Energy News

May 25 - U.S. prepares renewal of Chevron's Venezuela license without broader terms - sources
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said. The last U.S. energy producer in Venezuela asked President Joe Biden's government in March for a license that would allow it a greater say in its joint ventures with Venezuela's state-run PDVSA, a first step to reviving output and controlling where oil is sent.

May 25 - Glencore prepares to pay up to $1.5 bln to settle U.S., UK, Brazil probes
Glencore Plc said on Tuesday it anticipates paying up to $1.5 billion to settle accusations of bribery and market manipulation, as authorities in the United States, Britain and Brazil announced that three of the company's subsidiaries were pleading guilty to crimes. The miner and commodity trading giant agreed to pay more than $1 billion in the United States and Brazil, with Glencore representatives also appearing in courts in the United States and Britain on Tuesday.

May 24 - EU hopes energy funds can unlock deal on Russian oil sanctions
A European Union proposal last week to support oil infrastructure in states heavily dependent on Russian crude should provide a chance for countries to agree sanctions on Russian oil, the EU's energy policy chief said on Monday. The EU executive European Commission this month proposed new sanctions, including an embargo on Russian oil, but Hungary's opposition has so far thwarted the unanimous approval from all 27 member countries needed to pass them.

May 24 - Aramco CEO warns of global oil crunch due to lack of investment
The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised. Amin Nasser, head of the world's largest oil producer, said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster.

May 23  - China's April Saudi oil imports soar 38% on yr, Russian oil up 4%
China's crude oil imports from top supplier Saudi Arabia soared 38% in April from a year earlier, hitting the highest monthly volume since May 2020, according to Reuters' calculations based on official Chinese customs data. Saudi shipments amounted to 8.93 million tonnes last month, equivalent to 2.17 million barrels per day (bpd), according to data from the Chinese General Administration of Customs.

May 23  - China quietly increases purchases of low-priced Russian oil
China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world's biggest oil importer comes a month after it initially cut back on Russian supplies, for fear of appearing to openly support Moscow and potentially expose its state oil giants to sanctions.

May 21  - Crude rally extends as supply risks overshadow global growth concerns
Crude futures settled higher May 20 as near-term global supply risks overshadowed renewed selling pressure in equity markets and overall weakened economic sentiment.

May 21  - China exports gasoline to Bangladesh for second straight month in April
Bangladesh has been frequently importing gasoil from China over the past years but purchasing gasoline has been uncommon.

May 21 - German mobility returns to pre-pandemic levels despite soaring pump prices
Mobility in Germany, Europe's biggest oil market, averaged 0.5% below pre-coronavirus levels in the week to May 16, according to adjusted Google data, after returning to pre-pandemic levels for the first time on May 12.

May 21 - China's crude imports from Russia set to rise further after April increase: sources
Imports from Russia rose 6% from 1.51 million b/d in March, when it rebounded from a the nine-month-low of 1.42 million b/d in February, data from General Administration of Customs showed May 20.

May 21 - Japan's Taiyo Oil shuts No.1 Kikuma CDU, RFCC for maintenance
Taiyo Oil shut its 106,000 b/d No.1 crude distillation unit and its 32,000 b/d RFCC at its sole 138,000 b/d Kikuma refinery at Shikoku in western Japan May 20, a company spokesperson said.

May 21 - Crude steady as traders cautious over demand-supply dynamics
On the supply side, all eyes remain on the EU, as the economic bloc continues to debate regarding the imposition of an embargo on Russian oil products.

May 21 - ARA fuel oil stocks drop 1.26% on week at 1.022 million mt: Insights Global
Fuel oil stocks in the region represented 21.5% of total refined oil product stocks in the region, which is higher than last wee's percentage share at 20.6%.

May 21 - European VGO loadings crash 70% in week to May 20
The VGO market remains tight across Europe, with traders noting a lack of liquidity across markets.

May 20 - Crude rallies as equity markets steady following steep declines
NYMEX June WTI settled $2.62 higher at $112.21/b and ICE July Brent climbed $2.93 to $112.04/b.

May 20 - Russian oil output up 200,000-300,000 b/d in May, recovery to continue in June
Following its invasion of Ukraine and harsh sanctions imposed by the West on Russian oil producers and exporters, the country's oil output has been significantly affected.

May 20 - Iran starts engineering studies for Lavan refinery
Iran has started engineering studies and financial talks with banks to build a refinery on the island of Lavan in the Persian Gulf, oil ministry news service Shana reported on May 19.

May 20 - Novatek no longer considering changing Arctic LNG 2 timeframes
In mid-April Mikhelson said that the company was considering some changes to the project's development plans after sanctions were imposed on Russia in response to its invasion of Ukraine.

May 20 - More Russian oil going east squeezes Iranian crude sales to China
Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. U.S. and European sanctions imposed over Moscow's invasion of Ukraine on Feb. 24 have pushed more Russian crude east, where China has snapped it up, cutting demand for oil from Iran and Venezuela, which are also both under Western sanctions.

May 20 - U.S imports of Latam oil soar as refiners replace Russian barrels
U.S. refiners imported about 1.3 million barrels per day (bpd) of crude and fuel oil from Latin America in April, the highest in seven months according to U.S. Customs data, as buyers began replacing Russian supplies. The United States in March banned imports of Russian crude and refined products over its invasion of Ukraine, setting April 22 as end date for purchases. Treasury Secretary Janet Yellen urged companies to adopt "friend-shoring" supply networks, or buying from trusted countries.

May 19 - Crude prices slide as weak earnings, China COVID-19 spike dent demand outlooks
Crude futures settled lower May 18 as a cross-asset selloff sparked by economic growth concerns overshadowed a larger-than-expected US inventory draw.  

May 19 - Biden administration mum on plans to ease Venezuelan oil restrictions; lawmakers speak out
Details remained scant May 18 on a US policy shift that could chart a path for US companies to again invest in and operate Venezuelan oil projects as the Biden administration has reportedly begun to ease oil sanctions on the country.  

May 19 - Latin America fields diesel buy tenders again as gasoline prices push past ULSD
Argentina, the Dominican Republic, Peru and Chile have started buying distillates again and Colombia may have even switched from buying to selling ULSD, market sources said May 17, noting that the gasoline market has now picked up problems that had plagued diesel since the Russian invasion of Ukraine.  

May 19 - Diesel leak causes fire at RPBC refinery in Sao Paulo state: Petrobras
A fire broke out at the Refinaria Presidente Bernardes, or RPBC, in Sao Paulo state after a diesel leak, according to state-led oil company and refinery operator Petrobras. "The location was immediately isolated, and the refinery's firefighters controlled the outbreak," Petrobras said May 17.  

May 19 - UK downstream oil sector hits back at minister's claim of unfair pricing
UK downstream oil industry leaders on May 18 hit back at criticism of the sector from energy secretary Kwasi Kwarteng over high fuel prices, insisting the fuels sector remains "highly competitive" and is actively involved in implementing energy transition plans, such as waste-to-fuel recycling.  

May 19 - Atlantic Coast diesel stocks show small build, US exports fall
Diesel inventories in the Atlantic Coast were reported higher for the week ended May 13 after setting a seven-year-record low level the week before, US Energy Information Administration data showed May 18.  

May 19 - Enbridge CEO says world is 'woefully underinvested' to solve ongoing energy shortfall
Russia's invasion of Ukraine represented a "major inflection point" in global energy markets for years to come, and North America must do much more to fill the void in exporting oil and LNG, Enbridge CEO Al Monaco said May 18.

May 19 - Japan May 8-14 oil products output rises 0.7% on week
Production of low sulfur fuel oil fell 16.7% week on week to 0.74 million barrels in the week to May 14.  

May 19 - Japan May 14 oil products stocks rise 0.5% on week to 58.70 mil barrels
Middle distillate stocks increased 3.3% week on week to 28.24 million barrels.

May 19 - EU unveils 210 bln euro plan to ditch Russian fossil fuels
The European Commission on Wednesday unveiled a 210 billion euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy. The invasion of Ukraine by Russia, Europe's top gas supplier, has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks. Russia supplies 40% of the bloc's gas and 27% of its imported oil, and EU countries are struggling to agree sanctions on the latter.

May 19 - Europe fuel shipments to U.S. ramp up as Russia supply shock eases
Record high gasoline and diesel prices in the United States are drawing a growing flow of tankers from Europe, where pump prices are lingering near record highs. So far in May, Europe has exported around 540,000 barrels per day of gasoline on the transatlantic route, close to the highest level since July 2019, data from oil analytics firm Vortexa show.

May 18 - EU to map out escape route from Russian fossil fuels
The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away from Moscow to quicken its shift to green energy. The invasion of Ukraine by Russia, Europe's top gas supplier, has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks.

May 18 - Russian crude production plunges by nearly 9% in April, OPEC+ data shows
Russian crude output in April fell by nearly 9% from the previous month, an internal OPEC+ report showed on Tuesday, as Western sanctions on Moscow following its invasion of Ukraine hit the top oil producer. Russia's oil output stood at 9.16 million barrels per day (bpd) in April, according to data from secondary sources collated by OPEC+, down about 860,000 bpd from March and nearly 1.2 million bpd below its OPEC+ ally Saudi Arabia's output.

May 18  - Biofuels consumption set to surge in Europe
Consumption of biofuels in the EU among three key sectors -- road, marine and aviation -- is set to surge further with major industry players advocating for long-term mandates and more ambitious targets in a bid to secure investment in infrastructure as well as energy independence.

May 18  - Crude prices slide amid signs EU could avoid full Russian oil embargo
Crude oil futures settled lower May 17 as supply concerns eased following reports the EU could move away from a full embargo on Russian oil imports.

May 18  - Repsol likely to confront fight for control of refinery amid Peru oil spill lawsuit
Repsol faces a battle for control of its 117,000 b/d La Pampilla refinery after the Peruvian government filed a $4.5 billion lawsuit over a January oil spill.

May 18  - Russian refiners start raising runs as works end, bitumen output starts
With fuel oil exports having tumbled since Russia's invasion of Ukraine, refineries in the country opted to cut processing in March and April.

May 18  - European ULSD swap differentials jump on future exclusion of Russian-origin diesel

The change in methodology follows feedback gathered that shows the market has moved away from Russian origin being traded on the same basis as other origins.

May 18  - Iran to take stake in Venezuelan refinery: report
Tehran and Caracas have agreed that Iran will take a share in a Venezuelan refinery, the Iranian oil ministry's news service Shana was cited as saying in a report on state television May 17.

May 18  - India April gasoil demand down as retail prices rise
India's gasoil demand fell 6.53% month on month to 7.2 million mt in April, latest preliminary data from the Petroleum Planning and Analysis Cell showed, as retail customers lowered consumption amid increasing pump prices for the fuel.

May 18  - Argentina March use of oil refining capacity fell on year
Argentina's refinery utilization rate fell to 71.9% in March from 73.8% a year earlier, as a decline in diesel and gasoline demand led to a drop in crude runs, state statistics department Indec said May 17.

May 18  - Libya's oil supply under threat as rival governments jostle for power in Tripoli: sources
Libya's oil sector is on tenterhooks after clashes in Tripoli May 17 following the failed attempt by the Government of National Stability's Prime Minister Fathi Bashagha to take control of the country's capital, industry sources told S&P Global Commodity Insights.

May 18  - Crude rises on potential China lockdown relaxation, supply tightness
Shanghai has reported no new COVID-19 cases for three days in row, prompting Chinese authorities to move the city of 25 million inhabitants closer to a reopening at the beginning of June. This reopening is contingent on the city reporting no new cases until May 21.

May 18  - No longer possible to do business under old oil market model: Putin
Russia's key crude grade Urals has been trading at record low values. Urals was assessed by Platts at $77.78/b on May 16, compared to Dated Brent at $113.135/b, S&P Global Commodity Insights data showed.

May 18  - Spain's Bilbao restarting FCC, boiler
The Bilbao refinery is restarting its halted fluid catalytic cracker and boiler unit in Plant 3, which were halted May 14 and May 15 respectively for maintenance.

May 17 - EU ministers fail to persuade Hungary to sign up to Russian oil embargo
EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto of a proposed oil embargo on Russia, with Lithuania saying the bloc was being "held hostage by one member state". The ban on crude imports proposed by the European Commission in early May would be its harshest sanction yet in response to Moscow's Feb. 24 invasion of Ukraine and includes carve-outs for EU states most dependent on Russian oil.

May 17 - Iraq balks at greater Chinese control of its oilfields
Iraq's oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Baghdad wants to invest in its creaking economy. Since the start of 2021, plans by Russia's Lukoil and U.S. oil major Exxon Mobil to sell stakes in major fields to Chinese state-backed firms have hit the buffers after interventions from Iraq's oil ministry, according to Iraqi oil officials and industry executives.

May 17 - Crude pushes higher as supply tightness offsets China demand concerns
Crude prices rose midday, shaking off early-session selling pressure as the market weighed tighter global supply outlooks against uncertain Chinese demand.  

May 17 - Petrobras reaffirms fuel-pricing policy amid Bolsonaro criticism, shakeup
State-led oil company Petrobras reaffirmed its commitment to keeping Brazil's domestic fuel prices at parity with international imports, despite renewed criticism of the company and an energy industry shakeup by President Jair Bolsonaro.  

May 17 - Bearish factors steadily gripping oil market: analysts
The oil market is gradually being weighed down by bearish factors on both the demand and supply side, even as prices remain supported above $100/b amid the geopolitical ructions stemming from the Russia-Ukraine war, industry analysts said May 16.

May 17 - US product draws likely extend amid continued strong export demand
US refined product inventories likely declined in the week ended May 13, analysts surveyed by S&P Global Commodity Insights said May 16, with distillate stocks expected to test 17-year-lows amid continued strong export demand.

May 17 - REFINERY NEWS ROUNDUP: Plants in Europe look for alternative supplies
Finland's Neste has "mostly replaced" Russian crude, while its remaining supply contracts will end in July.  

May 17 - MARKET MOVERS EUROPE: Oil demand outlook unclear as ban on Russian oil looms
*Russian war intensifies oil supply issues *Environment committee set to vote in Brussels on reforms *Disruption concerns in the gas market *EC to opine on power market interventions

May 17 - Iran's biggest oil company eyes more production capacity with eye on sanctions relief
Talks over the nuclear deal between western powers and Iran have run into a roadblock after a year of start-stop negotiations, and analysts say there is no guarantee an agreement can be reached.

May 17 - CHINA DATA: April crude throughput hits two-year low of 12.66 mil b/d
The crude throughput was the lowest since March 2020 when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave.

May 17 - Saudi Arabian crude production capacity to reach 13.3 mil-13.4 mil b/d by 2026-27
Riyadh has traditionally maintained a 2 million b/d spare capacity buffer, which it has used on request to help maintain global market stability during supply shocks such as the Gulf War in the early-1990s or the US invasion of Iraq in 2003.

May 16 - China's April oil refinery output plunges to 2-year low as COVID curbs bite
China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns. Crude throughput last month was 51.81 million tonnes, equivalent to 12.61 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday.

May 16 - Saudi Aramco net profit soars 82% in Q1 on high oil prices
State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world's most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier.

May 14 - RBOB leads petroleum rally on tight inventories
ULSD crack against Brent has eased in recent days

May 14 - Iraq feels pull of European demand for Russian crude alternatives
This is a slight change in policy for Iraq, which in recent years had earmarked around 70% of its oil for Asian buyers, underpinning the push by OPEC's second-largest producer to prioritize sales to its most lucrative market.  

May 14 - Russian oil demand, export revenues take hit from escalating sanctions: IEA
Commercial flights from major Russian airports fell 31% in March, according to FlightRadar24 data, but the IEA estimated that jet fuel demand by the Russian military almost trebled from 30,000 b/d in January to almost 90,000 b/d in early April.  

May 14 - INTERVIEW: India's refiners need to diversify to de-risk in changing energy landscape - FIPI chief
Singh said a lot of research in alternative energy had resulted in the development of technologies for production of biodiesel and 2G-ethanol, which would support the initiatives of the government to move to cleaner fuels and help cut dependence on crude oil imports.

May 14 - ARA gasoline stocks up 1.2%, naphtha down 26%: Insights Global
The rise in gasoline inventory brought the stock level 18% above the May 2021 average.  

May 14 - Rising prospect of EU-wide embargo fails to stem Russian Urals flows
Looking closer at the trade flows, Indian refiners took 804,000 b/d of Urals crude in April, more than a third of the total exported volume. Urals flows to European refineries look to have plateaued after falling sharply following Russia invasion of Ukraine.

May 14 - ARA fuel oil stocks drop 4.6% on week to 1.033 million mt: Insights Global
Availability of non-Russian HSFO at Amsterdam-Rotterdam-Antwerp hub was improving amid signs of improving supply, sources said May 12.
May 14 - ARA jet, kerosene stocks fall 6.2% on week: Insights Global
Market still remained tight, with air travel demand looking bullish, according to a middle distillates trader.

May 13 - Crude flat despite tight refined products stocks, demand concerns
US gasoline stocks fall, distillate stocks edge lower.

May 13 - OPEC cuts 2022 world oil demand forecast again on Ukraine war
OPEC on Thursday cut its forecast for growth in world oil demand in 2022 for a second straight month, citing the impact of Russia's invasion of Ukraine, rising inflation and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.36 million barrels per day (bpd) in 2022, down 310,000 bpd from its previous forecast.

May 13 - In U-turn, IEA sees world weathering lost Russian oil supply
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible "global supply shock" in March. The IEA, after warning on March 16 that 3 million barrels per day (bpd) could be shut in from April, lowered that figure for a second time as it noted only 1 million bpd had gone offline.

May 12 - Hungary says its backing of EU's Russia oil ban hinges on hundreds of millions of dollars
Hungary upped the stakes in talks about European Union oil sanctions on Wednesday, saying a deal was out of reach until Brussels offers a "solution" measured in hundreds of millions of dollars to replace Russian oil in the Hungarian economy. Foreign Minister Peter Szijjarto said on his Facebook page that there was still no acceptable proposal in sight. He also said Russian shipments via pipelines should be exempted from any oil embargo that should only apply to deliveries by sea.

May 12 - U.S. crude stocks jump on big release from strategic reserves - EIA
U.S. commercial crude stocks rose last week due to a record release of oil from U.S. strategic reserves, but that could not prevent another drawdown of gasoline supply headed into driving season, the Energy Information Administration said on Wednesday. Crude inventories rose by 8.5 million barrels in the week to May 6 to 424.2 million barrels, compared with analysts' expectations in a Reuters poll for a decline of 457,000 barrels.

May 11 - China's Shandong port trader secures rare Russian oil deal - trade, statement
China's Shandong Port International Trade Group, a provincial government backed commodities and oil trader, has secured a rare shipment of Russian crude oil for arrival into east China this month, according to traders and a company statement. This marks the first such deal under which a Chinese firm other than Beijing's national oil giants has directly bought oil from a Russian supplier, as global oil majors and traders phase out dealing in Russian oil to pressure Moscow over its invasion of Ukraine, which Moscow has called a "special operation".

May 11 - Hungary digs heels in over EU embargo on Russian oil
The European Union's executive is looking to support Hungary in beefing up the eastern European state's oil pipelines, storage and refining capacity, a spokesman said on Tuesday, as Budapest dug its heels in over a Russian oil embargo. Most other EU countries support banning Russian oil under a new sixth package of sanctions designed to punish Moscow for waging war on Ukraine. Unanimity is required for such a decision, however, with Hungary the most vocal critic. Over dinner in Budapest on Monday, Hungarian Prime Minister Viktor Orban and European Commission President Ursula von der Leyen discussed investment in upgrading Hungarian oil infrastructure, a spokesman for the latter said on Tuesday.

May 11  - Hi-5 spread shrinks as EU's Russian oil embargo plan threatens HFSO supply
Current Hi-5 level is still well above 2021 average of $110/mt.

May 11  - Crude declines on EU embargo holdups, while diesel soars
NYMEX front-month crude settled at $99.76/b, down $3.33.

May 11  - Lithuania's Orlen Lietuva refinery starts maintenance: media report
The refinery had previously said it planned to suspend operations in May for a major maintenance, which would last from May 22 to June 14, S&P Global Commodity Insights reported.

May 11  - Saudi, UAE energy ministers say NOPEC bill risks destabilizing the oil market

OPEC and its allies are being blamed unfairly for the energy crisis, when other commodities are also seeing high prices, Saudi energy minister Prince Abdulaziz bin Salman said.

May 10 - Japan to decide Russia oil embargo timing while weighing impact on economy
Japan will decide the timing and method of a Russian oil embargo while considering the possible economic impact, its industry minister said on Tuesday, after Tokyo agreed on a ban with other Group of Seven nations over Moscow's invasion of Ukraine. "We would like to consider a method of phasing out over time in a way that minimizes adverse effects on people's lives and business activities," Japanese industry minister Koichi Hagiuda told a news conference.

May 10 - Poland, Ukraine work on shipping more oil products to Ukraine - officials
Poland and Ukraine are working out ways to ship more oil products to Ukraine and ease fuel shortages there caused by the Russian invasion, officials from both countries said after a joint meeting on Monday. "Poland can act as a major fuel transporter for Ukraine, ensuring the arrival of more than 200,000 tons of product monthly," Ukraine's Economy Minister Yulia Svyrydenko said in a Facebook post.

May 10 - Singapore April fuel oil paper MOC trades rise 6.3% on month
Singapore high sulfur fuel oil derivative trades jumped 19.8% month on month to 7.08 million barrels in April, the data showed.

May 10 - FERC extends construction deadlines for two US LNG projects despite protests
Applicants also cite pandemic-related disruptions to global LNG market as source of delay.  

May 10 - Crude prices plunge on EU embargo holdouts, demand destruction fears
NYMEX June WTI falls $6.68 to settle at $103.09/b.

May 10 - Saudi energy minister blames lack of investment for price gap between crude, fuels
Benchmark Gulf Coast CBOB rose 11.28 cents to $3.5515/gal, beating the previous high of $3.4956/gal reached May 9, 2011.  

May 10 - Japan to ban 'in principle' Russian oil imports following G7 pledge: Prime Minister
Russia supplied 4% of Japan's total crude imports of 2.48 million b/d in 2021, while the Middle East contributed to 92% of inflows, according to data by the Ministry of Finance.

May 10 - Spanish April fuel supply volume up 30% on year
Iberian refiners reported earlier this month that refining margins have nearly trebled from Q1 towards $20/b in April amid a tightness in VGO supply and diesel availability in the region.

May 09  - Crude prices plunge on EU embargo holdouts, demand destruction fears
NYMEX June WTI falls $6.68 to settle at $103.09/b.

May 09  - How to squeeze Russia's oil revenue without threatening a supply shock
As Europe aims to phase out Russian oil imports within months, attention is starting to shift to whether the US will impose secondary sanctions on Russian oil customers.

May 09  - Fuel oil loadings from Russia's Novorossiisk seen at 173,500 mt in May
The expected uptick in loadings out of the Black Sea comes amid a notable drop in fuel oil swaps trading last month. The volume of European fuel oil swaps traded during the Platts Market on Close assessment process by S&P Global in April was 80,000 mt, down 35,000 mt from March to the lowest volume since January.

May 09  - Saudi energy minister blames lack of investment for price gap between crude, fuels
Benchmark Gulf Coast CBOB rose 11.28 cents to $3.5515/gal, beating the previous high of $3.4956/gal reached May 9, 2011.

May 09  -  Spanish April fuel supply volume up 30% on year

Iberian refiners reported earlier this month that refining margins have nearly trebled from Q1 towards $20/b in April amid a tightness in VGO supply and diesel availability in the region.

May 09  - Japan to ban 'in principle' Russian oil imports following G7 pledge: Prime Minister
Russia supplied 4% of Japan's total crude imports of 2.48 million b/d in 2021, while the Middle East contributed to 92% of inflows, according to data by the Ministry of Finance.

May 09  - China oil imports rebound in April, but weak fuel demand weighs on refiners
China's crude oil imports grew nearly 7% in April from the same month a year earlier, its first rise in three months, although weakening fuel demand due to COVID-19 lockdowns has dampened throughput at Chinese refineries. The world's top crude oil buyer imported 43.03 million tonnes last month, data from the General Administration of Customs showed on Monday, equivalent to 10.5 million barrels per day (bpd).

May 09  - Japan will take time to phase out Russian oil imports after agreeing on a ban with other Group of Seven (G7) nations to counter Moscow's invasion of Ukraine, Prime Minister Fumio Kishida said on Monday. The G7 nations committed to the move "in a timely and orderly fashion" at an online meeting on Sunday to put further pressure on President Vladimir Putin, although members such as resource-poor Japan depend heavily on Russian fuel.

May 07  - Crude settles at five-week high on tight supply outlooks
Crude oil futures settled at five-week high on tight supply outlooks.

May 07  - Calumet Specialty Products plans SAF production at Montana Renewables plant

Calumet Specialty Products plans SAF production at Montana Renewables plant.

May 06 - US Atlantic Coast gasoline stocks tick up week to Apr 29, still near seven-year low
US Atlantic Coast gasoline rose off seven-year lows for the week ended April 29.

May 06 - Crude edges higher as market weighs tighter supply outlook, global growth concerns
Crude oil futures finished higher May 5 as market weighs tighter supply outlook.

May 06 - Still seeing a balanced oil market, OPEC+ ratifies another small production increase

OPEC+ approved another modest increase in production quotas for June, May 5.

May 06 - Latin America jet fuel demand steady as airline traffic rises, planes fly full

Latin America jet fuel demand steady as airline traffic rises.

May 06 - U.S. Senate committee passes antitrust bill pressuring OPEC
A U.S. Senate committee passed a bill on Thursday that could expose the Organization of the Petroleum Exporting Countries and partners to lawsuits for collusion on boosting crude oil prices. The No Oil Producing or Exporting Cartels (NOPEC) bill sponsored by senators, including Republican Chuck Grassley and Democrat Amy Klobuchar, passed 17-4 in the Senate Judiciary Committee.

May 06 - U.S. unveils plan to buy back 60 mln barrels for emergency oil stockpile
The United States will take bids this fall to buy back 60 million barrels of crude oil for the U.S. Strategic Petroleum Reserve, the first step in replenishing the stockpile after a record-sized release this spring, the Department of Energy said. The administration of U.S. President Joe Biden had announced on March 31 a release of a record 180 million barrels from the stockpile to help tame runaway energy prices, soaring since the Russian invasion of Ukraine.

May 05 - US crude exports remain elevated, SPR cargo enroute to Italy
US crude exports remained elevated through April.

May 05 - Crude futures hit two-week highs as EU reveals draft embargo of Russian oil
Crude futures rose to two-week highs on May 4.

May 05 - European weekly fuel oil exports to Asia drop: Kpler
European fuel oil exports to Asia to drop in the week starting May 2 according to Kpler shipping data.

May 05 - Low inventories drive US diesel prices to record highs
US diesel prices rise to record highs due to low intentories.

May 05 - EU's toughest Russia sanctions yet snag on worries over oil ban
The European Union's executive on Wednesday proposed the toughest package of sanctions yet against Moscow for its war in Ukraine, but several countries worried about the impact of cutting off Russia oil imports stood in the way of agreement. The new punishments, announced by European Commission President Ursula von der Leyen, included sanctions on Russia's top bank and a ban on Russian broadcasters from European airwaves, as well as the embargo on crude oil in six months.

May 05 - Japan says difficult to immediately follow Russia oil embargo
Japan would face "difficulty" to immediately follow a move to cut off Russian oil imports over the invasion of Ukraine, its minister of economy, trade, and industry Koichi Hagiuda said on Thursday. Hagiuda made the remark during a visit to Washington, after the European Union's executive on Wednesday proposed the toughest package of sanctions yet against Moscow, including the embargo on crude oil.

May 04 - US Gulf Coast diesel outright price sets record high
The US Gulf Coast benchmark outright price sets record high  

May 04 - Crude slides as market weighs China lookdowns, stronger dollar against new EU sanctions ; Crude oil futures fell May 3

May 04 - Texas seeks regulatory authority from EPA over CO2 injection wells
The Texas Railroad Commission approved a measure May 3 to seek regulatory authority from EPA over CO2 injection wells  

May 04 - Record highs for jet fuel on Gulf and West coasts
US Gulf and West coasts set record highs for jet fuel May 2

May 04 - Norway's Equinor posts record Q1 profit as gas price soars
Norway's Equinor posted record pretax profits for the first quarter on Wednesday as the war in Ukraine triggered an energy supply crunch that sent the price of natural gas soaring to all-time highs. Adjusted earnings before tax rose to $18 billion in the January-March quarter, up from $5.5 billion a year earlier, beating the $17.1 billion predicted in a poll of 25 analysts compiled by Equinor.

May 04 - Total's German Leuna refinery to continue Russian crude imports in May -sources
TotalEnergies' 240,000 barrels per day Leuna refinery in Germany is set to continue to import Russian crude oil via the Druzhba pipeline at least throughout May, according to two sources with knowledge of the matter. Germany is trying to wean itself off Russian crude oil, which feeds not only Leuna but also the 233,000 bpd PCK Schwedt refinery, majority-owned by Russia's Rosneft, with one option being the expropriation of Schwedt.

May 03 - NYMEX ULSD surges as EU moves closer to Russian oil embargo
NYMEX ULSD rose sharply midday May 2

May 03 - Pemex Q1 fuel production rises on higher crude processing
Fuel production of refined products by Pemex rose in Q1

May 03 - EU prepares Russian oil sanctions, warns against rouble gas payments
The European Union was preparing sanctions on Russian oil on Monday, with possible exemptions for wary countries, and warned that complying in full with Moscow's proposed scheme to receive gas payments in roubles would breach existing EU sanctions. The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over its invasion of Ukraine, including a potential embargo on buying Russian oil - a measure that would deprive Moscow of a large revenue stream, but that has so far divided EU countries.

May 03 - BP to ramp up oil output, inaugurate U.S. Gulf platform in 2022
Oil major BP expects to double crude output from its Thunder Horse project in the U.S. Gulf of Mexico and inaugurate its latest production platform by the end of this year, a company executive said on Monday. The company, which is betting on "lower carbon, more economical" offshore oil and gas exploration and production in the U.S. Gulf of Mexico, said a lack of oil investment worldwide could lead to oil scarcity.

May 02 - EU leans towards Russian oil ban by year-end, diplomats say
The European Union is leaning toward a ban on imports of Russian oil by the end of the year, two EU diplomats said, after talks between the European Commission and EU member states this weekend. The European Union is preparing a sixth package of sanctions against Russia in response to the invasion just over two months ago of Ukraine that Moscow calls a special military operation.

May 02 - Indian refiners seeking 6-mth Russian oil import deal - sources
Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month, multiple sources with knowledge of the matter said, as the world's third largest importer seeks more Russian crude despite Western sanctions. India has already bought more than twice as much crude from Russia in the two months since its invasion of Ukraine on Feb. 24 as it did in the whole of 2021, according to Reuters calculations.

Apr 30  - Russian LS diesel exports from Primorsk to tumble in May (Quantum)
 - Russian low sulfur diesel exports from the Baltic Sea port of Primorsk are set to tumble in May as energy majors further tightened their self-sanctioning of Russian oil volumes, boosting European diesel cracks, traders to Quantum on Friday. Some 1.114 million mt of low sulfur diesel is lined up to be exported from the Baltic port next month, down nearly a third from the 1.56 million mt exported in April and the 1.48 million mt in March. Despite self-sanctioning by energy majors since the start of the war in Ukraine, now two months ago, Russian diesel has been seeping through into the European market due to wide-ranging definitions of how they identify Russian diesel.
- Russian diesel exports have averaged at 825,000 bpd over the last five weeks, according to the most recent Vortexa data, closely in line with the average achieved during the second half of last year, with most of the volume still heading to Europe. Until last week, Shell defined Russian diesel as distillate that has been produced in Russia or if 50% or more of content was produced in Russia, while Repsol defined it as being on a Russian-flagged or owned vessel.
- That changed this week with BP, Shell, Total's trading arm Totsa, and Repsol tightening their definitions to now state that non-Russian volumes cannot contain a single drop of Russian origin.
There were no volumes from state-controlled Rosneft in May's Primorsk line up after its main buyer Trafigura said it would wind down its Russia oil buying from next month, Reuters reported.
With the fall in Russian diesel imports looming, diesel cracks in Europe rose to their second-highest print on record of $53.5/b on Thursday – more than double pre-invasion – with European refiners now ramping up to limit the expected shortfall.
- TotalEnergies CEO Patrick Pouyanné said Europe’s entire refining fleet must run at maximum capacity as he pledged his 1.5 million bpd installed capacity will be running at 100% from Q2.

Apr 30 - Singapore Residual fuel stocks drop 17% on week to near 7-month low on higher exports
Singapore's residual fuel stocks dropped 17.1% week on week to 19.144 million barrels, or 3.01 million mt, April 21-27, Enterprise Singapore data showed late April 28, amid a leap in exports.

Apr 30 - Brazil's crude oil exports retreated year on year in March amid greater domestic refining by state-led oil company Petrobras, while refined-product imports advanced amid record-setting imports of base oils and lubricants, the National Petroleum Agency, or ANP, said April 29.

Apr 30 - Record-high diesel futures swing lower right before May expiry
Record-high NYMEX ULSD futures continued their surge for most of April 29 before plunging back down prior to the expiry of the May contract.

Apr 29  - PetroChina's oil and gas output rises 3% on year to 4.79 mil boe/d in Q1
PetroChina's oil and gas output rose 3.3% year on year to 4.79 million boe/d in the first quarter, the company's quarterly result showed on April 29, as Beijing called to stabilize domestic crude production and raise gas output.

Apr 29  - Canadian Pacific cautious but hopeful of Mexico fuels transport business
Canadian Pacific is cautious about the outlook of its cross-border fuels transport business, which has been hit by increased scrutiny in Mexico, but remains hopeful as some of its clients become more optimistic, the company said April 27.

Apr 29  - Primorsk May ULSD exports to drop 29.5% on month to 1.1 mil mt in May
Exports of ultra low sulfur diesel from the Russian Baltic port of Primorsk are set to fall 29.5% on month to around 1.1 million mt in May, as Russian refiners reduce run rates amid downward pressure on margins, according to market participants April 29.

Apr 29  - ARA fuel oil stocks rise 1.4% on week at 967,000 mt - Insights Global
Fuel oil stocks in the Amsterdam-Rotterdam-Antwerp region climbed for the third straight week to April 28, rising 1.4% to 967,000 mt following a slight increase of 0.6% in the previous week, Insights Global data showed.

Apr 29  - Ukraine faces fuel shortages, expects fresh supplies
Ukrainian regions are experiencing shortages of gasoline and diesel fuel due to recent missile strikes by Russia targeting fuel depots, First Deputy Prime Minister Yulia Svyrydenko said April 29.

Apr 29  - Brazil March refined product sales advance 2.8% on year as demand recovers
Brazil registered a 2.8% year-on-year advance in refined product sales in March amid strong demand for gasoline and jet fuel on greater urban mobility fueled by a broad retreat in coronavirus infections, the National Petroleum Agency, or ANP, said April 29.

Apr 29  - Brazil March crude exports slide, product imports rise on year
Brazil's crude oil exports retreated year on year in March amid greater domestic refining by state-led oil company Petrobras, while refined-product imports advanced amid record-setting imports of base oils and lubricants, the National Petroleum Agency, or ANP, said April 29.

Apr 29  - Record-high diesel futures swing lower right before May expiry
Record-high NYMEX ULSD futures continued their surge for most of April 29 before plunging back down prior to the expiry of the May contract.

Apr 29  - OPEC+ likely to stick to existing deal and raise June output  - sources
OPEC+ is likely to stick to its existing deal and agree another small output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday, even as Russia expects its output to shrink further. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have been unwinding record output cuts in place since the COVID-19 pandemic took hold in 2020.

Apr 29  - More of Europe's crude supply is coming from deep in the heart of Texas
U.S. crude exports to Europe climbed in March and April as buyers across the Atlantic snapped up the country's light sweet grades to offset the expected loss of Russian oil, according to shipping data, traders and analysts. As the European Union weighs an oil embargo on Russia over its invasion of Ukraine, U.S. exporters are ramping up shipments of U.S. light crude to Europe, helped by Washington's decision to release 180 million barrels of oil from the U.S. Strategic Petroleum Reserve, which is flooding the domestic market.

Apr 29  - Russia's Gazprom lands record high profit of $29 bln in 2021
Russia's Gazprom on Thursday forecast a fall in gas output of about 4% this year, in another sign of the impact of Western sanctions against Moscow, after the oil and gas giant reported record earnings for last year. Gazprom said in a statement that its net profit hit 2.09 trillion roubles ($29 billion) in 2021, up from 135 billion roubles in the pandemic-stricken 2020 financial year, thanks to rising oil and gas prices.

Apr 28  - Crude rallies as EU moves closer to sanctions on Russian oil
Crude oil futures settled higher April 28 amid reports that Germany has dropped its opposition to imposing an embargo on Russian oil imports.

Apr 28  - South Korea March gasoil outflows rise 5% on month amid firm cracks
South Korea's gasoil exports continued to rise, increasing 4.93% on the month to reach a five-month high of 16.09 million barrels in March, Korea National Oil Corp. data showed April 28, amid surging cracks for the distillate. Gasoil exports were last higher in October 2021 at 17.69 million barrels.

Apr 28  - Brazil's Petrobras refined product sales rise 2% on year in Q1
Brazilian state-led oil company Petrobras registered a 2% year-on-year rise in refined-product sales in the first quarter, the company said in a production and sales report released April 27, adding that sales had declined from the fourth quarter of 2021 on seasonal factors and a refinery sale. The increase in Q1 came as Latin America's biggest economy recovered from the coronavirus pandemic.

Apr 28  - Brazil's Petrobras Q1 oil product output sinks 5.2% on refinery sale
Brazilian state-led oil producer and refiner Petrobras registered a 5.2% year-on-year decline in refinery output in the first quarter in the wake of its first sale of a refinery under a deal with antitrust regulators, according to the company's latest production and sales report.

Apr 28  - Sinopec oil product stocks rise as company awaits post-COVID-19 demand rebound in China
The state-owned Sinopec's oil product inventory is rising amid weak sales and the company is now preparing for a rebound in domestic demand once the current wave of COVID-19 ends, executives said during the company's Q1 results call on April 28.

Apr 28  - Repsol reduces 2022 oil, gas guidance by 15,000 b/d amid disruptions in Libya output
Spanish integrated company Repsol has reduced its 2022 upstream oil and gas production guidance by 15,000 barrels of oil equivalent per day to 585,000 boe/d due to interruptions in Libyan upstream output as well as other factors, according to CEO Josu Jon Imaz April 28.

Apr 28  - Fears of EU oil embargo on Russia fueling 'huge' diesel cracks: TotalEnergies CEO
Europe's diesel crack, the difference between the price of the fuel versus Dated Brent crude, has been trading close to record highs since the start of the war in Ukraine, as markets fear that the EU will impose an embargo on Russian oil exports, the head of TotalEnegeries Patrick Pouyanne said April 28.

Apr 28  - Demand for LSSR spikes amid lack of non-Russian vacuum gasoil
VGO supply is dominated by Russia, with traders estimating that current supply is still "at least 70-80% Russian".

Apr 28  - TotalEnergies' Q1 oil, gas production slips 1% on year to 2.84 mil boe/d
TotalEnergies reported oil and gas production of 2.84 million boe/d in the first quarter of 2022, down 1% on the year, as it posted a record writedown on its Russian projects in the wake of Moscow's invasion of Ukraine.

Apr 28  - US crude exports supported by European demand, market eyes SPR release
Favorable freight rates for larger crude tanker sizes, in addition to strong demand for US crude in Europe has helped boost export flows out of the US Gulf Coast in recent weeks, and that trend could continue as an influx of crude from the US Strategic Petroleum Reserve begins to hit the market in May.

Apr 28  - Asia fuel oil market outlook may hinge on severity of China demand loss
The Asian fuel oil market, which accounts for roughly half of the global marine fuel demand, has been severely stretched.

Apr 28  - Japan March oil product imports fall 38% on year, exports up 16%
B- and C-fuel oil imports surged to 29,268 b/d, up from 4,836 b/d in the same month of the previous year.

Apr 28  - Crude dips as market weighs Chinese lockdowns, mixed supply picture
Analysts cited lockdowns in China as the key demand issue facing the market, able to swing balances by more than one million b/d.

Apr 28  - France's TotalEnergies reports higher throughput in Q1
Throughput at its French refineries was up 13% on the quarter at 252,000 b/d and up from 114,000 b/d in Q1 2021.

Apr 28  - Glencore expects 2022 earnings to beat guidance on Q1 trading boost
The Switzerland-based group, which has already reported record earnings for 2021 helped by the economic recovery from COVID-19, said its trading activities in the first quarter continued to be buoyed by tight physical market conditions and "periods of extreme volatility."

Apr 28 - Crude pushes higher following modest US stock draw, rising sanctions risks
Crude futures settled higher April 27 amid a smaller-than-expected US inventory build and continued uncertainty regarding European energy supply.

Apr 28 - Indian refiners to take 40 million barrels Russian crude for May-June - sources
Indian refiners, who bought 16 million barrels of Russian crude in 2021, will take delivery of 40 million barrels over May and June after values plunged following the invasion of Ukraine, trade and industry sources said April 27.  

Apr 28 - Trafigura to halt all crude purchases, cut fuel offtake from Rosneft before May 15
Commodity traders including Trafigura and Vitol have long-term supply deals in place with Rosneft signed before Russia's Feb. 24 invasion of Ukraine, and had previously said they would halt spot trades of Russian oil but continue to honor the contracts.

Apr 28 - Crude moves higher on signs Europe weaning itself off Russian oil
Germany has slashed its dependence on Russian crude to 12% of its imports from 35% before the invasion of Ukraine, economy minister Robert Habeck said April 26 as EU officials seek to ramp up pressure on Russia by hitting its oil export revenues from the region.
Apr 28 - IEA chief slams Russian energy 'weaponization' as prices surge on Poland gas cut off
Gazprom said earlier April 27 it had fully suspended gas deliveries to Bulgaria and Poland due to non-payment in rubles.  

Apr 28 - Japan April 17-23 oil product exports near steady at 2.03 mil barrels
Low sulfur fuel oil exports rose 5.3% week on week to 237,208 barrels in the week to April 23, while high sulfur fuel oil exports surged 64.6% on the week to 819,103 barrels.

Apr 28 - Japan April 17-23 oil products output hikes 5.6% on week
Production of low sulfur fuel oil fell 2.7% week on week to 0.78 million barrels in the week to April 23, while high sulfur fuel oil production hiked 8.6% week on week to 1.31 million barrels.

Apr 28 - Japan April 23 oil product stocks rise 3% to 52.85 mil barrels
Middle distillate stocks increased 3.2% week on week to 23.76 million barrels April 23.

Apr 28 - Magellan launches open season to move more refined products to El Paso
Magellan Midstream Partners said April 27 it is launching an open season for a planned expansion of its refined products pipeline network in Texas from Odessa to El Paso.

Apr 28 - European weekly fuel oil exports to Asia rebound: Kpler
European fuel oil exports to Asia are expected to climb to 400,000 mt in the week starting April 25, up from 350,000 mt the previous week, according to Kpler shipping data.  

Apr 28 - US gasoline, distillate stocks move lower on steady demand, strong exports
Major US refined product inventories saw counter-seasonal draws in the week ended April 22 on the back of steady exports and seasonally strong demand, US Energy Information Administration data showed April 27.  

Apr 28 - Middle distillate physical cracks in Northwest Europe hit record highs
Northwest European middle distillate physical cracks hit all-time highs for jet and gasoil, with diesel near a record, amid rising demand and tight supply as buyers shun Russian product.
Apr 28 - Singapore-Zhoushan delivered MF 0.5%S spread narrows to over 22-month low
High volumes of bunker inquiries at the North Asia bunker hub have tightened upstream supplies of LSFO, traders said.  

Apr 28 - Asian Aframaxes at 2-year high as US replaces Russian fuel oil with Asian origin
The Middle East's fuel oil and VGO exports to the US have increased manifold, estimated around 850,000 mt this month, up from a paltry130,000 mt estimated in January, according to data from Kpler.

Apr 28 - Exxon declares force majeure on Russian Sakhalin-1 operations
Exxon Mobil Corp said on Wednesday its Russian unit Exxon Neftegas Ltd has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers. The Sakhalin-1 project produces Sokol crude oil off the coast of Sakhalin Island in the Russian Far East, exporting about 273,000 barrels per day, mainly to South Korea, and to other destinations including Japan, Australia, Thailand and the United States.

Apr 28 - Asia oil refiners rake in record profits on tight global supplies
Asian oil refiners are reaping their highest profits ever this week, spurred by higher fuel demand during peak holiday seasons as more economies recover from the COVID-19 pandemic while the region ramps up exports to Europe to replace a Russia shortfall. Profit margins for a complex refinery in Singapore, the bellwether for Asian refiners, tipped over $20 a barrel on Wednesday.

Apr 27 - Valero sees rising gasoline, diesel demand as it seeks to replace Russian feedstocks
Valero Energy reported better-than-expected first-quarter earnings of $905 million as demand for refined products grows post-pandemic and refinery rationalizations cut supply, boosting cracks for both gasoline and diesel -- a trend which is expected to continue.  

Apr 27 - REFINERY NEWS ROUNDUP: Companies in Europe report higher margins, rates
European refiners are reporting improved margins during Q1 and higher rates.  

Apr 27 - Germany's use of Russian crude cut sharply: economy minister
Germany has reduced its use of Russian crude oil use since the invasion of Ukraine to 12% of its needs from 35%, economy minister Robert Habeck said April 26.

Apr 27 - OIL FUTURES: Crude rallies as China demand concerns fade, supply disruptions come in focus
Crude oil futures moved higher midday as Chinese demand growth concerns eased and focus shifted toward potential supply disruptions stemming from the war in Ukraine.

Apr 27 - REFINERY NEWS: Russia's Saratov, Taif restart operations: sources
International buyers are increasingly shunning Russian-origin products following the invasion of Ukraine, resulting in an accumulation of stocks.  

Apr 27 - REFINERY NEWS: Russia Astrakhan halts products sales ahead of works: sources
The refinery typically carries out works in May and June

Apr 27 - Spain's Cepsa boosts Q1 refined output 21% on year
Refined output was down 6% on the quarter while product sales fell 8% and the refining margin narrowed 35%, as increasing gas and other energy costs caused pressure throughout industrial chains.

Apr 27 - OIL FUTURES: Crude edges up after Chinese lockdowns hit demand outlook
Prices were unlikely to be steady for long, and the direction will likely depend on the European treatment of Russian oil, according to analysts.  

Apr 27 - Al-Zour refinery to be operational in few weeks: KIPIC
Al-Zour is Kuwait's biggest refining facility.

Apr 27 - REFINERY NEWS: South Korea's S-Oil restarts CDU after maintenance
After the start of regular maintenance in early March, South Korean refiner S-Oil restarted its 240,000 b/d No. 2 crude distillation unit mid-April, market sources said April 26.

Apr 27 - INDONESIA DATA: Feb crude exports more than double on month
On a year-on-year basis, crude oil exports were down 82.4%.

Apr 27 - EXCLUSIVE-Trafigura to stop buying crude from Russia's Rosneft ahead of EU deadline
Global commodities trader Trafigura Group will stop all purchases of crude oil from Russia's state company Rosneft by May 15 when tighter EU rules on Russian oil sales come into effect, a company spokesperson said on Tuesday. The Geneva-based firm will also "substantially reduce" the volume of refined products it buys from Rosneft.

Apr 27 - Europe's Russian diesel imports drop, but still dominant
European diesel imports from Russia are set to fall in April but will still exceed those from other regions, highlighting the challenge European governments face as they contemplate new sanctions on Russian oil. Diesel deliveries from Asia, the Middle East and the United States are set to hit their highest in almost three years in April, data from oil analytics firm Vortexa showed, as traders scramble to replenish dwindling stocks and to gradually curb the region's dependence on Russian oil.

Apr 26 - Crude slide extends as market eyes China lockdowns, Libya supply return
Chinese authorities on April 24 tightened lockdown restrictions in parts of Shanghai, including erecting fences around apartment buildings with COVID-19 infected individuals  

Apr 26 - Italy's ISAB carrying out maintenance on various units
The ISAB refinery in Sicily has been carrying out maintenance work on its conversion units, its desulphurization plant, its jetties, as well as pipelines and compressors, according to information provided to S&P Global Commodity Insights by sources close to the refinery.

Apr 26 - Libya's shuttered fields to resume production in coming days: oil and gas ministry
Libya lost in recent days more than 500,000 b/d of production due to field and port shut-ins and declared force majeure on crude exports from several oil terminals as protestors stormed oil facilities in the country demanding a change of government.

Apr 26 - Refinery run rates at 65.5% in January: Unem
The utilization rate in January 2021 was 63.1% while the full year 2021 run rate was 72.9% and the 2020 rate was 67.5%.

Apr 26 - Rosneft huge oil tender fails after it demands rouble payment -traders
Russia's Rosneft failed to sell oil in a jumbo tender after demanding prepayment in roubles, five traders said on Monday, meaning the country's top oil company will need to find ways to divert more crude to buyers in Asia via private deals. The failure of the tender highlights a growing struggle by the Kremlin oil major to sell oil due to sweeping Western sanctions on Russia for the invasion of Ukraine.

Apr 26 - U.S. ditches Trump-era policies for Arctic Alaska oil reserve
The Biden administration on Monday overturned a controversial Trump-era policy that would have opened new swathes of Arctic Alaska to oil development. The Bureau of Land Management (BLM), part of the Department of Interior, resurrected Obama-era management policies in the National Petroleum Reserve in Alaska, a 23-million-acre (9.3 million hectare) area on the western side of Alaska's North Slope.

Apr 25  - U.S. refiners set for strong start to 2022 as fuel prices surge worldwide
U.S. oil refiners expect strong first-quarter earnings as margins to sell gasoline and diesel strengthened due to a steep dropoff in refining capacity and crude oil supplies tightened because of Russia's war with Ukraine. Refining capacity worldwide has dropped during the coronavirus pandemic, with several less profitable oil refineries closing in the last two years.

Apr 25  - Abu Dhabi crude to head to Europe, replace Russian oil – sources
A shipping unit of France's TotalEnergies has provisionally chartered a tanker to load Abu Dhabi crude in early May for Europe, the first such shipment in two years, according to traders and a shipping report on Monday. CSSSA, TotalEnergies' shipping arm, chartered suezmax tanker Moscow Spirit to load 1 million barrels of Murban crude from the port of Jebel Dhanna in the United Arab Emirates for Britain on May 1-3 at a worldscale rate of 60 points, the shipping report showed.

Apr 23 - Australia to ban imports of Russian crude oil, refined oil products from April 25
While market participants noted that Australia has become more dependent on ultra-low sulfur diesel and jet fuel import flows following the closure of two domestic refineries -- ExxonMobil's Altona and BP's Kwinana facilities -- over the course of the pandemic, the country has usually turned to regional outlets such as Northeast Asia's China, Japan, South Korea and Taiwan and Southeast Asia's Singapore and Malaysia for oil product supplies.

Apr 23 - USGC HSFO swap backwardation widens amid potential summer tightness
Much of the movement for the USGC HSFO swap was specific to the US, sources said.

Apr 22 - OPEC tells IMF that oil price rally mainly due to geopolitics
OPEC told the International Monetary Fund's steering committee on Thursday that the surge in oil prices was largely due to the Ukraine crisis, in the latest signal that the producer group would not take further action to add supply. In a statement to the International Monetary and Financial Committee (IMFC) seen by Reuters, OPEC said the price of global benchmark Brent crude had averaged near $98 a barrel in the first quarter, up about $18 from the last three months of 2021.

Apr 22 - Exxon Mobil may completely withdraw from Russia by June 24 – sources
Exxon Mobil Corp is considering a complete withdrawal from Russia by June 24, two sources familiar with plans told Reuters on Thursday, following the U.S. oil major's earlier decision to exit all operations in the country. Exxon Mobil has not provided a timetable for the withdrawal but last month removed employees who are U.S. citizens from Russia after Moscow launched what it calls its special military operation in Ukraine.

Apr 21 - Iraq not likely to increase oil exports, backs OPEC cuts as a success: finance minister
Doubts about Iraq's ability to export more crude, especially from its southern oil terminals, point to difficulties for the country to hit its OPEC+ quota.

Apr 21 - China oil giant CNOOC soars in Shanghai debut, defies weak market
China's CNOOC Ltd saw its stock surge as much as 44% in its Shanghai debut on Thursday in defiance of overall market weakness, as investors sought safety in the oil giant amid lofty energy prices and quickening inflation. The stock started trade 20% higher than its offering price.

Apr 21 - EU works to cut cost of Russia oil ban to win over sceptics – source
The European Commission is working to speed up the availability of alternative energy supplies to try to cut the cost of banning Russian oil and persuade Germany and other reluctant EU nations to accept the measure, an EU source told Reuters. Some EU countries are also pushing for other new restrictions nearly eight weeks after Russia began its invasion of Ukraine.

Apr 20 - TotalEnergies' refining margins rise in Q1 on ballooning distillate cracks
The French major is not alone in reporting increased margins, but is set to benefit in terms of margins due to the size of its European footprint as the continent moves to limit imports of Russian oil in response to the invasion of Ukraine through official sanctions and companies cutting Russian purchases.
Apr 20 - Bangladesh's BPC to buy up to 1.65 mil mt oil products for H2 2022
State-run Bangladesh Petroleum Corp will import up to 1.65 million mt of 0.005% sulfur gasoil, Jet A-1 fuel, 180 CST high sulfur fuel oil and 95 RON gasoline combined through a tender during July-December 2022. 

Apr 20 - Rosneft issues rare tender to sell prompt Russian crude – sources
Russia's top producer Rosneft has issued a rare tender to sell to Asia prompt cargoes of Sokol crude exported from Sakhalin fields, trade sources said on Wednesday, a sign of urgent sales as its supplies pile up. The producer offered three 700,000-barrel cargoes for loading on May 7-10, 14-17 and May 27-June 1, they said.

Apr 20 - OPEC+ supply gap widens in March as sanctions hit Russian output
OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the producer alliance seen by Reuters showed. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed.

Apr 19 - Crude extends rally as market eyes Libya shut-ins, potential Russian energy sanctions

Apr 19 - USGC refiners lean on Mexico to replace heavy Russian barrels

Apr 19 - Libya's NOC says output stopped at major ports and fields
Libya's National Oil Corp warned on Monday of a "painful wave of closures" and declared force majeure on some output and exports as forces in the east expanded their blockade of the sector over a political standoff. The company said it could no longer implement contractual obligations for oil deliveries from Zueitina terminal or from its biggest oil field, Sharara, after saying on Sunday it had halted production at another field, El Feel.

Apr 19 - Saudi Feb crude exports hit near two-year high -JODI
Saudi Arabia's crude exports in February rose to 7.307 million barrels per day (bpd), the highest level since April 2020, official data showed on Monday. Crude oil exports in February rose 4.4% from about 7 million bpd reported for January.

Apr 18  - China refinery output slips to 5-month low as high oil, lockdown hurts demand
China refined 2% less oil in March than a year earlier, with throughput falling to its lowest level since October as a surge in crude oil prices squeezed margins and tight COVID-19 lockdowns hurt fuel consumption. Refining volume last month was 58.59 million tonnes, equivalent to 13.8 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday.

Apr 18  - Berliners' reliance on Russian fuel exposes German dilemma on Ukraine
People on the streets of Berlin have waved Ukrainian flags in demonstrations of support since Russia invaded Ukraine in February. But those who drove to the rallies did so largely in cars powered by oil from Russia, which provides most of the fuel to the German capital. Just over a third of Germany's crude oil came from Russia last year, official data shows.

Apr 14 - USGC marine fuel markets monitoring reports of tainted bunkers in Houston
Contamination is similar to the issues that have arisen in Singapore for high sulfur fuel oil.
Apr 14 - Crude rally extends as rising Ukraine tensions drive demand ahead of long weekend
Ambiguous wording and growing unease over sourcing Russian commodities have seen traders shy away from certain deals.
Apr 14 - Russia limits oil data to prevent 'manipulation, pressure' on market participants: ministry
The Central Dispatch Administration, or CDU, failed to publish March data on production and exports on the expected date, April 2, with an update on the 25th of the month now also apparently ruled out.

Apr 14 - Vitol to halt trading Russian crude, oil products by year-end: source
Russian oil volumes handled by Vitol will fall sharply in the second quarter of 2022 as current term contracts expire, the source said.

Apr 14 - Mexican fuels market to become more concentrated in short term: panel
As import permits expire and increased regulation makes it tougher to become an importer, the country's government is gradually achieving its goal of letting state oil company Pemex artificially regain some lost market share, panelists said during a discussion on the impacts of government subsidies on fuels.  

Apr 14 - REFINERY NEWS ROUNDUP: Excess feedstocks push down Russian refinery runs
Stronger domestic demand for diesel and gasoline was expected to provide some cushion in April. This means that run cuts at bigger refineries, which have reduced their fuel oil output, were estimated at around 15%-20%, but could reach as much as 40% for less complex sites.

Apr 14 - Oil traders to cut Russian oil purchases from May 15 - sources
Major global trading houses are planning to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15, sources said, to avoid falling foul of European Union sanctions on Russia. The EU has not imposed a ban on imports of Russian oil in response to Russia's invasion of Ukraine, because some countries such as Germany are heavily dependent on Russian oil and do not have the infrastructure in place to swap to alternatives.

Apr 14 - Singapore port authority says Glencore supplied contaminated bunker fuel

The Maritime and Port Authority of Singapore (MPA) said preliminary findings on bunker fuel contamination in Singapore port have revealed the tainted high-sulphur fuel oil (HSFO) was supplied by Glencore Singapore Pte Ltd. MPA said it started an investigation after being notified on March 14 that a number of ships had been supplied with HSFO containing high concentration levels of chlorinated organic compounds (COC).

Apr 13  - Crude rally extends as markets eye US product draws, stalled Russia-Ukraine talks
NYMEX May WTI settls up $3.65; ICE June Brent gains $4.14.

Apr 13  - Greenpeace confronts tanker delivering Russian fuel oil to the UK's Immingham port

The tanker's fuel oil cargo is thought to be destined for the nearby, 108,000 b/d Lindsay refinery, owned by the Prax Group, Greenpeace said.

Apr 13  - Japan April 3-9 oil products output drops 13.3% on week

Production of low sulfur fuel oil fell 6.6% week on week to 0.73 million barrels in the week to April 9, and high sulfur fuel oil production dived 32.2% week on week to 1.15 million barrels.

Apr 13  - Japan April 3-9 oil product exports drop 28% to 2.92 mil barrels

Low sulfur fuel oil exports jumped 24.5% week on week to 344,604 barrels in the week to April 9, and high sulfur fuel oil exports increased 2.9% on the week to 1.04 million barrels.

Apr 13  - Global mobility edges higher as concern over China lockdowns weigh

Mobility in 13 countries, representing about half of global oil demand, averaged 6.9% below pre-coronavirus levels in the most recent week, according to adjusted Google data, compared with 7.4% below from the week before and up from a seasonal low of 25% below on Jan. 6.

Apr 13  - IEA sees weaker oil demand outlook, stock releases balancing Russian losses

The IEA lowered its 2022 global oil demand outlook by 260,000 b/d and sees demand growth of just 1.9 million b/d due to China lockdowns amid surging Covid cases and broader weakness across OECD countries.

Apr 13 - China crude oil imports fall 14% on yr, gas imports lowest since Oct 2020
China's crude oil imports slipped 14% from a year earlier, extending a two-month slide as independent refiners curbed purchases under narrowing margins and large state-owned refiners underwent maintenance. The world's top crude oil buyer imported 42.71 million tonnes last month, equivalent to 10.06 million barrels per day, data from the General Administration of Customs showed on Wednesday.
Apr 13 - OPEC cuts 2022 world oil demand forecast due to Ukraine war
OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia's invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

Apr 13  - Surge in environmental protests at UK fuel terminals, retail sites seen abating
Organizations such as Extinction Rebellion and Just Stop Oil have tried to block or disrupt a number of sites supplying fuels particularly to southeast England in recent weeks, drawing criticism from both the government and the opposition Labour Party and resulting in hundreds of arrests.

Apr 13  - Russia halts monthly oil output, export data:
It comes after the energy ministry's statistical provider, the Central Dispatching Unit, earlier said it would no longer distribute preliminary data on the second of each month covering the preceding month.

Apr 12 - OPEC tells EU it's not possible to replace potential Russian oil supply loss
OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more. European Union officials held talks in Vienna with representatives of the Organization of the Petroleum Exporting Countries amid calls for the group to increase output and as the EU considers potential sanctions on Russian oil.

Apr 12 - Russian oil embargo could be part of next EU sanctions package, ministers say
The European Union's executive is drafting proposals for an EU oil embargo on Russia, the foreign ministers of Ireland, Lithuania and the Netherlands said on Monday, although there was no agreement to ban Russian crude. Many of the ministers meeting in Luxembourg showed support for sanctions on Russian oil imports, the EU's top diplomat Josep Borrell said, but for others, such a ban would constitute an "asymmetric shock", he said. The bloc agreed, however, to intensify the delivery of weapons to Ukraine, Germany said.

Apr 11 - Chinese oil giant CNOOC to raise $4.4 bln in Shanghai listing
Chinese oil giant CNOOC Ltd said on Monday it will raise 28.08 billion yuan ($4.41 billion) in a share listing in Shanghai, after setting the price for what will be mainland China's 11th-biggest public stock offering. Fundraising will be expanded to 32.29 billion yuan if an over-allotment "greenshoe" option to buy and sell more shares, issued to investment banks underwriting the deal, is fully exercised, the company said in a sales prospectus.

Apr 11 - U.S. strategic oil sale speeds fuel-price fix, but at what cost?
The Biden administration is selling a record amount of emergency oil from national reserves to tame soaring U.S. fuel prices as quickly as possible, but the plan could backfire down the road if the stockpile is not replenished quickly. Chinese oil giant CNOOC to raise $4.4 bln in Shanghai listing. Chinese oil giant CNOOC Ltd said on Monday it will raise 28.08 billion yuan ($4.41 billion) in a share listing in Shanghai, after setting the price for what will be mainland China's 11th-biggest public stock offering.

Apr 8 - Shell blames oil, gas margin calls for billions in cash outflows
Shell said on Thursday it diverted $7 billion of its cash flows partly to cover hefty oil and gas margin calls, becoming the first company to publicly acknowledge the pressure commodities traders have faced in 2022 from extreme price rises and volatility. Shell, together with other majors, utility companies, trading houses and banks, signed a letter in March urging governments and financial institutions such as central banks to set up an emergency liquidity mechanism to help energy markets cope with the extreme volatility caused by Russia's invasion of Ukraine.

Apr 8 - U.S. EPA denies 36 refinery biofuel waivers; gives most of them some relief
The U.S. Environmental Protection Agency has denied 36 petitions from oil refiners seeking exemptions to the nation's biofuel blending laws for the 2018 compliance year, but will provide 31 of those refineries with another avenue to seek relief, the agency announced on Thursday. The action will align the EPA with a 2020 court decision that narrowed the criteria for what facilities should be eligible for exemptions from the blending quotas.

Apr 7 - Crude prices trade mixed on stronger dollar, bearish API data
Crude oil futures mixed during midafternoon Asia trade April 6
Apr 7 - Crude falls 5% as IEA members join US in tapping strategic reserves
Crude oil futures fall to three-week lows
Apr 7 - US imposes tougher sanctions on Russia's top banks, bans all new US investment
US imposes all blocking sanctions on Russia's top banks and banned all new US investment in the country

Apr 7 - US gasoline stocks see counter-seasonal draw on strong demand, exports
US gasoline stocks fell as strong demand and exports contributed to a counter-seasonal inventory draw

Apr 7 - IEA countries to tap 60 mln barrels of oil on top of U.S. release
International Energy Agency states agreed to tap 60 million barrels of oil from storage, the director of the group said on Wednesday, on top of a 180 million-barrel release announced by Washington last week aimed at cooling prices after Russia's invasion of Ukraine. The move by the U.S.-allied IEA countries, which represent 31 mostly industrialized countries but not Russia, would be their second coordinated release in a month and would be the fifth in the agency's history to confront oil market outages.

Apr 7 - China state refiners shun new Russian oil trades, teapots fly under radar
China's state refiners are honouring existing Russian oil contracts but avoiding new ones despite steep discounts, heeding Beijing's call for caution as western sanctions mount against Russia over its invasion of Ukraine, six people told Reuters. State-run Sinopec, Asia's largest refiner, CNOOC, PetroChina and Sinochem have stayed on the sidelines in trading fresh Russian cargoes for May loadings, said the people, who all have knowledge of the matter but spoke on condition of anonymity given the sensitivity of the subject.

Apr 6 - Big Oil to tell Congress markets, not companies, set fuel prices
U.S. oil executives will tell Congress on Wednesday they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices. Lawmakers in the U.S. House Energy and Commerce Subcommittee on Oversight and Investigations are holding the hearing, slated for 10:30 ET (14:30 GMT), to grill companies on why gasoline prices remain elevated even though prices for crude oil, the feedstock for fuels, have dropped.

Apr 6 - IEA states still discussing coordinated oil release
Member states of the International Energy Agency (IEA) were still discussing how much oil they would together release from storage to cool markets, three sources told Reuters, adding that an announcement was expected in coming days. The silence on how much oil from storage would be tapped by some of the world's top oil-consuming countries was adding to confusion in a market already jangled by sanctions and buyer aversion to Russian oil in the wake of the invasion of Ukraine.

Apr 5 - USAC refiners could replace Russian crude with Bakken to loosen tight supply
USAC refiners could replace Russian crude with Bakken to increase supply and lower the price of gasoline and diesel in the region

Apr 5 - Crude prices jump with expectations of more Russian sanctions
Crude oil prices spike as anticipation of new European sanctions on Russia are expected

Apr 5 - Saudi Arabia raises May crude prices globally, Asia at record levels
Saudi Arabia, the world's top oil exporter, raised crude prices for all regions, with those to Asia hitting all-time highs as disruption in Russian supplies support prices, according to a pricing document seen by Reuters on Monday. State oil producer Saudi Aramco raised its May official selling price (OSP) to Asia for its flagship Arab Light crude to $9.35 a barrel above Oman/Dubai crude, the grade's highest premium ever.

Apr 5 - Exxon signals record quarterly profit from oil and gas prices
Exxon Mobil Corp on Monday said its first-quarter results could top a seven-year quarterly record, with operating profits from pumping oil and gas alone of up to $9.3 billion. A snapshot of the largest U.S. oil company's quarter ended March 31 showed operating profits from oil and gas, its biggest unit, could jump by as much as $2.7 billion over the prior quarter's $6.6 billion.

Apr 04  - IEA states agree on coordinated oil release but not volumes
U.S.-allied countries on Friday agreed to their second coordinated oil release in a month to calm markets roiled by Russia's invasion of Ukraine, the International Energy Agency said on Friday, without specifying volumes. The silence on the size of the agreed release left crude prices largely unmoved, with benchmark Brent trading near $104 a barrel, underscoring supply concerns as releases from finite supplies struggle to make up for a loss of 3 million barrels per day (bpd) of Russian oil estimated by the IEA.

Apr 04  - U.S. boosts fuel efficiency rules as Biden reverses Trump rollback

President Joe Biden's administration on Friday sharply boosted fuel economy standards for vehicles, reversing former President Donald Trump's rollback of U.S. regulations aimed at improving gas mileage and cutting tailpipe pollution. The National Highway Traffic Safety Administration (NHTSA) announced it will boost fuel efficiency requirements by 8% for both the 2024 and 2025 model years and 10% in 2026. That was a slightly bigger increase than the proposal outlined in August.

Apr 04  - Ship fuel suppliers stop serving Russian vessels in the Med  - sources
Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports, five industry sources with knowledge of the matter told Reuters. Losing access to refuelling points in the Mediterranean Sea poses major logistical problems for Russian oil tankers going from Baltic ports to Asia and also creates safety concerns over potentially being stuck at sea with flammable cargoes, shipping sources say.

Apr 1 - US SPR release, OPEC+ output hike send crude sharply lower
Crude oil futures settled sharply lower March 31 after the White House announced it will release up to one-third of the nation's Strategic Petroleum Reserve over the next six months in a bid to combat high energy prices.
Apr 1 - Japanese Robust oil demand for heating, power in February on cold weather
Overall, oil product sales decreased 2.3% year on year to 2.94 million b/d in February, the first year-on-year fall in three months.
Apr 1 - Goldman sees potential SPR release cutting H2 2022 Brent forecast by $15/b
Crude prices fell sharply late March 30 on reports that the US was drawing up plans for a major release of up to 180 million barrels, almost a third of its strategic petroleum stocks, over several months to curb rising pump prices as Russia's invasion of Ukraine hits global oil supplies.  

Apr 1 - European refiners face threat to profitability despite strong diesel cracks: panel
High natural gas prices have affected the cost of hydrogen used for production of middle distillates.  

Apr 1 - OPEC+ agrees to boost crude production by 432,000 b/d for May
OPEC+ stuck to its production increase plan despite calls from consuming countries to release more oil to the market.

Apr 1 - Japan weighs government's involvement in LNG procurement amid Ukraine crisis
As part of the measures, Japan will consider how the government could directly get involved in procurements of LNG, which are currently secured by the private sector, in times of emergency, a METI source said.  

Apr 1 - Future of oil and gas production more relevant as Russia-Ukraine war persists: panel
In the five weeks since the Russia-Ukraine war began in late February, the importance of energy security has caused some sectors of the economy to cast a more favorable eye on the oil and gas sector as it has become clearer that the energy transition will not happen as quickly as desired, a panel of experts said March 29.  

Apr 1 - Singapore 10-500 ppm gasoil spread widens to record high on tight ULSD supply
The spread between FOB Singapore 10 ppm sulfur gasoil and 500 ppm sulfur gasoil soared to an all-time high on March 30, as a thirst for ultra low sulfur diesel imports from the west, coupled with lean supplies and steady demand in Asia pushed up prices for the gasoil grade.  

Apr 1 - REFINERY NEWS: India considers moving location of stalled mega refinery project
The stalled mega refinery project on the west coast can spur economic development through the growth of downstream industries if it is moved to the eastern part of the state of Maharashtra, oil ministry officials said March 31.

Apr 1 - REFINERY NEWS: Milazzo refinery to restart after security system closure: source
he Milazzo refinery located on the Southern Italian island of Sicily will restart after it was forced offline following an incident March 28 night that forced many units offline, according to information provided by a source close to the refinery.

Apr 1 - ARA diesel, gasoil stocks drop 3.8% on week to 1.601 mil mt: Insights Global
Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp hub in Northwest Europe slid 3.8% on the week to 1.577 million mt in the week ended March 30, Insights Global data showed March 31.

Apr 1 - BRAZIL DATA: Refined product sales rise 5% on year in February
Brazil's refined product sales rose 5% on the year in February, led by growth in diesel and gasoline sales as greater urban mobility fueled a recovery in domestic demand across Latin America's largest economy, the National Petroleum Agency, or ANP, said March 31.
Apr 1 - US President Biden announces 1 million b/d SPR crude release for six months
The Biden administration said March 31 it will release an unprecedented 1 million b/d from the US Strategic Petroleum Reserve for the next six months as part of efforts to rein in gasoline prices that have soared following Russia's invasion of Ukraine.

Mar 31  - Russia’s spot sales problem (Petroleum Economist)
- The CEOs of four of the world’s largest commodity traders admit they are no longer prepared to purchase spot cargoes of Russian oil—albeit the words of Vitol chief Russell Hardy are slightly less categorical than his peers. But, with several IOCs also pledging to halt all trade in the country’s output, it does leave a potentially looming crunch for exports.
“We are lifting contractual volumes, pre-agreed long-term contract volumes, which we are obliged to do, and we are not developing any new business at all,” Jeremy Weir, CEO of Trafigura, told the FT Commodities Global Summit in late March.
“We do not buy anything on the spot market,” says Torbjorn Tornqvist, CEO of Gunvor, of his firm’s approach to Russia. “Out of our total sales of 3.1mn bl/d of liquids, 10pc or less is actually coming from Russia.
“We do have contractual obligations to lift—we have to remind you there are no legal sanctions per se [for lifting Russian oil], there are sales sanctions. So, we manage those [term agreements], but we are not negotiating any new contracts,” Tornqvist continues.

- Peer Mercuria also downplays its Russian exposure. “We moved away from Russian crude, not because of political sanctions, but just because we felt, years ago, we had more added value when we moved into natural gas, into the US, into the energy transition and whatever else. So, our exposure has been very small, our involvement in that market has been minuscule and we are not planning to change any of that,” says the firm’s CEO, Marco Durand.

In the blend

- But he is unconvinced that market participants can say for certain they are entirely avoiding Russian oil. “I do not think anyone can say they are not going to touch Russian oil, because if you today trade distillate, gasoil, for instance, there is a very high likelihood there is some Russian [material] blended in there,” he cautions. “Unless you have blockchain technology, you know, there is no way to say you are not going to touch Russian barrels.”
“I do not think anyone can say they are not going to touch Russian oil” Durand, Mercuria

- Blending is also a potential headache for Vitol given its exposure to Kazakhstan’s CPC grade, which loads in Russia and customarily has up to a tenth of its content added from its departure country. “At least half of our Russian outflows on the crude oil side comes from Kazakhstan, which does have to transit Russia,” says Vitol chief Hardy. “There is an important distinction there that Kazakh origin crude still comes out of Russian ports [but] is largely not covered by the various sanctions that have come into force.”

- Hardy describes who can and will lift Russian crude, and how much, as “the $64,000 question for the next couple of months”. “On the Russian crude oil side, what we are seeing is, yes, spot activity slowing down. People are not participating to purchase spot oil. So, there is quite a backlog of sales for April that have not been made by Russian producers because it is not clear that there is a market for that oil,” he continues.

- On Vitol’s participation in Russian spot sales, “that is not activity that we are doing”, Hardy maintains. But, in the next breath, he becomes slightly less categorical. “Our activity has significantly reduced, it is confined largely to the term contracts that we are committed to,” he says. Whether “significantly reduced” and “largely confined” leaves the door ajar for some sort of dealing in Russian spot barrels—by no means illegal but carrying potential reputational risk—remains to be seen.

Mar 31  - United States weighs largest ever draw from emergency oil reserve  - sources
The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the White House tries to lower fuel prices. The International Energy Agency (IEA) member countries are set to meet on Friday at 1200 GMT to decide on a collective oil release, a spokesperson for New Zealand energy minister said in an email on Thursday.

Mar 31  - U.S. warns India, others against sharp rise in Russian oil imports - official
A significant increase in Russian oil imports by India could expose New Delhi to a "great risk" as the United States prepares to step up enforcement of sanctions against Moscow for its invasion of Ukraine, a senior U.S. administration official said. While the current U.S. sanctions against Russia do not prevent other countries from buying Russian oil, the warning raises expectations that Washington will attempt to restrict other countries' purchases to normal levels.

Mar 30  - Crude rallies amid stalled Russia-Ukraine talks, US inventory draw
Crude oil futures rallied 3% on March 30 on the back of tighter US inventories and lack of progress in Ukraine-Russia peace talks.

Mar 30  - Hafnia expects higher 2022 product tanker volumes on rising refinery runs
The International Energy Agency expected global refinery intake to rise by 2.9 million b/d this year to 80.8 million b/d, or 860,000 b/d less than its previous estimate.

Mar 30  - Crude oil rises amid 'no breakthroughs' in Russia-Ukraine talks

Russia-Ukraine talks have not resulted in breakthroughs, Kremlin spokesperson Dmitry Peskov told journalists at a press conference March 30, according to media reports.

Mar 30  - SAF Refinery moving into focus in Europe
OMV said it will optimize its integrated refineries in Burghausen and Schwechat to maximize high-quality fossil resources and raise the share of sustainable feedstock.

Mar 30  - Singapore April LSFO arbitrage inflow from West likely to dip from March: traders
In Europe, availability of 0.5%S and 1%S fuel oil grades was tight due to a lack of low sulfur cracked fuel oil amid meager high sulfur vacuum gasoil supply from Russia, market sources said.

Mar 30  - March 20-26 oil products output falls 2.1% on week
Production of low sulfur fuel oil fell 23.0% week on week to 0.44 million barrels in the week to March 26.

Mar 30  - Japan March 20-26 oil product exports surge 47.2% to 3.64 mil barrels
Low sulfur fuel oil exports came in at 528,083 barrels in the week to March 26, more than doubling from 218,917 barrels the week before.

Mar 30  - Indonesia January gasoil imports plunge 41% on month
Indonesia's gasoil imports plummeted 40.54% on the month to a three-month low of 259,560 mt in January, data released by Statistics Indonesia in the week of March 28 showed.

Mar 30  - Amid ULSD price volatility, it's 'refiner's market' in Latin America
With daily price swings hitting $10/b in ultra low sulfur diesel markets, Latin American traders fear that their once-steady supply is heading to Europe, giving refiners an advantage in tenders.

Mar 30  - Primorsk ULSD April loadings down 32.4% as Russian refiners cut runs
Loadings of ultra low sulfur diesel from the Russian Baltic port of Primorsk in the first eight days of April are set to fall 32.4% on the month as Russian refiners cut runs amid European buyers' shunning of Russian barrels following the country's invasion of Ukraine.

Mar 30  - Argentina's YPF taking steps to provide diesel to farmers amid shortage concerns
YPF, the biggest oil producer and refiner in Argentina, said late March 29 that it is taking steps to meet farmers' diesel demand during the spring harvest of major export crops, as concerns swell of shortages.

Mar 30  - Venezuelan private entrepreneurs propose restarting Curaçao plant
Directors of the Korsou Refinery (RdK) and the local company Curaçao Oil Refinery Complex B.V. (CORC B.V.) are evaluating proposals submitted by at least two Venezuelan business groups to operate the Caribbean island's 335,000 b/d capacity refinery, according to sources close to the negotiations.

Mar 30  - Poland ships diesel to Ukraine to relieve shortages

Poland had shipped 22,000 mt of diesel to Ukraine to relieve shortages caused by Russian missile strikes over the past seven days, the Ukrainian foreign ministry said March 30.

Mar 30  - Glencore halts new trade deals for Russian commodities
Glencore said it will not enter into any new trading business for Russian commodities unless directed by the relevant government authorities but said it will continue to honor its legal obligations under existing supply contracts, subject to sanctions.

Mar 30  - CPC pipeline outage forces Kazakhstan to cut oil output by a fifth
Kazakhstan is set to lose at least a fifth of its oil production for a month after storm damage to export facilities, the energy ministry said on Tuesday, adding to concerns about global oil supplies and boosting crude prices. The former Soviet republic will have to cut its oil output by 320,000 barrels per day, or 20%, until repairs are done to fully restore capacity of the Caspian Pipeline Consortium's (CPC) Black Sea terminal, the ministry said in a statement.

Mar 30  - UAE, Saudi say OPEC+ should not play politics

The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers' group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine. Asked by the moderator at an industry event about whether OPEC+ has a moral responsibility to expel Russia, Saudi Energy Minister Prince Abdulaziz bin Salman said "everybody leaves his politics at the door" when they hold meetings.

Mar 29  - Crude price slide extends amid Ukraine peace talk progress, China COVID-19 lockdowns
Signs of progress in Ukraine-Russia peace talks and continued demand headwinds presented by China's pandemic lockdowns sent crude prices lower March 29.

Mar 29  - Kazakhstan may lose 320,000 b/d of oil output in April on CPC incident
Storm damage to the loading infrastructure at the Russian Black Sea port of Novorossiisk has disrupted loading at Kazakhstan's main oil export route, the Caspian Pipeline Consortium network, since March 23.

Mar 29  - South Korea Feb gasoil exports rise 4% to 4-month high as regional demand rebounds
South Korea's gasoil exports rose 3.61% month on month to a four-month high of 15.34 million barrels in February, and were up 23.78% year on year, Korea National Oil Corp. data showed March 29, as demand from importing regions in the Asia-Pacific continued to recover while supply balances remained tight.

Mar 29  - East-West gasoil March loadings gather steam on Russia-Ukraine unrest
Asia's gasoil exporters are taking advantage of arbitrage lanes to Europe whenever viable as Russian-export dependent buyers seek alternatives amid the ongoing war in Ukraine.

Mar 29  - Argentina's retail stations begin rationing diesel amid price controls
Argentina's service stations have started rationing diesel, as price controls and import restrictions are discouraging refiners from bringing in enough supplies even as demand rises for the crop harvest, a trade group said March 29.

Mar 29  - Brazil nominates Adriano Pires as new Petrobras CEO amid fuel-pricing dispute
Brazilian President Jair Bolsonaro has engineered his second management shakeup at state-led oil company Petrobras in less than a year, naming local energy industry executive and former government official Adriano Pires as the company's new CEO.

Mar 29  - Russian pipeline operator Transneft restricts oil intake as storage builds: report
Citing unnamed sources, the report said that Transneft has told several Russian oil firms it will limit intake due to high volumes of stored oil, which affect flexibility and threaten normal operations.

Mar 29  - Crude turns red as Russia, Ukraine appear closer on ceasefire talks
Russian and Ukrainian negotiators appear to have moved closer to a ceasefire agreement as the two sides met in Istanbul for the first face-to-face talks in more than two weeks.

Mar 29  - OPEC+ set for only slight output target increase despite Ukraine -sources
OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Ukraine crisis and calls from the United States and other consumers for more supply. Several consuming nations including the United States have urged producers to raise their output by more as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.

Mar 29  - Russian oil firm shuffles Venezuela assets as sanctions bite

A Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrabbling to avoid another set of sanctions, documents show, this time from Europe and the United States over Russia's invasion of Ukraine. Russia is one of Venezuela's few allies on the international stage. Russian companies have helped state-run oil firm PDVSA sustain output in recent years despite U.S. sanctions intended to deprive President Nicolas Maduro's government of its main source of export income.

Mar 28  - Crude slides 7% as China lockdowns threaten demand outlooks
Crude futures retreated March 28 as expanded pandemic lockdowns in China weighed on demand outlooks.

Mar 28  -  Brazil Refined product output up 1.3% on year in Feb
Refineries produced 55.089 million barrels of diesel, gasoline and other refined products in February, a 1.3% advance from 54.392 million barrels in February 2021, ANP said in its latest production report.

Mar 28  - Sinopec projects with Russia operating 'generally smooth;' to buy crude 'at favorable rates'
Despite the mounting and sweeping financial sanctions against Moscow, Sinopec's investments and business operations in Russia remain relatively stable for now, though the company will rigorously assess business economics and financial risks for any Russian energy trades and projects ahead.

Mar 28  - Abu Dhabi's Mubadala to pause investments in Russia
The decision to pause investment would make Mubadala the first Middle Eastern entity to take such a stance.

Mar 28  - More European refinery plants stop buying Russian crude
Norway's state-controlled Equinor is to stop trading or transporting Russian oil, it said late March 14, following a decision to exit its Russian joint ventures in response to the invasion of Ukraine.

Mar 28  - Russian demands for energy payments in rubles a supply 'threat': IEA
The Russian plans, still not spelled out in detail, have led to question-marks over how they would be implemented, particularly given measures by the US and its partners intended to isolate Russia in response to the invasion of Ukraine.

Mar 28  - Thailand Feb heavy fuel oil, jet fuel exports rise; automotive diesel falls
The country exported 73,249 b/d of heavy fuel oil in the month, surging 47.6% year on year, and 59.1% month on month, with Singapore, Malaysia and South Korea being the key buyers.

Mar 28  - Weekend fire shuts units, cuts rates at ExxonMobil's Montana refinery
ExxonMobil said it shut down units after a fire was reported on March 26 at its Billings, Montana, refinery, reducing rates in the plant's other units.

Mar 28  - Spain's Bilbao Refinery restarts alkylation unit
The Bilbao refinery said it has restarted the alkylation unit after completing maintenance.

Mar 28  - Venezuela's PDVSA maintains Merey crude output with Iranian condensate
Venezuela's state-run PDVSA maintained an average 395,000-400,000 b/d of Merey crude production for export in March, supported by the import of condensate from Iran to dilute extra-heavy crude from the Orinoco Belt, according to a technical report that S&P Global Commodity Insights reviewed.

Mar 28  - US distillate stocks expected lower as Russia-Ukraine war drives strong exports arbs
US distillate stocks likely declined in the week that ended March 25, analysts S&P Global Commodity Insights surveyed said March 28, testing 17-year lows amid strong export pressure.

Mar 28  - Russia an important OPEC+ member, can't replace its production: UAE's Mazrouei
OPEC+ ministers are set to meet March 31 to decide on May production levels at a time when major oil consumers, including the US, have called on the coalition to boost its output beyond the 400,000 b/d monthly increase that has been implemented since mid-last year.

Mar 28  - China's Sinopec sees no impairment risk of Russian assets  - executive
China's state oil and gas major Sinopec Corp sees no immediate risk of impairment of the firm's assets in Russia amid the Ukraine crisis, a top company executive said on Monday. Reuters reported on Friday that Sinopec Group, parent of Sinopec Corp, stalled on a new gas chemical project and natural gas marketing venture, heeding a government call for caution as sanctions mount over the invasion of Ukraine.

Mar 28  - EU steps back from impractical Russia oil embargo  - Kemp
EU leaders have stepped back from imposing an immediate embargo on Russian crude and petroleum product imports as the impracticality of the policy has become clear. Imposing an immediate embargo on Russia’s fossil fuels “from one day to the next would mean plunging our country and the whole of Europe into a recession,” Chancellor Olaf Scholz told German lawmakers this week.

Mar 25  - Crude pushes higher as Houthi attack on Jeddah terminal underscores supply risks
NYMEX May WTI settled $1.56 higher at $113.90/b, and ICE May Brent climbed $1.62 to $120.65/b.

Mar 25  - Refinery Belarus Naftan reduces fuel oil output on delayed coker launch

The unit was affected by a fire in the week ending Oct. 1.

Mar 25  - Chinese State refiners cut runs to 81% in March amid maintenance

The country's crude throughput averaged 14.04 million b/d over January-February, according to National Bureau of Statistics data.

Mar 25  - European VGO loadings plunge 31% on week as Russian exports evaporate

VGO loadings in Europe have taken a significant hit as Russian-origin VGO becomes increasingly off limits to many buyers, boosting the proportion of intra-European trade flows.

Mar 25  - ARA fuel oil stocks drop 5.42% on week to 979,000 mt: Insights Global
The low sulfur complex was reported to be tight on March 25 due to a lack of low sulfur cracked fuel oil in the market caused by tight supply of high sulfur vacuum gasoil, a market source said.

Mar 25  - OPEC warns EU over market consequences of banning Russian oil
OPEC, which formed an alliance with Russia in late 2016 to manage the oil market, has been intensely lobbied by western countries and major consumers to increase crude output to offset the impact of sanctions imposed for the Ukraine war.

Mar 25  - US, EU must resolve to maintain sanctions pressure on Russia for long haul
: Biden
The US announced a fresh round of sanctions on Russia March 24, prohibiting gold-related transactions with the central bank and tightening penalties on Putin's inner circle, including Gunvor co-founder Gennady Timchenko.

Mar 25  - OPEC officials tell EU of unease about proposed ban on Russian oil, sources say
OPEC officials believe a possible European Union ban on oil from its partner Russia would hurt consumers and the group has conveyed its concerns to Brussels, OPEC sources said. Major OPEC members, such as Saudi Arabia and the United Arab Emirates, have tried to navigate a neutral course between the West and Moscow, while OPEC+, a grouping that includes Russia, has steered clear of the Ukraine issue in its policy meetings.

Mar 25  - Kazakh oil woes another headache for top Western producers amid Ukraine war
Top Western oil producers could experience a hit to revenue if disruptions at a Russian Black Sea port curtail output from Kazakhstan's giant oilfields, highlighting the growing global supply risk after Moscow's invasion of Ukraine. Chevron, Exxon Mobil, Shell, TotalEnergies and Italy's Eni are among international companies with stakes in Kazakhstan's oilfields.

Mar 25  - Russian shipping firm Sovcomflot in choppier waters after UK slaps on sanctions
Russia's top shipping company Sovcomflot (SCF), already struggling to find berths to discharge cargoes, is facing fresh pressure after the UK on Thursday joined countries that have slapped sanctions on it, with implications for insurance and certification. With a modern fleet of ships, state-run SCF is a key transporter of Russian oil and liquefied natural gas but also carried cargoes previously from other countries such as the United States.

Mar 24  - Crude heads lower as concerns of EU ban on Russian energy ease
NYMEX May WTI settled down $2.59 at $112.34/b, and ICE May Brent declined $2.57 to $119.03/b.

Mar 24  - Russia aims to establish own Urals crude assessment:
Russia's St. Petersburg exchange (Spimex) launched a Urals contract on an FOB Primorsk basis in 2016 as part of the country's efforts to set up Urals as a benchmark, S&P Global Commodity Insights reported earlier.

Mar 24  - Refiners in Europe seek alternative crudes; aim to increase runs
Europe's refiners are expected to start increasing runs to cover at least some of the shortfall in Russian imports.

Mar 24  - French Fos refinery operating at full capacity; works at Gravenchon to end shortly
ExxonMobil's French downstream subsidiary Esso SAF said March 24 that its Fos-sur-Mer refinery in southern France is currently operating at full capacity in order to supply the French market, while works at the Gravenchon plant near Le Havre are expected to be completed in a few weeks.

Mar 24  - Italian Feb oil product demand up 13% on year to 4.3 million mt: Unem
Bunker fuel was down 0.8% to 194,800 mt in the month of February compared with the same month of 2021.

Mar 24  - Latest US sanctions on Russia target gold trades, Putin's inner circle
The measures announced March 24 are aimed at Russian political, banking and defense officials close to Putin, along with their property, holdings and family members, the State Department said.

Mar 24  - European import ban on Russian oil, gas likely not in the cards: J.P. Morgan
The so-called self-sanctioning accounts for about 3 million b/d as of today, but that volume is expected to decrease to 2 million b/d in April and settle around a 1-million-b/d loss of Russian supply in perpetuity, J.P. Morgan has assessed.

Mar 24  - India's Nayara buys Urals after 1 yr; IOC books another 3 mln bbls
Indian private refiner Nayara Energy, part-owned by Russia's Rosneft, has purchased Russian oil after a gap of a year, buying about 1.8 million barrels of Urals from trader Trafigura, two trade sources said and Refinitiv data shows. Indian companies are snapping up Russian oil as it is available at a deep discount after some companies and countries shunned purchases from Moscow due to sanctions over its invasion of Ukraine.

Mar 24  - Biden menu of options to lower gasoline prices is not appetizing
U.S. President Joe Biden has few appealing policy options to get record high U.S. gasoline prices under control ahead of the critical summer driving season, when millions of Americans fill their tanks and hit the road for vacations. "The President and our national security team and our economic team are working overtime right now to evaluate and examine a range of domestic options," White House spokeswoman Jen Psaki said on Tuesday.

Mar 23  - USAC Colonial Pipeline differentials down 5 cents on day as summer transition nears
RBOB fell 5.25 cents to futures minus 20.50 cents/gal.

Mar 23  - Crude rallies as market eyes new sanctions on Russia, US crude draw
Total US commercial crude stocks fell 2.51 million barrels.

Mar 23  - Suez Canal to raise crude tanker tariffs May 1 following freight hikes
Ballast crude tankers will see a 5% rise in transit fees, the canal authority said on its website March 22. The decision followed the "significant growth in global trade, the improvement of ships' economics"; and the enhanced transit services, the canal authority said.

Mar 23  - China Jan-Feb fuel oil exports up 64% on year to 5.03 mil mt
Most of the exports were fuel oil sold in the bonded bunker market, industry sources said.

Mar 23  - Crude loading at Caspian CPC sea terminal fully suspended: operator
Earlier this week, CPC reported storm damage to loading facilities at the Russian port of Novorossiisk. The network shipped 1.5 million b/d in February, the majority of which was produced in Kazakhstan but also included some Russian volume.

Mar 23  - Russian Feb fuel oil exports up 2.5% on year at 2.785 mil mt
Russia's domestic fuel oil deliveries totaled 609,145 mt in February, down 17.5% year on year and down 12.8% from January levels.

Mar 23  - Oil traders warn of $200/b plus price spike as Ukraine crisis unnerves markets
As the EU considers a phase-out of Russian fossil fuel imports to the region and calls grow for sanctions on Moscow's oil and gas, the stage is set for a major supply gap in Europe over the coming years.

Mar 23  - Traders warn of Russia-related diesel and gas shortages
Energy and commodity markets are in shock after Russia's invasion of Ukraine, the world's top trading firms said on Tuesday, warning of gas and diesel shortages in Europe and economic recession if Russian flows fall further. Prices across gas, oil, metals and agricultural markets have soared since the invasion and become so volatile that companies have had to cut traded volumes owing to strained liquidity.

Mar 23  - France's TotalEnergies to quit Russian oil supply contracts
French oil major TotalEnergies said on Tuesday it would not renew its Russian gasoil and crude oil supply contracts for its German refinery, but would source gasoil from Saudi Arabia and crude via Poland instead. The firm, with stakes in several Russian projects, has come under criticism after it stopped short of joining rivals Shell and BP in planning to divest oil and gas assets in Russia.

Mar 22  - Canadian Pacific Railway labor strike ends after two days
Strike came amid global supply chain disruptions from the ongoing pandemic.

Mar 22  - Crude prices slide as market eyes reduced Russian supply disruptions
NYMEX April WTI falls 36 cents to $111.76/b; ICE May Brent dips 14 cents lower to $115.48/b.

Mar 22  - European weekly fuel oil exports to Asia rebound: Kpler
Russian fuel oil exports to Asia are expected to total 270,000 mt, accounting for the majority of European product arriving in Asia in the week starting March 21. The week prior Russian fuel oil exports to Asia totaled 112,000 mt.

Mar 22  - Gunvor CEO plays down concerns over shortfall of Russian oil exports
Industry avoidance of Russian oil exports could force up to to 3 million b/d of supply off the crude and products markets in coming months but the market has yet to see significant shortages of Russian oil, the head of commodity trading house Gunvor said March 22.

Mar 22  - Russian oil avoidance threatens diesel shortages in Europe and Africa: Trafigura CEO
Sanction fears and pressure on Western companies to distance themselves from Russia over its war in Ukraine have already seen a loss of some 1 million b/d of crude and more than 1 million b/d oil products, mostly diesel, from Russia, Jeremy Weir said March 22.

Mar 22  - Petroperu awards 100,000 barrel fuel oil tender to Glencore
Fuel oil No. 6 is used for the generation of electric power, space heating, ship bunkering and various other industrial uses.

Mar 22  - Refinery Potential closures in Africa on new sulfur rules
Some of the refineries on the continent, including Ghana's Tema, still need to upgrade to produce 50 ppm max gasoil. Meanwhile two of the refineries in South Africa -- Engen and Sapref, have upgraded to produce max 50 ppm gasoil but will need additional investment to produce 10 ppm diesel and have opted to close instead.

Mar 22  - Low-priced Russian Urals crude cargoes attract Chinese buyers for June deliveries
China is likely to import about 3.52 million barrels of Urals in March, which were loaded in January and all taken by Sinopec, Kpler data showed.

Mar 22  - EU split on Russia oil sanctions, mulls other steps
The European Union's foreign ministers disagreed on Monday on whether and how to slap sanctions on Russia's lucrative energy sector over its invasion of Ukraine, with Germany saying the bloc was too dependent on Russian oil to decide an embargo. The EU and allies have already imposed hefty measures against Russia, including freezing its central bank's assets.

Mar 22  - Germany urges OPEC to raise production, warns against profiteering from sanctions

German Economy Minister Robert Habeck added his voice to Western appeals for OPEC to increase oil production and said Gulf states should not profit from global sanctions against Russia over its invasion of Ukraine. OPEC heavyweights Saudi Arabia and the UAE have resisted Western calls, including from the United States, to use their spare oil output capacity to tame prices that have surged as the invasion prompted fears of supply disruptions.

Mar 21  - Crude rallies 7% as market eyes potential EU sanctions on Russian energy
NYMEX April RBOB settled 13.28 cents higher at $3.3716/gal and April ULSD finished up 20.28 cents at $3.8009/gal.

Mar 21  - Asian refiners resist temptation to buy sharply discounted Far East Russian crude

"Making handsome profits from Russian oil would do more harm than good," the source at the Western trading house said.

Mar 21  - Western energy services providers announce exit from Russia
Baker Hughes said March 19 that it has suspended new investments for its Russia operations.

Mar 21  - Sri Lanka's Sapugaskanda refinery halts again: reports
Sapugaskanda was also halted mid-November amid shortages of crude oil, but resumed operations Dec. 7.

Mar 21  - Russia finding ways around oil sanctions, customers 'happy' to buy it, says Novak
The US imported 473,000 b/d of Russian refined products and 199,000 b/d of Russian crude in 2021, according to the Energy Information Administration.

Mar 21  - European VGO loadings fall to 336,200 mt across 13 ships in week to Mar 18
VGO loadings in Europe are increasingly being dominated by intra-European trade flows, according to traders, as the market continues to shun Russian-origin VGO. The reluctance to buy Russian-origin product has created a market with two product flows, said one European feedstock trader.

Mar 21  - EU to mull Russian oil embargo with Biden set to join talks
European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow. Seeking to force a military withdrawal from Ukraine by Russian President Vladimir Putin, the EU - along with Western allies - has already imposed a panoply of punishing sanctions including a freezing of the assets of the Russian central bank.

Mar 21  - India's oil imports from US to rise, amid criticism for Russian purchases
India's oil imports from the United States will rise by 11% this year, officials said on Saturday, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily sanctioned Russia. The surge in oil prices following Russia's invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when it was emerging from a pandemic-induced slowdown.

Mar 18 - Russian oil traders switch to private dealings from public tenders
Russian oil market participants have switched their trading tactics, favouring private deals over public offerings due to new Western sanctions, traders said on Thursday. About a quarter of Russian oil exports, including flagship Urals and ESPO Blend oil grades, is usually sold on a spot basis, normally via public tenders in which a number of companies generally have been invited.

Mar 18 - As liquidity evaporates, oil braces for whiplash volatility

A $40 a barrel rise and fall in oil prices in March pushed many investors to exit the volatile trade and created the conditions for more wild price swings in the weeks ahead, traders, bankers and analysts said. The Russian invasion of Ukraine has driven many commodity prices to all-time highs, stretching the finances of companies worldwide that trade, process and consume the raw materials.

Mar 17 - Russia-linked oil, fuel cargoes rush to U.S. before ban starts
At least 10 vessels carrying Russia-linked cargoes of crude and refined products were approaching the United States on Wednesday, as suppliers rushed to deliver ahead of the U.S. government's deadline to wind down Russian energy purchases, data from traders and Refinitiv Eikon showed. The United States, the world's biggest oil consumer, this month banned imports of Russian energy products due to the invasion of Ukraine, which Moscow calls a "special operation." Washington's ban gives importers until April 22 to discharge cargoes moving under pre-ban contracts.

Mar 17 - UK's Johnson fails to secure public oil rise pledges after talks with Saudi, UAE
British Prime Minister Boris Johnson held talks about energy security on Wednesday with the de facto leaders of Gulf oil exporters Saudi Arabia and the United Arab Emirates but secured no public pledge to ramp up production. Johnson's trip to Abu Dhabi and Riyadh was aimed at securing oil supplies and raising pressure on President Vladimir Putin over Russia's invasion of Ukraine, which led to sweeping Western sanctions on Moscow and soaring world energy prices.

Mar 16  - OPEC flags risk to oil demand outlook from Ukraine war, inflation
OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia's invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year. Oil prices shot above $139 a barrel this month, hitting peaks not seen since 2008, as Western sanctions tightened on Moscow over its invasion of Ukraine and disrupted oil sales from Russia, helping to fuel inflation that was already rising.

Mar 16  - EU blacklists Abramovich, targets energy, luxury sectors with new Russia sanctions
The European Union on Tuesday launched a new barrage of sanctions against Russia for its invasion of Ukraine, including bans on Russian energy sector investments, luxury goods exports to Moscow and imports of steel products from Russia. The sanctions also freeze the assets of more business leaders who support the Russian state, including Chelsea football club owner Roman Abramovich and the head of Russian state TV Channel One Konstantin Ernst, who were added to a blacklist that already includes dozens of wealthy Russians.

Mar 15  - As West shuns Moscow, officials say India eyes more cheap Russian oil
India may take up a Russian offer to buy crude oil and other commodities at a discount, two Indian officials said, in a sign that Delhi wants to keep its key trading partner on board despite Western attempts to isolate Moscow through sanctions. U.S. officials have said in recent weeks they would like India to distance itself from Russia as much as possible, while recognising its heavy reliance on Moscow for everything from arms and ammunitions to missiles and fighter jets.

Mar 15  - Chevron set to trade Venezuelan oil if U.S. relaxes sanctions - sources
Chevron Corp. is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on Caracas to boost crude supplies after banning Russia's oil imports, according to three people familiar with the situation. The U.S. oil major has begun assembling a trading team to market oil from Venezuela, two of the people said. If U.S. approvals are received, Chevron aims to expand its role in the four joint ventures it shares with state-run company PDVSA, they added.

Mar 14  - How much extra oil could OPEC+ pump to cool prices?
Saudi Arabia and the United Arab Emirates are among the few oil producers globally with spare capacity they could draw on quickly to increase output, help offset supply losses from Russia or elsewhere and ease prices, analysts say. According to the International Energy Agency, the two Gulf OPEC producers hold about 1.8 million barrels per day of "short-order" spare capacity, equal to almost 2% of world demand and almost all the total 2.2 million bpd of such capacity available.

Mar 14  - U.S. seizing tankers has failed to stop Iran's oil exports, minister says
The U.S. seizure of Iranian tankers in recent months has not stopped sanctions-hit Tehran from increasing oil exports, Iran's oil minister was quoted as saying on Saturday. “The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media.

Mar 11  - ARA fuel oil stocks drop 1.4% on week to over 1 million mt: Insights Global
Demand for bunker fuel at ARA ports continued to rise on the week, as increased volatility in the delivered oil complex led to price spikes across all grades.

Mar 11  - Rotterdam marine gasoil, 0.5%S bunker fuel record highest day-on-day drops
Bunker prices had been moving up at an unprecedented rate since Feb. 23 -- the day before Russia's invasion of Ukraine began -- and the March 10 drops reflect the volatility seen across the global bunker markets.

Mar 11  - Final agreement on Iran nuclear deal elusive, as Russia demands sanctions carve-out
Russia has demanded a written guarantee from the US that sanctions over the invasion of Ukraine would not impede Moscow's trade with Tehran.

Mar 11  - EU plans proposal to phase out Russian fossil fuels by 2027: von der Leyen
The EU target of 2027 comes amid growing calls for Brussels to consider a full embargo on Russian oil, gas and coal imports.

Mar 11  - As oil prices soar, U.S. shale, OPEC in no rush to resume price war
U.S. shale producers and OPEC, who not long ago were waging a price war, this week found themselves on similar sides as oil prices have surged well above $100 a barrel: in no rush to rapidly boost production. Less than a decade ago, OPEC was flooding the market with oil in a bid to drive out U.S. producers, who were enjoying surging production as improvements in hydraulic fracturing brought on the so-called "shale boom."

Mar 11  - You still need us, UAE tells U.S. as it flexes Gulf oil muscles

By single-handedly knocking 13% off rocketing oil prices on one day this week, the United Arab Emirates demonstrated the power Gulf producers wield in the market and sent a wake-up call to Washington to pay closer attention to its longtime allies. OPEC heavyweights Saudi Arabia and the UAE, which both bear grudges against Washington, have snubbed U.S. pleas to use their spare output capacity to tame rampant crude prices which threaten global recession after Russia's invasion of Ukraine.

Mar 10  - UAE says it is committed to OPEC+ agreement, monthly mechanism
The United Arab Emirates is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism, its energy minister said on Wednesday, hours after the Arab country's ambassador to Washington said it favors an output increase. "The UAE believes in the value OPEC+ brings to the oil market," UAE energy minister Suhail al-Mazrouei said on Twitter.

Mar 10  - Years of low U.S. consumer energy costs wane following Russian invasion

U.S. motorists, already dealing with a steep rise in spending on fuel as the economy rebounded from the coronavirus-induced recession, are now dealing with surging gasoline prices after Russia's invasion of Ukraine. However, coming into recent months, U.S. consumer spending on energy and gasoline had been near historically low levels - even in the years preceding the coronavirus pandemic.

Mar 09  - Biden bans Russia oil imports to U.S., warns gasoline to rise further
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, amid strong support from American voters and lawmakers, even though the move will drive up U.S. energy prices. "We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House.

Mar 09  - With bans on Russian oil, energy execs tell governments:
Work with us
With crude oil surging past $125 a barrel, oil company executives called on Tuesday for more favorable global government energy policy to help the industry resolve the supply crisis that has deepened since Russia's invasion of Ukraine. On Tuesday morning, President Joe Biden announced a U.S. ban on Russian oil and other energy imports, while Britain said it will phase them out by year end. Oil prices settled the session 4% higher and have shot up 30% since the invasion. Russia exports 7 million to 8 million barrels of crude and products daily.

Mar 08  - U.S. may act alone to ban Russian oil imports, sources say
The United States is willing to move ahead with a ban on Russian oil imports without the participation of allies in Europe, two people familiar with the matter told Reuters, in light of Russia's invasion of Ukraine. President Joe Biden held a video conference call with the leaders of France, Germany and the United Kingdom on Monday as his administration continues to seek their support for a ban on Russian oil imports.

Mar 08  - OPEC meets with U.S. shale executives as oil prices skyrocket
Officials from the Organization of the Petroleum Exporting Countries (OPEC) met U.S. shale oil company executives on the sidelines of the CERAWeek conference in Houston on Monday as energy prices soared over supply concerns. It was at least the fourth time since 2017 that U.S. shale oil producers and OPEC officials have held such meetings to discuss energy concerns.

Mar 07  - Brazil Crude exports, product imports slide on year in January
Brazil's exports of crude oil retreated year on year in January as state-led oil company Petrobras kept refinery run rates elevated to start 2022, but lackluster demand and little movement in domestic prices undermined refined product imports, the National Petroleum Agency, or ANP, said March 7.

Mar 07  - European diesel futures rally outpaces Brent on heavier impact of sanctions
The rally in European diesel futures has outpaced that of ICE Brent crude futures as the diesel market faces heavier impacts if sanctions on Russian oil and products exports come to fruition.

Mar 07  - Europe cools on Russian energy sanctions, fears 'unmanageable' risks
European leaders toned down March 7 threats of tougher energy sanctions on Russian imports of oil and gas after crude futures breached $130/b and the cost of natural gas surged.

Mar 07  - USWC refiners replace Russian crude with Middle Eastern, Latin American grades
US West Coast refiners are increasing imports of Latin American and Iraqi crude to replace Russian barrels, ceasing to buy ESPO, Sokol, and CPC Blend despite any official ban by the United States on imports of Russian crude, an analysis from S&P Global Commodity Insights Platts showed on March 7.

Mar 07  - US crude inventories likely lower as refinery runs edge higher
US commercial crude inventories likely fell by 700,000 barrels in the week ended March 4 as refinery runs edged higher, according to analysts polled by S&P Global Commodity Insights March 7.

Mar 07  - White House confirms diplomatic trip to Venezuela to talk energy security
The US sent officials to Venezuela to discuss energy security and detained US citizens, the White House confirmed March 7, after media reports indicated the Biden administration was in the early stages of considering lifting oil sanctions against the Maduro regime.

Mar 07  - Brazil January refined-product sales retreat 6.1% on year on ethanol slide
Brazil registered a 6.1% year-on-year retreat in refined-products sales in January as a sharp downturn in hydrous ethanol sales offset stronger-than-expected demand for diesel and gasoline in Latin America's largest economy, according to data released March 7 by the National Petroleum Agency, or ANP.

Mar 07  - China outlines strategy to boost energy security amid Ukraine crisis
China is taking steps to boost energy security but expects its imports of crude oil and natural gas should remain generally stable as long as suppliers comply with contracts, especially long-term contracts which account for a high proportion of total energy imports, Lian Weiliang, deputy director of the National Development and Reform Commission, said at a press conference held by the State Council Information Office on March 7.

Mar 07  - More North Sea oil, gas needed as 'transition' measure to beat supply crunch:
The UK needs to boost its energy self-reliance including through domestic oil and gas production as a "transition" measure in response to the current supply crunch, Prime Minister Boris Johnson said March 7.

Mar 07  - Crude rallies, but comes off highs as Europe tones down Russian oil ban talks
Crude futures continued to rally March 7, but pulled back from intraday highs as European leaders toned down threats of tougher energy sanctions on Russian imports of oil.

Mar 07  - President Biden keeps clean energy focus; stresses steps to combat high fuel costs
Senate Democrats, including Joe Manchin of West Virginia and Edward Markey of Massachusetts, advocated for banning US import of Russian oil.

Mar 07  - Essar seeks alternatives to Russian diesel in the UK amid outcry over shipments

Last week, Essar said it turned away two cargoes of non-Russian origin crude, which would have been delivered in Russian-flagged tankers after the UK banned vessels on March 1 that are Russian-owned, operated, controlled, chartered, registered, or flagged from UK ports. But the restrictions do not include Russian cargoes carried by other vessels.

Mar 07 - U.S., European allies discuss banning imports of Russian oil
The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. Europe relies on Russia for crude oil and natural gas but has become more open to the idea of banning Russian products in the past 24 hours, a source familiar with the discussions told Reuters on Sunday.

Mar 07 - As Russia avoids energy sanctions, oil majors flee but TotalEnergies stays

France's TotalEnergies cuts a lonely figure hanging onto its Russian investments during a mass exodus of western oil majors from the country after its invasion of Ukraine, even though no sanctions have forced such divestments. "For existing assets, the company says it will respect European sanctions whatever the consequences. But for the moment, there are no sanctions on energy," said a source familiar with the thinking inside TotalEnergies.

Mar 04 - VLSFO, MGO prices hit highest recorded levels at EMEA ports
The price increase follows anticipated tightness across all fuel oil grades over the coming weeks at ports in the Mediterranean and Europe.

Mar 04 - ARA fuel oil stocks rise 6.89% on week to 1.055 mil mt: Insights Global
This first time in four weeks that stocks have risen.

Mar 04 - Russian refineries start to feel impact of buyers shunning oil products
While there were still tankers fixed for lifting products from Russia's Black Sea ports, a large portion of shipping companies have stated their unwillingness to load at Russian ports, particularly in the Black Sea, amid the risk of potential new sanctions.

Mar 04 - Russian oil supplies could fall by up to 2 mil b/d in March over sanctions, avoidance: S&P Global
Although the US and the EU have said their current sanctions do not target Russian oil and gas, the potential for tighter restrictions creates "persistent headwinds" and swathes of traders and refiners have paused purchases of Russian oil and oil products amid the political backlash to Moscow's invasion of Ukraine.

Mar 04 - Saudi crown prince plays the oil card in quest for U.S. recognition
Saudi Arabia's crown prince says he simply doesn't care whether Joe Biden misunderstands him. The prince is instead looking to his oil power to deliver his goals, according to sources familiar with Riyadh's thinking: recognition from the American president that he's the real ruler of the kingdom and a stronger hand in the costly Yemen war. That's one reason why Crown Prince Mohammed bin Salman is resisting U.S. pressure to pump more crude to lower the price of oil that has surged since Russia attacked Ukraine, besides keeping Riyadh's oil pact with Moscow alive, the sources said.

Mar 04 - Traders ramp up bullish bets in U.S. oil options as prices soar

Bulls have surged into the U.S. crude oil options market in recent days as futures touch highs not seen in a decade, betting that crude's rally will persist, according to analysts and exchange data. The global oil market was already tight even before Russia invaded Ukraine last week, which has since sent benchmark Brent and U.S. West Texas Intermediate (WTI) crude futures soaring over 15% to around 10- and 14-year highs, respectively.

Mar 03 - Russian businessman places $1m bounty on Vladimir Putin’s head (The Independent)
A Russian businessman has placed a $1m bounty on Vladimir Putin’s head and urged the country’s military officers to bring the president to justice. Entrepreneur Alex Konanykhin made the promise in a post on social media site LinkedIn and called it his “moral duty” to take action and help Ukraine following the unprovoked attack.
“I promise to pay $1,000,000 to the officer(s) who, complying with their constitutional duty, arrest(s) Putin as a war criminal under Russian and international laws,” wrote Mr Konanykhin.
“Putin is not the Russian president as he came to power as the result of a special operation of blowing up apartment buildings in Russia, then violated the Constitution by eliminating free elections and murdering his opponents.”
His post included a photo of Mr Putin, with the caption, “Wanted: Dead or alive. Vladimir Putin for mass murder.”
And he added: “As an ethnic Russian and a Russia citizen, I see it as my moral duty to facilitate the denazification of Russia. I will continue my assistance to Ukraine in its heroic efforts to withstand the onslaught of Putin’s Orda.”

Mar 03 - Russia's invasion of Ukraine (Reuters)

Russia's invasion of Ukraine entered its second week as an apparent tactical failure so far, with its main assault force stalled for days on a highway north of Kyiv and other advances halted at the outskirts of cities it is bombing into wastelands.

The number of refugees who have fled Ukraine rose to more than 1 million, the United Nations said. Hundreds of Russian soldiers and Ukrainian civilians have been killed, and Russia itself has been plunged into isolation never before experienced by an economy of such size.

Russian Foreign Minister Sergei Lavrov said he believed some foreign leaders were preparing for war against Russia and that Moscow would press on with its military operation in Ukraine until "the end". Lavrov also said Russia had no thoughts of nuclear war.

The Chinese foreign ministry said that reports on Chinese and Russian coordination ahead of Russia's attack on Ukraine are "fake news". Senior Chinese officials told senior Russian officials in early February not to invade Ukraine before the end of the Winter Olympics in Beijing, the New York Times reported.

French customs have seized a yacht belonging to Rosneft boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of EU sanctions on Russian oligarchs. At least five superyachts owned by Russian billionaires were anchored or cruising in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States.

The bells of major churches across Europe chimed in unison to express solidarity with the people of Ukraine, mourn those killed, and pray for peace.

Mar 03  - U.S. hits Russian oil refining sector, slaps export curbs on Belarus
The United States on Wednesday took aim at Russia's oil refining sector with new export curbs and targeted Belarus with sweeping new export restrictions, as the Biden administration amps up its crackdown on Moscow and Minsk over the invasion of Ukraine. The new round of sanctions announced by the White House ban the export of specific refining technologies, making it harder for Russia to modernize its oil refineries.

Mar 03  - OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher. Oil prices shot above $110 a barrel this week, hitting peaks not seen since 2014, as Western sanctions tightened on Moscow over its invasion of Ukraine and disrupted oil sales from Russia, the world's second-largest oil exporter.

Mar 02  - European fuel oil feedstock traders search for non-Russian VGO as restrictions mount
Russia's refineries are major producers and exporters of fuel oil feedstocks such as high and low sulfur vacuum gasoil, which are processed in the secondary units of complex plants.

Mar 02  - Fuel oil exports from Russia's Tuapse seen at 480,000 mt in March

Only the first three cargoes have a nominated vessel, with the remainder yet to be named.

Mar 02  - Exxon to exit Russia, leaving $4 bln in assets, Sakhalin LNG project in doubt
Exxon Mobil on Tuesday said it would exit Russia oil and gas operations that it has valued at more than $4 billion and halt new investment as a result of Moscow's invasion of Ukraine. The decision will see Exxon pull out of managing large oil and gas production facilities on Sakhalin Island in Russia's Far East, and puts the fate of a proposed multi-billion dollar liquefied natural gas (LNG) facility there in doubt.

Mar 02  - Russian oil trade in disarray over sanctions as prices blast through $100/bbl
Russian oil trade was in disarray on Tuesday as producers postponed sales, importers rejected Russian ships and buyers worldwide searched elsewhere for needed crude after a raft of sanctions imposed on Moscow over the war in Ukraine. Numerous nations imposed sweeping sanctions against Russian companies, banks and individuals following Russia's invasion of Ukraine last week and global majors announced plans to leave multi-million-dollar positions in Russia.

Mar 01 - Shell to exit Russia after Ukraine invasion, joining BP
Shell will exit all its Russian operations, including a major liquefied natural gas plant, it said on Monday, becoming the latest major Western energy company to quit the oil-rich country following Moscow's invasion of Ukraine. The decision comes a day after rival BP abandoned its stake in Russian oil giant Rosneft in a move that could cost the British company over $25 billion. Norway's Equinor also plans to exit Russia.

Mar 01 - U.S., allies weigh oil reserves release after Ukraine invasion - sources
The United States and its allies are weighing a coordinated release of oil reserves amid soaring prices and tightening supplies after Russia invaded Ukraine, an OPEC+ source and a senior industry source told Reuters. Oil prices have hit their highest since 2014 following the invasion and after Western allies have imposed sanctions on Russia, blocking some Russian banks from a global payments system, which is already disrupting oil exports. Some buyers are already shunning Russian barrels, now trading at a heavy discount to world benchmarks.

Feb 28 - BP quits Russia in up to $25 billion hit after Ukraine invasion
BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow's invasion of Ukraine. Rosneft accounts for around half of BP's oil and gas reserves and a third of its production and divesting the 19.75% stake will result in charges of up to $25 billion, the British company said, without saying how it plans to extricate itself.

Feb 28 - Russia faces major disruptions to oil, commodities flows without SWIFT
Russian exports of all commodities from oil and metals to grains will be severely disrupted by fresh Western sanctions, dealing a blow to Russia's economy and hurting the West with a spike in prices and inflation, traders and analysts said. The United States and its allies on Saturday moved to block certain Russian banks' access to the SWIFT international payment system in further punishment to Moscow as it continues its military assault against Ukraine.

Feb 25  - Crude settles lower amid lack of sanctions on Russian energy flows
Crude prices settled lower Feb. 25 as concerns of near-term supply disruptions eased amid a lack of Western sanctions against the Russian energy sector.

Feb 25  - Crude hovers below $100/b amid lack of energy sanctions
Crude futures settled below the $100/b mark on Feb. 24, having hit an intraday high of $105.79/b, the highest level since August 2014, after US President Joe Biden said there are currently no plans to target Russia's energy complex with sanctions.

Feb 25  - Russia Jan refining throughput rises 10.1% on year to 24.997 mil mt
The year-on-year increase in throughput was due to run cuts in early 2021.

Feb 25  - ARA fuel oil stocks drop 1.89% on week to 987,000 mt: Insights Global
The is the third week in a row stocks have dropped.

Feb 25  - South Korea Jan oil products demand up 15.4% on year at 2.82 million b/d

South Korea's oil products demand in January rose 15.4% from a year earlier, driven by robust economic recovery and manufacturing activity, though consumer transportation fuel demand was seen fragile amid surging retail fuel prices, market participants said Feb. 25.

Feb 25  - Traders steer clear of Russian crude amid sanctions response
Oil traders warn it is becoming very difficult to trade Russian crude as the international response to the invasion of Ukraine ripples through commodities trading.

Feb 25  - US to sanction top Russian banks but not energy flows or SWIFT access
Blocking energy flows and banning Russia from the international financial messaging service SWIFT - two potential responses to Russia's military invasion of Ukraine - remain on the table but were not pursued in the latest sanctions package from the US.

Feb 25  - EU sanctions to hit Russia's oil refineries: European Commission

The European Union has approved a preliminary package of sanctions against Russia that will target the country's oil refining and transport sectors, European Commission President Ursula von der Leyen said Feb. 25.

Feb 25  - India Jan gasoil exports fall 15.8% on month amid stock building
Exports were up 10.76% year on year, the data showed, reflecting the overall recovery in demand from importing regions as several countries ease pandemic restrictions.

Feb 25  - Major buyers of Russian oil struggle with bank guarantees - sources
The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers. At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.

Feb 25  - Oil's journey from worthless in the pandemic to $100 a barrel
In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity. But less than two years later, the predictions of Van Beurden and others about oil's demise look premature.

Feb 24  - Crude rally slows as US sanctions avoid Russian energy sector
Crude prices gave back much of their early session gains midday Feb. 24 after US President Joe Biden revealed the US would avoid sanctioning the Russian energy sector in response to Moscow's invasion of Ukraine.

Feb 24  - EIA reports higher weekly US oil exports
US weekly crude oil exports moved higher during the week ended Feb. 18, data from the Energy Information Administration showed Feb. 24.

Feb 24  - Crude prices climb as Russia 'invades' Ukraine
Crude prices Feb. 24 surged over 5% after Ukraine's foreign minister Dmytro Kuleba confirmed on social media that Russia had launched a "full-scale invasion", triggering concerns over potential disruptions to supply of energy and resources from oil to grains.

Feb 24  - European refiners in 'uncharted territory' if Russian VGO supplies disrupted: Galp CEO
In 2021 Russian exported 17.30 million mt of VGO, out of global exports of 29.97 million mt, with shipments to Europe of 9.50 million mt, according to data from commodity shipping firm Kpler.

Feb 24  - Platts to suspend publication of market information for Black Sea markets
Platts will continue to review the situation as it develops.

Feb 24  - Dutch 2021 oil, products throughput at Rotterdam gains on economic recovery
Oil products at the Port of Rotterdam rose 10% year on year to 66.076 million mt in 2021.

Feb 24  - Libyan oil output at risk of being shut in as bad weather disrupts oil exports
Port closures due to rough weather have become quite common in recent months.

Feb 24  - Fujairah LNG bunkering may start soon amid expansion in services: official
Abu Dhabi National Oil Co.'s shipping arm is studying whether to back an LNG bunkering operation in the UAE to serve as a fueling station for its new LNG-fueled ships on order.

Feb 24  - European oil traders fret over potential Russia sanctions to assess supply impact
Traders' views were mixed over the likelihood of sanctions on Russian oil products, but all agreed that if sanctions were put in place, the impact would be highly disruptive and would cause major supply dislocations and force unusual trade flows and arbitrage routes, particularly for diesel.

Feb 24  - Global tensions, high prices temper refined oil product import demand from Latin America
Latin American oil product markets may have hit a lull with global tensions adding to reduced seasonal demand, high prices and the completion of a recent wave of tenders aimed at restocking inventories depleted by the summer heat wave.

Feb 24  - Key Asian oil product prices rise to seven-year highs as crude crosses $100/b
Physical oil product prices in Asia jumped to seven-year highs Feb. 24 underpinned by a surge in crude prices as Russia invades Ukraine, S&P Global Platts data showed.

Feb 24  - Brazil's Petrobras monitors price impact of hostilities in Ukraine
Brazilian state-led oil company Petrobras will monitor international crude and refined product prices after Russia's military invasion of Ukraine, adding further volatility to a global industry already rocked by disease and geopolitics, company officials said Feb. 24.

Feb 24  - Russian Urals crude discount falls $4.35/b on the day
Russian Urals crude has dropped to its lowest level ever relative to Dated Brent with its differentials weakening by $4.35/b day on day as the threat of international sanctions on Russian energy and financial services sparked a Urals selling frenzy in the market.

Feb 24  - Brazil's Petrobras keeps Jan-Feb refinery runs elevated on strong demand
Brazilian state-led oil company Petrobras continued to operate refineries at elevated levels in January and February amid stronger-than-usual demand for gasoline and diesel, maintaining capacity utilization rates near the 88% seen in Q4 2021, the company's refining director said Feb. 24.

Feb 24  - Russia tanker rates soar on fears around trading Russian oil
Tanker rates for routes out of Russia to Europe surged to multi-month highs Feb. 24 as Russia's invasion of Ukraine left market participants uncertain of whether they would be able to trade Russian material.

Feb 24  - EU leaders agree on new sanctions targeting Russian energy, transport sectors
The European Council, made up of EU heads of state and government, said Feb. 24 it had agreed on sanctions targeting Russia's energy, transport and other sectors in response to Moscow's military invasion of Ukraine.

Feb 24  - European leaders eye Russian oil and gas in Ukraine invasion response
UK Prime Minister Boris Johnson said in a television statement on the BBC that Western allies were preparing sanctions to "hobble" Russia's economy following the overnight military escalation

Feb 24 - Japan, Australia ready to tap oil reserves if Ukraine conflict hits supply
Japan and Australia said on Thursday they were prepared to tap their oil reserves, together with other member nations of the International Energy Agency (IEA), if global supplies were hit by hostilities in Ukraine. Oil prices touched a seven-year high of $100 a barrel after Russian President Vladimir Putin authorised a military operation in eastern Ukraine, and explosions were heard in the Ukrainian capital of Kyiv.

Feb 24 - Distressed Venezuelan oil cargo discharging in Asia - sources
A U.S.-sanctioned Venezuela-owned supertanker that had mechanical problems since January is transferring its 2-million-barrel cargo of heavy crude to other vessels in Asia, according to three people familiar with the matter. The very large crude carrier (VLCC) Maximo Gorki left Venezuela in November amid an export push designed to generate funds for cash-strapped state oil company Petroleos de Venezuela (PDVSA), which has been under U.S. trading sanctions since 2019.

Feb 23  - Crude settles little changed as market eyes targeted Western sanctions against Russia
Crude oil futures settled little changed Feb. 23 as the market weighed the supply implications of targeted western sanctions against Russia.

Feb 23  - Biden orders US sanctions on Nord Stream 2 gas pipeline, corporate officers
The US will impose sanctions on Nord Stream 2 AG, the company that built Russia's 55 Bcm/year gas pipeline to Germany, and its corporate officers, President Joe Biden said Feb. 23, a day after Germany halted certification of the project.

Feb 23  - US sanctions commodity traders, oil shippers linked to Houthi finance network
The US Treasury Department imposed sanctions Feb. 23 on several commodity traders and oil shippers it says created false documents for oil sales that funded the Houthi finance network.

Feb 23  - Crude MOC Sour complex edges lower as trade cycle nears completion
Buying activity is likely over for most Asian refiners which in turn led to a fall in the sour crude complex in the last few days of the month, traders said.

Feb 23  - FOB Singapore gasoil soars to near 7.5-year high amid supply-side uncertainty
FOB Singapore gasoil soared to more than a seven-year high at the Asian close Feb. 22, as escalating geopolitical tensions surrounding Ukraine added to supply-side fears in an already lean market.

Feb 23  - Pakistan's refineries to channel excess FO stocks towards rising domestic power demand
The Pakistan refining sector is set to halt plans to export fuel oil in anticipation of domestic utilities companies lifting the commodity to meet the rising demand for electricity during the summer season, an official in the Pakistan Ministry of Energy said Feb. 22.

Feb 23  - Far East Russian crude premiums at multiyear highs on upbeat product cracks, wide EFS
Cash premiums of Far East Russian crude oil grades hit multiyear highs in the April trading cycle as healthy margins and a wide Brent/Dubai spread supported demand from Northeast Asian refineries, traders told S&P Global Platts Feb. 23.

Feb 23  - Japan Oil product exports rise 6.4% on week to 3.3 mil barrels
High sulfur fuel oil exports also rose 87.1% to 574,875 barrels over the same period though gasoline shipments declined 52.6% to 74,631 barrels.

Feb 23  - New Zealand's Refinings NZ says work for transition to terminal 'well advanced'
Marsden Point refinery will convert operations to an import-only fuel terminal Channel Infrastructure from April 1, 2022.

Feb 23  - No need for extra OPEC+ supplies amid Iran talks, Nigeria says
There is no need for OPEC+ to expand its oil production increases, Nigeria's petroleum minister said on Tuesday, even as oil nears $100 a barrel, as a potential deal between Iran and world powers will increase supplies. "We don't have do anything extraordinary this time because we are expecting a lot of production," Timipre Sylva said on the sidelines of a gas exporters conference in Qatar's capital Doha.

Feb 23  - Shale oil producer Ovintiv considers options for Utah land 
- sources
Shale producer Ovintiv Inc is looking to hire an investment bank to consider options for its acreage in the Uinta basin of Utah, as it looks to cash in on a boom in energy prices to cut debt, three sources familiar with the matter told Reuters on Tuesday. A full or partial sale would be among the options for Ovintiv, one of the top producers in the Uinta basin, the sources said, adding that a sale of the assets could fetch around $1 billion.

Feb 22  - Crude prices rise as Russia deploys troops into eastern Ukraine
Crude oil prices continued to rise Feb. 22 as Russia deployed troops into breakaway sections of eastern Ukraine and the US and other NATO members launched an initial barrage of sanctions against the country.

Feb 22  - Biden vows to stop Nord Stream 2 pipeline as US sanctions Russian banks, ships

The US will work with Germany to block the Nord Stream 2 gas pipeline and impose sanctions against Russian bank VEB, US President Joe Biden said Feb. 22 in announcing the "first tranche" of penalties after Russian President Vladimir Putin sent troops into eastern Ukraine.

Feb 22  - Germany says Nord Stream 2 gas pipeline certification cannot now go ahead
Halting the certification process means the 55 Bcm/year pipeline -- which was completed in September -- will be unable to begin commercial operations.

Feb 22  - Russia's Transneft sees no impact on oil flows to Europe on Ukraine conflict escalation

Feb 22  - Crude stays firm as market awaits clarity on sanctions against Russia
Russia's recognition and subsequent deployment of peace-keeping troops into the breakaway eastern Ukrainian provinces of Donetsk and Luhansk drew sharp rebuke and the promise of sanctions from Western allies.

Feb 22  - Japan to ensure stable energy supply with reserves if Russia-Ukraine crisis worsens: minister
Japan will make every effort to ensure stable energy supply for the country with its petroleum reserves and LNG stocks should the Russia-Ukraine situation deteriorate further, Minister of Economy, Trade and Industry Koichi Hagiuda said Feb. 22.

Feb 22  - Russia will continue uninterrupted supplies of gas, LNG to global markets: Putin
In his address to the Gas Exporting Countries Forum summit in Doha, Putin said Russia would improve the existing infrastructure and increase investment in the gas sector.

Feb 22  - IEA says ready to act to ensure energy security amid growing concern over Russia moves on Ukraine
The International Energy Agency said its member countries stand ready to act to bring on extra crude supply amid increasing concern about moves by Russia against Ukraine.

Feb 22  -  Saudi Gasoil exports rise to over three-year high in December
Saudi Arabia's gasoil exports rose 12.43% month on month, and 26.84% on the year to 3.46 million mt in December 2021, extending the uptrend for the fourth month running, showed data released by the Joint Organizations Data Initiative late Feb. 21.

Feb 22  - Russia Jan fuel oil exports up 5.2% on year at 3.054 mil mt
Russian fuel oil exports in January rose 5.2% year on year and 11.2% month on month to 3.054 million mt, according to data released Feb. 22 by the Central Dispatching Unit of the energy ministry.

Feb 22  - India's oil product exports rise 14.4% on year in January
India's oil product exports rose 14.4% year on year to 5.1 million mt, or 1.3 million b/d, in January, the latest provisional data from the Petroleum Planning and Analysis Cell showed, reflecting an improvement in global demand.

Feb 22  - Colonial Pipeline hires new 'chief information security officer' after cyberattack

Colonial Pipeline said Feb. 22 it hired a new "chief information security officer" to lead its cyber defenses in the aftermath of a devastating cyberattack last year that left the United State's top fuel pipeline artery offline for nearly a week.

Feb 22  - Oil price set to test fresh peaks barring Iran breakthrough
Efforts by governments to drive an economic rebound are likely to add strain to tight oil supplies and could send prices to fresh peaks, unless international talks end sanctions on Tehran and lead to a surge in Iranian exports. Nervousness of possible disruption of exports from major oil producer Russia as it masses troops on neighbouring Ukraine's border has already helped to push oil prices to their highest since 2014.

Feb 22  - OPEC+ compliance with oil output cuts near 130% in January, source says
OPEC+ compliance with oil output cuts rose to 129% in January, a source from the group told Reuters, as producers fell further behind their target and signalling a tight market that could push prices higher. OPEC+, which groups the Organization of the Petroleum Exporting Countries and others including Russia, is undoing output cuts put in place after the pandemic slashed demand.

Feb 21  - Marathon’s Huge Louisiana Refinery Rocked by Explosion, Fire (Bloomberg)

- Five injuries reported; Marathon says fire now extinguished
- U.S. gasoline prices have been increasing amid demand rebound

- Marathon Petroleum Corp.’s oil refinery near New Orleans exploded into flames on Monday, threatening to crimp fuel supplies and raise pump prices at a time of already rampant inflation.
- The company’s Garyville, Louisiana, plant is one of the nation’s largest and a key supplier of gasoline, diesel and other fuels. Marathon said five people were injured. The blaze that started around 9:30 a.m. local time was declared extinguished about 4 1/2 hours later.
- The fire occurred in a hydrocracker, according to a person familiar with the operation, a crucial price of equipment that breaks heavy petroleum molecules down into lighter products such as diesel. If any damages are significant enough to halt production at the Garyville complex, regional fuel supplies may be stretched.

Feb 21  - Arab oil producers say OPEC+ should stick to current output agreement
OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, ministers of Arab oil-producing countries said on Sunday as they gathered in Saudi Arabia, rejecting calls to pump more to ease pressure on prices. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Feb. 2 to stick to moderate rises in oil output, citing persistent uncertainty.

Feb 21  - Crude rally driven by supply constraints threatens Asia refinery margins:
The warning signals are starting to flash for the profit margins of oil refiners in Asia with high crude prices threatening demand just as many of the region's economies start to emerge from the coronavirus pandemic. The profit from turning a barrel of Dubai crude into products at a Singapore refinery, the regional benchmark, dropped to $6.36 on Feb. 18.

Feb 18  - New Israeli gas export route to Egypt to maximize Leviathan output: Delek
Israel's energy ministry on Feb. 16 said it had approved the start of gas flows to Egypt via Jordan, with first supplies expected to begin before the end of February.

Feb 18  - Trans Mountain Expansion pipeline schedule slips to Q3 2023; cost rises 70%

CEO calls project's progress "remarkable" in face of pandemic, natural disasters.

Feb 18  - Crude searches for direction amid escalating Ukraine crisis, Iran nuclear deal progress
NYMEX March WTI settled 69 cents lower at $91.07/b while ICE April Brent climbed 57 cents to $93.54/b.

Feb 18  - Europe and Mideast crude premiums soar, with few options for buyers
Spot premiums for crude oil produced in Europe and the Middle East have rocketed to record highs this month, tracking a rally in global prices as refiners snap up supplies and producers struggle to ramp up output to meet rising demand. In Asia, refining margins are back at 2018 highs as demand for most oil products has rebounded to pre-pandemic levels or higher.

Feb 18  - Guyana talking to Middle East firms about offshore oil auction  - VP
Guyana is in talks with state-run oil firms from the Middle East to discover new offshore fields, Vice President Bharrat Jagdeo told Reuters, hoping to recruit a new and substantial explorer to its nascent energy industry. Results of the talks with Middle East firms could lead Guyana to bar a consortium led by U.S. major Exxon Mobil Corp from a prospective drilling rights auction, the vice president added.

Feb 17  - Frontline Tankers sees 2022 oil demand growth from non-OECD
Sentiment among market sources is weak at present, amid an oversupply of tonnage and few enquiries.

Feb 17  - Crude slides as market eyes US-Iran deal progress, continued Ukraine uncertainty
Increasing signs that market is preparing to see these exports in coming months.

Feb 17  - Russia ready to re-route energy flows if hit by new sanctions
Russia would be ready to re-route supplies to other markets should new Western sanctions target its energy sector, finance minister Anton Siluanov said on Wednesday. Siluanov did not say how Moscow would divert its energy exports but said that Russia's foreign exchange reserves, National Wealth Fund and a budget surplus should shield its economy and banks from any possible sanctions hit.

Feb 17  - South Korea, Iran discuss resuming oil trade, unfreezing funds
South Korea and Iran have held working-level talks on resuming imports of Iranian crude oil and unfreezing Iranian funds held in the East Asian nation, South Korea's foreign ministry said on Wednesday. South Korea was previously one of Iran's leading Asian oil customers. The move coincides with negotiations resuming in Vienna to revive Tehran's 2015 nuclear agreement with world powers.

Feb 16  - IEA's Birol calls on OPEC+ to narrow supply gap, markets to be freed from geopolitics
High energy prices are jeopardizing the world's pandemic recovery, the International Energy Agency's executive director said Feb. 16, calling on OPEC and its allies to hit their oil production targets and for countries not to wield energy as a geopolitical weapon.

Feb 16  - Trans-Atlantic gasoline trade flows slow on West Africa demand, weak arbitrage

European barrels accounted for 617,211 barrels, or around 37% of the volume, arriving from Spain and Italy. Week on week, European barrels into the USAC fell by 59%.

Feb 16  - Tight supplies lift Mideast, Russian crude grades to multi-year highs
Middle East benchmark Dubai crude soared to a record this week while spot premiums for April-loading Russian oil jumped to their highest in more than two years in Asia, trade sources said on Wednesday as prices returned to pre-pandemic levels. The global supply-demand balance has tightened as the Organization of the Petroleum Exporting Countries and its allies are lagging behind commitments to increase output by 400,000 barrels per day each month.

Feb 16  - Glencore sells stake in Russia's Russneft to cap 20-year partnership

Glencore has sold out of Russneft, capping two decades of investments which saw the Swiss commodities firm trading millions of barrels of the Russian group's oil even as it witnessed some of Russia's top corporate and political battles. The sale, which has been years in the works since Glencore saw a top management reshuffle, was executed in December 2021 and will close in the first half of 2022 pending regulatory approvals, Glencore said.

Feb 16  - Crude retreats as Russian claims of troop withdrawals ease invasion fears
NYMEX March RBOB finished 11.03 cents lower.

Feb 16  - Glencore's oil trades slip for second year as metals drive earnings growth
Reporting its full-year earnings, Glencore said volumes of crude and oil products traded in the year totaled 1.41 billion barrels, or some 3.86 million b/d, down from 1.53 billion barrels, or 4.18 million b/d, in 2020.

Feb 16  - Another refinery closure announced in South Africa
The closure of Sapref comes as Engen's Durban refinery is due to be converted into a terminal while the Cape Town refinery is expecting to restart in the second half of 2022, having been offline since mid-2020.

Feb 16  - Greece's Elefsis Refinery maintenance to last into March:
The refinery reported a small fire on Jan. 26 which, according to traders, could have extended the planned turnaround.

Feb 16  - Russian Jan crude, product port throughput up 15.5% on year
Crude oil throughput was 21.9% higher at 21.9 million mt, while oil products rose 10.7% to 13 million mt, the association said. LNG was up 1% at 3.3 million mt.

Feb 16  - European buyers spurn Urals as crude quality spreads widen to record levels
While Urals produces plenty of distillates -- the type of product that has been in very high demand recently -- it has lost favor among European refiners because it is sour.

Feb 15  - Tighter oil market confirmed by IEA demand revision
An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated. "Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for 2021 and 2022 is already reflected in the price of oil and the forward curve," the IEA told Reuters.

Feb 15  - Iraq's $27 bln TotalEnergies deal stuck over contract wrangling

A $27 billion deal between France's TotalEnergies and Iraq that Baghdad hoped would reverse the exit of oil majors from the country has stalled amid disputes over terms and risks being scrapped by the country's new government. Iraq has struggled to attract major fresh investments into its energy industry since signing a flurry of post U.S.-invasion deals over a decade ago.

Feb 14  - Crude rally extends as market eyes escalating Ukraine-Russia tensions
Crude futures finished a volatile session sharply higher Feb. 14 as the market braced for potential supply disruptions amid continued escalation of the Ukraine-Russia crisis.

Feb 14  - 'They've got to beat all of us;' federal officials call for collaboration on cybersecurity

Shoring up the US' energy systems from cyberthreats will require collaboration between industry and all levels of government, federal officials said Feb. 14.

Feb 14  - Spanish 2021 crude throughput one tenth below pre-pandemic levels
Fuel oil demand rose 8% on the year to 6.3 million mt but fell 24% from 2019 and 21% from the previous five-year average.

Feb 14  - Crude MOC: Sour complex surges amid supply constraints, capped arbitrage flows
Spot buying activity for April-loading crude is likely to increase in the coming days amid a slew of buy-sell tenders expected, sources said.

Feb 14  - Western majors mull future in Russia faced with new sanctions risk
In conference calls on 2021 results, international oil majors mainly took a positive stance on their future in Russia yet were also ready for alternative outcomes.

Feb 14  - Crude climbs on Ukraine conflict concerns, demand picture
As Russia is the second-largest exporter of crude oil globally, and the leading natural gas exporter, such disruptions to supply will put a firmer chokehold on already constricted global demand.

Feb 14  - US crude stocks expected lower, but likely weaker refinery demand blunts draw
US crude oil inventory declines are expected to have extended in the week to Feb. 11, analysts surveyed by S&P Global Platts said Feb. 14 but draws were likely blunted by weaker refinery demand caused by severe winter weather over the period.

Feb 14  - Current oil price due to geopolitical tension, not market fundamentals: UAE minister
Crude prices continued to rise Feb. 14 on concerns around a potential conflict in Ukraine.

Feb 14  - Europe's banks fund oil and gas expansion despite IEA warning  - report
European banks are providing billions of dollars of funding to expand oil and gas production, a report on Monday showed, despite International Energy Agency guidance against new facilities in order to slow global warming. During 2021, twenty five of the region's leading banks collectively provided $55 billion to energy companies planning to expand oil and gas production, responsible investment non-profit ShareAction said in the report.

Feb 14  - Exxon boosts oil production with new vessel, raises Guyana outlook

Exxon Mobil Corp on Friday said it is accelerating output at its Guyana offshore oil development, starting a new production vessel that will bring total capacity to more than 340,000 barrels per day. An Exxon-led consortium started production in the South America country in 2019 and is responsible for all oil and gas output in Guyana. Exxon and partners Hess Corp and CNOOC Ltd. have discovered some 10 billion barrels of oil.

Feb 11  - Crude rallies over $4/b as US warns of possible Russian invasion of Ukraine soon
Sharp rise in crude oil futures as US warns of possible Russian invasion of Ukraine in near future.

Feb 11  - Ukraine to meet demand for oil products if Belarus shuts supplies
Ukraine's largest oil refinery UkrTatNafta said it was ready to increase production of gasoline and diesel fuel in the event of Belarus shutting supplies of oil products to the country.

Feb 11  - As nuclear talks resume, Iran's oil exports increase
Iranian oil exports have risen to more than 1 million barrels per day for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China. Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.

Feb 11  - OPEC sees upside to 2022 oil demand forecast on strong pandemic recovery
OPEC said on Thursday world oil demand might rise even more steeply this year as the global economy posts a strong recovery from the pandemic, a development that would underpin prices already at a seven-year high. Tight oil supply has also given impetus to booming energy markets, and the report from the Organization of the Petroleum Exporting Countries also showed the group undershot a pledged oil-output rise in January under its pact with allies.

Feb 10  - Omicron surge in key Asian consumers dents global mobility recovery
Mobility in Russia, Japan, and South Korea -- the world's fourth, fifth, and eighth biggest oil consumers -- fell in the week to Feb. 6, according to adjusted Google mobility data, as new COVID-19 infections hit fresh highs due to the fast-spreading omicron variant.

Feb 10  - Steep backwardation in European refined products, crude deterring arbitrage cargoes: traders
The narrowing of arbitrage opportunities in recent weeks has affected prompt marine fuel paper prices, with the structure flattening slightly from a high of $20.25/mt seen on Feb. 4.

Feb 10  - Japan's MOL operates bunkering vessel using biodiesel fuel
The BDF used for the vessel as fuel was fatty acid methyl ester generated through transesterification of collected waste cooking oil with methanol, MOL said in a statement Feb. 9, adding that the use of this fuel was expected to reduce CO2 emissions by 25%-30% when compared to conventional fuel oil.

Feb 10  - Asia rethinks oil supply, fiscal strategy as crude races toward $100/b
Although the oil demand outlook for top consumers China and India looks resilient following a lengthy period of pandemic-hit uneven growth, keeping the oil import bill in check is one of the biggest priorities in Asia at a time when governments are desperate to allocate funds for economic revival, analysts said.

Feb 10  - After oil, gas and coal, global fuel shortage spreads to diesel
Global supplies of diesel are dwindling as refiners struggle to keep pace with rapid post-pandemic demand recovery, exacerbating an acute global energy shortage which has already sent the prices of gas, coal and crude oil soaring. At a time when global central banks are fretting over inflation rates not seen for decades, diesel shortages would push up fuel and transportation costs further and add more upward pressure on retail prices.

Feb 10  - New York pension fund to divest half its shale companies

New York's state pension fund will sell $238 million worth of stock and debt it holds across 21 shale oil and gas companies including Chesapeake Energy Corp, Hess Corp and Pioneer Natural Resources, saying they have not shown they are ready to move to a low-emissions economy. However, the fund will keep another 21 shale companies including ConocoPhillips, CNX Resources Corp and EQT Corp, according to material reviewed by Reuters from New York Comptroller Thomas DiNapoli, who oversees retirement assets.

Feb 09  - FOB cargo values rise as newest terminal prepares first export
US FOB Gulf Coast LNG cargo values edged up during the week ended Feb.

Feb 09  - Crude prices turn higher after large US inventory draw highlights global supply tightness
Crude futures rise after large US inventory draw highlights global supply tightness.

Feb 09  - Essar on track to upgrade UK's Stanlow refinery to hydrogen-capable furnace next year
Essar is on track to install and commission a more efficient hydrogen-capable furnace next year.

Feb 09  - Virgin Atlantic agrees first commercial SAF deal with Finlands Neste
Virgin Atlantic has entered into a deal to receive sustainable aviation fuel from Finland's Neste.

Feb 09  - As oil nears $100 a barrel, U.S. drillers get busy in costly shale basins
As U.S. oil rises toward $100 a barrel, producers in some high-cost shale basins are buying properties and adding rigs and frack crews in places that fell silent when prices crashed early in the pandemic two years ago. Benchmark U.S. prices last week topped $93 a barrel, up around 65% in the last 52 weeks and the highest since 2014. U.S. producers are cranking up spending at double-digit rates as fuel demand has soared and fears have waned that OPEC will again punish them by flooding the market with crude that is cheaper to produce.

Feb 09  - Canada's oil M&A flurry seen giving buyers upper hand in dealmaking

A rally in oil prices to over seven-year highs is leading to a flurry of asset sales in Canada as energy companies cash out of low margin assets, but the rush of deals could turn it into a buyers market, bankers and company executives said. U.S. crude prices have rallied for seven consecutive weeks and were hovering around $89 a barrel on Tuesday, encouraging producers facing scrutiny over low returns and bloated balance sheets to sell assets and raise cash. A need to transition away from fossil fuels has also taken the driver's seat in investor demands.

Feb 08  - Texas Gulf Coast gas plants near hydrogen pipelines poised for blending
Recent University of Texas study suggests Texas Gulf Coast natural gas plants are poised for blending.

Feb 08  - Low global oil inventories, geopolitical tensions spur uptick in EIA oil price forecast

Geopolitical tensions, and tight global oil inventories prompt rise in EIA oil price forecast .

Feb 08  - White House urges global oil producers to pump more to curb prices

The Biden administration again urged US and global oil producers to increase supply.

Feb 08  - Crude prices decline further on easing Ukraine tensions, restart of Iran nuclear talks

Oil futures down on the day amid easing Ukraine tensions and the restart of US-Iran nuclear talks.

Feb 08  - BP records highest profit in eight years in 2021
BP reported on Tuesday a profit of $12.8 billion in 2021, the highest in eight years, as natural gas and oil prices soared and the global economy recovered from the pandemic slump. BP's underlying replacement cost profit, the company's definition of net earnings, reached $4.1 billion in the fourth quarter of 2021, exceeding analysts' expectations for a $3.93 billion profit.

Feb 08  - Oil and gas bankers confront their own energy transition
Can oil bankers learn renewable tricks? They may need to in this climate, judging by the experience of Douglas MacKenzie, a Citigroup banker who has spent decades advising global energy giants on fossil fuel deals since joining Goldman Sachs as an associate in 1985. Oil and gas dealmakers, once the darlings of banking, must plot their own transitions to lower-carbon careers.

Feb 07 - Crude mixed amid profit-taking, bullish outlook
Analysts said investors were booking profits following the rally but buying interest remains supported in the near term amid tight supply concerns.

Feb 07  - Oil complex eyes potential conclusion of U.S.-Iran nuclear talks
New signals that talks between U.S. and Iranian officials may be nearing a conclusion could take steam out of the oil rally, traders said, after U.S. and Brent crude reached multi-year highs on Friday. Anticipation that Washington and Tehran have made progress on reviving a deal restricting the OPEC country's nuclear weapons development would boost crude supply.

Feb 07  - Saudi Arabia raises March crude prices to Asia
Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations. The world's top oil exporter increased its March price for its Arab Light crude grade for Asian customers by 60 cents a barrel versus February to a premium of $2.80 a barrel to the Oman/Dubai average, Aramco said on Saturday.

Feb 04  - ARA fuel oil stocks up 4.3% on week at 1.218 mil mt: Insights Global
This marks the third consecutive week that stocks have increased.

Feb 04  - Crude moves up as freezing temperature in Texas threatens supply
In Texas, some Permian Basin producers shut production Feb. 3 because of freezing temperatures and ice disrupting trucking operations.

Feb 04  - Shell ends 2021 on high note, hikes dividend and boosts buybacks
Shell again boosted its dividend and share repurchases on Thursday after fourth quarter profits hit their highest in eight years, fuelled by higher oil and gas prices and strong gas trading performance. The strong results cap a dramatic recovery in 2021 for Shell and the oil and gas sector after energy demand and prices collapsed in 2020 in the wake of the COVID-19 pandemic.

Feb 04  - OPEC+ meets quickly, sticks to script, dodges debate on geopolitics

After a month in which oil prices surged 15% and geopolitical tensions seethed around the world, OPEC and its allies took a record-quick 16 minutes to decide that they would stick to their previously planned output increase. Apparently, there were no lengthy discussions at Wednesday's meeting about member nations of the producer group failing to hit their production targets or about one of the busiest months on the geopolitical front in years, featuring: a potential war between Russia and Ukraine; rare unrest in Kazakhstan; hints of progress in nuclear talks progress between the United States and Iran; and repeated Houthi drone attacks on the United Arab Emirates.

Feb 03  - Cyberattack causes chaos at key European oil terminals
This is especially impacting the flow of oil products such as heating oil, diesel, jet fuel, gasoline and fuel oil in Antwerp, Hamburg, Amsterdam, Ghent and Terneuzen, with many cargoes and barges being diverted to other terminals in the region.

Feb 03  - OPEC+ sticks to planned output rises despite oil price rally
OPEC+ agreed on Wednesday to stick to moderate rises in its oil output with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+ which produces more than 40% of global oil supply, has faced calls from the United States, India and others to pump more oil as economies recover from the pandemic.

Feb 03  - U.S. crude, distillate stockpiles fall; gasoline builds
U.S. crude oil and distillate inventories fell last week as fuel demand increased to its highest level since August 2019, the Energy Information Administration said on Wednesday. Crude inventories fell by 1 million barrels in the week to Jan. 28 to 415.1 million barrels, compared with expectations in a Reuters poll for a 1.5 million-barrel rise.

Feb 02 - OPEC+ seen sticking to policy despite oil price rally - sources
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers' group said even as it expects demand to rise to new peaks this year and as oil prices trade near their highest since 2014. The group, which comprises of the Organization of the Petroleum Exporting Countries and allies led by Russia and produces over 40% of global supply, has faced pressure from top consumers such as the United States and India to pump more to help the economic recovery from the pandemic.

Feb 02 - Exxon posts biggest profit in seven years on high oil prices

Exxon Mobil Corp on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices. The company slashed spending after fuel demand cratered two years ago. Since then, earnings have topped pre-pandemic levels, helped by the rise in oil prices, with the global oil benchmark Brent also at a seven-year high.

Feb 01 - Oil refiners, workers narrow differences in labor contract talks

Negotiators for the United Steelworkers union (USW) and U.S. oil and chemical companies late Monday agreed to continue talks on a new contract after a strike deadline passed, according to a message sent to workers and viewed by Reuters. The two sides temporarily halted negotiations ahead of the midnight deadline but plan to continue discussion on Tuesday. They agreed to a 24-hour rolling extension to give negotiators time to reach a final agreement, the USW message to workers said. That means the existing labor contract remains in place with a 24-hour notice required to end it. 

Feb 01 - Exxon unveils sweeping restructuring in latest cost cutting move

Exxon Mobil Corp on Monday disclosed a sweeping restructuring of its global operations that will combine its refining and chemicals businesses into one, and put its energy transition business on the same footing as its other operations. The broad restructuring marks its latest cost-cutting effort after activist investors seeking to boost returns and address the energy transition won three seats last spring on its board.

Jan 31 - Oil spill threatens corals in eastern Thailand

Authorities are rushing to prevent an oil spill in eastern Thailand from damaging fragile corals, after officials said on Sunday the leak that began last week was drifting towards more coastal areas. Minister of Natural Resources and the Environment Varawut Silpa-archa said it was crucial to try to prevent the main mass of oil from reaching the shore at Ao Prao, a small bay on Koh Samet, which is a popular resort island.

Jan 31 - Chevron kicks off oil industry's Q4 results with a miss

Chevron Corp on Friday reported a fourth quarter profit that missed Wall Street estimates and offered a weak outlook for this year's oil and gas production, sending its shares lower. The first major oil company to report fourth quarter results posted earnings of $5.1 billion, or $2.65 a share. Analysts had forecast a $3.12 per share profit, Refinitiv showed, expecting a bigger boost from rebounding prices.

Jan 28  - Brent settles above $90/b as market eyes increasingly tight supply balances
Crude oil futures settled at fresh seven-year highs Jan. 28 amid a focus on global supply concerns and rising geopolitical tensions.

Jan 28  - Overnight rally extends as market eyes Ukraine tensions, supply concerns
The market is looking ahead to a Feb. 2 meeting of OPEC+, with analysts expecting that the group will gradually unwind its production cuts and start increasing output again.

Jan 28  - European weekly fuel oil exports to Asia fall to two-month low: Kpler
Kpler estimates that 116,000 mt of European fuel oil will arrive in Asia in the week beginning Jan. 24, lower than the 341,000 mt that had arrived the previous week. This marks the lowest weekly flow since the week beginning Nov. 15, 2021.

Jan 28  - Singapore Gasoil, jet fuel stocks dip 1% on week after touching 9-week high
Singapore's middle distillate stocks inched 0.79% lower on the week over Jan. 20-26 to 8.46 million barrels, after reaching a nine-week high the previous week, Enterprise Singapore data released late Jan. 27 showed.

Jan 28  - Indonesia Nov gasoil imports surge 161%, rebounds to 7-month high
Indonesia's gasoil imports spiked 160.89% on the month, and 45.67% on the year to jump to a seven-month high at 372,360 mt in November 2021, rebounding from two straight months of declining volumes, latest data from Statistics Indonesia showed.

Jan 28  - South Korea December gasoil exports fall 4% on month
South Korea's gasoil exports fell 4.2% on the month to 14.40 million barrels in December 2021, continuing a streak of decline, data from the Korea National Oil Corp. released in the week of Jan. 24 showed.

Jan 28  - South Korea Dec middle distillates output rises 8% on month
South Korea's middle distillates production in December 2021 was 7.65% higher month on month, and up 5.03% year on year at 43.41 million barrels, Korea National Oil Corp. data showed.

Jan 28  - Pakistan's refiners reject government suggestion to reduce fuel oil price
Pakistan Refinery Ltd. and other refineries in Pakistan have rejected the suggestion of the energy ministry to lower the price of fuel oil, also known as furnace oil, as a way to reduce high inventories of the product.

Jan 28  - Brazil Refinery output posts third annual gain in 2021, rises 2.9% on year
Brazil boosted refinery output for a third consecutive year in 2021 as Latin America's largest economy accelerated its coronavirus vaccination program and eased social distancing measures, allowing for greater urban mobility that increased demand for diesel, gasoline and fuel oil, the National Petroleum Agency, or ANP, said Jan. 28.

Jan 28  - European diesel tightness opens arbitrage from Asia as Feb flows at 209,000 mt so far
Around 209,000 mt of East of Suez ultra low sulfur diesel has loaded so far and is set to arrive in Europe in February, according to Kpler and cFlow data and shipping fixtures.

Jan 28  - Russian Railways expects higher crude, products shipments in 2022: reports
Russian Railways plans to increase the shipments of crude oil and oil products by 1.7% in 2022, local media cited deputy head of the company Aleksei Shilo as saying.

Jan 28 - U.S. judge annuls Gulf of Mexico oil auction over climate impact

A federal judge invalidated the results of an oil and gas lease sale in the Gulf of Mexico on Thursday saying the Biden administration failed to properly account for the auction's climate change impact. The decision has cast uncertainty over the future of the U.S. federal offshore drilling program, which has been a big source of public revenue for decades but also drawn the ire of activists concerned about its impact on the environment and contribution to global warming. 

Jan 28 - China's 2022 crude imports seen rebounding on new refineries, inventory refill

China's crude oil imports could rebound by 6-7% this year, reversing 2021's rare decline as buyers step up purchases for new refining units and to replenish low inventories, analysts and oil company officials said. Robust demand from China, which accounts for a tenth of the global crude trade, would help underpin global oil prices, keeping supplies tight amid forecasts for a jump in crude prices to $100 a barrel or more.

Jan 27  - Crude retreats from seven-year high amid profit-taking, stronger dollar
Crude oil futures settled lower Jan. 27, retreating from seven-year highs amid profit-taking and a stronger US Dollar.

Jan 27  - Valero optimistic on 2022 refining margins as product demand continues to recover
Valero Energy is optimistic that 2022 refining margins will remain strong, with gasoline and diesel demand continuing to rebound, CEO Joe Gorder said.

Jan 27  - US vows to block Nord Stream 2 pipeline if Russia invades Ukraine
The US will block the startup of the Nord Stream 2 gas pipeline to Germany if Russia invades Ukraine, a top State Department official said Jan. 27, putting a finer point on similar threats made by the Biden administration in recent months.

Jan 27  - Chinese Dec bitumen blend imports fall 52% on month to 419,640 mt
China's bitumen blend imports in December dropped 51.7% from the previous month to 419,640 mt, the latest customs data released by the General Administration of Customs showed.

Jan 27  - Global mobility edges back from holiday slump as omicron concerns continue to weigh
Stocks are now 38.96% lower than the same period last year. I

Jan 27  - ARA diesel, gasoil stocks fall 3.6% to 1.625 mil mt: Insights Global
Stocks are now 38.96% lower than the same period last year.

Jan 27  - Japan's ENEOS seeks to raise Jan-Mar fuel oil prices by 2%-3% on firmer oil
The refiner also seeks to raise the price of higher sulfur fuel oil to Yen 63,850/kiloliter for the January-March quarter, up 2.3% from the settled price of Yen 62,430/kiloliter in the previous quarter, according to documents.

Jan 27  - Crude remains steady after overnight gains
Crude prices surged on Jan. 26, with Brent jumping above $90/b for the first time since 2015.

Jan 27  - Asia's LNG importers risk supply disruptions if Ukraine conflict hits gas trade
Asian countries are also entering a period of geopolitical uncertainty after the price extremes of 2020 and 2021 that demonstrated how interconnected the Atlantic and Pacific basins have become, and how fluid trade flow changes can be.

Jan 27  - ARA diesel, gasoil stocks fall 7.87% on week to 1.69 mil mt: Insights Global
Diesel and gasoil stocks in Amsterdam-Rotterdam-Antwerp hub fell 7.87% to 1.69 mil mt in the week to Jan. 19, as measured by Insights Global.

Jan 27  - Saudi Arabia Nov gasoil exports extend uptrend; rises 10% on month

Saudi Arabia's gasoil exports rose 9.76% month on month, and 32.86% on the year to 3.08 million mt in November 2021, continuing the uptrend which started in September, latest data from the Joint Organizations Data Initiative showed.

Jan 27  - India's 2021 crude imports up 3.9% on year
India's crude imports in 2021 rose 3.9% year on year to 209.6 million mt, or 4.2 million b/d, Petroleum Planning and Analysis Cell data showed Jan. 27.

Jan 27  - South Korea concerned about oil, gas prices due to Ukraine crisis; rules out major impact
South Korea is concerned about prices hikes of crude oil and LNG on possible supply disruptions due to the Ukraine crisis, an energy ministry official said Jan. 27, but ruled out major impact on the country's oil and LNG supplies because its purchases are based on long-term contracts.

Jan 27  - India Oil product exports rise 5% on year to 60.83 mil mt in 2021
India's oil product exports rose 5.4% year on year to 60.83 million mt, or 1.31 million b/d, in 2021, the latest provisional data from the Petroleum Planning and Analysis Cell showed Jan. 27 as global demand for fuels improved in 2021 compared with the COVID-19-hit 2020.

Jan 27 - OPEC+ expected to stick to planned March output target increase, sources say

OPEC+ will probably stick with a planned increase in its oil output target for March when it meets on Wednesday next week, several sources from the producer group said, as it sees demand recovering despite downside risks from the pandemic and looming interest rate rises. While two OPEC+ sources said oil at a seven-year high close to $90 a barrel might prompt the group to consider further steps, the vast majority of sources said no new decision was expected at the Feb. 2 online meeting.

Jan 27 - Oil market faces rocky road as shock absorbers wear thin

An increase in oil output by producer nations cashing in on expensive crude has depleted the cushion of spare capacity that protects the market from sudden shocks and raised the risk of price spikes or even fuel shortages. Some analysts have said that by the middle of the year unused capacity could be as depleted as in 2008 when international oil futures hit their all-time record above $147 a barrel.

Jan 26  - Crude pushes to seven-year highs as global supply concerns offset US inventory build
Crude futures settled at seven-year highs Jan. 26, shrugging off an unexpected US stock build amid a continued focus on global supply risk.

Jan 26  - Thailand December exports of heavy fuel oil, jet fuel up; automotive diesel, naphtha down
The country exported 61,041 b/d of heavy fuel oil in the month, surging 19.3% year on year. The bulk of exports went to Singapore and Malaysia at 26,053 b/d and 21,641 b/d, respectively.

Jan 26  - Japan to subsidize refined oil products for first time in bid to curb retail prices
Subsidies of Yen 3.40/l (3 cents/l) will be paid to refiners and oil products importers Jan. 27-Feb. 2, according to the Ministry of Economy, Trade and Industry.

Jan 26  - Crude rally extends despite surprise US stock build

US commercial crude stocks climbed 2.38 million barrels to 416.19 million barrels in the week ended Jan. 21, US Energy Information Administration data showed Jan. 26.

Jan 26  - USGC middle distillate shipments to Europe at 87,800 mt in February so far
Around 87,800 mt of US Gulf Coast diesel is currently on the water and set to arrive into Europe in February, according to Kpler and Platts cFlow tracking data and shipping fixtures.

Jan 26  - Argentina Vaca Muerta drives Neuquen's crude exports up 45% in 2021
Crude exports from Neuquen, the biggest oil-producing province in Argentina, surged 45% to 7.7 million barrels in 2021 from the previous year, as companies stepped up development of the giant Vaca Muerta shale play.

Jan 26  - Potential ban on Russian use of SWIFT payments, dollar could impact energy exports
A potential ban on Russian use of the SWIFT payments system and the dollar could impact energy exports, if included in new financial sanctions in the event of a Russian invasion of Ukraine.

Jan 26  - US crude stocks show surprise build amid tepid refinery demand, exports
US crude oil inventories moved higher for a second week in the week ended Jan. 21, US Energy Information Administration data showed Jan. 26, amid tepid refinery demand and weak exports.

Jan 26  - Geopolitical experts size up US sanctions options in Russia-Ukraine standoff
US sanctions targeting Russian energy flows other than the Nord Stream 2 gas pipeline are seen as less likely in the Ukraine standoff, although financial sanctions and export controls expected in the event of an invasion still pose risks to oil prices and global commodity markets.

Jan 26  - US DATA: US diesel stocks fall 2% week on week
Ultra-low sulfur diesel in storage decreased despite an uptick in production across the US during the week ended Jan. 21, Energy Information Administration data showed Jan. 26.

Jan 26  - Thailand Dec transportation fuel exports fall on steady domestic recovery
Market participants said the lower export volumes came on the back of continued domestic demand recovery in the country as Thailand continues to relax pandemic-induced movement restrictions.

Jan 26 - Shell hits oil and gas in Namibian offshore well

Shell has made a significant oil and gas discovery at an closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country, three industry sources told Reuters. Namibia is not a fossil fuel producer, although northern neighbour Angola is a major oil and gas producer and a member of the Organization of the Petroleum Exporting Countries.

Jan 26 - Exxon next month to begin pumping from 2nd Guyana oil platform - source

Exxon Mobil Corp. next month plans to start production at its second oil platform in Guyana, a person familiar with the matter said on Tuesday. Guyana is one of Exxon's top bets for production growth. Its recent discoveries are expected to drive recoverable oil and gas volumes beyond 10 billion barrels, the person said.

Jan 25 - Crude extends uptrend on potential supply disruptions amid rising geopolitical tensions

Jan 25 - US working with Europe to identify additional non-Russian gas supplies: White House
The Biden administration is working with European allies to find additional natural gas supplies from North Africa, the Middle East, Central Asia and the US in the event Russian flows get disrupted, White House spokeswoman Jen Psaki said Jan. 25.

Jan 25 - Russia says still a 'reliable' energy supplier to Europe in 'difficult' times
Russia moved on Jan. 24 to assert that it remains a "reliable guarantor of European energy security" a day after the US and UK governments began withdrawing embassy staff from Kiev amid concerns that Ukraine, a key transit hub for oil and gas, could be invaded.

Jan 25 - Crude moves up on geopolitical concerns, Fed meeting
Crude oil prices rose during early morning trade in Europe Jan. 25 amid increased concerns about rising interest rates in the US and geopolitical tensions between Russia and Ukraine.

Jan 25 - Australia Nov gasoil imports hit record high 15.29 mil barrels as pandemic restrictions ease
Australia's gasoil imports rose 30% year on year to a record high 15.29 million barrels in November, and were up 3% from October, preliminary data from the Department of Industry, Science, Energy and Resources showed Jan. 25, as the populous east coast states eased pandemic movement restrictions.

Jan 25 - Singapore 500 ppm gasoil differential flips to premium on lean supply, firm demand
The FOB Singapore 500 ppm sulfur gasoil cash differential turned positive Jan. 24 on the back of tighter-than-expected regional supply and rebounding demand.

Jan 25 - Russia Dec fuel oil exports down 10.9% on year at 2.75 mil mt

Russian fuel oil exports in December fell 10.9% year on year and 5.2% month on month to 2.75 million mt, according to data released Jan. 24 by the Central Dispatching Unit of the energy ministry.

Jan 25 - Peru studies rescinding Repsol's contract to operate La Pampilla refinery over oil spill

The Peruvian government is studying rescinding Repsol's contract to operate the La Pampilla refinery if an investigation finds evidence of negligence in a recent oil spill, a senior government official said Jan. 24.

Jan 25 - Brazil's Acelen raises wholesale diesel, gasoline prices
Brazilian independent refiner Acelen increased diesel and gasoline prices effective Jan. 22.

Jan 25 - Nigeria to start up Africa's largest refinery, Dangote, by year-end
Nigeria's 650,000 b/d Dangote refinery is undergoing test runs and should be fully ready for operations sometime in the second half of the year, company officials said.

Jan 25 - Abu Dhabi missile attack a reminder of risks to UAE energy infrastructure
A foiled Houthi missile attack on Jan. 24 directed at OPEC's third-largest oil producer, the UAE, has highlighted the ongoing geopolitical risks to the oil market.

Jan 25 - Eni plans to list Vaar unit to fund green drive

Energy group Eni is looking to list its Norwegian oil and gas joint venture Vaar Energi as part of moves to use cash from legacy fossil fuel businesses to fund its green drive. Eni and its Norwegian private equity partner HitecVision said on Monday they planned to list a minority stake in Vaar on Euronext's Oslo exchange in what could become one of the largest ever stock market debuts in Norway.

Jan 25 - U.S. oil CEOs offer opposing views on crude output growth

The chiefs of major U.S. oil companies Occidental Petroleum Corp and ConocoPhillips offered differing outlooks on the growth of U.S. oil output at a conference on Monday, as the industry rebounds from shutdowns during the first stage of the coronavirus pandemic. Oil prices have surged to seven-year highs in the last several weeks, with international benchmark Brent crude hitting nearly $90 per barrel, bolstered by tight worldwide supply and resurgent global demand.

Jan 24 - Oil majors TotalEnergies and Chevron withdraw from Myanmar

Oil majors TotalEnergies and Chevron Corp, partners in a major gas project in Myanmar, said on Friday they were withdrawing from the country, citing the worsening humanitarian situation following last year's coup. Royal Dutch Shell Plc, in its first public acknowledgment of the move, also said on Friday that it no longer held exploration licences in Myanmar as of last year.

Jan 24 - Royal Dutch no more - Shell officially changes name

Shell officially changed its name on Friday, ditching "Royal Dutch", which has been part of its identity since 1907, following plans to scrap its dual share structure and move its head office from the Netherlands to Britain. "Shell announced the Board's decision to change its name to Shell plc on December 20, 2021. This change has now taken effect," Shell said in a filing.

Jan 21 - Crude edges lower as market eyes hawkish Fed, easing supply risks
Analysts attribute crude price slump to broader market selloff seen in financial markets amid signs of impending US rate hike.

Jan 21 - Chinese government penalizes PetroChina Fuel Oil for illegal crude trade
PetroChina is required to pay back the illegal profits.

Jan 21 - European oil refiners exposed as fears of Russia invading Ukraine grow
Growing commercial ties between Russia and its biggest European customers also complicate how a political conflagration would play out.

Jan 21 - Chinese' Iranian crude inflows seen in Dec for first time in 2021, at 62,000 b/d
The last time Iranian supply was seen in GAC data was in December 2020, at 518,758 mt.

Jan 21 - China puts 4 mln barrels of Iranian oil into state reserves - source, Vortexa 

China has offloaded nearly four million barrels of Iranian crude oil into state reserve tanks in the southern port city of Zhanjiang over the past few weeks, a trade source and ship tracking specialist Vortexa Analytics said on Thursday. The move comes as world powers are locked in tough negotiations with Iran to revive a 2015 nuclear deal that will include the lifting of U.S. sanctions on Iranian oil.

Jan 21 - U.S. crude exports ramp up as global demand recovers 

U.S. crude exports are ramping up due to increasing demand from Asia and Europe and recovering U.S. production from the lows of the coronavirus pandemic. Surging worldwide demand, supply outages and international political tension have stoked worries around crude supplies, boosting oil prices to the highest levels in seven years, with some predicting crude could even reach $100 per barrel.

Jan 20 - Oil market headed for surplus as Omicron impact muted - IEA

Oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, the International Energy Agency (IEA) said on Wednesday, while demand holds up despite the spread of the Omicron coronavirus variant. The outlook could mean an easing of a rally in oil prices as supply reined in by producers finally meets demand levels recovering from the pandemic. 

Jan 20 - Saudi Arabia expands share in China oil market, Russia lags 

Saudi Arabia retained its top ranking in Chinese oil supplies in 2021, with supplies up 3.1% over 2020, and increased its share to 17% of total Chinese imports, customs data showed. China brought in 87.58 million tonnes of crude oil from the kingdom, or an equivalence of 1.75 million barrels-per-day (bpd), data from the General Administration of Customs showed on Thursday.

Jan 19  - Crude notches seven-year high as IEA raises demand outlooks, supply risks grow
Increasingly bullish fundamental outlooks reflected in sharp widening of forward structure.

Jan 19 - Brent to breach $100/bbl as demand weathers virus surge - Goldman Sachs

Brent oil prices are primed to rise above $100 per barrel later this year, Goldman Sachs analysts said, adding oil market remains in a "surprisingly large deficit" as demand hit from the Omicron coronavirus variant is so far smaller than expected. The hit to demand from Omicron will likely be offset by gas-to-oil substitution, increased supply disruptions, OPEC+ shortfalls, and disappointing production in Brazil and Norway, the analysts wrote in a note dated Monday.

Jan 19 -Inside OPEC, views are growing that oil's rally could be prolonged

Oil's rally may extend further in the next few months due to recovering demand and limited capacity in OPEC+ to add supply and prices could break $100 a barrel, OPEC officials have told Reuters. Rising shale output and competition among the world's top oil producers in 2014 heralded a period of lower prices that appears to have come to an end as the global economy emerges from the pandemic.

Jan 18  - Crude strongest since Oct 2014 as supply risks, demand optimism tighten outlooks
Tensions in Russia-Ukraine crisis no closer to easing amid media reports pointing to the involvement of other nations.

Jan 18  - Russia 2021 crude, product port throughput marginally up on year

Product exports showed only a small increase due to healthy domestic demand. Refinery turnarounds, which lasted into November, also prevented any significant rise in exports.

Jan 18  - China 2021 oil products exports drop 12%, more cuts loom

The plunge in China's 2021 oil products exports reflected Beijing's move to slash oil product export quotas, a trend that is also likely to continue in the coming years as China advances towards its net-zero journey.

Jan 18  - Goldman hikes Brent price forecast to $100/b as benchmark hits seven-year high

Brent crude futures were over $87/b in early trading Jan. 18, their highest in more than seven years, with fears of supply disruptions in the Middle East from Houthi militant attacks adding to a tighter market outlook.

Jan 18  - Russian refinery companies look at investments in renewables
Fuel oil output is expected to drop this year with the full launch of three delayed cokers. Taneco has already started its coker in a test mode.

Jan 18 - Saudi-Polish deal dents Russian oil dominance in Baltic

Saudi Arabia’s planned purchase of Polish refining assets is set to put OPEC's top producer in charge of two thirds of Poland's oil supply, eroding previously dominant supplier Russia's leverage as it grapples with regional tension. Poland has a long history of seeking to reduce its dependence on Russian energy imports through deals with alternative suppliers and its determination has grown as relations have worsened.

Jan 18 - Looking beyond Omicron, oil investors focus on tight supply: Kemp

Portfolio managers purchased oil last week at the fastest rate for 14 months amid growing confidence that the latest wave of coronavirus infections will not have a significant effect on international aviation and oil consumption. Hedge funds and other money managers purchased the equivalent of 83 million barrels in the six most important petroleum-linked futures and options contracts in the week to Jan. 11.

Jan 17 - China agrees with U.S. to release oil reserves near Lunar New Year - sources

China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on Feb. 1 as part of a plan coordinated by the United States with other major consumers to reduce global prices, sources told Reuters. The sources, who have knowledge of talks between the world's top two crude consumers, said China agreed in late 2021 to release an unspecified amount of oil depending on price levels.

Jan 17 - Physical crude oil market steams ahead after Omicron blip

Frantic oil buying driven by supply outages and signs the Omicron variant won't be as disruptive as feared has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained a while longer, traders said. Prices for physical cargoes do not always trade in tandem with oil futures and when differentials widen rapidly and considerably, they can indicate speculators have oversold or overbought futures versus fundamentals.

Jan 14 - China's annual crude oil imports drop for first time in 20 years

China's annual crude oil imports slid 5.4% in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories. China has been the global oil demand driver for the last decade, accounting for 44% of worldwide growth in oil imports since 2015, when Beijing started issuing import quotas to independent refiners.

Jan 14 - Valero, Exxon among winners of U.S. sale of strategic oil reserves - DOE

The U.S. Energy Department said on Thursday it had sold 18 million barrels of strategic crude oil reserves to six companies, including Exxon Mobil and a unit of refiner Valero Energy Corp, after saying last year it would sell reserves to try to tamp down rising oil prices. The Biden administration said last year that it would accelerate a previously approved sale of barrels - and loan out another 32 million barrels of crude - to try to lower oil prices that had reached multiyear highs.

Jan 13 - Crude edges lower as market consolidates after hitting nine-week highs
Crude markets trended lower after a two day climb that saw Brent futures push

Jan 13 - Brazil's Enauta suspends output at Atlanta field for repairs
Enauta suspended output at the Atlanta field to inspect and repair a production line

Jan 13 - Oil rally to continue in 2022 as demand outstrips supply, analysts say

Oil prices that rallied 50% in 2021 will power further ahead this year, some analysts predict, saying a lack of production capacity and limited investment in the sector could lift crude to $90 or even above $100 a barrel. Though the Omicron coronavirus variant has pushed COVID-19 cases far above peaks hit last year, analysts say oil prices will be supported by the reluctance of many governments to restore the strict restrictions that hammered the global economy when the pandemic took hold in 2020. 

Jan 13 - Equinor warns of $1.8 bln UK oilfield impairment

Norwegian energy group Equinor warned on Wednesday it faces an impairment charge of about $1.8 billion after lowering resource and output estimates for its Mariner oilfield in the British North Sea. Total recoverable reserves from Mariner, which is operated by Equinor, is now estimated at about 180 million barrels of oil equivalent, sharply down from a previous projection of 275 million barrels, the company said.

Jan 12  - Crude rally extends as US inventories fall to lowest in over 3 years

Crude prices settled higher for a second straight session

Jan 12  - Crude rally quickens after EIA reports larger-than-expected US stock draw

US commercial crude oil stocks declined 4.55 million barrels to 413.3 million barrels in the week to Jan. 7, US Energy Information Administration data showed Jan. 12. 

Jan 12 - Exxon buys stake in biofuels company Biojet in clean energy push

Oil major Exxon Mobil Corp said on Tuesday it bought a 49.9% stake in Norwegian biofuels company Biojet AS, as it looks to grow investments in its low-carbon business to meet its targets for reducing greenhouse gas emissions. Investors and governments have been mounting pressure on energy companies to fight climate change, worsened by carbon emissions from fossil fuels.

Jan 12 - Equinor outlines Q4 gas derivatives loss of up to $1.5 bln

Equinor will book a loss from gas derivatives of between $1.4 billion and $1.5 billion for the final quarter of 2021, in line with previous statements that some third-quarter profits would be reversed, the energy company said on Tuesday. Norway's largest company on Oct. 27 reported a surge in July-September earnings, driven by a global energy supply crunch that pushed Europe's natural gas prices to record highs and sent the value of derivative contracts soaring.

Jan 11 - Kazakh oil, condensate output down 6% in early Jan amid protests - sources

Kazakhstan's daily oil and gas condensate production fell 6% in early January from December levels, according to two industry sources and Reuters calculations, as mass anti-government protests rocked the country.  Output from Kazakh oil fields fell to 1.766 million barrels per day (bpd) in the first nine days of the month from an average 1.882 million bpd in December, calculations showed and the sources said, citing preliminary daily output data.

Jan 11 -bShrink to fit: the year Big Oil starts to become Small Oil

Europe's Big Oil companies are planning to spend their windfall from high energy prices on becoming Small Oil. Unlike any other time in their history, BP, Royal Dutch Shell, TotalEnergies, Equinor and Italy's Eni are focusing on returning as much cash as possible to shareholders to keep them sweet as they begin a risky shift towards low-carbon and renewable energy.

Jan 10  - Crude edges lower as supply concerns recede, Chinese COVID-19 cases rise
NYMEX February WTI settled 67 cents lower at $78.23/b, and ICE March Brent declined 95 cents to $80.80/b.

Jan 10  - Russia  Dec refining throughput rises 7% on year to 24.676 mil mt
The year-on-year increase in throughput was due to run cuts in 2020, while the monthly increase followed the completion of autumn refinery turnarounds.

Jan 10  - Russian refinery Tuapse's gasoil exports to rise nearly fourfold on month in Jan
The predominantly export-oriented Tuapse refinery was back online, according to market sources after planned work from November.

Jan 10  - Libyan oil output recovers to around 900,000 b/d, western blockade still in place
This comes a few days after crude production had fallen to a 14-month low of 729,000 b/d, according to a statement from state-owned National Oil Corporation.

Jan 10 - Shell pursues $7 billion buyback 'at pace' despite LNG troubles

Royal Dutch Shell said it will pursue "at pace" a $7 billion share buyback largely funded from the sale of its U.S. shale business as it faces liquefied natural gas (LNG) outages and slower fuel sales due to the economic hit from Omicron. Shares in Shell, the world's largest trader of LNG, were down 0.32% on Friday after a trading update ahead of its quarterly results on Feb. 3. 

Jan 10 - Schlumberger adjusts operations planning as U.S. COVID-19 cases soar 

Schlumberger, the world's largest oilfield services company, is adjusting operations planning as COVID-19 infections have soared among its U.S. workforce, the company said on Friday. Schlumberger has had around 14 employees per day test positive for the virus this month, compared to roughly two per day in November, according to an internal document viewed by Reuters.

Jan 07 - Key Kazakh oilfield hit by protests

Oil production at Kazakhstan's top field Tengiz was reduced on Thursday, its operator Chevron said, as some contractors disrupted train lines in support of protests taking place across the central Asian country. Demonstrations in the west of the country against a New Year's Day fuel price hike have quickly grown into deadly anti-government riots with Russia sending in paratroopers to put down the countrywide uprising. 

Jan 07 - OPEC oil output boost in December again undershoots target

The increase in OPEC's oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found on Thursday, highlighting capacity constraints that are limiting supply as global demand recovers from the pandemic. The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.80 million barrels per day (bpd) in December, the survey found, up 70,000 bpd from the previous month but short of the 253,000 bpd increase allowed under the supply deal.

Jan 06  - NWE jet fuel barge crack hits 23-month high vs diesel amid prompt jet tightness
The physical crack of jet fuel barges strengthened to a 23-month high versus the physical crack of ultra-low sulfur diesel barges in Northwest Europe amid reportedly tight supply and surprisingly resilient demand for jet fuel in Europe despite the spread of omicron.

Jan 06  - BRAZIL Refined-product output dodges soft demand, rises 4.4% on year in Nov
Brazil continued to boost refined-product output in November amid a drive toward a third-consecutive year of production growth in 2021, despite softer domestic demand as the country's sugarcane and oil seed harvests came to a close, according to the National Petroleum Agency, or ANP.

Jan 06  - Brent continues rise above $80/b on US stock draw
The rises saw crude claw back late November's slump in crude and refined products prices that followed news of the discovery of the highly contagious omicron variant of the coronavirus.

Jan 06  - Japan, US agree to work together for IEA ministerial meeting in February

The agreement was reached during a teleconference earlier in the day, when Hagiuda and Granholm discussed areas of bilateral cooperation including in hydrogen, fuel ammonia, carbon capture, utilization and storage (CCUS) or carbon recycling, and nuclear power, according to the METI statement.

Jan 06  - Consolidation in store as China shows independent refiners iron fist
Analysts told S&P Global Platts that integrated refining capacities have started to replace the small and scattered ones in the refining sector, as the country steps up efforts in phasing out less efficient refining capacities and replace them with relatively more modern, integrated and petrochemical-oriented capacity.

Jan 06  - ARA 50 ppm gasoil rises to parity with 10 ppm diesel amid tight supply
Tight supply of 50 ppm sulfur gasoil in the Amsterdam-Rotterdam-Antwerp hub has seen its value rise to parity with 10 ppm diesel, a slightly unexpected phenomenon given that high desulfurization costs continue to hamper 10 ppm production, according to traders.

Jan 06  - Front month open interest for ICE Singapore gasoil contracts falls 5% on month in December
Total open interest for Singapore front-month January gasoil contracts on the Intercontinental Exchange fell 5.48% month on month to 33.62 million barrels in December, latest ICE data showed.

Jan 06  - Crude rally extends as market eyes tighter supply, demand balances
Crude prices settled higher Jan. 6 as the market clawed back overnight declines amid a focus on tightened supply and demand balances heading into 2022.

Jan 06 - Exxon makes two new oil discoveries offshore Guyana

ExxonMobil Corp, the largest U.S. oil producer, said on Wednesday it had made two new discoveries in the Stabroek Block off Guyana's coast, one of its top bets for production growth this decade. Guyana has been the scene of the world's biggest offshore discoveries in years, with 10 billion barrels of recoverable oil and gas confirmed since it began production in 2019. 

Jan 06 - U.S. crude stockpiles drop, but fuel builds sharply as demand dips - EIA

U.S. crude oil stockpiles fell last week while gasoline inventories surged by more than 10 million barrels, the biggest weekly build since April 2020, as supplies backed up at refineries due to reduced fuel demand at the end of the year. U.S. gasoline stocks jumped by 10.1 million barrels in the week to Dec. 31 to 232.8 million barrels, the Energy Information Administration said on Wednesday, compared with expectations in a Reuters poll for a 1.8 million-barrel rise.

Jan 05 - OPEC+ decision reflects easing concern of oil surplus, Omicron risk

OPEC+'s decision this week to stick to its planned increase in oil output for February reflects easing concern of a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market, sources and analysts said. The producer group, which comprises of the Organization of the Petroleum Exporting Countries with allies including Russia, agreed on Tuesday to raise its output target by 400,000 barrels per day (bpd) in February. 

Jan 05 - Oil bulls return as the threat from Omicron recedes: Kemp

Portfolio investors have started to rebuild bullish positions in the oil market, reassessing earlier fears about the likely impact of the Omicron variant of coronavirus on major economies and passenger aviation in 2022. Hedge funds and other money managers purchased the equivalent of 54 million barrels in the six most important petroleum futures and options contracts in the week to Dec. 28.

Jan 04  - Singapore December fuel oil paper MOC trades dip 4% on month
Total Singapore fuel oil Market on Close paper trades in December declined 3.78% on the month to 13.98 million barrels, on the back of a 12.30% decline in trades for marine fuel 0.5%, S&P Global Platts data showed.

Jan 04  - US LNG Gulf Coast Marker falls as European prices move downward

US Gulf Coast FOB cargo values slid during the holiday shortened week of Dec. 28-Jan. 4, tracking the decline in prices in destination markets.

Jan 04  - Crude extends rally as OPEC+ pledges to raise February output by 400,000 b/d

Crude futures held onto overnight gains midmorning Jan. 4 after the OPEC+ group announced it would raise output February by 400,000 b/d as expected.

Jan 04  - Refiners, biofuel groups relay contradictory views on EPA's biofuel proposal
Refiners and biofuel producers continue to be at odds over the federal approach to the Renewable Fuel Standard program as their views on what is needed to get that program on track remained far apart at a Jan. 4 virtual hearing held by the US Environmental Protection Agency.

Jan 04  - ICE LSGO futures net speculative length up 9,599 contracts on week.
Speculative net long positions in ICE low sulfur gasoil futures were up 9,599 contracts to 94,665 in the week to Dec. 28, according to Intercontinental Exchange data.

Jan 04  - US Gulf Coast fuel oil highest since November on stronger Brent futures
Fuel oil prices on the US Gulf Coast neared two-month highs Jan. 4, rising along with a strengthening crude complex.

Jan 04  - Brazil biodiesel sales surge to 957 million liters for Jan-Feb under new model: ANP
Brazilian biodiesel producers signed sales and supply deals to deliver 957 million liters of the biofuel in January-February, an increase of about 36% above estimated demand for the period after the country's move to a new direct-sales model on Jan. 1, according to the National Petroleum Agency.

Jan 04 - OPEC+ expected to stick with planned Feb output increase, sources say

OPEC+ is expected to stick to its plans to increase output in February when it meets on Tuesday, seeing a mild and short-lived impact on demand from the Omicron coronavirus variant, three sources from the oil producer group told Reuters on Monday. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has been gradually unwinding record oil production cuts of 10 million barrels per day (bpd), about 10% of global oil output, agreed in March 2020 to counter the hit to demand from the pandemic.

Jan 04 - Exxon Q4 earnings poised to exceed pre-pandemic level - analysts

Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said. Credit Suisse, Scotiabank and JPMorgan have raised their fourth quarter earnings estimates following Exxon's flagging of sharply higher oil and gas operating profit last week. Official results are due on Feb. 1.

Jan 03  - Brazil Nov refined product sales slide as demand falls
Brazil registered a year-on-year decline in refined product sales in November as demand in Latin America's largest economy continued to retreat with the end of the agricultural harvest season, according to data released Jan. 3 by the National Petroleum Agency, or ANP.

Jan 03  - FOB Singapore MOC fuel oil trades rise 159% on month in December
Traded volumes in the FOB Singapore fuel oil Platts Market on Close assessment process rose nearly 160% from November to 880,000 mt in December, bolstered by a sharp increase in both high sulfur and very low sulfur fuel oil trades on the month, SP Global Platts data showed.

Jan 03  - Crude rises as OPEC+ sees limited omicron impact
Crude futures rose midmorning Jan. 3 after an OPEC+ advisory committee report suggested the omicron coronavirus variant would have a limited effect on global demand growth.

Jan 03  - Refinery  US margins end 2021 on high note as omicron variant looms
US refining margins rose for the week ended Dec. 31, putting a strong finish on 2021, despite the rapid spread of the highly contagious omicron variant as the world enters the third year of coronavirus, an analysis from S&P Global Platts showed on Jan. 3.

Jan 03  - North American midstream crude sector poised for small, incremental growth in 2022
North America will see more crude oil volumes flow from Western Canada and West Texas in 2022, but the crude midstream sector will count only modest, incremental growth with pennies remaining pinched and few big projects sanctioned, according to energy analysts.

Jan 03 - OPEC+ report sees short-lived, mild impact from Omicron variant

OPEC+ expects the impact on the oil market from the Omicron coronavirus variant to be mild and temporary, keeping the door open for a further increase in output, a technical report seen by Reuters showed on Sunday. "The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges," the Joint Technical Committee (JTC) report said.

Jan 03 - Saudi Arabia may set deep crude price cuts for Asia in February

Top oil exporter Saudi Arabia may implement deep price cuts for the crude it sells to Asia in February after Middle East benchmarks and spot prices slumped this month, industry sources said. The producer is expected to cut official selling prices (OSPs) of all grades by more than $1 in February from the previous month, dropping prices back to their lowest levels in three to four months, a Reuters survey of seven crude buyers showed.