Oil Product

Dec 15 - Investors pour cash into U.S. shale despite questions on returns 

Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world's oil production gains through 2025, the International Energy Agency estimates, increases fueled in part by easy access to capital. Click here to read full stories.

Dec 15 - Rising U.S. output threatens global oil market balance in 2018

The global oil market will likely show a surplus in the first half of 2018, as rising U.S. supply offsets OPEC's discipline in maintaining its production cuts for the whole of next year, the International Energy Agency (IEA) said on Thursday. "Total supply growth could exceed demand growth: indeed, in the first half the surplus could be 200,000 barrels per day (bpd) before reverting to a deficit of about 200,000 bpd in the second half, leaving 2018 as a whole showing a closely balanced market," the Paris-based IEA said in its monthly oil market report. Click here to read full stories.

Dec 15 - Paralysis at PDVSA: Venezuela's oil purge cripples company 

Decisions at some joint ventures with foreign firms are delayed. A growing number of oil tankers sit idle because no one authorizes payments. Employees struggle to get approval for routine expenses, from taxis to training. An alleged crackdown on graft in Venezuela, seen by critics as an effort by President Nicolas Maduro to consolidate power, has sown panic across the country's energy industry and all but paralyzed state-run Petroleos de Venezuela SA, or PDVSA, according to people at the company and across the sector. Click here to read full stories.

Dec 15 - Chevron nears Schlumberger deal to drill wells in Brazil - sources

Chevron Corp has reached preliminary agreement with oil services firm Schlumberger NV to drill six wells in a Brazilian offshore field, two sources said this week, in a bid to lift its output in the South American country after a 2011 oil spill there cut production. Six wells would be drilled in the Frade field in Brazil's offshore Campos basin, and work should begin in early 2019, the sources said. Drilling for the contract, worth about $20 million would be spread over 18 to 24 months, one of the people familiar with the matter said. Click here to read full stories.

Dec 15 - Venezuelan creditors eyeing Citgo assets face uphill battle

Citgo Petroleum may look like a tempting target for bondholders of its parent company, Venezuelan-owned oil driller PDVSA, but the refinery operator's complex debt structure could make its assets difficult for creditors to seize, legal experts said. As Venezuela careens closer to a default, some holders of PDVSA bonds set to expire in 2020 and backed by a pledge of Citgo stock are preparing to go to U.S. courts to foreclose on Citgo shares, according to sources familiar with the situation. Click here to read full stories.

Dec 15 - North Sea oil deliveries halted in first force majeure in decades 

Deliveries of crude oil through the Forties pipeline in the North Sea are under force majeure for the first time in decades and operator INEOS said on Thursday there was no timeline yet for repair work that could last several weeks. The 169-km pipeline, which carries around a quarter of all North Sea crude output and around a third of Britain's total offshore gas production, has been closed since Monday, following the discovery of a small crack in part of the system onshore in Scotland.  Click here to read full stories.

Dec 15 - Cenovus Energy to axe more jobs during cost-cutting push

Canadian oil sands company Cenovus Energy Inc said on Thursday it would cut an additional 15 percent of its workforce and lower operating expenses as new chief executive, Alex Pourbaix, seeks to aggressively reduce costs and lower debt. The move was expected as Pourbaix last month vowed to focus on cost cuts as the company remains under investor pressure to justify its C$17 billion ($13.3 billion) deal to buy ConocoPhillips assets. Click here to read full stories.

Dec 14 - OPEC sees balanced oil market by late 2018 as cuts erode glut

OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the U.S. and other producers outside the group pump more crude. The Organization of the Petroleum Exporting Countries, in a monthly report, cut its estimate of global demand for its crude in 2018 by 270,000 barrels per day (bpd) to 33.15 million bpd, in part because of higher U.S. supply. Click here to read full stories. 

Dec 14 - Ineos begins Grangemouth shutdown after Forties outage -sources 

Ineos has begun shutting units at its Grangemouth oil refinery in Scotland due to the unplanned outage at its Forties North Sea crude pipeline, which threatens to choke the plant's feedstock, industry sources said on Wednesday. The company is also considering bringing forward maintenance work at Grangemouth, originally scheduled for next year, to have it done while units are down, the sources said. Click here to read full stories. 

Dec 14 - U.S. crude stockpiles fall for fourth week on huge Cushing draw -EIA

U.S. crude oil stockpiles fell for a fourth straight week with the biggest slump in supplies at the Cushing, Oklahoma, hub in eight years, even as crude output hit another weekly record, the Energy Information Administration said on Wednesday. Gasoline inventories, meanwhile, soared far more than expected, even as refining rates slipped. Click here to read full stories. 

Dec 14 - Investors pour cash into U.S. shale despite questions on returns 

Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world's oil production gains through 2025, the International Energy Agency estimates, increases fueled in part by easy access to capital. Click here to read full stories. 

Dec 14 - Saudi Aramco to push ahead with market share, expansion strategy - CEO

Saudi Aramco, the world's largest oil producer, aims to regain its lost market share after the OPEC-led supply-cut pact ends and plans to push ahead with a downstream expansion strategy to be on par with Big Oil, its chief executive said on Wednesday. Amin Nasser, the CEO of the state oil giant, which is preparing for an IPO next year, told Reuters Aramco is moving ahead with its refining and petrochemicals expansion strategy and is in discussions with several potential partners in Asia, Europe and the United States. Click here to read full stories. 

Dec 14 - Anti-pipeline group goes back to work against Keystone XL

Nebraska's main anti-pipeline group is trying to rally opposition to the TransCanada Keystone XL project's recently approved route through the state, tracking down landowners it says were not given a voice in the regulatory process. If it succeeds, Bold Nebraska could throw up new roadblocks to the controversial project to move Canadian oil to U.S. refineries, backed by U.S. President Donald Trump, by pressing regulators to revisit TransCanada's application, or by suing if they refuse. Click here to read full stories.

Dec 13 - Broken pipeline cuts British supply during peak energy demand 

Britain's biggest pipeline from its North Sea oil and gas fields is likely to be shut for several weeks for repairs, its operator said on Tuesday, disrupting gas flows and sending international crude prices to their highest since mid-2015. The closure has struck during a winter freeze in Britain, where snow and ice have driven up demand for heating fuel just as gas flows through the network, which carries a third of Britain's gas produced offshore, were disrupted. Click here to read full stories. 

Dec 13 - Deadly blast at Austrian pipeline hub slashes gas flow to Italy 

An explosion and fire that ripped through Austria's main gas pipeline hub on Tuesday killed one person and injured 21 others, prompting Italy to declare a state of emergency as flows from the strategic site were cut off for most of the day. The Baumgarten site in eastern Austria, near Slovakia, is a major regional transfer node, taking natural gas from as far away as Russia and pumping it towards neighbours including Germany and Italy, Baumgarten's biggest recipient. Click here to read full stories. 

Dec 13 - White House to host fresh biofuels talks to help refiners - sources

The White House will host talks between the rival oil and ethanol industries on Wednesday in hopes of brokering a deal to help refiners struggling to meet the country's biofuels policy, according to sources familiar with the matter. The meeting comes after the White House last week pressured Midwest lawmakers to take part in talks over possible tweaks to the Renewable Fuels Standard, a law that requires refiners to blend increasing amounts of biofuels, mainly corn-based ethanol, into the nation's fuel supply each year.  Click here to read full stories. 

Dec 13 - EIA raises 2018 U.S. oil output forecast to highest on record 

The U.S. Energy Information Administration said on Tuesday that the 2018 average oil production rate will hit the highest level for any year on record in the United States. In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 780,000 barrels per day (bpd) to 10.02 million bpd in 2018. Last month, it expected a 720,000 bpd year-over-year increase to 9.95 million bpd. Click here to read full stories. 

Dec 13 - Forties pipeline shutdown sends Brent spreads soaring: Kemp

Brent futures for delivery in nearby months have jumped to a big premium following the decision to shut the main pipeline bringing crude onshore from the UK North Sea for inspection and repairs. The Forties pipeline system, which carries around 450,000 barrels per day and handles nearly a quarter of North Sea output, is likely to be shut for weeks, owner INEOS said. Click here to read full stories. 

Dec 13 - BHP hires four banks for U.S. shale exit ahead of early 2018 deadline - sources 

BHP, the world's largest miner, has asked four investment banks to help it prepare for either a sale or spin-off of its underperforming U.S. shale oil and gas unit, with a view to taking a decision in early 2018, sources said. BHP said in August it aimed to sell its unconventional onshore shale assets in the Eagle Ford, Permian, Haynesville and Fayetteville basins, which it acquired at the height of the oil boom and could be valued at more than $10 billion. Click here to read full stories. 

Dec 13 - Gasoline tankers face delays, diversions as Europe's exports slow 

Gasoline tankers are taking longer than usual to discharge in Amsterdam and at least one was diverted from the northwest European port as exports from the trading hub slow. The STI Hammersmith and the STI Milwaukee each loaded gasoline cargoes in Spain last month to go to Amsterdam but had to wait by up to six days outside the port. Click here to read full stories.

Dec 12 - Britain's biggest oil pipeline shut "for weeks" for repairs

Britain's largest oil pipeline could shut down for weeks for unscheduled repair work, sending the price of crude to new two-year highs and triggering a steep rally in natural gas prices, just as a cold snap sweeps the country. The Forties Pipeline System, which carries around 450,000 barrels per day of Forties crude from the North Sea to the Kinneil processing terminal in Scotland, had been operating at reduced capacity since December 7 when a routine inspection revealed a small leak. Click here to read full stories. 

Dec 12 - Cold comfort: Energy prices soar on oil woes, China gas spree and winter coal surge

Global energy prices are surging as cold weather across the northern hemisphere pushes up demand for heating fuels like coal and natural gas, while supply disruptions have pushed up oil. In oil markets, the most traded commodity, Brent crude oil futures shot above $65 per barrel on Tuesday for the first time since June 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts.  Click here to read full stories. 

Dec 12 - Bakers, farmers struggle to make any dough on poor wheat crop 

Chicago's iconic sandwiches - Italian beef heroes dripping with gravy, and hot dogs loaded with pickles and hot peppers - wouldn't be such culinary institutions without the bread. But this fall, bakers faced a crisis getting the right kind of bread to delis and sandwich shops locally and across the United States. Click here to read full stories. 

Dec 12 - Exxon to provide details on climate-change impact to its business

Exxon Mobil Corp on Monday said it would publish new details about how climate change could affect its business in a move aimed at appeasing critics and forestalling another proxy fight next year. The largest U.S. oil and gas producer said in a filing to U.S. securities regulators that its board agreed to provide shareholders with information on "energy demand sensitivities, implications of two degree Celsius scenarios, and positioning for a lower-carbon future." Click here to read full stories. 

Dec 12 - UAE's ADNOC proposes change to oil price mechanism 

Abu Dhabi National Oil Company (ADNOC) sought feedback from Asian buyers on Monday on whether it should change its monthly pricing mechanism as part of an ongoing price review, said three sources who received ADNOC's notice. The producer is asking buyers to vote by Dec. 12 whether it should maintain its existing retroactive pricing system or change to forward pricing, they said. Click here to read full stories.

Dec 11 - Saudi Arabia to supply full Jan crude volumes to several Asian buyers 

Saudi Arabia, the world's top oil exporter, will supply full contractual volumes of crude to five North Asian refiners in January, unchanged from the previous month, five sources with direct knowledge of the matter said on Monday. Steady supply of Saudi oil to Asia will help meet robust demand in the region, with flows from places such as Europe and the United States slowing. Click here to read full stories.

Dec 11 - Kuwait oil min: exit strategy of global cuts to be discussed before June

Kuwait's oil minister Essam al-Marzouq said on Sunday that OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement. "There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy... before June," he told reporters. Click here to read full stories.

Dec 11 - Venezuela's oil sales to U.S. fell in Nov to lowest level since 2003

Venezuela's crude oil exports to the United States fell in November to their lowest level since January 2003, when a strike knocked down the country's output, due to sanctions and a steep production decline, according to Reuters data. State-run oil company PDVSA  and its joint ventures sent 475,165 barrels per day to its customers in the United States last month, down 36 percent from a year earlier and 12 percent from October. Click here to read full stories.

Dec 11 - U.S. drillers add oil rigs for 3rd week in a row - Baker Hughes 

U.S. energy companies this week added oil rigs for a third week in a row, the longest string of increases since summer, as higher crude prices prompt drillers to return to the well pad after a break in the autumn. Drillers added two oil rigs in the week to Dec. 8, bringing the total count up to 751, the highest level since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Dec 11 - Speculators cut U.S. crude oil net longs - CFTC 

Hedge funds and money managers cut their bullish bets on U.S. crude in the week to Dec. 5, 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 9,135 contracts to 442,742 during the period. Click here to read full stories.

Dec 11 - Fuel shippers seek U.S. review of 'excessive' Colonial Pipeline rates 

Oil major Chevron, leading refiner Valero and Delta Air Lines have complained to the U.S. energy watchdog about fees Colonial Pipeline charges to ship gasoline, diesel and jet fuel over its fuel network, the country's largest. The 917-page complaint, filed last month with the Federal Energy Regulatory Commission (FERC), says Colonial's fees "greatly exceed just and reasonable levels". It alleges Colonial overcharged the companies by more than $60 million combined, andis potentially monopolizing fuel delivery into the New York region. Click here to read full stories.

Dec 11 - Mexico says deepwater oil tender doomed by Brazil competition

Mexican national oil company Pemex on Friday blamed the cancellation of a potentially lucrative deepwater Gulf of Mexico project on weak investor appetite due to competition from recent auctions in Brazil and low oil prices. Mexico's oil regulator on Thursday canceled a tender to pick an equity partner for Pemex's Nobilis-Maximino project, as company interest was not as robust as expected. Click here to read full stories.

Dec 08 - Re-emerging supply, lower demand push down oil refining margins

Profits on refining fuel oil have been hammered to multi-month lows over the past two weeks on emerging signs of growing supply and faltering demand, retreating from stubbornly elevated levels at the start of the quarter. By the end of October, fuel oil refining margins in Singapore were around 30 percent higher than the same time a year ago.  Click here to read full stories.

Dec 08 - China's Nov natural gas imports hit record, crude shipments rebound 

China's natural gas imports in November rose to a record as domestic demand surged while crude imports were the second-highest ever, as refiners ramped up output to cash in on strong profits as fuel prices soar, customs data showed on Friday. November gas arrivals, including pipeline imports and liquefied natural gas (LNG) shipments, hit 6.55 million tonnes, breaking a previous record of 6.1 million tonnes last December, data from the General Administration of Customs showed. Click here to read full stories.

Dec 08 - Trump open to biofuel policy reform, senators say after meeting

U.S. President Donald Trump is open to reforming the country's biofuels policy if it can be done in a way that protects jobs in both the refining and agriculture industries, senators said on Thursday after a meeting with Trump on the issue. Nine lawmakers had requested the meeting to argue that the Renewable Fuel Standard, or RFS, a law requiring refiners to blend increasing amounts of biofuels like corn-based ethanol into the fuel supply every year, was threatening to put refineries in their districts out of business. Click here to read full stories.

Dec 08 - Kinder Morgan Canada wins Trans Mountain pipe expansion appeal

Canada's energy regulator ruled on Thursday in favor of Kinder Morgan Canada Ltd's appeal to sidestep some municipal permits for its Trans Mountain pipeline expansion, a major victory for the C$7.4 billion ($5.8 billion) project. The ruling, which came just three days after the regulator heard the case, could offset some of the construction delays afflicting the company, which said on Monday the project could be further set back if it could not get clarity about the permits.  Click here to read full stories.

Dec 08 - Crude oil rally stalls as fuel prices soften: Kemp 

Surging prices for refined products, especially distillate fuel oil, led crude prices higher between June and November, but now fuels are slipping and putting crude under pressure. Gross refining margins for producing distillate fuel oil from U.S. crude rose from $14 per barrel in June to more than $25 per barrel in the middle of November. Click here to read full stories.

Dec 07 - China's Sinopec sues Venezuela in sign of fraying relations

Sinopec USA, a subsidiary of the Chinese oil and gas conglomerate, has sued Venezuela's state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The lawsuit asks for $23.7 million for breach of contract and conspiracy to defraud. The legal action signals a split with another of Venezuela's biggest backers as the cash-strapped country seeks to restructure some $60 billion in debt in a landscape of low oil prices and production. Click here to read full stories. 

Dec 07 - U.S. crude stockpiles slump, gasoline builds more than expected - EIA 

U.S. crude oil stockpiles fell more than expected last week as refineries hiked output, but gasoline and distillate inventories posted surprisingly large builds, the Energy Information Administration said on Wednesday. Crude inventories fell 5.6 million barrels in the week to Dec. 1, compared with analysts' expectations for an decrease of 3.4 million barrels. At 448.1 million barrels, crude stocks, not including the strategic petroleum reserve, were at their lowest since October 2015. Click here to read full stories. 

Dec 07 - Investors wean themselves off oil as electric future beckons 

European oil shares, having been for so long the dividend darlings of income funds, are losing their pulling power as investors take another look at the long term future of energy companies focused on fossil fuels. A proposal by the world's largest $1 trillion sovereign wealth fund to ditch its oil and gas shares because of the volatile oil price, has highlighted the risks of being exposed to a sector which analysts say is in long term decline. Click here to read full stories. 

Dec 07 - Chevron projects $18.3 bln spending budget, down 4 pct 

Chevron Corp, the second largest U.S.-based oil producer, is budgeting $18.3 billion for capital projects next year, the company said on Wednesday, about 4 percent less than this year and lower for a fourth year in a row. International energy company capital budgets, closely watched for indications of future oil and gas production, broadly have been shrinking after 2014's oil-price collapse slashed earnings and left many with high debt loads. Click here to read full stories. 

Dec 07 - Russia's Novak: Talk of exiting oil cut deal is premature

Russian Energy Minister Alexander Novak said on Wednesday that it was too early to talk about a possible exit from the global deal to cut oil production, and the eventual withdrawal from the agreement should be gradual. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed last week to extend the deal to cut their combined oil production by around 1.8 million barrels per day until the end of next year. Click here to read full stories. 

Dec 07 - European oil margins sink, but traders expect recovery in Q1 2018 

Benchmark European oil refining margins, sank to a 15-month low on Wednesday, pressured by weakness in the gasoline market, but traders are betting on a recovery in the coming months as refinery maintenance is likely to tighten supplies. The refining margin, a measure of the profit refiners can theoretically make from converting a barrel of crude into oil products, was trading at below $4 a barrel on Wednesday, according to Reuters calculations, near a low not seen since September 2016. Click here to read full stories.

Dec 06 - Saudi Arabia raises official prices for all crude to Asia in January

Aramco has raised prices for all crude oil grades to Asia in January, a source with direct knowledge of the matter said on Tuesday. The producer raised its January official selling price for its Arab Light grade for Asian customers by 40 cents a barrel from the previous month to a premium of $1.65 a barrel to the average of the Oman and Dubai prices published by price reporting agency Platts, he said. Click here to read full stories.

Dec 06 - U.S. confirms duties on Argentine, Indonesian biofuel

The U.S. International Trade Commission (ITC) on Tuesday made a final finding that biodiesel imports from Argentina and Indonesia harm U.S. producers, ensuring that anti-dumping and anti-subsidy duties remain in effect for at least five years. The U.S. Commerce Department last month set steep trade barriers that brought to a halt shipments of soyoil-based biodiesel from Argentina and palm oil-based supplies from Indonesia. Click here to read full stories.

Dec 06 - While U.S. Senate pushes Alaska wildlife refuge drilling, industry looks elsewhere 

Even as the U.S. Senate moves to allow oil drilling in Alaska's Arctic National Wildlife Refuge (ANWR), the real action is 150 miles (241 km) west, where industry proponents hope a coming sale of 10 million acres of land will revitalize the state's sagging crude production. The Trump administration, through the U.S. Bureau of Land Management, will auction off 10 million acres on Wednesday in the National Petroleum Reserve (NPR-A), a hotbed of oil exploration and development in the western part of Alaska's North Slope. Click here to read full stories.

Dec 06 - Kinder Morgan Canada drops 4.3 pct after more potential delay

Kinder Morgan Canada Ltd shares fell as much as 4.7 percent on Tuesday after the company said there could be more delays in the expansion of its C$7.4 billion (US$5.8 billion) Trans Mountain pipeline expansion, raising concerns about cost blowout. Kinder Morgan's Trans Mountain expansion to Canada's west coast has already been delayed by nine months. The company said late on Monday that the lack of clarity around municipal permit processes and related judicial process could push it back further. It did not provide a time frame. Click here to read full stories.

Dec 06 - Lacklustre drilling campaign cuts interest in Norwegian oil licensing round

Norway's attractiveness as an oil region took a hit on Tuesday when energy authorities said 11 oil firms applied for stakes in exploration blocks off Norway in its latest oil licensing round, less than half the number that applied in the previous round. A disappointing drilling campaign this year in the Arctic Barents Sea - where oil companies did not make a single significant discovery - was the main factor discouraging oil companies from taking part in the 24th licencing round, industry experts said. Click here to read full stories.

Dec 05 - OPEC oil output falls in November to lowest since May 

OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines. OPEC's adherence to pledged supply curbs rose to 112 percent from October's 92 percent, the survey found. Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates. Click here to read full stories.

Dec 05 - Funds build record bullish position in oil ahead of 2018: Kemp

Hedge fund managers raised their bullish position in crude oil and refined products by another 63 million barrels to a record 1,155 million barrels in the week before the OPEC meeting. Portfolio managers were emboldened as it became clear OPEC and its allies were likely to extend production cuts for another nine months until the end of 2018. Click here to read full stories.

Dec 05 - Kinder Morgan warns pipeline expansion could be further delayed 

Kinder Morgan Canada Ltd said on Monday the start-up of its Trans Mountain pipeline expansion could be delayed past September 2020 if it is unable to get more clarity around permitting and the judicial process by early next year. The company's appeal to Canada's energy regulator over municipal permits for the C$7.4 billion ($5.8 billion) expansion was heard on Monday. The company said in a statement that it needs certainty by early 2018 to move ahead with construction. Click here to read full stories.

Dec 05 - U.S. judge orders oil-spill response plan for Dakota Access Pipeline

A federal judge ordered Energy Transfer Partners LP to coordinate with local tribes and the Army Corps of Engineers to create an oil-spill response plan for the controversial Dakota Access Pipeline by next April, a decision he said will allow oil to keep flowing and prevent spills. The order on Monday by U.S. District Judge James Boasberg came nearly six months after he ruled that the Army Corps of Engineers review of the project, which transports oil from North Dakota near Native American reservations to Illinois, was inadequate before it granted federal permits. Click here to read full stories.

Dec 04 - Exxon eyes Egypt's offshore oil and gas -sources

Exxon Mobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals' success in the country and boost its reserves, officials and industry sources said. Officials from the world's largest listed oil producer recently held talks with Egypt's petroleum ministry to discuss investments in oil and gas production, known as upstream operations, Petroleum Minister Tarek El Molla told Reuters. Click here to read full stories.

Dec 04 - U.S. regulator raises concerns about weights on energy pipelines 

A U.S. regulator's preliminary investigation into the biggest oil pipeline spill this year has raised a red flag that could trigger an extensive and costly inspection of tens of thousands of miles of underground energy lines. The 5,000-barrel leak on TransCanada Corp's Keystone pipeline on Nov. 16 in South Dakota might have stemmed from damage caused by a weight put in place when it was built in 2008, the Pipeline and Hazardous Materials Safety Administration said in a report published on Tuesday.  Click here to read full stories.

Dec 04 - Venezuela Maduro gains control over oil contracts amid purge 

Venezuela's President Nicolas Maduro on Sunday gained more powers over the OPEC member's oil contracts, as a deepening purge looks set to strengthen the leftist leader's control of the key energy sector amid a debilitating recession. A months-long crackdown on alleged graft in Venezuela's oil industry has led to the arrest of some 65 former executives, including two prominent officials who used to lead both the oil ministry and state oil company PDVSA. Click here to read full stories.

Dec 04 - U.S. drillers add oil rigs for 2nd week in a row - Baker Hughes 

U.S. energy companies this week added oil rigs for a second week in a row as crude prices traded near their highest levels since the summer of 2015 as major oil producing countries extended a global deal to limit supply. Drillers added two oil rigs in the week to Dec. 1, bringing the total count up to 749, the highest since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Dec 04 - U.S. shale eases into detente with OPEC as supply cut extended 

U.S. shale oil producers and OPEC appear to have called a truce of sorts even though there is no sign the U.S. industry will do anything to help reduce the global oil supply glut. U.S. producers applauded Thursday's decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia to extend output cuts until the end of 2018.  Click here to read full stories.

Dec 04 - Hedge funds hike bullish bets on U.S. crude to highest on record 

Hedge funds and money managers boosted bullish wagers on U.S. crude in the week to Nov. 28 to the highest on record, data showed on Friday, ahead of a meeting by the world's top producers on the fate of a deal to curb output and due to an outage at a key pipeline. The speculator group raise its combined futures and options position in New York and London by 51,853 contracts to 451,877, the U.S. Commodity Futures Trading Commission (CFTC) said. That was the highest on record, based on data going back to 2009. Click here to read full stories.

Dec 01 - As OPEC extends output cuts, Asia turns to North America for more oil 

Asian refiners are losing no time reacting to a decision by OPEC and Russia to extend their agreed production cuts to all of 2018, ordering more oil from the Caribbean and Gulf of Mexico in a move that will result in lost OPEC and Russian market share. Output cuts aimed at tightening the market to prop up prices have been in place since January and were to expire in March 2018, but the Organization of the Petroleum Exporting Countries (OPEC), together with non-OPEC producers including Russia, extended those cuts on Thursday, to cover all of 2018. Click here to read full stories.

Dec 01 - U.S. EPA ups biofuel targets slightly, draws scorn from refiners 

The U.S. Environmental Protection Agency said on Thursday it will require fuel companies to blend slightly more biofuels into the nation's gasoline and diesel next year,angering oil refiners who view them as a competitive threat. The announcement follows weeks of lobbying by Midwestern lawmakers and representatives of the corn industry who wanted the agency to reject recent proposals from the oil industry to water down the U.S. biofuels mandates. Click here to read full stories.

Dec 01 - Venezuela arrests ex-oil bosses for graft in widening purge 

Venezuelan authorities on Thursday arrested two once-powerful officials who had run the oil ministry and state energy company PDVSA as part of a deepening industry purge also seen as a power play by leftist President Nicolas Maduro. In the highest-profile arrests to date, engineer Eulogio Del Pino and chemist Nelson Martinez were detained early on Thursday on accusations of graft and seeking to sabotage the nation's ailing energy industry, prosecutor Tarek Saab said in a televised speech. Click here to read full stories.

Dec 01 - OPEC, Russia have done their bit, now it's the turn of U.S., China: Russell 

The Organization of the Petroleum Exporting Countries and its allies are taking a multi-layered bet that global oil dynamics will work in their favour by extending their crude oil production cuts until the end of 2018. The group met market expectations by extending the combined 1.8 million barrels per day (bpd) of output cuts from their previous expiry of March next year at their meeting in Vienna on Thursday.  Click here to read full stories.

Dec 01 - Asian imports of Iranian oil fall from 6-mth high 

Imports of Iranian crude by major buyers in Asia fell in October from a sixth-month high hit the previous month, dropping for the first time since June, with South Korea the only big Asian importer to increase loadings. China, India, Japan and South Korea imported almost 1.75 million barrels per day (bpd) last month, up 11.4 percent from a year ago, government and ship-tracking data showed. Click here to read full stories.

Nov 30 - OPEC, Russia head for oil cut extension but wary of overheating market 

OPEC and Russia look set to prolong oil supply cuts until the end of 2018 this week while signalling that they may review the deal when they meet again in June if the market overheats. With oil prices rallying above $60 per barrel, Russia has questioned the wisdom of extending existing cuts of 1.8 million barrels per day (bpd) until the end of next year as such a move could prompt a spike in U.S. production. Click here to read full stories.

Nov 30 - Hong Kong listing for Aramco could attract huge Chinese demand - HKEX CEO 

A Hong Kong listing by Saudi Aramco would help the oil giant secure huge Chinese demand for its $100 bln share sale, said the head of Hong Kong Exchanges & Clearing (HKEX) on Wednesday, as the world's leading stock exchanges pitch for the business. Saudi Aramco said in October that exchanges such as New York, London, Tokyo, and Hong Kong have all been looked at for the partial listing of the state company's shares. Click here to read full stories.

Nov 30 - U.S. crude stocks fall, but gasoline, distillates up - EIA 

U.S. crude oil stocks fell last week, led by the biggest fall in inventories at the Cushing, Oklahoma storage hub in eight years, while gasoline and distillate stockpiles rose, the Energy Information Administration said on Wednesday. Crude inventories fell 3.4 million barrels in the week to Nov. 24, compared with analysts' expectations in a Reuters poll for a decrease of 2.3 million barrels. Click here to read full stories.

Nov 30 - China state companies reach for new markets as 2017 diesel exports surge 

Chinese state companies are shipping diesel to new buyers in the Middle East and Latin America as exports of the fuel head towards a record, and independent refiners could help raise the outbound sales even higher next year, multiple sources said. At least one of the independent refiners is looking to invest in fuel storage in southern Malaysia and others are setting up offices in Singapore, anticipating that Beijing is going to ease its export policy for the independent companies, said the sources involved in the shipment of diesel from China. Click here to read full stories.

Nov 30 - Nigeria's NNPC targets up to $5 bln oil prepayment - sources 

Nigeria's state oil firm is looking to set up a $3.5-$5 billion cash-for-crude prepayment with some of the world's top commodity traders to fund oil and gas upstream projects as well as related infrastructure, sources with direct knowledge of the matter said. Africa's biggest oil producer and OPEC member was hit hard by the sharp drop in global oil prices in 2014 that pushed it into its first recession in 25 years. The country returned to growth-mode in the second quarter. Click here to read full stories.

Nov 30 - Iraq aims to up Rumaila oilfield output to 1.5 mln bpd in 2018 

Iraq is planning to increase production from the giant Rumaila oilfield to about 1.5 million barrels per day (bpd) in 2018, the head of Rumaila operations said. Rumaila oilfield, developed by Britain's BP and Chinese partner CNPC, now produces about 1.45 million bpd, Mohammed Hassan told Reuters late on Tuesday. Click here to read full stories.

Nov 29 - OPEC heading for oil cut extension with a caveat 

OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday after Moscow expressed concerns the market could overheat. The recommendation was made by a joint committee of OPEC and non-OPEC delegates including Russia but has yet to be approved by the ministers from the committee on Wednesday and then by a full OPEC meeting on Thursday, two OPEC sources said. Click here to read full stories.

Nov 29 - TransCanada engages Nebraska landowners on new Keystone XL route 

TransCanada Corp has started engaging landowners on a new route for its Keystone XL pipeline approved by the state of Nebraska, the company said on Tuesday, exploring the costlier path as it mulls a final decision on the expansion project mooted nearly a decade ago. Nebraska last week approved the $8 billion pipeline from Alberta to the state, but denied TransCanada its preferred route in favor of a slightly longer one. The decision opened the door to potential delays and emboldened activists who said they would try to kill the project through protests.  Click here to read full stories.

Nov 29 - U.S. ethanol makers call on Mexico, India to reduce biofuel glut 

U.S. ethanol producers, looking to relieve a growing domestic glut, are hunting for new international fuel markets to replace China and Brazil after trade disputes slashed exports to those top buyers. Without new markets, U.S. producers may have to pare output after spending hundreds of millions of dollars on biofuel production plants in recent years. Currently, the most promising potential destinations for U.S. fuel exports appear to be Mexico and India, industry executives said. Click here to read full stories.

Nov 29 - Hedge funds lighten bullish positions in oil: Kemp 

Hedge funds started to reduce their record bullish position in crude and refined products in the week to Nov. 21 amid growing concerns about the possibility of a sharp price reversal. The net long position held by hedge funds and other money managers in the five main petroleum futures and options contracts covering crude and fuels were cut to 1,092 million barrels from a record 1,120 million on Nov. 14. Click here to read full stories.

Nov 29 - Norway's wealth fund would take many years to sell energy shares 

Norway's $1-trillion sovereign wealth fund may take five years to reduce its investments in energy companies even once the policy is adopted, the fund's CEO said on Tuesday. The world's largest sovereign wealth fund this month proposed dropping oil and gas companies from its benchmark equity index, which would mean cutting its investments in such businesses over time. Click here to read full stories.

Nov 28 - Pressured for profit, oil majors bet big on shale technology 

Shale oil engineer Oscar Portillo spends his days drilling as many as five wells at once - without ever setting foot on a rig. Part of a team working to cut the cost of drilling a new shale well by a third, Portillo works from a Royal Dutch Shell Plc office in suburban Houston, his eyes darting among 13 monitors flashing data on speed, temperature and other metrics as he helps control rigs more than 500 miles (805 km) away in the Permian Basin, the largest U.S. oilfield. Click here to read full stories.

Nov 28 - TransCanada to restart Keystone pipeline on Tuesday

The Keystone crude oil pipeline will restart at reduced pressure on Tuesday, TransCanada Corp said, nearly two weeks after closing the line after it leaked 5,000 barrels of crude in rural South Dakota. Calgary-based TransCanada shut down the 590,000 barrel-per-day pipeline, one of Canada's main crude export routes linking Alberta's oil fields to U.S. refineries, on Nov. 16. The company is still cleaning up the spill and investigating the cause. Click here to read full stories.

Nov 28 - Rising Russian Sakhalin-1 oil output may threaten OPEC deal compliance

Oil output from Russia's Sakhalin-1 project is set to rise by about a quarter to 250,000-260,000 barrels per day (bpd) from January, sources with knowledge of the plan said, signalling Moscow may find it hard to comply with an extended OPEC output cut. Russia and the Organization of the Petroleum Exporting Countries will meet in Vienna on Thursday to discuss an extension of the pact to curb output, possibly to the end of 2018.  Click here to read full stories.

Nov 28 - Speculators cut U.S. crude oil net longs - CFTC 

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Nov. 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group cut its combined futures and options position in New York and London by 9,940 contracts to 400,024 during the period. U.S. crude prices rose about 3 percent during the week covered in the report. Click here to read full stories.

Nov 28 - Exxon Mobil CEO makes first big changes to refining

Exxon Mobil Corp Chief Executive Darren Woods is reorganizing the company's refining operations, part of a push to boost profits amid volatile oil and natural gas prices, the company said on Monday. The changes at the world's largest publicly traded oil producer are the most sweeping to date by Woods, who became chief executive in January after former chief Rex Tillerson resigned to become U.S. secretary of state. Click here to read full stories.

Nov 28 - Goldman calls outcome of upcoming OPEC meeting uncertain 

The outcome of the OPEC meeting in Vienna later this week is uncertain given current crude prices and a lack of consensus on an output cut extension deal, Goldman Sachs said on Monday. "The absence of such a consensus is due to the uncertainty on the progress of the oil market rebalancing as well as Brent oil prices trading at $63 per barrel," the bank said in a research note. Click here to read full stories.

Nov 28 - U.S. shale producers renew challenge to OPEC: Kemp

U.S. shale producers have started adding more drilling rigs in response to rising oil prices and improving confidence about the outlook for 2018. Experience shows changes in the number of rigs drilling for oil in the United States tends to follow changes in WTI prices with a lag of about 16 to 20 weeks. Click here to read full stories.

Nov 28 - New Venezuela oil boss to give military more PDVSA posts

A general appointed at the weekend to run Venezuela's energy sector will name more military officers to senior management posts at state oil company PDVSA as part of a shakeup the government says is aimed at fighting corruption, two company sources told Reuters on Monday. In a surprise move, unpopular leftist President Nicolas Maduro on Sunday tapped Major General Manuel Quevedo to lead PDVSA and the Oil Ministry, giving the already powerful military control of the OPEC nation's dominant industry. Click here to read full stories.