Energy News

Sep 26 - Russia lifts export ban on low-quality diesel, marine fuel
Russia has made some changes to its fuel export ban including lifting restrictions on fuel used as bunkering for some vessels and on diesel with high sulphur content, a government document showed just days after Moscow first announced the restrictions. Russia also lifted restrictions on the export of fuel already accepted for export by the Russian Railways and Transneft before the initial ban had been announced last week.

Sep 26 - Chevron readies new oil drilling push in Venezuela to boost output
Chevron Corp plans to add 65,000 barrels per day (bpd) of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation since Washington allowed it to restore production clipped by U.S. sanctions, three people familiar with the matter said. The effort could help Venezuela keep lifting crude production and speed Chevron's goal of recouping $3 billion in unpaid dividends and debt from its projects in the country.

Sep 25 - Russia's gasoline prices on exchange down almost 10% after export ban (Reuters)

- Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to 55,892 roubles ($582) per metric ton on Friday, according to exchange data, following a government ban on fuel exports. Diesel prices were down 7.5% to 66,511 roubles per ton, according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Wholesale fuel prices in Russia had been steadily rising this year amid fuel shortages, reaching all-time highs.

- In response, Russia on Thursday temporarily banned exports of gasoline and diesel to all countries apart from four ex-Soviet states. Russia has exported about 1 million barrels of diesel/gasoil and 130,000 barrels of gasoline per day so far this year, according to J.P.Morgan. Russian oil pipeline company Transneft stopped export shipments of diesel fuel from the Baltic Sea port of Primorsk and from Novorossiysk on the Black Sea, the TASS news agency cited the company as saying. A Kremlin spokesman told reporters that the export ban would last for as long as necessary to ensure market stability.
"It was necessary to regulate this market against the background of harvesting work, agricultural processes... the ordinary consumer, not only the wholesale, but also the retail market," said spokesman Dmitry Peskov.
"How long they will be in place? As long as it takes to ensure stability in the market."

- First Deputy Energy Minister Pavel Sorokin had said on Thursday that the ban was indefinite, and further government action would depend on the fuel "saturation" of the market. Russian Deputy Prime Minister Alexander Novak held a meeting with Russian oil company managers on Friday to discuss the domestic fuel market, the government said. The absence of fuel shortages was noted at the meeting.

- Exchange prices for gasoline Ai-92 grade in the European part of Russia have fallen by more than 20% since Sept. 18 and prices for AI-95 by 22%, the government said. As of Sept. 20, Russian gasoline stockpiles stood at 1.9 million tonnes, while diesel stockpiles amounted at 2.95 million tonnes. Novak would be holding meetings with bosses of Russian oil companies on a weekly basis, Ifax news agency reported, citing his office.

- Analysts expect the restrictions to be short-lived.
"We believe the ban indeed will be temporary and last only a couple of weeks, until the harvest concludes in October," J.P. Morgan said in a note to clients. Citi analysts said they expected the Russian ban to last around six weeks. ($1 = 96.0000 roubles)

Sep 25 - Russia's gasoline prices on exchange down almost 10% after export ban
Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to 55,892 roubles ($582) per metric ton on Friday, according to exchange data, following a government ban on fuel exports. Diesel prices were down 7.5% to 66,511 roubles per ton, according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX).

Sep 25 - Nigeria targets oil output of 2.1 mln bpd by December 2024
Nigeria expects to lift oil production to 2.1 million barrels per day (bpd) by the end of next year after oil companies operating in the country committed investments of $13.5 billion in the short term, the presidency said on Saturday. Nigeria is Africa's largest oil producer but its output has been in decline due to massive crude theft, attacks on pipelines in the Niger Delta region and lack of investment, causing a dwindling of government revenues and large fiscal deficits.

Sep 22 - Rise in refinery outages, tighter supplies pushing up US fuel prices
U.S. oil refiners that cranked up processing this year amid soaring demand for gasoline and diesel are being hit by outages weighing on their ability to rebuild thin fuel stockpiles and helping drive up fuel prices. A more than 50% jump in mechanical outages in the first nine months this year combined with higher planned maintenance after a long run of operating near full-bore has led to tightening fuel supplies and rising prices.

Sep 22 - Russia temporarily bans fuel exports to most countries in response to shortages
Russia has temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to members of the Moscow-led Eurasian Economic Union, which includes Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Sep 21 - Russian oil producers send CPC Blend to UAE, open new export route (Reuters)

- Russian oil producers supplied their first cargoes of CPC Blend crude to the United Arab Emirates (UAE) in August and September, traders told Reuters, opening up a new export route as Moscow looks to find new customers and skirt Western sanctions.

- Moscow has found new markets for its oil despite sanctions imposed by G7 countries since the start of the war in Ukraine, which Moscow calls a special military operation. The world's third largest oil exporter, Russia has rerouted most of its oil to China, India and Turkey over the past year, and has also sent cargoes to countries including Brazil, Sri Lanka and Pakistan. In August and September two Russian firms - oil major Lukoil and independent producer CenGeo - sold their oil to the UAE. Both supplied CPC Blend, a grade that is being mostly produced in Kazakhstan and supplied to global markets through Russia's Black Sea port of Yuzhnaya Ozereyevka.

- However, some crude from Russia is also being added to the CPC pipeline in Russia. The tanker Pola loaded a cargo supplied by CenGeo and marketed by Dubai-based Paramount Energy Trading from Yuzhnaya Ozereyevka on Aug. 14-15, the traders said. This was offloaded at ADNOC's Ruwais refinery terminal on Sept. 14, LSEG data shows.

- Early in August, Lukoil's trading arm Litasco supplied 123,000 tonnes of CPC Blend oil on Delta Hellas tanker also to Ruwais terminal, LSEG data shows. ADNOC declined to comment on the purchase. CenGeo, Paramount Energy and Lukoil did not reply to Reuters requests for comment.

- UAE, which is itself a large producer and supplies Murban oil to international markets, sometimes imports different grades for its refineries to optimize price differences, traders said. The UAE has not imposed sanctions against Russia and is not part of the Western moves over the Ukraine war. CPC Blend oil delivered to UAE's ports in September would be cheaper than the UAE's Murban oil, traders said.

- The U.S. Office of Foreign Assets Control (OFAC) said earlier that CPC Blend oil was not subject to sanction limitations if it was of Kazakh origin and suggested that buyers of the blend seek certificates of origin. The U.S. warning on CPC Blend only applies to buyers which are observing sanctions.

- The two traders, who declined to be named, said that the CPC crude from Russia was sold at discount to Kazakh cargoes.

Sep 21 - Oil prices ease 1% after US Fed warns of higher rates for longer (Reuters)

- Fed leaves rates unchanged, sees tighter policy through 2024
- US weekly crude inventories fall in line with expectations -EIA
- US gasoline futures at their lowest in two weeks

- Oil prices fell about 1% to a one-week low on Wednesday after the U.S. Federal Reserve left interest rates unchanged as widely expected, but stiffened its hawkish stance with a further rate increase projected by the end of the year. Brent futures for November delivery fell 81 cents, or 0.9%, to settle at $93.53 a barrel, while U.S. West Texas Intermediate crude (WTI) for October delivery fell 92 cents, or 1.0%, to settle at $90.28. That was the lowest close for Brent since Sept. 13.

- The WTI contract for October expires on Wednesday. WTI crude futures for November , which will be the next front-month, was down about 82 cents to $89.66. Despite the price decline, Brent remained in technically overbought territory for a 14th straight day, which would be the longest streak since 2012.

- Fed policymakers still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range, just a quarter of a percentage point above the current range. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.
"A combo of further interest rate hikes, dollar strength and additional oil price increases will be upping the possibility of a recession," analysts at energy advisory Ritterbusch and Associates said in a note.

- Energy markets, meanwhile, had little reaction to U.S. energy data showing crude inventories fell in line with expectations last week. That crude stock draw was driven by strong oil exports, while gasoline and diesel inventories drew down as refiners began annual autumn maintenance, the U.S. Energy Information Administration (EIA) said in a weekly report.

- Crude inventories fell by 2.1 million barrels last week, compared with analysts' expectations in a Reuters poll for a 2.2 million-barrel drop.

- U.S. gasoline futures slid to their lowest in two weeks, cutting the gasoline crack spread , a measure of refining profit margins, to its lowest since December 2022.

- In Britain, data showed a surprise drop in inflation in August, as the consumer price index fell by 0.1 percentage point to 6.7%, its lowest since February 2022. Goldman Sachs said it expects the Bank of England to keep interest rates unchanged on Thursday as a result of the fall.

- In Japan, exports fell in August for a second straight month, weighed by declines in China's demand for steel and heavy oil and stoking fears of a downturn in the face of elevated global interest rates.

Sep 21 - Bolivia’s Arce open to EU lithium tie-ups to rev battery metal output
Bolivia is open to tie-ups with European and other global companies for lithium exploration and extraction provided they adhere to the country’s conditions, president Luis Arce said on Wednesday.  "We are open to any company that wants to come to Bolivia, but the conditions are clear," Arce told Reuters in an interview, adding that his country wants to participate in the entire production chain.

Sep 21 - High tin stocks reflect weak consumer electronics sector: Andy Home
London Metal Exchange (LME) stocks of tin have grown steadily over the summer months and have reached levels last seen in April 2020. The rebuild began in June in reaction to a short squeeze across LME time-spreads but has continued even after the cash premium flipped to a record discount in August.

Sep 20 - Recent surge in WTI price curbs US oil flows to Europe, Asia
A recent surge in West Texas Intermediate crude prices (WTI) that pulled Brent crude futures higher has shut arbitrage routes for U.S crude to Europe and Asia and is preventing oil from the Atlantic Basin from heading east, traders said. The WTI price surge, driven by OPEC+ supply cuts led by Saudi Arabia and falling U.S. shale oil production, is altering global trade flows by keeping U.S. oil in the country and driving up demand and prices for other oil imported by Europe and Asia.

Sep 20 - Canada's Trans Mountain pipe expansion to disrupt oil flow to US, boost prices
Canada's Trans Mountain oil pipeline expansion (TMX), which will nearly triple the flow of crude from Alberta to Canada's Pacific Coast beginning early next year, will shake up North America's supply by diverting barrels now mainly delivered to refiners and exporters in the U.S. Midwest and Gulf Coast. Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route.

Sep 19 - US oil output from top shale areas to fall for 3rd straight month in October, EIA says
U.S. oil output from top shale-producing regions is on track to fall for a third month in a row in October to the lowest level since May 2023, the U.S. Energy Information Administration (EIA) said in its monthly drilling productivity report on Monday. U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July.

Sep 19 - Saudi Arabia's crude exports drop to two-year low in July
Saudi Arabia's crude oil exports in July fell to their lowest for more than two years, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter fell to 6.01 million barrels per day (bpd) in July, down about 11.6% from the previous month's 6.8 million bpd and the lowest since June 2021.

Sep 18 - China's diesel exports surge in August, have nearly tripled so far in 2023
China's diesel exports in August surged from a year earlier and have nearly tripled so far in 2023 compared to the same time a year ago, data showed on Monday, as refiners take advantage of strong regional refining margins to ship fuel overseas. Exports of diesel, the biggest fuel by share of refinery output, last month totalled 1.26 million metric tons, up 51.5% from last year's 830,000 tons, data from the General Administration of Customs showed.

Sep 18 - Russia's ESPO Blend crude price flips to premium in Chinese ports
Рrices for Russia's Far East ESPO Blend crude oil loading from the port of Kozmino in October have firmed to a premium of more than 50 cents against ICE Brent on a delivery basis in Chinese ports, several traders familiar with the matter said. This means the price has climbed back to levels seen prior to sanctions and a price cap on Russian oil, they added.

Sep 15 - US crude prices above $90/bbl ignite inflation worries
Crude oil prices above $90 a barrel in the United States stirred worries that inflation could rise further in an economy where the Federal Reserve has already hiked interest rates steeply to control rising prices. Higher oil prices are a burden on global economies, raising costs for transportation and manufacturing while pressuring consumer spending. President Joe Biden's administration last week polled oil refiners about operating plans, a sign of concern about gasoline prices and fuel supplies.

Sep 15 - China oil refinery output rises to record on firmer demand, export margins
China's oil refinery throughput in August rose to a record, data showed, as processors in the world's second-largest crude consumer kept run rates high to meet summer travel demand and capitalise on strengthening export margins. Total refinery throughput was a record 64.69 million metric tons last month, data from the National Bureau of Statistics showed, up 19.6% from a year ago, the fastest annual growth since March 2021.

Sep 14 - US contacts oil producers, refiners as gasoline prices riseThe U.S. Energy Department has talked to oil producers and refiners to ensure stable fuel supplies at a time of rising gasoline prices, Jared Bernstein, head of the White House Council of Economic Advisers, said on Wednesday. Rising gasoline prices were largely behind the largest increase in U.S. consumer prices in 14 months in August.

Sep 14 - BP begins search for new CEO with no clear front-runner
BP CEO Bernard Looney's abrupt resignation has thrown the British oil major into a leadership crisis with no groomed front-runner to succeed him, company and industry sources said on Wednesday. Several current and former BP insiders were seen as potential candidates to succeed Looney, who resigned as CEO on Tuesday after failing to fully disclose past personal relationships with employees, according to the sources.

Sep 13 - OPEC sticks to oil demand growth view citing resilient economy
OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation. World oil demand will rise by 2.25 million barrels per day in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month.

Sep 13 - BP CEO Looney resigns over personal relationships with colleagues
BP CEO Bernard Looney resigned on Tuesday with immediate effect after less than four years in the oil major's top job for failing to fully disclose details of past personal relationships with colleagues, the company said. Chief Financial Officer Murray Auchincloss will act as CEO on an interim basis, the company said.

Sep 12 - Europe set for light autumn refinery maintenance as fuel markets tighten
European oil refiners are set to have an autumn maintenance season less busy than usual, analysts and traders say, as they try to capture higher profit margins amid low fuel inventories and robust demand for gasoline and diesel. A lower refinery maintenance schedule means Europe will be less reliant on fuel imports at a time when global prices are elevated. It also means that refiners that remain online will have to snap up crude at higher prices and hence might face lower profits.

Sep 12 - Saudi Aramco to supply full oil volumes to N.Asia refiners
Saudi Aramco has notified at least five North Asian buyers that it will supply full contractual volumes of crude oil in October, sources with knowledge of the matter said on Monday, despite extended voluntary output cuts pledged by the Kingdom. The world's top oil exporter last week said it would prolong the 1 million barrels per day unilateral cut to the end of the year, driving up benchmark Brent crude above $90 a barrel for the first time this year.

Sep 11 - Oil prices steady around 10-month highs (Reuters)

- The benchmark oil price stabilised on Monday, holding above $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. The supply cuts overshadowed continuing concern over Chinese economic activity. On Monday U.S. Deputy Treasury Secretary Wally Adeyemo said that China's economic problems were more likely to have a local impact than affect the United States.

- Crude supply could see fresh disruption from powerful storms and floods in eastern Libya, which have killed 150 and forced the closure of four major oil export ports since Saturday - Ras Lanuf, Zueitina, Brega and Es Sidra. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. Offline refinery capacity in Europe is pegged around 800,000 bpd according to consultancy Wood Mackenzie, down by 40% year-on-year.

- Brent crude rose by 19 cents, or 0.21%, to $90.84 a barrel by 1411 GMT on Monday while U.S. West Texas Intermediate crude lost 2 cents, or 0.02%, to $87.49. A batch of macroeconomic data expected this week will inform whether central banks in Europe and the United States continue their aggressive rate hike campaigns. U.S. August consumer price index (CPI) data is due on Wednesday and could provide a steer on whether more increases to interest rates will be on the cards. The inflation data is likely to influence everything from stocks to foreign exchange, fixed income and commodity prices, said Naeem Aslam of Zaye Capital Markets. The European Central Bank is also expected to announce its interest rate decision this week. On Monday, the European Commission forecast the euro zone to grow more slowly than previously expected in 2023 and 2024.

- In focus too are monthly reports from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) due later this week. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Sep 11 - Russia expects domestic fuel crunch to ease somewhat soon – agencies
Russia's domestic fuel shortage should ease somewhat soon as repairs works are nearing completion at a few oil refineries, which will provide more gasoline, Russia's news agencies cited Energy Ministry Nikolai Shulginov, as saying. "We're expecting repairs to end at refineries every day now," the Russian TASS state news agency cited Shulginov as saying. "We hope that in the coming days we will increase production volumes."

Sep 11 - Oil cut extension raises risk of Saudi economic contraction this year
Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Its announcement on Tuesday sent oil prices above $90 for the first time this year, but they are below average prices of around $100 a barrel last year in the wake of Russia's invasion of Ukraine.

Sep 08 - U.S. crude stocks fall for fourth straight week – EIA
U.S. crude oil stockpiles fell for the fourth consecutive week, with inventories down over 6% in the last month, as oil refiners run at high rates to keep up with global energy demand, Energy Information Administration data showed on Thursday. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Crude stocks are at 416.6 million barrels, down 6.5% since the start of August, the data showed.

Sep 08 - Shell puts Germany's sonnen on the block
Oil and gas major Shell plans to put Germany's sonnen up for sale, German newspaper Handelsblatt reported on Thursday, with the solar storage manufacturer saying it had no comment but was focused on pursuing global growth of its business. Shell paid around 500 million euros for sonnen four years ago, but like its rivals has had to grapple with falling retail profit margins as wholesale energy prices have risen exceptionally following last year's supply crisis.

Sep 07 - Saudi Arabia raises October Arab light crude price to Asia
Saudi Arabia on Wednesday raised its October official selling price for its Arab light crude to Asia by 10 cents a barrel to $3.60 a barrel over the Oman/Dubai average, according to a statement from state oil company Saudi Aramco. Five refining sources surveyed by Reuters had said the OSP for flagship Arab Light crude could increase by about 45 cents a barrel from the previous month, which would have been the grade's highest price so far this year.

Sep 07 - China's oil imports surge in August as fuel exports, inventories rise
China's crude oil imports surged in August, customs data showed, as refiners built inventories and increased processing to benefit from higher profits from exporting fuel. Shipments last month to the world's biggest oil importer were 52.8 million metric tons, or 12.43 million barrels per day, the data from the General Administration of Customs showed. The daily rate is the third-highest ever, according to Reuters calculations.

Sep 06 - Saudi Arabia, Russia extend voluntary oil cuts to year-end, markets jump
Saudi Arabia and Russia on Tuesday said they would extend voluntary oil cuts to the end of the year, despite a rally in the oil market and analyst expectations of tight supply in the fourth quarter. Oil prices rose sharply following the news, with Brent rising above $90 a barrel for the first time since November, despite steady increases in Iranian and Venezuelan oil exports as the market believes the United States is not enforcing sanctions as stringently as in previous years.

Sep 06 - G7 shelves regular Russian oil cap reviews as prices soar
The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. Russian producers have found ways to sell oil using fewer Western ships and insurance services, making it difficult for the West to enforce the existing price cap because the companies facilitating the trade are outside of their remit.

Sep 05 - Eni becomes latest energy giant to sell onshore Nigerian assets
Italy's Eni has agreed to sell its Nigerian onshore subsidiary to local company Oando, the two companies said on Monday, the latest international energy giant to divest onshore assets in the West African country. With the deal on its Nigerian unit Agip Oil Company Ltd, Eni takes another step in its long-term strategy to reduce oil exposure in favour of natural gas following its disposal in June of oil activities in Congo Republic.

Sep 05 - Hedge funds buy U.S. crude as stocks fall
Portfolio investors have become less bearish about the outlook for U.S. crude oil prices as inventories fall, but the rest of the petroleum complex continued to see light selling at the end of the seasonal holiday slowdown. Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude futures and options contracts over the seven days ending on August 29.

Sep 04 - U.S. oil and gas output nears peak: Kemp
U.S. crude oil production increased again in June and is nearing the record high set before the pandemic, but the pace of growth is slowing as the industry responds to the fall in prices since the middle of 2022. Total crude and condensates production rose to 12.8 million barrels per day in June, up from 12.6 million bpd in May, and is rapidly approaching the record 13.0 million bpd set in November 2019.

Sep 04 - APPEC-Global oil supplies to improve on refinery maintenance -Vitol exec
Global oil supplies are expected to improve in the next six to eight weeks because of refinery maintenance, although supplies of sour crude will stay tight, said Russell Hardy, chief executive of the world's largest independent oil trader, Vitol. Speaking at the APPEC conference in Singapore on Monday, Hardy said sour crude economics will remain stronger than sweet because of the OPEC+ cuts.

Sep 01 - OPEC oil output rises in August as Iran hits 2018 high -Reuters survey
OPEC oil output rose in August as Iranian supply rose to its highest since 2018, a Reuters survey found on Thursday, despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market. The Organization of the Petroleum Exporting Countries has pumped 27.56 million barrels per day this month, the survey found, up 220,000 bpd from July. That's the first rise since February, according to Reuters surveys.

Sep 01 - Russia promises to unveil new OPEC+ supply cut deal next week
Russia has agreed with OPEC+ partners to reduce the export of oil and will announce the new main parameters next week, Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday. Russia, the world's second largest oil exporter, has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ reductions so the signal from Moscow indicates both nations may extend those voluntary cuts into October.

Aug 31 - Oil price forecasts raised as OPEC cuts seen offsetting China gloom (Reuters)

- Brent likely to stay above $80/bbl for the rest of 2023
- China recovery key to demand growth
- For a table of crude price forecasts, click

- Analysts have raised their 2023 oil price forecasts for the first time in four months with OPEC+ output cuts expected to keep supply tight, offsetting risks to demand from a stalling economic recovery in China, a Reuters poll showed on Thursday. A survey of 37 economists and analysts forecast Brent crude would average $82.45 a barrel in 2023, up from July's $81.95 consensus. Brent has averaged around $80.6 a barrel so far this year.

- West Texas Intermediate (WTI) U.S. crude is seen averaging $77.83 a barrel this year, above the previous month's $77.20 forecast.
"Though chances of a deep recession in the West have taken a backseat, the China demand boost expected in the second half of 2023 is probably off the table as well," Suvro Sarkar, energy sector team lead at DBS Bank, said.

- Maintaining oil prices at current levels will require a significant level of supply discipline from the Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+), Sarkar added. Most analysts polled by Reuters expect top exporter Saudi Arabia to extend its 1 million barrel-per-day voluntary supply cut, which is in addition to the cuts put in place by the wider OPEC+ group. That could see global benchmark Brent prices climbing to an average of $85.65 a barrel in the fourth quarter, the poll showed.
"We forecast that the market will fall into significant deficit in the third and fourth quarters of 2023," said Matt Sherwood, Lead Commodities Editor at the Economist Intelligence Unit.

- After tapping strategic petroleum reserves, many governments will need to rebuild stocks, adding to upward pressure on demand, Sherwood added. Global crude demand is expected to increase by up to 1.7 million barrels per day in 2023, the poll showed.

- Most analysts expect the bulk of oil demand growth this year and next will come from Asia and primarily China despite its weakening economy, although some sounded a note of caution.
"China is key for oil demand growth projections," said Julius Baer analyst Norbert Rücker.
"Given the persisting economic challenges and the anecdotal evidence of amply filled domestic oil storage, we believe that its contribution to growth remains overestimated."

Aug 31 - US oil stocks fall more than expected on strong export, refinery demand -EIA
Crude oil inventories drew down by 10.6 million barrels last week, more than expected on the back of robust exports and sturdy demand from refineries, according to data from the Energy Information Administration. Crude inventories dropped to 422.9 million barrels, the lowest level since Dec. 30. Analysts' expectations in a Reuters poll were for a 3.3 million-barrel drop.

Aug 31 - China slowdown, oil output cuts in focus at key energy industry events
China's tepid economic growth and a possible extension of oil output cuts from top exporter Saudi Arabia are set to dominate discussions as global energy executives and officials gather next week at two major industry events in Singapore. For the first time, the Asia Pacific Petroleum Conference and Gastech will take place in the same week, creating what will be the largest energy sector gathering in Asia since the pandemic.

Aug 30 - Gabon army officers say they have seized power after election in oil-rich country (Reuters)

Gabonese military appear on television as they announce that they have seized power following President Ali Bongo Ondimba's re-election, in this screengrab obtained by Reuters on August 30, 2023.

- Bongo's family have ruled for 56 years
- Street celebrations erupt in Gabon's capital
- China calls for peaceful resolution

- Military officers in oil-producing Gabon said they had seized power on Wednesday and had put President Ali Bongo under house arrest, after the Central African state's election body announced that he had won a third term. In an overnight television announcement, a dozen senior officers declared the election results were cancelled, borders were closed and state institutions were dissolved. They said they represented all Gabon's security and defence forces.

-  Hundreds of people took to the streets of the capital Libreville to celebrate in the morning following the overnight announcement, which appeared to have been filmed from the presidential palace, according to the television images. In another statement read on national television, the military officers said they had detained Bongo, who took over in 2009 from his father Omar, who had ruled Gabon since 1967. Opponents say the family has done little to share the state's oil and mining wealth with its 2.3 million people. If successful, the coup would be the eighth in West and Central Africa since 2020. The latest one, in Niger, was in July. Military officers have also seized power in Mali, Guinea, Burkina Faso and Chad, erasing democratic gains since the 1990s.

- The officers, calling themselves The Committee of Transition and the Restoration of Institutions, said Gabon was "undergoing a severe institutional, political, economic, and social crisis", and said the Aug. 26 election was not transparent or credible. Gunfire had been heard briefly in Libreville after the statement announcing the ousting of Bongo, but the streets were largely calm before celebrations erupted. Later, police officers fanned out to guard major city intersections. There was no immediate comment from Gabon's government.

- Bongo, 64, was last seen in public casting his vote on Saturday. He had appeared in public before the election looking healthier than previous rare and frail television appearances following his stroke in 2019.

- French Prime Minister Elisabeth Borne said France, Gabon's former colonial ruler, was following the situation closely. The coup creates more uncertainty for France's presence in the region. It has about 350 troops stationed in Gabon. French forces were kicked out of Mali and Burkina Faso after coups there, amid a wave of anti-French sentiment, and Niger's coup leaders have also revoked military agreements with France.

- China's foreign ministry called for the situation in Gabon to be resolved peacefully and said the personal safety of Bongo, who visited China in April, should be ensured.

- Russia's foreign ministry also said it was worried about the situation and hoped for stabilisation

Aug 30 - Saudi Arabia may raise Oct Arab Light price to 10-month high
Saudi Arabia may raise prices of all crude grades it sells to Asia in October as the world's top oil exporter is expected to extend its voluntary output cut for a third month, keeping sour crude supply tight and prices elevated. The October official selling price for flagship Arab Light crude could increase by about 45 cents a barrel from the previous month, according to five refining sources surveyed by Reuters, which would be the grade's highest price so far this year.

Aug 30 - Eni, Repsol to upgrade oil-for-debt deal with Venezuela
European oil majors Eni and Repsol plan to expand an oil-for-debt deal with Venezuela under U.S. approval, aiming to supply refined products to state firm PDVSA and boost oil deliveries to Europe, three people close to the matter said. As Western sanctions last year cut the flow of Russian oil to Europe, Eni and Repsol received authorization from the U.S. State Department to take Venezuelan crude and process it in European refineries, to recoup accumulated debt and dividends from their joint ventures in the South American country.

Aug 29 - Pemex crude processing slides in July, production lowest this year
Crude processing at Mexican state oil company Pemex's domestic refineries fell in July to 768,732 barrels per day (bpd), well below the goal of 1 million bpd set by the government in its effort to make the country self-sufficient in energy next year. Pemex has averaged 821,233 bpd of crude processing per month this year at its six domestic refineries, above last year's average of 815,790 bpd.

Aug 29 - Indian refiner BPCL to spend $18.16 bln in oil, green energy over 5 years
Indian refiner Bharat Petroleum plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal, Chairman G Krishnakumar said on Monday. Companies in India, the world's third largest emitter of greenhouse gases, are investing billions of dollars to cut their emissions, but they are also investing in fossil fuel as India's economic expansion is expected to drive petrochemical and fuel demand.

Aug 28 - BP urges more oil, gas investment while speeding energy transition
Global oil major BP said the world must invest in the production of oil and gas to avoid to sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions. Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia's invasion of Ukraine, forcing countries to boost energy spending and shift to coal, BP CEO Bernard Looney said in New Delhi.

Aug 28 - China's Sinopec plans steady refinery output on fuel recovery
Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20% decline in interim profit because of lower crude oil prices. Sinopec, the world's largest refiner by capacity, plans 127 million metric tons of crude throughput, about 5.04 million barrels per day, between July and December, versus 126.54 million tons during the first six months, the company said in a stock filing on Sunday.

Aug 25 - India’s sluggish oil consumption weighs on global prices: Kemp
India’s petroleum consumption increased to a record high in the first seven months of 2023 but growth has slowed markedly as the rebound from the coronavirus pandemic and lockdowns is completed. The economy is being hit by the same combination of rapid inflation and slowing global trade that has hit other major economies across South and East Asia.

Aug 25 - Oil companies sue U.S. over Gulf auction changes meant to protect whale
An oil and gas industry trade group, the state of Louisiana and Chevron on Thursday sued the Biden administration over its decision to withdraw acreage from an upcoming oil and gas lease sale in the Gulf of Mexico to protect an endangered whale. The suit is the latest dispute between the oil and gas industry and the administration of President Joe Biden over leasing federal lands and waters for energy development.

Aug 24 - Saudi Arabia will likely roll over 1 mln bpd cut into October, analysts say
Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, agreed a broad deal in early June to curtail supplies until the end of 2024.

Aug 24 - Washington drafts proposal for Venezuela's oil sanction easing
U.S. officials are drafting a proposal that would ease sanctions on Venezuela's oil sector, allowing more companies and countries to import its crude oil, if the South American nation moves toward a free and fair presidential election, according to five people with knowledge of the plans. Washington has been trying to encourage negotiations between President Nicolas Maduro and the political opposition over elections in Venezuela and other demands. Sanctions were imposed following Maduro's 2018 reelection, which many Western nations considered a sham.

Aug 23 - India's July Russian oil imports dip; Saudi import down to 2-1/2-yr low
India's July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed. Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments.

Aug 23 - US energy firm payouts to oil investors top exploration spending for first time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday. The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S. energy companies have been focused on regaining favor with investors after years of overspending on production growth hurt returns and put them in the doghouse.

Aug 22 - China's Saudi crude imports to remain depressed through third quarter
China's crude oil imports from top exporter Saudi Arabia are expected to remain depressed through the third quarter, analysts said, after its customs office reported inbound shipments from the kingdom fell to their lowest in 13 months in July. Chinese crude imports from both Russia and Saudi Arabia have dropped with the output cuts made by members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group know as OPEC+.

Aug 22 - Iraq oil minister in Turkey to discuss resuming northern oil exports
Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq's northern oil exports via Turkey's Ceyhan port, said an oil official.

Aug 21 - China's July fuel oil imports ease from June high
China's fuel oil imports receded in July as refiners resumed using diluted bitumen after customs authorities eased months-long inspections, which replaced some demand for fuel oil, data from the General Administration of Customs showed on Sunday. Total fuel oil imports in July were 1.6 million metric tons, versus 2.7 million tons in June, which was a decade-high.

Aug 21 - Russia remains China's top crude supplier in July despite narrower discounts
Russia remained China's largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13% from the same month last year to 8.06 million metric tons in July, or 1.9 million barrels per day (bpd), according to data from the General Administration of Customs.

Aug 18 - Venezuela appeals to US Supreme Court in last ditch move to limit Citgo auctionVenezuela is making a last ditch attempt to limit the number of companies that could participate in a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum, appealing to the U.S. Supreme Court to overturn a lower court's ruling. About two dozen companies including ConocoPhillips, Exxon Mobil and Tenaris SA are seeking to have claims against Venezuela or state-owned oil firm PDVSA satisfied by the sale of shares in PDV Holding, one of Citgo's parent companies. About $20 billion in claims are pending.

Aug 18 - Oil market to tighten modestly in late 2023: KempProduction cuts announced by Saudi Arabia and its OPEC⁺ allies are expected to tighten the global petroleum market moderately over the remainder of 2023 and into the first quarter of 2024. Commercial inventories of crude oil and refined products in the OECD advanced economies were around 2,821 million barrels at the end of June, according to the U.S. Energy Information Administration (EIA).

Aug 17 - Oil rises as dollar eases, China seeks to soothe economic woes (Reuters)

- China's central bank pledges ample liquidity
- Dollar index eases from two-month highs
- Markets fear high U.S. interest rates for longer

- Oil prices rose more than 1% on Thursday, after falling for three straight sessions, as the dollar pulled back from highs and as China's central bank sought to bolster the property market and wider economy. Brent crude futures rose 95 cents, or 1.2% to $84.42 a barrel by 12:46 p.m. ET (1646 GMT). U.S. West Texas Intermediate crude (WTI) was up $1.23, or 1.6% at $80.60 a barrel. The previous session, prices fell more than 1.5% on worries about China's embattled economy and potential for further increases to U.S. interest rates.

- China's central bank said it would keep liquidity reasonably ample and maintain "precise and forceful" policy to support economic recovery against headwinds.
"Oil traders like the fact that China isn’t going to tolerate weakness in economic activity," said Naeem Aslam at Zaye Capital Markets.

- The dollar index slipped off a two-month high, the day after Federal Reserve meeting minutes left the door open for more rate hikes and data this week indicated a resilient U.S. economy. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand.

- On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

- U.S. gasoline stocks, however, drew to the lowest in more than two months, U.S. Energy Information Administration data showed on Wednesday. Weekly products supplied, a proxy for demand, rose to the highest since December.
"Travel demand has remained stubbornly strong," said Dennis Kissler, senior vice president of trading at BOK Financial. Travel demand typically tapers after U.S. Independence day holiday on July 4.

- Oil looks like it will find a home around the $80 level as too many risks to the macroeconomic outlook remain on the table, said OANDA analyst Edward Moya.

Aug 17 - US crude stockpiles fall even as output hits 2020 high - EIA
U.S. crude oil inventories fell last week as oil refiners increased run rates and exports surged, while crude production reached its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday. Crude inventories fell by 5.96 million barrels in the week to Aug. 11 to 439.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.3 million-barrel drop.

Aug 17 - Saudi oil exports fall for third month running
Saudi Arabia's crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday, with big Asian buyers favouring cheaper Russian oil. The kingdom's crude exports totalled 6.8 million barrels per day (bpd) in June, down about 1.8% from May's 6.93 million bpd.

Aug 16 - U.S. gasoline prices at year high, tight supply weighs on motorists
U.S. motorists hoping to squeeze out one last trip before the Labor Day holiday and school begins are finding pump prices that have surged to their highest level this year on tighter gasoline supplies. Consumers tend to get a break from steeper fuel costs as peak vacation travel ebbs. But strong demand and a series of refinery outages have pushed the national average retail price to $3.86 per gallon on Tuesday, according to the American Automobile Association - 7% higher than a month ago. In California and Washington, prices have surged above $5 a gallon.

Aug 16 - Brazil's Petrobras hikes fuel prices after 'abrupt' global spike
Brazilian state-run oil company Petrobras will raise gasoline and diesel prices at its refineries, it said on Tuesday, after an "abrupt" increase in global oil prices in recent weeks. The move was welcomed by investors but is likely to upset the federal government, as it is unpopular and brings renewed inflation fears just as the central bank started lowering interest rates.

Aug 15 - US shale oil and gas output to extend fall in September -EIA
Oil and natural gas output from top U.S. shale-producing regions is set to fall in September for the second straight month to the lowest levels since May, Energy Information Administration data showed on Monday. Shale oil output is expected to fall to 9.41 million barrels per day (bpd) in September, EIA data showed. It had touched 9.45 million bpd in July, its highest on record.

Aug 15 - China's July oil refinery runs rise to meet domestic, export demand
China's oil refinery throughput in July rose 17.4% from a year earlier, data showed on Tuesday, as refiners kept output elevated to meet demand for domestic summer travel and to cash in on high regional profit margins by exporting fuel. Total refinery throughput in the world's second-largest oil consumer was 63.13 million metric tons last month, data from the National Bureau of Statistics (NBS) showed.

Aug 14 - Oil prices could rise further this year, but 2024 demand to slow sharply: IEA
OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday. Tighter supply driven by oil output cuts from OPEC and its allies, together known as OPEC+, and rising global demand have underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January.

Aug 14 - U.S. diesel prices surge anticipating a soft landing: Kemp
Prices for diesel and other distillate fuel oils have surged as expectations for a soft landing and an improving economic outlook in the United States threaten to deplete already low inventories even further. Futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31.

Aug 11 - OPEC flags healthy oil market fundamentals in second half
Prospects for the global oil market look healthy for the second half of the year, OPEC said on Thursday as the producer group stuck to its forecast for robust oil demand in 2024 and nudged up its expectations for global economic growth. The upbeat view from the Organization of the Petroleum Exporting Countries (OPEC) comes as global oil prices have reached their highest since January. Tight supply has given impetus to the rally and OPEC's monthly report also showed Saudi Arabia delivered on a voluntary output cut in July.

Aug 11 - Most Russian fuel exports now pricing above G7-imposed price cap
Most Russian fuel exports from the Baltic and Black Sea regions are now pricing above a price cap set in February by a G7-led coalition designed to limit Moscow's revenues in the aftermath of its invasion of Ukraine, data from price reporting agency Argus Media showed. The rise in Russian fuel prices comes as global prices for fuels from other origins soar amid strong demand and low inventory levels.

Aug 10 - US oil refiners to defy heat, run plants at mid-90% of capacity
Top U.S. oil refiners will run their plants this quarter at up to 95% of their combined 17.9 million barrel-per-day capacity, according to executives and analysts, defying this summer's extreme heat to pump out more fuels. The refining industry has been running at above 90% of capacity for more than a year on strong gasoline and diesel demand - and high profit margins.

Aug 10 - Oil output inches up at top US shale firms, with faster growth elusive
Top U.S. shale oil producers are raising output by pulling more from each well but lack the level of activity to add significant new volumes, a Reuters analysis of investor forecasts showed. The companies that a decade ago upended global oil and gas markets and turned the U.S. into an oil-export powerhouse in recent years have been less of a factor because of a shift to maintain, but not significantly expand, their production.

Aug 09 - US crude output to rise to record 12.76 mln bpd in 2023 - EIA
U.S. crude oil production is expected to rise by 850,000 barrels per day to record 12.76 million bpd in 2023, according to a monthly report from the Energy Information Administration on Tuesday. Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024, EIA data showed.

Aug 09 - China's Venezuelan oil imports rebound in July, fuel oil tapers off
China's imports of heavy crude oil from Venezuela are poised to recover to levels last seen in March as more cargoes have passed through customs without delays, which could reduce refiners' appetite for substitute fuel oil, traders and analysts said. The Venezuelan crude, mostly heavy sour Merey and Boscan, is widely used by independent refineries in the eastern province of Shandong. Traders typically categorised Venezuelan and some Iranian heavy crude as diluted bitumen when clearing customs so refiners don't have to use crude import quotas that Beijing tightly controls.

Aug 08 - China's July crude imports drop to lowest since January
China's crude oil imports in July fell 18.8% from the previous month to the lowest daily rate since January, customs data showed on Tuesday, as major exporters cut back overseas shipments and domestic stocks continued to build. Crude shipments into the world's biggest oil importer in July totalled 43.69 million metric tons, or 10.29 million barrels per day (bpd), the data from the General Administration of Customs showed.

Aug 08 - Aramco boosts dividend as Q2 profit drops 38% to $30.1 bln
Saudi state oil giant Aramco on Monday announced an additional near $10 billion dividend, most of which will go to the government, the first of several extra payouts on top of its expected $153 billion base dividend for 2022 and 2023. Aramco will begin paying performance-linked dividends with a $9.87 billion payout in the third quarter, based on its full-year 2022 and first-half 2023 results, it said.

Aug 07 - Oil dips as end of US driving season weighs on demand (Reuters)

- Saudi Arabia extends supply cuts
- Investors cautious ahead of China, US inflation data this week

- Oil prices fell more than $1 a barrel on Monday following a protracted rally and as markets worried about lower demand as the summer driving season in the United States nears its end. Both Brent crude and U.S. West Texas Intermediate crude recovered from morning lows and were last trading at $85.70, down $1.05, and $81.79, down $1.02, respectively. Both benchmarks gained for their sixth consecutive week on Friday.
"The summer driving season is winding down in the United States," said Robert Yawger, director of energy futures at Mizuho Securities USA. "If you don't need as much gasoline, you don't need as much oil."

- Meanwhile, Polish pipeline operator PERN said it expects to resume flows on a pipeline that transports oil to Europe on Tuesday, easing worries of supply constrains.
PERN had halted pumping through a section of the Druzhba pipeline after detecting a leak in central Poland on Saturday.

- The world's top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day (bpd) to the end of September, and said more could follow. In line with production cuts, Saudi Aramco on Saturday raised the official selling prices for most grades it sells to Asia for a third month in September.

- Russia added to the supply tightness with an announcement it will cut oil exports by 300,000 bpd in September.

- Chinese economic data this week will be in focus as the market seeks to gauge Beijing's appetite for more stimulus measures to support the world's second-largest economy.

- Investors will also monitor the U.S. consumer price reading on Thursday that could offer clues on the Federal Reserve's monetary policy path. On Monday, U.S. Federal Reserve Governor Michelle Bowman said additional interest rate hikes will likely be needed to lower inflation to meet the Fed's 2% target.

Aug 07 - China's Yanchang seen doubling Russian oil purchases - sources + Reuters

- China's state-controlled Shaanxi Yanchang Petroleum Group is expected to double its purchases of Russian ESPO blend this year to about one million metric tons, according to two sources familiar with the plant's operations. The company is due to start up a 50,000 barrels per day crude processing unit at its refinery in landlocked Shaanxi province in the north later this month, after retooling work that allows the plant to process more crude, the sources said.

- Chinese refiners, led by independent plants based in eastern Shandong province's refining hub, are maintaining strong interest in the light sweet crude exported from Russia's Far East port of Kozmino, bolstering the Russian oil's prices to multi-month highs. An official with Yanchang's refining division said the plant will likely process more imported crude oil this year, but did not comment specifically on Russian crude. The Yanchang plant has bought three ESPO cargoes for August and September deliveries into Qingdao port, according to trading sources who closely follow ESPO transactions. That will bring Yanchang's total purchases so far this year to 600,000-700,000 tonnes, about 4.4 million to 5.1 million barrels, one of the sources added.

- Apart from the revamped crude processing unit, Yanchang also has remaining crude quotas to use up by the end of the year, a second trader said. From Qingdao port, Yanchang transports the crude oil by rail, taking about a day to reach Shaanxi's Yulin city, where the plant is based. Backed by the Shaanxi provincial government, Yanchang Petroleum is a rare regional oil and gas producer outside the national energy majors. It also invests in large coal-to-chemicals businesses.

The refining subsidiary processed nearly 14 million tons of crude last year, or 280,000 barrels per day, local state media has reported.

Aug 07 - OPEC+ panel keeps policy unchanged against backdrop of stronger oil market
An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted.

Aug 07 - Surging U.S. crude oil exports disrupt European, Asian prices
Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. The introduction in June of U.S. crude grade WTI Midland to set the price of the dated Brent benchmark assessed by S&P Global Commodity Insights has not only spurred the rising exports but also helped to cap Brent and the European, African, Brazilian and Asian oil that are priced off the benchmark, traders and analysts said. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June.

Aug 04 - Saudi Arabia extends 1 mln bpd oil cut, may deepen it in future
Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened. The kingdom's production for September will be around 9 million barrels per day (bpd), the state news agency SPA cited an official source at the energy ministry as saying.

Aug 03 - US sees price cap on Russian oil working despite upturn in prices (Reuters)

- The United States remains confident that the Group of Seven's price cap on Russian oil is working to squeeze Moscow's revenues and stabilize energy markets despite a recent upturn in prices, a senior U.S. Treasury official said on Thursday. Acting Assistant Secretary for Economic Policy Eric Van Nostrand hailed the price cap as a successful part of the multilateral sanctions regime imposed on Russia over its invasion of Ukraine and said Washington and its partners were working to thwart any evasion.
"Our approach has struck at the heart of the Kremlin’s most important cash cow. Before the war, oil revenues constituted about a third of the total Russian budget, but in 2023 that number has fallen to just 25%," he said in remarks prepared for a London conference.

- The G7, the European Union and Australia imposed the $60 per barrel cap last December on sea-borne exports of Russian crude in retaliation for Russia’s war on Ukraine. It bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap.

-Van Nostrand said Russian data showed federal government oil revenues were nearly 50% lower in the first half of 2023 than a year earlier, and Russian oil was trading at "a significant discount" to Brent oil. Russian officials had also complained about the impact of the price cap, he said, and the Kremlin has been forced to consider raising taxes on oil exporters to boost revenues, which could weaken the long-term outlook for its oil industry. Van Nostrand said the average reported price for Russian Urals had hovered around $60, the level of the price cap, despite recent price increases as well as widespread expectations that the price would rise in the second half of 2023. Russia's Finance Ministry this week said Urals crude oil blend traded at $64.37 per barrel on average in July, up from $55.28 per barrel in June.

- Russia will cut exports by 300,000 barrels per day (bpd) in September, Deputy Prime Minister Alexander Novak said on Thursday. Russia, the world's biggest oil exporter after Saudi Arabia, had already pledged to cut oil output by 500,000 bpd, or about 5%, from March until year-end.

- Global oil benchmark Brent jumped about 2% to nearly $85 a barrel on Thursday after Saudi Arabia extended its voluntary one million bpd output cut by another month to the end of September. Van Nostrand said the cap was continuing to limit Russian revenues, while giving "non-coalition buyers additional leverage to negotiate prices down."

- Any investments the Russian government made into the so-called shadow fleet used to transport oil, or into its own insurance companies in order to sell above the price cap, was draining funds available to support the war in Ukraine, he said. Russian oil traded outside of the G7 nexus was still sold at a sizeable discount to Brent oil, and shipping capacity limited how much business Russia could do outside the G7, he added.
"Lower-income countries have been beneficiaries of this stability as they continue to import discounted Russian oil that the G7 no longer takes or benefit from generally lower global oil prices," Van Nostrand said.

Still, Van Nostrand said Washington understood that markets could change rapidly, and Russia would keep trying to evade the price cap.
"We remain vigilant in monitoring oil markets and the whole coalition remains focused on enforcing our sanctions," he sai

Aug 03 - OPEC+ panel unlikely to tweak oil policy at Friday meeting
OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Aug. 4. The panel, called the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted.

Aug 03 - U.S. crude stockpiles in week fall by largest on record -EIA
U.S. crude stocks fell the most on record last week as exports topped 5 million barrels per day and refineries processed more crude, the Energy Information Administration said on Wednesday. Most of the fall in crude stocks came from a record drop in stockpiles held in the refining hubs of the U.S. Gulf Coast. Stocks there fell by a record 15.57 million barrels to 243.4 million barrels as refiners in the region processed the most crude since August 2022, the EIA said.

Aug 01 - OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds
OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group's latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday. The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day (bpd) this month, the survey found, down 840,000 bpd from June. That's the lowest since September 2021 according to Reuters surveys.

Aug 01 - Oil to drift lower as slower growth offsets OPEC+ cuts
Oil prices will stall this year as weak economic growth is expected to curb demand and offset the impact of OPEC+ production cuts on supply, a Reuters poll showed on Monday. A survey of 37 economists and analysts forecast Brent crude would average $81.95 a barrel in 2023, down from June's $83.03 consensus and current levels of around $85. Brent was forecast to average $83.67 next year.

Aug 01 - China's oil and uranium business in Niger (Reuters)

- China, Niger's second-largest foreign investor after former colonial power France, has in the past two decades ploughed billions of dollars into the landlocked West African nation, mainly for the exploration of oil and uranium. Since last week's coup, in which military leaders detained Niger's President Mohamed Bazoum and established a military government, China says it is closely monitoring the situation, and urges parties in Niger to safeguard stability. China's total foreign direct investment (FDI) into Niger stood at $2.68 billion as at the end of 2020, according to the U.S. Embassy in Niger. Following are China's main investments in Niger, predominantly by state energy giant PetroChina and national nuclear firm CNNC:

OIL ASSETS
- Niger became an oil producer in 2011 when the Agadem oilfield, a joint venture between the government and PetroChina (601857.SS), started production. PetroChina entered a production sharing agreement in 2008 with the Nigerien government to develop the field, located some 1,600km (1,000 miles) east of the capital Niamey, with estimated reserves of 650 million barrels.
- As part of the deal, PetroChina invested in the construction of the SORAZ refinery, located 460km away in the southern city of Zinder, near the border with Nigeria. PetroChina holds a 60% stake in the refinery, which has a capacity of 20,000 barrels per day (bpd) and mostly supplies the Nigerien domestic fuel market. The remaining share is held by the Nigerien government.
- In September 2019, PetroChina entered into another agreement with the Nigerien government to lay a 2,000-km (1,200 miles) pipeline between the Agadem field and the Beninese port city of Cotonou.
- The pipeline investment is twinned with a second phase of development of the Agadem field. Taken together, total investment into the pipeline and second phase development is expected to reach $4 billion, according to China's Ministry of Commerce. The pipeline, the longest of its kind in Africa, is planned to mitigate the security and logistical challenges of exporting crude from the troubled area, and designed to carry 90,000 barrels per day, according to China's Ministry of Commerce. The project was 63% complete as of February this year, according to a PetroChina statement.
- PetroChina did not immediately respond to Reuters' request for comment. In May this year, state oil and gas major Sinopec entered into a memorandum of understanding with the Nigerien government paving the way for further potential cooperation between Beijing and Niamey in oil and gas.

URANIUM MINE
- In 2007, state-owned China National Nuclear Corporation (CNNC) (601985.SS) entered a joint venture with the Nigerien government to develop the Azelik uranium mine in the centre of the country. CNNC owns 37.2% of the project, with a further 24.8% owned by Chinese investment entity ZXJOY Invest, according to a 2010 filing with the Hong Kong Stock Exchange.
- The Nigerien government received a 650 million yuan ($90.93 million) loan from Chinese state-owned Eximbank to support development of the project in 2009.
- The mine has estimated total reserves of 11,227 metric tons, and annual production capacity of 700 tons, according to the filing. The project was halted in 2015 due to unfavourable market conditions.
- Niger, which has Africa's highest-grade uranium ores, produced 2,020 metric tons of uranium in 2022, about 5% of world mining output, according to the World Nuclear Association. CNNC did not immediately respond to Reuters' request for comment.

Jul 31 - Oil prices hit multi-month highs on tightening supply (Reuters)

- Oil benchmarks settle at highest since April 17
- Analysts expect Riyadh to extend voluntary cuts by a month
- OPEC output dropped in July, led by Saudi decline -survey
- Demand hit record 102.8 million bpd in July -Goldman Sachs

- Oil prices rallied to a fresh three-month high on Monday and recorded their steepest monthly gains since January 2022, supported by signs of tightening global supply and rising demand through the rest of this year. More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel. U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel.

- Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September. Saudi output fell by 860,000 barrels per day (bpd) in July, while total production from the Organization of Petroleum Exporting Countries was 840,000 bpd lower, a Reuters survey found on Monday.
"Crude prices are finishing a solid month on a high note as demand prospects remain impressive and no one doubts that OPEC+ will keep this market tight," OANDA analyst Edward Moya said.

- Oil inventories are beginning to drop elsewhere too, especially in the U.S., where the government has started refilling the Strategic Petroleum Reserve from its lowest level in multiple decades. Five analysts polled by Reuters on Monday estimated on average that U.S. crude inventories fell by about 900,000 barrels in the week to July 28.
"After the end of SPR releases and recession fears and a liquidity drain due to bank stability fears, which caused the markets to ignore a looming supply squeeze, the coming supply deficits are getting too big to ignore," Price Futures Group analyst Phil Flynn said.

- Goldman Sachs estimated that global oil demand rose to a record 102.8 million bpd in July and it revised up 2023 demand by about 550,000 bpd on stronger economic growth estimates in India and the U.S., offsetting a downgrade for China's consumption.

Jul 31 - Goldman upgrades oil demand outlook as market tempers growth pessimism
Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 million barrels per day (bpd) in July and see solid demand driving a larger-than-expected 1.8 million bpd deficit in the second half this year and a 0.6 million bpd deficit in 2024.

Jul 31 - Oil inventory drops set stage for higher prices
Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months. JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies.

Jul 28 - Obscure traders ship half Russia's oil exports to India, China after sanctions
A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands. The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according to two trading sources.

Jul 28 - China's gasoline demand peak nears as EV boom hastens transition
China's demand for petrol is likely to peak as early as next year as electric vehicle sales soar, several analysts say, bringing forward an energy transition milestone for the world's biggest polluter and a headache for global refiners. The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward forecasts of China's peak gasoline demand by about a year to 2024, while Chinese state majors PetroChina and Sinopec see it in 2025.

Jul 27 - As Russian oil crosses G7's price cap, US eyes soft enforcement
The Biden administration is poised to increase outreach to western trading houses, insurers and tanker owners to remind them to abide by the Group of Seven's price cap on Russian oil as the crude trades over that level, sources and experts said. The approach reflects a desire by Washington to encourage buyers to adhere to the $60 per barrel cap imposed last December on sea-borne exports of Russian crude by the G7, the European Union and Australia in retaliation for Russia’s war on Ukraine.

Jul 27 - Shell Q2 profits drop to $5 bln after energy prices cool
Shell reported on Thursday profits of $5 billion in the second quarter, dropping by 56% from a year earlier as oil and gas prices cooled after rallying on the back of Russia's invasion of Ukraine. Shell increased its dividend to $0.33 per share in the quarter, as previously announced in June. It also announced the repurchase of $3 billion in shares over the next three months, compared with $3.6 billion in the previous three months.

Jul 26 - US oil M&A jumps as private equity unloads shale assets
U.S. oil and gas deals rebounded in the second quarter as private equity firms shed shale portfolio investments and publicly traded oil firms grabbed smaller rivals. U.S. oil exploration and production deals last quarter soared to $24 billion - nearly three times that of the first quarter, energy analytics firm Enverus disclosed on Tuesday.

Jul 26 - India's June crude oil imports drop to seven-month low
India's crude oil imports fell to a seven-month low in June, with shipments into the world's third-biggest oil importer dropping in line with lower consumption due to monsoon rains and refineries undergoing maintenance. Crude imports dropped 6% month-on-month in June to 19.18 million metric tons, data from the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Tuesday.

Jul 25 - US fuelmaker profits to fall from last year's records
U.S. refining profits are expected to fall from last year's records but remain strong as domestic refining outages and increased foreign competition pose challenges. Refiners have come off a wave of favorable pricing and strong demand after pandemic-era plant closings and Russia's invasion of Ukraine boosted margins. Slowing economic activity and an increase in global refining capacity has brought the market down from last year's highs.

Jul 25 - Russia plans to lower oil export discount to $20/bbl - finance minister
Russia's finance ministry plans to cut the discount it uses to set taxes on the country's crude oil exports to $20 per barrel from $25 currently, Finance Minister Anton Siluanov said in remarks published on Tuesday. Western sanctions over Russia's invasion of Ukraine, including the $60 a barrel price cap on Russian crude exports and the European Union's import ban, have forced the Kremlin to change the way it taxes oil sales.

Jul 24 - G20 bloc fails to reach agreement on cutting fossil fuels
The Group of 20 (G20) major economies meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations. Scientists and campaigners are exasperated by international bodies' foot-dragging on action to curb global warming even as extreme weather from China to the United States underlines the climate crisis facing the world.

Jul 24 - Asia buys near-record volumes of US crude, replaces MidEast oil
Asian refiners have booked near-record volumes of U.S. crude to be shipped in August, replacing Middle Eastern oil, as competitive prices and ample supplies attracted heavy buying, according to trade sources. The jump in U.S. imports comes on the back of strong Chinese demand for Brazilian oil in the third quarter as Asia boosts its light oil purchases from the Americas, reducing demand for similar quality grades from the United Arab Emirates.

Jul 21 - Biden's tough sell in Pennsylvania: green energy to union workers
President Joe Biden traveled on Thursday to Philadelphia to pitch the promise of a green economy to union workers skeptical that the solar, wind and electric vehicle industries can deliver the same economic punch for organized labor as fossil fuel-powered refineries and power plants. Biden is trying to reshape the U.S. economy by investing billions of taxpayer dollars in green technology, while forcing companies that want lucrative subsidies being offered to help the push do more of their manufacturing in the U.S.

Jul 21 - Depleted US diesel stocks attract hedge funds: Kemp
U.S. inventories of diesel and other distillate fuel oils have failed to replenish significantly despite a downturn in manufacturing and freight activity that has so far lasted eight months. Distillate fuel oil inventories amounted to just 118 million barrels on July 14, according to data from the U.S. Energy Information Administration ("Weekly petroleum status report", EIA, July 19).

Jul 21 - Current investment in upstream enough to meet peak oil demand in 2030s: ( Wood Mackenzie - Reuters )

- The current global annual investment of around $500 billion into upstream oil and gas would be sufficient to meet peak oil demand in the 2030s, Wood Mackenzie said in a report, debunking the widespread belief of under-investment in the sector. Current expenditure could deliver the supply needed to meet demand peaks through three main reasons - "the development of giant low-cost oil resources, relentless capital discipline and a transformational improvement in investment efficiency," according to the report released on Thursday.

- The pre–pandemic high is likely to be eclipsed this year, though growth will slow progressively after 2024 from the current elevated rate of over 2 million barrels a day (bpd) per year as the post–pandemic recovery fades, the energy research and consulting firm said. It said it expected oil demand to peak at 108 million barrels per day (bpd) in the early 2030s before beginning its long–term decline, with fuel efficiency, electric vehicles, and natural gas substitution taking over eventually.
"Substantial investment will still be needed to offset a natural decline at a time when the most advantaged remaining oil resources are being exhausted."

- The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices. World's largest oil producer Saudi Aramco's CEO, Amin Nasser, in May said that there was an 'energy crisis' due to a lack of investment. Oil producer group OPEC's Secretary General Haitham Al Ghais also blamed policymakers, insufficient oil and gas sector investments for oil price rises.
"The oil market is literally and metaphorically liquid, and price signals and the actions of OPEC+ eventually bring demand and supply back into equilibrium," Wood Mackenzie said.

Jul 20 - Imports from Europe Driving Rebound in USA Gasoline Stocks (Rigzone)

- Gasoline inventories in the USA have increased in recent weeks after falling to their lowest this year in May, thanks to East Coast purchases from Europe, the Energy Information Administration (EIA) said Tuesday.

- The country’s gasoline stocks stood at 219.452 million barrels as of the end of the first week of July, from 219.456 million at the end of June, according to EIA data. The weekly volume consistently rose in the first three weeks of June after plunging to 216.07 million barrels at the end of May, eight percent below the average of the same period in the last five years and the lowest in 2023 so far based on the official figures.

- The EIA credited the rebound to European imports on the East Coast, where consumption of the fuel is typically higher than in other USA regions. The turn to Europe has been driven by greater gasoline prices and lower freight costs, it said.

- The East Coast’s gasoline inventories totaled 55. 2 million barrels as of the end of July 7, from 56.459 million at the end of June, according to the EIA bulletin. The region’s weekly stocks consistently climbed from the second week of May to the third week of June.

- But before the bounceback last month, the total of East Coast gasoline inventories was 15 percent lower than the average of the previous five years by the end of the May review period. “After May 26, however, both U.S. and East Coast inventories increased”, the EIA said.

- “U.S. gasoline inventories increased by 3 percent, or 5.9 million barrels, reaching 222.0 million barrels on June 23, about the same as last year at the same time. East Coast gasoline inventories increased by 2.4 million barrels (5 percent) over the same period, reaching 55.7 million barrels, which is 2.3 million barrels (4 percent) more than at the same time last year.”

- East Coast stocks of the refined petroleum rebounded despite “refinery issues”, it said.

- “At the Phillips 66 refinery in Bayway, New Jersey, the fluid catalytic cracker, primarily used for producing additional gasoline in refining, came offline, and the outage will reduce gasoline production by 100,000 barrels per day (b/d), according to trade press reports”, the EIA said.

- “Reports indicate that repairs to the FCC will be made over the next few weeks, and gasoline production should increase once the unit is back online”, it added. Phillips 66 Co. has not released any restart timeline.

- The EIA said, “Our data indicate that gasoline imports into the U.S. East Coast have increased since March, which follows seasonal trends, and reached 823,000 b/d in June, the highest monthly average (based on the four-week moving average) since July 2019. The East Coast primarily receives its gasoline imports from Europe, which increased by 173,000 b/d between March and June, according to data from Vortexa Analytics.”

- The rebound was mainly driven by increasing gasoline prices on the East Coast. Regular gasoline averaged 342 cents a gallon June and May and 347 cents per gallon April, the highest since September 2022, according to the EIA database.

- In contrast, the national average for regular gasoline stood at 259 cents per gallon July, 257 in May and 274 April.

Jul 20 - China imports record Russian crude volumes in June despite narrowing discount
China's imports of crude oil from Russia hit an all-time high in June, Chinese government data showed on Thursday, with refiners continuing to snap up Russian ESPO even as discounts against international benchmarks narrow. Arrivals from Russia totalled 10.50 million metric tons in June, or 2.56 million barrels per day (bpd). Cargo volumes were up 44% from the same month last year, according to data from the General Administration of Customs.

Jul 20 - Venezuela's PDVSA signs new petcoke export contracts amid market turmoil, documents show
Venezuela's state oil firm PDVSA this month signed two new contracts to export up to 1.6 million metric tons of petroleum coke this year, internal company documents showed, deals which will help ease a backlog that has roiled the market. One contract signed with Turkish company Latif Petrol calls for 1 million tons to be shipped during the second half of the year. The other contract is with Reussi Trading, a St. Vincent and the Grenadines-based firm, with deliveries slated through September, according to the documents which were seen by Reuters.

Jul 19 - Oilfield service providers to get lift from international, offshore demand
The Big 3 oilfield services (OFS) companies will likely report higher profits for the second quarter as resurgent demand in international markets and strong offshore drilling helped counter tepid activity in North America. Baker Hughes, Halliburton and SLB are set to post a combined second-quarter adjusted profit of $2.04 billion, according to Refinitiv data, compared with $1.27 billion in the year-ago quarter.

Jul 19 - Australia's Woodside misses Q2 revenue estimate but sticks to guidance
Australian No.1 oil and gas producer Woodside Energy said second-quarter sales tumbled due to weaker commodity prices and maintenance work, missing analyst forecasts, although its shares rose as it stuck to longer-term production guidance. Oil and gas prices have retreated from the levels hit in 2022 following Russia's invasion of Ukraine, with a slower-than-expected economic recovery in key consumer China weighing on fuel demand.

Jul 18 - India's Russian oil binge may slow on lower discounts, payment woes
Indian imports of Russian crude are likely to decline on narrowing discounts and payment problems, forcing refiners to boost supplies from other sources, a senior government official told reporters on Monday. Russia has emerged as the biggest oil supplier to India after Western nations shunned purchases from Moscow over its invasion of Ukraine in February last year. Indian refiners have been gorging on Russian oil on the basis of deep discounts to benchmark Brent prices.

July 17 - China to boost Brazil oil imports in Q3, replacing some Saudi supply - sources

- Chinese oil refineries, led by heavyweight Sinopec, are set to boost Brazilian crude imports in the third quarter to replace some of the Saudi Arabian supply it cut after the kingdom hiked prices, industry sources said.

- China, the world's top crude importer, has booked nearly 1 million barrels per day of Brazilian crude for August and September delivery, several traders said, of which 20 million barrels were purchased by Unipec, an arm of Sinopec, the top Asian refiner.

- The volumes are significantly higher than the average in the first five months of the year, when China imported 3.02 million metric tons of Brazilian crude, or 729,125 barrels per day, Chinese customs data showed. Sinopec did not immediately respond to a request for comment.

Jul 17 - China's daily oil throughput rises in June as refineries resume after overhauls
China's daily oil refinery throughput in June rose 1.6% from a month ago, official data showed on Monday, as refiners resumed operations after completing spring maintenance and ramped up production to meet summer travel demand. Total refinery throughput in the world's second-largest oil consumer was 60.95 million metric tons last month, equivalent to 14.83 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed.

Jul 17 - Russia sets plans for oil export cuts in August
Russian oil exports from western ports are set to fall by some 100,000-200,000 barrels per day next month from July levels, a sign Moscow is making good on its pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday, citing export plans. OPEC and major producers including Russia, together known as OPEC+, have been cutting supply since November to support prices. Moscow this month pledged to cut exports by 500,000 bpd in August, while Saudi Arabia extended its 1 million bpd output cuts.

Jul 14 - Oil markets set to tighten, economic headwinds to hit growth – IEA
Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than half that of this year.

Jul 14 - Russian Urals oil price jumps above 'price cap'
Russian Urals oil jumped $2-$3 above the $60 per barrel Western price cap on Thursday, boosted by strengthening in international benchmark Brent and additional export cuts announced by Russia in August, Reuters calculations based on traders' data showed. Calculated prices for Urals oil cargoes loading from Baltic ports and Black Sea Novorossiisk were at $62.22 per barrel on Thursday and $63.22 per barrel, respectively, according to the data and calculations.

Jun 13 - China's June crude imports soar 45.3% y/y as inventories build
China's crude oil imports in June jumped 45.3% on the year to the second-highest monthly figure on record, customs data showed on Thursday, with refiners building up inventories despite tepid domestic demand. Crude imports in June totalled 52.06 million metric tons, or 12.67 million barrels per day (bpd), the data from the General Administration of Customs showed.

Jun 13 - Saudi Arabia imports record Russian fuel oil in June as trade grows
Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to traders, analysts and Kpler data. For Russia, its growing oil trade with the world's biggest exporter enables it to keep output flowing to global buyers despite Western sanctions that have shut its access to key markets including Europe.

Jul 12 - Saudi output cuts help drive up one corner of global oil market
Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and expanded production cuts of higher-sulfur oil in the first sign its efforts to prop up global prices is having an impact. The de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) this month deepened its production cuts to 1 million barrels per day in response to benchmark prices that fell to below $72 a barrel this summer.

Jul 12 - Venezuelan petcoke contract dispute fuels tanker queues, hunt for options
The sudden suspension of a Venezuelan contract that had boosted its exports of petroleum coke has led to a bottleneck of tankers waiting to load and sent customers scrambling for alternative supplies, according to sources and data. A 2017 contract between Venezuelan state oil company PDVSA and Geneva-based Maroil Trading helped the country's exports of the oil byproduct to grow seven fold between 2021 and 2022. But the deal was suspended last month amid a dispute over accounts receivable and the extension of the contract.

Jul 11 - Oil market to tighten with China demand and OPEC+ cuts, says IEA
Oil demand from China and developing countries, combined with OPEC+ supply cuts, is likely to keep the market tight in the second half of the year despite a sluggish global economy, the head of the International Energy Agency (IEA) said on Monday. "Even in sluggish economic growth, China and other developing countries' demand is strong," IEA chief Fatih Birol told Reuters.

Jul 11 - Iraq, TotalEnergies sign massive oil, gas, renewables deal
Iraq and French oil major TotalEnergies on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects. Initially signed in 2021, the deal has faced delays amid disputes between Iraqi politicians over the terms, but was finally closed in April when Iraq agreed to take a smaller than initially demanded stake in the project of 30%.

Jul 10 - Asia oil markets eye Kuwait Al Zour's exports as final CDU starts up
Oil markets in Asia are bracing for further growth in exports from Kuwait's newest Al Zour refinery as the complex started up its third and final crude distillation unit (CDU) this week, with trade sources saying the full impact was likely to be felt later in the third quarter as it ramps up operation. The refinery, which first started commercial operations in November 2022, is one of several major facilities globally bringing capacity online this year, with higher production and exports of oil products expected to weigh on refining margins.

Jul 10 - Russia's August oil export cut won't require output drop
Russia's latest pledge to reduce oil exports will not require a similar cut in production, a government source told Reuters on Friday, because more fuel will be needed to meet domestic demand. Deputy Prime Minister Alexander Novak announced that Russia would cut oil exports by 500,000 barrels per day in August amid weak global oil prices. But Russian oil companies have not been ordered to make additional output cuts, three sources at the companies said.

Jul 07 - OPEC upbeat over 2024 oil demand outlook despite slowdown
OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC said. OPEC's forecast for 2024 will likely be lower than the growth it expects for this year of 2.35 million barrels per day, or 2.4%, an abnormally high rate as the world moves out of the coronavirus pandemic.

Jul 07 - Saudi Arabia hikes most August oil prices to Asia after supply cuts
Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement.

Jul 06 - Saudi Arabia says new oil cuts show teamwork with Russia is strong
Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do "whatever necessary" to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia which pumps around 40% of the world's crude, has been cutting oil output since November in the face of flagging prices.

Jul 06 - U.S. oil and gas production set to turn down later in 2023: Kemp
U.S. oil and gas production continued to trend higher through April – a delayed response to very high prices in the middle of 2022 after Russia’s invasion of Ukraine. But the fall in prices and drilling rates since late 2022 is set to reduce output in the second half of 2023 and tighten markets for both oil and gas later this year and into 2024.

Jul 05 - India tops Russian Urals oil purchases in June as China retreats
India bought 60% of all Russian Urals oil exports in June with strong demand from all refiners, while shipments to China dropped to just 7% as independent refiners slowed buying, trading sources and Refinitiv Eikon data showed. Urals is Russia's main export grade from its European ports and represents about a half of total Russian oil exports. The country, subject to severe Western sanctions over its actions in Ukraine, also exports oil from its Pacific ports, its Arctic ports and via a direct pipeline to China.

Jul 04 - Saudi Arabia, Russia deepen oil cuts, sending prices higher
Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate increases from the U.S. Federal Reserve. OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has already been cutting supply to boost prices since November last year due to weaker Chinese demand and rising U.S. supply but so far has failed to move them much from a range of $70-$80 a barrel.

Jul 04 - Saudi and Russian crude output cuts feel more bearish than bullish: Russell
The decision by Saudi Arabia and Russia to extend their voluntary output cuts is more likely to be viewed as a bearish signal for prices, as it confirms that optimistic views on demand growth are faltering. Saudi Arabia, the world's biggest crude exporter, said on Monday it will extend its voluntary production cut of 1 million barrels per day (bpd) for July into August, and flagged that the reduction could continue for further months.

Jul 03 - Oil giants drill deep as profits trump climate concerns
Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives. The exploration revival - on the part of European majors in particular - reflects a renewed commitment to oil and gas after Shell and BP went back on pledges to reduce output and invest in renewables as part of the energy transition.

Jul 03 - Asia refiners expect Saudi Arabia to cut August crude prices
Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader OPEC+ deal. Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners' margins.

Jun 30 - Is oil market’s glass half full or half empty?: Kemp
Global petroleum prices appear reasonable given the level of inventories – to the frustration of the producers who would like them to be significantly higher. Commercial inventories of crude oil and refined products in the OECD advanced economies were around 2,842 million barrels at the end of May, according to the U.S. Energy Information Administration (EIA).

Jun 30 - Environmental groups ask Norwegian court to halt three oil developments
Environmental groups said on Thursday they were demanding an immediate halt to the ongoing development of three Norwegian offshore oilfields, seeking a court injunction against the government. Greenpeace and Nature and Youth said they had asked the Oslo District Court to put on hold Equinor's Breidablikk and Aker BP's Yggdrasil and Tyrving fields, arguing the government had failed to assess their climate impact.

Jun 29 - US crude stocks fall more than expected on high exports – EIA
U.S. crude stocks fell more than expected last week, driven by an increase in crude oil exports, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 9.6 million barrels in the last week to 453.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel drop.

Jun 29 - Oil benchmark Brent's price structure shows over-supply concern
Oil traders' concerns have shifted from under-supply to over-supply, the futures contract structure of the global benchmark Brent showed on Wednesday, as expectations of weak economic growth outweigh Saudi Arabia's output cuts. Saudi Arabia has said it will cut its output in July, deepening the impact of a broader deal among members of the Organization of the Petroleum Exporting Countries and its allies including Russia (OPEC+) to limit supply into 2024.

Jun 28 - Brent crude slides to discount against Dubai, first time since Nov 2020 – sources
Brent crude futures slipped to a discount to Dubai quotes on Wednesday for the first time since November 2020, amid worries about looming interest rate hikes dampening growth and fuel demand in the U.S. and Europe, trade sources said. Brent's Exchange Futures for Swaps (EFS) to the Dubai Middle East benchmark futures for August dropped to a discount of 4 to 8 cents a barrel in early Asia trade, the sources said. The price spread was at a premium of 47 cents at Tuesday's market close.

Jun 28 - OPEC+ oil quota reform increases Gulf's dominance
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman earlier this month outlined one of the biggest reforms at OPEC in recent years and presented it as a reward for countries that invest in their oil industry. The change clears the way for giving larger production quotas to OPEC Gulf members such as Saudi Arabia, the United Arab Emirates and Kuwait at the expense of African nations such as Nigeria and Angola.

Jun 27 - Saudi Aramco sees 'sound' oil outlook for H2 on China, India demand
Saudi Aramco believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. But other executives at the Energy Asia conference in Kuala Lumpur were divided, with Malaysia state oil firm Petronas reporting a slowdown in demand for petroleum and petrochemicals in the second quarter and growing refinery capacity putting pressure on the market.

Jun 27 - Oil shippers on Canada's Trans Mountain expansion dispute pipeline tolls
Oil shippers on the Trans Mountain expansion (TMX) project are challenging proposed pipeline tolls filed by Canadian government-owned Trans Mountain Corp with regulators last month, citing concerns about significant costs increases. TMX will nearly triple the flow of crude from Alberta to Canada's Pacific Coast to 890,000 barrels per day, and is due to start up early next year.

Jun 26 - At Asia energy event, officials warn against sacrificing growth for transition
Hydrocarbons will be an important part of Asia's energy mix, Malaysian Prime Minister Anwar Ibrahim and industry executives said on Monday, as affordability and energy security remain key concerns for the region. Achieving net-zero emissions targets should not come "at the expense of economic growth or vice versa", Anwar said at the inaugural Energy Asia conference, hosted by Malaysia's state oil firm Petronas.

Jun 26 - China refiners stoke petchem glut in market share war as demand flags
China is relentlessly adding new petrochemical capacity despite a global glut as the country's refiners diversify from transport fuels, threatening to depress margins worldwide through 2024 as weak economic growth saps demand. In an ominous sign for producers of the chemicals used in plastic packaging, polyester clothing and auto parts, refiners' profit margins on processing naphtha to make ethylene turned negative last week for the first time since October.

Jun 23 - US crude inventories post surprise draw, fuel stocks rise – EIA
U.S. crude stocks posted a surprise draw in the last week, helped by strong export demand and low imports, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday. Crude inventories fell by 3.8 million barrels to 463.3 million barrels in the week to June 16, compared with analysts' expectations in a Reuters poll for a 300,000-barrel rise.

Jun 23 - India's BPCL in talks with Rosneft to buy oil priced on Dubai benchmark
Indian state-run refiner BPCL is in talks with Rosneft to buy about 6 million metric tons (43.8 million barrels) of discounted Russian crude at a price based on the Dubai benchmark, according to three sources with direct knowledge of the matter. The deal would deepen India's commitment to its now-biggest oil supplier in the wake of Western sanctions on Moscow and mark a continued shift by Rosneft to pricing its oil against the Middle Eastern benchmark used in Asia and away from the Europe-dominated Brent.

Jun 22 - U.S. oil refiners again expand fuel capacity after big shrink
U.S. crude oil refining capacity has reversed two years of declines and climbed by more than 100,000 barrels, to 18.1 million barrels per day (bpd), according to a government report released on Wednesday. During the first two years of the COVID-19 pandemic, processing capacity to produce gasoline, diesel and jet fuel fell 5.4% as lockdowns and work-from-home policies crushed motor fuel demand.

Jun 22 - Exxon, Guyana in talks to return unexplored offshore oil areas
Exxon Mobil Corp and Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract.

Jun 20 - China's crude imports from Russia surge to record 2.29 mln bpd in May
China's oil imports from Russia jumped to a record high in May, Chinese government data showed on Tuesday, as private refiners continue to snap up sanctioned ESPO and Urals crude shipments at discounts. Arrivals from Russia totalled 9.71 million metric tons in May, or 2.29 million barrels per day (bpd). Shipments were up 15.3% from 1.50 million bpd in the same month last year, according to data from the General Administration of Customs.

Jun 20 - More talks needed to resume Iraq's northern oil exports
Further talks will be needed in order to resume Iraq's northern oil exports, two officials told Reuters today following a meeting between a Turkish energy technical delegation and Iraqi oil officials in Baghdad on Monday. "We are discussing all technical aspects regarding the restarting of oil exports. A decision to resume flows will not happen today and more meetings are expected," an oil official familiar with the meeting said on condition of anonymity.

Jun 19 - Iraq invites foreign bids for 11 gas blocks in new areas - oil ministryIraq on Sunday invited foreign companies to bid for contracts to explore and develop natural gas reserves in 11 new blocks as the OPEC member seeks to produce much-needed natural gas for power stations and cut imports that weigh on the country's budget. Eight blocks are located in western Anbar province, one in the northern city of Mosul and two others are located along province borders, including one between Anbar region with Mosul and another with Iraq's southern city of Naja, the oil ministry said in a statement on Sunday.

Jun 19 - China's May diesel exports almost four times prior year's level
China's exports of refined fuel products surged year-on-year in May, data showed on Sunday, as weak domestic demand saw refiners shift inventories overseas while crude imports and throughput remained high. Diesel exports were up almost four times at 600,000 metric tons, versus a low base of 120,000 metric tons in the same period last year, while gasoline exports rose 67% to 1.36 million metric tons. 

Jun 19 - Iran's oil exports hit 5-year highs as US holds nuclear talks
Iran's crude exports and oil output have hit new highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source familiar with the matter, adding to global supply when other producers are limiting output. 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.

Jun 16 - US says Kremlin oil tax changes to hit Russia's crude output capacity
The Kremlin's changes to the way it taxes oil sales were forced by Western sanctions on Russia over its war on Ukraine and will hit its oil production capacity over time, U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday. Russian President Vladimir Putin in February signed a law fixing the discount on Russia's dominant Urals blend of crude oil for tax calculations. The move came as Moscow scrambled to cover a widening budget deficit due to Western sanctions, including the $60 price cap on Russia crude exports the G7 and EU imposed last December.

Jun 16 - Kuwait's KPC sees good oil demand from China in H2
Kuwait Petroleum Corporation (KPC) sees continued good demand for oil from China in the second half of the year, its chief executive said on Thursday, speaking to Reuters as part of a podcast series hosted by the Al Attiyah Foundation. "We see that from (...) our customers in China, our largest customer for KPC for crude oil, those customers continue to demand at least similar amounts of crude if not more and it is a harbinger, if you will, of continued good demand," Sheikh Nawaf Saud al-Sabah said.

Jun 15 - China's May refinery runs rise 15.4% yoy to second highest total on record
China's oil refinery throughput in May rose 15.4% from a year earlier, data showed on Thursday, as refiners brought units back online from planned maintenance and independent refiners processed cheap imports. Total refinery throughput in the world's second-largest oil consumer was 62.0 million metric tons last month, data from the National Bureau of Statistics (NBS) showed.

Jun 15 - Economic outlook, energy transition to curb oil demand growth from 2024
The boost to oil demand from the post-pandemic recovery is set to end this year, the International Energy Agency (IEA) said on Wednesday, with a slowing economy and the transition to cleaner fuels sapping growth from 2024. Strong demand from China and India boosted the Paris-based agency's outlook for growth this year by almost 300,000 barrels per day (bpd) to 2.4 million bpd, but that will fall by nearly two-thirds due in large part to more use of electric cars.

Jun 14 - OPEC holds oil demand view steady despite economic growth warning
OPEC left its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, though the producer group warned that the world economy faced rising uncertainty and slower growth in the second half of the year. Global oil demand this year will rise by 2.35 million barrels per day (bpd), or 2.4%, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report. This was virtually unchanged from the 2.33 million bpd forecast last month.

Jun 14 - China increases oil import quotas 20% on year ago
China has issued a third batch of 2023 crude oil import quotas, raising the total volume in the first half of this year to 194.1 million tonnes, up 20% from the same period last year, according to six people and documents on Wednesday. Thirty-three companies, mostly independent refiners, are receiving 62.28 million tonnes of allotments in this round, the six sources with knowledge of the matter said and documents reviewed by Reuters showed.

Jun 13 - US oil output to rise to record high in July but growth narrowing -EIA
U.S. oil output from top shale-producing regions is due to rise to the highest on record in July, but the size of the increase is expected to be the smallest since December, U.S. Energy Information Administration data showed on Monday. U.S. oil output is expected to rise to 9.38 million barrels per day (bpd) in July, EIA data showed. Output is due to rise by about 0.1% versus the previous month, which would be the smallest monthly gain since production was seen falling in December, the data showed.

Jun 13 - Pakistan paid in Chinese currency for discounted Russian oil
Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese currency, the South Asian country's petroleum minister said on Monday, a significant shift in its U.S. dollar-dominated export payments policy. Discounted crude offers a respite as Pakistan faces an economic crisis with an acute balance of payments problem, risking a default on its external debt. The foreign exchange reserves held by the central bank are scarcely enough to cover a month of controlled imports.

Jun 12 - US buys over 3 mln bbls for oil stockpile, announces plan for 3 mln more
The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel. The DOE had announced the purchase plan in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year.

Jun 12 - Saudi Aramco to supply full oil volumes to some Asian refiners in July
Saudi Aramco has told at least five customers in North Asia they will receive full nominated volumes of crude oil in July, several sources with knowledge of the matter said on Monday, after it pledged to cut production next month. Saudi Arabia, the world's top oil exporter, vowed to reduce its production to 9 million barrels per day (bpd) in July from around 10 million bpd currently.

Jun 09 - Oil market yawned over Saudi cut as economic concerns cap prices
Concern about the global economy dampened the oil market's reaction to Saudi Arabia's pledge to cut supplies and has capped prices this year, a Chevron executive told Reuters on Thursday. Benchmark Brent crude prices were just below $76 a barrel on Thursday, little changed from where they were before Saudi Arabia announced on Sunday it would cut 1 million barrels per day from supply in July and possibly beyond.

Jun 09 - Oil supply growth still limited as demand rises, US shale executive says
Global demand for crude oil is continuing to rise but supply growth remains limited, which will lead to higher prices later this year, said an executive at Pioneer Natural Resources, the third-largest producer in the top U.S. shale basin. The U.S. oil industry's output has been capped by higher labor and materials costs that have squeezed profit margins and investor demands to limit spending, Pioneer Executive Vice President Beth McDonald said on Thursday in an interview at the RBN Energy crude export conference in Houston

Jun 08 - US crude inventories notch surprise drawdown on refinery runs - EIA
U.S. crude oil stockpiles fell unexpectedly last week as refiners cranked out fuel to the highest level since 2019 during the Memorial Day holiday, the Energy Information Administration (EIA) said on Wednesday. Refinery crude runs rose by 482,000 barrels per day (bpd), while refinery utilization rates increased by 2.7 percentage points in the week to its highest level since August 2019.

Jun 08 - Russian oil supplies to EU via southern Druzhba to rise 16% in June
Russia's piped supply of Urals crude to the European Union (EU) via the southern Druzhba pipeline in June is set to increase by 16% compared to May as EU refiners seek to secure more oil amid fears of disruptions in transit via Ukraine, two sources said. Russian pipeline oil supplies to Europe are excluded from an EU embargo, but the route crosses Ukraine and has been under constant risk of disruptions since Russia sent thousands of troops into Ukraine last year in what Moscow calls a "special military operation".

Jun 07 - US 2023 oil output to rise more than previously expected, EIA says
U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations, the U.S. Energy Information Administration (EIA) said on Tuesday. EIA issued the new outlook after the Organization of the Petroleum Exporting Countries (OPEC) and allies extended output cuts through 2024.

Jun 07 - China's May crude oil imports climb to third-highest monthly level on record
China's crude oil imports rose in May, customs data showed on Wednesday, as refiners built inventories and stepped up operations after maintenance in April. Crude imports in May totalled 51.44 million tonnes, or 12.11 million barrels per day (bpd), according to data from the General Administration of Customs.

Jun 06 - US crude oil exports to gain tail winds from Saudi July output cut
U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also further deplete U.S. crude inventories, which have been hovering near historic lows. Saudi Arabia, de facto leader of oil producer group OPEC, said on Sunday it would drop its production by about 10%, or 1 million barrels per day (bpd), to 9 million bpd in July.

Jun 06 - Saudi Arabia raises July flagship crude price for Asia to 6-month high
Saudi Arabia, the world's top oil exporter, raised the prices of its flagship crude Arab Light to Asian buyers in July to a six-month high, following its pledge on Sunday to make a deep cut to its production next month. The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 cents a barrel from June to $3.00 a barrel over Oman/Dubai quotes, according to a statement issued by state oil giant Saudi Aramco.

Jun 05 - Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024
Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years.

Jun 05 - Brent may rise toward $100/bbl as Saudi output cut could worsen supply gap
A global shortfall in crude oil supply is set to deepen in the third quarter as the world's top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said. Oil prices jumped more than $1 a barrel on Monday as the Saudi energy ministry said on Sunday its output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the kingdom's biggest reduction in years.

Jun 02 - OPEC+ unlikely to deepen oil supply cuts at June 4 meeting
OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude and supplies around 60% of the oil export market, meaning its policy decisions can have a major price impact.

Jun 02 - US crude inventories post surprise rise, fuel stocks mixed – EIA
U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped, while distillate inventories gained and gasoline drew down, the Energy Information Administration said on Thursday. Crude inventories rose by 4.5 million barrels in the week to May 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.

Jun 01 - US crude March output hits 3-yr high as Texas production grows -EIA
U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the COVID-19 pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday. The higher crude output came as production in Texas rose 1.8% to 5.398 million bpd, also its highest since March 2020, the EIA data showed.

Jun 01 - Exxon, Chevron shareholders soundly reject climate-related petitions
Exxon Mobil Corp and Chevron Corp shareholders on Wednesday overwhelmingly rejected calls for stronger measures to mitigate climate change, dismissing more than a dozen climate-related proposals at their annual meetings. The results supported the two largest U.S. oil producers in resisting pressure from investor groups calling for the pair to follow European rivals in accepting tougher emissions reductions goals.

May 31 - Top shipper of Russian oil secures Indian cover as Western certifiers exit
An Indian agency has stepped in to provide safety certification for most of Gatik Ship Management's fleet, a major carrier of Russian oil to India, after Lloyd's Register and the American Bureau of Shipping (ABS) withdrew classification for many of its vessels, records show. Mumbai-based Gatik, which has emerged this year as a significant player in Russian oil transport, also recently reflagged at least four of its vessels to Mongolia, according to data from maritime platform Lloyd's List Intelligence.

May 31 - Funds temper bearishness on oil: Kemp
Portfolio investors became slightly less bearish last week as the next policy-setting meeting of OPEC⁺ ministers neared and inventories of refined fuels remained well below the long-term seasonal average. Hedge funds and other money managers purchased the equivalent of 43 million barrels in the six most important petroleum futures and options contracts over the seven days ending on May 23.

May 30 - China's fuel oil imports soar as inspections curb bitumen blend intake
China's independent oil refiners are ramping up fuel oil imports to process into gasoline and diesel amid robust refining margins as ongoing cargo inspections at refining hub Shandong have cut off supplies of lower-priced feedstock bitumen blend. The independent refiners, known as teapots, are mainly based in China's Shandong province, where the government has increased inspections to identify instances where crude oil is mislabelled as bitumen blend, a mix of Venezuelan heavy oil and residue fuel used to produce road-paving asphalt.

May 30 - Saudi diesel imports from Russia, exports to Singapore hit records
Leading crude exporter Saudi Arabia is maximising refining profits by importing unprecedented amounts of cheap Russian diesel and in turn shipping record volumes to Singapore, where the fuel can achieve higher margins, shiptracking data shows.
Russia has had to divert the volumes it sold to Europe, previously its dominant product market, after the European Union banned oil product imports in February as part of its response to Moscow's invasion of Ukraine.

May 29 - Russia leaning towards leaving oil output unchanged ahead of OPEC+ meeting - sources
Russia is leaning towards leaving oil production volumes unchanged ahead of an OPEC+ policy meeting on June 4 because Moscow is content with current prices and output, three sources with knowledge of current Russian thinking told Reuters. OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, surprised the market on April 2 with further output cuts that pushed up the price of oil.

May 29 - ConocoPhillips to buy rest of Canada's Surmont oil site, bumping Suncor
ConocoPhillips said on Friday it was buying the 50% stake in the Surmont oil facility held by TotalEnergies' Canadian subsidiary for about $3 billion, giving it full ownership and elbowing away rival Suncor Energy.Canada's Alberta oil sands hold some of the world's largest crude reserves, which appeal to cash-flush producers looking to bolster production.

May 26 - Canadian oil sands output expected to reach 3.7 mln bpd by 2030 - S&P Global
Canadian oil sands production is expected to reach 3.7 million barrels per day by 2030, S&P Global said on Thursday, raising the analytics firm's 2030 production outlook for the country for the first time in half a decade. S&P Global raised its output estimate for 2030 by 140,000 barrels per day from last year's outlook.

May 26 - Lloyd's Register drops ships of top Indian carrier of Russian oil
Lloyd's Register has told India's Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters. It is the latest setback for Gatik, which was also been forced to find new flags for 36 of its ships after they were deflagged by the St. Kitts & Nevis International Ship Registry.

May 25 - US crude stockpiles post massive surprise drawdown - EIA
U.S. crude oil and distillate inventories fell unexpectedly last week as imports declined, while gasoline stockpiles dropped more than forecast, the Energy Information Administration said on Wednesday. Crude inventories fell by 12.5 million barrels in the week to May 19 to 455.2 million barrels ahead of the driving-intensive Memorial Day weekend holiday, compared with analysts' expectations in a Reuters poll for an 800,000-barrel rise.

May 25 - U.S. WTI Midland cargoes prep to be delivered vs dated Brent - report
About 350,000 barrels per day of U.S. crude is lining up to be delivered versus the international Brent benchmark, consultancy Facts Global Energy estimated, as WTI Midland becomes the first non-North Sea grade to be included in the world's most important oil benchmark.  WTI Midland will join the S&P Global Platts dated Brent price assessment beginning next month, boosting European demand for the Texas crude. The oil will be delivered in Rotterdam and priced to appear as a North Sea grade.

May 24 - Saudi warns speculators of more pain as OPEC+ meeting looms
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Tuesday he would inflict more pain on short sellers and told them to watch out just days before a planned OPEC+ meeting to decide on future oil policy. "Speculators, like in any market they are there to stay, I keep advising them that they will be ouching, they did ouch in April, I don't have to show my cards I'm not a poker player... but I would just tell them watch out," he told the Qatar Economic Forum organised by Bloomberg.

May 24 - Equinor raises Sverdrup oilfield output to 755,000 bpd
Equinor has performed a capacity test at its Johan Sverdrup oilfield, Europe's largest, showing it can produce up to 755,000 barrels of oil per day (bpd), the Norwegian energy company said on Tuesday. "This equals 6-7% of daily European oil consumption," Equinor said in a statement, adding that it aims to keep output near that level.

May 23 - Asia to drive oil demand growth in second half, says Vitol
Asia will lead oil demand growth of around 2 million barrels per day (bpd) in the second half of the year, a senior executive at Vitol said on Monday, an increase that could potentially lead to a shortage of supply and drive up prices. International benchmark Brent crude has fallen to around $75 a barrel from a peak of nearly $140 in March last year, just after the disruption caused by oil producer Russia's invasion of Ukraine.

May 23 - Chevron to boost U.S. presence with $7.6 billion PDC Energy buy
Chevron Corp said on Monday it is increasing its U.S. oil and gas footprint by acquiring shale producer PDC Energy Inc in a stock-and-debt transaction worth $7.6 billion. For Chevron, the second-largest U.S. oil firm, the deal will increase its production, capital expenditures and cash flow in the United States amid global geopolitical tensions over energy supply following Russia's invasion of Ukraine last year.

May 22 - China's April fuel oil imports rise further to decade-high
China's April fuel oil imports surged further from the prior month, almost hitting a decade-high, while exports of low-sulphur marine fuels plunged from March, General Administration of Customs data showed on Saturday. Total fuel oil imports last month jumped almost three times from a year earlier to 2.67 million tonnes, a level not seen since May 2013.

May 22 - Oil supply won't be affected by stricter price cap enforcement - IEA
The International Energy Agency (IEA) does not expect moves by the Group of Seven nations to counter the evasion of price caps on Russian energy will change the supply situation for crude oil and oil products, the IEA's Executive Director Fatih Birol said. The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine.

May 19 - Russian Urals prices strengthen in China, driven by global sour shortage
Prices for Russian Urals have reached the highest levels since a Western price cap took effect as Chinese refiners sought relatively cheap feedstock and the restrictions on Russian oil drove a global shortage of sour crude, four traders said. Urals cargoes for delivery to Chinese ports late in June and in July were estimated at minus $7.5-8 per barrel to ICE Brent, traders said, some $2 per barrel firmer than the previous month's estimates and the highest level seen since December 2022, Reuters data showed.

May 19 - Saudi Arabia crude exports edge higher in March
Saudi Arabia's crude oil exports rose marginally in March from the previous month, data from the Joint Organisations Data Initiative (JODI) showed on Thursday. Crude exports from world's largest oil exporter edged up about 1% to 7.52 million barrels per day (bpd) in March from 7.46 million bpd in February.

May 18 - US crude stockpiles soar amid SPR release; gasoline draws down on strong demand - EIA
U.S. commercial crude oil stockpiles jumped unexpectedly last week due to another release from the Strategic Petroleum Reserve, while gasoline inventories dropped as demand surged to its highest since 2021, the Energy Information Administration said on Wednesday. Crude inventories rose by 5 million barrels in the week to May 12 to 467.6 million barrels, compared with analysts' expectations in a Reuters poll for a 900,000-barrel drop.

May 18 - US sharply raises shale oil drilling count but not output forecast
U.S. oil producers were much more active last year in the prolific Permian Basin than the Energy Information Administration previously thought, the agency said on Wednesday, though its production forecasts for the region remain unchanged. The EIA revised the number of drilled but uncompleted (DUC) wells in the top U.S. shale basin, adding several years' worth of unreported DUCs recently submitted to FracFocus, a data provider.

May 17 - U.S. refiners build new oil processing as travel rises
U.S. oil refiners aim to run at up to 94% of a total 17.9 million barrels per day processing capacity this quarter, according to company forecasts and analysts, driven in part by expectations of seasonal travel demand. Strong prices and demand since late 2021 have encouraged refiners to run above 90% of their processing capacity and in a sign that they expect fuel demand to remain high, two refiners have added units or enhanced their output, reviving a once routine practice that disappeared amid COVID-19 closures.

May 17 - IEA says oil price downturn ignores looming supply crunch
Weeks of declining oil prices due to concerns over a possible recession clash with the outlook for scarce supply and robust demand later in the year, the International Energy Agency said on Tuesday. "Prices were pressured lower by muted industrial activity and higher interest rates, which, combined have led to recessionary scenarios gaining traction," the Paris-based agency said in its monthly oil report.

May 16 - U.S. shale production set to rise to highest on record in June - EIA
U.S. oil output from the seven biggest shale basins is due to rise in June to the highest on record, data from the Energy Information Administration showed on Monday. Oil output is set to rise by 41,000 barrels per day (bpd) to 9.33 million bpd, the EIA said.

May 16 - China's April oil refinery throughput rises 18.9% from a year ago
China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed, as refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season. Total refinery throughput in the world's second-largest oil consumer reached 61.1 million tonnes, data from the National Bureau of Statistics (NBS) showed, equivalent to 14.87 million barrels per day (bpd).

May 15 - Iraq does not expect OPEC+ to make further cuts at June meeting
Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide. "At the next meeting, which will be held on the 3rd and 4th (of June), there will be no additional reduction, and as for Iraq, we cannot reduce further," Abdel-Ghani said in an interview, his first to foreign media since taking office last year.

May 15 - Tight market for sour crude oil to squeeze U.S. Gulf Coast refiners
Sour crude oil supplies for U.S. Gulf Coast oil refiners will be squeezed in coming weeks, market participants said, as global demand rises following this month's OPEC+ production cut. The oil producing group's 1.16 million barrel per day cut will reduce stocks of sour crudes as U.S. oil refiners ramp up purchases for summer driving season.

May 12 - OPEC holds global oil demand view steady, cites US debt ceiling risks
OPEC's global oil demand forecast for 2023 was held steady for a third month on Thursday, with the producer group citing the potential Chinese growth to be offset by downside economic risks elsewhere such as the U.S. debt ceiling. World oil demand in 2023 will rise by 2.33 million barrels per day (bpd), or 2.3%, the Organization of the Petroleum Exporting Countries said in a monthly report. This was virtually unchanged from 2.32 million bpd forecast last month.

May 12 - US could start buying oil for reserve after June sale, energy secretary says
U.S. Energy Secretary Jennifer Granholm told lawmakers on Thursday her department could start repurchasing oil for the Strategic Petroleum Reserve after completing a congressionally mandated sale next month. "That congressionally mandated sale of 26 million barrels will be completed by June, and it's at that point where we will flip the switch and then seek to purchase," Granholm told lawmakers in a hearing in the U.S. House of Representatives.

May 11 - White House backs faster energy project permits, joining Republicans
The White House on Wednesday called on Congress to pass permitting legislation that would help speed up clean energy and fossil fuel projects as the bipartisan effort gets pulled into a standoff on the debt ceiling. The renewed push on permitting reform comes the day after President Joe Biden met with top Republican and Democratic lawmakers for the first time in three months to avoid a historic default on U.S. debt that the Treasury Department has warned could come in weeks.

May 11 - Chevron aims to boost Venezuela oil output to accelerate debt recovery
Chevron Corp's renewed oil operations in Venezuela begin a new phase next month that will boost production with the goal of accelerating a plan to recover all of the $3 billion of debt owed by the OPEC member by the end of 2025, four people close to the matter said. Washington in November issued a six-month, automatically renewing license to the U.S. oil company to revive largely dormant operations in Venezuela and resume crude exports to the U.S. under an exemption to sanctions on the South American country.

May 10 - Trump abuse ( Bloomberg )
- Former President Donald Trump has been found liable for sexual abuse and forcible touching of author E. Jean Carroll, who accused him of attacking her in the dressing room of a Fifth Avenue department store in the 1990s and then harming her reputation by saying she’d fabricated the story when she went public with her account in 2019.
- Trump has been mandated to pay her $5 million in damages, $3 million of which for defamation. The trial brings fresh attention on Trump’s fraught history with women as he embarks on another run for the White House.

May 10 - Oilfield firm SLB retrenches as Russia sanctions squeeze
SLB has made several operational and structural changes to keep its Russian business in compliance with Western sanctions on oil equipment and technology transfers, as it aims to ride out efforts to curb Russia's use of energy to finance its war efforts. SLB, the world's largest oil services and equipment provider, last year rejected calls from human rights groups to withdraw from Russia as Western rivals exited quickly after the invasion of Ukraine.

May 10 - Investors dumped oil, curtailing OPEC⁺ driven rally: Kemp
Portfolio investors have dumped petroleum futures and options, reversing the buying frenzy inspired by the production cuts announced by Saudi Arabia and its OPEC⁺ allies at the start of April. Hedge funds and other money managers sold the equivalent of 145 million barrels in the six most important futures and options contracts over the seven days ending on May 2.

May 09 - China's April crude oil imports drop to lowest since January
China's crude oil imports fell in April to the lowest level since January, customs data showed, as high inventories, refinery maintenance and a weaker domestic economic rebound weighed on demand. Crude imports in April totalled 42.41 million tonnes, or 10.3 million barrels per day, according to data from the General Administration of Customs.

May 09 - Wildfires in Canada's main oil province Alberta force producer shutdowns
Cooler weather across Alberta on Monday helped firefighters battling widespread wildfires in Canada's main oil-producing province, but the government said it could be months before all the blazes are brought under control. Alberta declared a state of emergency on Saturday in response to wildfires that have displaced nearly 30,000 people and prompted energy producers to shut in at least 280,000 barrels of oil equivalent per day, more than 3% of Canada's output.

May 08 - China's Shenghong Petrochemical granted crude oil import license
China's privately controlled refiner Shenghong Petrochemical has been granted a crude oil import license, according to the local government of east China's Lianyungang city, where the company is based. With a crude oil import license, Shenghong Petrochemical will now be able to import directly for its 320,000 barrels per day refinery, one of China's newly launched refineries, instead of having to buy crude via a licensed trader.

May 08 - Warren Buffett says Berkshire not planning to buy Occidental Petroleum
Warren Buffett said on Saturday that Berkshire Hathaway Inc is not planning to acquire Occidental Petroleum Corp but remains happy with its large investment in the oil company. Speaking at Berkshire's annual shareholder meeting, Buffett rejected speculation that Berkshire would buy Occidental after having accumulated a 23.6% stake.

May 05 - Venezuela's oil tankers at risk of sinking, fires, spills, report finds
More than half of the 22 oil tankers in Venezuela's fleet are so run down that they should be immediately repaired or taken out of service, according to an internal report from state-run oil company PDVSA that was shared exclusively with Reuters. The report by PDVSA's maritime branch, entitled "Critical deficiencies and risks of PDV Marina's tanker fleet," said years of deferred maintenance had left the entire fleet with "low levels of reliability," at risk of spills, sinking, fires, collisions or flooding. 

May 05 - Saudi Arabia cut June crude prices for Asia
Saudi Arabia, the world's top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months, following a plunge in refining margins. The official selling price for June-loading Arab Light to Asia was reduced by 25 cents a barrel from May to $2.55 a barrel over Oman/Dubai quotes, according to a statement issued by state oil giant Saudi Aramco.

May 04 - Oil Steadies After Chaotic Opening Selloff Gives Way to Rebound (Bloomberg)

- WTI sinks as much as 7.2% in initial trade before erasing loss
- Expected pause in US interest rate rises eases economy concern

- Oil futures steadied after enduring a roller-coaster ride at the start of trading in Asia, collapsing to the lowest level since December 2021 in a chaotic opening spell before erasing losses. West Texas Intermediate futures initially tanked by as much as 7.2% at the start the session as Chinese traders returned after a break and investors confronted concerns that a looming US recession would hurt demand. The steep drop was pared, then overturned by mid-morning in Asia.

- Crude has slumped about 14% this year, showing that a plan by the Organization of Petroleum Exporting Countries and its allies to regain control of the market by cutting output from this month isn’t yet working. The losses have been driven by concerns that global growth is slowing, potentially hurting energy demand.

- Inflation and rising interest rate are threatening growth prospects and spending power. The Federal Reserve on Wednesday indicated it may have boosted borrowing costs for the last time as it tries to tame prices while allowing for modest growth. The European Central Bank is poised to slow the pace of rate hikes when it sets policy on Thursday.
“Oil prices recovered after the Fed signaled a pause in rate hikes, removing some of the headwinds for growth,” said Carsten Fritsch, a commodities analyst at Commerzbank AG in Frankfurt. “Prices have dropped this week on recession fears caused by weaker economic data out of China and the US and the risk of further monetary policy tightening. The Fed comments have at least eased the latter concern.”

May 04 - Shell posts Q1 profit of $9.65 bln, lifted by fuel trading
Shell posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading offset cooling oil and gas prices. Shell kept its dividend unchanged at $0.2875 per share and also kept the rate of its share repurchase programme stable at $4 billion over the next three months. 

May 04 - Iraq's oil minister expects northern exports to resume within two weeks
Iraq expects to reach an agreement with the Kurdistan Regional Government to restart oil export flows from the country's semi-autonomous Kurdistan region within two weeks, Oil Minister Hayan Abdel-Ghani said at a conference in Baghdad on Wednesday. Turkey halted Iraq's 450,000 barrels per day of northern exports through the Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce.

May 03 - Oil Plunge Deepens as Concerns Over Economy Drive Selloff (Bloomberg)

- Brent tumbles under $75 and WTI dips below $70 a barrel
- Data point to possible US recession as traders eye Fed meeting

Oil plunged for a second day, dropping below $70 a barrel in New York as the prospect of a US recession threatened to curb fuel demand.  Just days after OPEC+ began cutting production in an effort to stabilize crude markets, there was little indication that the group was having any success, and also questions about whether Russia was really joining the curbs. Oil futures fell to the lowest since March amid renewed anxiety over the financial stability of regional US lenders as well as signs of a cooling labor market.
“The oil price drop is reminiscent of the decline in mid-March when banking turmoil first started,” said Jens Pedersen, director of oil and commodities research at Danske Bank A/S. The slump “suggests the market has gotten concerned about the outlook for demand.”
Oil Drops Again on Slowdown Concerns | Renewed concern about US economy weighed on futures
 
- Crude has had a rough ride in 2023 despite China’s reemergence from its restrictive Covid Zero policy and sizable reductions in supply by the Organization of Petroleum Exporting Countries and its allies. Those surprise cutbacks, announced just a month ago, were supposed to seize back control of the market from bearish speculators. Instead, a brief rally in April has fizzled.
“With short sellers back in control, prices may once again overshoot to the downside,” said Ole Sloth Hansen, head of commodities strategy at Saxo Bank A/S. “The Fed is expected to hike once again later today, and it continues to weigh on the demand outlook.”

- The US Federal Reserve is predicted to deliver a 25 basis-point interest-rate increase on Wednesday and signal a pause in its aggressive campaign of hikes. Despite the rescue of First Republic Bank, the US regional banking crisis is far from resolved, former Federal Reserve Bank of Dallas President Robert Kaplan said in a Bloomberg Television interview.

Prices:
- Brent for July settlement fell 2.7% to $73.26 a barrel at 11:46 a.m. in London after closing at the lowest level since March 24 on Tuesday.
- WTI for June delivery was 3.1% lower at $69.48 a barrel.

- In the US, data from the industry-funded American Petroleum Institute offered a mixed picture about the current state of supply and demand. Nationwide crude inventories contracted by almost 4 million barrels last week and distillate inventories also dropped, but there was a buildup of crude at the key Cushing, Oklahoma hub, according to people familiar with the figures. The official government data comes later on Wednesday.

- In Russia, meanwhile, there was no sign of a sustained drop in crude flows out of the country, despite its pledge to cut production by 500,000 barrels a day. Exports jumped back above 4 million barrels a day in the week to April 28, a level surpassed only once since Moscow’s troops invaded Ukraine in February 2022, according to tanker-tracking data compiled by Bloomberg.

May 03 - BP's profit hits $5 billion but shares slip on slowing buybacks
BP made a $5 billion profit in the first quarter of 2023, a rise on the previous three months on the back of stellar oil and gas trading, but its shares fell sharply as it slowed a share buyback programme. The forecast-beating results from BP follow a strong showing by rivals including Exxon Mobil and Chevron last week as oil majors continue to benefit from energy prices that remain elevated despite some softening since the start of the year. 

May 03 - OPEC oil output falls on Iraq, Nigeria outages, Reuters survey finds
OPEC oil output fell in April due to a halt in some of Iraq's exports and delays to Nigerian shipments, a Reuters survey found on Tuesday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 28.62 million barrels per day last month, the survey found, down 190,000 bpd from March.

May 02 - U.S. April oil exports top forecasts on Chinese demand
U.S. crude oil exports rose more-than-expected last month, building on a record 4.5 million barrels per day in March, as Chinese refiners snapped up cargoes to meet rising fuel demand, according to ship tracking data and analysts. U.S. crude exports rose by 22% last year from 2021 after Russia's invasion of Ukraine led the European Union, Britain, Canada and the U.S to ban imports of Russian oil and changed global flows.  

May 02 - As oil output peaks, US Gulf of Mexico makes room for carbon capture
After nearly a century, oil output in the U.S. Gulf of Mexico is heading towards its peak with new platforms providing a last hurrah as the region becomes a hot spot for burying greenhouse gases. Some companies, including Exxon Mobil Corp, have been dumping assets in the Gulf, the nation's primary offshore source of oil, and are instead targeting capturing and storing carbon dioxide and other greenhouse gases underground.

Apr 28 - Russia says OPEC+ sees no need for further oil output cuts
Russian Deputy Prime Alexander Novak said on Thursday the OPEC+ group of leading oil producers saw no need for further output cuts despite lower-than-expected Chinese demand, but that the organisation can always adjust policy if necessary. He said Russia reached its targeted output this month after announcing cuts of 500,000 barrels per day, or 5% of its oil production, until the year-end. 

Apr 28 - Iran seizes oil tanker in Gulf, U.S. Navy says
Iran seized a Marshall Islands-flagged oil tanker in the Gulf of Oman in international waters on Thursday, the U.S. Navy said, the latest in a series of seizures or attacks on commercial vessels in sensitive Gulf waters since 2019. Iran's army said it had seized a Marshall Islands-flagged oil tanker in the Gulf of Oman after it collided with an Iranian boat, injuring several crewmen, Iranian state media reported.

Apr 27 - Russian refineries increase output as fuel exports rise
Russia's refiners, keen to take advantage of good margins, have increased output and companies have exported more refined products despite an EU embargo and oil price cap, data cited by two industry sources showed, and two traders said. What Moscow calls its "special military operation" in Ukraine has led to an EU embargo on Russian oil products and a G7 oil price cap, both of which both took effect on Feb. 5. 

Apr 27 - US oil stocks draw across the board as gasoline demand rebounds - EIA
U.S. crude oil and gasoline inventories fell more than expected last week, as demand for the motor fuel picked up ahead of the peak summer driving season, Energy Information Administration data showed on Wednesday. Crude inventories fell by 5.1 million barrels in the week to April 21 to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop.

Apr 26 - U.S. crude to dominate Brent oil benchmark under index change
Texas crude is set to assume a key role in the world's most important benchmark - Brent - as oil-index publisher S&P Global Platts adds U.S. WTI Midland crude to its dated Brent oil price assessment for June deliveries. Dated Brent is a part of the wider Brent complex including physical cargoes, swaps and the Intercontinental Exchange (ICE) futures contract. Brent is used to price over three-quarters of the world's traded oil. 

Apr 26 - Global refinery margins lose steam as Russian oil finds new outlets
Global diesel margins have slumped by about half since February, dragging on refiners' profits, as Russian exports continue despite sanctions, helping output from China and India reach all-time highs in March. Western sanctions and price caps on Russian crude and oil products introduced in December and February had been expected to tighten oil supplies globally.

Apr 25 - Russia on track for 2023 oil output of 9.6 mbpd in line with cuts - source
Russia's oil output this year is on course to top 480 million tonnes, or about 9.6 million barrels per day (bpd), a Russian government source familiar with the data told Reuters. The figure, which excludes gas condensate, is in line with Russia's pledge to cut production by 500,000 bpd to 9.5 million bpd from March until year-end, according to Reuters calculations and the source.

Apr 25 - China ramps up buying of Russia's Urals oil loading in April to 11-month high
China's increased purchases of April-loading Urals oil and imports of the grade loading from Russia's Baltic and Black Sea ports this month may hit an 11-months high supporting its prices, traders said and Refinitiv Eikon data showed. China has purchased some 265,000 barrels per day (bpd) of Urals oil loading from Primorsk, Ust-Luga and Novorossiisk in April so far, up from 195,000 bpd of the grade loading in March, the data showed.

Apr 24 - Russian oil slashes OPEC's share of Indian market to 22-year low
OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year. Members of the Organization of the Petroleum Exporting Countries, mainly from the Middle East and Africa, saw their share of India's oil market slide to 59% in the fiscal year to March 2023, from about 72% in 2021/22, a Reuters analysis of the data that dates back to 2001/02 showed. 

Apr 24 - Tankers face delays at China's Shandong, customs hold up mislabelled cargoes
Tankers delivering to ports in China's Shandong province are facing delays discharging their oil due to orders for tighter customs inspection checks after several Iranian cargoes were declared as diluted bitumen, traders said. Crude oil, unlike bitumen, is subject to strict import quotas and dozens of oil tankers were being inspected since last week, after customs authorities were given instructions in late March to step up checks.

Apr 21 - China's big refineries crowd out teapots for discounted Russian oil
Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. The demand from China's biggest buyers, which had shied away from Russian crude in the immediate aftermath of Western sanctions on Moscow over its invasion of Ukraine, shows growing confidence in the trade after state refiners PetroChina and Sinopec resumed imports in February. 

Apr 21 - Pakistan makes its first purchase of discounted Russian oil
Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at the port of Karachi in May. Pakistan's purchase gives Russia a new outlet, adding to Moscow's growing sales to India and China, as it redirects oil from western markets because of the Ukraine conflict.

Apr 20 - Oil exports from Russia's western ports hit 4-yr high in April
Oil loadings from Russia's western ports in April will rise to the highest since 2019, above 2.4 million barrels per day (bpd), despite Moscow's pledge to cut output, trading and shipping sources said. Russian crude exports and transit from the ports of Primorsk, Ust-Luga and Novorossiisk in April will rise above 10 million tonnes, up from 9.7 million tonnes in March, which is a day longer.  

Apr 20 - U.S. crude stockpiles fall as refinery runs, exports rise- EIA
U.S. crude oil inventories last week fell more than forecast as refinery runs and exports rose, while gasoline stockpiles jumped unexpectedly on disappointing demand, Energy Information Administration data showed on Wednesday. Crude inventories fell 4.6 million barrels in the week to April 14 to 466 million barrels, more than quadruple analysts' expectations in a Reuters poll for a 1.1 million-barrel drop.

Apr 19 - India and China snap up Russian oil in April above 'price cap'
India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. That means the Kremlin is enjoying stronger revenues despite the West's attempts to curb funds for Russia's military operations in Ukraine.  

Apr 19 - Norway crude mops up in Europe as Russia's Urals heads east
The clear winner in the race to replace Russian oil at Europe's refineries is Norway's Johan Sverdrup crude, according to Refinitiv Eikon data and traders. Johan Sverdrup was launched in 2019, making it a relative newcomer compared to Russia's Urals grade.

Apr 18 - G7 coalition to keep Russian oil price cap at $60 per barrel
The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues. The G7 and Australia made the decision to maintain the cap over the past few weeks after a review of the $60 price - set in December with an aim to reduce Moscow's ability to finance its war in Ukraine, the official said on condition of anonymity. 

Apr 18 - China's oil refinery throughput surges to record in March
Chinese oil refinery throughput surged to a record in March, data showed, as refiners stepped up runs to capture strong export demand and build up inventories ahead of planned maintenance. Total refinery throughput reached 63.9 million tonnes, data from the National Bureau of Statistics (NBS) showed, equivalent to 14.9 million barrels per day (bpd). That was up 8.8% from a year earlier.

Apr 17 - OPEC+ cuts risk oil supply deficit, threaten economic recovery
Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. Consumer countries represented by the IEA have argued that tightening supplies drive up prices and could threaten a recession, while OPEC+ blames Western monetary policy for market volatility and inflation which undercuts the value of its oil.  

Apr 17 - Iraq's northern oil exports stuck on Turkey negotiations
Oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. The March 23 arbitration ruling by the International Chamber of Commerce (ICC) ordered Turkey to pay Baghdad damages of $1.5 billion for unauthorised exports by the Kurdistan Regional Government (KRG) between 2014 and 2018.

Apr 14 - OPEC cites risks to summer oil outlook as backdrop to shock cut
OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by OPEC+ producers, shedding some light on the factors behind the surprise move that has led to a rise in oil prices. Some members of OPEC+, which includes OPEC, Russia and others, announced new voluntary production cuts on April 2 taking effect from May.  

Apr 14 - Russia boosts Q1 gasoline exports, finds buyers in Africa to replace Europeans
Russia boosted gasoline exports by nearly 50% year-on-year in the first quarter, shipping cargoes directly to Africa as it carved out new trade routes after the European Union sanctioned Russian oil, ship tracking data showed. Russia stepped up shipments of the motor fuel to African countries such as Nigeria, Tunisia and Libya after the European Union banned Russian products on Feb. 5.

Apr 13 - China's March crude oil imports surge 22.5% from year earlier
China's crude oil imports in March surged 22.5% from a year earlier to the highest for a single month since June 2020, data showed on Thursday, as refiners stepped up runs in anticipation of an economic recovery. Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs.  

Apr 13 - Global oil market could be tight in second half 2023
The global oil market could see tightness in the second half of 2023, which would push oil prices higher, Fatih Birol, executive director of the International Energy Agency, said on Wednesday. Oil prices have surged above $80 since the beginning of the month, after the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, surprised markets with an announcement of voluntary production cuts of 1.66 million barrels per day (bpd) from May until the end of 2023.

Apr 12 - OPEC's share of oil production growth to shrink this year
Non-OPEC countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years, the U.S. Energy Information Administration predicted on Tuesday. Gains by the U.S., Brazil, Canada and Guyana will overshadow OPEC after Saudi Arabia and other Middle East producers this month disclosed plans to cut output by around 1.16 million barrels per day beginning next month. 

Apr 12 - Russia starts fuel supplies to Iran by rail
Russia started fuel exports to Iran by rail this year for the first time after traditional buyers shunned trade with Moscow, according to three industry sources and exports data. Russia and Iran, both under Western sanctions, are forging closer ties in order to support their economies and to undermine Western sanctions which both Moscow and Tehran cast as unjustified.

Apr 11 - Russia boosts diesel exports to Latin America since EU embargo
Russia has increased its diesel exports to Brazil and other parts of Latin America following an embargo on shipments to Europe, traders said and Refinitiv Eikon data showed. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough fuel to meet domestic demand for diesel cars.  

Apr 11 - India remains top destination for Russian Urals oil in April
India remains the main destination for Russia's seaborne Urals oil, with about 70% of such exports heading to the country, Reuters monitoring and data from two industry sources showed on Monday. Attractive prices for Urals mean good margins for Indian refiners while term contracts between Russian and Indian companies and lower freight rates are also helping keep supplies elevated, one of the sources said.

Apr 10 - Saudi maintains crude supply to Asian refiners despite OPEC+ cuts - sources
State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday. This comes after the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, surprised markets last week by announcing an extra output cut of 1.16 million barrels per day (bpd) from May for the rest of the year.

Apr 10 - Western curbs on Russian oil products redraw global shipping map
Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. As a result of the European Union ban on Russian fuel that started on Feb. 5, tankers carrying clean oil products such as gasoline, diesel, jet fuel and naphtha are travelling between 16 and 18 days to bring Russian supplies to Brazil or U.S. cargoes to Europe, according to two shipping sources.

Apr 06 - India-China competition, OPEC cuts nudge Urals above price cap
Russian Urals oil broke through the $60 per barrel price cap on Wednesday, boosted by strength in international benchmark Brent after OPEC+ announced an output cut, three sources involved in Russian oil trade said and Reuters calculations showed. The price cap was introduced in December by G7 countries and Washington said it would help to avoid supply disruptions by keeping Russian oil flowing, while limiting revenues for Russia's President Vladimir Putin. 

Apr 06 - Fuels from Russian oil gets backdoor entry into Europe via India
Record high imports of crude oil from Russia in fiscal 2022-23 helped India's refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.

Apr 05 - Venezuela's March oil exports rise on more supertankers, Chevron cargoes
Venezuela's oil exports rose in March to the highest monthly average since August, boosted by a resumption of loadings after an export freeze and by rising cargoes assigned to Chevron Corp, according to documents and shipping data. State oil company PDVSA has reinstated two export contracts after a January freeze by new boss Pedro Tellechea: a medium-term contract with Hangzhou Energy, and another with Portugal-based Adinius Sociedade de Servicios, the documents showed. 

Apr 05 - Baghdad, Erbil sign temporary deal to restart northern oil exports
Iraq's federal government and the Kurdistan Regional Government (KRG) signed a temporary agreement on Tuesday to restart northern oil exports through Turkey, as part of a broader deal to end decades of political and economic disputes. Turkey stopped pumping about 450,000 b/d of Iraqi crude through a pipeline from the Fish-Khabur border area to its Ceyhan port on March 25 after Iraq won an arbitration case.

Apr 04 - OPEC+ cuts put $100/bbl oil back in sight
Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. The decision signals unity within OPEC+ despite Washington's pressure on its Gulf allies to weaken their ties with Moscow, while also undermining the West's efforts to limit Russia's oil income.  

Apr 04 - Russia shifts to Dubai benchmark in Indian oil deal
Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. The decision by the two state-controlled companies to abandon the Europe-dominated Brent benchmark is part of a shift of Russia's oil sales towards Asia after Europe shunned Russian oil following Russia's invasion of Ukraine more than a year ago.

Apr 03 - OPEC+ announces surprise oil cuts; U.S. calls move inadvisable
Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand. 

Apr 03 - Iraq to ask Turkey to restart northern oil exports after initial KRG deal
Iraq's federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to restart northern oil exports this week, a KRG spokesman said on Sunday, and Baghdad will write to Turkey to request a resumption in pipeline flows. Turkey stopped pumping about 450,000 b/d of Iraqi crude from a pipeline from the Fish-Khabur border area to its Ceyhan port on March 25 after Iraq won an arbitration case.

Mar 31 - OPEC+ unlikely to tweak oil policy in Monday talks
OPEC+ is likely to stick to its existing deal to cut oil output at a meeting on Monday, five delegates from the producer group told Reuters, after oil prices recovered following a drop to 15-month lows. Oil has recovered towards $80 a barrel for Brent crude after falling to near $70 on March 20, as fears ease about a global banking crisis and as a halt in exports from Iraq's Kurdistan region curbs supplies. 

Mar 31 - Republican energy bill passes U.S. House, sends to Senate
The U.S. House of Representatives on Thursday passed a Republican energy reform bill intended to bolster U.S. oil and gas production while scaling back climate initiatives, the first major legislation of House Speaker Kevin McCarthy's majority. The House passed the Lower Energy Costs Act by a mostly partisan 225-204 vote.

Mar 30 - Chevron, Exxon are big buyers in US Gulf of Mexico drilling auction
A U.S. government auction of oil and gas drilling rights in the Gulf of Mexico generated $263.8 million in high bids, the most of any sale in the region for years and the first test of demand for investment since the Russian invasion of Ukraine. The Bureau of Ocean Energy Management (BOEM) offered 73.4 million acres in the U.S. Outer Continental Shelf (OCS) in the Gulf. 

Mar 30 - Activity stalls in top U.S. oilfields, outlook sours
U.S. oil and gas activity stalled in the first quarter as production gains slowed and drillers' outlooks turned negative, according to a survey released on Wednesday by the Federal Reserve Bank of Dallas. The bank's activity index, which measures conditions among oil and gas firms across prime oil production portions of Texas, New Mexico and Louisiana, tumbled to 2.1 from 30.3 in the fourth quarter of 2022.

Mar 29 - French industrial strikes limit fuel supply, hit crude prices
Industrial action over the past three weeks has seen every French refinery debilitated to some extent, hindering fuel deliveries throughout the country and depressing European crude prices as market players look to sell. The action is part of a nationwide movement against pension system changes championed by President Emmanuel Macron, including raising the retirement age by two years to 64. 

Mar 29 - Australia heads for second year of record gasoline, diesel imports
Australia's gasoline and diesel imports are expected to rise 2% to hit a record for a second straight year due to a drop in domestic production and a post-COVID economic recovery boosting fuel demand, traders, analysts and an industry source said.  In the near term, gasoline imports are set to jump due to a roughly five-week outage at a gasoline-making unit at Ampol's Lytton refinery in Brisbane followed by maintenance work in May at Viva Energy's refinery near Melbourne.

Mar 28 - China 2023 oil refinery output forecast to rise 8% on demand recovery
China's oil refinery throughput this year is forecast to rise 7.8%, according to a think tank of state energy group CNPC, reversing last year's decline as the the world's second-largest oil consumer is set for a recovery in fuel demand. Refinery throughput is estimated to reach 733 million tonnes, or 14.66 million barrels per day (bpd), for 2023, China National Petroleum Corporation's (CNPC) Economics and Technology Research Institute (ETRI) said in its annual industry outlook released on Monday.  

Mar 28 - Iraqi Kurdistan region's oil output at risk after Turkey halts pipeline exports
Oil production in Iraq's semi-autonomous Kurdistan region (KRI) is at risk after a halt in northern exports has forced firms operating there to divert crude to storage, where capacity is limited. Iraq was forced to halt around 450,000 barrels per day (bpd) of crude exports from the KRI on Saturday through an export pipeline that runs from its northern Kirkuk oil fields to the Turkish port of Ceyhan.

Mar 27 - Saudi Aramco inks $12.2 bln China oil refinery, petchem complex deal
Saudi Aramco and its Chinese partners aim to start full operations at a refinery and petrochemical project in northeast China in 2026 to meet the country's growing demand for fuel and petrochemicals, the state-owned major said on Sunday. The project in Liaoning province's city of Panjin, expected to cost $10 billion, will be Aramco's second major refining-petrochemical investment in China. 

Mar 27 - Iraq's ambition to match Saudi oil output is out of reach
Iraq's oil output and capacity may peak following growth of around 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top OPEC producer Saudi Arabia. Political infighting has cost Iraq the opportunity to invest in growing output more quickly. As the energy transition gathers pace, it means Baghdad may never be able to cash in the hundreds of billions of barrels it has in the ground, even with the efforts of the country's new energy minister to attract investment.

Mar 24 - Hemmed-in: Asia diesel glut grows after Russia ban
Asian gasoil stocks have risen sharply in recent weeks as regional refiners are stuck exporting to markets east of the Suez, with narrower opportunities to send barrels to Africa flooded with Russian cargoes, traders and analysts said. Asia's stock build follows the European Union's imposition of sanctions on Russian oil products from Feb. 5, which has sent more Russian diesel cargoes to Africa and the eastern Mediterranean, displacing Asian supply.  

Mar 24 - Russia's output cut will take oil output to 9.7 mln bpd in March-June
Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia's oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported. That would mean Russia is aiming to produce 9.7 million bpd between March and June, when the production cut will be in force, according to Novak - a much shallower reduction in output than Moscow previously indicated.

Mar 23 - US crude inventories rise unexpectedly to 22-mth high, fuel stocks fall - EIA
U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, their highest since May 2021. 

Mar 23 - Brent plunge fails to displace Russian crude for Asian buyers
A plunge in Brent crude prices has narrowed the spread between Atlantic Basin and Middle East benchmarks but has failed to spur interest from Asian refiners, which are instead buying up discounted Russian oil, leaving an overhang in African supply. Global oil benchmark Brent tumbled more than 10% over the past two weeks, touching a 15-month-low of $70.12 a barrel on Monday, as investors have fretted over banking sector turmoil in the U.S. and Europe and as strikes in France have dented oil demand.

Mar 22 - Trafigura, Vitol might step up trade in Russian oil
Global energy traders Trafigura and Vitol still help to export limited supplies of Russian refined products within the rules of international sanctions, but they are considering whether to resume more trade in Russia's oil, their CEOs said on Tuesday. The two Swiss companies were among the largest lifters of Russian crude oil and refined products before the country's invasion of Ukraine last February.  

Mar 22 - Traders, funds bullish on oil price despite banking woes
The biggest oil traders and energy hedge funds speaking at the FT Commodities Global Summit struck a bullish tone despite banking jitters, and see a jump in oil prices by the year end.  Pierre Andurand, founder of hedgefund Andurand Capital, was the most bullish and saw a potential Brent oil price of $140 a barrel by the end of the year.

Mar 21 - Citadel sees limited impact on energy demand from banking crisis
U.S. hedge fund Citadel expects a tighter credit environment following the latest banking crisis but so far the economic decline is not enough to plunge commodities into the abyss, its head of commodities told Reuters. Banking stocks and bonds plummeted on Monday and oil was at 15-month lows as the hit to investors from UBS Group's state-backed takeover of Credit Suisse fanned concerns about the health of the global financial sector.  

Mar 21 - European diesel tightens, crude weakens as French refinery outages linger
European diesel markets are flashing warnings of tightening supply while crude oil markets are weakening after nearly two weeks of disruptions at French refineries due to strike action, traders said. The industrial action, part of a nationwide movement against planned pension system changes, has led to reduced output at the Normandy and Feyzin refineries while shipments from the Donges and La Mede refineries have also been blocked.

Mar 20 - China's Jan-Feb diesel exports up tenfold from prior year
China exported 20% more gasoline and over 10 times more diesel in January and February than a year earlier, customs data showed on Saturday, after Beijing raised fuel export quotas to spur refinery output. China's diesel shipments in the first two months of 2023 surged to 4.54 million tonnes from a low base of 420,000 tonnes in the corresponding period last year, data from the General Administration of Customs showed.  

Mar 20 - India plans to extend fuel export curbs beyond March
India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said. The extension of rules may discourage some Indian refiners, mainly private companies, from buying Russian fuels for re-exports to countries including those in Europe that have stopped purchases of refined products from Russia due to its invasion of Ukraine.

Mar 17 - Banking rout fuels U.S. oil hedging, as investors seek to limit losses
Oil producers, banks and hedge funds have increased purchases of put options to protect themselves from further losses, market sources said this week, as crude futures hit their lowest level since December 2021 on concern that the rout in the banking industry could trigger a global recession and cut fuel demand. Oil futures have fallen over 8% since last Friday as the collapse of SVB Financial and peer Signature Bank prompted concerns of a wider banking crisis. 

Mar 17 - OPEC+ views oil price drop as financially driven, delegates say
OPEC+ considers this week's slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the oil producer group told Reuters. Oil sank to a 15-month low on Wednesday, with Brent crude below $72 a barrel, on concerns about contagion from a banking crisis.

Mar 16 - Kuwait to cut crude supplies to some Asian refiners as Al Zour refinery ramps up
Kuwait has asked some Asian refiners to take less oil under their annual deals as the OPEC producer hopes to start full-scale operations at its Al Zour refinery later this year, three refining sources familiar with the matter said. Lower supplies from Kuwait could tighten Middle East supplies to Asia and support prices especially as demand from China, world's top crude importer, is expected to rebound this year. 

Mar 16 - U.S. crude stockpiles rise, fuel draws down last week-EIA
U.S. crude oil stockpiles rose last week even as oil refineries ramped up utilization following a strong maintenance season, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week to March 10 to 480.1 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel rise.

Mar 15 - OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview on Tuesday the OPEC+ alliance will stick until the end of the year to production cuts agreed in October. “There are those who continue to think we would adjust the agreement ... I say they need to wait until Friday Dec 29 2023 to demonstrate to them our commitment to the current agreement.” 

Mar 15 - UAE's Fujairah port set for robust growth as Russian oil trade reshuffles
Oil storage demand and transit volumes are poised to grow further at the United Arab Emirates' Fujairah port this year as Russian trade flows continue to flood the hub, while latest price caps on Russian petroleum products have a mild impact on trade, industry executives said on Tuesday. Russian oil barrels have been flowing into popular ship-to-ship transfer hubs in the Middle East and Asia since last year as Western sanctions led to the reshuffling of trade flows.

Mar 14 - Biden administration approves massive Willow oil project in Alaska
The Biden administration is approving a scaled-back version of ConocoPhillips' $7 billion oil and gas drilling Willow project in Alaska, the U.S. Department of Interior said on Monday, drawing cheers from Alaskan officials and the oil industry but criticism from environmental advocates. The decision follows an aggressive eleventh-hour campaign from opponents who had argued the development of the three drill sites in northwestern Alaska conflicts with President Joe Biden's highly publicized efforts to fight climate change and shift to cleaner sources of energy. 

Mar 14 - Russian sanctions shift oil price-making power to Asia from Europe
Western sanctions on Russian and Iranian oil have channelled cheap fuel to Asia and in the process eroded a decades-long trend whereby the continent has paid more for energy than Europe, according to traders, analysts and Refinitiv Eikon data. Analysts and government officials from consumer countries use the term Asian premium to refer to the higher prices Asian importers have paid for oil sold by big exporters, such as members of the Organization of the Petroleum Exporting Countries.

Mar 13 - Biden to approve major oil project in Alaska
U.S. President Joe Biden's administration will approve a major and controversial oil drilling project in Alaska on Monday, according to a source familiar with the matter. The decision to move ahead with the project by authorizing three drill sites in northwestern Alaska would come a day after Biden announced sweeping curbs on oil and gas leasing to protect up to 16 million acres of water and land in the region.  

Mar 13 - Aramco's Nasser says oil market tightly balanced
Aramco Chief Executive Amin Nasser said on Sunday that the oil market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic. Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed.

Mar 10 - India jostles with China for April ESPO crude from Russia, prices jump Private Indian refiners are jostling with independents in China for Russian ESPO crude loading in April, pushing prices higher after Moscow lowered exports of its flagship grade Urals, industry sources said. China, which is set to import record volumes of Russian crude in March, typically sweeps up all of the ESPO crude exported from the Pacific port of Kozmino due to close proximity while sanctions on Russian oil have shrunk the pool of buyers. 

Mar 10 - CERAWEEK-Keystone pipeline oil flows won't change after US order to cut pressure, CEO says
Oil flows on TC Energy's Keystone pipeline will not change after the U.S. pipeline regulator said it would require the company to reduce pressure following a 13,000-barrel oil spill in Kansas in December, Chief Executive François Poirier told Reuters on Thursday. Keystone has already been operating within the requirements of the new order from the Pipeline and Hazardous Materials Safety Administration (PHMSA), Poirier said in an interview.

Mar 09 - CERAWEEK-US Energy Sec still sees global energy challenges from Ukraine war
Enormous challenges remain across global energy markets in the wake of the war in Ukraine, U.S. Energy Secretary Jennifer Granholm said on Wednesday, citing continued risks for energy security and the need to mitigate climate change. Russia's invasion of Ukraine more than a year ago led to an energy crisis in Europe as Russian gas stopped
flowing into the continent and Western sanctions disrupted Russian oil supplies 

Mar 09 - CERAWEEK-OPEC does not need to make up for Russia oil output cut -Angola oil minister
There is no need for the Organization of the Petroleum Exporting Countries to increase oil output to make up for Russia's 500,000 barrel per day cut, Angola's secretary of state for oil and gas told Reuters on Wednesday. "We believe the Russian oil is still there," Angola's Jose Barroso said on the sidelines of an energy conference in Houston.

Mar 08 - Russia wild card to keep oil markets on edge, execs warn
Executives and officials from some of the world's top oil and gas companies said on Tuesday energy markets are balanced now, but could easily be disrupted due to tight spare production capacity and supply uncertainties related to Russia's war in Ukraine. The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory.  

Mar 08 - OPEC Sec Gen says China 2023 oil demand to grow 500,000-600,000 bpd
China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC Secretary General Haitham Al Ghais said on Tuesday, as the world's top crude importer emerges from COVID-19 restrictions. "With China opening up, we are quite optimistic, cautiously," he told the CERAWeek energy conference in Houston.

Mar 07 - OPEC, US energy executives discuss tight capacity at Houston huddle
U.S. energy executives and top OPEC officials on Monday discussed concerns about a lack of spare oil production capacity at a private dinner on the sidelines of a Houston conference, an executive who attended said. The dinner with shale producers and OPEC officials continued a tradition that began around five years ago when they were fierce competitors.  

Mar 07 - Russian crude oil heads to UAE as sanctions divert flows
The United Arab Emirates has been taking more cargoes of Russian crude oil, according to ship tracking data and trading sources, in another example of how Western sanctions on Russia have adjusted traditional energy trade flows. Russia has been selling both crude and refined products at discounted prices after international sanctions over its invasion of Ukraine, which Moscow calls a "special military operation", left it with fewer buyers.

Mar 06 - EIA blames crude oil blending, under-reported output for high adjustments in US data
The U.S. Energy Information Administration said on Friday that crude oil blending and under-reported oil output were key reasons for recently high adjustment figures in the weekly oil inventory data. The EIA will change its surveys to get more accurate crude output data, and also change its accounting methods for crude oil blending, Joe DeCarolis, an official with the EIA, said on Twitter.  

Mar 06 - Saudi Arabia raises Arab Light crude price to Asia for 2nd month in April
Top crude exporter Saudi Arabia raised prices for the flagship Arab light crude it sells to Asia for a second month in April, to $2.50 a barrel above the Oman/Dubai average, Aramco said on Sunday night. The price hike - 50 cents a barrel higher than the March official selling prices - was in line with a Reuters survey, as signs of an economic rebound in China raised expectation for a pickup in fuel demand from the world's top oil importer.

Mar 03 - Big Oil to take centerstage at Houston meet as markets, alliances shift
Top energy executives and officials from around the world will descend on Houston next week just as the political fallout from Russia's invasion of Ukraine a year ago continues to distort global oil supply lines and put long-term energy security front of mind for governments. Oil company chiefs and ministers will make their case for investment in all forms of energy - fossil fuels and renewables - to meet rising demand and at the same time accelerate the move toward the low-carbon industry of the future.  

Mar 03 - New U.S. sanctions target Iranian petroleum, petrochemical trade
The United States imposed sanctions on Thursday on firms it said had transported or sold Iranian petroleum or petrochemical products in violation of U.S. restrictions, including two companies based in China. The sanctions are part of a Washington push to curb Iranian oil smuggling and come as efforts to revive Tehran's 2015 nuclear deal have stalled in part due to increasingly strained ties between the Islamic Republic and the West.

Mar 02 - US ethanol production falls, stockpiles tumble from 11-month high (AgriCensus)

- US ethanol production fell by 26,000 barrels per day (b/d) in the week ending February 24, while stockpiles dropped from an 11-month high, data published by the US Energy Information Administration (EIA) showed Wednesday. Total ethanol production across the US decreased to 1.003 million b/d in the reporting week, down from 1.029 b/d a week earlier.

- The weekly decline was unexpected by analysts, who projected a move in a 5,000-barrel increase-to- 5,000-decrease range. Total ethanol production in the Midwest – home to over 90% of total US ethanol production capacity – dropped by 26,000 b/d to 958,000 b/d, according to the EIA. Over the week, full production equated to the consumption of 2.58 million mt of corn, down from 2.65 million mt a week earlier.

- Meanwhile, ethanol stockpiles tumbled by 800,000 barrels to 24.8 million barrels in the period covered by the report, down from 25.6 which is the highest level since the week ended April 1, 2022. The stockpile decrease was unexpected by analysts surveyed before the report, who had called for a gain of between 100,000 to 200,000 barrels.

- Margins calculated through a model from Iowa State University showed that the estimated return over operating costs for the average Midwest-based plant rose in the week ending February 24 to $0.27/gallon, up from $0.14/gallon a week earlier. Corn prices for the week meanwhile tumbled by around $0.28 during the week to an average of $6.57/bu.

- Finished ethanol prices rose to $2.09 in the week ending February 24, up from $2.03 a week earlier.

Mar 02 - Indian refiners churn record amounts of crude in January
Crude oil processed by Indian refiners reached record levels in January, provisional government data showed on Wednesday, as the country boosted shipments of lucrative Russian barrels that Western countries shunned. Refinery throughput at 5.39 million barrels per day (22.80 million tonnes) for January was the highest since Reuters records going back to 2009.

Mar 02 - Urals oil supplies to Turkey jump in Feb as STAR refinery resumes Russian crude imports
Supplies of Russian flagship Urals crude oil to Turkey reached a four-month high in February after STAR refinery, owned by Azerbaijan's oil firm SOCAR, resumed purchases of the blend, data showed and four industry sources said on Wednesday. Sea-borne Russian oil supplies are subject to an embargo by the European Union and the price is capped by the West to $60 per barrel over Moscow's actions in Ukraine.

Mar 01 - Brazil to define new biodiesel mandate; industry pushes for B12 in March

- Brazil will define its new biodiesel blending mandate in a meeting led by the national oil, natural gas and biofuels agency (ANP) in March, with the biodiesel industry advocating for an immediate increase from 10% (B10) to 12% (B12) with a further ramp up towards 15% (B15) by March 2024. Brazil’s biodiesel blending mandate has reached a maximum of B13 and was first scheduled to reach B15 in March 2023. However, the mandate was reduced to B10 in 2021 as the government attempted to control domestic inflation and has since remained at that level. The previous administration's decision to reduce the mandate to control the rise of domestic prices was linked to soaring soybean and soyoil prices as soyoil composes about 70% of the feedstock used to produce biodiesel in Brazil.

- While the current administration has yet to make its plans for the mandate clear, industry associations including Brazil’s vegetable oils association (Abiove), Brazil’s biofuels producers association (Aprobio), Brazil’s union of biodiesel and biokerosene (Ubrabio) and the national union of household agriculture and solidarity-based economy (Unicafes) told Agricensus they are pushing for an increase.

- The associations added that they are looking for an immediate upgrade to B12 with a ramp-up to B13 scheduled for May and June, B14 from June 2023 to February 2024, and B15 by March 2024.
“Such increase aims at returning to the pathway to B15 gradually and with predictability so all sectors can adjust to the changes,” the associations said in a joint statement.

Mar 01 - Biden administration to move on Midwest ethanol-blended gasoline rule this week - sources
The Biden administration is expected on Wednesday to recommend for approval a rule that would allow expanded sales of gasoline with a higher ethanol blend in certain U.S. Midwest states, based on a request from governors in those states, four sources familiar with the matter said on Tuesday. The approved rulemaking is not expected to take effect until summer of 2024, the sources said.

Mar 01 - Chevron boosts share buyback program, hikes U.S. spending
Oil major Chevron Corp on Tuesday expanded its share buyback program and laid out plans to add 750,000 barrels of oil and gas per day to its U.S. production on gains from the country's shale basins and the Gulf of Mexico. U.S. oil companies have been moving more of their investments to the Americas to reduce costs and pare geopolitical risks, amid pressure from the White House for more in-country production.