Energy News

Jan 27 - Saudi energy minister says confident China can contain, eradicate new coronavirus 
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday the kingdom was closely monitoring developments in global oil markets resulting from “gloomy expectations” over the impact of the new coronavirus on the Chinese and global economy and oil market fundamentals. Prince Abdulaziz said he was confident the Chinese government and international community could contain the spread of the virus and fully eradicate it.

 
Jan 27 - Blockade slashes Libya's oil output to 284,153 bpd - NOC 
Libya's National Oil Corporation (NOC) said on Sunday its oil production in the week to Jan 24 dropped to 284,153 barrels per day (bpd), from 1.2 million bpd the previous week.  Over the past week, a blockade has shut down ports and fields in eastern and southern Libya. Production on Saturday was 320,154 barrels.

 
Jan 27 - Priced for perfection, oil slides on fears coronavirus will hit demand: Kemp 
China's outbreak of novel coronavirus has sent oil prices sharply lower as traders reassess whether the country will be able to generate the strong economic growth needed to rebalance the market in 2020. China and its neighbour India accounted for more than half of all incremental oil consumption between 2013 and 2018 so the economic growth of these two giant Asian economies is critical to the oil market.

 
Jan 27 - Speculators raise U.S. crude oil net longs - CFTC 
Hedge fund managers boosted their net long U.S. crude futures and options positions in the week to Jan. 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 6,811 contracts to 274,347 during the period.

Jan 27 - U.S. drillers add oil rigs for second week in a row - Baker Hughes 
U.S. energy firms added oil rigs for a second consecutive week, raising doubts over producers' plans to continue reducing spending on new drilling for a second year in a row in 2020. Companies added three oil rigs in the week to Jan. 24, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Jan 23 - BP's Looney goes all-in on climate goals and explores overhaul 
Change is afoot at BP. Incoming Chief Executive Bernard Looney plans to expand the company's climate targets and is considering overhauling the structure of the oil and gas major in one of the biggest shake-ups in its 111-year history.  The 49-year-old Irishman plans to adopt broader carbon emissions reduction goals that will likely include emissions from fuels and products sold to customers rather than just the far lower emissions from BP's own operations, according to four sources with knowledge of internal discussions with the new CEO. 

 
Jan 23 - China's 2019 gasoline exports surge 27% amid refining boom 
China's gasoline exports surged nearly a third in 2019, data showed on Thursday, setting a seventh straight annual record as a boom in new refineries chimed with a slump in vehicle sales to produce a domestic fuel surplus ripe for shipment elsewhere.  Exports of gasoline from China, the world's biggest oil importer and second-largest consumer, climbed to 16.37 million tonnes last year, up 27% from 2018, according to data from the General Administration of Customs.

 
Jan 23 - Brazil expects OPEC membership talks in Saudi Arabia in July 
Brazil will start talks on joining the Organization of the Petroleum Exporting Countries in July in Saudi Arabia, but does not expect to achieve membership this year, Brazil's energy minister said on Wednesday during a visit to India. Brazil's far-right president mooted the idea of joining the producer group in October. 

 
Jan 23 - Baker Hughes profit misses estimates as LNG equipment demand wanes 
Oilfield services provider Baker Hughes Co on Wednesday posted lower-than-expected earnings, hit by lower sales and orders in its business that supplies turbines and compressors to liquefied natural gas (LNG) producers. The unit, Turbomachinery & Process Solutions (TPS), was one of Baker Hughes' strongest in the earlier quarters of 2019, as U.S. LNG developers built new capacity to tap global demand for a cleaner alternative to coal-fired power plants. 

Jan 23 - Laid-off Philadelphia refinery workers struggle with shrinking sector 
Third-generation Philadelphia oil refinery worker Lee Murray wore his late father's hard hat every day of the 25 years he spent there. A colleague gave it to him on his first day on the job, only months after the older Murray died, an act emblematic of the tight bond workers forged at the East Coast's oldest and largest oil refinery. 

Jan 22 - IEA's Birol sees 1 mln bpd oil market surplus in H1 2020; says Iraq a concern 
A surplus of one million barrels per day (bpd) of oil is expected to keep a lid on prices in the first half of 2020, International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday. Birol told the Reuters Global Markets Forum on the sidelines of the World Economic Forum meeting in Davos, Switzerland, that prices could not be expected to rise significantly under "normal conditions" although unexpected developments, such as rising instability in Iraq, could alter the situation. 

 
Jan 22 - BP pulls out of Iraq's Kirkuk field as expansion plans stall 
BP has pulled out of Iraq's giant Kirkuk oilfield after its $100 million exploration contract expired with no agreement on the field's expansion, dealing a fresh blow to Iraq's hopes to increase its oil output, three sources told Reuters. The move comes as Western energy companies reassess their operations in Iraq amid political turmoil following months of anti-government protests and a flare-up in tensions between the United States and Iran in the country. 

 
Jan 22 - U.S. shale oil, natgas output growth to hit slowest in a year -EIA
U.S. oil and natural gas output in major shale formations is expected to rise by the smallest in about a year in February to record highs, the U.S. Energy Information Administration (EIA) said on Tuesday, as producers pull back on new drilling.  Shale oil output is expected to rise by about 22,000 barrels per day (bpd) in February to about 9.2 million bpd, which would be the smallest monthly increase since production declined in February 2019. 

 
Jan 22 - China virus could hit oil prices by $3/bbl - Goldman
Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions. The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan. 

Jan 22 - Plunging U.S. gas prices intensify squeeze on coal: Kemp
U.S. coal-fired power plants are facing the perfect storm, with a mild winter and slumping natural gas prices adding to their long-term problems with competitiveness and pushing more towards retirement. Warm weather is sapping total demand for electricity, while ultra-low gas prices mean more of the demand that remains will be satisfied by gas-fired units rather than coal plants.

Jan 22 - Halliburton takes $2.2 bln charge on shale slump 
U.S. oilfield services firm Halliburton Co. on Tuesday disclosed a $2.2 billion charge to earnings as weakening North American shale activity continued to hit the industry.  The charge for asset impairments was centered on hydraulic fracturing and legacy drilling equipment units, and employee severance costs, the company said. Halliburton dismissed 8% of its North American staff at mid-year, and later cut staff across several western U.S. states. 

Jan 21 - Australian bushfires hit coal output, hazardous conditions to return
Mining giant BHP Group said on Tuesday that poor air quality caused by smoke from Australia's bushfires is hurting coal production, as authorities said a reprieve from hazardous fire conditions would end within days. The warning from the world's biggest miner showed how an unusually long bushfire season that has scorched an area one-third the size of Germany is damaging the world's No. 14 economy.

Jan 21 - Libya will face 'catastrophe' if oil blockade continues - Tripoli premier 
Libya will face a "catastrophic situation" unless foreign powers put pressure on eastern-based commander Khalifa Haftar to lift a blockade of oilfields that has cut output to almost zero, the country's internationally recognised premier said on Monday. Since Friday, Haftar's forces have closed Libya's major oil ports in a power play as European and Arab powers and the United States were meeting with his supporters in Berlin to push him to halt a campaign to capture the capital Tripoli.  

 
Jan 21 - Guyana's first-ever oil cargo to be refined by Exxon in the U.S. 
A vessel carrying Guyana's first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation's long-awaited debut as an oil exporter.  The Suezmax vessel Yannis P, loaded with about 1 million barrels of Liza light sweet crude was bound for Galveston, Texas, according to tracking service TankerTrackers.com, and departed from the floating platform Liza Destiny off Guyana. 

 
Jan 21 - Saudi crude exports rise 4.4% in November 2019 - JODI 
Saudi Arabia's crude oil exports in November 2019 rose 4.4% to 7.37 million barrels per day (bpd), from 7.06 million bpd in October, official data showed on Monday. However, the country's crude output fell by 412,000 bpd to 9.89 million bpd in November, while crude stocks fell by 1.07 million barrels to 167.01 million barrels, the data from the Joint Organisations Data Initiative (JODI) showed.

 
Jan 21 - Mission Impossible: China can't meet its commitments on U.S. crude, LNG, coal: Russell
The more you delve into the details of China's commitment to buy an additional $52.4 billion in U.S. energy over the next two years, the more it becomes apparent the goal is unachievable, even with the best will in the world.  As part of the "Phase 1" trade truce between Beijing and Washington, China undertook to buy energy over and above a $9.1 billion baseline of U.S. imports in 2017, with a split of an extra $18.5 billion in 2020 and $33.9 billion in 2021.  

 
Jan 21 - Oil and gas sector keeps faith in low-carbon energy - survey 
More than 70% of oil and gas executives expect to maintain or increase investment in low-carbon energy this year, a survey by an adviser to the industry showed on Tuesday. Against the backdrop of uncertainty over oil prices and the global economy, less than half of respondents to DNV GL's survey expect more large, capital-intensive projects to be approved this year, down from about two thirds last year.

 
Jan 21 - Hedge funds sell oil as doubts about economy resurface: Kemp 
Hedge funds turned heavy sellers of petroleum last week as the threat of conflict in the Middle East receded and was replaced by renewed concerns about the health of the global economy. Hedge funds and other money managers sold the equivalent of 99 million barrels in the six most important petroleum futures and options contracts in the week to Jan. 14.

Jan 20 - New York will remain closed today due to Martin Luther King Day.

Jan 20 - Pipeline closure risks taking nearly all Libya's oil offline
Two major oilfields in southwest Libya began shutting down on Sunday after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level, the National Oil Corporation (NOC) said.  The closure, which follows a blockade of major eastern oil ports, risked taking almost all the country's oil output offline as international leaders met in Berlin for a peace summit on Libya. 

 
Jan 20 - Sinopec to review potential $16 bln U.S. gas deal with Cheniere - sources 
China's Sinopec, expected to be the next major Chinese buyer of U.S. liquefied natural gas (LNG), is planning to review terms of a potential $16 billion supply deal with Cheniere Energy Inc after a sharp drop in LNG prices, industry officials said. That could delay sign-off on a deal that would help Beijing meet ambitious targets it set for U.S. energy purchases in a Phase 1 trade agreement it signed with the United States on Wednesday. 

 
Jan 20 - Speculators cut U.S. crude oil net longs - CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to January 14, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 64,018 contracts to 267,537 during the period. 

 
Jan 20 - U.S. grants Chevron another three months for Venezuela operations
The U.S. Treasury Department on Saturday granted permission for Chevron Corp, the last major U.S. oil company operating in Venezuela, to continue working in the country until April 22. The United States last year imposed sanctions that barred imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela's state-run oil company PDVSA. The move was designed to starve the country of oil dollars and oust President Nicolas Maduro. 

 
Jan 20 - U.S. drillers add oil rigs for first week in four 
U.S. energy firms this week added oil rigs for the first time in four weeks even as the pace of growth in record crude output is expected to slow. Companies added 14 oil rigs in the week to Jan. 17, bringing the total count to 673, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

 
Jan 20 - China coal imports to rebound in January, rest of 2020 is cloudy
China's coal imports are likely to show an impressive bounce in January after customs delays crimped December clearances, but questions remain as to the outlook for 2020 as a whole. December imports were just 2.27 million tonnes, according to customs data released on Jan. 14, taking the full year figure to 299.7 million tonnes, up 6.3% from 2018.  

Jan 17 - China's 2019 and Dec crude oil runs hit record highs 
China's crude oil throughput rose to a record high in 2019 following the start-up of two mega-refineries, official data showed on Friday, with December posting the highest daily run-rate on record. The total amount of oil processed for the year reached 651.98 million tonnes, or about 13.04 million barrels per day (bpd) according to Reuters calculations, up 7.6% from 2018, National Bureau of Statistics figures showed.

 
Jan 17 - China's U.S. crude buying binge to set off global sweet oil shake-up 
Sharply higher Chinese purchases of U.S. energy products as part of the China-U.S. trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market, trade sources said.  China's pledge to buy at least $52.4 billion worth of U.S. energy products over the next two years can only be met through substantial increases in crude imports from the United States, the top global oil producer, according to traders and analysts.

 
Jan 17 - U.S. refiners grab unloved Russian fuel oil on back of new shipping rules 
U.S. refiners are scooping up cheap high-sulfur fuel oil for processing from Russia and the Baltic states as they take advantage of new shipping rules that have cut demand for the dirtier marine fuel, according to oil traders and shipping data. U.S. refiners Valero Corp, Chevron Corp and Phillips 66 have been buying HSFO, traders said, taking advantage of their complex operations to turn HSFO blended with crude oils into products like diesel, gasoil and gasoline. 

 
Jan 17 - Big three oilfield services firms start year with asset sales - sources 
Schlumberger, Halliburton Co and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust to falling demand. Oilfield service providers are facing reduced spending by oil and gas producers as investors push for higher shareholder returns rather than more drilling activity. Competition also is forcing service companies to exit less profitable businesses. 

 
Jan 17 - Defying U.S. sanctions, Iran boosts gasoil sales to neighbours
Iran is relying on its neighbouring countries to sell a surplus of gasoil it has created at home due to U.S. sanctions, trade documents and industry data showed.  Iranian oil products, like its crude, fall under U.S. sanctions, but Tehran has significantly increased exports of gasoil in recent months, to some countries in the region including Iraq and Syria, by offering massive discounts.

 
Jan 17 - U.S. firm GIP, Shell-Cosan venture plan to bid on Brazil refineries - sources 
U.S.-based financial firm Global Infrastructure Partners (GIP) is planning a joint bid with Brazil's fuel distribution company Raízen for refineries put on the block by Petroleo Brasileiro SA, two sources with knowledge of the matter said. Raízen, a joint venture between Royal Dutch Shell PLC and Brazilian ethanol producer Cosan SA has presented non binding offers for the largest refineries put on sale by state-controlled Petrobras. 

Jan 16 - U.S. energy exports to climb as China pledges ramp-up in purchases 
U.S. oil and gas exports should jump over the next two years if China fulfills its pledges to increase energy purchases under the trade deal between the world's two largest economies signed on Wednesday, executives and traders said.  The accord did not specify quantities of the products but it commits China, the world's biggest oil importer and second-largest liquefied natural gas (LNG) importer, to buy $52.4 billion more of U.S. energy supplies over the next two years. 

 
Jan 16 - OPEC expects lower demand for its oil as U.S. hits new milestone
OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record. The United States, which has seen its output soar in recent years powered by shale, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries forecast in its market report.

 
Jan 16 - U.S. crude oil inventories fall more than expected in week - EIA
U.S. crude stocks fell in the latest week while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. U.S. crude oil production rose to a record high of 13 million barrels per day in the week, the EIA said. 

 
Jan 16 - As Aramco hails record IPO, Abu Dhabi's ADNOC whips up $19 billion 
The talk's all been about Saudi Aramco, and the suspense of its historic drive to whip up international cash. But, more quietly, its Gulf oil peer ADNOC has also been courting foreign funds - and its efforts compare favourably. Like Saudi Arabia, Abu Dhabi's economy was hit by a dramatic fall in oil prices in mid-2014, triggering a drive to reduce its dependence on crude. A central part of that has been to reform and modernise state champion ADNOC and attract foreign investment.

 
Jan 16 - What happens if China really does try to buy $52 billion of U.S. crude, coal, LNG?: Russell 
The problem for energy markets isn't whether China can actually buy the amount of crude oil, coal and liquefied natural gas (LNG) it has apparently committed to under the trade truce with the United States. The real issue is what happens if Beijing tries and succeeds? The terms of the deal imply an absolutely massive increase in Chinese imports of U.S. energy, and if this actually comes to pass, it will have serious disruptive effects across global markets.

Jan 15 - U.S., China set to sign massive purchases deal, easing trade war 
The U.S.-China trade war is set to enter a new, quieter phase on Wednesday as U.S. President Donald Trump and Chinese Vice Premier sign an initial trade deal that aims to vastly increase Chinese purchases of U.S. manufactured products, agricultural goods, energy and services. The Phase 1 agreement caps 18 months of tariff conflict between the world's two largest economies that has hit hundreds of billions of dollars in goods, roiling financial markets, uprooting supply chains and slowing global growth.

 
Jan 15 - U.S. oil output to rise in 2020 more than previously expected - EIA 
U.S. crude oil production is expected to rise by 1.06 million barrels per day (bpd) in 2020 to a record of 13.30 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, above its previous forecast for a rise of 930,000 bpd. The output in 2021 is forecast to rise by 410,000 bpd to 13.71 million bpd, according to the EIA.

 
Jan 15 - S.Korea's U.S. crude imports slip in Dec, but double in 2019
South Korea's imports of crude oil from the United States more than doubled in 2019 despite dipping in December, data showed on Wednesday, as it bolstered purchases of U.S. oil in the absence of Iranian crude. South Korea, the world's fifth-largest crude importer, has ramped up U.S. oil imports, making the United States its No. 3 supplier - up from No. 6 in 2018 - while purchases from top suppliers Saudi Arabia and Kuwait have eased.

 
Jan 15 - Junk-rated energy firms speed to debt markets after 2019 drought 
The dawn of the new decade has brought a reprieve for debt-laden companies in the energy sector: Investors are throwing money their way again, for now.  Having been largely shut out of capital markets in 2019, low-rated energy firms, some on the brink of default, are racing to secure financing. They are finding willing lenders. 

 
Jan 15 - Oil prices expected to stay around $65-70 through 2024: Kemp 
Long-term expectations about oil prices remain firmly anchored around $65-70 per barrel, according to the latest annual survey of energy professionals conducted by Reuters. Plentiful supplies from U.S. shale plays and other sources outside the Organization of the Petroleum Exporting Countries are expected to keep prices close to their recent range for the indefinite future.

 
Jan 15 - Norway awards 69 oil and gas exploration blocks 
The Norwegian government has awarded 28 oil and gas companies a total of 69 offshore blocks to explore for petroleum in mature areas of its continental shelf, the Norwegian Petroleum Directorate said on Tuesday. Shell, ConocoPhillips, Total and Equinor won blocks, as did DNO, Aker BP, Lundin Petroleum and Eni's Vaar Energi.

Jan 14 - China's 2019 annual crude imports set record for 17th year 
China's crude oil imports in 2019 surged 9.5% from a year earlier, setting a record for a 17th straight year, as demand growth from new refineries built last year propelled purchases by the world's biggest importer, data showed on Tuesday.  Last year, China imported a record 506 million tonnes of crude oil, 9.5% above 2018's level, according to data from the General Administration of Customs. That is equivalent to 10.12 million barrels per day (bpd), according to Reuters' calculations based on the data.

 
Jan 14 - Saudi energy minister: We want sustainable oil prices 
Saudi Arabia, OPEC's de facto leader, will work for oil market stability at a time of heightened U.S.-Iranian tension and wants to see sustainable prices and demand growth, the kingdom's energy minister said on Monday. Prince Abdulaziz bin Salman said it was too early to talk about whether the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, would continue with production curbs set to expire in March.

 
Jan 14 - Crude exports boom on U.S. Gulf Coast, allaying bottleneck fears
U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions. The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December, more than doubling levels that held for the first eight months of last year, and above Houston's 2019 peak of 1.36 million bpd, according to vessel-tracking firm ClipperData. 

 
Jan 14 - China's commodity appetite robust in 2019, undimmed by trade dispute: Russell 
China's imports of major commodities ended last year with a bang, with strong gains showing the appetite of the world's largest importer of natural resources remains robust despite the trade dispute with the United States. The exception was coal, but December's paltry imports of the polluting fuel were the result of cargoes not being cleared by customs in response to Beijing's wishes to put a cap on purchases from overseas.

 
Jan 14 - PDVSA's partners act as traders of Venezuelan oil amid sanctions - documents 
Venezuela, its oil exports decimated by U.S. sanctions, is testing a new method of getting its crude to market: allocating cargoes to joint-venture partners including Chevron Corp, which in turn market the oil to customers in Asia and Africa.  This would not violate sanctions as long as sale proceeds are used for paying off a venture's debts, according to three sources from joint ventures. They said this approach could help Venezuela overcome obstacles to producing and exporting oil. 

 
Jan 14 - Banks lobby Aramco for incentive fee after slim IPO pickings - sources 
Global banks who worked on Saudi Aramco's record initial public offering are pushing for an additional "incentive fee", three sources familiar with the matter said, as they try to boost relatively low earnings from the deal.  Aramco said on Sunday it had exercised a "greenshoe option" to sell an additional 450 million shares, raising the size of its IPO to $29.4 billion - comfortably the world's biggest listing to date. 

 
Jan 14 - Oil price slides as hedge funds' buying fades: Kemp 
Despite the increase in tensions across the Middle East after the killing of an Iranian general by a U.S. air strike, hedge fund managers added only modestly to their bullish position in petroleum last week. Hedge funds have gambled heavily on an oil price recovery this year, pricing in accelerating global growth, restrictive output policy by Saudi Arabia and continued tension short of war between the United States and Iran.

Jan 13 - The real price of Occidental's 'costless' oil hedge 
In just 12 days, Occidental Petroleum Corp pulled off one of the biggest hedges against falling oil prices ever placed by a U.S. energy company. It characterised the transaction as "costless" but a Reuters review of regulatory filings, market data and interviews shows that's not the whole story. The aim of the complex financial maneuver, the company said, was to help preserve Occidental's generous dividend to shareholders as it sought to take over rival Anadarko Petroleum for $38 billion last summer in the biggest industry deal for years.

 
Jan 13 - Saudi Aramco raises IPO to record $29.4 bln by over-allotment of shares 
State-owned oil company Saudi Aramco said on Sunday it had exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a $25.6 billion, which was itself a record level, in its December IPO by selling 3 billion shares at 32 riyals ($8.53) a share. But it had indicated it could sell additional shares through the over-allotment of shares.

 
Jan 13 - U.S. refinery sales hit the brakes, with 5% of capacity on block 
From coast to coast, U.S. refineries are available for the taking, but nobody is buying. With the news that Royal Dutch Shell Plc is looking to unload its Anacortes, Washington, facility, there are seven different U.S. refineries on the block now, accounting for about 5% of U.S. crude oil processing capacity, according to data compiled by Reuters. U.S. energy production is at an all-time record, but there are concerns that refineries that don't attract buyers could suffer from lack of investment and maintenance that could lead to accidents down the road.

 
Jan 13 - Three years after $1 bln Venezuela deal, U.S. oilfield firm shuts doors
An Oklahoma oilfield company that played a central role in Venezuela's high profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the matter.  In 2016, Horizontal Well Drillers, a closely held U.S. driller, won a $1.29 billion contract to drill 191 wells in Venezuela's Orinoco Belt, part of an unusual plan to sharply boost output and halt Venezuela's economic collapse. It and two other drilling contractors were asked to finance the work themselves and be paid in future production, according to documents obtained by Reuters at the time.

 
Jan 13 - Middle East tensions draw crude oil eyes, but China may matter more: Russell 
What's the bigger risk to global crude oil markets this year, the threat of escalating conflict and even war between the United States and Iran, or a surge in exports of refined products from China? The obvious answer is the possibility of military confrontation between the United States and Iran, but if the question is swapped to which factor is more likely to influence crude markets, then China comes to the fore.

Jan 13 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to January 7, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 5,078 contracts to 331,553 during the period.

Jan 13 - Russia oil transit via Belarus has not been interrupted - official
The transit of Russian oil through Belarus has not been interrupted despite an energy row between the countries, Russian Deputy Energy Minister Pavel Sorokin said on Saturday.  Russia suspended oil supplies to Belarus on Jan. 1, but two Russian companies later restored supplies.  The two countries, which have had several oil and gas disputes over the past decade, are trying to negotiate a new oil supply deal.

Jan 13 - U.S. drillers cut oil rigs for third week in a row - Baker Hughes
U.S. energy firms reduced the number of oil rigs operating for a third week in a row as producers follow through on plans to slash spending on new drilling for a second year in a row in 2020. Drillers cut 11 oil rigs in the week to Jan. 10 in the biggest decline since October, bringing the total count down to 659, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Jan 13 - Mild winter sends U.S. natural gas prices tumbling: Kemp
U.S. gas prices have fallen even further in recent weeks as the market tries to avert a glut by encouraging power producers to maximise gas combustion and switch away from coal. Warmer-than-normal temperatures over the last three weeks have been responsible for pushing prompt gas prices within a whisker of multi-year lows. 

Jan 13 - Siemens to support Australian coal project despite protests 
German engineering group Siemens said it would fulfil its contractual obligations to a controversial coal mining project in Australia's outback, attracting criticism from environmental groups on Monday. Siemens was awarded a contract last year to provide signalling technology for a railway line to transport coal from a remote coal mine run by India's Adani Group in northern Queensland state.

Jan 10 - Ample supplies, weak global demand growth to cap oil prices in 2020 - IEA 
The global oil market is expected to be well-supplied in 2020 and demand growth could stay weak, keeping a lid on prices, the head of the International Energy Agency told Reuters on Friday. "We are expecting a demand growth of slightly higher than 1 million barrels per day," said the IEA's executive director, Fatih Birol, adding that growth could remain weak, compared with historical levels.

 
Jan 10 -  India's oil demand growth set to overtake China by mid-2020s - IEA 
India's oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said on Friday. India's oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making it more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said.

 
Jan 10 -  Rising prices show tighter supplies of cleaner fuel for global shipping 
The price of very low-sulfur fuel oil (VLSFO) has risen in recent months, a sign of increasing worry there is not enough of the fuel to comply with new global shipping laws that took effect this year, market participants said. VLSFO has lately started to trade at levels comparable with marine gasoil, a type of diesel fuel used by tankers. 

Jan 10 - Royal Dutch Shell seeking buyer for Anacortes, Washington refinery - sources 
Royal Dutch Shell Plc is looking to sell its oil refinery in Anacortes, Washington, according to three people familiar with the matter. If completed, this and other asset sales currently underway would reduce Shell's North American refining operations to large plants on the U.S. Gulf Coast, said the people, speaking on condition of anonymity as the talks are private.

Jan 10 - Russian oil tycoon Gutseriyev to increase shipments to Belarus - sources 
Two Russian oil firms controlled by the family of tycoon Mikhail Gutseriyev plan to increase supplies to Belarus to 750,000 tonnes this month, three oil industry sources told Reuters, after supplies were hit by an energy spat between Moscow and Minsk. The supply of oil from Russia to Belarus was abruptly halted on Jan. 1 with companies including Rosneft, Gazprom Neft, Lukoil and Surgutneftegaz suspending deliveries as Moscow and Minsk argued over contract terms. 

Jan 10 - Norway sees rapid growth in oil output from 30-year lows 
Norway's oil output will grow by 43% from 2019 to 2024 as new fields come on stream and older production facilities are upgraded, forecasts from the Norwegian Petroleum Directorate (NPD) showed on Thursday. The numbers show a revival for Norwegian crude production, which last year fell to its lowest since 1989 as older fields gradually depleted their reserves.

Jan 10 - Mexican finance ministry declines to reveal cost of 2020 oil hedge 
Mexican Finance Minister Arturo Herrera on Thursday said the country's annual oil hedge costs "around $1 billion," but declined to give a precise figure for how much was spent on the program for 2020. Asked by reporters how much Mexico had spent on the hedge for this year, Herrera said: "The hedge costs around $1 billion dollars." 

Jan 09 - Divergent paths: Oil, natural gas going different directions 
The diverging fundamentals of U.S. oil and natural gas can be seen dramatically in the markets, where the oil-to-gas price ratio has surged to its highest in six years. The oil-to-gas ratio, or the level at which oil trades compared with natural gas, recently reached 30-to-1, and could increase further as analysts expect average gas prices will fall for a second consecutive year in 2020 to their lowest level in over 20 years. 

 
Jan 09 - China opens up oil and gas exploration, production to foreign firms 
China will for the first time allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants as Beijing looks to boost domestic energy supplies. The long-awaited opening comes alongside Beijing's reshuffle in the so-called "midstream" pipeline business, but experts say the policy relaxation may not draw immediate interest from international drillers due to overall poor asset quality of China's hydrocarbon resources. 

 
Jan 09 - China suspends national rollout of ethanol mandate - sources 
China has suspended its plan to implement a nationwide gasoline blend containing 10% ethanol this year, three sources briefed on the matter said, following a sharp decline in the country's corn stocks and limited production capacity of the biofuel.  The reversal is a heavy blow to domestic producers that have built new plants, as well as biofuel exporters, including the United States and Brazil, which were looking to benefit from growing Chinese demand. China was expected to increase imports of U.S. ethanol after the recent announcement of Phase 1 of a trade agreement.

 
Jan 09 - U.S. crude stocks build unexpectedly, gasoline inventories surge - EIA 
U.S. crude oil stockpiles rose unexpectedly last week and gasoline inventories surged by their most in a week in four years, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.2 million barrels in the week ended Jan. 3 to 431.1 million barrels, compared with analysts' expectations in a Reuters poll for a 3.6 million-barrel drop.

 
Jan 09 - Oil at the crossroads as hedge funds build large bullish position: Kemp 
Even before Iranian general Qassem Soleimani was killed by a U.S. air strike on Jan. 3, ratcheting up tensions across the Middle East, hedge funds had become very bullish about oil prices. Fund managers amassed an unusually large net long position in petroleum futures and options towards the end of last year in anticipation of the global economy picking up in 2020, but that also leaves prices vulnerable to a correction if the recovery is delayed or fails to materialise. 

Jan 09 - Occidental Petroleum slashing jobs 'significantly' in cost-cutting move 
Occidental Petroleum Corp said on Wednesday it would begin dismissing workers in a new cost-cutting move following its $38 billion acquisition of Anadarko Petroleum. The company has already "significantly" cut staff through a voluntary program, spokeswoman Melissa Schoeb said in an email. She did not respond to requests for information about the number of employees to be cut or any potential charge to earnings.

Jan 09 - India palm import curbs to start Malaysia, Indonesia price war - association 
India's restrictions on imports of refined palm oil will lead to a loss of market share for Malaysia and spark a price war with rival supplier, Indonesia, a Malaysian industry association said on Thursday. India, the world's biggest edible oil buyer, issued a notification on Wednesday amending imports of refined palm oil to "restricted", a move that industry sources said amounted to an effective ban.

Jan 09 - Crisis-hardened markets have learned to look past military flare-ups 
Iran's missile attack on U.S. army bases in Iraq overnight sent gold blasting above $1,600 an ounce, boosted the Japanese yen by almost 1% and oil by $3 a barrel.  But it took just hours for that safe-haven dash to fade and for world equities to resume their climb. It was the second volte face in under a week following a similar pattern of events after the U.S. killing of top Iranian commander Qassem Soleimani on Friday. And that mirrored a super-fast roundtrip on markets after Iran-backed rebels attacked Saudi oil facilities in September. 

Jan 09 - Mexico's president doubles down on nationalist line: no oil auctions 
Mexico's President Andres Manuel Lopez Obrador said on Wednesday his government was not contemplating reopening oil and gas auctions this year, ending hopes his left-leaning government will soon spur private investment in the energy sector. "It's not contemplated," Lopez Obrador said at his daily press conference when asked if his government was considering offering auctions for oil and gas blocks in 2020.

Jan 09 - U.N. investigators find Yemen's Houthis did not carry out Saudi oil attack 
Yemen's Houthi group did not launch an attack on Saudi Arabia's oil facilities in September, according to a confidential report by U.N. sanctions monitors seen by Reuters on Wednesday, bolstering a U.S. accusation that Iran was responsible.  The United States, European powers and Saudi Arabia blamed Iran for the Sept. 14 attack on the Saudi Aramco oil plants in Abqaiq and Khurais, dismissing a quick claim of responsibility by the Iran-allied Houthis. Tehran denied any involvement.

Jan 08 - UAE energy minister sees no immediate risk to oil flow through Strait of Hormuz 
The energy minister of the United Arab Emirates said on Wednesday he saw no immediate risk to oil travelling through the vital gateway of the Strait of Hormuz after Iran attacked bases housing U.S. forces in Iraq.  The situation is not a war, and what is happening now should not be exaggerated, Suhail al-Mazrouei said on the sidelines of a conference in Abu Dhabi, the UAE capital.

 
Jan 08 - Oil price spike clouds corporate profit outlook, putting investors on edge 
The spike in oil prices due to the escalating conflict between the United States and Iran is causing investors to worry that U.S. corporate earnings will be crimped by rising energy costs. While the energy sector would benefit from higher oil prices, other sectors ranging from shipping to manufacturing to restaurants would see their profit margins compress as gasoline prices rise. Some investors said they were acting more defensively against this backdrop. 

 
Jan 08 - China's CNPC pulls staff from Iraq oilfield amid Mideast tensions 
China National Petroleum Corp (CNPC), a top investor in Iraqi oil, has pulled about 20 employees from the West Qurna-1 field operated by U.S. major Exxon Mobil amid a jump in regional tensions, a company source familiar with the matter said. The move was made on Sunday following the killing of Iranian general Qassem Soleimani in a U.S. drone strike in Iraq last week. Iran early on Wednesday launched missile attacks on U.S.-led forces in Iraq in retaliation, fuelling fears of a wider conflict. 

 
Jan 08 - Venezuelan oil exports fell by a third in 2019 as U.S. sanctions bit -data 
Venezuela's oil exports plummeted 32% last year to 1.001 million barrels per day, according to Refinitiv Eikon data and state-run PDVSA's reports, as a lack of staff and capital drove output to its lowest level in almost 75 years and U.S. sanctions shrank exports markets. The drop would have been steeper if some of PDVSA's largest customers had not bought Venezuelan oil through intermediaries or trans-shipped cargoes off several ports around the world so the country of origin was blurred, according to industry sources, vessel trackers and Eikon data. 

 
Jan 08 - Apache shares jump 27% on major discovery in Suriname with Total 
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%. The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from diving natural gas prices.

Jan 08 - French unions blockade refineries in bid to stop pension reform 
French unions blockaded several oil refineries on Tuesday, aiming to cause shortages at petrol stations after a month-long public transport strike failed to force the government to withdraw its pension reform plans.  Workers at Exxon Mobil France's Port Jerome and Fos refineries began a four-day strike, the hardline CGT union said. 

Jan 08 - Anti-fracking group proposes limiting Colorado oil and gas drilling 
A Colorado environmental group on Tuesday launched a fresh push to curtail drilling in the fifth-largest oil-producing state, citing concerns over health and safety.  The initiatives, proposed by Colorado Rising, include a steep increase in the insurance that oil companies are required to carry to cover abandoned wells and would widen the separation between new wells and public areas. To gain a place on the state's November ballot, the initiatives will require around 125,000 voter signatures.

Jan 07 - OPEC December oil output slips as Nigeria, Iraq comply more 
OPEC oil output fell in December as Nigeria and Iraq adhered more closely to pledged reductions and top exporter Saudi Arabia made further cuts ahead of a new production-limiting accord, a Reuters survey found. On average, the 14-member Organization of the Petroleum Exporting Countries pumped 29.50 million barrels per day (bpd) last month, according to the survey. That is down 50,000 bpd from November's revised figure.

 
Jan 07 - Oil price gains turn up the heat on emerging market oil importers 
Oil prices topping $70 a barrel due to rising geopolitical tensions are piling the pressure on emerging market crude consumers such as South Africa, Turkey and India, already struggling to boost their fragile economic growth. Emerging markets have had a tumultuous time over the past couple of years, with pressure from a strong dollar and the fallout from the China-U.S. trade war adding to reverberations from individual crises in countries like Turkey and Argentina.

 
Jan 07 - China imports record LNG volumes in Dec, overtakes Japan for second month 
China imported a record high monthly volume of liquefied natural gas (LNG) in December, overtaking Japan as the world's top importer of the fuel for a second consecutive month, ship tracking data from Refinitiv Eikon showed on Tuesday. China imported 7.198 million tonnes of LNG in December, up nearly 16% from its November imports, while Japan shipped in 6.574 million tonnes in December, up nearly 7% from the previous month, the data showed.

 
Jan 07 - Equinor aims to cut emissions in Norway by 40% this decade 
Norway's Equinor plans to cut greenhouse gas emissions from its domestic operations by 40% this decade and to near zero by 2050, potentially allowing the country to keep pumping crude even as it works to meet international climate obligations. CEO Eldar Saetre told Reuters the plan could also give the state-controlled company a competitive advantage as the industry faces rising costs for climate warming emissions.

 
Jan 07 - U.S. energy consumption hit by economic slowdown - Kemp 
U.S. manufacturers and freight hauliers were hit last year by the sharpest slowdown since the 2008/09 recession and it filtered through into a noticeable dip in energy consumption. Use of electricity, natural gas and diesel by industrial customers all showed large declines, or at least sharp slowdowns, in the nine months ending in September 2019.

Jan 07 - Louis Dreyfus owner pledged stake to raise $1 bln Credit Suisse loan 
Margarita Louis-Dreyfus borrowed $1 billion from Credit Suisse last year to buy out minority shareholders of Louis Dreyfus Company (LDC), pledging her majority stake in the commodities trader as collateral, a company filing showed. LDC's chairwoman, who assumed control of the 169-year-old business in 2009, faces a requirement to buy shares from family minorities wishing to sell under a long-term arrangement established by her late husband Robert.

Jan 07 - Hedge funds boost U.S. crude oil net longs - CFTC 
Hedge funds raised their net long U.S. crude futures and options positions in the week to Dec. 31, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group raised its combined futures and options position in New York and London by 14,101 contracts to 326,476 during the period. Oil was basically flat during that period, with U.S. crude futures falling by 0.2%. 

Jan 07 - Oil tanker flotilla steams toward U.S. as freight rates surge - sources, data 
A flotilla of oil tankers is sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, according to shipping sources and Refinitiv Eikon data on Monday. Eight tankers, an unusually high number, are in the Atlantic and steaming to the United States, with capacity of up to 5.6 million barrels of oil combined, the people said. Freight rates for Aframax vessels out of the U.S. Gulf coast hit record levels last month, drawing more vessels to the region. 

Jan 06 - U.S. oil workers leave Iraq after air strike on Iranian leader 
U.S. citizens working for foreign oil companies in the southern Iraqi city of Basra were leaving the country on Friday, the oil ministry said, after a U.S. air strike killed a top Iranian commander in Iraq. Hours after the killing of Iranian Quds Force leader Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis, who was with him, the U.S. embassy in Baghdad urged all its citizens to leave Iraq immediately.

 
Jan 06 - Weakened by sanctions, Venezuela's PDVSA cedes oilfield operations to foreign firms 
Venezuelan state company PDVSA is letting some joint venture partners take over the day-to-day operation of oilfields as its own capacity dwindles due to sanctions and a lack of cash and staff, according to a former oil minister, an opposition lawmaker and industry sources. Crude production by PDVSA and its joint ventures has fallen to about a third of its peak 20 years ago. The steepest fall has occurred since military officials with no oil industry experience took over PDVSA's management in late 2017 and Washington imposed sanctions on the state-run company in early 2019 in a bid to oust socialist President Nicolas Maduro.

 
Jan 06 - U.S. crude stocks drop sharply, daily exports hit 4 mln milestone - EIA 
U.S. crude stocks fell by their most since June, driven by a surge in U.S. crude exports to more than 4 million barrels per day for the first time in history, the Energy Information Administration said on Friday. Crude inventories fell by 11.5 million barrels in the week ended Dec. 27 to 429.9 million barrels, compared with analyst expectations in a Reuters poll for a 3.3 million-barrel drop. 

 
Jan 06 - Oil jumps as traders weigh uncontrolled escalation risk in Middle East: Kemp 
The U.S. air strike that killed a top commander of Iran's revolutionary guard in Baghdad seems to have been intended to restore strategic deterrence in the aftermath of the assault on the U.S. embassy in the Iraqi capital. The aggressive response implies the United States still believes it has "escalation dominance" and Iran will absorb the blow rather than trying to match it or risk escalating the conflict further.

 
Jan 06 - U.S. shale producer shares spike with oil prices but rise seen as fleeting 
Shares of U.S. shale producers climbed on Friday as Middle East tensions boosted oil prices to an eight-month high, but the bump is likely to prove temporary as companies stay focused on cost-cutting in 2020. Oil prices jumped as producers and service companies evacuated foreign staff from Iraq for safety reasons after a U.S. air strike killed a top Iranian commander in Iraq. 

Jan 06 - Mexico hedges oil output for 2020 as risks grow 
Mexico has completed its annual oil hedging program for 2020 at $49 a barrel, the finance ministry said on Friday at a time when the finances of both the sovereign and state oil company Pemex are particularly vulnerable. The oil hedging program, the world's largest financial oil deal, is designed to protect Latin America's second-largest economy against oil price crashes.  

Jan 06 - Exxon signals 4th qtr weakness in chemicals and refining, offset by asset sale 
Exxon Mobil Corp's fourth quarter operating results will decline from a year ago due to weakness in chemicals and refining, according to a regulatory filing and analyst comments on Friday. Some analysts slashed earnings projections to about 50 cents per share, down from the average earlier estimate of 71 cents, according to Refinitiv IBES. The estimates exclude gains from asset sales.

Jan 03 - With fates intertwined, Mexico and Pemex face downgrade risk in 2020 
Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign outlook for the country to negative and one downgrading its rating.

 
Jan 03 -  U.S. oil deals hit 5-year high in 2019 on Occidental's blockbuster Anadarko buy 
The value of U.S. oil and gas mergers and acquisitions reached a five-year peak of $96 billion in 2019 on the back of competing bids for Anadarko Petroleum, energy data provider Enverus said on Thursday. Occidental Petroleum Corp's $38 billion acquisition of Permian rival Anadarko countered a pullback in corporate deal-making the sector, driven by investor pressure to prioritize shareholder returns over growth, Enverus said. 

 
Jan 03 -  Bunge sells stake in U.S. ethanol plant as biofuels industry struggles 
Bunge Ltd ended its 13-year ownership interest in an Iowa ethanol plant, the company said on Thursday, following industry struggles with thin margins and overproduction. Southwest Iowa Renewable Energy, or SIRE, repurchased Bunge's stake in the facility on Dec. 31, according to a statement.

Jan 03 - Saudi's Asia selling price for Arab light crude unchanged for Feb - statement 
Saudi Arabia has set its February Arab light crude oil official selling price to Asia at a premium of $3.70 versus the Oman/Dubai average, unchanged from January, according to a statement from state oil company Aramco on Thursday. Aramco lowered its selling price for Arab light crude oil to Northwestern Europe to a discount of $4.05 a barrel to ICE Brent, down $2.20 a barrel from the previous month.

Jan 03 - Greece, Israel, Cyprus sign EastMed gas pipeline deal 
Greece, Cyprus and Israel on Thursday signed a deal to build a 1,900 km (1,180 mile) subsea pipeline to carry natural gas from the eastern Mediterranean's rapidly developing gas fields to Europe. Although Turkey opposes the project, the countries aim to reach a final investment decision by 2022 and have the pipeline completed by 2025 to help Europe diversify its energy resources.

Jan 03 - Brazil exports record amounts of oil, cotton and pork in December 
Brazil exported record monthly volumes of oil, cotton and pork in December, as the country ramps up oil production and Chinese demand for meat boosts Brazilian animal protein industry, official data showed on Thursday. Brazil exported 8.72 million tonnes of crude in December, more than double the amount shipped a year ago and the highest monthly volume ever, surpassing the previous record posted in July 2018.

Jan 03 - Venezuela alters oil royalty formulas, driven by new marine fuel rules 
Venezuela has changed the formulas for calculating royalties energy companies pay the government to remove references to fuel oil and some crude grades, driven by stricter rules governing marine fuel emissions, according to a document seen by Reuters. A ban by the United Nations shipping agency, the International Maritime Organization (IMO), on the use of fuels with a sulfur content above 0.5%, aimed at reducing pollution, has roiled oil markets and caused price volatility for high-sulfur products like fuel oil.

Jan 02 - U.S. shale producers to tap brakes in 2020 after years of rapid growth 
Vastly slower U.S. oil growth this year and the prospect of a plateau for the world's top oil producer have signaled a new and unfamiliar era of self-restraint for the go-go shale industry. Spending cuts and production declines common to shale wells mean U.S. output growth is expected to brake from 2019's pace that pushed domestic production past 13 million barrels per day (bpd). Some analyst forecasts for next year call for growth to slow, potentially to a rate of just 100,000 new bpd. 

 
Jan 02 - Tests raise alarms over fuel blends coming for ocean-going vessels 
As a global clean-fuel mandate takes effect Jan. 1, testing companies examining newer, low-sulfur marine blends acquired in Antwerp, Belgium; Houston and Singapore have found sediment at levels that could damage the engines of ocean-going vessels. Routine tests by AmSpec Services and a unit of Lloyd's Register have raised alarms about safety and compliance just ahead of the new International Maritime Organization (IMO) 2020 standard. Such tests, paid for by suppliers of bunker fuel, have been conducted more frequently due to the shift.

 
Jan 02 - U.S. crude output hits record 12.66 mln bpd in Oct - EIA 
U.S. crude oil production in October hit a record 12.66 million barrels per day (bpd), up from a revised 12.48 million bpd in September, the U.S. government said in a monthly report on Tuesday. Weekly production figures have already shown the United States surpassing 13 million bpd in production, but that data is considered less reliable than the monthly figures. 

 
Jan 02 - Oil analysts bet on modest price gains in 2020 as supply shrinks - poll
Oil prices are likely to hover around $63 a barrel in 2020, a Reuters poll showed on Tuesday, benefiting from deeper production cuts by OPEC and its allies, and hopes that a U.S.-China trade deal could jumpstart economic growth. Benchmark Brent crude is forecast to average $63.07 per barrel in 2020, up marginally from last month's $62.50 estimate, a survey of 38 economists and analysts showed.

 
Jan 02 - China Sinochem to start $4.6 bln Quanzhou petchem complex mid-2020 - sources 
China Sinochem Group is expected to start up a new crude processing unit and a petrochemical complex in southeastern China around mid-2020, marking the state firm's first foray into making petrochemicals, three company sources said. The state-run oil and chemicals group is adding 60,000 barrels per day of crude processing capacity at an existing 240,000-bpd refinery in Quanzhou, Fujian province. 

Jan 02 - Russian firms divert oil from Belarus as no 2020 supply deal signed 
A new dispute over oil could be brewing between Russia and Belarus as Russian suppliers divert large volumes of crude to domestic ports in lieu of a deal on 2020 deliveries between the two countries, according to six industry sources. Moscow and Minsk have had several oil and gas rows over the past decade in what has been described as love-hate relationship between president Vladimir Putin and Alexander Lukashenko.

Jan 02 - Coal-fired plants around New Delhi running despite missing emissions deadline 
Coal-fired utilities around New Delhi were still operating on Wednesday despite threats from the Indian authorities to close them down if they had not installed equipment to cut emissions of sulphur oxides by the end of the year. Three senior executives at companies operating power plants around New Delhi and facing an end-2019 deadline said they had not received direction on whether they could continue to run the plants having not installed the kit
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Dec 31 - Commodity3 would like to thank you again this year for the trust you have placed in us and wish you all a happy, healthy and successful new year 2020 !

Dec 20 - US probe of Saudi oil attack shows it came from north - report 
The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 indicates the strike likely came from the north, reinforcing its earlier assessment that Iran was behind the offensive. In an interim report of its investigation - seen by Reuters ahead of a presentation on Thursday to the United Nations Security Council - Washington assessed that before hitting its targets, one of the drones traversed a location approximately 200 km (124 miles) to the northwest of the attack site.

 
Dec 20 - Trump EPA finalizes 2020 biofuel rule, corn lobby objects 
The Trump administration finalized U.S. biofuel blending requirements for 2020 on Thursday, leaving a key part of the rule unchanged from an earlier proposal that the corn lobby had criticized as inadequate to help struggling farmers. The move is destined to anger biofuel industry officials and corn-state senators who had pushed hard for changes until the 11th hour, potentially threatening President Donald Trump's support among farmers ahead of next year's election.

 
Dec 20 - China announces new tariff exemptions for U.S. chemical, oil products 
China on Thursday unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced a Phase 1 trade deal.  The exemptions will be for one year from Dec. 26, the Finance Ministry said, without providing a value for the imports excluded from duties.

 
Dec 20 - ChemChina seeks funding from Chinese state-backed firms ahead of Syngenta IPO - sources 
China National Chemical Corp, or ChemChina, has approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganisation of its agrichemicals business ahead of a public float, according to five people familiar with the situation. The reorganisation includes Swiss giant Syngenta. The fundraising efforts and eventual stock market listing are designed to cut ChemChina's debts ahead of a long-awaited mega-merger with state-owned peer Sinochem. Frank Ning, the chairman of both companies, has encouraged individual business units to tap capital markets ahead of any tieup, which has been in the works since 2016. 

 
Dec 20 - New clean shipping fuel rules, but who polices the polluters? 
Sweeping new fuel rules aiming to cut pollution belching from ships and save lives are now just a couple of weeks away but with no central policing agency and several countries still not signed up to them, compliance is a major concern. From January 2020, ships must use fuel with a sulphur content of 0.5%, down from 3.5%, or install devices that strip out the toxic pollutant - known as scrubbers. 

 
Dec 20 - U.S. renews waiver on COSCO's Dalian tanker unit hit by Iran sanctions 
The Trump administration on Thursday renewed a waiver for companies to wind down transactions with the Dalian unit of a Chinese tanker company on which it had imposed sanctions in September for allegedly transporting Iranian oil.  The waiver, good until Feb. 4, 2020, allows activities and transactions "ordinarily incident and necessary to the maintenance or wind down of transactions" including offloading of non-Iranian crude oil involving COSCO's Dalian Shipping Tanker Co, the U.S. Treasury Department said in a release.

Dec 19 - India's NTPC snubs foreign emissions tech, shuts out GE, others from $2 bln orders
Top Indian electricity generator NTPC has rejected the emissions-cutting technology of GE and other foreign firms for its coal-fired plants, documents show, shutting them out of an estimated $2 billion in orders. Despite struggling with some of the world's worst air pollution levels, India has already pushed back a deadline to cut emission levels to up to 2022, after extensive lobbying by power producers who cited high costs and technical difficulties.

Dec 19 -  Oil patch woes: Amid downturn, Alberta rages at Canada's Trudeau
In 35 years of working in Alberta's oil patch, home to the world's third-largest crude reserves, Ray Mildenberger endured a volatile industry's ups and downs without being laid off. That changed in October, when Mildenberger, 60, and five co-workers of an oil service company in Grande Prairie, Alberta, lost their jobs. Mildenberger turned to selling truck parts to pay the mortgage - the first job of his career outside the oil industry.

Dec 19 -  Court reserves decision on challenge to Canada oil pipeline
A panel of judges reserved its decision on Wednesday after hearing arguments from indigenous groups that the Canadian government had failed to properly consult them on expanding its oil pipeline. The challenge to the Federal Court of Appeal is the latest obstacle to tripling capacity on the Alberta-to-British Columbia Trans Mountain pipeline, which the Canadian oil industry says is badly needed.

Dec 19 -  U.S. crude stockpiles drop, product supplies higher - EIA
U.S. crude stocks fell while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday, in a report largely in line with analyst expectations. Crude inventories fell by 1.1 million barrels in the week to Dec. 13 to 446.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.

Dec 19 -  White House says it is sticking with 2020 biofuel plan, despite farmer objections
The Trump administration plans to stick with its proposed 2020 biofuel blending requirements, the White House said on Wednesday, despite anger among farmers that the plan does too little for corn growers. The decision could undermine President Donald Trump's support among farmers, an important constituency in the November 2020 election. Some U.S. farmers have already been hurt by the United States' prolonged trade war with China.

Dec 19 - Chevron returns to Australia fuel retail with $288 mln Puma Energy asset buy
Chevron Corp's Australian unit on Thursday said it would buy the domestic commercial and retail fuels business of Puma Energy for A$425 million ($288 million), marking a return to the country's fuel distribution market. The sale by Singapore-based Puma Energy, 49%-owned by commodities trading giant Trafigura, comes as Puma pushes to rebalance its books after a decade-long spree snapping up oil assets. Puma booked a net loss of $500 million for the year ended Sept. 30. 

Dec 19 - Gunvor remains biggest LNG trader as its deliveries rise 45% this year
Commodities trading house Gunvor will deliver 45% more liquefied natural gas (LNG) this year than in 2018, remaining the largest independent LNG trader, it said on Wednesday. It will supply a total of 16 million tonnes of LNG by the end of 2019, up from 11 million tonnes delivered last year. 

Dec 18 - Saudi Arabia, UAE swayed Russia for OPEC+ cuts at Abu Dhabi F1 race
Saudi Arabia turned to its Gulf ally the United Arab Emirates when it needed help convincing Russia to sign on to deeper oil supply cuts at this month's OPEC meeting. The UAE's de-facto ruler, Sheikh Mohammed bin Zayed, hosted crucial talks between Saudi Arabia and Russia in Abu Dhabi, where the three nations ironed out what would become one of the deepest supply cuts in a decade, four sources familiar with the negotiations told Reuters. 

 
Dec 18 - Oil prices rise on optimism about economy in 2020: Kemp 
Crude oil traders have become progressively more bullish about the outlook for prices since the beginning of October as the trade war between the United States and China has eased, lifting concerns about a global recession. Deeper production cuts by Saudi Arabia and its allies in the expanded OPEC+ group of oil exporters, announced at the start of this month, have probably accelerated the bullish shift.

 
Dec 18 - Illegally traded chemical halted Russian oil pipeline, tests show
The substance that brought one of Russia's longest oil pipelines to a halt in April was carbon tetrachloride, a lethal chemical meant to be tightly controlled by an international agreement, according to the results of three separate, undisclosed tests seen by Reuters. A summary of the results of a test carried out for Russia's Ministry of Energy and for Transneft, the operator of the pipeline, by a Moscow-based state chemical laboratory seen by Reuters in May, which has not previously been reported, shows that the contaminant was 85 percent carbon tetrachloride.

 
Dec 18 - Darkness before dawn: China's solar equipment sector loses its shine
China's quick-growing solar equipment makers, forecast to meet half of global demand by the mid 2020s, are ramping up overseas sales to stave off closure after the elimination of government subsidies pushed domestic installations to a five-year low. Exports of key solar components this year have already exceeded last year's total and executives expect growth to continue next year, stoking concerns of a flood of cheap Chinese products undercutting those of manufacturers worldwide.

 
Dec 18 - Oil prices rise on optimism about economy in 2020: Kemp
Crude oil traders have become progressively more bullish about the outlook for prices since the beginning of October as the trade war between the United States and China has eased, lifting concerns about a global recession. Deeper production cuts by Saudi Arabia and its allies in the expanded OPEC+ group of oil exporters, announced at the start of this month, have probably accelerated the bullish shift.

Dec 18 - Trader Mercuria to compete for South Texas oil-trading hub - exec
Commodities trader Mercuria Energy Group expects to open a new U.S. Gulf Coast crude oil storage facility next year that could compete to become a trading hub for shale oil, the Swiss company's investment chief said on Tuesday. Pin Oak Terminals LLC, a joint venture owned by Mercuria and Dauphine Midstream LLC, is building 2 million barrels of crude storage outside of Corpus Christi, Texas, near where several pipelines connect and other firms have oil storage, said Brian Falik, Mercuria's chief investment officer for the Americas. 

 
Dec 17 - U.S. shale oil output to rise 29,000 bpd to record 9.14 mln bpd in Jan - EIA
U.S. oil output from seven major shale formations is expected to rise about 29,000 barrels per day (bpd) in January to a record 9.14 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Monday. Output at the largest formation, the Permian Basin of Texas and New Mexico, is expected to rise 48,000 bpd to a new record 4.74 million bpd, the smallest increase since July. 

Dec 17 - JP Morgan raises 2020 oil price view on OPEC+ cuts, improved economic outlook
JP Morgan on Tuesday raised its oil price outlook and forecast supply-demand balance to tighten next year against the backdrop of the OPEC and its allies increasing output cuts and stronger economic growth in emerging markets. The investment bank revised its Brent price forecast to $64.5 per barrel in 2020 from $59 earlier, although it expects prices to slip to $61.50 in 2021. 

Dec 17 - Bullish oil bets surge after OPEC+ reaches deal on cuts: Kemp
Hedge fund managers piled back into petroleum last week after Saudi Arabia and its allies in the OPEC+ group of major oil exporters announced deeper-than-expected cuts to their production in the first quarter of 2020. Hedge funds and other money managers bought futures and options equivalent to 154 million barrels in the six most important contracts linked to petroleum prices in the week to Dec. 10.

Dec 17 - Commodities 2020? Trump, China bring deja vu, all over again: Russell
As 2020 approaches, the year ends with the tantalising prospect of a trade deal between the United States and China. Again. Initial agreement to de-escalate the tariff war between the world's two biggest economies has been interpreted as a positive for the global economic outlook. But it's worth remembering that 2018 ended on a similar note - leaving the commodities outlook once again hostage to the whims of Donald Trump and Xi Jinping.

Dec 17 - Global coal demand to remain stable up to 2024 - IEA
Global coal demand is expected to remain stable until 2024 as growth in Asia offsets weaker demand from Europe and the United States, the International Energy Agency (IEA) said on Tuesday. The IEA report is being published just after negotiators from more than 190 countries met in Madrid over the last two weeks to try to thrash out rules to meet the 2015 Paris Climate Agreement, which demands a virtual end to coal power by 2050. 

Dec 17 - Goldman Sachs raises 12-month commodity returns forecast
Goldman Sachs on Monday raised its 12-month commodity returns forecast by 3% to 6.4% citing an improved outlook for oil after an OPEC-led agreement to curb output further as well as agriculture sector supply concerns. "Policy clarity" after the U.S.-China trade deal and the British elections could trigger commodity demand, analysts at the bank said in a note.

Dec 13 - Trump signed off on a phase-one trade deal with China, averting the Dec. 15 introduction of a new wave of U.S. tariffs

Dec 13 - Oil consumption tracking is all about Asia: Kemp
Oil market analysts must make sense of a bewildering array of statistics about production, consumption and inventories, compiled and published with varying definitions and degrees of accuracy and timeliness. The challenge is to form an accurate and nuanced picture of the whole market capable of generating useful forecasts, without becoming lost in the insignificant details.

 Dec 13 -  Saudis hail 'fortune-telling' prince for Aramco price prediction
Saudis took to Twitter to celebrate Aramco's valuation hitting $2 trillion on Thursday, with one posting praising de-facto leader Crown Prince Mohammed bin Salman as a fortune teller. "Few people have the ability to predict the future," journalist Mosaed al-Zayani posted on Twitter, a platform favoured for pro-government commentary in Saudi Arabia.

 Dec 13 -  Oil market to remain oversupplied despite deepening OPEC+ cuts - IEA
Global oil inventories could rise sharply despite OPEC and its allies deepening their output cuts and slowing U.S. production growth, the International Energy Agency (IEA) said on Thursday. "Despite the additional curbs ... and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (bpd), global oil inventories could build by 700,000 bpd in Q1 2020," the Paris-based IEA said in a monthly report.

Dec 12 - OPEC sees small 2020 oil deficit even before latest supply cut
OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next year. OPEC pumped less oil in November than the average 2020 requirement, having in previous months supplied more.

 
Dec 12 - U.S. oil stockpiles build across the board - EIA
U.S. crude oil stockpiles rose unexpectedly last week, while gasoline and distillate inventories jumped sharply higher, the Energy Information Administration said on Wednesday. Crude inventories rose by 822,000 barrels in the week to Dec. 6 to 447.9 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel drop. At 447.9 million barrels, crude stocks were about 4% above the five-year average for this time of year, the EIA said. 

 
Dec 12 - Australia energy market operator turns Scrooge on coal lobby: Russell
Australia, which vies with Indonesia for the title of the world's largest coal exporter, is planning for an electricity future where use of the polluting fuel dwindles and is rapidly replaced by renewable energy sources. The Australian Energy Market Operator (AEMO), which controls the country's largest electricity and natural gas markets, released a report on Thursday outlining the future development of the country's electricity market. As Christmas approaches, it made for miserly tidings for the coal miners and politicians supporting the industry.

 
Dec 12 - 'Vindication' - Saudi Arabia hails 10% debut jump in Aramco shares
Saudi Aramco shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, in a move hailed by the government as a vindication of its towering $2 trillion valuation of the state oil company. The shares closed at 35.2 riyals ($9.39) each, up from the initial public offering (IPO) price of 32 riyals and at the daily limit of price moves allowed by the Tadawul exchange.

 
Dec 12 - Chevron's charge points to billions more in U.S. gas writedowns - analysts
Oil and gas producers could wipe billions of dollars off the value of U.S. natural gas assets in the months ahead, analysts said on Wednesday, after Chevron Corp became the fourth oil major to slash its estimates for sector values. A long, steady increase in U.S. gas production – much of it a byproduct of the shale oil boom – has pushed prices for the fuel toward a 25-year low. Nearly half of U.S. gas production is a by-product of oil drilling, and therefore does not change in response to weak prices, analysts said.

 
Dec 12 - India's fuel demand growth hits 23-month high in November
India's fuel demand grew by 10.5% in November from a year earlier, its fastest pace since January 2018, driven by higher consumption of transport fuels gasoil and gasoline, and cooking gas. Consumption of refined fuels, a proxy for oil demand in Asia's third largest economy, totalled 18.77 million tonnes in the month, preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Wednesday.

Dec 11 - U.S. to become net petroleum exporter in 2020 - EIA
The United States is on track to become a net exporter of crude and fuel for the first time on record on an annual basis in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday, due to a production surge that has dramatically reduced the dependence on foreign oil. U.S. crude oil production is expected to rise by 930,000 barrels per day (bpd) to a record 13.18 million bpd next year, the EIA said, slightly below its previous forecast for a rise of 1 million bpd.

 
Dec 11 - Chevron expects $10 bln-$11 bln charge in 4th qtr; plans asset sales
U.S. oil major Chevron Corp on Tuesday said it expects to write down the value of its assets $10 billion to $11 billion this quarter and is considering selling some natural gas projects to prepare for long term low prices. The second-largest U.S. oil company, which plans to hold its 2020 spending program flat at $20 billion, said it may sell shale gas properties and its stake in a Canadian liquefied natural gas project. 

 
Dec 11 - Asian LPG buyers will gain from surplus supply in 2020
Liquefied petroleum gas (LPG) buyers are set to enjoy another year of abundant supplies in 2020 but naphtha as a competing fuel in the petrochemical sector could come under pressure. Global supplies of LPG, a mixture of propane and butane, will rise by about 5% year-over-year to 325 million tonnes in 2020, data from consulting and research company IHS Markit showed. 

 
Dec 11 - Venezuela Nov crude output jumps to highest level since U.S. tightened sanctions - sources
Venezuela's crude output in November jumped more than 20% from the prior month to the highest level since the United States tightened sanctions on state oil company PDVSA in August, two people with knowledge of PDVSA data said this week. November output averaged between 926,000 barrels-per-day (bpd) and 965,000 bpd, according to the people, compared with the 761,000 bpd average in October that PDVSA reported to the Organization of Petroleum Exporting Countries (OPEC). That increase came as exports jumped to over 1 million bpd. 

 
Dec 11 - Exxon Mobil scores win in New York climate change lawsuit
Exxon Mobil Corp won a major victory in a closely-watched lawsuit on Tuesday when a judge ruled that the company did not defraud investors out of up to $1.6 billion by hiding the true cost of climate change regulation. The ruling by Justice Barry Ostrager in Manhattan Supreme Court followed a trial featuring testimony from investors, experts and former Exxon Chief Executive Officer Rex Tillerson.

 
Dec 11 - Sen. Grassley says White House assured him on 2020 biofuels plan
U.S. Senator Chuck Grassley said on Tuesday he has been assured by the White House that 2020 biofuel blending mandates will be finalized in accordance with a September agreement between the administration and biofuel and corn producers. The Iowa Republican's comment reflects the intense pressure on President Donald Trump to appease anger over his biofuel policy in the U.S. Farm Belt, a crucial political constituency in next year's election that has often clashed with his allies in the oil industry.

 
Dec 11 - U.S., Canada and Mexico sign agreement - again - to replace NAFTA
Top officials from Canada, Mexico and the United States signed a fresh overhaul of a quarter-century-old trade pact on Tuesday that aims to improve enforcement of worker rights and hold down prices for biologic drugs by eliminating a patent provision. The signing ceremony in Mexico City launched what may be the final approval effort for U.S. President Donald Trump's three-year quest to revamp the 1994 North American Free Trade Agreement (NAFTA), a deal he has blamed for the loss of millions of U.S. manufacturing jobs.

 
Dec 11 - Exxon, Hess to export first oil from Guyana in early 2020 - sources
U.S. producers Exxon Mobil Corp and Hess Corp plan to export the first-ever shipments of crude oil from Guyana between January and February, a milestone for Latin America's newest oil producer, sources with knowledge of the plans said. A consortium including both companies and a unit of China's CNOOC Ltd have so far discovered more than 6 billion barrels of recoverable oil and gas resources off Guyana's coast, which could eventually produce 750,000 barrels per day (bpd) for a country that has no history of crude output.

Dec 10 - Trump wants 'movement' from China to avoid Dec. 15 tariffs - US ag secretary
U.S. President Donald Trump does not want to implement the next round of scheduled tariffs against Chinese goods on Dec. 15, but he wants "movement" from China to avoid them, U.S. Agriculture Secretary Sonny Perdue said on Monday. Beijing and Washington have been embroiled in a 17-month trade war that has disrupted global grain flows, rattled markets and weighed on world economic growth.

 
Dec 10 - Chinese buyers offer to resell LNG cargoes as they struggle with weak demand
Chinese companies are offering to resell liquefied natural gas (LNG) cargoes in the spot market as they grapple with high inventory amid weak demand due to a slowing economy and a milder than usual winter, several trade sources said on Monday. The world's second-largest buyer of LNG is currently facing high inventory of the super-chilled fuel in some areas, several sources familiar with the Chinese market told Reuters. 

 
Dec 10 - China's imports of major commodities show accelerating trend: Russell
The growth rate of China's imports of major commodities has accelerated in recent months, indicating Beijing's stimulus efforts may be bearing fruit and that the impact of its trade dispute with the United States may not be as bad as feared. On the surface, China's imports of major commodities in November presented a mixed picture, with month-on-month gains in crude oil and copper, and declines in iron ore and coal. 

 
Dec 10 - Executives at Indian state-run companies oppose privatisation of refiner BPCL
Executives at major state-run Indian companies voiced their opposition to government plans to privatise oil refiner Bharat Petroleum Corp Ltd in a statement released by industry bodies on Monday. Prime Minister Narendra Modi's government last month approved the sale of BPCL and four other state-run companies, in what is seen as the biggest privatisation push in India in decades and a way to plug a widening fiscal gap as New Delhi looks to revive a slowing economy.

 
Dec 10 - Saudi Aramco will exercise 15% greenshoe option in whole or part during first 30 days of trading - statement
Saudi Aramco will exercise its 15% greenshoe option in whole or part during the first 30 days of its trading period, its lead managers said. The statement issued late on Monday, from Samba Capital, NCB Capital, and HSBC Saudi Arabia, clarified earlier comments carried by Al Arabiya news channel from an executive of NCB Capital saying that the greenshoe option has been exercised.

 
Dec 10 - Spread between U.S. oil and natgas hits highest since September
The collapse of U.S. natural gas prices and rise in crude futures over the past couple of months boosted the spread between oil and gas to its highest since September. The premium of crude over gas in million British thermal units (mmBtu) rose to $7.87 on Friday. That is up from a four-month low of $6.71 in October.

 
Dec 10 - Indonesia eyes biodiesel with 40% bio-content during 2021-2022
Indonesia, the world's largest palm oil producer, plans to implement a biodiesel programme with 40% bio-content (B40) between 2021 and 2022, a government official said on Tuesday. From January, Southeast Asia's largest economy is set to bring in biodiesel with 30% bio-content through the B30 programme, which sent palm prices higher on concern that it will export less palm oil - a feedstock for the fuel. 

 
Dec 10 - Enterprise, Enbridge to develop U.S. Gulf Coast crude export terminal
Enterprise Products Partners LP and Enbridge Inc have agreed to jointly develop a U.S. Gulf Coast crude export terminal that would load supertankers off Freeport, Texas, Enbridge said on Monday. The pipeline operators plan to finalize a deal that would provide Enbridge an option to purchase ownership interest in Enterprise's Sea Port Oil Terminal (SPOT), subject to SPOT receiving a deepwater port license, Enbridge said. 

 
Dec 10 - Oil markets hit by profit-taking ahead of China tariff deadline: Kemp Hedge funds scaled back their bets on higher oil prices last week, with futures and options markets hit by a wave of selling after a jump in positions the week before. While much of that can be put down to profit taking, the shaky economic outlook and rapidly approaching deadline for more U.S. tariffs on Chinese goods means fund managers are likely to moderate their bullishness for the time being.

Dec 09 - Brent to revert to $60/bbl by mid-2020 despite OPEC cuts - Morgan Stanley 
OPEC and allied oil producers' plan to deepen cuts through the first quarter of next year will support the market only in the short-term, while Brent crude prices are likely to revert to $60 per barrel by mid-2020, Morgan Stanley said. The bank cut its 2020 OPEC production forecast by 0.4 million barrels per day (bpd) to 29.2 million bpd after oil producers led by Saudi Arabia and Russia agreed to cut output in the first quarter of 2020 but stopped short of pledging action beyond March.

 
Dec 09 - China's crude imports, fuel exports, are as vital as OPEC+ cuts: Russell 
China's record imports of crude oil in November underscore both the challenges and risks facing OPEC and its allies as they attempt to drive prices up by deepening output cuts. The market often focuses on the Organization of the Petroleum Exporting Countries and its allies, including top exporter Russia, because the group holds regular meetings that capture the attention of the media and allow for considerable commentary over what the group is planning.

 
Dec 09 - Saudi delivers deeper cuts as OPEC+ oil producers back new pact 
Saudi Arabia spearheaded a deal on Friday that will see the OPEC+ group of oil producers commit to some of the sector's deepest output cuts in a decade aiming to avert oversupply and support prices. Saudi with OPEC peers and allies led by Russia backed a plan that could see cuts of as much as 2.1 million barrels per day (bpd), Saudi Energy Minister Prince Abdulaziz bin Salman said.

 
Dec 09 - No Riyadh rush as many global investors steer clear of Aramco IPO
The Saudi Aramco IPO was supposed to be a cornerstone of Crown Prince Mohammed bin Salman's ambitious plan to open the gates to foreign investment in the kingdom. But there's no sign of a stampede. The state oil giant confirmed on Thursday that its initial public offering would be the biggest in history, raising $25.6 billion. The offering will surpass Alibaba's 2014 New York flotation and value Aramco at $1.7 trillion - still short of the prince's $2 trillion goal.

 
Dec 09 - China sets up national oil, gas pipe firm in drive to 'boost competition' - Xinhua 
China announced on Monday the establishment of a national oil and gas pipeline company in a move intended to boost competition, the Xinhua state news agency said. The long-awaited state pipeline company aims to provide other investors fair market access to infrastructure that is mainly controlled by China's three national oil companies, Xinhua said.

Dec 09 - Tighter climate policies could erase $2.3 tln in companies value
Tighter government climate regulations by 2025 could wipe up to $2.3 trillion off the value of companies in industries ranging from fossil fuel producers to agriculture and car makers, an investor group warned in a report. Rules aimed at lowering carbon emissions are expected to accelerate in the coming years as countries scramble to meet obligations under the 2015 Paris climate agreement limiting global warming.

 
Dec 09 - Saudi energy minister talks OPEC+ unity, backs Aramco to soar 
OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020.

 
Dec 09 - Trump administration sees partial waivers as potential fix in biofuel debate - sources 
The Trump administration believes it can assuage farmer anger over its biofuels policy by agreeing to use more partial waivers for oil refineries, signaling a potential solution to a protracted battle between Big Corn and Big Oil, two key political constituencies in next year's presidential election, according to three sources familiar with the matter. The administration has spent months trying to appease farmers and corn-based biofuel producers after it granted 31 oil refiners exemptions to blending mandates in August, sparking outrage across the Farm Belt. It unveiled a proposal to address the issue in October that biofuel companies say does not go far enough to compensate for the ethanol demand destruction caused by the waivers.

 
Dec 09 - Money managers cut long position in crude oil futures - CFTC
Money managers cut their net long U.S. crude futures and options positions in the week to Dec. 3, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 42,264 contracts to 171,114 during the period. In that time, the price of Brent crude oil slipped by 5.4%, but it has recovered since in the runup to the decision by major oil producing countries to limit supply.

 
Dec 09 - U.S. oil drillers cut rigs for seventh consecutive week - Baker Hughes 
U.S. energy firms reduced the number of oil rigs operating for a seventh week in a row as year-long declines in the rig count have only curbed growth of record U.S. production, prompting OPEC to deepen cuts in an effort to bolster prices amid a global glut. Drillers cut five oil rigs in the week to Dec. 6, bringing the total count down to 663, the lowest since April 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Dec 06 - OPEC, allies agree to deepen oil output cuts 
Oil producers led by Saudi Arabia and Russia agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March. The countries involved pump over 40% of the world's oil, and their new combined cuts amount to 1.7 million bpd or 1.7% of global production.

Dec 06 - Saudi Aramco prices shares at top of range in world's biggest IPO 
State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.

Dec 06 - Tankers running on fumes as shipping fuel switch causes delays 
Disruption to shipping from the long-anticipated switch to more environmentally friendly marine fuels has finally arrived, exacerbated by logistical problems as much as any shortage of the cleaner fuel. New International Maritime Organization (IMO) rules, referred to as IMO 2020, aim to stop ships from using fuels containing more than 0.5% sulphur unless they are equipped with exhaust-cleaning systems known as scrubbers.

Dec 06 - Norway ramps up W.Europe's largest oilfield as oil's future questioned 
Norwegian oil worker Nils Magne Lunde is preparing to drill a well at Johan Sverdrup, a North Sea offshore field which started in October and has quickly become Western Europe's biggest oil producer with rapidly rising output. Lunde views the prospects of his industry with caution. 

Dec 06 - EPA chief says addressing biofuel industry concerns over blending mandates -source 
U.S. Environmental Protection Agency Administrator Andrew Wheeler told a biofuels company on Thursday that the agency is working to address industry concerns over biofuel blending rules that have sparked outrage across the Farm Belt, according to a source familiar with the matter. Biofuel producers and representatives of corn farmers are unhappy with the EPA's expanded use of waivers exempting oil refineries from their annual ethanol blending requirements. They say that agency's efforts to address the issue with proposed tweaks to the 2020 blending requirements are not enough.

Dec 06 - U.S. diesel demand drops as manufacturers struggle, silver lining for shipowners: Kemp 
U.S. diesel consumption is declining as manufacturing output shrinks and the volume of freight falls, intensifying downward pressure on oil prices but smoothing the introduction of new marine fuel regulations. U.S. consumption of diesel and other distillate fuel oils was down almost 3% in the three months between July and September compared with a year earlier, according to data from the U.S. Energy Information Administration.

Dec 06 - Western Canada oil stocks swell to record high due to Keystone outage, rail strike 
Western Canadian oil stocks climbed to a record high 39 million barrels as of Nov. 29 due to a temporary outage of the Keystone oil pipeline and a strike by Canadian National Railway Co workers, data provider Genscape said on Thursday. Despite the rail strike, Canadian rail loadings in November averaged a record-high 351,000 barrels per day of oil, Genscape oil market analyst Dylan White said in a statement.

Dec 06 - Saskatchewan's oil lures investors, producers from troubled Alberta 
Alberta's congested pipelines and production limits are turning oil companies to neighboring Saskatchewan, driving up prices for drilling rights as the region weathers a deep slump. A survey of senior executives last month by the Fraser Institute said Saskatchewan was Canada's most attractive jurisdiction for upstream oil and gas investment. Saskatchewan produces 11% of Canada's oil, compared with Alberta's 80%, according to the Canada Energy Regulator. 

Dec 05 - OPEC gearing up for deeper oil cuts, Russia yet to agree
OPEC is gearing up to deepen oil supply cuts later this week but still needs to strike an agreement with allies such as Russia on details of a deal to support prices and prevent a glut next year. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.

 
Dec 05 - Saudi Aramco's bookrunners recommend pricing IPO at top end - sources
Saudi Aramco's bookrunners have recommended pricing its initial public offering at 32 riyals ($8.5) per share, the top of an indicative price range, three sources familiar with the deal said, potentially making it the world's biggest IPO. At that level, Aramco would have a market valuation of $1.7 trillion, comfortably overtaking Apple as the world's most valuable listed firm but missing the $2 trillion target initially sought by Crown Prince Mohammed bin Salman.

 
Dec 05 - Crude stocks fall more than expected, fuel inventories jump - EIA
U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.9 million barrels in the week to Nov. 29, compared with analysts' expectations for a decrease of 1.7 million barrels.

 
Dec 05 - Saudi Aramco pursues war cover after attacks - sources
Saudi Aramco is looking to buy insurance against war and terror attacks after a damaging drone and missile attack on some of its oil facilities in September, two sources told Reuters. Aramco, the world's largest oil company, has been looking for cover from insurers including those based at Lloyd's of London and elsewhere in the London market, they added.

 
Dec 05 - Oil companies swap stakes in Mexico as government holds off on auctions
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor's flagship energy reform that has seen no new licensing rounds since 2018. 

 
Dec 05 - As Citgo profit rises, pressure to restore dividend grows - sources
Citgo Petroleum Corp's directors are unlikely to bow to pressure this week to resume dividend payments, two sources close to the discussions said, as the refiner cannot yet help Venezuela's interim government ease creditors' claims against its parent PDVSA that also are threatening its assets. Citgo has long been the prized possession of state oil company PDVSA, as one of the largest U.S. refiners with a network of more than 5,000 gas stations. But the company broke away from its parent earlier this year in the wake of U.S. sanctions on Venezuela, naming new management with backing from the country's opposition leader, Juan Guaido. 

 
Dec 05 - Top Canadian oil producers boost spending, rivals pull back after bleak year
Canada's two biggest oil producers are cautiously boosting spending next year despite congested pipelines and government production limits, waging they can thrive in a weak market better than smaller companies that are reining in capital. Canadian Natural Resources Ltd (CNRL) and Suncor Energy Inc announced higher 2020 capital budgets this week. The announcements followed a bleak year for the industry, as full pipelines prompted Alberta to curtail production, share prices sagged, and Encana Corp said it would re-base to the United States.

Dec 04 - OPEC, Russia debate deeper oil cuts as new glut looms
OPEC and its allies led by Russia are gearing up to approve deeper oil production cuts this week to prevent a new glut and a collapse on oil prices with OPEC member Iraq saying the move was supported by key members. Non-OPEC Russia also said it was expecting a constructive meeting as OPEC leader Saudi Arabia presses fellow producers to deepen cuts to increase its budget revenue and raise a good price from the share sale of oil giant Saudi Aramco.

Dec 04 - India's diesel demand growth seen stuck in low gear until mid-2020
India's demand for diesel will remain subdued until the second half of 2020, when analysts expect various policy measures aimed at stimulating industrial activity to kick in and soak up excess fuel. Until consumption picks up in Asia's third-largest economy, where economic growth has slowed to six-year lows, refiners are likely to extend their recent stretch of rare diesel exports, which have weighed on refining margins in the region. 

Dec 04 - U.S. oil exports set to rise in new year on surging demand for low-sulfur crude 
U.S. crude exports could touch 4 million barrels per day (bpd) for the first time ever in coming months, thanks to rising demand for low-sulfur crudes and the completion of pipeline and export projects along the U.S. Gulf Coast, traders, analysts and shipbrokers said. A new maritime law that requires ocean-going vessels to burn low-sulfur fuels to reduce pollution beginning January 1 is lifting demand for light, sweet U.S. crude, particularly from the U.S. Permian Basin, traders said.    
 

Dec 04 - U.S. blacklists six oil tankers in new Venezuela-related sanctions
The Trump administration on Tuesday blacklisted six oil tankers involved in the shipment of Venezuelan oil to Cuba, the latest in a series of sanctions aimed at pressuring Havana to abandon its support for socialist Venezuelan President Nicolas Maduro. Six vessels belonging to state-run oil company Petróleos de Venezuela SA, or PDVSA, were targeted, according to a statement from the U.S. Treasury Department. 

Dec 04 - Australian power market operator braces for hot, dry summer 
Australia's power market operator said on Wednesday it has lined up extra power reserves to help keep the lights on during what is expected to be a hot, dry summer that could stress the country's ageing coal-fired plants. The Australian Bureau of Meteorology warned last week that the summer, which runs from December through February, is likely to be hotter and drier than normal, increasing the chances of heat waves and bushfires. 

 
Dec 04 - Hedge funds pile into petroleum on rosier economic outlook: Kemp
Hedge funds resumed heavy buying of crude oil and petroleum products last week, with the previous week's bout of profit-taking halted by increasing optimism over the global economy and hopes for more output cuts by Saudi Arabia. Futures and options equivalent to 144 million barrels in the six major petroleum contracts were purchased by hedge funds and other money managers in the week to Nov. 26, the most in a single week for more than two years.

 
Dec 04 - Saudi Aramco IPO institutional tranche 2.95 times oversubscribed
The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday. The bookbuilding process for allocating shares to institutional buyers - typically asset managers, insurers or pension funds - began on Nov. 17 and investors have until 1700 Saudi time on Dec. 4 to place orders.

Dec 03 - In China, coal creeps back in as slowing economy overshadows climate change ambitions
China is building more coal-fired power plants and approving dozens of new mines, despite assurances from the world's biggest greenhouse gas emitter that it was serious about fighting climate change. China's 2021-2030 policy plans are under close scrutiny as the United Nations climate change conference gets under way in Madrid, especially after a new UN report said the world needs to cut carbon dioxide by 7.6% a year over the decade in order to limit temperature rises. 

 
Dec 03 -  U.S.-China trade pendulum swings toward Beijing; commodities key: Russell
Since U.S. President Donald Trump launched his trade dispute with China one of the best questions to ask in order to assess the current state of the process is who, right now, is more desperate to do a deal. For most of 18 months or so since the tit-for-tat tariffs began the conventional thinking has been Beijing is more keen to finalise an agreement, given the obvious slowing of growth in the world's second-biggest economy.

 
Dec 03 -  Saudi raises light crude prices to Asia to six-year high
Saudi Arabia raised on Monday its light crude prices for sales to Asia in January to the highest in six years, tracking gains in the Middle East crude benchmark and higher margins for light distillates last month. Tight supplies and increased demand for high-sulphur refining feedstock pushed the premium of the cash price for Middle East benchmark Dubai to swaps to the highest in six years in November. 

 
Dec 03 -  Australian minnow Far battles Woodside over West African oil spoils
A long-running dispute between two Australian partners in an oil field off Senegal is set to be resolved this month, just as the companies look to sign off on a $4.2 billion plan to develop the West African nation's first oil project. Oil minnow Far Ltd has been mired in a bitter row over the acquisition by Woodside Petroleum of a 35% stake in the Sangomar oil field from ConocoPhillips for $350 million in 2016.

 
Dec 03 - Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said. The deal being discussed by the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, would add at least 400,000 barrels per day (bpd) to existing cuts of 1.2 million bpd or 1.2% of global supply.

Dec 03 - U.S. oil output growth slows: just how much is anyone's guess
U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials gather this week to weigh production curbs. Shale output has routinely defied naysayers over the past three years as U.S. production has surged to nearly 13 million barrels per day (bpd), making the nation the world's largest crude oil producer and a major exporter with an average of just under 3 million bpd so far this year.

Dec 02 - OPEC and allies may deepen oil cuts to 1.6 mln bpd - Iraq
OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, Iraq's oil minister said on Sunday. The minister, Thamer Ghadhban, told reporters in Baghdad that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will consider increasing the cuts in their supply pact at meetings in Vienna this week.

Dec 02 - Asian refiners strive to finish IMO preparations in hunt for profits
At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month. In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO), but also relying on blending to produce IMO2020 compliant bunker fuel.

Dec 02 - Venezuela's PDVSA reaches deal to operate Curacao refinery for another year
Venezuela's state oil company PDVSA will operate Curacao's 335,000 barrel-per-day Isla refinery for up to a year more, a spokesman for Curacao's state refining company, Refineria di Koursou (RdK), said on Sunday. PDVSA's contract to operate the refinery was set to expire at the end of this year. The spokesman described the agreement as a "transition" measure as RdK continued efforts to find a new operator.

Dec 02 - Landmark Siberian gas to test CNPC's marketing mettle in China's backwaters
Across China's coal-burning northeastern provinces, pipelines are being laid, contracts signed and coal-fired boilers ripped out ahead of the arrival next week of the country's first piped natural gas from Russia. The 'Power of Siberia' pipeline, due to open on Dec. 2, will pipe natural gas around 3,000 km (1,865 miles) from Russia's Siberian fields to the fading industrial region, which has lagged the push to gas in China's south and east.

Dec 02 - Fuel market calm ahead of IMO changeover: Kemp
Fears about a shortage of diesel and other middle distillates stemming from new marine pollution regulations have receded, with distillate premiums falling to some of the lowest levels for two years. From the start of 2020, ocean-going ships will be required to use low-sulphur fuels or employ exhaust gas cleaning systems, known has scrubbers, under pollution control rules approved by the International Maritime Organization (IMO).

 
Dec 02 - Saudi Aramco IPO oversubscribed so far, but not by big margin
Saudi Aramco's initial public offering (IPO) was on course to be oversubscribed but not by a huge margin, according to figures released so far by the lead manager before a Dec. 4 close for institutional investors to submit offers. Bids received by Friday from institutional and retail investors totalled $44.3 billion, lead manager Samba Capital said, about 1.7 times the value Saudi Arabia aims to raise from selling a 1.5% stake in the state-owned oil giant.

 
Dec 02 - U.S. crude output rises 66,000 bpd to record 12.5 mln bpd in Sept - EIA
U.S. crude oil production in September rose to a new record of 12.46 million barrels per day (bpd) from 12.397 million bpd in August, the U.S. government said in a monthly report on Friday. The United States has become the world's largest oil producer as technological advances have increased production from shale formations.

 
Dec 02 - Vietnam signs crude oil supply deal for 2020 with SOCAR
Vietnam's state-run Binh Son Refining and Petrochemical Co (BSR) has inked an agreement with Azeri state energy company SOCAR to buy five million barrels of crude in 2020, BSR said late on Friday. SOCAR Trading will provide five million barrels of Azeri Light crude to BSR's Dung Quat refinery during the first half of 2020, BSR said in a statement on its web site.

 
Dec 02 - Oil to be stuck in a rut in 2020 as slowing demand fuels glut - poll
Oil prices will remain subdued in 2020 as growth concerns weigh on demand and fuel a glut of crude, a Reuters poll showed on Friday ahead of production-policy talks among OPEC and its allies next week. The poll of 42 economists and analysts forecast Brent to average $62.50 a barrel next year, little changed from last month's $62.38 outlook, which was the lowest prediction for 2020 in about two years.

Nov 29 - Russia signals no change to its oil quotas at next week's OPEC+ meeting
Russian oil companies proposed on Thursday not to change their output quotas as part of a global deal until the end of March, when the current agreement expires, putting pressure on OPEC+ to avoid any major shift in policy when the group meets next week. They also offered to exclude production of gas condensate, a light oil, from the output quotas as Russia has been struggling to meet its supply-reduction targets in recent months.

Nov 29 - Drought trims Australia greenhouse gas emissions, offsets jump from gas trade
Australia's greenhouse gas emissions were roughly unchanged in the 12 months ended June as a long-running drought hit cattle and sheep farming, shrivelling emissions from agriculture and offsetting sharp increases from the natural gas industry. Overall emissions edged down 0.1% to 532.0 million tonnes of carbon dioxide equivalent (Mt CO2-e) in the year to June 30, the Department of Environment and Energy said in a quarterly update.

Nov 29 - Chevron puts two Nigerian offshore blocks up for sale
Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows, as the company seeks to dispose of ageing assets to focus on its fast-growing U.S. production. A Chevron spokesman confirmed the sale process.

Nov 29 - Saudi Aramco IPO's retail tranche oversubscribed -lead manager
The retail portion of Saudi Aramco's initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals ($10.2 billion), lead manager Samba Capital said on Thursday. The state oil giant plans to sell a 1.5% stake, or about 3 billion shares, and has said at least one-third of the sale is expected to be covered by retail investors, who have until Thursday to sign up.

Nov 29 - Facing U.S. sanctions, Venezuela offers suppliers payment in Chinese yuan - sources
Venezuela's government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five people familiar with the matter said. The move made in recent months is the latest example of how Caracas has sought new ways of making international payments since sweeping sanctions by Washington, intended to force out socialist President Nicolas Maduro, cut off the country's access to the U.S. financial system.

 
Nov 29 - Big four auditors face investor calls for tougher climate scrutiny
European investors managing assets worth more than 1 trillion pounds ($1.28 trillion) are pressing top auditors to take urgent action on climate-related risks, warning that failure to do so could do more damage than the financial crisis. The case for tighter auditing has been bolstered by public statements from regulators and accounting watchdogs highlighting the potentially systemic risks that climate change could pose.

 
Nov 29 - European Parliament declares symbolic "climate emergency" ahead of summit 
European Union lawmakers declared a "climate emergency" on Thursday in a symbolic vote that heightens pressure for action against global warming at an upcoming summit. With increasingly erratic weather patterns from wildfires in Australia to floods in Europe being linked to climate change, governments are under scrutiny to find urgent solutions at the United Nations' summit in Spain on Dec. 2-13.

Nov 28 - Russia to press OPEC+ to change its oil output calculations
Russia is likely to call on fellow oil producers to change the way Moscow's output is measured when most of the world's biggest oil-producing nations meet next month in Vienna, Russian and OPEC sources say. For three years OPEC and non-OPEC nations have curbed oil output in order to balance the market and support prices, but Russia has been measuring its production differently to the others.

 
Nov 28 - Saudi Aramco IPO's retail offer fully covered with $8.7 bln in orders - lead manager
The retail portion of Saudi Aramco's initial public offering (IPO) has been fully covered, with orders reaching 32.57 billion Saudi riyals ($8.7 billion), lead manager Samba Capital said on Wednesday. The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion.

 
Nov 28 - U.S. crude stockpiles rise, gasoline inventories spike-EIA - Reuters
U.S. crude oil stockpiles rose last week as the nation's production hit another record, while gasoline inventories jumped sharply, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week ended Nov. 22, compared with analysts' expectations in a Reuters poll for a decrease of 418,000 barrels. Its fifth straight weekly build took stocks to 452.0 million barrels, their highest since July and about 3% above the five-year average for this time of year, the EIA said. 

 
Nov 28 - Residents flee fourth major Texas petrochemical fire this year 
Three workers were injured and residents of four towns were told to evacuate after explosions on Wednesday at a Texas petrochemical plant, the latest in a series of chemical plant accidents in the region. An early morning blast at a TPC Group complex in Port Neches, Texas, was followed by a series of secondary explosions that shattered windows and blew locked doors off their hinges.

 
Nov 28 - Eastern Libyan forces regain control of El Feel oilfield - LNA
Forces based in eastern Libya said on Wednesday they had driven rival factions from the 70,000-barrel-per-day (bpd) El Feel oilfield after attacking the area with air strikes, leading to production being halted. The eastern-based forces had counter-attacked after forces aligned to the internationally recognised government in Tripoli took control of the field earlier in the day.

 
Nov 28 - U.S. assures banks on dollar dealings with China's COSCO hit by Iran sanctions
The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on a Dalian unit of China's biggest shipping company COSCO that Washington had imposed sanctions on over suspicions it transported oil from Iran. The United States' sanctions on Sept. 25 pushed global freight costs to record highs and added millions of dollars in costs to many voyages.

 
Nov 28 - Billion-dollar LNG project in southern Mozambique expected in 2020
A final investment decision on a $3.15 billion liquefied natural gas (LNG) project near Mozambique's capital will be taken around the middle of 2020, France's Total and its partners in the project said on Wednesday. The project will see a floating storage and regasification unit moored in the harbour of Matola, a suburb of the capital Maputo, and it will be connected to a new gas-fired power plant nearby and to South Africa's gas network. Total will supply the gas.

 
Nov 28 - Canadian National Railway resume services after biggest rail strike in a decade ends
Operations resumed at Canada's largest railway, Canadian National Railway Co., on Wednesday, a day after company and union officials reached a tentative deal to end an eight-day-long strike that had triggered a severe propane shortage and left many Canadian exports stranded. A CN spokesman said on Wednesday that there were no hiccups in the return to work and that trains were resuming operations as expected. The company had said Tuesday operations would resume across Canada at 6 a.m. local time on Wednesday.

Nov 27 - OPEC should make right call for fragile world economy - IEA's Birol
OPEC countries, which are meeting next week to discuss their level of oil output, should make the right decision for the global economy, which remains "very fragile", the head of the International Energy Agency told Reuters on Tuesday. "It is up to OPEC countries to decide, but what I see is that the pressure is strong on the OPEC plus Russia, as a result of the strong growth coming from the non-OPEC countries – the U.S., Brazil, Norway, Guyana and others," Fatih Birol said in an interview on the sidelines of an energy conference in Oslo.

 
Nov 27 - Aramco IPO retail subscription at $7.21 bln -lead manager
Retail subscription for Saudi Aramco's initial public offering (IPO) reached 27.04 billion Saudi riyals ($7.21 billion) on Tuesday, lead manager Samba Capital said. The retail element of the sale so far amounts to a total of 845,101,020 shares, Samba Capital said in a statement.

 
Nov 27 - Global oil consumption remains sluggish: Kemp
Global oil consumption has apparently accelerated since mid-year as lower prices filter through the supply chain, increasing demand and avoiding a big increase in inventories. But all may not be as it seems. Much of the growth has come from China, where reported consumption is rising at rates inconsistent with the country’s slumping auto sales and slowing economy.

 
Nov 27 - ConocoPhillips seeks seizure of Citgo parent to collect on PDVSA award
U.S. oil company ConocoPhillips on Tuesday filed a motion in a Delaware court seeking to seize shares in the parent of U.S. refiner Citgo Petroleum to collect on an arbitration award against Venezuelan state oil company PDVSA. Citgo, a PDVSA subsidiary and Venezuela's crown jewel overseas asset, is being targeted by numerous parties seeking payment from Venezuela or PDVSA. But any transfer of its ownership is currently restricted by U.S. sanctions aimed at forcing out socialist President Nicolas Maduro.

 
Nov 27 - Canada's biggest rail strike in a decade ends, backlogs could nag shippers
Canada's longest railroad strike in a decade ended on Tuesday as Canadian National Railway Co reached a tentative agreement with workers, but shippers warned it could take weeks before service bounces back to normal. Industry groups celebrated the end of the eight-day strike at the country's biggest railroad, which had cost them sales and raised their expenses. News of the deal, which must still be ratified by union members, sent CN shares up by as much as 2%.

 
Nov 27 - Hungary makes EU bid to soften nuclear licensing rules to ease Paks expansion
Hungary has submitted draft legislation to the European Commission to amend the country's nuclear safety protocols to custom-fit a 12 billion euro Russian-led nuclear plant expansion project that it wants to speed up, eight sources told Reuters. The draft legislation was detailed to Reuters by the Hungarian Atomic Energy Agency (HAEA), and corroborated by several sources with knowledge of the matter who wanted to remain unidentified.

Nov 26 - Qatar plans to boost LNG production to 126 mln T by 2027
Qatar topped up its expansion plan for its vast liquefied natural gas (LNG) production facilities after drilling and appraisal work at its gas fields and now expects to produce 126 million tonnes a year (mtpa) by 2027. The announcement by the world's biggest LNG supplier comes as prices for the super-chilled gas languish at multi-year lows thanks to a surge in production from the United States, Russia and Australia. 

 
Nov 26 - ‘Time to take out our swords': Inside Iran’s plot to attack Saudi Arabia
Four months before a swarm of drones and missiles crippled the world’s biggest oil processing facility in Saudi Arabia, Iranian security officials gathered at a heavily fortified compound in Tehran. The group included the top echelons of the Islamic Revolutionary Guard Corps, an elite branch of the Iranian military whose portfolio includes missile development and covert operations.

 
Nov 26 - OPEC+ shortens timeframe for December oil policy talks
OPEC and its allies are set to hold a series of meetings to decide their oil output policy in Vienna on Dec. 4-6, a shorter schedule than earlier planned, OPEC sources said. The Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, are cutting oil output by 1.2 million barrels until March 2020 to support the market. 

 
Nov 26 - Bankrupt Philadelphia refiner seeks at least $2.5 mln in executive bonuses - court filings
The bankrupt Philadelphia Energy Solutions Inc oil refiner is seeking a minimum of $2.5 million in bonus payments to its top executives as part of a plan to reorganize or sell the company, U.S. bankruptcy court filings show. That would represent a potential second round of bonuses for PES executives, who were already paid roughly $4.5 million in retention awards after a massive June fire that resulted in the plant's shutdown. 

 
Nov 26 - Canada's biggest rail strike in a decade hits exports, sparks layoffs
A strike at Canadian National Railway Co, the country's largest railroad, entered a seventh day on Monday, sending further shocks through the economy with grain shipments scuttled and layoffs planned at fertilizer producers and an auto shipment terminal. As Canada's biggest rail strike in a decade dragged on, industry has piled pressured on the government to intervene. 

Nov 25 - China's Oct gasoline exports hit record level on domestic fuel surplus
China's gasoline exports in October more than doubled from a year ago to a record as refiners' increasing processing runs created a fuel surplus in the domestic market, spurring overseas sales. Gasoline shipments were 1.73 million tonnes last month, data from the General Administration of Customs showed on Saturday. That compares to 1.67 million tonnes in September and 650,000 tonnes in October 2018.

Nov 25 - Saudi Aramco markets IPO in Dubai after approaching Kuwait fund
Saudi Aramco met investors in Dubai on Sunday to market its initial public offering (IPO), after trying to secure demand from Kuwait's sovereign wealth fund for the deal, worth up to $25.6 billion, which relies heavily on local and regional buyers. Top executives of the Saudi state-owned oil giant, including Aramco's Chief Executive Amin Nasser, met officials of Kuwait's sovereign wealth fund weeks ago, a source familiar with the matter said, confirming an earlier report on Sunday in the Kuwaiti newspaper Alrai.

Nov 25 - New shipping rules, China pummel Asian refinery profits: Russell
Profits at Asian refineries are being buffeted by a combination of factors, chief among them uncertainty over how exactly new shipping fuel standards will play out and the rise of China as a product exporter. Refinery margins in Asia have been knocked to the lowest since the financial crisis in 2008 by some measures, as the industry grapples with the disparate factors.

Nov 25 - Total criticises palm oil tax move, says plant survival at stake
Total's Chief Executive Patrick Pouyanne on Sunday criticised the French parliament's decision on Nov. 15 to remove tax breaks on palm oil in biofuels, saying the survival of its biorefinery in southern France was at stake. The parliament voted against a government-backed proposal to delay until 2026 the end of palm oil's tax advantages, that would have given companies like Total more time to phase out the use of palm oil in biofuels. 

Nov 25 - Oil traders bet on economic upswing in 2020: Kemp
Crude oil traders are betting the market will tighten significantly next year, even as the major statistical agencies predict production will outstrip consumption and oil inventories will rise. Most of the divergence can be explained by differing assumptions about global growth in 2020. The International Energy Agency (IEA), the U.S. Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries are all projecting that the oil market will be in surplus in 2020.

 
Nov 25 - Chevron CEO plans major cost-cutting overhaul of production teams - sources
Chevron Corp Chief Executive Michael Wirth is preparing sweeping changes at the No. 2 U.S. oil and gas company that would cut costs and streamline operations in a drive to boost profitability, according to people familiar with the matter. Wirth, who took over the company 21 months ago, intends to cut the company's massive global upstream group into individual units, focusing on shale as well as liquefied natural gas and deepwater businesses, the sources said.

Nov 22 - OPEC+ likely to extend oil supply cuts until June - sources
OPEC and its allies are likely to extend existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia's push for stable oil prices amid the listing of state oil giant Saudi Aramco. The Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with a group of other oil producers, lead by Russia, known as OPEC+. The current oil supply cuts run through to March 2020.

 
Nov 22 - Exxon aims to sell $25 billion of assets to focus on mega-projects - sources
Exxon Mobil plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects, according to three banking sources. The sell-off would be a marked acceleration of the U.S. oil major's previous divestment plans. It would represent an ambitious attempt by Chief Executive Darren Woods to catch up with competitors who carried out sweeping portfolio reviews and sold swathes of assets following the 2014 market crash.

 
Nov 22 - U.S. oil refiners trim runs amid weak domestic and export demand: Kemp
U.S. oil refineries have cut their crude processing by almost 100 million barrels so far this year, mostly in response to slack demand at home and overseas. Crude processing in the year-to-date has fallen for the first time since the recession of 2008/09, according to data from the U.S. Energy Information Administration.

 
Nov 22 - Saudi Aramco order book reaches 73 billion riyals so far - Samba
Saudi Aramco's initial public offering (IPO) has attracted approximately 73 billion riyals ($19.47 billion) in institutional and retail orders so far, Saudi Arabia's Samba Financial Group said on Thursday. Some 1.8 million retail subscribers have injected more than 14 billion riyals into the IPO so far, Samba, one of the banks managing the deal, said in a statement sent to Reuters.

 
Nov 22 - Heating fuel shortage looms as strike at Canada's biggest railroad hits third day
Shippers scrambled to shift freight onto trucks on Thursday as a strike at Canada's biggest railroad, Canadian National Railway Co, hit its third day, leaving the critical fuel propane and other goods stranded. Some 3,200 unionized employees, including conductors and yard workers, hit picket lines on Tuesday in the biggest such action in a decade. The strike over working conditions has slowed output at industrial plants making chemicals, canola oil and other products.

 
Nov 22 - Swiss prosecutors search Vitol, Trafigura offices amid sweeping graft probe
Swiss investigators have executed search warrants at addresses linked to Vitol and Trafigura, their counterparts in Brazil said on Thursday, as a sprawling probe into the global commodity trading industry intensifies. In a statement, Brazilian federal prosecutors said Swiss investigators searched the Geneva addresses on Wednesday as part of a probe made public late last year. As part of that probe, authorities alleged employees of major commodity trading firms paid employees of Petroleo Brasileiro SA at least $31 million in bribes from 2011 to 2014. 

 
Nov 22 - As Russia expands Pacific pipeline, a third of oil exports go East
Russia is about to complete a fresh expansion of its oil pipelines to the Pacific coast that will cement its role as a top Asian supplier and allow it to ship a third of its total oil exports to Asia-Pacific markets. Just 10 years ago, Russia, the world’s second largest oil exporter after Saudi Arabia, was barely sending any oil to Asia with most of its oil exports flowing to the West. 

Nov 21 - Russia to continue cooperation with OPEC to keep oil market balanced - Putin
President Vladimir Putin said on Wednesday that Russia and OPEC have 'a common goal' of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal. The Organization of the Petroleum Exporting Countries (OPEC) meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+. 

Nov 21 - U.S. crude stocks rise even as refiners boost runs - EIA
U.S. crude stocks rose last week even as refineries hiked output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.4 million barrels in the week to Nov. 15, compared with expectations for an increase of 1.5 million barrels.

Nov 21 - Libya pumps 1.25 mln bpd of oil, aims for 1.5 mln next year - NOC head
Libya is pumping 1.25 million barrels per day (bpd) of oil and hopes to increase production to 1.5 million bpd next year, the head of the state National Oil Corporation (NOC) said on Wednesday. The North African nation, which has been mired in chaos since the overthrow of Muammar Gaddafi in 2011, aims to increase oil production to 2.1 million bpd by 2024, Mustafa Sanalla told a conference in Tunis.

Nov 21 - Saudi king blames Iran for "chaos", says strikes failed to hurt kingdom's development
Saudi Arabia's King Salman struck a defiant note against the kingdom's enemies, saying on Wednesday that missile and drone strikes it blames on Iran had not halted development and reiterating that Riyadh will not hesitate to defend itself. In an annual address to the appointed Shura Council, he called again on the international community to stop Tehran's nuclear and ballistic missile programs and halt regional intervention, saying it was time to stop the "chaos and destruction" generated by Iran, according to prepared remarks.

Nov 21 - Malaysia in talks with several partners to produce palm oil-based biojet fuel - industry body
Malaysia aims to start producing palm oil-based biojet fuel within five years and is in talks with several potential partners about setting up a plant, the head of the industry's marketing board said on Wednesday. Malaysia, the world's second biggest producer of palm oil, is looking for new markets to boost demand for the vegetable oil, widely used in everything from soap to lipstick to snack foods.

Nov 20 - Russia unlikely to deepen oil output cuts - sources
Russia is unlikely to agree to deepen cuts in oil output at a meeting with fellow exporters next month, but could commit to extend existing curbs to support Saudi Arabia, three sources said on Tuesday. The Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with a group of other exporters, which includes Russia, known as OPEC+. 

 
Nov 20 - Aramco IPO banks face pared payday of $90 million or less - sources
After battling it out for a role in a giant IPO that promised to make history, and enduring delay after delay, investment banks advising Saudi Aramco are set to be rewarded with relatively slim pickings. The 25 banks working on the listing will earn combined fees of $90 million or less, according to three sources involved in the deal, after the oil company scaled back its ambitions.

 
Nov 20 - Sinopec to launch $5.7 bln S.China refinery in Q2 2020, seek Kuwaiti oil - sources
China's Sinopec Corp is set to launch a new $5.7 billion refining and petrochemical complex in the south of the country in second-quarter 2020 using crude oil from Kuwait as a key feedstock, industry officials with knowledge of the matter said. The project being developed by Asia's top refiner, a 200,000 barrels-per-day (bpd) plant in Zhanjiang, a coastal city in Guangdong province, will become the third greenfield refinery-petrochemical complex to be built in China within a space of two years.

 
Nov 20 - India's Finance Commission likely to reject $12 bln package to help utilities cut pollution - source
India's Finance Commission has told the power ministry that its proposal to award utilities 835 billion rupees ($11.6 billion) in incentives to install equipment to curb emissions is "unviable," a senior official at the ministry told Reuters on Tuesday. The ministry submitted its proposal to the Finance Commission, which reviews government spending, in February.

 
Nov 20 - China coal-fired power capacity still rising, bucking global trend - study
China raised its coal-fired power capacity by 42.9 gigawatts (GW), or about 4.5%, in the 18 months to June, connecting new projects to the grid at a time when capacity in the rest of the world shrank, according to a study published on Wednesday. China also has another 121.3 GW of coal-fired power plants under construction, U.S.-based research network Global Energy Monitor said in its report, nearly enough to power the whole of France.

 
Nov 20 - ConocoPhillips targets $50 bln free cash flow over next decade 
ConocoPhillips unveiled a long-term plan on Tuesday to boost oil and gas production by about 3% per year, restrain annual spending to about $7 billion and return $50 billion to shareholders over the next decade. The announcement comes as investors, frustrated by weak commodity prices for five years, have been pressuring oil and gas companies to cut back on drilling and shore up cash to return to shareholders.

Nov 19 - OPEC's share of Indian oil imports in Oct hits lowest since 2011
OPEC'S share of India's oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. India, which usually imports about 80% of its needs from members of the Organization of the Petroleum Exporting Countries (OPEC), has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades. 

 
Nov 19 - U.S. shale oil output to rise 49,000 bpd to record 9.1 mln bpd in December - EIA
U.S. crude oil output from seven major shale formations is expected to rise about 49,000 barrels per day in December to a record 9.13 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Monday. Output at the largest formation, the Permian Basin of Texas and New Mexico, is expected to rise 57,000 bpd to 4.73 million bpd, the smallest increase since July this year but offsetting projected declines elsewhere.

 
Nov 19 - Oil price rally squeezes bears, but bulls keep powder dry: Kemp
Hedge fund managers continued to scale back short positions in crude last week amid receding fears of a global recession and increasing signs of a slowdown in U.S. oil production growth next year. Hedge funds and other money managers were net buyers of positions equivalent to 41 million barrels in the six major petroleum futures and options contracts in the week to Nov. 12.

 
Nov 19 - Saudi's Sept crude oil exports fall 3% after attacks 
Saudi Arabia's crude oil exports in September fell by 3% to 6.67 million barrels per day (bpd) from 6.88 million bpd in August, official data showed on Monday. Drone and missile attacks on Sept. 14 on two plants at the heart of Saudi Arabia's oil industry - Abqaiq and Khurais - temporarily knocked out more than half the Kingdom's output. 

 
Nov 19 - U.S. states declare emergencies to help farmers hit by propane shortage
Regional shortages of propane, which is used for heating homes and barns and by farmers to dry their crops, have led to emergency declarations covering nine U.S. Midwest states amid late harvests of soggy grains. Iowa, Minnesota, North Dakota and Wisconsin declared state emergencies beginning in late October, and continued last Friday to ease hours of service or load restrictions on delivery vehicles. 

Nov 18 - Saudi Aramco in race for IPO record with $1.7 trillion top value
Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi's crown prince but putting it in the running to become the world's biggest IPO. Aramco cannot sell its shares directly to investors in the United States and other markets, as the initial public offering (IPO) will be restricted to Saudis and those foreign institutions permitted to invest in the kingdom's stock market.

 
Nov 18 - OPEC+ faces "major challenge" from competitors' surging output - IEA
The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's policy meeting next month. "The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply," the Paris-based agency said in a monthly report. 

 
Nov 18 - Saudi Aramco's behaviour after IPO matters more than lofty $1.7 trillion valuation: Russell
The market focus on the valuation of Saudi Aramco's initial public offering is similar to Bugatti Chiron owners focusing on their vehicles' top speeds - interesting, but of little relevance. The $1.7 trillion upper value placed on the Saudi state oil company, the world's largest crude exporter, will no doubt generate speculation as to whether it's too high, and whether it will be viewed as reasonable enough to attract interest beyond the kingdom's small domestic equity market. 

 
Nov 18 - U.S. oil producers to slash spending for second straight year in 2020
U.S. energy producers plan to slash spending for a second straight year in 2020 as companies struggle to extract profits from the U.S. shale boom. While U.S. crude output hit a record 13 million barrels per day (bpd) this month, U.S. oil companies have struggled to deliver consistent profits. That is in part due to their success - higher output has kept oil prices tethered. 

 
Nov 18 - 'Hanging by its fingernails': U.S. biodiesel industry struggles without subsidy
When John Whittington shut his Morristown, Indiana, biodiesel plant this week, he knew the move would leave all 14 of his workers there looking for jobs heading into the U.S. holiday season. But he felt he had no choice.  A $1-per-gallon subsidy that had been propping up the industry since 2005 lapsed at the beginning of 2018 due to Congressional inaction, and his hopes for a swift renewal had been declining along with his business ever since.

 
Nov 18 - Over half of India's coal-fired power plants set to miss emission norm deadline
More than half of India's coal-fired power plants ordered to retrofit equipment to curb air pollution are set to miss the deadline, private industry estimates and a Reuters analysis show, as millions in the country wake up to toxic air each day. Thermal power companies, which produce three-quarters of the country's electricity, account for some 80% of India's industrial emissions of sulphur- and nitrous-oxides in India, which cause lung diseases, acid rain and smog.

Nov 15 - OPEC sees smaller 2020 oil surplus ahead of policy meeting 
OPEC said on Thursday it expected demand for its oil to fall in 2020 as rivals pumped more despite a smaller surplus of crude in the global market, building a case for the group to maintain supply curbs when it meets to discuss policy next month. In its last monthly report before the Dec. 5-6 talks, OPEC said demand for its crude would average 29.58 million barrels per day (bpd) next year, 1.12 million bpd less than in 2019.

 
Nov 15 - U.S. oil and gas producers to slash spending for second straight year in 2020 
The U.S. shale industry plans another spending freeze next year, and a sharp slowdown in production growth, as prolific oil and natural gas output has pressured prices and squeezed profits. Blistering growth in shale fields propelled U.S. crude output to a record 13 million barrels per day (bpd) this month.

 
Nov 15 - U.S. crude stockpiles rise as production hits record high - EIA 
U.S. crude oil stockpiles rose last week for the third consecutive week as production hit a record high, while distillate inventories, which include heating oil, fell for the eighth week in a row, the Energy Information Administration said on Thursday. Crude inventories rose by 2.2 million barrels in the week to Nov. 8, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel rise.

 
Nov 15 - Asian gasoline profit margins ride high, helped by jump in India demand 
Gasoline producers in Asia are enjoying their best profit margins in weeks, boosted by unexpected demand for imports from India as refineries there shut for upgrades needed to supply cleaner fuels next year in line with domestic regulations. But industry watchers say the surge could be short-lived, with Chinese refineries now running flat out, producing significant gasoline for export that will depress prices. 

 
Nov 15 - Callon Petroleum slashes Carrizo bid, hoping to save shale merger 
U.S. shale producer Callon Petroleum on Thursday sharply cut its offer for rival Carrizo Oil & Gas postponed a shareholder vote in a last ditch effort to win support for the deal.  The new terms value Carrizo at about $723 million down from $1.2 billion in July, when Callon first made the offer. Callon shares tumbled after the bid, reducing the value of the all stock deal.  It was the first major shale proposal since Occidental Petroleum Corp bid for Anadarko in April. 

Nov 14 - OPEC chief says rival oil supply could underperform in 2020 
U.S. shale oil supply growth could slow down next year, OPEC's secretary general said on Wednesday in his latest indication that the oil market in 2020 could surprise to the upside.  Mohammad Barkindo said there would likely be downward revisions of supply going into 2020 especially from United States shale, adding that some U.S. shale oil firms see output growing by only around 300,000-400,000 barrels per day. 

 
Nov 14 - China Oct refinery output rises 9.2% from year ago to second-highest ever 
China's crude oil throughput in October rose 9.2% from a year earlier to the second-highest on record, as refineries in the world's second-biggest oil consumer and top importer ramped up output after returning from plant maintenance. Last month, crude processing volumes were 57.84 million tonnes, or about 13.62 million barrels per day (bpd), below the record of 13.75 million bpd reached in September, data from the National Bureau of Statistics showed on Thursday.

 
Nov 14 - Comstock in talks to buy Chesapeake's Haynesville assets - sources 
Dallas Cowboys owner Jerry Jones' Comstock Resources is in talks to buy Chesapeake Energy Corp's Haynesville shale assets in Louisiana, according to two people familiar with the matter. A deal could be worth more than $1 billion, one of the people said, adding that the companies have settled on a structure for the deal and hope to reach an agreement by the end of the year. 

 
Nov 14 - China, India are both the problem and solution for coal, climate change: Russell 
One thing becomes absolutely clear when reading the IEA's latest World Energy Outlook; if the world is to have even the remotest chance of making its climate goals, then China and India are going to have to do something about their coal use. The International Energy Agency's report said coal is responsible for 30% of all energy-related carbon dioxide emissions, making it the biggest single contributor.

 
Nov 14 - U.S. crude output hits new monthly record, seen rising through 2020 
U.S. crude oil output hit a record of 13 million bpd this month and will grow more than expected in 2019 and 2020, the U.S. Energy Information Administration said in a forecast issued on Wednesday.  U.S. oil production is expected to rise to 12.29 million barrels per day this year, 30,000 bpd more than the EIA forecast last month, according to a monthly report. U.S. oil output is expected to rise an additional million bpd to 13.29 million bpd in 2020, the agency said. 

 
Nov 14 - Occidental Petroleum stepping up oil and gas asset sales -marketing document 
Occidental Petroleum Corp is stepping up its oil and gas-producing property sales, adding land in Utah's Uinta Basin acquired as part of its $38 billion deal for Anadarko Petroleum, according to a marketing document seen by Reuters.  Occidental aims to reduce the $40 billion of debt from the Anadarko purchase and has raised about $10 billion so far through sales of properties, including a liquefied natural gas project in Mozambique and oil production elsewhere in Africa. It has targeted $15 billion in proceeds by mid-2020. 

 
Nov 14 - Urbanisation and rising energy consumption: Kemp 
China's urbanisation over the last four decades has been described as the largest human migration in history, with several hundred million people relocating from rural villages to towns, cities and supercities. Rural-urban migration has helped support an enormous increase in labour productivity, household incomes and energy use, transforming the country into the world's largest energy consumer.

Nov 13 - Global oil demand growth to slow from 2025 - IEA 
Global oil demand growth is expected to slow from 2025 as fuel efficiency improves and the use of electrified vehicles increases but is unlikely to peak in the next two decades, the International Energy Agency (IEA) said on Wednesday. The Paris-based IEA, which advises Western governments on energy policy, said in its annual World Energy Outlook for the period to 2040 that demand growth would continue to increase even though there would be a marked slowdown in the 2030s.

 
Nov 13 - UAE oil benchmark plan confused by Brent comment U-turn 
A United Arab Emirates plan to launch its own global oil benchmark was thrown into confusion on Tuesday after comments made by its own national oil company. ADNOC first said it sees Murban as a contract to replace the global Brent benchmark, only to retract the comment. The development highlights a complex nature of Abu Dhabi National Oil Company's (ADNOC) Murban futures contract.

 
Nov 13 - TC Energy restarts Keystone oil pipeline at 20% pressure reduction - U.S. regulator 
TC Energy Corp has completed repairs and restarted the Keystone oil pipeline at a 20% pressure reduction after spilling more than 9,000 barrels in North Dakota two weeks ago, a U.S. regulator said on Tuesday. The U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) continues to investigate the cause of the rupture in Edinburg, North Dakota, spokesman Darius Kirkwood wrote in an email. He said the failed portion of the line has been shipped to a metallurgical lab in Houston, Texas, for testing.

 
Nov 13 - Oil price risks shift to the upside, funds continue buying: Kemp
Hedge funds continued to buy oil derivatives last week, anticipating the oil market has entered an upward price cycle as the global economy steadies and the surge in shale production fades. Hedge funds and other money managers purchased the equivalent of 26 million barrels of futures and options in the six major petroleum contracts in the week to Nov. 5.

 
Nov 13 - EEX Group buys commodities business of Nasdaq Futures 
Energy exchange EEX Group said on Tuesday it had agreed with U.S.-based Nasdaq Futures (NFX) to buy NFX's futures and options exchange business as it continued to expand its presence in U.S. energy markets and in sea-borne commodities. Under the deal, EEX, part of Deutsche Boerse, would receive NFX' core assets, it said in a statement. 

Nov 12 - Giant Aramco listing a critical test for young Saudi exchange 
The imminent listing of oil giant Aramco will be a pivotal moment for Saudi Arabia's young and untested Tadawul stock exchange. The Tadawul has said it has been preparing for years and is primed for the long-awaited share sale in coming weeks. But hosting possibly the biggest initial public offering in history represents a huge leap into the big league for a 12-year-old exchange that only admitted foreign investors four years ago.

 
Nov 12 - Oman says OPEC, allies likely to extend oil supply curbs 
OPEC and allied oil producers will probably extend a deal to limit crude supply but are unlikely to deepen their cuts, Oman's energy minister said on Monday, as the United Arab Emirates said it was not worried about long-term growth in oil demand. The Organization of the Petroleum Exporting Countries, plus allies led by Russia, have since January implemented an agreement to cut output by 1.2 million barrels per day (bpd)which lasts until March 2020 in an attempt to boost prices. They meet in December to review production policy.

 
Nov 12 - Saudi Arabia raises October oil output to replenish inventories 
Saudi Arabia raised its oil output in October to 10.3 million barrels per day but kept its supply to the oil markets below its OPEC output target, a Saudi industry source familiar with the kingdom's oil operations told Reuters. Saudi Arabia, the world's largest oil exporter, told OPEC that its production in September fell by 660,000 barrels per day (bpd) from August to 9.13 million bpd in the wake of attacks on its energy installations.

 
Nov 12 - African oil states offer new deals to lure more selective investors 
Lower prices and increasing competition for investment are driving many African states to make it easier and cheaper for overseas companies to keep their oil and gas output flowing. From Ghana to Gabon, governments are adjusting terms to lure picky investors who are also increasingly concerned about long-term demand for fossil fuels as renewable energy gains ground.

Nov 11 - Saudi Aramco prospectus flags risks, gives few details on IPO size 
Saudi state oil giant Aramco will sell up to 0.5% of its shares to individual retail investors and will be restricted from issuing additional shares for a year after the initial public offering (IPO), its prospectus said on Saturday.  Aramco fired the starting gun on what is likely be the world's largest listing on Nov. 3 after a series of delays. The offering, set to rank it as the world's most valuable company, will begin on Nov. 17, the prospectus said.

 
Nov 11 - Failed Exxon talks left Petrobras stranded for auctions -sources
As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter. While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations.

 
Nov 11 - U.S. scoops up overseas fuel oil in pre-IMO push
The United States is taking advantage of record-low prices of one of the world's dirtiest fuels by buying record volumes, which it intends to upgrade into cleaner products before new shipping rules take effect, trading and analyst sources say.  U.S. trade sources said it recently had become economical to ship fuel oil from countries such as Russia, boosting imports of the product into the United States. 

 
Nov 11 - The Permian paradox: Texas shale players go green to drill more 
As the thirst for electricity to power drilling rigs in West Texas drives the state's energy needs to new highs, oil and gas companies are increasingly relying on wind and solar power to ensure that the shale boom continues. Oil and gas firms operating in the Permian shale basin in West Texas, the nation's biggest, have been largely behind growth in the area's energy demand, according to Electric Reliability Council of Texas (ERCOT), which oversees most of the state's electricity grid.

 
Nov 11 - Activist investor Icahn sells nearly a third of his Occidental Petroleum stake 
Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's board over its $38 billion acquisition of Anadarko Petroleum, cut his holdings in the oil and gas producer by nearly a third, according to an open letter to shareholders released on Friday. Icahn has opposed the deal as "hugely overpriced" and a misplaced bet-the-company gamble on oil prices rising, and urged Occidental's board to instead put the company on the market. 

 
Nov 11 - Iran says finds new oilfield with 53 bln barrels of crude 
Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday. "Workers and the exploration arm of the National Iranian Oil Company ...have found an oilfield with 53 billion barrels of reserves," Rouhani said in a televised speech in the central city of Yazd.

 
Nov 11 - Hedge funds raise long crude positions, cut nat gas bets, in most recent week - CFTC
Money managers boosted their net long U.S. crude futures and options positions in the week to Nov. 5, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group increased its combined futures and options position in New York and London by 22,512 contracts to 138,389 during the period.

 
Nov 11 - Coal communities and the demonisation of Thatcher and Obama: Kemp 
Mine closures and employment losses have left deep economic, social and political scars on the main coal-producing regions of the United States and the United Kingdom. Britain’s former coal mining communities remain among the most deprived in the country decades after the pits closed as they have struggled to attract new industries.

 
Nov 11 - TC Energy says Keystone oil pipeline returned to service
TC Energy Corp's Keystone oil pipeline has returned to service following the approval of their repair and restart plan by the U.S. Pipeline And Hazardous Materials Safety Administration (PHMSA) on Nov. 10. As part of the restart plan, the pipeline will operate at reduced pressure with a gradual increase in volume of crude oil moving through the system, the company said in a statement on Sunday.

Nov 08 - China crude imports hit record; gas imports in 1st fall in 3 yrs
China's crude oil imports in October rose 11.5% from a year earlier to a record high, customs data showed on Friday, as new refineries bolstered demand and small independent plants maintained throughput amid steady refining margins. However, natural gas imports last month fell 10.6% from a year earlier, its first decline since November 2016, according to Reuters' records of customs data.

Nov 08 - Rare permit for Keystone oil pipeline in spotlight after spills 
The massive Keystone pipeline has been transporting oil from Canada to the United States at a higher-than-standard level of pressure since it started operating in 2010, thanks to a special permit granted by U.S. regulators on the condition operator TC Energy Corp would monitor the line closely. However, after four significant leaks, including one of the largest of the decade in North Dakota last week, this exemption is in the spotlight and users of the line are concerned it may be at risk.

 
Nov 08 - Big oil stuns Brazil in back-to-back auction flops 
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA. The only block awarded in Thursday's bidding went to Petrobras, as the Brazilian state-run firm is known, and Chinese state firm CNODC, a unit of China National Petroleum Corp, which offered the minimum bid. Four other blocks received no bids.

 
Nov 08 - As U.S. crude oil goes global, hedging goes local 
The booming U.S. oil sector has created new, local hedging opportunities for U.S producers who for decades relied heavily on well-established global futures like U.S. West Texas Intermediate (WTI) and Europe's Brent crude. The U.S. oil trading market has developed enough liquidity to support new financial instruments to guard against unexpected shifts in local prices due to pipeline outages or a sudden drop in exports that can ripple through regional crude markets.

 
Nov 08 - Trump nominates former Ford executive to be new U.S. energy secretary 
The U.S. Department of Energy said on Thursday that President Donald Trump had formally nominated Deputy Energy Secretary Dan Brouillette, a former vice president of Ford Motor Co and Louisiana state energy regulator, to head the department. If confirmed by the Senate, Brouillette will replace Rick Perry, who said last month he would step down by the end of the year. He is expected to keep advancing Trump's policy of maximizing oil, gas and coal output while slashing regulations on energy facilities.

Nov 08 - Exxon's lawyer calls lawsuit a 'cruel joke' as climate change fraud trial ends 
Lawyers for New York state and Exxon Mobil Corp delivered closing arguments in a closely watched trial accusing the oil company of hiding from investors the true cost of addressing climate change. The case, filed in October 2018 in Manhattan state court, was the first of several climate-related lawsuits against major oil companies to go to trial.

Nov 08 - India on course for lowest fuel demand growth in 6 years 
Growth in demand for fuel in India is on course to fall to its lowest in at least six years as the economy slows and after heavy rains impacted gasoil consumption, which accounts for about two-fifth of the nation's overall fuel use. In the fiscal year to March 2019, fuel demand rose by 3.4%, the lowest in five years.

Nov 08 - Carbon taxes will be needed to reduce CO2 emissions: Kemp 
No one likes paying taxes, but a significant and rising tax on carbon dioxide emissions is probably the only way to stem the rise in emissions contributing to climate change. Putting a price on CO2 emissions and letting the market figure out how best to reduce them is the lowest-cost and least-distorting way to cut the amount released into the atmosphere.

Nov 07 - As U.S. crude oil goes global, hedging goes local 
The booming U.S. oil sector is seeing a surge in hedging by producers against drops in regional crude prices to protect revenues from oil sold out of Midland, Texas, or delivered to terminals in Houston after relying for decades on global benchmarks. The U.S. oil trading market has developed enough liquidity to support new financial instruments to guard against unexpected shifts in local prices, due to pipeline outages or a sudden drop in exports that can ripple through regional crude markets.

 
Nov 07 - After 30 years in Singapore, oil trading losses force Mitsubishi to shut Petro-Diamond 
About three years ago, Japanese oil trading firm Petro-Diamond Singapore (PDS) relocated to a bigger office in the 41-storey Millenia Tower as parent Mitsubishi Corp started combining its Tokyo trade operation with that in the city state. As its traders entertained clients in the company's pantry facing Singapore's Marina Bay, the once-conservative PDS became the global book leader for the company's crude oil and fuel trading businesses last year, tripling its profits and assets from two years ago, according to Reuters interviews with company officials, trade sources and reviews of its financial records.

 
Nov 07 - Biggest Brazil oil auction disappoints as only Petrobras and Chinese firms bid 
Brazil's biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA, as the Brazilian firm is also known, and Chinese state firms CNOOC and CNODC made the only bids out of over a dozen major oil firms who had registered. Two of four blocks on offer got no bids.

 
Nov 07 - U.S. crude stockpiles jump sharply as refiners cut activity - EIA
U.S. crude oil stockpiles rose sharply last week as refineries cut output and exports dropped, while refined products extended a multi-week drawdown, the Energy Information Administration said on Wednesday. Crude inventories rose by 7.9 million barrels in the week to Nov. 1, compared with analysts' expectations in a Reuters poll for an increase of 1.5 million barrels.

 
Nov 07 - Keystone pipeline spill hardens landowner opposition to proposed expansion 
A big oil spill from the Keystone Pipeline in North Dakota last week has hardened opposition to the controversial Keystone XL expansion among landowners along its route, who say they hope to use the incident to help block or stall the project in court. Operator TC Energy Corp is in the process of securing land easements for Keystone XL from scores of reluctant landowners in Nebraska, one of the final obstacles to a project linking Canada’s oil fields to U.S. refineries that has been delayed for over a decade by environmental opposition.

Nov 06 - OPEC chief says oil market may have upside potential in 2020
The oil market outlook for next year may have upside potential, the secretary-general of producer group OPEC said on Tuesday, appearing to downplay any need to cut output more deeply. The Organization of the Petroleum Exporting Countries and its allies led by Russia meet in December. The so-called OPEC+ alliance, seeking to boost oil prices, has since January implemented a deal to cut output by 1.2 million barrels per day until March 2020.

 
Nov 06 - Cause of Philadelphia fire sounds alarm over aging U.S. refineries
How did a piece of piping installed when Richard Nixon was U.S. president go without once being checked before leading to a fire that devastated the East Coast's largest and oldest oil refinery?  That's a question safety experts and activists are putting to regulators after the devastating fire at the Philadelphia Energy Solutions (PES) refinery in June, worried more disasters are waiting to happen in an industry reliant on old equipment.

 
Nov 06 - Aramco share sale curb rules out overseas listing for at least a year 
The Saudi government plans to sell 2% of state oil giant Aramco in a domestic listing on Dec. 11, three sources familiar with the matter said, but restrictions on future share sales mean an international IPO is ruled out for at least a year. Final pricing for the IPO (initial public offering) is scheduled for Dec. 5 and the world's most profitable company is expected to start trading on the Riyadh bourse six days later, the sources said.

 
Nov 06 - China's seaborne coal imports slide in October, but not by enough: Russell 
China's seaborne coal imports slumped 19% in October from September, but the world's biggest buyer of the polluting fuel is still on track to record an unwanted annual increase. Seaborne imports were 19.9 million tonnes in October, according to vessel-tracking and port data compiled by Refinitiv, down from September's 24.5 million - the lowest monthly total of seaborne arrivals since February.

 
Nov 06 - Bidding field narrows as huge Brazil oil auction approaches
As Brazil approaches the biggest oil auction in its history — and one of the world's most expensive ever — the field of deep-pocketed bidders has narrowed to less than a dozen oil majors. In Wednesday's auction, known as the transfer-of-rights (TOR) bidding round, firms are expected to pay up to 106.5 billion reais ($26.5 billion) in signing bonuses for fields that Brazil says may hold up to 15 billion barrels of untapped crude.

Nov 06 - U.S. ingenuity can tackle climate threat, fossil energy chief says
The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday. The world should look to the United States' ability to reduce its emissions, the Department of Energy's Steven Winberg said at an oil conference in South Africa a day after the Trump administration formally moved to exit the Paris Agreement.

Nov 06 - Scramble for propane marks Mother Nature's latest challenge for U.S. farmers
Months after historic floods ravaged the U.S. Midwest, farmers scrambling to harvest their crops face a new headache: finding fuel to dry their soaked grains. Normally, farmers use propane as fuel for grain dryers to reduce moisture levels in corn crops to ready for sale or to safely store the grain.

Nov 05 - Give or take a trillion: Investors still in the dark on Saudi Aramco value 
Saudi Aramco's blockbuster listing remained shrouded in mystery on Monday, a day after the company finally announced its plans, with scant details disclosed and expert valuations varying wildly from around $1.2 to $2.3 trillion. The state oil giant, the world's most profitable company, fired the starting gun on a domestic initial public offering (IPO) on Sunday after a series of false starts that had kept the investment world guessing.

 
Nov 05 - Saudi Arabia raises December crude oil prices to Asia 
Saudi Arabia has raised its December official selling price (OSP) for its Arab Light grade for Asian customers by $0.40 a barrel versus November to a premium of $3.40 per barrel to the Oman/Dubai average, state oil company Aramco said on Monday. The world's top oil exporter was expected to raise prices of light crude grades it sells to Asia in December amid higher Middle East benchmarks, while a slump in fuel oil margins could lead to a deep price cut for its heavy grade, a Reuters survey showed.

 
Nov 05 - Hedge funds buy oil in anticipation of short-covering rally: Kemp
Hedge funds have started to become more optimistic about the outlook for oil prices amid hopes that the United States and China will reach a trade truce and the global economy will avert recession in 2019/20. From a fundamental perspective, hedge funds are rebuilding long positions in crude and fuels because the news flow about the economy is no longer deteriorating, even if it is not yet improving much.

 
Nov 05 - Hungary's MOL buys Chevron stake in Azeri oilfield for $1.57 bln 
Hungarian energy firm MOL is buying Chevron's stake in a giant oilfield in Azerbaijan for $1.57 billion, as U.S. majors retreat from the central Asian state after 25 years to refocus on production at home. MOL said on Monday the deal agreed with Chevron includes a 9.57% stake in the BP-operated Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea and a 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline that transports the crude to the Mediterranean.

 
Nov 05 - Trump administration begins Paris climate pact exit 
The Trump administration said on Monday it filed paperwork to withdraw the United States from the Paris Agreement, the first formal step in a one-year process to exit the global pact to fight climate change. The move is part of a broader strategy by President Donald Trump to reduce red tape on American industry, but comes at a time scientists and many world governments urge rapid action to avoid the worst impacts of global warming.

Nov 05 - Keystone oil pipeline in North Dakota remains closed, leak source unclear 
The precise source of a leak on TC Energy Corp's Keystone oil pipeline in North Dakota has not yet been identified, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) said on Monday. There is no estimated timeline for restart of the pipeline and the company is continuing excavation work to isolate the affected part of the pipeline, the spokesman said by phone.

Nov 05 - Occidental to slash spending after swinging to loss
Occidental Petroleum Corp said on Monday it would slash spending on big projects by 40% next year, as it missed earnings estimates in its first results after closing its $38 billion purchase of rival Anadarko Petroleum. Analysts and activist investors have been pushing the company to reduce expenses and pay down debt faster. It quadrupled its debt to $40 billion with the Anadarko deal.

Nov 04 - Saudi Aramco kick-starts what could be world's biggest IPO, offers scant details 
Saudi Arabia's giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil. But in its long-awaited announcement, Aramco, the world's most profitable company, offered few specifics on the number of shares to be sold, pricing or the date for a launch.

 
Nov 04 - 'No proof' Greek vessel activity led to oil leak off Brazil coast - ship manager
The manager of an oil tanker being probed by Brazilian authorities in connection with an oil spill off the country's coast has found "no proof" of the vessel conducting activities that may have led to leaks on a journey between Venezuela and Malaysia. In a statement sent to Reuters on Saturday, Delta Tankers Ltd, who manages the Greek-flagged Bouboulina ship, said a full search of the material from the cameras and sensors that all their vessels carry revealed no evidence of the tanker "having stopped, conducted any kind of ship-to-ship operation, leaked, slowed down or veered off course, on its passage from Venezuela to Melaka, Malaysia."

 
Nov 04 - Shippers seek alternatives for oil as crews work toward plugging Keystone leak 
Cleanup crews in Walsh County, North Dakota, are working to plug the Keystone pipeline after a 9,000-barrel oil leak this week, a state official said Friday, while crude shippers are searching for alternative means of getting needed supply. The shutdown threatens to cut off a large amount of regular supply of heavy Canadian crude to the United States. Canada is the biggest foreign provider of oil to the United States, with exports to the U.S. averaging about 3.6 million barrels per day (bpd) in 2018, according to the federal Canada Energy Regulator.

 
Nov 04 - U.S. speculators boost U.S. crude net oil longs 
Money managers boosted their net long U.S. crude futures and options positions in the week to Oct. 29, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group increased its combined futures and options position in New York and London by 13,311 contracts to 115,877 during the period.

 
Nov 04 - U.S. refiners’ restraint cuts gasoline, diesel oversupply: Kemp 
U.S. refiners have cut seasonal crude processing sharply since the start of the second quarter, averting a potential oversupply of gasoline and distillates, but worsening the build up of crude stocks. U.S. refiners have processed an average 16.64 million barrels per day (bpd) of crude since the start of the year compared with 16.94 million bpd at the same point in 2018.

Nov 04 - Oil trader Vitol pulls out of $1.5 bln deal to buy Nigerian oil fields 
Oil trader Vitol has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil's Petrobras, its former partner said on Friday.  Africa Oil said it would conclude the $1.5 billion purchase alone after Vitol and Delonex Energy pulled out of the deal to buy half of Petrobras Oil and Gas, known as Petrobras Africa, from the Brazilian company. 

Nov 04 - U.S. oil drillers cut rigs for second week in a row -Baker Hughes 
U.S. energy firms this week reduced the number of oil rigs operating for a second week in a row as independent producers cut spending as record crude production weighs on the outlook for energy prices. Drillers cut five oil rigs in the week to Nov. 1, bringing the total count down to 691, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. 

Nov 01 - OPEC October oil output jumps on swift Saudi recovery - Reuters survey 
OPEC oil output has bounced in October from an eight-year low as a rapid recovery in Saudi Arabian production from attacks on oil plants more than offset losses in Ecuador and voluntary curbs under a supply pact, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 29.59 million barrels per day (bpd) this month, the survey showed, up 690,000 from September's revised figure which was the lowest monthly total since 2011.

 
Nov 01 - U.S. oil output soars to record 12.4 mln bpd in August -EIA 
U.S. crude production soared nearly 600,000 barrels per day in August to a record of 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, according to government data released on Thursday. The United States has become the world's largest oil producer with output surging to records above 12 million bpd this year as technological advances have increased production from shale formations across Texas, North Dakota and New Mexico. All three states saw output rise in August.

 
Nov 01 - Big Oil, investors face returns reckoning amid darkening economy
Darkening clouds over the global economy have led two of the world's top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE's total dividends, signalled this week that billions of dollars in shareholder returns could be delayed as oil prices failed to make their expected recovery. 

 
Nov 01 - Marathon Petroleum to change CEO, split company after hedge fund campaign
Marathon Petroleum Corp chief Gary Heminger will leave next year, the largest U.S. independent refiner said on Thursday, adding it would launch a sweeping restructuring demanded by activist investors, including the spinoff of retail operations. The changes were a victory for Elliott Management, DE Shaw and other investors that had sought a shakeup to boost the company's lagging share price following its troubled 2018 acquisition of rival Andeavor. Still, shares slid 3.4% to $63.95 despite third quarter results that topped analysts' estimates. 

 
Nov 01 - Marketlink oil line from Cushing cuts rates after Keystone leak -sources 
TC Energy Corp's Marketlink crude oil pipeline, a major artery out of the Cushing, Oklahoma, hub was operating at reduced rates, three sources said on Thursday, due to supply disruptions after the shutdown of the Keystone pipeline following a leak earlier this week. A disruption in shipments on Marketlink, which has a capacity to flow 750,000 barrels per day (bpd) from Cushing to Nederland, Texas, is adding to a build at the delivery point for U.S. crude futures and pressuring crude grades in the region, traders said. 
 

Oct 31 - U.S. crude stockpiles soar, products draw down again - EIA 
U.S. crude oil stockpiles soared last week amid higher imports and a release from national reserves, while gasoline and distillate inventories extended their declines even as refiners ramped up production, the Energy Information Administration said on Wednesday. Crude inventories, excluding the Strategic Petroleum Reserve (SPR), rose 5.7 million barrels in the week to Oct. 25, the EIA said, compared with analysts' expectations for a 494,000-barrel build and a 708,000-barrel decline reported by industry group the American Petroleum Institute late Tuesday.

 
Oct 31 - Shipping industry must act to meet emissions targets, path unclear - IRENA 
Immediate action is required if the global shipping industry is to meet a target of halving its carbon emissions by the middle of the century, but how to achieve this remains unclear, a report showed on Thursday.  Maritime shipping, which represents about 90% of international trade, accounts for 2.2% of global carbon dioxide (CO2) emissions. The U.N.'s International Maritime Organization (IMO) has a goal to cut greenhouse gas (GHG) emissions by 50% from 2008 levels by 2050. 

 
Oct 31 - Brazil president says he wants country to join OPEC 
Brazilian President Jair Bolsonaro said on Wednesday that he wants his country to join OPEC, a move that would add the most significant new producer to the oil cartel for years but met with skepticism in Brazil's energy industry. The comments come ahead of a massive auction of oil rights in Brazil, which is boosting output rapidly. OPEC membership would likely require Brazil to limit oil production, potentially throwing future expansion plans into doubt.  
 

Oct 31 - S.Korea's LNG imports to fall on new nuclear, coal plants 
South Korea's imports of liquefied natural gas (LNG) are set to fall over the next five years after reaching record volumes in 2018, squeezed by the start-up of new long-planned nuclear and coal power plants. The decline comes despite the country's efforts to move to cleaner forms of energy and reduce the use of coal, and is likely to cut spot purchases of LNG cargoes from suppliers such as Qatar, Australia and the United States.

 

Oct 31 - Nord Stream 2 clears major hurdle as Denmark OKs gas pipeline 
Denmark on Wednesday gave the go-ahead to the Nord Stream 2 gas pipeline, removing the last major hurdle to completion of the Russian-led project that has divided opinion in the European Union. The Danish permit was the last needed for the 1,230-km-long (765-mile) pipeline from Russia to Germany. The United States and several eastern European, Nordic and Baltic countries have expressed concern that the project, led by state-owned Gazprom, will increase Europe's reliance on Russian gas.

 
Oct 31 - Brazil to remain net ethanol importer; U.S. fuel to supply Northeast -Platts
An ethanol production increase expected for Brazil, the world's second largest market for the biofuel, will not be enough to cope with rising demand and the country will continue importing fuel from the United States to cover the shortfall. According to analysts from S&P Global Platts, demand for ethanol in Brazil will increase around 2.5% per year in coming years, due to a new federal policy to boost use and to the price advantage over gasoline in the local market. That means the country will need 5 billion liters more through 2025.

 
Oct 31 - TC Energy says Keystone pipeline spill in North Dakota contained 
TC Energy Corp said on Wednesday that a response team contained an oil spill in Walsh County, North Dakota from its Keystone crude pipeline. Oil has not migrated beyond an immediately affected area of about 2,500 square yards (2,090 square metres), the company said is a statement.

Oct 31 - Former Exxon CEO Tillerson denies misleading investors in climate case 
Former Exxon Mobil Corp Chief Executive Officer Rex Tillerson on Wednesday denied misleading investors about how the oil major measured potential costs of climate change, as he testified in a closely watched civil lawsuit brought by New York's attorney general. The case, filed last October in Manhattan state court, last week became the first of several climate-related lawsuits against major oil companies to go to trial.

 

Oct 30 - In US-China talks, Beijing's refusal to spell out farm buys is big sticking point 
U.S. President Donald Trump's demand that Beijing commit to big purchases of American farm products has become a major sticking point in talks to end the Sino-U.S. trade war, according to several people briefed on the negotiations. Trump has said publicly that China could buy as much as $50 billion of U.S. farm products, more than double the annual amount it did the year before the trade war started.

 
Oct 30 - SE Asia may become net fossil fuel importer in coming years - IEA
Southeast Asia could become a net importer of fossil fuels in the next few years, raising the financial burden on governments and increasing carbon emissions in the region, the International Energy Agency (IEA) warned in a report. This comes despite expectations of slower growth in the region's energy demand as economies shift towards less energy-intensive manufacturing and services, and greater efficiency, the agency said in its annual Southeast Asia outlook.

Oct 30 - Oil and Corn clash over secretive U.S. biofuel waivers in hearing 
The U.S. oil and corn industries continued a long-running public battle over America’s biofuels policy on Tuesday during a Congressional hearing about the Trump administration’s use of “secret waivers” for refineries. Representatives of the biofuels sector accused the administration of "rampant abuse" of the so-called Small Refinery Exemptions (SRE) freeing refineries from their annual ethanol blending obligations, while the nation's top refining association argued the program was critical to national security by keeping petroleum fuel producers in business.

Oct 30 - Carlyle Group's oil terminal exit starts shakeout of U.S. crude exporters 
Carlyle Group LP's decision to abandon a Texas crude export project this month marked the start of a shake out among the nine deep water terminal proposals vying to export U.S. shale, said investors and analysts.  Its departure from the venture "is a testament to how heated the field is," said Michael Tran, a managing director at RBC Capital Markets in New York. Rivals without Carlyle's deep pockets "could face a similar fate," he said.

Oct 30 - China commodity bourses to stop 'double-counting' from 2020 
China's three biggest commodities exchanges said on Tuesday they would end their practice of double-counting trades from Jan. 1, 2020 and report on a single-count basis instead to help them converge with international standards. The Shanghai Futures Exchange (ShFE), known for its base metal contracts, the Dalian Commodity Exchange (DCE), home to China's iron ore futures, and the Zhengzhou Commodity Exchange, which trades sugar and cotton, announced the switch in separate statements. 

Oct 30 - U.S. gas market struggles with persistent oversupply: Kemp
U.S. natural gas stocks have surged during the injection season and are now above the five-year seasonal average for the first time in two years, despite a slump in prices and a sharp drop in the number of rigs drilling for gas. Working stocks in underground storage have risen by 2,465 billion cubic feet (bcf) since the start of April, the largest seasonal gain since 2014, according to data from the U.S. Energy Information Administration (EIA).

Oct 29 - Saudi Aramco aims to begin planned IPO on Nov. 3 - sources 
Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, the sovereign wealth fund's managing director Farouk Bastaki said on Tuesday.

 
Oct 29 - BP profits slump on weaker oil prices, but beat forecasts 
BP's third-quarter profit dropped sharply, but still beat expectations, hurt by weaker oil prices, lower production and one-off charges linked to large divestments.  London-based BP reported on Tuesday third-quarter underlying replacement cost profit, the company's definition of net income, of $2.3 billion, exceeding forecasts of $1.73 billion in a company-provided survey of analysts.

Oct 29 - Investors brace for poor U.S. shale earnings amid weak oil and gas prices
Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.  Major shale producers ConocoPhillips and Concho Resources this week kick off quarterly earnings reports for a group whipsawed this year by volatile pricing and investor demands for improved returns. Oil and gas producers have cut drilling and slashed jobs amid worries over pricing outlooks. 

Oct 29 - Iran's thirsty energy industry runs up against water shortage 
The plan to build a petrochemical plant near the Iranian city of Firouzabad had everything usually needed to get a project off the ground: approval from the nation's top authority, funding from the Revolutionary Guards and plentiful gas feedstock. But a decade on, work at the site is only 10% complete because of a row over an increasingly scarce resource in Iran that is vital to keep the facility cool: water.

Oct 29 - Hedge funds looking for the low in the oil market: Kemp 
Hedge funds showed signs of trying to pick the bottom in the oil market last week, with small-scale purchases emerging after the wave of heavy selling at the end of September and early October. Hedge funds and other money managers were net buyers of 22 million barrels of petroleum futures and options in the week to Oct. 22, after selling 206 million barrels in the three weeks between Sept. 17 and Oct. 8.

Oct 29 - Russia's Lukoil, Hungary's MOL to sign dirty oil settlement - sources
Russian oil producer Lukoil and Hungarian energy company MOL are set to sign a settlement deal over contaminated oil during Russian President Putin's visit to Budapest this week, four industry sources told Reuters. A high level of organic chloride was found in late April in Russia's Druzhba pipeline, which connects Siberian oilfields with Belarus, Ukraine, Poland, Germany, Czech Republic and Hungary. The substance, which can damage refining equipment, was also detected in the Baltic Sea port of Ust-Luga.

Oct 29 - Mexico's Pemex posts $4.4 bln loss, makes progress on cutting debt 
Slumping revenues pushed Mexico's Petroleos Mexicanos to a net loss of 87.4 bln pesos ($4.43 billion) in the third quarter, but the struggling state oil firm said on Monday it had cut back its hefty debt load, bucking the trend of recent years. Pemex, as the company is generally known, held financial debts of $106 billion at the end of 2018, and it has been under intense pressure from international credit rating agencies to get its finances onto a more sustainable path.

Oct 28 - Tankers sail after U.S. allows sanctions-hit COSCO unit to wind down oil deals
At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.  In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington on Sept. 25 announced sanctions on Chinese tanker companies, including COSCO Shipping Tanker (Dalian), a subsidiary of China's state-owned shipping group COSCO.

 
Oct 28 - Russia affirms close oil cooperation with Saudi Arabia, OPEC+ 
Russia's energy ministry said on Friday it continues close cooperation with Saudi Arabia and OPEC and non-OPEC oil producers to enhance market stability and predictability.  Its statement came a day after Igor Sechin, CEO of Russian oil giant Rosneft, said the September attacks on Saudi oil assets created doubts over its reliability as a supplier. 

Oct 28 - Trump suggestion of taking Syrian oil draws rebukes
U.S. President Donald Trump's suggestion on Sunday that Exxon Mobil or another U.S. oil company operate Syrian oil fields drew rebukes from legal and energy experts.  "What I intend to do, perhaps, is make a deal with an ExxonMobil or one of our great companies to go in there and do it properly ... and spread out the wealth," Trump said during a news conference about the U.S. special forces operation that led to the death of Islamic State leader Abu Bakr al-Baghdadi. 

Oct 28 - Small oil-and-gas companies get cold shoulder from large banks
The largest banking lenders to the oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, industry and banking sources said. Major banks including JPMorgan Chase, Wells Fargo, and Royal Bank of Canada have, as part of regular biannual reviews, cut their estimated values for oil-and-gas companies' reserves, which serve as the basis for those companies to receive reserve-based loans (RBLs), according to more than a dozen sources familiar with the activity.

Oct 28 - Exxon Mobil seeks buyer for Montana refinery - sources 
Exxon Mobil Corp is seeking a potential buyer for its roughly 60,000 barrel per day Billings, Montana refinery, according to three sources familiar with Exxon’s plans. Representatives for large refiners, including Valero Energy Corp and Marathon Petroleum Corp, have toured the refinery, two of the people said, speaking on condition of anonymity because the process is private. 

Oct 28 - U.S. drillers cut oil rigs for record 11th month -Baker Hughes 
U.S. energy companies reduced the number of oil rigs operating this week, leading to a record 11-month decline as producers follow through on plans to cut spending on new drilling. Drillers cut 17 oil rigs in the week to Oct. 25, bringing the total count down to 696, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. 

Oct 28 - Goldman Sachs keeps 'neutral' view on commodities 
Goldman Sachs on Friday maintained a 'neutral' view on commodities, reasoning that a loss in supply due to geopolitical factors and lower investment has offset waning demand, which has been the worst since the financial and European sovereign debt crises. The bank forecast a return of 1.3% over a 12-month period on the S&P/Goldman Sachs Commodity Index (GSCI), with a 3.4% return for precious metals, 1.9% for energy, 3.8% for industrial metals and a negative return of 6.9% for agriculture.

Oct 28 - Speculators cut U.S. crude oil net longs-CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to October 22, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 406 contracts to 102,567 during the period. The data below exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. 

Oct 25 - Saudi still China's top oil supplier in Sept; Venezuelan supply diverted 
Saudi Arabia held its position as China's largest crude oil supplier in September helped by demand from new refineries and as imports from Iran and Venezuela continued to fall due to U.S. sanctions, customs data showed on Friday. The drone and missile attack on oil-processing plants in Saudi Arabia on Sept. 14, knocking out half of the country's production, will likely have an impact on deliveries in October. 

 
Oct 25 - U.S. gives firms time to wind down deals with COSCO unit hit by Iran sanctions 
The U.S. Treasury Department on Thursday issued a nearly two-month waiver for companies to wind down transactions with a Chinese tanker company it sanctioned last month for allegedly transporting Iranian oil.  The waiver, good through Dec. 20, allows "maintenance or wind down of transactions" including offloading non-Iranian crude oil involving COSCO Shipping Tanker (Dalian) Co. Ltd, according to a notice from the department's Office of Foreign Assets Control. 

Oct 25 - Rosneft switches contracts to euros from dollars due to U.S. sanctions 
Russia's largest oil company Rosneft has fully switched the currency of its contracts to euros from U.S. dollars in a move to shield its transactions from U.S. sanctions, its Chief Executive Igor Sechin said on Thursday. Rosneft's switch to the euro is seen as part of Russia's wider-scale drive to reduce dependence on the dollar, but it is unlikely to quickly boost the euro's role for Russia given the negative interest rates it carries.

Oct 25 - Massachusetts accuses Exxon in lawsuit of climate change deceit 
The state of Massachusetts sued Exxon Mobil Corp on Thursday, accusing the oil giant of misleading investors and consumers for decades about the role fossil fuels play in climate change. Attorney General Maura Healey filed the lawsuit shortly after Exxon lost a bid to delay the filing until after it is done defending itself in a trial that began Tuesday over similar allegations brought by the state of New York. 

Oct 25 - Kazakhstan, Belarus agree key terms of oil supply deal 
Kazakhstan and Belarus have agreed the key terms of a deal for Minsk to buy Kazakh oil and oil products, although the pact has yet to be formally signed, Kazakh Energy Minister Kanat Bozumbayev said on Friday. The pact does not set the supply volumes, but bars Belarus from re-exporting oil and refined products, Bozumbayev told reporters, adding that Minsk would be able to negotiate with producers developing the Tengiz, Karachaganak and Kashagan oilfields.

Oct 25 - Rosneft's Sechin: Saudi oil site attacks hit kingdom's status as a reliable supplier 
September attacks on Saudi oil assets have created doubts about Saudi Arabia's status as a reliable oil supplier, Igor Sechin, Chief Executive of Russia's Rosneft, said. The attacks, which temporarily shut down around half of the kingdom's oil output, gave "grounds to rethink Saudi Arabia's role as an undoubtedly reliable oil supplier", Sechin told a conference in Italy on Thursday.

Oct 25 - Marine fuel floating storage builds in Asia ahead of new shipping rules 
Stockpiles of low-sulphur marine fuels held in floating storage around the Singapore trading and pricing hub are steadily growing ahead of a 2020 global deadline for rules that have shaken the global oil refining and shipping industries. A total of 32 ships, mostly supertankers capable of carrying 300,000 tonnes or more of oil, are currently anchored in Malaysian waters near Singapore accumulating stores of IMO-compliant fuels on board, according to data released by intelligence firm Kpler on Thursday.

Oct 24 - Mexico taps banks, oil major as it nears end of 2020 oil hedge - sources 
Mexico's finance ministry has completed a majority of its annual oil hedging program, working with at least four top investment banks and oil major Royal Dutch Shell, sources said, after challenges slowed the world's largest oil financial deal this year. JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs Group Inc, BNP Paribas SA and Shell are among those the finance ministry tapped to execute the hedge, two sources familiar with the deal said this week.

 
Oct 24 - U.S. crude stocks drop as imports slide, refineries boost output - EIA 
U.S. crude stocks fell last week as refineries hiked output and net imports slid to the lowest on record, while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.7 million barrels in the week ended Oct. 18, compared with analysts' expectations for an increase of 2.2 million barrels.

Oct 24 - The Russians are coming for Asia and Europe's coal markets: Russell 
Life is set to get even more difficult for major coal exporters with Russia planning to increase shipments of the fuel and the cost advantages appearing increasingly stacked in its favour.  Russia is already the third-largest supplier to the seaborne market, behind Indonesia and Australia, and is moving to take advantage of its central geographic position to boost exports to both the Atlantic and Pacific basins.

Oct 24 - Trump promotes pulling U.S. from Paris climate accord in speech touting 'America First' 
President Donald Trump on Wednesday affirmed plans to pull the United States out of the Paris climate agreement, less than two weeks before his administration can formally start the process.  At an energy conference in Pittsburgh, Trump touted surging U.S. natural gas and crude oil output, his efforts to roll back regulations on energy industries, and his administration's intention to pull the United States from the 2015 international climate agreement.

Oct 23 - OPEC, allies to mull deeper oil cut amid worries over demand growth 
OPEC and its allies will consider whether to deepen cuts to crude supply when they next meet in December due to worries about weak demand growth in 2020, sources from the oil-producing club said. Saudi Arabia, OPEC's de facto leader, wants to focus first on boosting adherence to the group's production-reduction pact with Russia and other non-members, an alliance known as OPEC+, before committing to more cuts, the sources said. 

 
Oct 23 - Aramco listing was delayed to rope in anchor investors -sources 
Oil giant Saudi Aramco's much-vaunted stock market listing was delayed after deal advisers said they need more time to lock in cornerstone investors, three sources with direct knowledge of the matter told Reuters. After a false start last year, preparations gathered momentum this summer with approaches to sovereign wealth funds, rich Saudis and large foreign fund managers as potential cornerstone investors only for plans to unravel for a second time.

Oct 23 - Rising crude, freight costs to curb Asian oil refiners' profits 
Equity analysts have cut their earnings forecasts for Asia's oil refiners as a surge in oil tanker freight rates and crude premiums offset an expected boost in refining margins. With an outlook for slumping profits amid squeezed margins, shares of top Asians refiners such as China Petroleum and Chemical Corp (Sinopec), Japan's JXTG Holdings and South Korea's SK Innovation may come under pressure in the coming months.

Oct 23 - Rio Tinto smelter closure risk rocks New Zealand's top power supplier 
Miner Rio Tinto Ltd on Wednesday flagged it may cut output or shut New Zealand's Aluminium Smelter (NZAS) due to a weak aluminium market and high energy costs, in a potential blow to the country's top power producer, Meridian Energy. Rio said it would make a decision on the smelter, New Zealand's largest single power user, in early 2020. Shares in Meridian, which has a contract to supply the South Island plant until 2030, fell as much as 8%.

Oct 23 - Trans Mountain pipe expansion in question after Trudeau minority 
Analysts questioned the fate of the long-delayed Trans Mountain pipeline expansion on Tuesday after Canadian Prime Minister Justin Trudeau retained power but failed to win a majority, forcing him to seek the support of left-leaning parties opposed to new oil pipelines. Trudeau's Liberals will most likely need the support of the New Democratic Party and possibly the Green Party to enact key legislation - both of which are firmly opposed to the expansion of the pipeline, which will triple the flow of oil sands crude to the British Columbia coast.

Oct 23 - Exxon, New York prosecutors face off in climate change fraud trial 
A lawyer for New York's attorney general on Tuesday told a state judge Exxon Mobil Corp used two sets of books to hide the true cost of climate change regulations from investors, while an attorney for the oil major assailed the claims as false and politically motivated. The lawyers' opening statements kicked off a long-awaited trial in a civil lawsuit filed by the attorney general last year accusing Exxon of defrauding investors out of up to $1.6 billion.

Oct 23 - China issues more crude oil import quotas for 2019 
China has lifted its crude oil import quotas to allow mostly private refiners to bring in a further 12.9 million tonnes this year, a document seen by Reuters showed on Tuesday, feeding a new generation of huge refineries. The third batch of quotas was allocated to 19 companies, including private refiner Zhejiang Petroleum & Chemical Co (ZPC), which was awarded 3.5 million tonnes, the document showed.

Oct 23 - India's September oil imports at 3-yr low, Saudi regains top spot 
India's oil imports fell to their lowest in more than three years in September to 3.82 million barrels per day (bpd), data obtained from industry and shipping sources showed, as some refiners cut purchases due to shutdowns for maintenance and fuel upgrades. Last month, Saudi Arabia replaced Iraq as top oil supplier to India after a gap of about 13 months, the data showed.

Oct 23 - Petrobras, Brazil's government near oil marketing deal: official 
Brazil's Petrobras could take over marketing of the government's share of crude from offshore oilfields, a government official told Reuters, adding significantly to the state-run oil firm's trading operations. In an interview on Monday, the head of Pre-Salt Petroleum, better known by its Portuguese acronym PPSA, said it is close to inking a deal in which Petrobras' trading desk will manage the oil that Brazil's government receives from private sector firms.

Oct 22 - U.S. allows Chevron to drill for oil in Venezuela for three more months 
The U.S. Treasury Department on Monday renewed a license allowing Chevron, the last U.S. operating energy company in Venezuela, to continue drilling in the country for another three months through Jan. 22.  The license has been a subject of intense debate within the Trump administration as it pursues a campaign to oust socialist President Nicolas Maduro. Its renewal represented a win by some in the administration, such as Secretary of State Mike Pompeo, who see keeping a U.S. company in Venezuela as an asset that could lead to a speedy recovery after any ouster of Maduro. 

 
Oct 22 - Halliburton vows more cost cuts as shale demand dwindles, shares rise 
Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%. The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America, said it would take steps over the next few quarters that will lead to $300 million in annualized cost savings.

Oct 22 - Temasek makes $3 bln bid for Singapore's Keppel, sparks sector M&A talk 
Temasek Holdings is offering to buy control of Singapore conglomerate Keppel Corp in a S$4.1 billion ($3 billion) deal that could spark consolidation in the domestic rig building sector that is battling the effects of low oil prices. The announcement, which confirmed what sources told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine by 12% on expectations of a likely shake-up in the industry.

Oct 22 - Asia's sky-high naphtha prices drawing massive east-west volumes 
Over 1.6 million tonnes of naphtha from Europe and the Americas could land in Asia next month as multi-year high spot premiums have pushed the east-west trade door wide opened, industry sources said on Monday.  Despite high freight rates, the market could be set for its highest monthly volume in east-bound cargoes since April, data from Reuters and Refinitiv Oil Research showed. 

Oct 22 - Hedge funds hold fire after two weeks of heavy selling in oil: Kemp 
Hedge funds stuck with their existing bearish view on oil prices last week - leaving positions in petroleum broadly unchanged after two weeks of heavy selling at the end of September and the start of October. Hedge funds and other money managers sold the equivalent of just 4 million barrels in the six major petroleum futures and options contracts in the week to Oct. 15.

Oct 21 - Carlyle Group quits $1 billion U.S. oil export project 
Carlyle Group said on Friday it had dropped out as a stakeholder in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas. Sean Strawbridge, chief executive of the Port of Corpus Christi, said Carlyle notified the port on Oct. 8 it would no longer proceed with its investment. That left construction company Berry Group as the sole backer. 

 
Oct 21 - Aramco makes relatively little from foreign refining-documents 
Documents from Saudi Aramco show that the world's largest oil firm earns only a limited proportion of its profit from foreign refining ventures, an area in which the company plans huge investment. The news comes as Aramco, according to two sources familiar with the matter, has delayed the planned launch of its initial public offering in hopes that pending third-quarter results will bolster investor confidence. 

Oct 21 - In oil-rich region, Venezuelans fear catastrophe if Trump forces Chevron to leave 
With the $2 he earns in wages each week working as a cargo driver for Venezuelan state oil company PDVSA, 56-year-old Freddy Brito cannot even afford to buy one kilogram (2.2 lb) of cheese. To feed himself and his wife as the once-prosperous OPEC nation suffers a hyperinflationary economic collapse, Brito depends on a monthly basket of rice, canned tuna, beans and other products valued at $200 given to him by California-based Chevron Corp, PDVSA's minority partner at the Petroboscan field in western Zulia state where he works.

Oct 21 - Russia says it missed oil-deal target due to rise in gas condensate output 
Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Sunday. Russian oil output edged down to 11.25 million barrels per day (bpd) last month from August's 11.29 million bpd but remained above the cap set under the global production deal.

Oct 21 - Schlumberger takes $12 bln charge as CEO charts new course 
Schlumberger NV's new chief executive wielded an axe to the company's asset-heavy businesses, taking a $12.7 billion charge in the face of weaker shale drilling and sliding profits. The move, by Olivier Le Peuch, writes down his predecessors' big investments that took the world's largest oilfield services company deeper into shale and oilfield operations and shows that he intends to shift the company toward more asset-light software and services-driven businesses.

Oct 21 - Trump says he will nominate deputy to be new U.S. energy secretary 
U.S. President Donald Trump said on Friday he would nominate Deputy Energy Secretary Dan Brouillette, a former vice president of Ford Motor Co and Louisiana state energy regulator, to head the department. "I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy," Trump wrote in a post on Twitter. "Dan's experience in the sector is unparalleled. A total professional, I have no doubt that Dan will do a great job!" 

Oct 21 - Speculators cut U.S. crude oil net longs - CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to Oct. 15, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 11,377 contracts to 102,974 during the period. 

Oct 21 - U.S. drillers add oil rigs for second week in a row - Baker Hughes 
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row for the first time since June even as producers follow through on plans to reduce spending on new drilling this year. Companies added 1 oil rigs in the week to Oct. 18, bringing the total count to 713, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  

Oct 18 - China Sept crude runs hit record high as new refineries ramp up 
China's crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed on Friday, led by increases from new refineries and as some independent plants returned from maintenance. Refinery runs hit 56.49 million tonnes, or about 13.75 million barrels per day (bpd), according to figures from the National Bureau of Statistics (NBS).

 
Oct 18 - Saudi Aramco delays planned IPO until after earnings update - sources 
Saudi Aramco has delayed the planned launch of its initial public offering in hopes that pending third-quarter results will bolster investor confidence in the world's largest oil firm, two sources familiar with the matter said on Thursday. Aramco had been expected to announce plans next week to float a 1% to 2% stake on the kingdom's Tadawul market, in what could have been one of the largest ever public offerings, worth upwards of $20 billion.

Oct 18 - Exxon, Trafigura tap lower shipping rates as U.S.-Asia arb reopens
U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia's ESPO Blend oil sent buyers back to U.S. grades, according to market sources. Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of more vessels becoming available. Nearly 300 oil tankers globally were placed off limits due to U.S. sanctions on Iran and Venezuela. 

Oct 18 - Trump says U.S. Energy Secretary Perry to step down at end of the year 
U.S. Energy Secretary Rick Perry will step down by the end of the year, President Donald Trump said on Thursday, a day before a deadline set by congressional Democrats for Perry to turn over documents in the impeachment probe. Trump told an event in Texas that he had known for months that Perry would resign.

Oct 18 - OPEC+ technical committee finds Sept compliance with oil cuts at 236% - sources 
The joint technical committee monitoring a global deal between the Organization of the Petroleum Exporting Countries and its allies led by Russia found that compliance with oil cuts for September stood at 236%, four OPEC sources said. The committee, which met via video conferencing on Thursday, discussed weak compliance with the cuts from OPEC members Nigeria and Iraq, sources said.

Oct 18 - BHP's London AGM rejects call to quit 'pro-coal' associations 
BHP shareholders are poised to reject a motion urging the world's biggest listed miner to suspend membership of some industry bodies judged to be at odds with goals to tackle climate change, initial voting in London suggested on Thursday. Ethical investors have called for the suspension, arguing BHP's membership of some industry organisations funds pro-coal lobbying.

Oct 18 - Crude stocks jump by 9 million barrels as refining activity drops -EIA
U.S. crude stocks rose last week as refinery output dropped to a two-year low, while gasoline and distillate inventories fell, the Energy Information Administration said on Thursday. Refining use dropped in all five districts of the United States, with steep declines on the U.S. Gulf and West Coasts.

Oct 18 - Angola hopes key reforms will aid efforts to sell oil assets 
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises. Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.

Oct 17 - Big U.S. liquified natgas players move fast, the small race to keep up 
A gap is emerging in the U.S. liquefied natural gas (LNG) industry as big players such as Exxon Mobil Corp and Cheniere Energy Inc race ahead to build export terminals without new long-term contracts, while smaller developers struggle to find financing for their first plants. LNG trade has traditionally been underpinned by long-term purchasing deals which finance multi-billion dollar terminals that liquefy natural gas by chilling it to -260 degrees Fahrenheit (-160 Celsius), load it onto ships, and regasify it when delivered.

 
Oct 17 - U.S. crude exports from Corpus Christi to slow in 2nd half of November - traders 
U.S. crude exports from the Corpus Christi area are expected to slow in the second half of November from record levels due to high freight rates and reduced crude flows into the region via a key pipeline, market sources said on Wednesday. Crude loadings at Corpus Christi averaged about 480,000 barrels per day (bpd) this year through Sept. 20, hitting a record 1.6 million bpd in the week ended Sept. 27, according to data from Genscape.

Oct 17 - Old, corroded pipe led to Philadelphia refinery fire -Chemical Safety Board 
An old, degraded piece of metal pipe that had not been tested for corrosion led to the June fire and explosions at the Philadelphia Energy Solutions oil refinery, the U.S. Chemical Safety and Hazard Investigation Board said on Wednesday. The pipe fitting gave way around 4:00 a.m. ET (0800 GMT) on June 21, releasing propane containing more than 3,200 pounds of highly toxic chemical hydrofluoric acid (HF) that escaped into the atmosphere, the CSB said in its first update on its investigation. 

Oct 17 - U.S. shipping sanctions deal European refiners an unexpected boost
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said. Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.

Oct 17 - Australia's Woodside aims to hit go on $11 bln gas project in early 2020
Woodside Petroleum Ltd has pushed out the final approval date for its mammoth Browse gas project but slightly brought forward plans to sign off on its smaller Scarborough project as it races to fill an anticipated global supply gap. Woodside, Australia's top independent gas producer, said on Thursday it is now targeting a final investment decision on the $20.5 billion Browse project in the first half of 2021 as it continues to wrangle with its partners. It had previously expected approval in late 2020.

Oct 17 - Controversial Mexican oil union boss resigns amid graft charges 
The longtime head of Mexico's powerful oil workers union, Carlos Romero Deschamps resigned on Wednesday, a day after the president hinted he should step down to face allegations of wrongdoing. The departure of Romero Deschamps could allow President Andres Manuel Lopez Obrador to take a firmer grip of the future of national oil company Pemex, the world's most indebted.

Oct 16 - U.S.-Asia oil shipping rates slip from record highs as tanker fears ease
Freight rates to ship U.S. crude to Asia eased on Tuesday from record levels as the shock of a global tanker shortage due to U.S. sanctions on a Chinese firm began to fade, according to market sources. Shipping U.S. crude to some of the largest Asian customers became unprofitable after costs rose as high as $11 a barrel in the past two weeks, threatening to crimp November shipments.

Oct 16 - Trump administration proposes plan to raise U.S. biofuels use - EPA 
The Trump administration, in an effort to mend fences with the powerful corn lobby, proposed a new formula on Tuesday to boost biofuels demand, but the proposal instead only provoked more consternation from the industry. Corn and soybean farmers have been angered by the U.S. Environmental Protection Agency's decision to greatly expand the number of exemptions given to smaller refiners from blending biofuels into the nation's gasoline pool. They argue the expansion undercuts demand.

Oct 16 - India's Nayara supplying fuel to Rosneft in exchange for Venezuelan oil 
India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said. The United States in January prohibited U.S.-dollar transactions for oil sales from Venezuela's PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro, whose 2018 re-election has been dismissed as a sham by Washington.

Oct 16 - U.S. oil and gas jobs fall as drilling declines: Kemp 
U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new high-paying jobs in oil and gas drilling as well as associated services such as site preparation, cementing, casing and pressure-pumping.

Oct 16 - U.S. oil output from 7 shale plays expected at 8.97 million bpd in Nov - EIA 
U.S. oil output from seven major shale formations is expected to rise 58,000 barrels per day in November to a record 8.971 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Tuesday. The largest formation, the Permian Basin of Texas and New Mexico, is expected to add 63,000 bpd to 4.547 million bpd, the tenth consecutive increase. Production declines are forecast in the Eagle Ford and Anadarko basins.

Oct 16 - Coal India's woes should boost imports, but steel softness drags: Russell 
India's coal imports are on track to decline for a third straight month in October, a drop that seems out of kilter with the ongoing struggles of state miner Coal India to boost domestic output. India's seaborne imports of both thermal and coking coal are on track to be around 13.3 million tonnes this month, according to vessel-tracking and port data compiled by Refinitiv.

Oct 15 - No choice but to invest in oil, Shell CEO says
Royal Dutch Shell still sees abundant opportunity to make money from oil and gas in coming decades even as investors and governments increase pressure on energy companies over climate change, its chief executive said. But in an interview with Reuters, Ben van Beurden expressed concern that some shareholders could abandon the world's second-largest listed energy company due partly to what he called the "demonisation" of oil and gas and "unjustified" worries that its business model was unsustainable.
 
 
Oct 15 - Hedge funds turn bearish on oil as economy slows: Kemp 
By early last week, hedge funds had become the most bearish towards petroleum prices since the start of the year, as traders grew increasingly pessimistic about the global economy. Hedge funds and other money managers sold the equivalent of 95 million barrels in the six most important futures and options contracts tied to petroleum prices in the week to Oct. 8.

Oct 15 - China's gas demand growth to slow to 10% this year, Sinopec official says 
China's natural gas demand is expected to reach 307 billion cubic metres (bcm) this year, an increase of just 10% from 2018, an official of state-run Sinopec Gas Co said on Tuesday, as a slowing economy hits consumption.  China is the world's second largest importer of liquefied natural gas after Japan, producing 160.2 bcm of gas last year and importing 124.8 bcm, of which 74.3 bcm was LNG, with pipeline gas making up the rest.

Oct 15 - China's commodity imports stay robust, but caution warranted: Russell 
On the surface China's imports of major commodities appeared to continue their resilience in September, even as the country's total exports and imports laboured under the strain of the trade dispute with the United States. But while volumes held up in September for imports of crude oil, natural gas, iron ore, coal and copper, it's worth sounding a note of caution given the timing of the week-long national holidays in the first week of October.

Oct 15 - Exxon Mobil, India's ONGC sign expertise-sharing deal 
Global energy giant Exxon Mobil Corp will offer its expertise and technology to India's biggest state-owned explorer Oil and Natural Gas Corp Ltd to help develop its resources in offshore blocks, according to two sources directly privy to the development. The memorandum of understanding (MoU), signed late Monday, will be later signed as a definitive deal after Exxon studies the blocks of the company, one of the sources told Reuters.

Oct 15 - Whiting Petroleum in deal talks with smaller rival Abraxas Petroleum 
Whiting Petroleum Corp, an oil and gas producer with operations in North Dakota and Colorado, is in deal talks with San Antonio-based Abraxas Petroleum Corp, two people familiar with the matter told Reuters.  A deal would increase Whiting's acreage in the second-largest U.S. shale field by output and spread its overhead costs over greater production, according to one of the people, who spoke on the condition of anonymity as the talks are not yet public.

Oct 14 - China Sept crude oil imports rise on strong seasonal demand
China's crude oil imports in September rose 10.8% from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand. China, the world's top oil importer, brought in 41.24 million tonnes of crude, equivalent to 10.04 million barrels per day (bpd), according to data released by the General Administration of Customs on Monday.
 
 
Oct 14 - Iran decries 'cowardly attack' on oil tanker
An Iranian government spokesman on Saturday described as a "cowardly attack" an incident that Iranian media have called the apparent targeting by missiles of an Iranian-owned oil tanker, and said Iran would respond after the facts had been studied. The tanker Sabiti was hit in Red Sea waters off Saudi Arabia on Friday, Iranian media have reported, an incident that could stoke friction in a region rattled by attacks on tankers and oil installations since May.

Oct 14 - 'Broken system' starves U.S. oil boom of immigrant workers
New Mexico oil man Johnny Vega laid out his predicament as his crew hoisted pipes from a well during the biggest oil boom in U.S. history. The son of a Mexican guestworker, Vega cannot find enough legal workers to meet demand for his oil well service rigs.

Oct 14 - Speculators cut U.S. crude oil net longs-CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to October 8, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 33,738 contracts to 114,352 during the period.

Oct 14 - Aramco hopes to repair remaining damage from attacks by end-Nov
Oil major Saudi Aramco hopes to fix by the end of November the last four key pieces of equipment damaged during attacks last month, in a move to allow it to fully regain production capacity, company officials said on Saturday. The mid-September attacks on the Abqaiq and the Khurais plants caused damage that halved the crude output of the world's top oil exporter by shutting down 5.7 million bpd of production, driving a spike in oil prices.

Oct 14 - Asian oil buyers grapple with rising costs as global freight rates jump 
Asian oil refiners are grappling with a jump in global freight rates that shows no sign of abating, driving up costs of crude imports from all regions in the fourth quarter, industry officials said. The cost of shipping crude from the Americas, Europe, Africa and the Middle East to Asia has surged over the past two weeks as companies shunned nearly 300 tankers on fears of violating sanctions against OPEC members Iran and Venezuela.

Oct 14 - ConocoPhillips quits northern Australia in $1.4 bln sale to Santos 
ConocoPhillips has agreed to sell its northern Australian business to partner Santos Ltd for $1.39 billion, in a deal that will hike the Australian group's output by 25% and boost its position in the global gas market. The deal, which was not unexpected, marks the second major acquisition by Santos in less than a year, following a sharp turnaround in its fortunes under Managing Director Kevin Gallagher, and pushed its shares up 7% in early trade on Monday.

Oct 14 - Turnaround specialist behind Noble Group's rescue replaced as chairman 
Noble Group Holdings said Paul Brough, who rescued the once mighty commodity trader from near-collapse, had stepped down as executive chairman.  It named James Dubow, the Asia head of turnaround firm Alvarez & Marsal, as its non-executive chairman. Dubow has been an independent non-executive director at Noble since January, the company said in a statement on Friday.

Oct 11 - OPEC chief says deeper oil cut an option amid weaker 2020 outlook
A deeper cut in oil supplies is among options for OPEC and its allies to consider in December, its secretary general said on Thursday as the producer group's forecasts pointed to slower global growth and lower demand next year.  OPEC, Russia and other producers, an alliance known as OPEC+, have since January implemented a deal to cut oil output by 1.2 million barrels per day to support the market.

 
Oct 11 - Explosion sets Iran-owned oil tanker on fire near Saudi port city - ISNA 
An explosion has set an Iranian oil tanker on fire near the Saudi port city of Jeddah, Iran's Students News Agency ISNA reported on Friday, adding that experts believed it was a "terrorist attack".  An explosion in an oil tanker that belongs to National Iranian Oil Company has set the vessel on fire 60 miles from the Saudi port city of Jeddah. The explosion has caused heavy damages and oil is spilling in the Red Sea, unnamed sources told ISNA.

Oct 11 - Nigeria seeks $62 billion from oil companies - attorney general
Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum sales if crude prices exceed $20 a barrel, the attorney general told Reuters on Thursday. The government in Africa's largest oil exporter relies on oil for some 90% of foreign exchange. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria, leaving the government struggling to fund its budgets.

Oct 11 - Phillips 66 books supertanker to ship U.S. crude to South Korea for record $14 mln
Phillips 66 tentatively chartered a supertanker to ship U.S. crude from the U.S. Gulf Coast to South Korea for a record $14 million this week, sources said Thursday, as tanker rates continued to soar after U.S. sanctions on units of Chinese giant COSCO. Phillips 66 provisionally chartered the Very Large Crude Carrier (VLCC) Olympic Laurel for $14 million and is expected to load in mid-November, according to Refinitiv Eikon data.

Oct 11 - U.S. diesel prices hit 3-year low as farmers fear further harvest delays
Diesel prices in the U.S. Midwest have sunk to a three-year seasonal low as farmers in the region face adverse weather conditions, further complicating an already delayed harvest season, traders and farmers said. Diesel demand typically rises during harvest season because farming equipment and trucks transporting product use the fuel. Average distillate product supplied, which includes diesel, in the United States for the past four weeks was down 7 percent, according to U.S. Energy Department data.

Oct 11 - Brazil raises $2.2 bln in oil auction; Total, Petronas invest big 
Ten companies on Thursday agreed to pay more than $2 billion for the exploration and production rights in 12 offshore oil blocks in Brazil, in what could be a promising sign for even bigger upcoming oil auctions. The most heavily sought after areas in the Thursday auction directly border Brazil's so-called pre-salt area, a coveted zone in which billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor. 

Oct 11 - COSCO unit's tanker delivers oil to Exxon in Singapore 
A supertanker owned by a subsidiary of COSCO Shipping Tanker (Dalian), under U.S. sanctions for allegedly transporting Iranian oil, has docked in Singapore to discharge Middle East crude, shipping data on Refinitiv Eikon showed on Thursday. The Coswisdom Lake, a very large crude carrier (VLCC) capable of holding 2 million barrels of oil, docked at Exxon Mobil Corp's terminal on Jurong Island late on Wednesday.

Oct 11 - U.S. industrial energy use falls as manufacturers struggle: Kemp 
U.S. industrial energy consumption is falling as manufacturing activity and freight movements decline, contributing to the surplus of natural gas and diesel, and intensifying downward pressure on prices. Total energy consumption by the industrial sector fell for the first time since the slowdown of 2015/2016, after growing rapidly last year, data from the U.S. Energy Information Administration show.

Oct 10 - Nigeria lands higher oil output target in OPEC+ cut deal
OPEC has granted Nigeria a higher oil output target under an OPEC-led deal to limit oil supply in a move unannounced by the group, following efforts by Africa's largest exporter to tweak the agreement to accommodate its expanding oil industry. The country's allocation was increased to 1.774 million barrels per day (bpd) from 1.685 million bpd at the last OPEC meeting in July, three OPEC delegates with knowledge of the matter said.

 
Oct 10 - Trump's fast-tracking of oil pipelines hits legal roadblocks
The Trump administration's effort to cut red tape and speed up major energy projects has backfired in the case of the three biggest U.S. pipelines now planned or under construction. All three have been stalled by successful legal challenges by environmental groups alleging the administration failed to apply the regulatory scrutiny required under the law.

Oct 10 - U.S. crude stocks climb as production hits record, refineries cut output 
U.S. crude stocks rose last week as refineries cut output to the lowest level in nearly two years and production edged higher to a record of 12.6 million barrels per day (bpd), the Energy Information Administration said on Wednesday. Crude inventories rose by 2.9 million barrels in the last week, compared with analysts' expectations for an increase of 1.4 million barrels.

Oct 10 - Several Asian refiners to get full Saudi oil supplies in November - sources
At least seven Asian refiners will receive the full crude volumes they requested from Saudi Arabia for November loading, a sign that Saudi production has stabilized after disruptions last month, multiple sources with knowledge of the matter said. Most of the refiners are getting the crude grades that they want, the sources said on Thursday, adding that there was no request from state-owned oil company Saudi Aramco for them to change grades.

Oct 10 - Asia crude oil refiners pay the price for U.S. sanctions on China ships: Russell 
Asian refiners are once again paying the price for the ongoing battle between the United States and Iran, with the effective price of crude oil being kicked higher by a sharp rise in tanker freight costs. And the bad news for refiners is that the rise in the price of delivered crude may be more sticky than previous spikes caused by factors that proved temporary, such as the strikes on Saudi Arabia's oil installations and attacks on tankers in the Middle East.

Oct 10 - India's Reliance to resume Venezuela oil loadings after 4-month pause 
Indian refiner Reliance Industries Ltd is scheduled to resume loading Venezuelan crude in October after a four-month pause, according to sources and internal documents from PDVSA seen by Reuters, a move that could help Venezuela's state-run company drain its large oil inventories. The United States in January imposed the toughest sanctions yet on Venezuela's oil industry, depriving the OPEC member of the main destination for its crude exports.

Oct 09 - U.S. oil output seen rising to record 12.26 mln bpd in 2019 - EIA 
U.S. crude production is expected to rise by 1.27 million barrels per day (bpd) in 2019 to a record 12.26 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, slightly above its previous forecast for a rise of 1.25 million bpd. Output in 2020 is forecast to rise by 910,000 bpd to 13.17 million bpd, according to the EIA, lower than its previous estimate of a rise of 990,000 bpd to 13.23 million bpd.

 
Oct 09 - Saudi central bank vets local lenders ahead of Aramco IPO – sources 
The Saudi central bank is vetting local lenders' exposure to Saudi Aramco ahead of an initial public offering (IPO) of the state-oil giant that will likely see large numbers of Saudi investors seek loans to buy its stock, three sources familiar with the matter said. The Saudi Arabian Monetary Authority, or SAMA, contacted Saudi banks last week, asking them a series of questions about their lending exposure to Aramco, two of the sources said.

Oct 09 - Finland's Fortum to gain control of Uniper in $2.5 bln deal
Finnish utility Fortum is set to gain control of Germany's Uniper by acquiring the stakes of activist funds Elliott and Knight Vinke, potentially ending a long-running deadlock over ownership of the group. State-controlled Fortum has been seeking control of the energy firm since 2017, but Uniper's top management had opposed a full takeover, warning it could result in a break-up and threaten the firm's credit rating.

Oct 09 - Brazil president sees crime behind mystery oil slicks 
Brazilian President Jair Bolsonaro said on Tuesday that mysterious oil slicks polluting northeastern beaches likely had criminal origins, without explaining further. Bolsonaro also appeared to row back comments from Monday, when he suggested the oil could be from a shipwrecked vessel, suggesting the evidence did not suggest such a cause.

Oct 09 - Asia gets more European naphtha but Saudi factor supports prices 
Naphtha arrivals in Asia this month from the West including Europe and the Mediterranean are seen recovering from a three-month low in September to a two-month high of about 1.3 million tonnes, industry sources said on Tuesday. But this lags the monthly average of 1.5 million tonnes for the first nine months of this year, data from Reuters and Refinitiv Oil Research showed.

Oct 08 - Disruptions in the global shipping industry
Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers.  The cost of chartering a supertanker to send crude oil from one country to another is rising sharply. A South Korean importer paid more than $12 million in shipping costs for one crude shipment from the U.S. Gulf Coast. This was followed by Friday's tentative charter of another crude vessel by Occidental Petroleum Corp for $13.25 million to ship in November.

 
Oct 08 - Russia should reform oil taxes to sustain output - Energy Minister Novak 
Russia's energy minister has told Reuters his country should reform oil taxation to bring into production some 10 billion tonnes of currently uneconomic reserves and boost producers' margins to compete better with rivals such as U.S. shale firms. Alexander Novak said oil production in Russia, which has enough reserves of crude to sustain current production for over 50 years, could decline if the tax system remained unchanged.

Oct 08 - Hedge funds sell more oil as economic outlook worsens: Kemp 
Hedge funds sold petroleum futures and options for the second week running as the post-attack bounce in oil prices evaporated and attention shifted to the deteriorating condition of the global economy. Hedge funds and other money managers sold the equivalent of 96 million barrels in the six most important futures and options contracts linked to oil prices in the week to Oct. 1, the largest reduction in nearly four months.

Oct 08 - Trump says ethanol deal will be around 16 billion gallons
U.S. President Donald Trump said on Monday his administration's proposal to boost the biofuels market next year would bring the amount of corn-based ethanol mixed into the nation's fuel to about 16 billion gallons (60.6 billion liters). "We’ve come to an agreement and its going to be, I guess, about, getting close to 16 billion ... that’s a lot of gallons. So they should like me out in Iowa," he told a news conference.

Oct 08 - Some $71 bln of Japanese coal assets at risk from cheaper renewables 
As much as $71 billion of Japanese coal assets could be at risk as the economic viability of plants is undermined by cheaper renewable energy, research by the University of Tokyo, Carbon Tracker and the Carbon Disclosure Project showed on Sunday. The report, called Land of the Rising Sun and Offshore Wind, used project financial models to analyse the economics of new and existing coal plants in Japan.

Oct 07 - Trump administration promises biofuel boost to farmers, angering Big Oil 
The Trump administration on Friday unveiled a plan to boost U.S. biofuels consumption starting next year to help struggling farmers, a move that cheered the agriculture industry but triggered a backlash from Big Oil. The plan would require an unspecified increase in the amount of ethanol that oil refiners must add to their fuel in 2020, and would also aim to remove further barriers to the sale of higher ethanol blends of gasoline like E15, the Environmental Protection Agency said in a statement.

 
Oct 07 - Oil tanker rates surpass $12 mln after U.S. sanctions on Chinese firm 
Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.  South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said. 

Oct 07 - Iran will use every means possible to export its oil - SHANA 
Iran will not succumb to U.S. pressure and will use every possible way to export its oil, Iranian Oil Ministry's website SHANA quoted Oil Minister Bijan Zanganeh as saying on Sunday. Iran’s crude oil exports were reduced by more than 80% when the United States re-imposed sanctions on the country last November after President Donald Trump pulled out of Iran’s 2015 nuclear deal with world powers.

Oct 07 - Some $71 bln of Japanese coal assets at risk from cheaper renewables 
As much as $71 billion of Japanese coal assets could be at risk as the economic viability of plants is undermined by cheaper renewable energy, research by the University of Tokyo, Carbon Tracker and the Carbon Disclosure Project showed on Sunday. The report, called Land of the Rising Sun and Offshore Wind, used project financial models to analyse the economics of new and existing coal plants in Japan.

Oct 07 - Russia's deputy PM returns to idea of grain OPEC creation - Interfax 
A Russian Deputy Prime Minister in charge of agriculture has proposed the creation of a grain organisation along the lines of the Organization of the Petroleum Exporting Countries (OPEC), Interfax news agency reported on Saturday, citing his office. Russia, the world's largest wheat exporter, is one of the world's largest oil producers, but is not a member of OPEC.

Oct 07 - Oman crude at a premium to Brent shows lingering impact of Saudi attacks: Russell 
With the price of Brent crude back below where it was before last month's attacks on Saudi Arabia's oil infrastructure, it's tempting to think normal service has been resumed and the market can once again focus on concerns about the outlook for demand. However, while Brent futures are signalling that the investor market has moved on from the heightened geopolitical risks in the wake of the Sept. 14 attacks, there are still some lingering effects in the pricing of Middle Eastern crudes.

Oct 07 - Equinor starts production at giant Johan Sverdrup oilfield 
Oil and gas firm Equinor has started production at its giant Johan Sverdrup oilfield in the North Sea, the largest offshore development in Norway since the 1980s, the Norwegian company said on Saturday. The Phase 1 development of the 2.7 billion barrels of oil equivalents field is expected to reach plateau production of 440,000 barrels of oil equivalents per day (boepd) during the summer of 2020, the company added in a statement.

Oct 07 - Hedge funds cut bullish U.S. crude bets last week - CFTC 
Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Oct. 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 64,471 contracts to 148,090 during the period.

Oct 07 - U.S. oil drillers cut rigs for seventh week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year. Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. 

Oct 04 - Saudi Arabia restores full oil output after attacks, focused on Aramco IPO 
Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focused on the listing of state oil giant Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said on Thursday. The kingdom's crude oil production capacity is now 11.3 million barrels per day, he said, adding that the attacks, which halved the crude output of the world's top exporter, were an attempt to ruin Saudi Arabia's reputation as "a reliable, secure and dependable oil supplier".

Oct 04 - U.S. Energy Secretary Perry expected to announce resignation next month - Politico 
U.S. Energy Secretary Rick Perry is expected to announce his resignation in November, Politico reported on Thursday, citing three unidentified people familiar with his plans. A spokeswoman for the Energy Department said Perry remains a "proud member" of President Donald Trump's Cabinet, in a statement that stopped short of denying the Politico report.

 
Oct 04 - Trump administration likely to announce details of biofuels deal by Friday - sources 
The Trump administration is expected to announce by Friday details of a U.S. biofuels policy deal to help farmers angry over waivers granted to refiners exempting them from using corn-based ethanol and other biofuels, four sources familiar with the matter said. The White House has held weeks of discussions with farm- and oil-state senators and executives at oil refiners and officials at biofuels producers.

Oct 04 - Russia's Rosneft seeks euros for all new export deals - documents 
Russia's Rosneft has set the euro as the default currency for all its new export contracts including for crude oil, oil products, petrochemicals and liquefied petroleum gas, tender documents showed. The switch from U.S. dollars, which happened in September according to the tender documents published on Rosneft's website, is set to reduce the state-controlled firm's vulnerability to potential fresh U.S. sanctions.

Oct 04 - In blow to U.S., EU pledges quick move on tax for polluting firms 
The European Commission will quickly start work on a tax on foreign polluting firms, the nominee for the EU's economic and tax commissioner said on Thursday, a move that could hit U.S. companies and deepen a trade war with Washington. In his confirmation hearing before EU lawmakers, Italy's Paolo Gentiloni also pledged "adequate" fiscal efforts to counter an economic slowdown in the euro zone that he said could be longer than currently expected.

Oct 04 - Ecuador sees oil output of 590,000 bpd in 2020 after OPEC exit 
Ecuador expects crude production to rise to 590,000 barrels-per-day (bpd) in 2020 after its planned withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), the energy minister said on Thursday. The Andean producer is pulling out of OPEC to free itself from quota restrictions and hike output amid a cash squeeze. 

Oct 03 - Chevron's shale allies are its secret weapon in Exxon race 
U.S. oil company Chevron Corp is turning to joint ventures and drilling alliances in its bid to dominate the Permian Basin after abandoning a takeover that would have made it the leading producer in the world's biggest shale field. It is now in a race with Exxon Mobil to be the first to pump a million barrels of shale oil a day from the field in the U.S. southwest, using a strategy that depends on a host of partners sharing their expertise and their output.

 
Oct 03 - Saudi oil prices for Asia expected to jump in Nov after attack 
Top oil exporter Saudi Arabia is expected to hike its prices for all crude grades it sells to Asia in November after an attack on its oil facilities led to a spike in Middle East benchmarks last month, industry sources said. The official selling price (OSP) for flagship Arab Light crude in November is expected to rise by at least 50 cents a barrel from the previous month to the highest since July, a Reuters survey of sources at five Asian refineries showed.

Oct 03 - U.S. crude stockpiles build as refineries cut back runs 
U.S. crude oil stockpiles rose last week as refineries reduced output amid seasonal maintenance, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.1 million barrels in the week ended Sept. 27, compared with analyst expectations for an increase of 1.6 million barrels.

Oct 03 - Trump's EPA may use partial refinery waivers under biofuel deal - sources 
The U.S. Environmental Protection Agency may use partial small refinery exemptions under the Trump administration's biofuels deal to help farmers and boost ethanol consumption, two sources familiar with the matter said on Wednesday. The move would be aimed at reducing the impact of the waivers, which free refineries from their obligations under the Renewable Fuel Standard - a law requiring ethanol and other biofuels be blended into the nation's gasoline.

Oct 03 - U.S. oil drilling slowdown hits wider economy: Kemp
A downturn in oil and gas drilling is making a small but significant contribution to the overall slowdown in U.S. business investment and economic growth, intensifying the much bigger problems caused by the trade war with China. As domestic oil and gas production grows and becomes increasingly important to the U.S. economy, the fortunes of the industry increasingly have macroeconomic as well as microeconomic implications.

Oct 03 - Citgo seeks U.S. help to keep Venezuela bondholders at bay 
U.S. President Donald Trump must act to prevent holders of Venezuelan state-run oil company PDVSA's bonds from taking control of U.S.-based Citgo Petroleum, the refiner's chairwoman said on Wednesday. Venezuelan congress chief Juan Guaido this year took control of Citgo and appointed a board of directors after the United States and dozens of other countries recognized him as the nation's elected leader, calling President Nicolas Maduro's 2018 re-election a sham.

Oct 03 - Supply surge and easing China growth kill LNG's seasonal swings: Russell 
Liquefied natural gas (LNG) won't enjoy its customary winter boost in Asia this year, and the seasonal swings in prices may well be a thing of the past as new supply and a steadier China demand profile dampen volatility. The forward curve for LNG futures isn't quite as flat as a pancake, but it certainly suggests that the northern winter price spike seen in seven of the last eight northern winters will be absent this year.

Oct 02 - Oil shipping rates from U.S. to Asia hit 3-year high, quieting Nov trade - sources 
Freight rates for U.S. crude tankers bound for Asia were bid up to a more than three-year peak this week as U.S. sanctions on a Chinese transport giant cut vessel availability, traders and ship brokers said. The United States last week imposed sanctions on two units of China's COSCO, which operates more than 50 supertankers, alleging the units violated U.S. sanctions on Iran. That action prompted U.S. Gulf Coast exporters to hold back chartering COSCO-owned vessels, traders and shipbrokers said.

 
Oct 02 - Ecuador to quit OPEC in 2020 in search of bigger export revenue 
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems. The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC.

Oct 02 - Trump administration close to finalizing biofuel deal - sources 
The Trump administration is close to finalizing a deal that would boost U.S. biofuels consumption and is aiming to get it signed by President Donald Trump on Friday, two sources familiar with the matter said on Tuesday. The policy change is intended to assuage anger in U.S. farm country, a key political constituency for Trump, after the administration exempted 31 oil refineries in August from their obligations under the U.S. Renewable Fuel Standard - a law requiring that corn-based ethanol and other biofuels be blended into the nation's fuel.

Oct 02 - Norway sovereign wealth fund to divest oil explorers, keep refiners 
Norway's $1.1 trillion sovereign fund will divest from companies that are solely dedicated to oil and gas exploration and production, while maintaining stakes in refiners and other downstream firms, the country's Finance Ministry said on Tuesday. Norway's Parliament earlier this year endorsed a plan to cut some oil firms from the fund's portfolio, but it was left to the government to define the scope of the exclusion.

Oct 02 - U.S. shale oil boom ends as lower prices take toll: Kemp 
U.S. oil production growth is decelerating gradually in response to lower prices, which should reduce predicted over-supply in 2020 and force the global oil market back towards balance. Domestic crude production fell 276,000 barrels per day to 11.806 million bpd in July, according to data published by the U.S. Energy Information Administration on Monday.

Oct 01 - Saudi Aramco restored oil output to pre-attack level - trading unit chief 
Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the chief executive officer of its trading arm, Ibrahim Al-Buainain, said on Monday. Oil output capacity was restored on Sept. 25, he told a conference in the United Arab Emirates' city of Fujairah. Oil production was restored to its pre-attack level of about 9.7 million barrels per day or even "a little higher" to replenish inventories, he said.

 
Oct 01 - OPEC oil output sinks to lowest since 2011 after Saudi attacks - Reuters survey 
OPEC oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and U.S. sanctions on Iran and Venezuela, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.9 million barrels per day (bpd) this month, the survey showed, down 750,000 bpd from August's revised figure and the lowest monthly total since 2011.

Oct 01 - Mexico's Pemex seeks control of U.S. oil firm's billion-barrel find 
When U.S. oil firm Talos Energy found nearly a billion barrels off Mexico's southern Gulf coast two years ago, it marked the first discovery by a foreign firm since the oil industry was nationalized eight decades earlier. Now Mexico's state-run oil firm Pemex wants to take over the lucrative project, according to two former Mexican energy officials and two company executives with knowledge of internal Pemex discussions.

Oct 01 - China's imports of major commodities stayed resilient in September: Russell 
China's imports of major commodities, including crude oil, iron ore, liquefied natural gas (LNG) and coal, appeared to have once again shown resilience in September, challenging the prevailing narrative that the world's second-largest economy is weakening. While official customs data for the month will only be published next week after the national day holidays, vessel-tracking and port data compiled by Refinitiv suggest that imports held up in September.

Oct 01 - U.S. sanctions on COSCO hit LNG tankers in Russia's Arctic 
U.S. sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas (LNG) tanker industry on Monday as U.S.-listed Teekay LNG said its shipping joint venture in Russia had been "blocked" because of its ties to COSCO. The United States imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co for allegedly carrying Iranian crude oil.

Oct 01 - U.S. oil output slides below 12 mln bpd in July - EIA 
U.S. crude oil output fell 276,000 barrels per day (bpd) in July to 11.81 million bpd, its third monthly decline from its record high in April at 12.12 million bpd, according to a U.S. Energy Information Administration monthly report released on Monday. A majority of the drop in production came as federal offshore Gulf of Mexico production slid about 332,000 bpd to 1.58 million bpd, the data showed.

Oct 01 - Oil price seen holding steady on Mideast tension, global downturn 
Oil prices are likely to remain steady this year as supply shocks from Saudi Arabia fail to lift prices in a market grappling with flagging demand, a Reuters survey showed on Monday, as warnings of a global economic deceleration mount. The survey of 53 economists and analysts forecast Brent crude would average $65.19 a barrel in 2019, little changed from $65.02 forecast last month. This was however, slightly higher than the $64.76 average for the global benchmark so far this year.

New Saudi energy minister says OPEC+ alliance staying for long term
Saudi Arabia's new energy minister said on Monday the world's top oil exporter would keep working with other producers to achieve market balance and that an OPEC-led supply-curbing deal would survive "with the will of everybody". Prince Abdulaziz bin Salman, who took over as energy minister from Khalid al-Falih on Sunday, told reporters there would be "no radical" change in the oil policy of Saudi Arabia, OPEC's de facto leader, which he said was based on strategic considerations such as reserves and energy consumption.

Saudi Aramco pursues IPO with local listing plan as lines up banks -sources 
Saudi Arabia plans a gradual listing of Aramco on its domestic market, sources familiar with the matter said on Monday, as it finalises the roles banks will play in the initial public offering (IPO) of the world's biggest oil company. The kingdom intends to list 1% of the state oil giant on the Riyadh stock exchange before the end of this year and another 1% in 2020, the sources said, as initial steps ahead of a public sale of around 5% of Aramco. 

China clears 25 Brazil meat plants for export, lifting shares 
China granted export licenses to 25 Brazilian meatpacking plants, Brazil's Agriculture Ministry said on Monday, allowing the country's fast-growing protein industry to feed more people in the Asian nation where disease has hurt local supply. The news drove up the stocks of licensed-plant owners BRF SA, Minerva SA and Marfrig Global Foods SA.

China CNPC skips Venezuelan oil loading for 2nd month -sources 
China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said. CNPC made a surprise halt last month in loading Venezuelan oil after the Trump administration in early August froze Venezuelan government assets in the U.S. and officials warned companies against dealing with Venezuela's state-run oil company, Petróleos de Venezuela, S.A., or PDVSA. 

Big Ag wants a cut of booming fake-meat market 
Bunge Ltd, one the world's biggest grain traders, recently disclosed the 1.6% stake it had purchased in the fast-growing fake-meat startup Beyond Meat. The play looked smart after the stock surged more than 250% since the faux burger and sausage maker's initial public offering in May. Indeed, Beyond Meat's market capitalization of $9.9 billion is now larger than Bunge's, a 201-year-old firm with 31,000 employees.

GRAPHIC-Go West: Nigerian oil skirts U.S. shale boom in journey to California 
Nigeria's oil, displaced by U.S. shale, has found an unlikely new outlet this year: the coast of the continental United States that is farthest from the African country's shores. The shale boom has upended the global market, turning the United States from a keen buyer of Nigerian oil to an aggressive competitor.

EXCLUSIVE-Qatar shortlists partners for North Field expansion, but says it may go it alone
Qatar has shortlisted international oil firms for a stake in its expanded North Field megaproject, Qatar Petroleum's chief executive told Reuters, but may still choose to go it alone unless majors offer it significant value. The expansion of tiny but gas-rich Qatar's liquefied natural gas (LNG) facilities, already the world's largest, is one of the energy sector's most lucrative projects, and the world's top oil and gas majors have been racing to secure a stake.

Philippines H1 nickel ore output rises 3% despite mine shutdowns 
Nickel ore output in the Philippines, one of the world's two biggest producers of the material for stainless steel and batteries, rose 3% in the first half despite zero production at more than half the country's mines, government data showed. The Southeast Asian country, which sells most of its nickel ore to top buyer China, produced 11.31 million dry metric tonnes of the material between January and June, compared with 11.01 million tonnes in the same period last year, the Mines and Geosciences Bureau (MGB) said on Tuesday.


Trade war, global economic uncertainty cloud oil outlook at Asia conference
Uncertainties surrounding the global economy, a prolonged trade war between the United States and China and increasing U.S. supplies are expected to weigh on oil prices this year, executives at a key industry conference said on Monday. Their comments at the Asia Pacific Petroleum Conference (APPEC), an annual gathering of top energy executives, were more tempered compared with last year, when merchants were forecasting oil at $100 per barrel by the start of 2019.

COLUMN-Hedge funds sell oil as global economy deteriorates: Kemp 
Hedge funds are becoming more pessimistic about the outlook for oil prices as trade tensions between the United States and China remain unresolved and global economic growth grinds to a halt. Hedge funds and other money managers were net sellers of petroleum futures and options last week for the fifth time in seven weeks, according to an analysis of data published by regulators and exchanges.

COLUMN-Copper finely poised between negative macro and robust micro: Andy Home
Copper last week hit a year-to-date low of $5,518 per tonne in the London market as the macroeconomic picture becomes ever gloomier. Funds remain heavily short, betting that copper demand is set to worsen amid what is looking like a synchronised downturn in the global manufacturing sector.

EXCLUSIVE-Repsol in advanced talks to buy Exxon assets in Gulf of Mexico -sources 
Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday. The deal would be a boon to Exxon's plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets. 

U.S. says it is concerned about China's purchases of Iranian oil
The United States is "very concerned" about China's purchases of Iranian oil, Dan Brouillette, deputy secretary of the U.S. Department of Energy, said on Monday. "We are very concerned about the purchases that the Chinese people have made, the government in particular," he said on the sidelines of an energy conference in the United Arab Emirates, adding that U.S. officials would discuss the issue with the Chinese government.