 and one or two more businesses later as part of a major shake-up, sources familiar with the matter said. The listing for ADNOC Distribution, which manages petrol stations and convenience stores across the United Arab Emirates (UAE) as well as bunkering facilities and a lubricant plant, comes as Abu Dhabi and other Gulf states are privatising energy assets in an era of cheap crude. Click here to read full stories. 

Sep 11 - Speculators raise U.S. crude oil net longs in wake of Harvey - CFTC 

Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options positions in the week to Sept. 5, reversing course from the previous week as Hurricane Harvey battered the Gulf Coast and hit production from a key shale formation, 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 20,525 contracts to 186,421 during the period. In the previous week, speculators had cut their bullish bets to a two-month low as Hurricane Harvey made landfall. Click here to read full stories. 

Sep 11 - Funds expand oilshare long but snub corn, wheat - Braun 

Speculators inched closer to a record long position in the CBOT oilshare last week, but technically driven rallies in the grains failed to impress. In the week ended Sept. 5, money managers drastically upped bullish bets in Chicago-traded soybean oil but left the soybean meal short untouched. They also softened their bearish stance on soybeans. Click here to read full stories.

Sep 08 - Harvey may pinch some Gulf Coast refining, chemical projects 

Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said.Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and businesses were not as fortunate. Refiners and recovery projects will complete for the same labor, driving up costs or causing labor shortages. Click here to read full stories.

Sep 08 - Brent oil futures flip back into backwardation post-Harvey 

The Brent oil futures price structure has flipped back firmly into its pre-Hurricane Harvey backwardation after fears of a significant drop in crude demand failed to materialise.Backwardation describes a market condition in which it is more attractive to sell oil immediately rather than storing it for later sale. It is seen as an indicator of a tight market, as opposed to the condition known as contango, in which it is more profitable to store oil for sale in the future. Click here to read full stories.

Sep 08 - Florida cites complaints over Chevron gas prices as shortages mount 

Florida Attorney General Pam Bondi said on Thursday her office had received 45 complaints of inflated prices at Chevron Corp branded gasoline stations in the southern part of the state, as shortages worsened ahead of Hurricane Irma's expected U.S. landfall this weekend.More than 1,800 gas stations - more than a quarter of the state's total - were without fuel late Thursday, up from 1,200 Wednesday, ahead of Irma, which is battering the Caribbean with winds at speeds of around 185 miles per hour (300 km per hour). The storm is expected to hit Florida on Sunday.  Click here to read full stories.

Sep 08 - EU to reopen biodiesel market to Argentine exporters 

Argentina will regain access to the European Union's biodiesel market within three weeks after its successful World Trade Organization challenge to Europe's anti-dumping duties on the fuel.The European Union will by Sept. 28 sharply lower the tariffs it has imposed on Argentine biodiesel for the past four years after EU member states backed the reduction on Thursday. Click here to read full stories.

Sep 08 - Commodity trader Noble again extends $2 bln credit line 

North American lenders to Noble Group have again extended the deadline for a $2 billion credit facility, this time by three months to Jan. 15, the commodity trader said on Thursday.The heavily indebted company, once Asia's commodity trading powerhouse, has been slashing jobs and selling assets to cut debt after a crisis-wracked two years. Click here to read full stories.

Sep 08 - U.S. crude stocks jump, Gulf refinery runs hit record low due to Harvey - EIA 

U.S. crude oil stockpiles rose last week, after shutdowns stemming from Tropical Storm Harvey knocked refinery use to a seven-year low, the Energy Information Administration said on Thursday.Refinery utilization rates dropped 16.9 percentage points to 79.7 percent of totalcapacity, with Gulf Coast refining runs dropping to the lowest level recorded since data started being kept in 1992. Click here to read full stories.

Sep 08 - Oil traders expect a tighter market in 2018: Kemp 

While the headlines have been dominated by the devastation wrought by Hurricane Harvey, oil traders have quietly become more bullish, or at least less bearish, about 2018.Brent calendar spreads have resumed their steady march from contango towards backwardation as Texas refineries resume operations after shutting down during the storm. Click here to read full stories.

Sep 08 - Kazakhstan may strike separate deal with OPEC on oil output curbs  Kazakhstan is aiming for a standalone deal with leading global oil producers on restraining its crude production due to a need to crank up output at its Kashagan field, a Kazakh official said on Thursday.The Central Asian nation increased oil and gas condensate output by 9.9 percent in January-July to 49.907 million tonnes, or 1.724 million barrels per day (bpd), exceeding its quota of 1.7 million bpd under a global supply pact. Click here to read full stories.

Sep 07 - Oil production restarting at Libya's Sharara field after blockade lifted - sources 

Oil production at Libya's Sharara field, the country's largest, was resuming on Wednesday after a valve was reopened on a pipeline shut by an armed group for more than two weeks, Libyan oil industry sources said. "We have just started, little by little," said one source at the field, who asked not to be named. He said it would likely take three to four days for production to reach normal levels. Click here to read full stories.

Sep 07 - OPEC Aug crude oil exports fall; Jan-Aug still above yr-ago -Thomson Reuters Oil Research

Crude oil exports by the Organization of the Petroleum Exporting Countries (OPEC) in August were 25.19 million barrels per day (bpd), their lowest level since April, according to Thomson Reuters Oil Research. But average 2017 levels for January-August of 25.05 million bpd were above average 24.85 million bpd in the same period a year earlier, despite OPEC's pledge to hold back supplies between January this year and March 2018 in order to tighten the market and prop up prices. Click here to read full stories.

Sep 07 - Florida stations face fuel shortages, delays ahead of Irma 

Gasoline stations around Florida struggled to keep up with demand from customers anxious to fill tanks as Hurricane Irma approached, with some locations running out of supply on Wednesday. Some convenience stores are out of fuel as delivery trucks wait three to four hours to get cargoes from Port Everglades, the main supply source for the southern part of the state, said Ned Bowman, executive director at the Florida Petroleum Marketers and Convenience Store Association, which represents 98 percent of fuel sold in Florida. Click here to read full stories.

Sep 07 - BP, Shell tie future to North Sea despite broad retreat 

Two of the most veteran oil and gas producers in the UK North Sea, Royal Dutch Shell and BP, still tie their future to the ageing offshore basin despite a broad retreat in recent years. Both companies plan to explore this year for new resources in the North Sea, one of the oldest deepwater hubs faced with harsh weather conditions, executives told Reuters. Click here to read full stories.

Sep 07 - Atlantic hurricane threat will not dissipate after Irma, Jose : Braun

Hurricane Irma is bearing down on the northern Caribbean islands at Category 5-strength, and residents and businesses in its path are making storm preparations, especially following Harvey’s recent devastation in southeast Texas. According to the National Hurricane Center’s latest forecast, Irma will spend the rest of the week traveling west and north across the Greater Antilles before making landfall in South Florida sometime on Sunday as a major, life-threatening storm.  Click here to read full stories.

Sep 07 - Essar Oil UK to spend $250 mln upgrading Stanlow refinery

Essar Oil UK expects a $250-milion upgrade of its Stanlow refinery in northwest England to improve its basic profit margin by $1 a barrel as it will be able to process a greater variety of cheaper crude oils and raise output, its chief executive said on Wednesday. The company, owned by the Indian billionaire Ruia brothers' Essar Group, plans to raise the annual processing capacity of Stanlow by about 10 percent to 75 million barrels. Click here to read full stories.

Sep 07 - Harvey a Boon for Malaysia Petrochemical Cos (Dow Jones)
Harvey is seen being good half a world away for Malaysian petrochemical players, says Maybank. Malaysia has 22% global market share of ethylene production, and 61% of US ethylene plants were closed at the height of the storm. As such, prices are set to rise and boosts the bank's positive stance on local ethylene makers--including its buy calls on Petronas Chemicals (5183.KU) and Lotte Chemical Titan.

Sep 06 - Asian traders look to snap up US crude in wake of Hurricane Harvey 

Some oil traders in Asia are looking to snap up crude cargoes from the United States after Hurricane Harvey closed U.S. refineries, denting local demand and pushing out the price spread between U.S and Atlantic Basin crude benchmarks. Hurricane Harvey barreled into the U.S. Gulf of Mexico coast around 10 days ago, closing nearly a quarter of the nation's refining capacity, although some of that is now coming back online. Click here to read full stories. 

Sep 06 - U.S. gasoline pump prices climb even as refineries restart 

U.S. retail gasoline prices climbed on Tuesday, even as oil refineries rumbled back into service after Hurricane Harvey disrupted operations along the Texas coast. The average gasoline price was $2.648, 30.2 cents higher than a month ago, according to motorist advocacy group AAA. Gasoline prices normally retreat after the U.S. Labor Day holiday weekend. Click here to read full stories. 

Sep 06 - Russia's Sechin discussed offering Rosneft share to Japan - court documents

Igor Sechin, the head of Russian oil giant Rosneft, offered a stake in the company to Japanese investors before eventually selling to an international consortium, according to documents released during an unrelated court case. In one of the biggest Russian privatisation deals in years, the consortium made up of Qatar and commodities trader Glencore bought a 19.5-percent stake in state-owned Rosneft, one of the world's largest oil firms, for 10.5 billion euros in December.  Click here to read full stories. 

Sep 06 - Largest U.S. refinery begins restarting partial production 

Motiva Enterprises began restarting partial production at the nation's largest crude oil refinery on Tuesday, the company said. Motiva was ready by Tuesday morning to restart the large crude distillation unit, hydrocracker and coker at the 603,000- barrel-per-day Port Arthur, Texas, refinery shut on Aug. 30 by Tropical Storm Harvey, several sources familiar with Motiva's plans said. Click here to read full stories. 

Sep 06 - Norway plans tax breaks for remotest Arctic oilfields - letters 

Norway's government plans to make taxpayers rather than oil companies pay special U.N. fees for any offshore production from remote Arctic regions, according to letters sent to oil firms and seen by Reuters. The plan could serve as an example for other nations looking to fund exploration of the seabed ever further from land. Click here to read full stories. 

Sep 06 - Noble Group in talks to extend $2 bln credit facility deadline

Noble Group is in discussions with its North American lenders to extend an October deadline for a $2 billion credit facility, while also taking steps to sell parts of its business to cut debt, its chairman said on Tuesday. Paul Brough, a board member and restructuring veteran, who took over as the commodity trader's chairman in May, told shareholders in Singapore that Noble's U.S. lenders had been very supportive of the company's plans to sell assets. Click here to read full stories.

Sep 05 - Asian refiners may see short-term gains replaced by longer-term pain: Russell

The window for refiners in Asia to make windfall profits by ramping up output to replace production lost in the United States to Hurricane Harvey appears to be fast closing. Saudi Arabia, the world's biggest crude exporter and a major supplier to many Asian refiners, on Monday hiked its official selling price for October by more than expected. Click here to read full stories. 

Sep 05 - Texas moves toward post-Harvey recovery; gas prices slip

Texas on Monday edged toward recovery from the devastation of Hurricane Harvey as shipping channels, oil pipelines and refineries restarted some operations and authorities lifted an evacuation order for the area around a once-burning chemical plant. Port operations across the U.S. Gulf Coast oil and gas hub were resuming, although many still had restrictions on vessel draft, according to U.S. Coast Guard updates. Click here to read full stories. 

Sep 05 - Iran says OPEC compliance with output pact increasing 

OPEC members' compliance with the agreement to reduce output has improved in recent months, Iran's oil minister said on Monday, noting that unofficial talks were underway among the oil producing countries to extend the cuts next year. Under the agreement OPEC is curbing its collective oil production by about 1.2 million bpd, while Russia and some other non-OPEC producers are cutting a further 600,000 bpd until March 2018. Click here to read full stories. 

Sep 05 - Indonesia's Pertamina receives first license to export gasoil - sources

Indonesia's Pertamina has received a license from the government to export gasoil for the first time, three sources close to the matter said on Monday, although the state oil company is planning to prioritize domestic sales if possible. Pertamina is typically an importer of gasoil, as diesel is called in most Asian markets, but inbound shipments have declined over the years as it ramped up refining output and demand from the mining sector slowed. Click here to read full stories. 

Sep 05 - Iraq's Kurdistan poised for bumper gas growth

Iraq's Kurdistan is poised for a major increase in gas output following the settlement of a court case with developers who are now looking to unlock the full potential of the region's large resources, investor Dana Gas told Reuters. The semi-autonomous region settled a case with the Pearl Consortium last week by paying $1 billion to its members - Dana, Dana's biggest shareholder Crescent Petroleum, Austria's OMV, Hungary's MOL and Germany's RWE. Click here to read full stories. 

Sep 05 - India to bid for Israel oil-and-gas exploration blocks - minister says

Indian state-run Oil and Natural Gas Corp  plans to bid for Israeli offshore oil-and-gas exploration blocks, India's oil minister told Reuters, the first major deal between the two countries since a groundbreaking trip by Prime Minister Narendra Modi in July. India and Israel have deep defence ties but Modi and his right wing ruling group are pushing to expand the relationship into other sectors such as energy and technology with a country they see as a natural ally against terrorism. Click here to read full stories. 

Sep 05 - Hedge funds anticipate hurricane disruption to U.S. refineries: Kemp

Hedge funds turned bearish towards U.S. crude while boosting bullish positions in gasoline and heating oil in the final week of August, anticipating major disruption to U.S. refineries as a result of Hurricane Harvey. Hedge fund operators responded in the classic textbook manner for a supply interruption expected to hit refineries rather than crude production by selling crude while buying fuels. Click here to read full stories. 

Sep 04 - Asian refiners ramp up output to fill supply gaps left by Harvey

Refiners across Asia are cranking up output to send fuel to the United States, where fallout from Hurricane Harvey has left around a quarter of the nation's refineries shut down. The storm, which hit Texas a week ago as a hurricane and moved on to Louisiana, has caused historic floods and forced the closure of about a quarter of U.S. refining capacity, equal to about 4.5 million barrels per day (bpd) in output. Click here to read full stories.

Sep 04 - Harvey's wake tempers bullish outlook for U.S. oil output growth 

Damage and delays from Tropical Storm Harvey will hold the U.S. oil industry back from achieving a targeted 10 million barrels per day of production anytime soon, according to analysts, a setback in America's fight for global market share with OPEC. The storm, which flooded refineries, wells and pipelines across Texas, added to a string of problems oil companies already faced, like low crude prices and expensive engineering challenges at new shale wells. Click here to read full stories.

Sep 04 - Key fuel lines restart as concerns ease over supply crunch after Harvey 

Two key fuel pipelines were set to start up on Monday after certain segments in Texas were shut because of Hurricane Harvey, helping alleviate concerns about rising retail prices and the domestic distribution of gasoline and distillates. Colonial Pipeline Co, the biggest U.S. fuel system, said on Sunday it planned to reopen the main distillate line between Houston and Hebert, Texas, on Monday, and the gasoline line between those two points on Tuesday. The company had initially aimed to restart both its lines by Sunday. Click here to read full stories.

Sep 04 - U.S. drillers add no oil rigs as Hurricane Harvey slows production - Baker Hughes

U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday.  Click here to read full stories.

Sep 04 - Russian oil output hits year-low in Aug on offshore Arctic hiatus 

Russian oil output slipped to a year-low of 10.91 million barrels per day (bpd) in August from 10.95 million bpd in July, Energy Ministry data showed on Saturday, as Gazprom Neft suspended offshore Arctic production to carry out maintenance. In tonnes, oil output reached 46.144 million versus 46.309 million in July. Click here to read full stories.

Sep 04 - Hedge funds cut bullish bets on U.S. crude to 2-mnth low as Harvey made landfall 

Hedge funds and money managers cut their bullish wagers on U.S. crude to the lowest in two months, data showed on Friday, as Hurricane Harvey made landfall in Texas, knocking millions of barrels of refining capacity offline. The speculator group cut its combined futures and options position in New York and London by 105,377 contracts to 165,896 in the week to August 29, the U.S. Commodity Futures Trading Commission (CFTC) said. That was the lowest level since late June, data showed. Click here to read full stories.

Sep 04 - Latin America fights for fuel in Harvey's wake, cargoes diverted 

Traders and ship brokers are rerouting millions or barrels of fuel to Latin America to compensate for broken supply lines after Hurricane Harvey crippled the U.S. Gulf of Mexico refining hub. Buyers from Mexico, Brazil, Colombia, Venezuela, Argentina and elsewhere are turning to refineries in Europe, Asia and even the U.S. East Coast in a rush to replace more than 2.5 million barrels per day (bpd) of fuel imports. Click here to read full stories.

Sep 04 - Texas refineries begin restart after hit from Harvey 

A number of key Texas refineries worked to reopen or resume normal operations on Saturday, a week after HurricaneHarvey knocked out nearly one quarter of the U.S. refining capacity and sent gasoline prices to two-year highs. While much of the region's refining infrastructure still remained offline from Harvey, which made landfall as a Category 4 hurricane last week and drenched Texas as a tropical storm, the restarts were a first step in alleviating concerns about U.S. fuel supplies. Click here to read full stories.

Sep 01 - Global fuel prices rise as Harvey's effects ripple beyond U.S. Gulf 

Tropical Storm Harvey's effect on the energy industry spread worldwide as flooded U.S. refiners and closed fuel pipelines threatened to squeeze national supply, roiling global fuel markets and rerouting millions of barrels of fuel to the Americas to avert shortages.The storm, which lashed Louisiana with rain on Thursday, has pummeled the U.S. Gulf Coast, immersing Houston, Texas, and surrounding areas in floodwater and forcing the closure of about a quarter of U.S. refining capacity.  Click here to read full stories.

Sep 01 - As oil prices weather storm, OPEC looks for long-term boost from Harvey 

For veteran OPEC officials, Hurricane Harvey's impact on global oil markets is one of the strangest things they have seen.The storm has led to some of the biggest disruptions to U.S. energy infrastructure; yet it has failed to boost crude prices. Click here to read full stories.

Sep 01 - Latin America looks to Venezuelan fuel cargoes as Harvey swamps U.S.  

After Hurricane Harvey roared into Texas, flooding oil refineries and crippling ports along the U.S. Gulf Coast, Latin American countries are scouring the globe for other sources of fuel and zeroing in on a flotilla waiting to unload off the coast of Venezuela.Almost no fuel tankers have sailed from Texas for Latin America in six days, according to Thomson Reuters vessel tracking data. Terminals and refineries shut by the storm are unlikely to fully recover for weeks. Click here to read full stories.

Sep 01 - Traders scramble to avert fuel shortages in U.S. and Mexico 

The crippling of the U.S. Gulf Coast refining hub by Tropical Storm Harvey roiled global oil markets on Thursday as traders scrambled to buy gasoline and diesel from distant markets to avert supply shortages in the United States, Mexico and Brazil.A slew of gasoline tankers has been booked over the past two days out of Europe to the United States and Latin America, with around 12.5 million barrels expected to leave the region in the first half of the month, sharply higher than usual flows, according to traders and shipping data. Click here to read full stories.

Sep 01 - Noble Group's treasury head quits; most high profile exit in a year 

Noble Group's treasury head has quit the company,at a time when the Singapore-listed commodities trader is drastically slimming down its core Asian coal-trading business.Group treasurer Wildrik de Blank's exit is the most high profile departure at Noble since Yusuf Alireza quit unexpectedly as CEO in May 2016 and two new co-CEOs were appointed. Click here to read full stories.

Sep 01 - Oil prices likely to get a boost from stock draws, demand growth - Poll

An accelerating decline in global crude inventories and expectations for an uptick in global demand growth has caused analysts to revise their Brent oil price forecasts upwards for the first time in six months, a Reuters survey has shown.The poll was carried out before Hurricane Harvey hit U.S. shores, curtailing U.S. refining by a fifth and disrupting offshore production. Click here to read full stories.

Sep 01 - Future of oil takes centre stage in Norwegian election 

The future of Norway's oil sector is emerging as a key issue for voters in a Sept. 11 parliamentary election, nowhere more so than in the oil capital of Stavanger.The right-wing bloc of Conservative Prime Minister Erna Solberg is neck-and-neck in opinion polls with an opposition grouping led by Jonas Gahr Stoere's Labour. Click here to read full stories.

Aug 31 - Harvey Disrupts US Diesel Exports to Europe (Dow Jones)
Refinery and export terminal shutdowns in the US Gulf Coast as a result of Tropical Storm Harvey are forcing buyers in Europe and Asia to look for new distributors for some refined products, ING Bank says. The US, which is a major exporter of diesel to Europe and LPG to Asia, ships 75% to 95% of its refined product cargoes out of ports that have been affected by Harvey. Since the storm hit, "there have been no diesel loadings, meaning Europe will need to drawdown inventories or turn increasingly to Russia, the Middle East and Asia to meet the shortfall," the bank says.

Aug 31 - Harvey floods U.S. refineries, roils global fuel markets 

Tropical Storm Harvey further damaged the heart of the U.S. energy industry on Wednesday, churning into Louisiana after flooding the biggest U.S. refinery in Texas, forcing major pipelines to halt operations and threatening a supply squeeze for weeks.Benchmark U.S. gasoline prices and margins surged to two-year highs as Colonial Pipeline, the biggest U.S. fuel system, said it would shut its main lines to the Northeast by Thursday, hit by outages at pumping points and lack of supplies from refiners.  Click here to read full stories.

Aug 31 - Russia's Lukoil considers selling Swiss trader Litasco 

Russian oil major Lukoil is considering selling its Swiss unit Litasco because new U.S. sanctions on Russia will make it harder for the Geneva-based energy trader to raise new funds, industry sources said.Lukoil's chief executive, Vagit Alekperov, later confirmed the company was considering selling Litasco, Interfax news agency reported. He gave no details other than to say Lukoil's board would decide on the matter in November.  Click here to read full stories.

Aug 31 - Trading firm Noble seen picking oil unit buyer in Sept - sources 

Trader Noble Group is expected to pick a buyer for its oil and liquefied natural gas (LNG) units by mid-September to cover debts and reduce credit exposure after a first half loss of $1.9 billion, sources familiar with the matter said.Once Asia's largest commodities trader, Singapore-listed Noble has slimmed down drastically to its core Asian coal business after a crisis-wracked two years.  Click here to read full stories.

Aug 31 - U.S. refining usage hit 12-yr high just before Harvey 

U.S. crude stocks fell sharply last week even as refineries hiked output, the Energy Information Administration said on Wednesday, but the figures reflected activity prior to Tropical Storm Harvey.Crude inventories fell by 5.4 million barrels in the week to Aug. 25, compared with analysts' expectations for an decrease of 1.9 million barrels. Click here to read full stories.

Aug 31 - Canada band raises new issue in Kinder Morgan pipeline challenge A Canadian aboriginal band seeking to stop Kinder Morgan Inc's Trans Mountain pipeline expansion has asked a court to consider the federal government's position for a tougher review on a rival project.The west coast Tsleil-Waututh Nation made the request in a letter to the Federal Court of Appeal seen by Reuters this week. Click here to read full stories.

Aug 30 - Storm Harvey paralyzes a fifth of U.S. fuel output 

Flooding from Tropical Storm Harvey has shut nearly a fifth of U.S. oil-refining capacity, triggering worries about a gasoline supply crunch as the slow-moving tempest lumbers through the heart of America's petrochemicals industry.At least 3.6 million barrels per day of refining capacity are offline in Texas and Louisiana, or nearly 20 percent of total U.S. capacity, based on company reports and Reuters estimates. Restarting plants even under the best conditions can take a week or more. Click here to read full stories.

Aug 30 - Mideast oil producers on low-level alert after Iraq pricing switch 

Gulf OPEC members Saudi Arabia and Kuwait are unlikely to follow Iraq in a major shift in the way it prices its oil in Asia and will monitor Baghdad's attempts to squeeze more dollars from its reform, industry sources said.Last week, Iraq's state-oil firm SOMO began consultations with traders on its plans to switch to the Dubai Mercantile Exchange (DME) for its Asian oil pricing from Platts' quotes, which Baghdad and neighbouring Middle Eastern producers Saudi Arabia, Kuwait and Iran have used for decades. Click here to read full stories.

Aug 30 - European oil product margins spike in Harvey's wake 

Benchmark European gasoline refining margins spiked nearly 9 percent on Tuesday to their highest since April after more than 2 million barrels per day (bpd) of U.S. refining capacity was knocked offline by Hurricane Harvey.Margins, the profit from refining crude into gasoline, hit $15.45 a barrel in morning trade. Click here to read full stories.

Aug 30 - Asia jet fuel shipments to U.S. to rise amid Gulf coast refinery outages 

Jet fuel shipments from Asia to the United States are likely to increase in September as the route becomes profitable after Hurricane Harvey caused large-scale U.S. refinery outages.The outages caused by Harvey will likely cut about 3.5 million barrels from U.S. jet fuel production with 3.5 million barrels per day (bpd) in refining capacity expected to be shut for about 10 days, said Nevyn Nah, analyst at Energy Aspects. Click here to read full stories.

Aug 30 - Brazil regulator rejects Total study on drilling at Amazon River basin 
Brazil's environmental regulator Ibama said on Tuesday it has rejected Total SA's environmental study on drilling in the Foz do Amazonas basin, warning it needs more information or it will suspend the French oil firm's license application.Ibama's repeated refusals to accept Total's environmental impact study has held up the company's four-year quest to explore the offshore basin, an area some geologists say could contain up to 14 billion barrels of petroleum, or more than the entire proven reserves in the Gulf of Mexico. Click here to read full stories.

Aug 29 - Harvey's rains shut in more U.S. refineries, sending fuel prices higher 

U.S. fuel prices surged on Monday as two more Gulf Coast refiners cut output and a third considered reductions, leaving more than 13 percent of the country's refining capacity offline after Tropical Storm Harvey flooded plants and shut seaports.The storm swung back over the Gulf of Mexico on Monday and was expected to bring another 10 to 15 inches (25 to 38 cm) of rain to the Houston area and up to 8 inches as far east as New Orleans, the National Weather Service said. Click here to read full stories.

Aug 29 - Libya's Zawiya oil refinery operating at half capacity due to Sharara outage -source 

Libya's 120,000 barrels per day (bpd) Zawiya oil refinery, the largest operating plant in the country, was working at only half its capacity due to the shutdown at the Sharara oilfield, a source at the refinery told Reuters on Monday.Zawiya, located to the west of the capital Tripoli, is fed crude from Sharara but the oilfield is shut due to a pipeline blockade. Click here to read full stories.

Aug 29 - Mexico's Pemex given 2-year extension to keep oil, gas blocks 

Mexico's energy ministry on Monday said it had approved a two-year deadline extension for national oil company Pemex to invest in 101 oil and gas exploration blocks it was granted in 2014 under the government's sweeping energy reform.The leases on the blocks were set to expire last weekend. Reuters earlier on Monday first reported the decision by the ministry. The ministry said in a statement that the new two-year leases took effect on Monday. Click here to read full stories.

Aug 29 - U.S. EPA expands fuel waivers due to Harvey, more likely 

The U.S. Environmental Protection Agency said on Monday it has waived some federal clean gasoline requirements for parts of Louisiana, adding to previous waivers to address potential fuel shortages caused by Tropical Storm Harvey.The emergency waivers allow the temporary sale of motor fuel that does not comply with regular environmental guidelines. Click here to read full stories.

Aug 29 - Argentina's YPF CEO resigns, 6-member exec committee to run firm 

The chief executive officer of YPF SA, Argentina's state-owned oil company, has resigned and a six-member executive committee will run the company, it said on Monday.The company did not name a replacement for CEO Ricardo Darre, who had held the job since July of last year. Darre, an engineer, had previously worked for French oil company Total in the United States. Click here to read full stories.

Aug 28 - Oil Prices Sink After Harvey (Dow Jones)
US benchmark oil prices take a sharp turn lower, down nearly 3% and on track for their lowest close in more than a month, as investors worry Hurricane Harvey will sap demand for crude oil. Phil Flynn at Price Futures says the storm's effect on Gulf Coast-region refineries--some have shut altogether while others are reducing rates--is a key concern. "The market expects that refineries will demand less oil as they take weeks, maybe longer, to come back on line," he says. The Nymex Sept oil contract trades 2.6% lower at $46.61.

Aug 28 - Harvey throws a wrench into U.S. energy engine 

A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets. Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding that has knocked out 11 percent of U.S. refining capacity, a quarter of oil production from the U.S. Gulf of Mexico, and closed ports all along the Texas coast. Click here to read full stories.

Aug 28 - Libyan oilfields closed by pipeline shutdowns, force majeure - sources 

Pipeline blockades by Libyan militia brigades making economic demands have closed down three oilfields and forced state-run National Oil Corporation to declare force majeure at several sites, officials and sources said on Sunday. Six years after the fall of Muammar Gaddafi, Libya is caught in a power struggle among competing factions and various armed brigades, and the OPEC country's oil infrastructure is often the target of blockades and protests. Click here to read full stories.

Aug 28 - U.S., Argentina to 'work together' on biodiesel tariffs - U.S. Embassy 

The United States Embassy in Argentina said on Friday it would "work together" with the South American country on agricultural trade issues, after the U.S. slapped tariffs on imports of Argentine biodiesel in a surprise move earlier this week. The embassy's charge d'affaires, Tom Cooney, said in a tweet that he met with Foreign Minister Jorge Faurie and Production Minister Francisco Cabrera. "A very collaborative dialogue about biodiesel and agricultural trade. We will work together!" Cooney said. Click here to read full stories.

Aug 28 - Iraq faces resistance from Asian buyers on "ambitious" oil price change 

Iraq's proposal to change the way it prices crude oil in Asia faces resistance from refiners who fear that longer lead times between pricing and deliveries will expose them to more risk. Iraq's state oil marketer SOMO surprised traders this week by seeking feedback on plans to switch its Basra crude benchmark in Asia to pricing based off the Dubai Mercantile Exchange from January 2018, dropping quotes based on assessments by oil pricing agency S&P Global Platts. Click here to read full stories.

Aug 28 - U.S. drillers cut oil rigs ahead of Hurricane Harvey - Baker Hughes

U.S. energy firms cut oil rigs for a second week in a row ahead of Hurricane Harvey and as a more than year-long recovery in drilling slows down in reaction to soft crude prices. Drillers cut four oil rigs in the week to Aug. 25, bringing the total count down to 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday.  Click here to read full stories.

Aug 28 - Harvey may succeed where OPEC has struggled by boosting oil prices: Russell 

Hurricane Harvey may achieve in global crude oil markets in a few days what OPEC and its allies have struggled to achieve in months - a tightening of supplies and a rise in prices. Harvey, which has been downgraded to a tropical storm, hit the coast of Texas on Friday as the most powerful hurricane to hit the U.S. state in more than 50 years, causing widespread damage and flooding.  Click here to read full stories.

Aug 28 - New Russia sanctions disrupt major Intesa loan syndication

Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar's wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia. Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year. Click here to read full stories.

Aug 28 - Hedge funds cut U.S. crude oil net longs for 3rd straight week 

Hedge funds and money managers trimmed their bullish bets on U.S. crude futures and options positions for a third straight week, data showed on Friday, as worries over a global glut persisted. The speculator group cut its combined futures and options position in New York and London by 23,119 contracts to 271,274 during the week to Aug. 22, the highest amount in about a month, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Aug 28 - Sinopec warns fuel sales will fall; plans to keep run rates stable 

Chinese refining giant Sinopec warned it would keep its output rates stable even as it expects fuel sales to drop in the second half compared with January-June, a move that could add to a domestic glut of gasoline and diesel. The country's largest refiner said it was standing by its planned run rate as it reported first-half results on Sunday showing its best six-month profit in years. The bumper earnings meant Sinopec is the latest in a line of Chinese state oil majors to reap the benefit of last year's crude price recovery. Click here to read full stories.

Aug 25 - Hurricane Harvey threatens U.S. with most powerful storm in 12 years 

A Gulf of Mexico storm rapidly intensified on Thursday spinning into the potentially biggest hurricane to hit the mainland United States in 12 years and taking aim at the heart of nation's oil refining industry.Hurricane Harvey is forecast to make landfall late Friday or early Saturday, packing winds of up to 125 miles per hour (201 km per hour). The storm could bring a surge in sea levels as high as 12 feet (3.7 meters) and dump up to 35 inches (97 cm) of rain over parts of Texas. Flood warnings are also in effect for northern Mexico and Louisiana. Click here to read full stories.

Aug 25 - Argentina reserves right to legal action on U.S. biodiesel duties 

Argentina's government is investigating all options and reserves the right to take legal action over the United States imposing steep duties on imports of its biodiesel, the foreign ministry said in a statement on Thursday.The statement said the imposition of duties above 50 percent, announced on Tuesday, does not correspond to any type of methodology acceptable under the rules of the World Trade Organization (WTO).  Click here to read full stories.

Aug 25 - Glencore books supertanker to take Forties oil to Asia in Sept 

Glencore  has bought about five cargoes of September-loading North Sea Forties crude, trade sources said on Thursday, and has lined up a supertanker that could ship some of it to South Korea.The North Sea is home to the dated Brent benchmark, which is underpinned by Forties and three other crudes. Arbitraging the Forties on Very Large Crude Carriers (VLCCs), usually to South Korea or China, can support the market. Click here to read full stories.

Aug 24 - Revolution or evolution? Iraq shakes up Asian oil trading: Russell 

There is little doubt that Iraq's mooted shift to using Dubai crude futures from long-standing price assessor Platts will shake up the trading of Middle East oil, but is it a once-off shock or the first of the dominoes to fall.Iraq's state oil marketer SOMO has asked its customers for feedback on a planned move to use Oman futures traded on the Dubai Mercantile Exchange (DME) instead of the average of Platts' Oman-Dubai quotes in pricing its main Basra grade.  Click here to read full stories.

Aug 24 - U.S. crude inventories fall for eighth week to Jan 2016 low - EIA 

U.S. crude oil stocks last week fell for an eighth consecutive week to their lowest since January 2016, while gasoline stocks declined more than anticipated, the Energy Information Administration said on Wednesday.Crude inventories fell 3.3 million barrels in the week ending Aug. 18, largely in line withexpectations for a decrease of 3.5 million barrels. Overall U.S. crude stocks fell to 463.2 million barrels, a 14-percent drop from the peak of 535.5 million barrels at the end of March. Click here to read full stories.

Aug 24 - Argentina bets on European biodiesel market after U.S. imposes duties 

Argentina is betting on the reopening of the European market to maintain demand for its biodiesel exports after the United States imposed steep duties on imports, the leader of an industry group said on Wednesday.A day earlier Argentine producers said they would halt exports to the United States as a result of the U.S. Commerce Department's decision to slap countervailing duties of up to 64.17 percent on the imports from the South American country. Click here to read full stories.

Aug 24 - Oil companies evacuate workers as storm takes aim at Texas 

Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil announced they were curbing some oil and gas output on Wednesday at facilities in the Gulf of Mexico ahead of a storm expected to hit the Texas coast later this week.The U.S. National Hurricane Center (NHC) issued a hurricane watch Wednesday for much of the Texas coast, calling for slow-moving Tropical Depression Harvey to intensify as it nears landfall. Click here to read full stories.

 Aug 24 - Crude oil production at Mexico's Pemex hits 22-year low 

Monthly crude production from Mexican national oil company Pemex fell below 2 million barrels per day in July for the first time in more than two decades, according to company data released on Wednesday.Average crude output in July was 1.99 million bpd. The monthly average was the lowest level of crude production for Pemex, officially known as Petroleos Mexicanos, since Hurricane Roxanne severely disrupted operations in October 1995, pushing down output that month to 1.90 million bpd. Click here to read full stories.

Aug 24 - Libya's Sharara oilfield remains shut - sources 

Libya's 280,000-barrels-per-day (bpd) Sharara oilfield, the OPEC member's largest, remained offline on Wednesday despite efforts to restart it the previous day, Libyan oil sources told Reuters.It was not immediately clear why the field continued to be shut, but sources said the blockage was in a different place from a pipeline closure that forced Sharara to cease operations between Saturday and Tuesday.

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

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

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

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

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

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

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

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

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

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

Aug 23 - Energy Transfer sues Greenpeace over Dakota pipeline 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 17 - Petrobras Argentina sale under scrutiny in Brazil 

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

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

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

Aug 16 - Offshore drilling mergers raise hopes for sector recovery 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 11 - Oil market marches on towards backwardation: Kemp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 08 - Baker Hughes clinches major integrated services contract

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

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

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

Aug 08 - Keystone XL pipeline representatives quizzed in Nebraska hearings 

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

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

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

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

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

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

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

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

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

Aug 07 - Macroeconomic risks for the oil industry: Kemp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 03 - Global trade recovery lifts diesel demand: Kemp 

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 02 - BP production growth boost shares despite profit drop

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

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

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

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

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

Aug 01 - Oil markets escape Venezuela sanctions for now 

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

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

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

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

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

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

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