Energy News

Jan 15 - U.S. adds CNOOC to black list, saying it helps China intimidate neighbors
The Trump administration added China's CNOOC to a U.S. economic blacklist on Thursday, accusing the oil giant of helping Beijing intimidate neighbors in the South China Sea and ratcheting up tension days before U.S. President-elect Joe Biden takes office. Alongside blacklisting CNOOC, the Commerce Department added China's Skyrizon to the Military End-User (MEU) List over its ability to develop military products including aircraft engines, restricting its access to U.S. exports.

Jan 15 - Rosneft seeks to tempt trading houses into Arctic oil project with supply deals
Russian state oil major Rosneft is courting investments from global trading houses to help develop one of the world's biggest oil deposits, after talks with other possible partners stalled following a collapse in oil prices, four sources told Reuters. Rosneft is in discussions with Vitol, Glencore and Gunvor, among others, over investments in its Vostok Oil project in the Arctic, having already secured a deal with Swiss-based Trafigura, which took a 10% stake at the end of last year.

Jan 15 - OPEC sees U.S. shale output recovering further on oil rally
The outlook for U.S. shale oil is slightly more "optimistic" due to rising prices and output will recover further in the second half of 2021, OPEC said on Thursday, in a sign its policy of cutting output is helping rivals pump more. U.S. shale producers are not part of a pact between OPEC nations and others including Russia - the so-called OPEC+ - to reduce their output to support prices and reduce oversupply.

Jan 15 - Iraqi oil minister says Saudi output cut helps stabilize market
Iraqi oil minister Ihsan Abdul Jabbar told state TV in an interview on Thursday that Saudi Arabia's voluntary output cut of 1 million bpd helps stabilize the market, and he expected steady oil prices that should reach around $57 per barrel in the first quarter. Oil minister said Iraq is in "heavy talks" with OPEC and allied oil producers to allow Iraq to postpone compensating for earlier overproduction.

Jan 15 - Big freeze exposes Asia's underlying energy crisis: Kemp
Northeast Asia has been hit by a midwinter energy crisis as an extended period of much lower than normal temperatures across the region has strained supplies of coal, gas and electricity to breaking point. China has been forced to restrict power in multiple provinces, Japan has appealed for voluntary restraint, and liquefied natural gas (LNG) prices have hit record highs as generators and utilities scramble for spot cargoes.

Jan 15 - Drillers turn out for last chance to nab federal acreage under Trump
The Trump administration raised more than $4 million on Thursday from oil and gas companies that turned out for their last chance to secure federal acreage before the inauguration of President-elect Joe Biden, who has pledged to ban new drilling on public lands. The auction of U.S. Bureau of Land Management (BLM) oil and gas leases in four states attracted more industry interest than recent federal sales, but prices were still far below what they were before the coronavirus pandemic weakened energy prices and depressed fuel demand.

Jan 15 - Investors see splits among energy company climate efforts
Investors are judging how well energy companies have reoriented their businesses to cut emissions as they weigh activists' calls for divestment, climate finance specialists said on Thursday. Growing differences between oil majors have clarified when companies are positioned to achieve "net-zero" emissions, becoming more focused on renewable power and offsetting remaining greenhouse gas emissions with measures like carbon sequestration or conservation efforts, specialists said at a Reuters Next panel held online.

Jan 15 - U.S. EPA eyes extending refinery biofuel deadlines, no action on waivers
The U.S. Environmental Protection Agency said on Thursday it would propose to extend deadlines for refiners to prove compliance with biofuel laws, but signaled it would not decide on a slew of pending waiver requests submitted by the industry. The agency's proposal represented mixed news for refiners hard hit by slumping energy demand during the coronavirus pandemic and eager to sidestep regulatory costs associated with U.S. biofuel blending policy. It also marks one of the last actions from President Donald Trump's EPA before he leaves office on Jan. 20.

Jan 14 - China's 2020 crude oil imports hit record on stockpiling, new refineries 
China's total crude oil imports surged 7.3% in 2020 despite the coronavirus shock earlier in the year, with record arrivals in the second and third quarters as refineries expanded operations and low prices encouraged stockpiling, data showed on Thursday. For 2020, the world's top oil buyer brought in a record 542.4 tonnes of crude oil, or 10.85 million barrels per day (bpd).

Jan 14 - IEA says oil market outlook clouded by vaccine roll-out variables 
Oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, an official with International Energy Agency (IEA) said on Wednesday. "Producers are grappling with huge uncertainty about where this goes from here," Tim Gould, head of energy supply outlooks and investment, told the Gulf Intelligence forum.

Jan 14 - Asia's fuel oil trade nearly halved in 2020 due to COVID and rule changes 
Trading volumes in Asia for fuel oil, a key shipping fuel, nearly halved in 2020 to the lowest levels in at least five years as stricter emission rules for marine fuel altered trade patterns and as the COVID-19 pandemic hurt demand. The drop in trade volumes during S&P Global Platts' price assessment process and on the Intercontinental Exchange (ICE) followed a major fuel specification change in the shipping industry last year as the International Maritime Organization (IMO) reduced the sulphur content for marine fuels to 0.5% from 3.5% starting from 2020.

Jan 14 - J.P. Morgan turns positive as Exxon cuts win back Wall St 
J.P. Morgan was the latest major U.S. investment bank to turn positive on Exxon Mobil on Wednesday, just months after its removal from the blue-chip Dow Jones Industrial Average capped a catastrophic year for America's major oil producers. The shift to an "overweight" rating by the bank was the first time in seven years that J.P. Morgan had outright recommended investors bet on Exxon, dating back to the drop in oil prices below $100 in mid-2014.

Jan 14 - U.S. crude stockpiles drop, fuel inventories build -EIA 
U.S. crude oil stockpiles last week fell more than expected, while gasoline and distillate inventories rose as refiners ramped up output to its highest level since August, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.2 million barrels in the week to Jan. 8 to 482.2 million barrels, compared with expectations in a Reuters poll for a 2.3 million-barrel drop.

Jan 14 - China's commodity imports saved 2020, this year may be different: Russell 
There is both a history lesson and a warning in the latest Chinese data on imports of major commodities. The history part is that China bought record volumes of crude oil, copper, iron ore and coal in 2020, showing just how vital the world's biggest buyer of natural resources was in keeping commodity market buoyant in a year when the global coronavirus pandemic threatened to crush demand. The warning part is that the trade data for the month of December, released on Thursday, shows that China's massive buying spree appears to be ending, and import demand may be returning to what could be viewed as more "normal" levels.

Jan 14 - Chesapeake Energy to emerge from bankruptcy court as a $5.13 billion enterprise 
U.S. oil and gas producer Chesapeake Energy's Chapter 11 bankruptcy plan was approved by a U.S. judge on Wednesday, giving lenders control of the firm and ending a contentious trial. Chesapeake will emerge from bankruptcy with about $3 billion in new financing, a $7 billion reduction in debt, and $1.7 billion cut from gas processing and pipeline costs.

Jan 13 - OPEC+ oil output cuts compliance falls to 75% in Dec - Petro-Logistics 
OPEC+ compliance with pledged oil output curbs fell to 75% in December, among the lowest levels since the supply pact started in May 2020, tanker tracker Petro-Logistics said on Tuesday. This is a lower estimate of compliance by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ than others have reported. A trend of lower compliance could weigh on oil prices, which are currently at an 11-month high.

Jan 13 - Saudi Aramco cuts Feb crude supply to some Asian refiners -sources 
Top oil exporter Saudi Arabia has cut supplies of February-loading crude for at least three Asian buyers while meeting requirements of at least three others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day (bpd) in February and March under a deal between the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+.

Jan 13 - Freezing temperatures push Asian gas prices to new records 
Freezing temperatures across Asia and Europe are driving liquefied natural gas (LNG) prices to record highs and pushing up the cost of shipping the fuel globally as buyers grapple with tight inventories and a shortage of tankers.  Demand for super-cooled natural gas has surged in recent years as buyers, particularly China and India, move away from dirtier coal-polluting power plants. Prices had remained relatively low until late 2019, when unexpected cold weather and bottlenecked shipments caused prices to surge. 

Jan 13 - U.S. tells European companies they face sanctions risk on Nord Stream 2 pipeline 
The U.S. State Department this month told European companies which it suspects are helping to build Russia's Nord Stream 2 gas pipeline that they face the risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources said on Tuesday. "We are trying to inform companies of the risk and urge them to pull out before it's too late," a U.S. government source said on condition of anonymity. 

Jan 13 - U.S. crude output to decline less than previously forecast in 2021 - EIA 
U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast for a drop of 240,000 bpd. Saudi Arabia this month pledged additional, voluntary oil output cuts, sending oil prices to the highest in nearly a year. 

Jan 13 - China's Bohai Bay energy terminals on alert as sea ice slows ships 
Chinese ports and marine safety authorities are on high alert as an expansion of sea ice makes it tougher for ships to berth and discharge at key energy product import terminals along the coast of northern Bohai Bay. A cold wave sweeping the northern hemisphere has plunged temperatures across China to their lowest in decades, boosting demand for power and fuel to historic highs in the world's largest energy consumer.

Jan 13 - Environmentalists make a case for leaving fossil fuels in the ground 
Economic, climate and healthcare upheavals point to the need to move toward developing cleaner energy sources, environmentally friendly jobs and healthier communities, participants in a Reuters Next panel said on Tuesday. A new U.S. presidential administration promising to reverse job losses, re-embrace the Paris climate accord to limit warming and stem the COVID-19 pandemic creates an opportunity to rethink the dominance of fossil fuels over the economy, they said. 

Jan 13 - LNG shipping rates from U.S. surge to record highs on Asia buying boom 
The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire. Freezing temperatures across Asia and Europe have pushed up LNG prices and lifted wider gas prices as buyers grapple with shrinking inventories and the shortage of tankers.

Jan 12 - Shale gas pioneer Chesapeake Energy worth $5.13 billion on bankruptcy exit - U.S. judge 
Chesapeake Energy Corp's value has soared since its June bankruptcy filing, the U.S. judge overseeing the natural gas producer's trial indicated, and is worth $5.13 billion, far above the shale gas pioneer's estimate. Chesapeake sought protection from creditors, weighed down by $11.8 billion in debt, after a decade of aggressive borrowing to buy oil and gas properties. Its losses ballooned last year as the coronavirus pandemic cut energy prices, leaving it unable to pay interest on its debt. 

Jan 12 - Science must determine company climate targets, say executives 
Companies must listen to scientists and align their plans to reach net zero targets with a global pact to fight climate change, executives told a Reuters Next conference on Monday. Under the 2015 Paris Agreement, countries agreed to take steps to limit global warming to well below 2 degrees Celsius, and preferably to 1.5C, compared with pre-industrial levels.

Jan 12 - Pandemic sharpens sustainability focus in plastics and aluminium 
The aluminium and plastics sectors have proved resilient during the coronavirus crisis but need to do more in the push towards so-called circular economies, two industry executives said at at a pre-recorded panel for the Reuters Next conference. Markets such as the United States have seen average aluminium recycling rates actually fall, said Steve Fisher CEO of Novelis Inc, a unit of Hindalco Industries and the world's largest producer of recycled aluminium and flat rolled products, including for drinks cans.

Jan 12 - Rapid oil price rise divides fund managers: Kemp 
Hedge fund managers are starting to diverge over the likelihood of further oil price increases as Brent futures surge above $50 per barrel and global coronavirus infections accelerate. Hedge funds and other money managers purchased the equivalent of 14 million barrels of futures and options in the six most important contracts in the week ending Jan. 5.

Jan 12 - China's ban on Australian coal forces trade flows to realign: Russell 
China's effective ban on imports of Australian coal is forcing a realignment of flows between the world's two biggest importers and two largest exporters. Indonesia and Australia dominate the global seaborne coal trade, with the Southeast Asian nation tops in thermal coal, used mainly in power plants, while Australia is the biggest shipper of coking coal, used to make steel, and the number two in thermal coal.

Jan 12 - Nuclear power backers hopeful Biden's climate focus will boost industry 
Backers of nuclear power hope U.S. President-elect Joe Biden's focus on curbing climate change will boost the industry which is currently plagued with shutdowns, executives told a Reuters Next conference on Monday. "This is a great opportunity for our country to get our groove back after a number of years of challenges," said Dan Poneman, the president and chief executive officer of Centrus Energy Corp, a maker of fuel for advanced nuclear reactors that are expected to become commercial in coming years.

Jan 12 - Trump administration expected to grant biofuel waivers for some oil refiners -sources 
The Trump administration is expected to grant waivers to some oil refiners that would exempt them from requirements to blend biofuels into their fuel mix for the 2019 compliance year, according to two sources familiar with the matter. The move would be one of the last actions by President Donald Trump's Environmental Protection Agency to seek to balance the competing desires of the biofuel and oil industries over biofuel blending laws. The decision, however, would be a blow to the biofuel industry and corn producers that say the exemptions hurt demand for their products, though the oil industry rejects that claim. 

Jan 12 - IEA warns of post-pandemic emissions rebound 
The International Energy Agency (IEA) on Monday warned that global emissions that have been hollowed out by the COVID-19 pandemic are set to rebound in 2021 unless governments take swift policy action. Emissions of CO2 declined by 7 percent in 2020 to levels last seen a decade ago, agency chief Fatih Birol told reporters, but as the economic damage from the crisis wanes "the early data ... confirm our worry that global emissions in 2021 are set to rebound".

Jan 11 - Saudi cut to boost oil market de-stocking, even as demand falters 
Saudi Arabia's voluntary oil production cut is expected to bring the oil market into deficit for most of 2021 even as new lockdowns to contain the spread of the coronavirus batter oil demand, analysts say. Saudi Arabia, the world's biggest oil exporter, surprised the market on Jan. 5 with a voluntary output cuts of 1 million barrels per day (bpd) in February and March.

Jan 11 - OPEC crude output cuts should help U.S. shale profits in 2021 
A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 million barrels per day in the last year as low prices and demand forced shale producers to cut their losses. Investors had already been pressuring the industry to curb spending and boost returns before the pandemic hit. Shale output was quickly cut, but might return quickly if prices keep rising.

Jan 11 - U.S. petroleum stocks nearing normal after wild 2020: Kemp 
U.S. petroleum inventories ended last year approaching normal levels, as excess crude and product stocks accumulated during the Saudi-Russian volume war and coronavirus lockdowns were absorbed successfully. Total stocks of crude and products, excluding oil stored in the strategic petroleum reserve, ended the year 6% above the seasonal average for the previous five years, down from a surplus of 14% at the start of July.

Jan 11 - Norway's plans to raise carbon tax draw oil industry ire 
Norway plans to more than triple its national tax on carbon dioxide (CO2) emissions by 2030 to help it reach its climate goals, the government said on Friday, drawing criticism from the country's powerful oil lobby. The cost of emissions will be raised to 2,000 Norwegian crowns ($237) per tonne by 2030 from 590 crowns for most industries at present, Environment Minister Sveinung Rotevatn said when presenting the cabinet's "Climate plan 2021-30".

Jan 11 - Buyer's mistakes likely to blame for LNG price surge, not only winter weather: Russell 
The surge to record highs for the price of spot liquefied natural gas (LNG) is being largely attributed to severe cold weather over much of northern Asia, but miscalculations by buyers of the fuel are probably a larger factor. The weekly spot price assessment settled at $21.45 per million British thermal units (mmBtu) on Jan. 8, eclipsing the prior record of $20.50 from February 2014. Prices have rallied an astonishing 1,060% since they hit an all-time low of $1.85 in May. 

Jan 11 - 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 5, 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 3,493 contracts to 328,124 during the period. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC. 

Jan 11 - U.S. drillers add oil and gas rigs for 7th week in a row -Baker Hughes 
U.S. energy firms added oil and natural gas rigs for a seventh week in a row as higher energy prices have prompted producers to pull more fuel out of the ground in recent months. The oil and gas rig count, an early indicator of future output, rose nine to 360 in the week to Jan. 8, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Jan 08 - Petrobras sets fresh annual oil and gas production record in 2020
Brazilian state-led oil company Petrobras set a fresh record for annual output in 2020 on better-than-expected performance at the Buzios Field and improved corrosion treatment efforts at its subsalt fields, the company said Jan. 7.

Jan 08 - Crude rally extends as Biden promises more stimulus, faster vaccine rollout
An overnight crude price rally extended in mid-day US trading Jan. 8 as expectations of robust stimulus spending from the incoming Biden administration offset a weaker-than-expected US jobs report.

Jan 08 - Middle East gasoil holds steady on strong demand from East Africa
Despite volatility in Middle Eastern gasoline and jet fuel markets over the past month, 10 ppm gasoil values have remained stable due to ample supply and strong demand from Africa, traders said Jan. 8.

Jan 08 - Japan eyes Middle East, Australia and N America for ammonia supply chain
Looking at producing ammonia from natural gas. Blue ammonia costs 'extremely low' compared with green ammonia. To start with co-burning with coal, complete burning in 2040s for power.

Jan 08 - Japan's Idemitsu shuts 150,000 b/d Hokkaido CDU after fire
apan's second largest refiner Idemitsu Kosan shut the sole 150,000 b/d crude distillation unit at its Hokkaido refinery after a fire late Jan. 7 near the residual pump attached to the CDU, a company spokesman said early Jan. 8.

Jan 08 - Gasoil laden VLCC en route to Asia, first to return East in over a year
VLCC Yuan Gui Yang estimated to arrive Jan. 14. Asia favored as preferred gasoil destination on firm EFS.

Jan 08 - Refinery margins worsen as middle distillates cracks weaken to multi-weeks lows
Refinery margins have been worsening again this week as middle distillate product cracks weaken to multi-week lows amid falling demand in Europe as crude prices rallied following the OPEC+ agreement to extend production cuts.

Jan 08 - Backwardated structure, arbitrage demand spur new year North Sea crude trading
Trading in the North Sea crude oil market has got off to a brisk start in the new year, with a backwardated paper structure -- which incentivizes sellers to offload oil promptly -- occurring at the same time as increased interest from China for grades from the region, according to market sources.

Jan 08 - ARA fuel oil stocks drop 20.8% on week to 1.096 mil mt: Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp region fell 20.8% week on week to 1.096 million mt on Jan. 6, according to Insights Global data.

Jan 08 - Singapore Residue stocks inch up 2.6% on increase in fuel oil imports
Singapore's commercial onshore residue stocks edged 2.55% higher to 22.516 million barrels, or 3.55 million mt, in the week to Jan. 7 from a week earlier as fuel oil imports doubled and exports fell 49%, amid weaker bunker demand, Enterprise Singapore data showed on Jan. 7.

Jan 08 - US fuel oil prices reach highest levels since Feb. 2020 on limited supply
USGC marine fuel reached its highest level in nearly a year Jan. 7 on a rebound in the underlying crude complex along with limited blending components.

Jan 08 - New lockdowns in Europe delay fuel demand recovery 
Severe mobility restrictions across Europe to contain a new surge in COVID-19 cases weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021. Most of Europe is now under strictest restrictions, according to the Oxford stringency index, which assesses indicators such as school and workplace closures, and travel bans. 

Jan 08 - BP relaunches sale of North Sea oilfields - sources 
BP has relauched the sale of stakes in a number of North Sea oilfields it agreed to sell to Premier Oil before the beleaguered company was taken over last year, industry sources said on Thursday. BP originally agreed to sell its interest in the fields in the Andrew area and the Shearwater field to Premier a year ago for a total of $625 million.

Jan 08 - Record seven North Sea cargoes trade on Platts as Saudi cuts tighten market 
Seven North Sea crude cargoes were bought and sold in the trading window operated by Platts on Thursday, a record amount that trade sources say may reflect tighter supply after Saudi Arabia's surprise output cut. An oil trading source and an official at Platts, the price assessment agency, said that seven cargoes was believed to be a daily record in recent history. Normally, just one or two of the 600,000-barrel cargoes change hands each day.

Jan 08 - Thin Democratic control of Senate offers Biden chance for steps on climate 
Democratic control of the Senate offers President-elect Joe Biden an opportunity to advance parts of his climate agenda, but the paper-thin majority likely puts sweeping global warming legislation beyond reach. The election of Democrats Raphael Warnock and Jon Ossoff in the Georgia run-off on Tuesday put the Senate at an even 50-50, giving Vice President-elect Kamala Harris the tie-breaking vote and removing control of the chamber from Majority Leader Mitch McConnell and his fellow Republicans.

Jan 08 - Brazil's Petrobras says 2020 oil output averaged record 2.28 mln bpd, meeting guidance 
Brazil's Petrobras produced a record 2.28 million barrels of oil per day in 2020, a figure that is directly in line with the most recent guidance given by the state-run oil company.  The combined oil and natural gas output of Petrobras averaged 2.84 million barrels of oil equivalent per day (boepd) last year, the company said on Thursday in a securities filing, a figure that also matched the company's guidance.

Jan 07 - OPEC December oil output rises for sixth month led by Libya - survey 
OPEC oil output rose for a sixth month in December, a Reuters survey found, buoyed by further recovery in Libyan production and smaller rises elsewhere in the group. The 13-member Organization of the Petroleum Exporting Countries pumped 25.59 million barrels per day (bpd) in December, the survey found, up 280,000 bpd from November and a further increase from a three-decade low reached in June.

Jan 07 - Nigeria's NNPC seeks $1 bln oil prepay to revamp Port Harcourt refinery 
Nigeria's state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions said. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria's hefty fuel import bill.

Jan 07 - Exxon, under investor pressure, discloses emissions from burning its fuels 
Exxon Mobil Corp, under increasing pressure from investors and climate change activists, reported for the first time the emissions that result when customers use its products such as gasoline and jet fuel. The largest U.S. oil producer said the emissions from its product sales in 2019 were equivalent to 730 million metric tons of carbon dioxide, higher than rival oil majors. The data comes as the company has drawn the ire of an activist investor focused on its climate performance.

Jan 07 - U.S. crude stockpiles tumble last week; 2020 fuel demand slumps - EIA 
U.S. crude oil stockpiles fell sharply last week while fuel inventories rose, the Energy Information Administration said on Wednesday, and 2020 came to a close with a sharp decline in overall demand due to the coronavirus pandemic. Crude inventories fell by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, their biggest decline since August, exceeding analysts' expectations in a Reuters poll for a 2.1 million-barrel drop. The drawdown in stocks is typical for the end of the year, when energy companies take barrels out of storage to avoid hefty tax bills.

Jan 07 - Saudi Arabia raises Feb crude official prices to Asia 
Saudi Arabia's state oil producer Aramco raised its February official selling price (OSP) for its Arab Light crude to Asia by $0.70 per barrel, setting it at plus $1 per barrel versus the Oman/Dubai average, according to a document seen by Reuters on Wednesday. The company set the Arab Light OSP to Northwestern Europe at a discount of $1.90 a barrel against ICE Brent, down $0.50 from January and to the United States at plus $0.75 per barrel over ASCI (Argus Sour Crude Index), up $0.20 from the previous month.

Jan 07 - Swinging again, Saudi Arabia sacrifices market share to protect oil price: Kemp 
Saudi Arabia’s announcement that it will reduce oil output by 1 million barrels per day in February and March has boosted prices and helped paper over divisions within the producer alliance, at least temporarily. The unilateral cut, announced on Tuesday, reaffirms Saudi Arabia, rather than the Organization of the Petroleum Exporting Countries (OPEC) or the wider OPEC+ alliance, is the true swing producer in the oil market.

Jan 07 - Commodities trader Trafigura sets first emissions target 
Commodities trader Trafigura has set its first emissions reduction target, aiming to cut its Scope 1 and 2 emissions by at least 30% in absolute terms by the end of its 2023 financial year, it said on Wednesday. "Achieving our target will result in a sustainable reduction of over one million tonnes of CO2 equivalent from our operations," the firm said in its annual responsibility report.

Jan 07 - BP gives Caribbean refinery more time to hit operating targets -sources 
BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar with the matter. Last month, BP threatened to walk away from a 2018 agreement to supply up to 200,000 barrels per day (bpd) of crude oil and buy the resulting fuels if the Limetree Bay refinery in St. Croix, U.S. Virgin Islands could not bring all its units online by mid-January. The refinery has been idled since 2012.

Jan 06 - Saudi vows extra cuts as OPEC+ agrees small rise in oil output 
Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns. Saudi is going beyond its promised cuts as part of the OPEC+ group of producers to support both its own economy and the oil market, Energy Minister Prince Abdulaziz bin Salman said on Tuesday. 

Jan 06 - Traders accelerate oil sales from floating storage to meet Asia demand 
Traders have accelerated crude oil sales from floating storage in December to meet higher demand in Asia as the region's refineries throttled up for peak winter consumption, trade sources and analysts said. The drop in excess global stored oil and a sudden decision by world's top exporter Saudi Arabia for extra output cuts in the next two months are expected to keep supplies snug and support prices.

Jan 06 - Trump administration readies oil bidding in Alaska wildlife refuge 
The Trump administration on Wednesday will open bidding on drilling leases in a pristine Arctic wildlife refuge in Alaska despite tepid interest from the oil and gas industry and a pledge from incoming Democratic President-elect Joe Biden to protect the region. The move is among a slew of last-minute efforts by President Donald Trump's government to expand fossil fuel and mineral development in the United States before leaving office in two weeks, building on his years-long drive to maximize domestic production over the objections of environmentalists.

Jan 06 - Goldman proclaims the dawn of a new commodity supercycle: Andy Home 
Will COVID-19 kick-start a new commodities supercycle? Goldman Sachs thinks so.  While last year's strong rebound in many commodity prices might be viewed as a "V-shaped vaccine recovery", the bank contends it is just "the beginning of a much longer structural bull market for commodities".

Jan 06 - Hedge funds end 2020 with lopsided oil position: Kemp 
Hedge funds ended 2020 with the most bullish position in oil for 11 months, anticipating coronavirus vaccines would allow consumption to return to normal by the end of 2021. Along with other money managers, hedge funds had amassed a net long position of 741 million barrels in the six most important petroleum futures and options contracts by Dec. 29.

Jan 06 - Iran denies seized Korean ship and crew are being held as hostages 
Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions. The seizure of the MT Hankuk Chemi and its 20-member crew near the strategic Strait of Hormuz has been seen as an attempt by Tehran to assert its demands, just two weeks before President-elect Joe Biden takes office in the United States.

Jan 05 - OPEC+ deadlocked over raising oil output, to resume talks Tuesday 
OPEC+ will resume talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand. The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia. The talks are scheduled to resume at 1430 GMT on Tuesday.

Jan 05 - Last-minute White House decision opens more Arctic land to oil leasing 
U.S. President Donald Trump's administration announced on Monday that it has made final its plan to open up vast areas of once-protected Arctic Alaska territory to oil development. The U.S. Bureau of Land Management released its plan for the National Petroleum Reserve in Alaska (NPR-A), a 23 million-acre swath of land on the western North Slope. The record, signed by Interior Secretary David Bernhardt on Dec. 21, allows lease sales to proceed under relaxed standards.

Jan 05 - 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 December 29, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group cut its combined futures and options position in New York and London by 1,156 contracts to 324,632 during the period. 

Jan 05 - Malaysia end-Dec palm oil stocks seen hitting over 13-year low as output falls 
Malaysia's palm oil inventories likely tumbled in December to their lowest in more than 13 years, as production of the edible oil fell for a third consecutive month while exports jumped, a Reuters survey showed. Stockpiles in the world's second-largest producer were forecast to have declined 22% from the month before to 1.22 million tonnes, the smallest since June 2007, according to a median estimate of eight planters, traders and analysts polled by Reuters.

Jan 04 - OPEC sees oil outlook for first half of 2021 full of downside risks 
OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February. "Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle," said OPEC Secretary General Mohammad Barkindo.

Jan 04 - Venezuela's oil exports sink to 1940's level under tighter U.S. sanctions
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro. The administration of U.S. President Donald Trump also put curbs on PDVSA's main trading partners, the owners of tankers still transporting Venezuelan oil and on fuel supply to the gasoline-thirsty nation.

Jan 04 - Russian annual oil output falls for the first time since 2008 on OPEC+ deal, pandemic 
Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday. Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last year, according to energy ministry data cited by the Interfax news agency.

Jan 04 - U.S. crude output drops in October as demand falls further 
U.S. crude oil production was down more than 2 million barrels per day (bpd) in October from earlier this year, as weak prices and tepid demand due to the coronavirus pandemic weighed on output, a government report showed on Thursday. The report suggested that crude demand in the world's largest economy remained below the highs of earlier this year, and production was largely flat since cuts began in the spring. 

Jan 04 - Exxon signals up to $20 bln writedown to overwhelm 4th-qtr gains in oil, chemicals 
Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset writedown. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and a refocusing on cleaner fuels.

Jan 04 - Oil outlook for 2021 hit by new COVID-19 strain - poll
Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday. The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67 per barrel next year.

Jan 04 - China's natural gas output to surpass oil around 2025 - CNPC expert 
China's natural gas output is expected to surpass crude oil production around 2025, China National Petroleum Corp (CNPC) oil and gas exploration expert Zou Caineng said on Friday. Domestic natural gas output from CNPC, China's largest producer, topped 130 billion cubic metres (bcm) in 2020, up 11.6 bcm from the previous year, the company said in a statement on its website.

Jan 02 - Natural gas prices notch an end-of-year bounce, closing 4.8% higher at $2.539/mmBtu as weather forecasts begin to turn colder, a signal to investors that January may not be a demand-destroying mild month after all. "The afternoon European model trended a little further colder for this weekend and next week by seeing a little stronger cold shots into the US," says NatGasWeather.com, which says that if another weather forecasting model, GFS, also trends cooler in its projections this weekend, Monday could see a further uptick in prices. For the year, gas ends 16% higher, the biggest jump since 2016, though the average 2020 price was among the lowest in decades.

Jan 02 - US benchmark oil prices erase earlier declines in the session's final minutes to close 0.2% higher at $48.52 a barrel and notch its eighth weekly increase in the past nine weeks. Trading was thin due to Friday's New Year's holiday as investors weighed a mix of issues including ongoing uncertainty about a US stimulus package and the distribution of coronavirus vaccines, as well signs of rising demand despite continued virus lockdowns in parts of the US and Europe. For the whole year, WTI ends 21% lower, the biggest one-year percentage decline since year-end 2018. Despite 2020's full-year-drop, the benchmark has risen the past three quarters.

Jan 02 - Frac-sand supplier Covia Holdings says it has emerged from bankruptcy and cut about $750M in long-term debt from its balance sheet. San Francisco-based private equity firm Golden Gate Capital says it is Covia's largest individual shareholder now that the reorganized company has exited from chapter 11. Independence, Ohio-based Covia, which supplies sand used in oil and gas fracking, filed for bankruptcy in June with about $1.6 billion in long-term debt. Covia was one of several companies in the energy sector pushed into bankruptcy during the coronavirus pandemic and plunging oil prices over the spring.

Jan 02 - WTI oil prices fall 0.5% at $48.15 and remain on course for a second straight weekly decline as the rollout of a coronavirus vaccine continues to hit speed bumps after the first shot was given to an American Dec. 14. The Los Angeles Times reports that despite clear evidence it is safe and effective, roughly 20% to 40% of L.A. County's front-line healthcare workers who were offered the vaccine declined the shot, while some 50% in Riverside said thanks, but no thanks. Anticipation of the vaccine's rollout fueled oil's rise to a 10-month-high earlier this month on expectations it could spark a strong rebound in oil and fuel consumption.

Jan 02 - Natural gas prices are gyrating in a holiday-thinned market, but are holding on to earlier gains after a weekly EIA report that was bullish compared to the average but a bit bearish compared to forecasts. EIA says storage withdrawals totaled 114B cubic feet last week versus forecasts in a WSJ survey for a 129-bcf decline and the five-year-average decline of 102 bcf. Total storage now stands at 3.46 trillion cubic feet, 6% above the five-year average. The front-month contract for February delivery trades 2.4% higher at $2.478/mmBtu.

Jan 02 - Soaring global demand for LNG quickly leveled off this year, but Tudor Pickering says the industry could reignite in 2021. "Overall it was a dismal year as market oversupply was exacerbated by COVID-19 demand destruction, and as the dust settles on 2020, demand growth looks to be just 1% vs. the trailing 3-year average of 11%," the firm says. "However, we're expecting somewhat of a catch up in 2021 with a forecast growth rate of 8%. We see strong demand from Asian consumers continuing well into Q1 and as winter fades we expect Europe will step in." New demand from Brazil, Pakistan and Thailand could also help with rebalancing, the analysts say.

Dec 31 - Souki says Tellurian isn't betting on European utilities to lift Driftwood LNG in 2021
Tellurian is looking beyond the European utilities that helped finance the first wave of US liquefaction terminals to build commercial support for its Driftwood LNG project in Louisiana, Executive Chairman Charif Souki said Dec. 30.

Dec 31 - Crude ends year at two-week high as market looks to OPEC+ meeting
Crude oil futures rode a late session upswing to end 2020 higher, as the market looked to a Jan. 4 OPEC+ meeting for next direction.

Dec 31 - US renewable distillates poised for breakout 2021 amid startups
After a year of announcements and investment, renewable distillates are poised to have a breakthrough year in 2021 as new renewable diesel (RD) and sustainable aviation fuel (SAF) plants come online.

Dec 31 - Primorsk January ULSD exports to rise 8.7% on month - sources
Exports of ultra low sulfur diesel from the Russian port Primorsk in the Baltic will total 1.557 million mt in January, up 8.7% from December but down 3.5% from January 2020, sources said Dec. 31.

Dec 31 - ARA diesel, gasoil stocks broadly stable on week - Insights Global
Diesel and gasoil inventories in the Amsterdam-Rotterdam-Antwerp trading hub remained broadly stable on the week at 2.587 million mt in the week to Dec. 30, versus 2.589 million mt the previous week, Insights Global data released Dec. 31 showed.

Dec 31 - Petroperu offers 280,000 barrels of fuel oil
Petroperu last sold 200,000 barrels of fuel oil to Freepoint in early January at a $12.13/b premium to Platts US Gulf Coast high sulfur fuel oil.

Dec 31 - Taiwan's Formosa sells 10,000 mt pyrolysis fuel oil for early Jan
The fuel oil is produced at its ethylene plants and typically blended into low sulfur fuel oil for power plants, market sources said. Formosa sells one to two cargoes of PFO a month.

Dec 31 - ARA fuel oil stocks up 1.5% on week to 1.384 mil mt - Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp region edged 1.5% higher week on week to 1.384 million mt in the week to Dec. 30, data from Insights Global showed.

Dec 31 - Transneft plans Russian oil deliveries of 8.25 mil b/d in January

Dec. Russian oil deliveries down 12% on year to 8.2 mil b/d. Dec. Russian oil exports down19% on year to 3.13 mil b/d.

Dec 31 - Crude slips following bullish spurt as 2020 draws to an end
Overnight rally runs out of steam. Brent set to end 2020 almost 22% below the start of the year.

Dec 31 - China leads LPG demand march in 2021, global supply seen balanced
S Korea's domestic sales set to sustain uptrend to meet petrochemical demand. China's 2021 LPG deficit net of exports seen 20.5 mil-21 mil mt. India's 2021 LPG demand seen at 28.3 mil mt, imports 17 mil mt: Platts Analytics.

Dec 31 - The US dollar continues to fall, weakening broadly against major currencies, including 0.4% against the euro, 0.3% against the yen. The ICE US Dollar Index declines 0.4%, its fourth loss in five sessions. US stocks inched higher today with the Dow settling at a fresh high.

Dec 31 - The number of oil-directed rigs in the US climbs for the sixth consecutive week and the 14th of the past 15 weeks as higher oil prices spur an increase in drilling activity. The weekly report, from oilfield services company Baker Hughes, shows the oil-rig count rose by three in the latest week, to 267, which is the highest total since early May, but well below a year-ago rig-count of 677, and just a shell of the all-time-high 1,609 active oil rigs in October 2014. Oil prices show little reaction to the report, trading almost flat at $48.01 a barrel. The natural-gas rig count was unchanged at 83, Baker Hughes says.

Dec 31 - Natural gas prices end the session 0.9% lower
at $2.422/mmBtu after starting the session in positive territory, as investors again begin to worry about warm weather that could crimp demand. Cold weather is out there, but a strong snowstorm set for Friday in southwest Texas--an area viewed as having more coyotes and cactus than people--won't do much for gas-fired heating demand, and high consumption areas such as New York City are due for warmer-than-normal conditions over the coming days. Gas prices are down 16% this month, but up 11% for the year.

Dec 31 - US benchmark oil prices end the session 0.8% higher at $48.40 a barrel after a bullish report on US crude-oil inventories, and as a weaker dollar makes the commodity more attractive abroad. EIA reported a large, 6.1M-barrel decline in US oil stockpiles and weekly increase in domestic gasoline demand to 8.1M barrels a day. Also bullish was US oil production that stayed at 11M bpd for a third week. "OPEC+ will not be in a rush to raise output as US crude production was unchanged," says Edward Moya at Oanda, adding next year could see a battle for global crude-oil production market share as economies recover more from coronavirus.

Dec 31 - Oil prices shed earlier gains, falling 0.2% to $47.91 amid reports of hiccups in coronavirus-vaccine distribution. President-elect Biden blasts President Trump for the slow pace of distribution, while Trump blames the states, saying the federal government has already distributed the vaccine to them. Down the line, state governors also deflect blame, with Greg Abbott of Texas saying a "significant portion" of vaccines sent across the Lone Star state "might be sitting on hospital shelves" rather than being administered. Also important, however, is that some Americans simply aren't in any rush to get vaccinated. The CDC reports 2.1M people have initiated vaccination in the US and 11.4M doses have been distributed.

Dec 30 - Rally extends amid larger-than-expected US crude draw, export surge
Oil futures settled higher Dec. 30 on the heels of a larger-than-expected US inventory draw.

Dec 30 - Bangladesh to cut HSFO imports further in Jan 2021 on lower demand from utilities
Bangladesh plans to cut imports of high sulfur fuel oil in January 2021 from December 2020 due to lower consumption at HSFO-fired power plants following cooler temperatures, industry sources said in the week started Dec. 27.

Dec 30 - Singapore's Jan LSFO arbitrage inflow from West seen lower than Dec by traders
Singapore is expected to receive about 2 million mt of low sulfur fuel oil from the West in January, down from the 2.5 million-3 million mt estimated for December, fuel oil traders said Dec. 30.

Dec 30 - Global LNG to continue growth trajectory in 2021 but at slower pace
The LNG market enters 2021 with reports of a South Korean company planning to use LNG-cooled warehouses for bulk storage of COVID-19 vaccines as conventional cold distribution chains could be stretched.

Dec 30 - Fujairah oil product stocks steady as year-end trading slows
Oil product inventories at the UAE port of Fujairah remained relatively stable in the week to Dec. 28, drawing just 53,000 barrels, or 0.2%, from the previous week, the latest data from the Fujairah Oil Industry Zone showed.

Dec 30 - Lower runs at China's refineries, higher in Japan
China's crude throughput fell slightly in December due to some maintenance works toward the year-end, the latest industry data and information collected by S&P Global Platts showed.

Dec 30 - Strength in Latin heavy sour crudes may prove short-lived
Following a historically strong second half of 2020, heavy sour crudes from Latin America may face headwinds as refined product demand normalizes following the coronavirus pandemic.

Dec 30 - The American Petroleum Institute reports inventories of crude oil in the US fell by a hefty 4.8M barrels in the latest week, a source citing the report says, while gasoline supplies decreased by 718k barrels. The results, bullish for crude, were released ahead of official inventories data from the Department of Energy set to be published tomorrow morning. Average forecasts in a WSJ survey indicate the DOE report will show crude supplies fell 2.5M barrels the previous week and that gasoline supplies rose by 600k barrels. In late trading, US benchmark oil prices that were higher before the data, extended those gains afterward to trade up 1.2% at $48.20 a barrel.

Dec 30 - US benchmark oil prices pare earlier gains to close a moderate 0.8% higher at $48.00 a barrel as uncertainty over US stimulus checks offsets expectations for a bullish report on US oil inventories. Prices climbed more than 1% earlier in the session as analysts surveyed by WSJ said they expect weekly EIA data Wednesday to show a hefty, 2.5M-bbl drop in US crude-oil stockpiles as demand begins to rebound. But those gains were reduced when US Senate Republican leaders said they plan to review and address several key issues this week, including proposed $2,000 coronavirus stimulus payouts to individuals, and President Trump's so-far-unsubstantiated allegations of widespread election fraud.

Dec 30 - Natural gas prices recover nearly all of yesterday's 8.5% slide,
ending today's session 7% higher at $2.467/mmBtu as the front-month contract for January delivery expires. Holders of the January contract saw their investment's value tumble Monday after the latest weather forecasts pointed to even warmer weather next month than previously thought, which could weaken gas-fired heating demand. But the low US prices relative to Europe's natural gas prices can also stimulate US LNG exports to Asia in 2021, fueling a surge in feedgas demand to LNG facilities on the coast of the Gulf of Mexico.

Dec 30 - Crude prices climb amid stimulus hopes, weaker US dollar
Crude futures settled higher Dec. 29 as the market eyed the potential for an expanded US stimulus package and a weaker dollar.

Dec 30 - Mixed picture of run rates in Asia-Pacific
Throughput at refineries in the Asia-Pacific region continues to vary as demand in some countries picks up but lags elsewhere.

Dec 30 - Korea Nov oil product exports fall to lowest in more than 6 years
South Korea's refined oil product exports in November fell to the lowest monthly volume in over six years as jet fuel shipments continued to tumble due to tepid regional air passenger traffic in the wake of the prolonged coronavirus pandemic, data released by Korea National Oil Corp showed on Dec. 28.

Dec 29 - EMEA middle distillates: Key market indicators this week
European distillates markets continue to be driven by supply-side fundamentals, as cracks rise to five-month highs.

Dec 29 - Singapore Feb-Mar jet fuel/kerosene spread at 11-month high on winter demand, aviation recovery
The Singapore jet fuel/kerosene February-March swap spread soared to an eleven-month high on Dec. 28 as domestic demand for heating fuel in North Asia continued to rise amid a colder-than-average winter, coupled with pockets of demand in the aviation sector.

Dec 29 - Japan Nov kerosene imports, domestic sales surge as winter temperature plunges
Japan's oil product imports in November rose 17.1% from a year earlier and up 20.4% from the previous month to 684,052 b/d, as domestic demand for heating fuel continued to rise amid colder-than-average winter temperature this year, latest data from the Ministry of Economy, Trade and Industry showed.

Dec 28 - China Nov fuel oil exports rise 4.7% on month to 1.28 mil mt
China's fuel oil exports climbed 4.7% month on month to 1.28 million mt in November, and were up 17.9% year on year, latest data from the General Administration of Customs showed.

Dec 28 - Brazil Refinery output jumps 7.1% on year in November
Brazil's refineries posted a sixth straight month of year-on-year production growth in November as Latin America's largest economy continued to rebound from the world's second-deadliest coronavirus outbreak, according to data the National Petroleum Agency released Dec. 28.

Dec 28 - Middle East renewables set to rebound after oil-linked delays
The Middle East will be back on track for renewables growth in 2021, with hydrogen taking a growing role after a year of delays and cancellations as major oil-exporting nations focused on repairing state budgets due to low oil prices.

Dec 28 - Crude retreats as pandemic concerns overshadow US stimulus bill
Crude futures settled lower Dec. 28 as pandemic-fueled demand concerns overshadowed the positive news of the passing of a US stimulus package.

Dec 28 - Confidence slowly lifts in battered North Sea oil, gas industry
The North Sea oil and gas industry enters 2021 picking up the pieces after a vertiginous price collapse, but with an optimism that it has more to give as new companies, projects and exploration help navigate the energy transition.

Dec 28 - LNG Croatia set to receive its first commercial cargo for Jan. 1 start
- cFlow
LNG Croatia is set to receive its first commercial cargo for Jan. 1, the planned start date of the facility, data from S&P Global Platts trade-flow software cFlow showed Dec. 28.

Dec 24 - China's winter chills clean energy transition as factories fire up
China's harsh winter and stunning manufacturing recovery this year have pushed up electricity demand across the country's industrial belt, complicating Beijing's drive to cut businesses' power usage and their reliance on polluting coal-fired energy. The surge in demand also comes as the cold hampers the ability of renewable energy to fill the gap left by a severe coal shortage, raising doubts about the reliability of cleaner sources to power the world's second-largest economy during critical periods.

Dec 24 - U.S. preparing new sanctions to impede Russia's Nord Stream 2 pipeline
The United States is urging European allies and private companies to halt work that could help build the Nord Stream 2 natural gas pipeline and is preparing wider sanctions on the Russian project in coming weeks, senior Trump administration officials said on Wednesday. The outgoing Trump administration is readying a fresh round of congressionally mandated sanctions "in the very near future" that it believes could deal a fatal blow to the Russia-to-Germany project led by state gas company Gazprom, three officials said.

Dec 24 - China's November gasoline exports off peak, LNG imports at record high
China's gasoline exports in November retreated from record highs, while liquefied natural gas (LNG) imports hit a fresh peak on rising demand at the start of the heating season, data showed on Wednesday. November gasoline exports fell 31.6% from a year earlier to 1.26 million tonnes, off October's record 1.91 million tonnes, according to China's General Administration of Customs.

Dec 24 - U.S. crude, fuel stocks dip, refining runs slow - EIA
U.S. crude stocks, gasoline and distillate inventories fell last week, as refineries reduced runs ahead of the year-end, the Energy Information Administration said on Wednesday. Road fuel demand improved marginally in the most recent week, and analysts said steadier fuel consumption in 2021 will depend on whether COVID-19 vaccines become readily available and support an economic rebound.

Dec 24 - U.S. drillers add oil and gas rigs for fifth week in a row - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row as higher energy prices prompt producers to keep returning to the wellpad in recent months. The oil and gas rig count, an early indicator of future output, rose 2 to 348 in the week to Dec. 23, energy services firm Baker Hughes Co said in its closely followed report on Wednesday.

Dec 23 - India's November crude oil imports post lowest y/y fall in eight months
India's crude oil imports fell at the slowest annual rate since the coronavirus pandemic forced lockdowns in the country in March as fuel demand slowly increased. Crude oil imports into the world's third-biggest oil importer and consumer rose to 18.28 million tonnes last month, jumping about 20% from October, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Tuesday.

Dec 23 - China's 2020 crude oil production to reach 3.87 mln bpd - energy chief
China's crude oil production in 2020 is set to reach 194 million tonnes, equivalent to 3.87 million barrels per day, the director of the country's National Energy Administration (NEA) was reported as saying by the official Xinhua news agency on Tuesday. That would represent a second straight year-on-year rise, a 1.6% increase on the 191.01 million tonnes China produced in 2019 and the highest annual output total since 2016, according to data from the National Bureau of Statistics.

Dec 23 - Indian refiners' November crude processing hits eight-month high
Crude oil processed by Indian refiners rose to an eight-month high in November as demand for fuel increased on the back of the country's gradual economic recovery from the negative impacts of the COVID-19 pandemic. Crude oil throughput in November jumped 16% from the previous month to 5.08 million barrels per day (20.78 million tonnes) but was still about 5.1% down year on year, provisional government data showed on Tuesday.

Dec 23 - Gas price rally buoys North American LNG developers looking to 2021
North American LNG exporters are sounding more confident about the prospects for new projects in 2021 due to a sharp rally in prices driven by surging Asian demand, even as most industry analysts expect next year to be another difficult one. Natural gas futures in Europe and Asia have climbed to their highest levels in more than a year due to a sharp increase in demand late in 2020, especially out of China, where buyers have scrambled to secure supply. Asian nations have driven record growth in liquefied natural gas (LNG) as they seek to replace dirtier coal plants and fuel growing energy consumption.

Dec 23 - U.S. shale oil just had its worst year and the pain could bleed into 2021
U.S. oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good. Deep spending cuts that came with the collapse in fuel demand and oil prices due to the COVID-19 pandemic have ended an era that put the U.S. atop the ranks of the world's biggest producers. The shale industry will ring in the New Year pumping 7.44 million barrels per day (bpd), down nearly 20% from the beginning of 2020.

Dec 22 - Oil's rally, fueled by vaccine progress, is running out of steam
The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is in sight. Reality struck back on Monday, however, with a selloff driven by the surge in cases in the United Kingdom. Infection rates are at their worst levels in numerous countries and vaccine distribution is proving to be slow, which means the cycles of lockdowns and travel restrictions will continue - keeping fuel demand tepid for many months.

Dec 22 - China's 1st round of crude oil import quotas 18% higher on year - sources
China has issued the first batch of crude oil import quotas for non-state companies at 122.59 million tonnes in 2021, two sources with knowledge of the matter said on Monday, up 18% from the first round for 2020. The increase follows the launch of new refining facilities such as the Zhejiang Petrochemical Corp (ZPC) plant in the eastern port city of Zhoushan. The ZPC plant last month started operations at a 200,000 barrel per day (bpd) crude processing unit.

Dec 22 - Russia to U.S. President-elect: don't upset the oil market
Russia hopes the incoming administration of U.S. President-elect Joe Biden will not derail producer nations' action to boost oil markets, Russia's Deputy Prime Minister Alexander Novak said on Monday. Russia, other leading oil producers and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, have joined forces to reduce output and bolster the global oil market as the COVID-19 pandemic has weakened fuel demand.

Dec 22 - China has 90 days of gas to weather winter chill -state planner
China has around 90 days' worth of natural gas consumption remaining in underground storage, an official from the country's state planner told official media on Monday, in its latest bid to ease fears of energy supply shortages this winter. State-run infrastructure group PipeChina, as well as oil majors PetroChina and Sinopec have around 4 billion cubic meters more gas storage available than at this time last year, an official from the National Development and Reform Commission (NDRC) told the Xinhua news agency.

Dec 22 - Trump administration cuts size of Arctic land offered for oil auction
In a last-minute change, the Trump administration cut about 30 percent of the Arctic National Wildlife Refuge territory that it plans to auction off for oil exploration. The decision was announced late Friday by the Bureau of Land Management (BLM), the agency managing the oil lease sale. The ANWR lease sale is scheduled for Jan. 6, but under the BLM’s plan, companies may submit bids starting on Monday.

Dec 22 - Climate could pay the price as Europe's nuclear plants age
Nuclear power capacity able to supply roughly 60 million homes is scheduled to close this decade as utilities struggle to replace northwest Europe's ageing reactors, raising the risk of higher carbon emissions as fossil fuels plug the gap. Nuclear power provides around a quarter of the European Union's electricity generation, with 15 of the 27 nations hosting 107 reactors that provide total capacity of around 100 gigawatts (GW).

Dec 21 - Shell writes down up to $4.5 bln in oil and gas assets
Royal Dutch Shell on Monday it will write down $3.5 to $4.5 billion in the value of oil and gas assets in 2021, the latest in a string of impairments this year as it adjusts to a weaker outlook. In an update ahead of its fourth-quarter results, the Anglo-Dutch company said it expects oil and gas production in its upstream division to be around 2.275 and 2.350 million barrels of oil equivalent per day, impacted by the closure of platforms in the Gulf of Mexico due to hurricanes as well as mild weather in Northern Europe.

Dec 21 - Global oil demand still 6-7 mln bpd below pre-crisis levels, says Russian deputy PM Novak
Russian Deputy Prime Minister Alexander Novak said on Saturday that global oil demand was still between 6 and 7 million barrels per day (bpd) below pre-crisis levels. Global oil demand was normally around 100 million bpd before the pandemic struck.

Dec 21 - PetroChina strikes big gas find in China Xinjiang's Junggar basin - state media
PetroChina,Asia's largest producer of oil and gas, has struck a large natural gas discovery in northwest China's Xinjiang region with an initial estimated reserve exceeding 100 billion cubic meters, China's state news agency Xinhua reported over the weekend. This marks another breakthrough in the state oil firm's natural gas development in the region, following a similar-sized discovery at Tarim basin in September last year.

Dec 21 - Australia forecasts drop in coal output under pressure from Chinese curbs
Australia's coal producers may have to start cutting output if China maintains limits on imports from them, the Australian government said on Monday, forecasting a sharp fall in coal export revenue this year. China is the second-biggest buyer of Australia's thermal coal burned in power plants and metallurgical coal used to make steel.

Dec 21 - Shell reaps $2.5 bln from sale of minority stake in Queensland Curtis LNG facilities
Shell said on Monday it has agreed to sell a 26.25% stake in its Queensland Curtis LNG (QCLNG) facilities to Global Infrastructure Partners Australia for $2.5 billion, helping the oil major meet its annual target for divestments. Shell, advised by Rothschild & Co, put a minority stake in the asset up for sale earlier this year, after infrastructure investors expressed interest in the asset which has a guaranteed earnings stream for 15 years.

Dec 21 - U.S. drillers add oil and gas rigs for 4th week in a row - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Dec 21 - 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 December 15, 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 2,046 contracts to 321,332 during the period.

Dec 21 - Biden unveils diverse team tasked with ambitious climate agenda
President-elect Joe Biden introduced his climate and energy team on Saturday, a history-making group that will seek to advance an ambitious climate agenda that reverses many Trump administration policies. Michael Regan would become the first Black man to run the Environmental Protection Agency (EPA) if confirmed by the Senate, and U.S. Representative Deb Haaland, as interior secretary, would be the first Native American Cabinet member.

Dec 18 - Investors turn bullish on pandemic-hit North America oil stocks
Shares of North America's hard-hit oil and gas producers are climbing sharply as investors bet COVID-19 vaccine rollouts will ease the pandemic's travel restrictions and revive fuel demand. The gains, which have pushed the Canadian Energy Sector Index up over 40% since Nov. 9, come as oil prices rise well above spring lows and big producers plan to raise spending and output in 2021.

Dec 18 - Global coal demand to rise 2.6% in 2021 after record decline this year - IEA
Global demand for coal is set to jump 2.6% next year after a record pandemic-led drop this year, as recovering economic activity will lift use for electricity and industrial output, the International Energy Agency (IEA) said on Friday. Demand for thermal and metallurgical coal should rise to 7,432 million tonnes in 2021, from 7,243 million tonnes this year, the Paris-based agency said in its Coal 2020 report.

Dec 18 - Biden names cabinet officials tasked to fight climate change
U.S. president-elect Joe Biden named the team he wants to spearhead his response to climate change on Thursday, picking former Environmental Protection Agency (EPA) chief Gina McCarthy to lead a new office focused on global warming. Biden also said he would nominate Representative Deb Haaland of New Mexico to run the interior department, former Michigan Governor Jennifer Granholm to run the energy department and North Carolina environment official Michael Regan to run the EPA, among others, his transition team said in a statement.

Dec 18 - U.S. refiners stick with de-stocking strategy: John Kemp
U.S. refiners have successfully adjusted crude processing and eliminated most of the excess stock of petroleum products that built up during the first wave of coronavirus and lockdowns in the second quarter. But inventory reduction has slowed in recent weeks and complete normalisation will have to wait for a relaxation of quarantine rules and an acceleration in fuel consumption next year.

Dec 18 - 'There is hardly any gas': LNG price rally exacerbates gas crunch in Asia
Surging spot prices for liquefied natural gas (LNG) are exacerbating a gas supply crunch in key fast-growing emerging markets in Asia just as a cold spell in other parts of the region boosts demand for the fuel. Companies from Pakistan to China have cancelled a flurry of LNG tenders this week, several trade sources said, as lofty prices risk pushing up the input costs of industries, which could make energy more expensive for consumers.

Dec 18 - Australia's Viva Energy to keep oil refinery open with government aid
Australia's Viva Energy said on Friday it plans to run its refinery beyond mid-2021, banking on government support for an industry battered by the COVID-19 pandemic and competition from much bigger Asian plants. Viva is the only one of Australia's three remaining refiners to commit to staying open after Energy Minister Angus Taylor on Monday promised to accelerate payments to support the country's refineries by six months as part of a A$2.3 billion ($1.75 billion) package to shore up the industry.

Dec 18 - EU countries agree 2030 climate goals before battle with lawmakers
European Union environment ministers agreed on Thursday to enshrine in law a higher climate change target for 2030, setting themselves up for a battle early next year with lawmakers who want to go even further. Following a deal between the leaders of the 27 EU member states at an all-night summit last week, environment ministers set a target of cutting net greenhouse gas emissions by at least 55% from 1990 levels by 2030, substantially toughening an existing 40% target.

Dec 17 - Global gasoil refining profits perk up, but rising supply threat looms
Asian refining profits for gasoil have hit 4-1/2-month highs on recovering demand led by China and India, though analysts warn that rising shipments from those and other exporters may curb further gains. Refining margins, also known as cracks, for the benchmark 10 ppm gasoil grade in Singapore have surged 42% in the last month, but remain 54% weaker than their historical average for this time of year, Refinitiv data showed.

Dec 17 - U.S. crude stockpiles fall, fuel inventories up -EIA
U.S. crude stocks fell more than expected in the most recent week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.1 million barrels in the week to Dec. 11 to 500 million barrels, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. 

Dec 17 - Urbanisation and future energy pathways: John Kemp
For the first time in history, most of the world’s population is living in urban areas, even in less-developed regions, and that will soon be true even if rapidly urbanising China is excluded. Like the shift in the centre of the global economy from the North Atlantic to Asia, the transition from fossil to non-fossil energy, and population aging, urbanisation is one of the economic mega-trends.

Dec 17 - LNG tanker rates soar as Asian gas demand spikes
Tanker rates to carry liquefied natural gas (LNG) surged 15%-35% over the past week to more than $150,000 a day, as Asia's recovering economies and strong demand during the peak winter season led to a clamour for scarce ships. Colder weather in some parts of north Asia, coupled with a supply crunch globally, has caused spot Asian LNG prices to spike to multi-year highs.

Dec 17 - Japan PM Suga's carbon-neutral pledge to boost domestic green bond market, says govt panel member
Japan's burgeoning green bond market will keep growing next year as Prime Minister Yoshihide Suga's pledge to make the country carbon-neutral by 2050 boosts investor and issuer appetite, said Mana Nakazora, a member of a key government policy panel and chief credit analyst at BNP Paribas Japan. Japan saw its market for green bonds - used to finance clean energy and environment projects - expand to 824 billion yen ($7.95 billion) last year, 24 times its size five years ago, environment ministry data showed. Globally the market has boomed with about $250 billion sold last year - 3.5% of the world's total bond issuance.

Dec 16 - China's LNG imports could hit record high in Dec as demand bounces back
China's liquefied natural gas (LNG) imports could hit a record in December on strong industrial demand and a continued gasification push, trade sources said. The world's second largest LNG importer after Japan is on track to import its highest monthly volumes since December 2019, Refinitiv shiptracking data showed.

Dec 16 - World faces long-term oil supply gap despite COVID demand destruction 
Inadequate investment in exploration and new drilling may leave the world without enough oil in 20 to 30 years despite a shift towards renewable power sources, top energy analysts say. The long-term outlook contrasts with today's situation where plunging oil demand due to the coronavirus crisis has left the market oversupplied, prompting the Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, to curb output.

Dec 16 - Australia PM warns of 'lose-lose' in any China coal shift
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a "lose-lose" for the environment and their trading relationship. Chinese media on Monday reported that China's top economic planner had granted approval to power plants to import coal without clearance restrictions, except for Australia.

Dec 16 - Petrobras : Brazil pursues criminal probe of top Trafigura executives - sources
Brazilian investigators are pursuing the first criminal probe of current executives at commodities trading firm Trafigura on allegations they approved the bribery of employees at state-controlled oil producer Petrobras, according to three people familiar with the matter. The investigation has focused on two of the three top Trafigura directors, Co-head of Oil Trading Jose Larocca and Chief Operating Officer Mike Wainwright. The criminal probe is advancing alongside a civil lawsuit against the same executives and others disclosed this month, the people said.
 
Dec 16 - Biden taps former EPA chief for White House climate coordinator role
President-elect Joe Biden will name Gina McCarthy, former administrator of the Environmental Protection Agency under the Obama administration to a new role leading domestic climate policy coordination at the White House, two sources familiar with the process said on Tuesday. McCarthy will lead inter-agency efforts to coordinate domestic climate change policy and serve as a counterpart to John Kerry, who Biden appointed as his special envoy on climate change.

Dec 16 - Vaccine impact on moribund oil demand is several months away - IEA
The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned on Tuesday. "The understandable euphoria around the start of vaccination programmes partly explains higher prices but it will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand," the IEA said in its monthly report.

Dec 15 - Explosives-laden boat hits fuel ship at Saudi port, ministry says
Saudi Arabia said on Monday that a fuel transport ship anchored at a Jeddah terminal was hit by an explosive-laden boat in what it called a terrorist attack, after shipping firm Hafnia said one of its tankers was struck by an "external source". A Saudi energy ministry spokesman, in a statement carried on state media, did not mention the name of the vessel or identify who was behind the attack.

Dec 15 - OPEC cuts 2021 oil demand outlook again as pandemic impact lingers
Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market. Demand will rise by 5.90 million barrels per day (bpd) next year to 95.89 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 350,000 bpd less than expected a month ago.

Dec 15 - China Nov crude throughput hits daily record as private refiner starts new unit
China's crude oil throughput in November rose 3.2% on year,setting a record high on a daily basis, as a huge private refiner started trials of a new refining unit and state-owned refineries raised processing rates to meet annual targets. The country processed 58.35 million tonnes of crude oil last month, equivalent to 14.2 million barrels per day (bpd), according to data from the National Bureau of Statistics (NBS) on Tuesday.

Dec 15 - Australia says it will pursue all avenues on reports of China coal restrictions
Australian Prime Minister Scott Morrison said any shift by China away from imports of high quality Australian coal would be a "lose-lose" for the environment and trading relationship. Chinese media outlets including The Global Times and Caixin on Monday reported China's top economic planner had granted approval to power plants to import coal without clearance restrictions, except for Australia.

Dec 15 - Jet fuel prices take flight as vaccine roll-outs spur hopes of more air travel
Global jet fuel markets are coming back to life, resuscitated by a rebound in air cargo demand, gradually recovering passenger traffic and hopes that COVID-19 vaccines will spur more international flights in 2021. The pandemic brought air travel to a virtual halt this year, and analysts say it may take years before global appetite for jet fuel returns to pre-pandemic levels.

Dec 15 - India's Nov oil imports rise from US, Africa but fall from Middle East, LatAm
India's oil imports from Africa and the United States rose sharply in November, while those from the from the Middle East and Latin America fell, data obtained from industry sources shows. Last month India, the world's third largest oil importer and consumer, imported 3.9 million barrels per day (bpd), 3.3% less than in October, the data showed.

Dec 15 - U.S. shale oil output to drop 136,000 bpd to 7.44 mln bpd in Jan - EIA 
U.S. oil output from shale formations is expected to decline by about 136,000 barrels per day (bpd) in January to 7.44 million bpd, the lowest since June, the U.S. Energy Information Administration (EIA) said in a monthly forecast on Monday. Output at nearly all seven major formations is expected to fall, except from the Haynesville region, where output is forecast to remain largely flat.

Dec 15 - Caribbean refinery sells first product after yearlong delay
Caribbean refinery Limetree Bay Ventures sold the first oil product to a buyer in the Gulf Coast on Monday, according to a shipbroking source and Refintiv Eikon data, nearly a year after the long-shuttered facility was expected to restart. Oil major BP Plc took delivery of approximately 216,000 barrels of naphtha, a product used as a solvent as well as a raw material for conversion to gasoline, in Beaumont, Texas, on Monday, according to the data and source.

Dec 15 - Hedge fund oil buying slows as prices near critical level: Kemp
Hedge fund managers purchased petroleum futures and options last week for the fifth week in a row, betting the rollout of coronavirus vaccines will boost international aviation and business activity from early next year. But the rate of buying is slowing, perhaps because of the advent of the holiday season, but also because risks are shifting, with prices having already risen rapidly and so are increasingly vulnerable to a short-term correction.

Dec 15 - Exxon Mobil, under pressure on climate, aims to cut emissions intensity by 2025
Oil major Exxon Mobil Corp, under increasing pressure from investors and climate change campaigners, said on Monday it planned to reduce its greenhouse gas emissions over the next five years. Last Thursday, the Church Commissioners for England joined growing investor campaigns to demand changes at Exxon and backed calls for a board refresh and development of a strategy for the largest U.S. oil company's transition to cleaner fuels.

Dec 14 - OPEC+ countries to hold Jan. 4 talks - Algeria
Algerian Energy Minister Abdelmadjid Attar said on Sunday that OPEC+ countries will meet on Jan. 4 to study the market after their last decision to limit production rises to 500,000 barrels per day starting next year, Algeria's state news agency said. The minister's comments came after the conclusion of a virtual meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC).

Dec 14 - Ecuador weighs suit against Vitol in wake of graft revelations, sources say 
Ecuadorian state-run oil company Petroecuador is weighing a lawsuit against Vitol after the world's largest oil trader admitted last week to bribing officials in the South American country, according to two sources with direct knowledge of the matter. Petroecuador is working with the nation's attorney general to assess how much the Vitol-led graft scheme cost the company, and will likely bring a suit against the trading firm to recoup those damages, said the people, who requested anonymity to discuss private matters.

Dec 14 - Hedge funds and speculators raise U.S. crude oil net longs - CFTC
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the latest week, according to weekly U.S. government data issued on Friday as crude prices rose, bolstered by optimism that a vaccine for the coronavirus could improve demand. The speculator group raise its combined futures and options position in New York and London by 2,864 contracts to 319,285 during the period ended Dec. 8.

Dec 14 - U.S. drillers add most oil and gas rigs since January - Baker Hughes
U.S. energy firms this week added the most oil and natural gas rigs in a week since January as producers keep returning to the wellpad with crude prices trading around $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose 15 to 338 in the week to Dec. 11, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Dec 14 - Australia to bring forward subsidy payment in push to keep refineries open
Australia will bring forward by six months a payment to support the country's three remaining oil refineries to help tide over the financial hit from the coronavirus pandemic, Energy Minister Angus Taylor said on Monday. Australia's refineries are reeling from a slump in demand triggered by international travel curbs and local lockdowns due to COVID-19 this year, racking up losses which they say threaten the future of their plants.

Dec 14 - China's Xi targets steeper cut in carbon intensity by 2030
China's President Xi Jinping on Saturday targeted a steeper cut in rates of carbon emissions relative to economic activity by 2030 and set new goals for growth in renewable energy and forest stock, as the country looks to reach the peak of its emissions before the end of the decade. "Today, I wish to announce some further commitments for 2030," told Xi a one-day virtual U.N. summit on climate change via video before announcing the targets. 

Dec 14 - Mexico wrapping up 2021 oil hedging program - sources
Mexico is wrapping up purchases for the 2021 edition of an oil hedging program that insures its revenues from oil sales, sources familiar with the legendarily opaque trade said, following a particularly challenging year. Negotiations to purchase the bulk of the financial contracts that protect Mexico against oil price crashes have now been concluded or are nearing conclusion, two sources with direct knowledge of the matter and three market sources who follow volumes and flows of such contracts closely said.

Dec 14 - Brazil tariff-free ethanol imports to expire as U.S talks break down - source
Brazil's tariff-free ethanol import quota with the United States will end on Monday as talks between the two countries on opening up their ethanol and sugar markets have broken down, a Brazilian government source told Reuters on Friday. This means tariffs on U.S. ethanol imports will go back to 20%, the rate imposed by Mercosur on imports from outside the bloc, said the source who requested anonymity because he is not authorized to speak to the press.

Dec 11 - Pemex's trading arm suspends business with Vitol amid U.S. bribery probe
The commercial arm of Mexican state oil company Petroleos Mexicanos (Pemex) has temporarily suspended business with the world's largest independent oil trader Vitol, which is the subject of a U.S. bribery investigation, according to a letter seen by Reuters. As part of a wider probe, the U.S. Justice Department said last week that the U.S. subsidiary of Vitol paid bribes to Pemex employees in exchange for lucrative contracts. 

Dec 11 - India's top oil refiner back at full capacity for first time since COVID-19
Indian Oil Corp, the country's top refiner, operated of its 9 plants in November at 100% capacity for the first time since February, to meet rising local fuel demand, it said in a statement on Thursday. IOC previously operated its directly-owned plants at full capacity ahead of a nationwide lockdown enforced from late March to combat the COVID-19 pandemic. 

Dec 11 - Hedge fund Citadel's commodity investments up more than $1 bln this year - sources
Hedge fund Citadel's investments in commodities returned more than $1 billion this year, according to three people familiar with the matter, helping to drive strong overall performance for one of the world's largest funds. Citadel, led by Chicago billionaire Ken Griffin, benefited from gains across the commodities business in oil, power, natural gas and agriculture markets this year, the people said. 

Dec 11 - After heated debate, EU to prepare new sanctions over Turkish gas drilling
European Union leaders agreed on Thursday to prepare limited sanctions on Turkish individuals over an energy exploration dispute with Greece and Cyprus, postponing any harsher steps until March as countries sparred over how to handle Ankara. Shying away from a threat made in October to consider wider economic measures, EU leaders agreed a summit statement that paves the way to punish individuals accused of planning or taking part in what the bloc says is unauthorised drilling off Cyprus.

Dec 11 - China should shut coal plants by 2040-2045 to meet CO2 neutrality goal - research
China should phase out all conventional coal-fired power plants without carbon capture technology by 2040-2045 if it is to achieve its ambition to become "carbon neutral" by 2060, according to new research published on Thursday. Chinese President Xi Jinping in September announced that China would bring its greenhouse gas emissions to a peak before 2030 and become "carbon-neutral" by 2060.

Dec 10 - U.S. crude stocks soar 15 mln bbls amid record surge in net imports - EIA
U.S. crude oil stockpiles last week surged the most since April, jumping more than 15 million barrels, as imports rose and exports plunged, the Energy Information Administration said on Wednesday. The unexpected supply build and record rise in net imports stunned the oil market, which has been weighed down by low demand due to the coronavirus pandemic.

Dec 10 - For commodities, 2021 is a times a-changin' bet on the pace of coronavirus recovery: Russell
If 2020 has taught us one thing it should be the near-futility of making year-ahead predictions. Nonetheless, crystal ball-gazing is likely to once again be a popular year-end pursuit for analysts. When I indulged at the end of 2019 in looking at what 2020 would hold for commodity markets, the obvious big issue was the then-trade dispute between China and the United States, and the emerging hope of a deal.

Dec 10 - Tax burden of Mexico's Pemex could be reduced further, top official says
Mexico's government is weighing making further reductions to the tax burden on national oil company Petroleos Mexicanos (Pemex) to bring it closer to that of ordinary corporations, a top finance ministry official said on Wednesday. Lower taxes could mark a turning point for ailing Pemex, the country's largest company and tax payer.

Dec 10 - How oil majors shift billions in profits to island tax havens
Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for European oil giant Royal Dutch Shell Plc. In 2018 and 2019, Shell earned more than $2.7 billion - about 7% of its total income in those years - tax-free by reporting profits in companies located in Bermuda and the Bahamas that employed just 39 people and generated the bulk of their revenue from other Shell entities, company filings show.

Dec 10 - Top investor BlackRock to expand climate talks with companies in 2021
BlackRock on Thursday said it would more than double the number of companies it engages with over climate-related issues to over 1,000 and laid out stronger goals on other fronts for portfolio firms ahead of the upcoming shareholder meeting season. BlackRock, the world's biggest asset manager with around $7.8 trillion in assets, said its enhanced target list would cover 90% of the greenhouse gas emissions linked to the operations of the companies its clients invest in, globally.

Dec 09 - China's Zhenhua Oil is frontrunner in Iraq's 5-year crude supply tender - source
Chinese state oil trader Zhenhua Oil Corp has emerged as the frontrunner in a tender to buy Iraqi crude for five years, a source with knowledge of the matter said on Wednesday. The company has submitted the "most competitive bid" in the tender held by Iraq's state oil marketer SOMO that attracted participation from international oil companies, trading houses and Chinese and Indian refiners, he said.

Dec 09 - U.S. crude output to decline more than previously forecast in 2020 - EIA
U.S. crude oil production is expected to fall by 910,000 barrels per day (bpd) in 2020 to 11.34 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous forecast for a drop of 860,000 bpd. Output next year is expected to slide by 240,000 bpd to 11.10 million bpd, a smaller decline compared to the previous forecast for a slide of 290,000 bpd. 

Dec 09 - U.S. gas prices stumble on mild start to winter: Kemp
U.S. natural gas prices have tumbled since the start of November as persistent mild weather has caused inventories to remain high rather than drawing down in line with seasonal trends. Futures prices for gas delivered to Henry Hub in January 2021 have fallen to just over $2.40 per million British thermal units, down from almost $3.50 at the end of October.

Dec 09 - Asian spot LNG prices jump on supply issues, shipping rates
Asian spot liquefied natural gas (LNG) prices jumped on Tuesday, with a cargo trading 11 percent higher than another deal on Friday, as supply of the super-chilled fuel has been disrupted in some parts and as shipping rates have gone up, traders said. Gunvor Singapore on Tuesday sold a cargo for Jan. 25 to 29 delivery into North Asia to BP BP.L Singapore at $8.90 per million British thermal units (mmBtu), according to data from S&P Global Platts.

Dec 09 - U.S. biofuel coalition escalates legal attack on EPA blending waivers
A coalition of U.S. biofuel groups announced on Tuesday it had filed a brief with the D.C. Circuit Court of Appeals challenging the Trump administration's decision in 2019 to grant 31 oil refineries exemptions from U.S. biofuel blending obligations. The brief borrows arguments from a successful case that several members of the group had filed in the Tenth Circuit Court of Appeals. That case spurred controversy this year when the court sided with the biofuel industry and cast doubt on the legitimacy of the waiver program.

Dec 09 - Midwest refining 'firehose' jets more fuel to East Coast, pressuring plants
U.S. Midwest refiners are gearing up to send more gasoline and diesel to East Coast buyers, hoping to fill a void created by refinery closures and cutbacks, but likely to add pressure to regional fuel producers. Midwest refiners, such as BP and Husky Energy, that process inexpensive Canadian crude are betting on East Coast markets to boost sales and margins. But the move could make it more difficult for PBF Energy to restore production of gasoline, diesel and jet fuel at its Paulsboro, N.J., plant.

Dec 08 - Big carbon? Oil majors turn to nature to help plug revenue gap
Oil companies such as BP and Shell are nurturing nature as a future revenue stream, betting on an expected rise in carbon credit prices as their fossil fuel profits ebb. BP last year put $5 million into Finite Carbon, a company that connects forestry owners with companies seeking to offset their climate-warming emissions via-tree planting.

Dec 08 - China's imports of major commodities show early signs of moderating: Russell
China has almost single-handedly rescued commodity markets throughout the global coronavirus pandemic, but there are signs that its appetite for imports is levelling off, albeit at robust levels. November trade data released on Monday painted a largely steady picture, with imports of major commodities showing only relatively minor changes from both month earlier, and year earlier comparisons.

Dec 08 -  Exxon faces proxy fight launched by new activist firm Engine No. 1
A new investment firm is taking aim at one of corporate America's most iconic brands, pressing energy giant Exxon Mobil Corp to overhaul itself by focusing more on clean energy to improve its financial performance. Engine No. 1 is being supported by pension fund California State Teachers' Retirement System (CalSTRS) as it pushes the battered energy company, valued at $176 billion, to spend its cash better, preserve its dividend, and refresh its board.

Dec 08 - OPEC+ likely to hold next policy meeting on Jan. 4, sources say
OPEC, Russia and allies, a group known as OPEC+, are likely to hold their next meeting to set oil policy on Jan. 4, two sources close to the group said on Monday. OPEC+ agreed last week to raise oil output by 500,000 barrels per day (bpd) in January and to hold monthly meetings starting in January to decide on further production adjustments that will add no more than 500,000 bpd a month. 

Dec 08 - Australia's Woodside says CEO Coleman to retire in 2021 amid push on $11 bln gas project
Woodside Petroleum Ltd said on Tuesday it has started looking for a successor for its long-time chief executive Peter Coleman who plans to retire in the second half of 2021. The change in guard comes at a tricky time for Australia's top independent gas producer. Woodside is preparing to make a final investment decision on its prized Scarborough gas project, while it also tackles the challenges of a long-term transition towards cleaner energy.

Dec 08 - Oil sees more fund buying, but risks shifting: Kemp
Hedge fund managers were substantial buyers of petroleum futures and options last week for the fourth week in a row, a sign of increasing confidence coronavirus vaccines will drive a recovery in oil consumption next year. Fund managers purchased crude and distillates, even as OPEC+ prepared to lift oil production, implying that a business cycle upturn and resumption of international aviation is expected to absorb extra output.

Dec 08 - U.S. gasoline demand during Thanksgiving week lowest since 1997 - OPIS
U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, said OPIS, an IHS Markit company, as coronavirus cases surged and government officials urged residents to stay home. Since March, the coronavirus pandemic has crushed fuel demand in the United States because of lockdown orders to stay indoors to curb the spread of the virus. 

Dec 08 - Cheniere ships commissioning LNG cargo from Corpus Christi Train 3
U.S. liquefied natural gas (LNG) company Chienere Energy Inc loaded its first cargo from the third liquefaction train of its Corpus Christi plant in Texas, according to the company's Twitter account and shiptracking data on Tuesday. Cheniere, the largest LNG producer in the United States, said in a tweet that it had loaded the train's commissioning cargo and also the plant's 200th cargo onto LNG tanker La Mancha Knutsen on Monday.

Dec 07 - China's Nov crude imports rise m/m as backlog cleared
China's November crude oil imports rose from a month earlier as customs continued to clear the backlog, although independent refiners slowed purchases as they reached their import quota limits. China brought in 45.36 million tonnes of crude oil last month, equivalent to 11.04 million barrels per day (bpd), data from the General Administration of Customs showed on Monday. 

Dec 07 - Saudi Arabia raises official January crude price to Asia
Saudi Arabian state oil giant Aramco has raised the January price for its Arab light crude to Asia to $0.30 a barrel over Oman/Dubai crude, up $0.80 from December, a company document showed. It has also set the January OSP of its Arab light crude oil to the United States at plus $0.55 a barrel over ASCI (Argus Sour Crude Index), down $0.30 a barrel from December, according to the document.

Dec 07 - Iran prepares to raise oil exports if sanctions eased - state media
Iran has instructed its oil ministry to prepare installations for production and sale of crude oil at full capacity within three months, state media said on Sunday, ahead of a possible easing of U.S. sanctions after President-elect Joe Biden takes office. They quoted President Hassan Rouhani as saying that Iran exported more than two million barrels a day before U.S. President Donald Trump exited the 2015 nuclear deal with six powers in 2018 and reimposed sanctions that have hit Iran’s economy hard by sharply cutting its vital oil exports.

Dec 07 - Glencore boss Glasenberg to step down, Gary Nagle named new CEO
Glencore boss Ivan Glasenberg is to step down next year and Gary Nagle, head of coal assets at the mining and trading group, will become the new CEO. Glasenberg's departure will mark a shift to a new, younger leadership for the business, which, along with other mining companies, has faced increasing pressure from investors to cut carbon emissions.

Dec 07 - OPEC+ to boost output as oil market tightens: Kemp
OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter. The increase is much smaller than the 2 million bpd scheduled last April, but marks a significant shift from the start of November, when the group seemed poised to leave output unchanged for another three months.

Dec 07 - China scores coal own goal as domestic, import prices surge: Russell
China may have shot itself in the foot with its restrictions on coal imports, with domestic prices surging just as the peak winter demand period gets under way. A second blow is the sharp increase in the price of imported coal from the seaborne market.

Dec 07 - 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 December 1, 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 6,255 contracts to 316,422 during the period.

Dec 07 - U.S. drillers add oil and gas rigs for 11th week in 12 - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next. The oil and gas rig count, an early indicator of future output, rose three to 323 in the week to Dec. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Dec 07 - Russian pipe-laying vessel stops near Nord Stream 2 site
Russian pipe-laying vessel Akademik Cherskiy stopped on Saturday near the construction site of the Nord Stream 2 gas pipeline in the Baltic Sea, Refinitiv Eikon data showed on Saturday. The consortium led by Gazprom building the 1,230 kilometre (km) pipeline said last month that work would resume after it was suspended a year ago when U.S. sanctions targeted companies involved in the construction.

Dec 04 - OPEC+ agrees slight easing of oil cuts from January 
OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year. The increase means the Organization of the Petroleum Exporting Countries and Russia, a group known as OPEC+, would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd. 

Dec 04 - Vitol pays $164 mln to resolve U.S. allegations of oil bribes in Latin America 
Vitol Group's U.S. subsidiary agreed to pay $164 million to resolve probes by the U.S. government that the energy trader paid bribes in Brazil and other countries to boost its oil trading business, the U.S. Department of Justice said on Thursday. Under a three-year deferred prosecution agreement, the Swiss trading firm admitted guilt and agreed to improve internal reporting and compliance functions.

Dec 04 - Chevron tightens belt again with billions in spending cuts 
U.S. oil major Chevron Corp on Thursday cut billions off its long-term capital and exploratory budget even after a major restructuring of its operations as it tries to ride out a collapse in oil prices and preserve its dividend. Oil majors have written off around $80 billion in asset values this year, cut output and laid off thousands of staff to save money in the face of a sharp decline in oil demand and revenue. 

Dec 04 - Trump admin to hold Arctic refuge oil drilling auction before Biden takes office 
The Trump administration on Thursday said it would issue a sale notice for oil leases in the Arctic National Wildlife Refuge (ANWR) next week, putting it on track to hold a drilling auction in the ecologically sensitive area shortly before President-elect Joe Biden takes office. The move is the latest step toward pulling off the first ever sale of oil and gas leases in a pristine area of the Arctic before Biden, a Democrat who opposes energy development there, becomes president on Jan. 20.

Dec 04 - Platts proposes to include U.S. WTI in oil benchmark dated Brent 
S&P Global Platts said on Thursday it would open a consultation with oil market participants on the possible inclusion of the U.S. crude grade WTI in its dated Brent oil price assessment, which forms the basis of the Brent benchmark. A light sweet crude, WTI is a common feedstock for European refineries which makes it a good fit for the existing basket of British and Norwegian grades Brent, Forties, Oseberg, Ekofisk and Troll making up the dated Brent basket, Platts said.

Dec 04 - The OPEC+ deal looks sensible in theory, challenging in reality: Russell 
The agreement by the OPEC+ group to gradually increase production is one of those deals that seems sensible and has reasonable aims, but will actually be difficult to pull off in reality. The producer group, made up of the Organization of the Petroleum Exporting Countries and others including Russia, reached a deal to ease their current 7.7 million barrel per day (bpd) of output cuts by 500,000 bpd in January.

Dec 04 - United States adds China's SMIC and CNOOC to Defense blacklist 
The Trump administration on Thursday added China's top chipmaker, SMIC, and oil giant CNOOC to a blacklist of alleged Chinese military companies, a move likely to escalate tensions with Beijing before President-elect Joe Biden takes office. The Department of Defense designated a total of four additional companies as owned or controlled by the Chinese military, also including China Construction Technology Co Ltd and China International Engineering Consulting Corp.

Dec 03 - OPEC+ resumes talks on 2021 oil policy amid disagreements 
OPEC and Russia resume talks on Thursday in a bid to define policies for 2021 after an initial round of discussions this week failed to bring a compromise on how to tackle weak oil demand amid a second coronavirus wave. The group of OPEC and allies, known as OPEC+, had been widely expected to roll over existing oil cuts of 7.7 million barrels per day, or 8 percent of global supplies, at least until March 2021.

Dec 03 - U.S. crude inventories dip, fuel stocks build amid weak demand - EIA 
U.S. crude oil stockpiles fell modestly last week, while gasoline and distillate inventories surged as refiners slowed production amid weakening demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 679,000 barrels in the week to Nov. 27, much less than analysts' expectations in a Reuters poll for a 2.4 million-barrel drop.

Dec 03 - New buyers spur a near doubling in Venezuela oil exports in Nov - data 
Venezuela's oil exports almost doubled in November from the previous month as new customers linked to a Russian trading firm stepped in to boost purchases from state-run PDVSA amid U.S. sanctions, according to data from the firm and Refinitiv Eikon. In October, PDVSA's established customers suspended swaps of Venezuelan crude for fuel at Washington's request, leading to a sharp decline in exports, but in November a growing group of new buyers stepped in to bring Venezuela's exports back to around the average level for this year, the data showed.

Dec 03 - CEO of Angolan energy giant says will speed up asset sales, reform despite COVID-19 
Angola's state oil giant Sonangol will next year accelerate reforms and efforts to raise revenue after the pandemic drained investor interest in an asset sale that has so far netted only around $60 million, its CEO told Reuters in a rare interview. Sonangol is the economic engine for Africa's number two oil exporter, as the company and the country strive to move on from decades of alleged corruption under Jose Eduardo dos Santos - president until 2017 - whose daughter once headed Sonangol.

Dec 03 - Rising distillate margins signal cyclical upturn: Kemp 
Global refinery margins for producing road diesel, jet fuel and other middle distillates have started to rise as industrial activity and trade recover in the wake of the coronavirus epidemic and lockdowns. Most of the excess distillate inventories that accumulated during the first wave of the coronavirus and lockdowns between March and June have been digested, with stocks in the United States returning to their five-year range.

Dec 03 - U.S. ethanol stockpiles surge as fuel demand fizzles -Braun 
The second half of November featured the most successful weeks for U.S. fuel ethanol production since the coronavirus pandemic hit earlier this year, but demand trended the wrong way during that period, leading to a large boost in inventory. Further, travel during U.S. Thanksgiving week, usually the busiest travel week of the year, was lackluster as motor gasoline demand lost ground versus prior years.

Dec 02 - UAE finds its voice within OPEC, complicating oil diplomacy 
The United Arab Emirates came out of OPEC heavyweight Saudi Arabia's shadow this week by demanding better adherence with oil supply cuts, effectively delaying the latest strategy decision by OPEC and its allies by a few days, sources told Reuters. The unusual move highlights the UAE's growing role within OPEC as it seeks to boost production in the years ahead to gain market share.

Dec 02 - U.S. air monitors routinely miss pollution - even refinery explosions 
When a Philadelphia oil refinery exploded in 2019, it sent tons of toxic pollution into the surrounding community. But the U.S. EPA air monitor nearby recorded none of it. The nationwide pollution-detection network often doesn't work because of low funding and industry pressure that ensures the air monitors are sparsely deployed, often in spots least likely to record pollution.

Dec 02 - India looks to resume Iran, Venezuela oil imports under Biden 
India wants to diversify its oil imports, including the resumption of supplies from Iran and Venezuela, after Joseph Biden becomes president of the United States, Oil Minister Dharmendra Pradhan said on Wednesday. "As a buyer I would like to have more buying places. I should have more destinations to go for purchasing (oil)," Pradhan said in response to a question about his expectations for the resumption of oil imports from Iran and Venezuela under a Biden presidency.

Dec 02 - Biden plan to end U.S. fossil fuel subsidies faces big challenges 
President-elect Joe Biden's promise to end U.S. fossil fuel subsidies worth billions of dollars a year for drillers and miners could be hard to keep due to resistance from lawmakers in a narrowly divided Congress, including from within his own party. The challenge reflects just one of the obstacles that Biden will need to overcome as he seeks to usher in sweeping measures to combat climate change and transform the nation’s economy to net-zero emissions within three decades. Biden has said axing fossil fuel subsidies will generate money to help pay for his broader $2 trillion climate plan.

Dec 02 - Russia's Nov oil and gas condensate exceeds 10 mln bpd for first time in 7 months 
Russian oil and gas condensate output last month exceeded 10 million barrels per day (bpd) for the first time since April, according to Reuters calculations based on an Interfax report, which cited Energy Ministry data on Wednesday. Production was slightly up from 9.98 million bpd in October even as a group of leading oil producers debate whether to ease oil output cuts from Jan. 1 as planned, or continue to produce under the same rate amid sluggish oil demand. 

Dec 02 - Iraq’s total oil exports average 2.7 million bpd in November – ministry 
Iraqi oil exports fell to 2.709 million barrels per day in November, from 2.876 million bpd in the previous month, the oil ministry said on Tuesday. Exports from the country's southern Basra terminals reached 2.6 million bpd in November, down from 2.77 million bpd the month before, the ministry added.

Dec 02 - Oil majors wipe $80 bln off books as epidemic, energy transition bite 
The world's top energy companies have slashed the value of their oil and gas assets by around $80 billion in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition. Exxon Mobil, the largest U.S. oil company, announced on Monday it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment following the sharp drop in energy prices this year.

Dec 02 - Positive oil outlook draws in fund managers: Kemp 
Hedge funds are becoming increasingly bullish on the outlook for oil prices, anticipating that early deployment of coronavirus vaccines will allow a rapid resumption of more normal travel patterns. Ultra-loose fiscal and monetary policies are also expected to promote a progressive recovery from the massive cyclical downturn in business activity experienced in 2020, giving a big boost to petroleum consumption.

Dec 02 - U.S. CFTC issues record number of enforcement actions, as fines remain largely flat 
The U.S. derivatives regulator issued a record 113 enforcement actions for corporate wrongdoing in 2020 - the most in the agency's history - the agency said on Tuesday, even as total monetary fines remained almost flat. The Commodity Futures Trading Commission (CFTC) had a total of $1.32 billion in penalties, the "fourth highest total on record and the third straight year-over-year increase," it said, although the figure is only slightly up on last year's $1.33 billion in fines.

Dec 02 - Malaysia probing Norway's Aker Solutions over Petronas dealings, sources say 
Malaysia's anti-graft agency is investigating Norway's largest oil services provider Aker Solutions on suspicions of making false statements in its dealings with state-owned energy firm Petronas, three sources familiar with the probe said. The Malaysian Anti-Corruption Commission (MACC) is looking into allegations that Aker Solutions made false representations regarding the ownership of one of its Malaysian units in order to win licences from Petronas, a source with the agency and two other people told Reuters.

Dec 01 - OPEC+ postpones talks to Dec 3 amid disagreements - sources 
OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, three sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic. OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, had been scheduled to hold its meeting on Tuesday at 1300 GMT.

Dec 01 - Exxon tries to put the worst behind it with $20 bln writedown 
Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment, and slash project spending next year to its lowest level in 15 years. The oil major is reeling from the sharp decline in oil demand and prices from the COVID-19 pandemic and a series of bad bets on projects when prices were much higher. New cost cuts aim to protect a $15 billion a year shareholder payout that many analysts believe is unsustainable without higher prices. 

Dec 01 - U.S. crude oil output rises to 10.86 million bpd in September 
U.S. crude oil production rose 286,000 barrels per day in September to 10.86 million bpd, as production increased in North Dakota and in offshore waters in the U.S. Gulf of Mexico. Oil production rose 61,000 bpd in North Dakota and 315,000 bpd in the offshore Gulf of Mexico, offsetting cuts in Texas, where output fell 60,000 bpd. 

Dec 01 - Canadian indigenous deal with KXL oil pipeline took years, aims to unlock long-term wealth 
TC Energy Corp's sale of a C$1 billion ($769 million) stake in Keystone XL (KXL) to a Canadian indigenous group is the result of over three years of pressure from a tiny Saskatchewan First Nation that demanded part ownership of the long-delayed oil pipeline, rather than short-term payments for allowing it to be built through its lands. Natural Law Energy's (NLE) planned investment was billed by TC as the biggest-ever indigenous investment in an oil project, highlighting how some communities are seeking to share in the industry's profits while others oppose it.

Dec 01 - Saudi Arabia may raise Asia crude prices in January - survey 
Top oil exporter Saudi Arabia is expected to raise its official selling prices (OSPs) for Asian buyers in January, tracking stronger benchmark prices as some refiners increase output to meet higher winter demand, a Reuters survey showed. Six sources at Asian refiners expect the January OSP for Saudi flagship crude grade Arab Light to rise by 65 cents a barrel on average, with their forecasts ranging between an increase of 50 cents and 85 cents.

Dec 01 - Oil prices face uphill struggle in 2021 despite vaccine progress - poll
Oil prices will struggle to gain upward traction next year as demand remains in the grip of the coronavirus pandemic despite growing optimism over vaccines and a likely extension of output cuts by top producers, a Reuters poll showed on Monday. The poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year, little changed from last month's $49.76 outlook. The benchmark has averaged about $42.50 per barrel so far in 2020.

Dec 01 - 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 November 24, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group raise its combined futures and options position in New York and London by 33,086 contracts to 310,167 during the period. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations.

Nov 30 - OPEC+ yet to find compromise on oil policy for 2021, say sources 
OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters. OPEC+, a grouping comprising members of the of Organization of the Petroleum Exporting Countries, plus Russia and others, had been due to ease production cuts from January 2021, but a second coronavirus wave has reduced demand for fuel around the world.

Nov 30 - Virus-stricken winter unlikely to derail oil market rebalancing - Goldman 
A surge in COVID-19 cases in the winter season will not derail the oil market rebalancing driven mainly by vaccine progress, Goldman Sachs said in a note, adding that it sees a further upside in Brent to $65 per barrel through 2021. The bank, however, said it expects the winter wave to hit global oil demand by at least 3 million barrels per day, partially offset by heating, restocking and demand in emerging markets. 

Nov 30 - OPEC+ should look to Asia's uneven, uncertain crude oil recovery: Russell 
As members of the OPEC+ group struggle to come up with a united view on whether to boost crude oil output or extend production cuts, they should perhaps turn their eyes to Asia, the major consuming and fastest-growing region. The leaders of OPEC+, a grouping comprising members of the of Organization of the Petroleum Exporting Countries (OPEC), plus Russia and others, are scheduled to meet on Monday and Tuesday to hammer out whether to roll over existing production cuts of 7.7 million barrels per day (bpd), or allow output to increase from January as previously agreed.

Nov 30 - U.S. shale firms amp up natural gas output as futures signal more gains 
Higher natural gas futures prices for 2021 and a continued glut of crude oil are prodding U.S. shale firms to boost gas drilling and production. Shale producers are increasing spending on natural gas, a change from the past, amid forecasts for a 45% jump in gas prices next year compared to a 15% gain for Brent prices. The shift is a reminder to the Organization of the Petroleum Exporting Countries meeting this week how shale moves quickly in response to price. The OPEC group is considering whether to ease oil output curbs from Jan. 1.

Nov 30 - Norway gas plant resumes exports to Europe 
Norway's Nyhamna gas export terminal has restarted production and is ramping up output following a shutdown triggered by a strike among workers, system operator Gassco said on Sunday. Sunday's output loss was expected to amount to 40 million standard cubic metres (mcm) of gas, less than the 50 mcm loss on Saturday, while it was not yet clear if the outage would have any residual impact on Monday.

Nov 30 - Islamic State says it launched rocket attack on northern Iraq oil refinery 
A rocket hit a small oil refinery in northern Iraq on Sunday, causing a fire at a fuel storage tank and forcing a complete shutdown of operations after the blaze spread to a nearby pipeline network, two refinery officials said. Islamic State claimed responsibility for attacking the Siniya refinery, in a statement posted on the group's official channel.

Nov 30 - U.S. diesel glut has mostly gone: John Kemp 
U.S. stocks of distillate fuel oil are rapidly returning to normal, reversing the prodigious glut that built up earlier in the year during the first wave of the coronavirus epidemic and lockdowns. The absorption of excess distillates has been made possible because U.S. refiners sharply lowered refinery crude processing and operated their equipment to maximise the production of gasoline.

Nov 27 - Venezuela resumes direct oil shipments to China despite U.S. sanctions
Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA). Chinese state companies China National Petroleum Corp (CNPC) and PetroChina - long among PDVSA's top customers - stopped loading crude and fuel at Venezuelan ports in August 2019 after Washington extended its sanctions on PDVSA to include any companies trading with the Venezuelan state firm. 

Nov 27 - China hits 26% of 2020 target for U.S. energy imports under trade deal
China has accelerated imports of crude oil, propane and liquefied natural gas (LNG) from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington. Over the first 10 months of 2020, China's purchases of U.S. crude oil, LNG, propane, butane and other energy products totalled $6.61 billion, about 26% of the $25.3 billion target, according to Reuters calculations based on Chinese customs data.

Nov 27 - Mexico's Pemex to begin 2021 oil hedge contracting soon – source
Mexican oil giant Pemex is about to start the process of contracting an oil hedge for 2021, a senior source at the company told Reuters, after the previous two hedges delivered bumper payouts for the highly-indebted company. Pemex's hedge is separate and much smaller than the one contracted annually by Mexico's finance ministry. The government every year buys about $1 billion in financial contracts, the world's largest oil hedge program, to protect revenues.

Nov 27 - Russian central bank says OPEC+ may delay oil output rise
Russian central bank said on Thursday that OPEC+, the group of leading oil producing countries, may delay a planned increase in oil output from Jan. 1, 2021 as the pandemic has negatively impacted the economic outlook and oil demand. OPEC+ is due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year's record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.

Nov 27 - Norway gas exports could be hit by strike escalation from Friday
The planned escalation of a strike by Norwegian security guards could begin to shut the Nyhamna gas processing plant and two large gas fields from Friday, which would reduce Norway's exports to Europe by a quarter, system operator Gassco said. Some 2,300 security guards organised by the Norwegian Union of General Workers (NAF) are on strike nationwide over pay, and an additional 85 will go on strike from Saturday unless the dispute is resolved first.

Nov 27 - Spain's Repsol cuts dividend, aims for low-carbon unit deal
Spain's Repsol will cut shareholder payouts and aims to sell a stake in its lower-carbon business as it curbs oil and gas production under a new five-year plan presented on Thursday. Its shares were down more than 4% by early afternoon, reversing a rise so far this month. Repsol's market value has now fallen 38% since the start of this year, mirroring slumps across the sector as the COVID-19 pandemic hurt fuel demand.

Nov 26 - OPEC+ leaning towards oil cut extension, despite rally - sources 
OPEC and allies including Russia are leaning towards delaying next year's planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said. OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year's record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.

Nov 26 - Iraq extends bid deadline for major crude prepayment deal 
Iraq has extended the bid deadline on its first major crude oil prepayment deal to early December after traders were left scrambling to draw up proposals and secure bank lines in a tight 4-day window, sources familiar with the matter said. Trading sources and an oil ministry official with direct knowledge of oil exports operations said the new deadline was Dec. 4 instead of Nov. 27.

Nov 26 - U.S. crude stockpiles fall unexpectedly, gasoline builds -EIA 
U.S. crude oil inventories fell last week, as well as distillate stocks, while gasoline stockpiles rose sharply, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 754,000 barrels in the week to Nov. 20 to 488.7 million barrels, compared with analysts' expectations in a Reuters poll for a 127,000-barrel rise.

Nov 26 - Exxon and Total in talks over Mozambique LNG resource-sharing deal - sources 
ExxonMobil and Total are in negotiations over their massive LNG projects in Mozambique, with each seeking to extract more gas from a shared field that straddles the two developments and cut costs, three sources familiar with the matter told Reuters. The talks between the energy majors also involve the Mozambican government, according to the sources, as it has to give final approval to any new agreement. 

Nov 26 - Oil tanker hit by blast at Saudi terminal, Saudi Arabia confirms 
An explosion damaged a Greek-managed tanker at a Saudi Arabian terminal on the Red Sea just north of the Yemeni border, the ship's manager said on Wednesday, in an attack confirmed by Saudi Arabia. In a statement published by state media, the Saudi-led coalition fighting the Houthis in Yemen said a commercial vessel suffered minor damage from shrapnel in what it described as a foiled terrorist attack. 

Nov 26 - China's crude oil imports from Russia down 4%, Saudi down 30% as buying frenzy cools 
Russia and Saudi Arabia remained the top two crude oil suppliers to China in October, although arrivals from both countries plummeted from September levels as Chinese refiners put a brake on crude purchases. The two countries, which have been boosting crude exports to the economic powerhouse, are in a tight race to become China's top supplier in 2020.

Nov 26 - Price play: Mideast oil gains Indian market share over African grades 
India's oil imports from the Middle East hit an eight-month high in October after producers reduced official selling prices (OSP) while its purchases of African crude fell to a three-month low, data obtained from sources showed. Refiners in India, the world's third biggest oil importer and consumer, have diversified crude imports to improve margins.

Nov 25 - Enbridge seeks to block Michigan's move to shut down Line 5 
Canadian pipeline operator Enbridge Inc said on Tuesday it had filed a federal complaint in the U.S. District Court seeking an injunction to stop the State of Michigan from taking any steps to prevent the operation of Line 5. The Enbridge Line 5 pipelines runs under the Straits of Mackinac, where Lakes Huron and Michigan meet, and ships 540,000 barrels per day of light crude oil and propane, serving both retail customers and refiners in Michigan and Ohio. 

Nov 25 - Left in the dark about WTI crude price plunge: Kemp 
The U.S. Commodity Futures Trading Commission (CFTC) report on volatility in WTI oil futures, published on Monday, has already been criticised for not probing deeply enough into how and why prices plunged into negative territory for one day in April and then rebounded sharply the next day. For at least one CFTC commissioner, the report does not go far enough. “The report is incomplete and inadequate," CFTC Commissioner Dan Berkovitz complained in a statement accompanying publication.

Nov 25 - Canadian oil output seen expanding until 2039, delaying net-zero goal 
Canadian oil production will expand for nearly two more decades, slowing the country's progress toward achieving Prime Minister Justin Trudeau's goal of net-zero emissions by 2050, the Canada Energy Regulator (CER) forecast on Tuesday. Fossil fuels will make up more than 60% of Canada's fuel mix in 2050, even though domestic consumption likely peaked in 2019, the CER said. 

Nov 25 - As more countries pledge zero emissions, coal finance evaporates 
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping the world, participants at Asia's biggest gathering of the coal industry said on Tuesday. The exit from coal by big international banks and government-backed agencies, which has accelerated this year, is likely to push coal companies to use offsets to get funding and listed ones to go private to avoid shareholder pressure as the dirtiest fossil fuel is increasingly shunned. 

Nov 25 - Enel to spend 160 bln euros to become green 'super major' 
Europe's biggest utility Enel will spend 160 billion euros ($190 billion) over the next 10 years to become a green "super major" and make the company carbon-free by 2050. It also expects to attract another 30 billion euros from parties outside the group to take overall spending to 190 billion euros as it looks to boost earnings and cut its carbon emissions by 80% by 2030.

Nov 24 - Iraq amends oil density compensation plan starting with 2021 exports 
Iraq's Oil Marketing Company (SOMO) has revised the price mechanism used to compensate buyers for fluctuations in the density of its crude exports, starting with shipments in 2021, according to a Nov. 23 notice to clients reviewed by Reuters. The announcement follows SOMO's plan to launch a third crude oil export grade called Basra Medium in January, by splitting the existing Basra Light production into two grades.

Nov 24 - Goldman voices concerns about OPEC+ future as decision on output curbs nears 
As the OPEC+ group's decision on oil production cuts nears, there are renewed concerns about the future of the organization as it tries to rebalance the market while securing higher revenue and market share in the medium-term, Goldman Sachs said in a note. OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, is scheduled to meet on Nov. 30 and Dec. 1, and is likely to discuss extending oil output curbs into next year due to weak demand amid surging COVID-19 infections.

Nov 24 - OPEC experts meet ahead of next week's crucial gathering 
OPEC and its allies are bracing for a week of technical meetings to prepare the ground for next week's ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19. OPEC's economic commission board will meet on Wednesday and Thursday while OPEC and non-OPEC technical experts will meet on Friday, three OPEC sources said.

Nov 24 - Elliott Management invests in small Guyana oil explorer - sources 
Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration in Guyana, the world's newest oil and gas hot spot, two people familiar with the matter said. The deal reflects rising interest in Guyana, a small South American country of 750,000 whose oil discoveries are set to transform an economy dependent on agriculture and mining. 

Nov 24 - Brent contango narrowing further on vaccine hope, Asian demand 
Brent crude futures' spreads continued to narrow on Monday on strong oil demand from Asia and with markets cautiously optimistic about a COVID-19 vaccine rollout and an extension of output cuts by OPEC and its allies. The Brent front month contango, whereby contracts for later delivery are more expensive than contracts for earlier delivery stood at -9 cents a barrel, the shallowest since early June. 

Nov 24 - Carbon pricing rises as world's weapon of choice in climate fight 
Can you put a price on pollution? Some of the world's biggest economies are doing just that as they wrestle with how to make good on grand pledges to tame planet-warming emissions. Matters are coming to a head. China, Japan and South Korea have all followed the European Union in pledging to cut emissions to "net zero" in recent weeks, where they release only as much as they remove from the air. U.S. President-elect Joe Biden made the same promise in his election campaign. Next year they are set to lay out the first practical measures to meet these targets, as part of commitments under the Paris climate accord, and putting a price on carbon will be front and centre, experts told Reuters.

Nov 24 - Asian spot LNG price may have seen winter peak amid steady demand: Russell 
The price of spot liquefied natural gas (LNG) in Asia may have already peaked for the winter demand season, with major buyers likely to have already purchased sufficient cargoes to meet their needs. While there is always the risk of an interruption to supply from unexpected plant stoppages, the market is indicating that the demand pull is likely over and supply remains plentiful. The weekly spot price for Asia dropped to $6.40 per million British thermal units (mmBtu) in the seven days to Nov. 20, meaning it has slipped 14.7% since its high so far this year of $7.50 in the week to Oct. 30.

Nov 24 - Biden names Kerry as U.S. climate envoy, emphasizing diplomacy's role in the issue 
President-elect Joe Biden named former Secretary of State John Kerry as special climate envoy, his transition team said on Monday, a sign that Biden is putting the issue at the center of his foreign policy. Kerry, whose appointment does not require U.S. Senate confirmation, will have a seat on the National Security Council in the White House, the transition team said, marking the first time an official in that body will be dedicated to the climate issue. 

Nov 24 - Australia moves into top three countries for renewable investment - research 
Australia has moved into the three most attractive countries in the world for renewables investment for the first time due to rapid solar photovoltaic (PV) deployment, research showed on Tuesday. In a bi-annual index of the top 40 renewable energy markets worldwide by consultancy EY, the United States held on to top spot, followed by China.

Nov 23 - Pipe dreams leave U.S. energy firms caught in climate trap 
In remote northern Michigan a propane shortage in early 2014 caused prices to nearly double, squeezing about half of the families there who rely on the fossil fuel to heat their homes. Glenda Bowler remembers her son fitting a wood stove at his restaurant as an alternative to propane, which reaches Michigan's Upper Peninsula via a 645 mile (1038 km) pipeline. Now the future of the Enbridge Inc owned line supplying the region is under threat, as climate activists widen their campaign to cut U.S. fossil fuel dependency from new pipelines to the refurbishment or expansion of older ones.

Nov 23 - China issues final batch of refined fuel export quotas for 2020 - sources 
China has issued a new and final batch of refined fuel export quotas for 2020 totalling 3 million tonnes, including its first sizeable quota to a giant private refiner, two industry officials with knowledge of the matter said on Monday. The new issue brings the total fuel export quota this year to nearly 59 million tonnes, up from last year's 56 million tonnes.

Nov 23 - Plotting future, U.S. biofuel industry seeks federal clean fuel program from Biden 
America's biggest biofuel companies plan to ask President-elect Joe Biden to impose a nationwide standard to reduce carbon emissions from transport fuels, according to five sources familiar with the matter, and hope to preserve a role for products like ethanol amid the fight against climate change. The planned push from the biofuel industry reflects its increasing concern about the future as Biden prepares measures to slash emissions that could upend traditional energy markets, and as the federal regulation that has underpinned growth in the biofuel market for more than a decade - the Renewable Fuel Standard - nears expiry in its current form.

Nov 23 - Yemen's Houthis say they fired missile at Saudi Aramco site in Jeddah 
Yemen's Iran-aligned Houthi group on Monday said it fired a missile at a distribution station operated by the Saudi Aramco oil company in Saudi Arabia's Red Sea city of Jeddah and struck it. There was no immediate Saudi confirmation of the claim made by the group's military spokesman, who warned foreign companies and residents in Saudi to exercise caution as "operations will continue".

Nov 23 - Transatlantic diesel arrivals in U.S. surge to record in November 
Arrivals of diesel and gasoil from Europe and the Baltics regions to the United States northeast coast have surged to a record high so far in November, according to data analytics firm Vortexa. Preliminary November arrivals to PADD 1, the U.S. Atlantic Coast region stretching from Maine to Florida, were pegged at over 102,000 barrels per day (bpd), more than double October's levels, and the highest level since at least January 2016, the data showed. 

Nov 23 - 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 November 17, 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 3,100 contracts to 277,080 during the period. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC. 

Nov 23 - EU denies gas plants a green finance tag, offers possible hydrogen loophole 
The European Commission on Friday proposed that power plants fuelled by natural gas would not be not classed as a sustainable investment in Europe, although plants could possibly gain a green label by burning some hydrogen. The landmark EU rules, due to be finalised this year, will force providers of financial products to disclose from the end of 2021 which investments meet climate criteria, and can therefore be marketed as "sustainable".

Nov 20 - Saudi Arabia and Russia in tight race to become China's top oil supplier in 2020
Saudi Arabia and Russia are in a tight race to become China's top oil supplier in 2020, with both countries boosting crude exports to the economic powerhouse even as the coronavirus pandemic hit global demand for oil this year. Saudi Arabia, which was China's top supplier last year, has exported between 1.6 million and 1.7 million barrels per day (bpd) of crude from January to November 2020, as deep price cuts gave Saudi oil exports a boost this month, according to analytics firms Refinitiv, Vortexa and Kpler. 

Nov 20 - Exports of Libya's flagship crude stream rise as output hits 1.25 mln bpd
Loadings of Libya's largest crude stream are set to rise sharply, after the OPEC member managed to raise output to pre-blockade levels of 1.25 million barrels per day (bpd). Loadings of Es Sider crude in December were pegged at around 258,000 bpd, a preliminary programme seen by Reuters showed on Thursday. 

Nov 20 - Brent contango narrowing on possible OPEC+ action, recovering Asian demand
Brent crude oil futures' spreads in 2021 have narrowed significantly as demand from Asia has been strong and markets remained hopeful that OPEC and its allies could extend their output cuts. The Brent front month contango, whereby later-delivery contracts are more expensive than earlier-delivery contracts, stood at -16 cents a barrel earlier in the session. It was a -12 cents on Monday, the shallowest since July.

Nov 20 - Desperate for fuel, Venezuelans steal PDVSA crude and make their own gasoline
Venezuelans, desperate for fuel after months of shortages, have begun stealing crude from idled fields owned by state oil company Petroleos de Venezuela and distilling homemade gasoline, according to two PDVSA workers and a half dozen people familiar with the practice. The amount of crude stolen is a tiny fraction of Venezuela's output. But the activity is testament to the crises at PDVSA, which can no longer supply the country's population with fuel. 

Nov 20 - Oil prices anticipate tight market by mid-2021: Kemp
U.S. petroleum inventories are falling towards more normal levels as the glut earlier this year caused by volume warfare among OPEC+ members and the first wave of epidemic-driven lockdowns is gradually absorbed. Falling inventories are likely to herald a tighter production-consumption balance and a cyclical upswing in both spot prices and calendar spreads next year, which are already being anticipated by oil traders in rising futures prices.

Nov 20 - U.S. natgas giving up on winter as widow maker spread cut to record low
Even though it's only November, U.S. gas traders said warm weather this month has already caused some in the market to give up on this winter and focus on next year. The premium of futures for March over April 2021 fell to a record low as it moves closer to possible contango, while the premium of November over October 2021 rose to its highest since April 2011.

Nov 19 - Global crude market finds support mainly from China demand
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place. China, the world's largest importer of crude, is the only major buyer expected to see increased oil demand this year as the pandemic destroyed consumption globally.

Nov 19 - U.S. crude stockpiles rise slightly, distillate inventories plunge -EIA
U.S. crude oil and gasoline inventories rose last week, while distillate stockpiles fell sharply even as refinery utilization ramped up, the Energy Information Administration said on Wednesday. Crude inventories rose by 768,000 barrels in the week to Nov. 13 to 489.5 million barrels, compared with analyst expectations in a Reuters poll for a 1.7 million-barrel rise.

Nov 19 - Libya's NOC, Total discuss increasing production rates, expanding Total's investments in Libya
Libya's National Oil Corporation (NOC) and France's Total discussed NOC's efforts to raise production capacity and increase production rates to the highest levels, as well as expanding investments of the French company in Libya as the OPEC member’s oil industry recovers. In a virtual meeting with Total's head of exploration and production in the Middle East and North Africa Stephane Michel, NOC chairman Mustafa Sunallah said Libya's oil production has rapidly returned to previous rates as it reached 1.25 million barrels per day (bpd), a NOC statement said on Thursday.

Nov 19 - Oil Search sees Total's Papua LNG advancing ahead of Exxon's P'nyang
Oil Search Ltd said on Thursday its stalled plan to expand gas output in Papua New Guinea would now focus on the Papua LNG project, led by Total SA, in a change of tack following political ructions in Papua New Guinea. France's Total had previously pushed to work with Exxon to double liquefied natural gas (LNG) exports from the country through a twinned $13 billion expansion of Exxon's PNG LNG plant and development of Total's Papua LNG project.

Nov 19 - Final offshore oil auction under Trump shows Gulf's 'long future' - officials
The Trump administration's final sale of oil and gas leases in the Gulf of Mexico generated nearly $121 million in high bids on Wednesday, an improvement from the last government auction held just as the coronavirus pandemic was beginning to depress world demand for fuel. The sale was the last before the January inauguration of President-elect Joe Biden, a Democrat who has pledged to ban new drilling on federal lands and waters.

Nov 19 - What is happening with the Keystone XL oil pipeline?
TC Energy Corp says it is continuing to advance its Keystone XL (KXL) oil pipeline, the $9 billion project that would move oil from the province of Alberta to Nebraska. Most recently, a Canadian indigenous group said it would invest C$1 billion ($764.35 million) in the project, which has been in the works for 12 years. 

Nov 19 - Goldman Sachs says commodities poised for bull market
Goldman Sachs on Wednesday maintained its 'overweight' recommendations for commodities in 2021, reasoning the sector was possibly the best hedge against likely inflation and poised for another bull market. The bank forecast a return of about 27% over a 12-month period on the S&P/Goldman Sachs Commodity Index (GSCI), with a 19.2% return for precious metals, 40.1% for energy, 3% for industrial metals and a negative 1% return on agriculture.

Nov 19 - U.S. ethanol recovery threatened by rising virus restrictions -Braun
U.S. ethanol production, a main source of demand for domestic corn, has been unusually light ever since March, when the coronavirus pandemic sharply curbed global fuel consumption. Ethanol output in recent weeks has very slowly chipped away at its deficit versus prior years, but the resurgence of the virus and increasing restrictions, especially just before the holidays, threaten to derail a comeback in fuel demand.

Nov 19 - Green is the new black in boom for clean energy funds
Investors are pouring money into green funds, banking on a Joe Biden presidency in the United States for a further boost to the renewable and alternative energy industry at the expense of traditional oil and gas businesses. Shares in solar and wind energy businesses, electric vehicle companies and environmental technology pioneers have been on the rise for months, widening their lead over fossil fuel rivals since the U.S. presidential election on Nov. 3.

Nov 18 - China's oil buying binge to run on in 2021 as tank operators, refiners stock up
China's commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports. Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China this year, according to a survey of five analysts, more than a month's usage in the world's second-largest oil consumer.

Nov 18 - Saudi calls on OPEC+ to be flexible as it weighs oil cut extension
Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a new wave of the coronavirus pandemic. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, is considering delaying a plan to boost output by 2 million barrels per day (bpd), or 2% of global demand, in January to support the market.

Nov 18 - New U.S. license gives Chevron until June 3 to wind down Venezuela operations
The U.S. Treasury Department on Tuesday issued a new license to Chevron Corp, the last major U.S. oil company still operating in Venezuela, giving it until June 3 to wind down its joint ventures in the OPEC member nation. The United States last year imposed sanctions barring imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela's state-run oil company PDVSA, a move designed to starve the country of oil dollars and oust socialist President Nicolas Maduro.

Nov 18 - Saudi Aramco gets $8 billion with jumbo five-part bond deal
Saudi Aramco was set to raise $8 billion from a five-part bond deal on Tuesday as the world's largest oil producer seeks cash after low oil prices dented its finances. It received $48.1 billion in orders for the debt sale, less than half what it drew for its debut bond sale last year, when it raised $12 billion, a document issued by one of the banks leading the deal showed. 

Nov 18 - Canadian indigenous group to invest up to C$1 bln in Keystone oil pipeline
Pipeline operator TC Energy said on Tuesday that Canadian indigenous group Natural Law Energy will invest up to C$1 billion ($763.77 million) in its Keystone XL oil pipeline, despite U.S. President-elect Joe Biden's promise to stop the project. Keystone XL (KXL) would carry 830,000 barrels per day of crude from Alberta to the U.S. Midwest. It has faced a decade of opposition from U.S. landowners, environmental groups and tribes. 

Nov 18 - Vaccine trials temper hedge funds' oil pessimism: Kemp
Hedge funds raced to buy back short positions in crude and products last week after Pfizer’s announcement of a successful coronavirus vaccine trial prompted hope for a recovery in consumption next year. Fund managers purchased the equivalent of 114 million barrels in the six most important petroleum futures and options contracts in the week to Nov. 10, position records from regulators and exchanges showed.

Nov 18 - U.S. gas market rebalances after low prices curb glut: Kemp
U.S. gas inventories are heading into winter at a moderate level after ultra-low prices earlier this year curbed production, encouraged record consumption by power producers and ended the threat of an inventory glut. The lowest prices for more than two decades had offset mild temperatures that would otherwise have pushed working gas stocks in underground storage to record levels.

Nov 17 - OPEC+ weighs oil cuts extension, sees weaker compliance
OPEC and allies including Russia are leaning towards postponement of a planned January increase to oil output by at least three months to support prices as the COVID-19 pandemic continues its second wave, sources told Reuters on Monday. The OPEC+ group of producers was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as part of a steady easing of record supply cuts implemented this year.

Nov 17 - Equinor sees oil demand peaking 2-3 yrs sooner due to virus
Oil firm Equinor expects global oil demand to peak by around 2027-2028, two-free years earlier than the company previously saw, as a result of the COVID-19 pandemic, it said on Tuesday. There is no agreement on when oil demand could peak, but expectations weigh on oil companies' plans to explore for and develop new resources.

Nov 17 - Aramco markets five-tranche bonds, seeking cash amid cheap oil
Saudi Aramco began marketing a five-tranche U.S. dollar-denominated bond sale on Tuesday, as the world's largest oil producer seeks cash after low oil prices dented its finances. The move is part of an onslaught on international debt markets by Gulf issuers seeking to plug finances hit by the pandemic and weak oil prices, which has pushed regional issuance past last year's record to surpass $100 billion again.

Nov 17 - China makes rare, but small, draw on crude oil inventories: Russell
One of the standout features of the crude oil market since the start of the coronavirus pandemic has been the extraordinary amount being stored by China. But that stopped in October, at least temporarily. A combination of record refinery processing and an easing of import volumes, as the last of the cheap crude bought during a brief price war in April was delivered, led to a likely small draw on inventories in October.

Nov 17 - U.S. shale oil output to drop 139,000 bpd to 7.51 mln bpd in Dec - EIA
U.S. oil output from shale formations is expected to decline by about 139,000 barrels per day (bpd) in December to about 7.51 million bpd, the lowest level since June, the U.S. Energy Information Administration said in a monthly forecast on Monday. Output at nearly all seven major formations is expected to fall, except the Haynesville region, where output is forecast to remain largely steady. The biggest decline is expected to come from the Permian basin of Texas and New Mexico, where production is expected to drop by about 37,000 bpd, the biggest decline since May, to 4.3 million bpd, the data showed.

Nov 17 - EU eyes tax as tool in climate change fight
Taxation will not escape the European Union's plans to curb planet-warming emissions, and levies should be revamped to reflect climate and environmental costs, the head of EU climate policy said on Monday. Brussels is planning a far-reaching overhaul of policies including Europe's carbon market, farming subsidies and CO2 standards for cars as it seeks to slash EU emissions to 'net zero' - meaning that all emissions must be offset in full by absorption measures - by 2050.

Nov 17 - 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 November 10, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group raise its combined futures and options position in New York and London by 22,956 contracts to 273,981 during the period.

Nov 16 - China October refinery output hits record high on firm holiday gasoline demand
China's crude oil throughput rose 2.6% in October from a year earlier to its highest-ever level as fuel demand firmed on strong holiday travel. The country processed 59.82 million tonnes of crude oil last month, equivalent to 14.09 million barrels per day (bpd), according to data from the National Bureau of Statistics (NBS) on Monday.

Nov 16 - OPEC+ compliance with oil production cuts in Oct 101%-sources
The compliance of OPEC+ with oil production cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact. The compliance assessment will be reviewed and confirmed by a meeting of the OPEC+ Joint Technical Committee on Monday, one of the sources said.

Nov 16 - U.S. oil inventories offer hope, and a warning, to OPEC+: Kemp
U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance. But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.

Nov 16 - Investors tell European firms to reveal 'missing' climate costs in their accounts
Investors are pushing major European companies to make sure the "missing" costs of climate change are properly reflected in their financial statements, a move that could wipe billions of dollars off the value of sectors from energy to aviation. The European and U.S. investors, who manage $9 trillion in assets, have sent 36 carbon-heavy companies a document setting out how they should account for the likely impact of the 2015 Paris climate accord on their future profits.

Nov 16 - Australian coal exports to China slump, but prices are mixed: Russell
China's unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in November. But something odd is happening with prices. China imports two main types of coal from Australia, coking coal used to make steel and thermal coal, used predominantly to generate power, but which can also be used in industrial processes such as cement and ceramics.

Nov 16 - Citgo stops contributions to 401(k) plans, will cut salaries - sources
Citgo Petroleum Corp stopped contributions to employee 401(k) retirement plans on Nov. 1 and plans to reduce salaries on Jan. 1 to cope with the effects of the coronavirus pandemic, sources familiar with the moves said. In a message sent to employees that was seen by Reuters, the Houston-based company said the actions were necessary because of the loss of demand resulting from the health crisis.

Nov 16 - Saudi Aramco hires banks for multi-tranche bond deal
Saudi Aramco said on Monday it has hired a group of banks ahead of a multi-tranche U.S. dollar-denominated bond issuance, as the world's largest oil company seeks to raise cash amid lower oil prices. Goldman Sachs, Citi, HSBC, JPMorgan, Morgan Stanley and NCB Capital were hired to arrange investor calls starting on Monday ahead of the planned transaction, it said in a bourse filing.
 
Nov 16 - Trump administration pushes to sell Alaska oil leases pre-Biden inauguration
The Trump Administration will take key steps to finalize a sale of oil drilling leases in the sensitive Arctic National Wildlife Refuge (ANWR) in Alaska just before Democrat Joseph Biden, who opposes drilling there, becomes president, a government spokeswoman said on Friday. The White House will be sending out a call for nominations in coming days, according to a spokeswoman for the U.S. Bureau of Land Management in Anchorage, Alaska. The call is a request to energy companies on what specific land areas should be offered for sale.

Nov 16 - Libyan oil production tops 1.2 million bpd - source
Libyan oil production has now reached 1.215 million barrels per day (bpd), a Libyan oil source told Reuters on Friday, as the OPEC member's oil industry recovers faster than expected. The North African country's National Oil Corporation (NOC) said on Nov. 7 that production had reached 1.04 million bpd.

Nov 16 - U.S. drillers add oil and gas rigs for ninth week in a row - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row to the highest since May, as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June. The oil and gas rig count, an early indicator of future output, rose 12 to 312 in the week to Nov. 13, energy services firm Baker Hughes Co said in its closely followed report on Friday. That was 494 rigs, or 61%, below this time last year.

Nov 13 - Global oil demand unlikely to get vaccine boost until later in 2021 – IEA
Global oil demand is unlikely to get a significant boost from the roll-out of vaccines against COVID-19 until well into 2021, the International Energy Agency (IEA) said on Thursday, a view that is likely to dampen oil price gains since vaccine progress was announced earlier this week. "It is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a significant impact in the first half of 2021," the IEA said in its monthly report. 

Nov 13 - Minnesota regulators approve permits for Enbridge's Line 3 oil pipeline project
Minnesota regulators on Thursday approved key permits for Enbridge Inc's Line 3 crude pipeline replacement project, paving the way for federal permits from the U.S. Army Corps of Engineers after years of delays. The Minnesota Pollution Control Agency (MPCA) announced approvals for the Line 3 project, including the contested 401 Water Quality Certification, and the Minnesota Department of Natural Resources released the final eight permits for the project.

Nov 13 - India's October fuel demand marks first y/y gain in 8 months
India's fuel consumption in October registered its first year-on-year increase since February, as slowing coronavirus cases and increased mobility accelerated an economic recovery, data showed on Thursday. Consumption of refined fuels, a proxy for oil demand, rose 2.5% in October from the prior year to 17.78 million tonnes and nearly 15% higher from the previous month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

Nov 13 - Future of Dakota Access pipeline uncertain as Biden presidency looms
The election of Democrat Joseph Biden could create more headaches for the Dakota Access Pipeline's (DAPL) owners, who are already embroiled in legal battles to keep the main conduit for flowing oil out of North Dakota running. The $3.8 billion DAPL ships about 40% of the crude oil produced from the Bakken shale region in North Dakota to refiners in the Midwest and exporters in the U.S. Gulf. Without the 557,000-barrel-per-day line, getting oil out of the area, which has about 1 million bpd of output, would be much more difficult left to smaller existing pipelines and rail. 

Nov 13 - Nigeria case against JP Morgan over OPL 245 oil deal to go to trial
A lawsuit launched by the Nigerian government against U.S. bank JP Morgan Chase, claiming over $1.7 billion for its role in a disputed 2011 oilfield deal, will proceed to trial, London's high court ruled on Thursday. The suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011, which is the subject of an ongoing trial in Milan. 

Nov 13 - Macron hails chance to "make our planet great again" after Biden win
French President Emmanuel Macron on Thursday welcomed the prospect of U.S. President-elect Joe Biden rejoining the Paris climate accord, saying countries now had a chance to "make our planet great again". His comments follow those of other leaders who have welcomed Biden's victory as a boost to global cooperation on tackling climate change, after four years of climate policy inaction under President Donald Trump.

Nov 12 - OPEC+ could deepen oil cuts if needed, says Algerian energy minister
OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if market conditions require, Algeria's energy minister told an industry event on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are due to reduce their existing cuts of 7.7 million million barrels per day (bpd) by about 2 million bpd in January. 

Nov 12 - Iran says it exports 700,000 bpd of oil, later denies
An Iranian official said on Wednesday that Tehran exported up to 700,000 barrels per day (bpd) of oil since March, but was later quoted by an Iranian news agency casting doubt on the figure which had been kept secret as the country fights U.S. sanctions. Iran's oil exports have shrunk from more than 2.5 million bpd since 2018, when the United States withdrew from Tehran's 2015 nuclear deal with six world powers and reimposed sanctions that have hammered the country's economy.

Nov 12 - Slew of tankers sail toward Venezuela, suggesting oil export rebound
At least 18 oil tankers are expected to load oil for export from Venezuela in the coming weeks, according to tracking data and internal documents from state-run PDVSA, in a sign the sanctioned OPEC nation's crude exports may rebound this month. Venezuela's oil exports fell to their lowest levels since the 1940s in October, as some of Petroleos de Venezuela's last remaining clients halted trade with the company ahead of a deadline imposed by the United States.

Nov 12 - Asian gasoil spot differentials hit 3-month high in transient recovery
Gasoil cargoes in Asia are being sold at the narrowest cash discounts in three months this week, although industry sources said the market's strength would be transient as Europe's demand is under pressure from renewed coronavirus lockdowns. The gasoil market has found some support with improving domestic demand in India and China, but with limited scopes for arbitrage opportunities, most gasoil supplies will remain trapped within Asia in the near term and weaken the market, traders and analysts said. 

Nov 12 - Louis Dreyfus to gain first outside investor via deal with Abu Dhabi's ADQ
Louis Dreyfus Company (LDC) has agreed to sell a 45% stake to Abu Dhabi's ADQ, the companies said on Wednesday, the first outside investment in the family-owned commodity merchant's 169-year-old history. The deal comes after a search by chairwoman Margarita Louis-Dreyfus for an investor to relieve debt built up to buy out other shareholders, and extends state-owned holding company ADQ's foray into food commodities that are crucial to import-reliant Gulf states.

Nov 12 - Rising gas demand through 2040 needs $2 trillion in capital - Woodmac
Rapid gas demand growth expected through 2040 as countries implement clean air policies will require capital of $2 trillion to develop about 200 billion barrels of oil equivalent of new gas resources, consultancy Wood Mackenzie said. Asia's gas demand is growing by an average of nearly 3% a year over the next two decades with gas demand expected to double in China and India by 2040, as current low prices boost pro-gas policies, the company said in a white paper released on Thursday.

Nov 12 - Coronavirus accelerates oil refining shift to Asia: Kemp
Slumping fuel consumption during the pandemic is accelerating the long-term shift of refining capacity from North America and Europe to Asia, and from older, smaller refineries to modern, higher-capacity mega-refineries. The result is a wave of closures, often centring on refineries that only narrowly survived the previous closure wave in the years after the recession in 2008/09.

Nov 12 - Macquarie in exclusive talks to buy Italy's Ital Gas Storage - sources
Australia's Macquarie is in exclusive talks to buy Italy's biggest independent gas storage facility for more than 1 billion euros ($1.2 billion) but will need government clearance before clinching any deal, three sources close to the matter said. Ital Gas Storage, 92.5% owned by Morgan Stanley Infrastructure Partners, will have a capacity of around 1 billion cubic metres (bcm) when fully operational and is part of a sector considered strategic by Rome.

Nov 11 - ICE inks deals with U.S. firms to use new UAE-based oil benchmark for sales to Asia
Intercontinental Exchange Inc has signed agreements with oil companies Chevron Corp and Occidental Petroleum Corp, and leading merchant Trafigura AG to use the upcoming Murban crude futures contract as a pricing benchmark for U.S. sales to Asia, the president of ICE Futures Europe said on Tuesday. The move underscores the growing importance of the United States in the global crude export market, even though it only started exporting crude four years ago after ending a 40-year-ban. It now ships more than 3 million barrels per day worldwide, including to large Asian customers China, South Korea and Taiwan.

Nov 11 - Shell to cut jobs and capacity at major Singapore refinery
Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions. The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell's largest wholly-owned refinery worldwide.

Nov 11 - Phantom buyers in Russia, advice from Iran help Venezuela skirt sanctions
On Aug. 21, a tanker called the Otoman docked at the Jose oil terminal on Venezuela's coast in the Caribbean to load 1.82 million barrels of heavy crude, according to the state oil company's internal documents. Yet no tanker with that name is registered in major global shipping databases.

Nov 11 - U.S. crude output to decline more than previously forecast in 2020 - EIA 
U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a bigger decline than its previous forecast for a drop of 800,000 bpd. U.S. crude oil production has recovered from the two-and-a-half-year lows touched in May mainly because shale producers have brought wells back online in response to rising prices. 

Nov 11 - Vitol CEO says Biden's environmental agenda could push oil prices higher
The world's largest oil trader Vitol hopes to acquire U.S. oil producing assets by late next year and expects the Biden presidency's environmental policies could push oil prices higher longer term as supplies fall, its CEO said. Russell Hardy told the Reuters Commodity Trading Summit on Tuesday that he sees a mood change in the United States under incoming President Joe Biden. He sees the country joining the EU policy direction in terms of environmental goals, which will tighten oil supplies long term. 

Nov 11 - European lockdowns weigh on global fuel recovery
Renewed restrictions in Europe and the United States to combat the coronavirus have slowed the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels. As the second wave of the virus hit many Western countries, governments imposed new lockdowns, closing restaurants and bars and banning gatherings. But the measures were not as strict as during the first wave.

Nov 11 - Successful vaccine would boost oil consumption, but not for 6-12 months: Kemp
Coronavirus vaccines are expected to boost international passenger transportation and oil consumption, but the first significant impact will not be felt until well into the second half of 2021, based on futures price movements on Monday. Brent calendar spreads surged that day as traders priced in an announcement from Pfizer about successful immunisation trials, fuelling optimism an effective vaccine will become available within the next few months.

Nov 10 - European lockdowns weigh on global fuel recovery
Renewed restrictions in Europe and the United States to combat the coronavirus have slowed down the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels. As the second wave of the virus hit many Western countries, governments imposed new lockdowns, closing restaurants and bars and banning gatherings. But the measures were not as strict as during the first wave.

Nov 10 - Oil traders unwind bearish bets as vaccine hopes fuel optimism
Oil traders rushed to unwind a bevy of bearish bets after Pfizer announced promising results for its COVID-19 vaccine, shaking up energy markets that were primed for demand to sink into the winter on increased lockdowns and rising coronavirus infections. Crude prices plunged this year as global demand was crushed due to travel restrictions to curb the spread of COVID-19. Coming into this week, investors have been betting heavily on further weakness in prices as worldwide infections surpassed 50 million and numerous countries re-imposed lockdowns to slow the virus's spread.

Nov 10 - Saudi energy minister says OPEC+ oil output deal could be tweaked
The OPEC+ deal on oil output cuts could be adjusted as it has been in the past if there is consensus among members of the informal producers' group, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman told a conference on Monday. The Saudi minister was commenting after being asked whether OPEC+ - which groups OPEC states, Russia and other producers - would keep existing cuts of 7.7 million barrels per day (bpd), rather than easing them from January to 5.7 million bpd.

Nov 10 - Oil demand likely to take at least a year to hit 2019 levels - Gunvor head
Global demand for oil is running about 5 million to 6 million barrels per day (bpd) below pre-coronavirus crisis levels and OPEC with its allies is likely to prolong its existing cuts, the head of trading house Gunvor said on Monday. Torbjorn Tornqvist, chief executive of Gunvor Group, also told the Reuters Commodity Trading Summit the market would not recover to 2019 levels for at least a year and OPEC with its allies were likely to prolong existing production cuts into the first quarter of 2021.

Nov 10 - China coal imports show the pain goes beyond just Australia: Russell
China's coal imports plunged in October to the lowest this year, with supplies from Australia particularly hard hit amid an ongoing political dispute. However, there are other factors at work and while the decline in imports from Australia is a headline-grabber, it's far from the only story in play.

Nov 10 - Hedge funds dump oil, prompting OPEC to signal “tweak”: John Kemp
Hedge funds dumped many of their remaining petroleum positions last week as the surging number of coronavirus cases and fresh lockdowns fuelled fears of a second recession in the United States and Europe. In response, Saudi Arabia’s oil minister has said the OPEC+ production agreement could be “tweaked”, implying the presently scheduled increase due to take effect in January could be postponed.

Nov 09 - IEA sees new European lockdowns denting oil demand outlook
Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency (IEA) said. Keisuke Sadamori, IEA director for energy markets and security, told Reuters the impact would, however, likely be less severe than under lockdowns earlier in the year.

Nov 09 - China's Oct crude oil imports down 12.2% m/m as buying frenzy fades
China's crude oil imports slipped 12.2% in October from the prior month as refiners hit the brakes after months of a buying frenzy that had raised crude inventory to a near-full level, and as independent refineries run out of import quotas. China, the world's No.1 crude oil importer, bought 42.56 million tonnes of the resource last month, data from the General Administration of Customs showed on Saturday. That is equal to 10 million barrels per day (bpd).

Nov 09 - OPEC would miss 'friend Trump', wary of strains under Biden, sources say
Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President, sources close to the organisation said, and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut. Biden could modify U.S. diplomatic relations with three members of OPEC - de facto leader Saudi Arabia, and sanctioned countries Iran and Venezuela, as well as with key non-OPEC producer Russia. Russia is the leader of oil producers allied with OPEC, a group known as OPEC+.

Nov 09 - Rolling back Trump's rollbacks: Biden seen reversing climate deregulation
Joe Biden could erase much of President Donald Trump’s four-year legacy of energy and climate deregulation with the stroke of his pen, according to regulatory experts, but replacing it with something new and durable may prove trickier. Trump’s rollbacks are on shaky ground because most were done not through Congressional lawmaking but via presidential executive orders that can be easily torn up by a new administration. That means signature measures ranging from the withdrawal of the United States from the Paris climate agreement to the easing of vehicle emissions targets could vanish fast.

Nov 09 - China crude oil imports are likely weaker than data suggests: Russell
China's imports of crude oil slipped as expected in October, but while a 12.2% drop appears significant, the actual state of demand was probably even weaker. The world's biggest crude importer received 42.56 million tonnes in October, according to customs data released on Nov. 7, equal to 10.02 million barrels per day (bpd).

Nov 09 - Libya's oil output tops one million barrels per day - NOC
Libya's crude oil output has increased to 1,036,035 barrels per day (bpd) from 850,000 bpd a few days ago, the National Oil Corp (NOC) said on Saturday. Oil workers managed to increase the output despite "very difficult circumstances, particularly the current financial circumstances, that the sector is going through", NOC said in a statement.

Nov 09 - 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 November 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 36,699 contracts to 251,024 during the period.

Nov 09 - Enbridge aims to drastically cut carbon footprint as global climate pressures rise
Canada's largest pipeline operator Enbridge Inc on Friday set emissions reduction targets, hoping to be a net zero emitter of greenhouse gases by 2050, as the industry faces intense pressure from investors to limit carbon discharge. Reported greenhouse gas emissions from Canada's oil patch have more than doubled in the first half of the year as changes to how they are measured revealed a more extensive picture of environmental damage.

Nov 09 - U.S. drillers add oil and gas rigs for eighth week -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row for the first time since June 2018 as producers keep returning to the wellpad after crude prices held around $40 a barrel from mid June-late October. The oil and gas rig count, an early indicator of future output, rose four to 300 in the week to Nov. 6, the highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Nov 06 - Shell closing Convent, Louisiana, refinery as pandemic takes toll
Royal Dutch Shell said on Thursday it was closing its refinery in Convent, Louisiana, the largest such U.S. facility and first on the U.S. Gulf Coast to shut down since the coronavirus pandemic devastated worldwide demand. The shutdown will occur this month after Shell failed to find a buyer.

Nov 06 - Traders charter 4 VLCCs for maiden-voyage gasoil shipment, storage
Asian traders have chartered at least four supertankers to ship gasoil with the option of stowing surplus fuel if a second wave of the COVID-19 pandemic shrinks global demand, two shipping sources and an analyst said. Global diesel demand typically peaks during the Northern Hemisphere winter for heating purposes, but traders are bracing for lower consumption as countries across Europe have re-imposed mobility restrictions after the number of new coronavirus cases surged.

Nov 06 - Saudi Arabia cuts December crude official prices to Asia
Saudi Arabia's state oil producer Aramco lowered its December official selling price (OSP) for its Arab Light crude to Asia by $0.10 a barrel, setting it at a minus $0.50 per barrel versus the Oman/Dubai average, according to a document seen by Reuters on Thursday. Aramco was expected to maintain or slightly cut its December OSPs for Asian buyers, according to a Reuters survey. 

Nov 06 - Oil price path depends on coronavirus control: Kemp
Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries. In the United States, commercial jet fuel production over the four weeks to Oct. 30 averaged just 0.7 million bpd compared with compared with 1.6 million bpd a year ago, a decline of 54%.

Nov 06 - Top $5 trillion investor group pushes firms to cut out thermal coal
Some of the world's largest insurers and pension schemes are warning companies they invest in not to finance, insure, build, develop or plan new thermal coal plants or face sanctions, including possible divestment. The Net-Zero Asset Owner Alliance, whose members include German insurer Allianz and manage a combined $5 trillion in assets, is making the call after a recent commitment to set tougher carbon limits on their portfolios.

Nov 05 - Bearish bets on U.S. crude surge as traders brace for Biden win
Oil traders added to bearish bets on U.S. crude on Wednesday on expectations that Joe Biden would win the tightly contested U.S. presidential election and pursue his agenda to promote clean energy and reduce emissions to fight global warming. Options are a popular way to wager on big events in oil markets, and bearish put options give the holder the right but not the obligation to sell oil at a pre-determined price. CME Group even uses WTI crude option prices to calculate probabilities of certain outcomes of the next OPEC meeting. 

Nov 05 - Fuel oil outshines other refined products in Asia on tight supply, demand recovery
Asian refiners' profit from producing very low sulphur fuel oil (VLSFO) climbed to six-month highs this week as output cuts keep supplies tight while demand for the shipping fuel at most ports are back at pre-pandemic levels, traders and analysts said. The trend is likely to stay for the rest of the year, encouraging Asian refiners to prioritise VLSFO production along with petrochemical feedstock naphtha, where demand has also firmed.

Nov 05 - U.S. crude oil stockpiles plunge last week amid storm – EIA
U.S. crude oil stockpiles fell sharply last week, as a storm cut production in the U.S. Gulf of Mexico, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 8 million barrels in the week to Oct. 30, compared with analysts' expectations for an increase of 890,000 barrels.

Nov 05 - Global wind energy set for five years of record growth - research
Wind energy will achieve record growth globally over the next five years, the Global Wind Energy Council (GWEC) trade association said on Thursday, as the impact of COVID-19 has only been to delay, not cancel, projects. "While some project completion dates have been pushed into 2021 due to the pandemic, next year is expected to be a record year for the wind industry with 78 GW (gigawatts) of new wind capacity forecast to be installed in 2021," GWEC said in an outlook report.

Nov 05 - Coronavirus surge throws oil recovery into reverse: Kemp
Oil futures prices have started to signal OPEC+ may have to do more to offset a second wave of coronavirus and a renewed economic slowdown. Between mid-September and mid-October, Brent’s six-month calendar spread had been tightening, a signal traders expected production to run below consumption and inventories to fall.

Nov 04 - OPEC and Russia study deeper oil cuts - two sources
The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said on Tuesday. OPEC and allied producers, led by Russia, together known as OPEC+, are scheduled to reduce output cuts of 7.7 million barrels per day (bpd) by around 2 million bpd from January. 

Nov 04 - BP close to selling London headquarters to cut costs – FT
British oil major BP is close to selling its central London headquarters for about 250 million pounds ($325.65 million) as the coronavirus pandemic has forced the company to cut costs, the Financial Times reported on Tuesday. The office, located at St James' Square, which houses about 500 employees is under offer to Lifestyle International Holdings, a Hong Kong-based investor, FT reported, citing people familiar with the matter. 

Nov 04 - India's Sept crude imports decline at slower pace; LPG imports jump
India's crude oil imports fell for the sixth straight month in September as surging COVID-19 cases continued to limit fuel demand, but the decline was the least since virus restrictions began earlier this year, government data showed on Tuesday. Imports of liquefied petroleum gas (LPG) surged 4.5% to 1.64 million tonnes in September, the highest since Refinitiv started collecting data going back to 2004.

Nov 04 - French power utility Engie pulls out of U.S. LNG deal
French gas and power utility Engie has pulled out of a major U.S. liquefied natural gas (LNG) import deal after government concerns about its environmental implications. Late last month the French government had asked Engie to hold off from signing the deal with NextDecade Corp amid growing scrutiny of the effects of shale gas extraction methods such as fracking and their impact on climate change through methane emissions.

Nov 03 - Saudi Aramco Q3 profit slumps 44.6% as pandemic chokes demand
Saudi Arabian state oil group Aramco on Tuesday reported a 44.6% drop in third-quarter net profit, in line with analysts' estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand. Weaker refining and chemicals margins have also hit the company's net profit, which fell to 44.21 billion riyals ($11.79 billion) for the quarter ended Sept. 30 from 79.84 billion riyals last year.

Nov 03 - Russian oil bosses debate extending output curbs into 2021 – sources
Top managers of Russian oil companies and Russian Energy Minister Alexander Novak on Monday discussed a possible extension of oil output restrictions into the first quarter of 2021, two industry sources said. The Organization of the Petroleum Exporting Countries (OPEC) and Russia imposed a record oil output cut in April to support prices as the COVID-19 pandemic shrank demand.

Nov 03 - Hedge funds raise Canadian energy shorts ahead of U.S. election
Hedge funds upped bets against Canadian energy companies in the run-up to Tuesday's U.S. presidential election, regulatory filings reviewed by Reuters showed. Market participants have speculated energy stocks could fall if Democratic Party candidate Joe Biden wins the race against incumbent President Donald Trump.

Nov 03 - Venezuela's oil exports fall to new low in Oct as clients walk away - data
Venezuela's oil exports fell to a historic low of 359,000 barrels per day (bpd) in October as most of state-run PDVSA's long-term clients paused trade to meet a U.S. deadline to halt business with the firm, according to data seen by Reuters on Monday. The United States set an October-November deadline for PDVSA's long-term customers - including Italy Eni, Spain's Repsol and India's Reliance Industries - to stop oil swaps it had authorized this year as exceptions to sanctions on Venezuela. 

Nov 03 - Funds sell oil on fears of virus-driven economic double dip: Kemp
Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fuelled fears of a double-dip recession hitting oil consumption. Hedge funds and other money managers sold the equivalent of 53 million barrels in the six most important petroleum futures and options contracts in the week to Oct. 27.

Nov 03 - Slump in Nordic power prices prompts hedging revival
After years of decline, the trading of Nordic power contracts is increasing again as electricity producers seek to protect future earnings from a slump in delivery prices to their lowest in 20 years. The trading slowdown had raised concerns about the relevance of the Nordic power market with adequate liquidity required to offer reliable price signals.

Nov 02 - Traders scout for supertankers to store diesel as virus spreads
Oil traders are scouting for newly built supertankers to store diesel for the next few months as they brace for lower demand in Europe amid renewed restrictions aimed at battling the COVID-19 pandemic, shipping and trade sources said. Trading companies, including oil majors, are making enquiries to charter very large crude carriers (VLCC) to carry diesel with 10 parts-per-million (ppm) sulphur for up to six months, they said, indicating that diesel floating storage could rise again.

Nov 02 - Exxon presses Australia to release aid to oil refiners by January
Exxon Mobil Corp s urging the Australian government to start releasing aid to the country's oil refineries by January after a decision last week by BP plc to shut the nation's biggest refinery. Exxon owns Australia's oldest refinery at Altona near Melbourne, which can process 90,000 barrels per day of oil, the smallest of the nation's four refineries.

Nov 02 - China raises 2021 non-state crude oil import quotas by 20%
China, the world's top crude oil importer, will raise its non-state crude oil import quota for 2021 by 20% on-year to 243 million tonnes, the country's commerce ministry said on Monday. The country has been a critical market for oil producers forced to dump excess supplies at decades-low prices during the height of the COVID-19 pandemic. 

Nov 02 - Biden farms for crucial votes in Trump Country
By planting a sign in early October supporting Joe Biden on a country road near her Minnesota dairy farm, Meg Stuedemann initially stood out from her neighbors. The 54-year-old, who runs Derrydale Farm in Belle Plaine with her husband, supports the former vice president, a Democrat, for president because of his pledges to combat climate change and promote renewable energy.

Nov 02 - U.S. oil output falls 3.6% in August as storms bash Gulf of Mexico - EIA
U.S. oil output fell 3.6% to 10.6 million barrels per day (bpd) in August as offshore Gulf of Mexico production collapsed to the lowest in nearly seven years, the U.S. Energy Information Administration (EIA) said on Friday in its monthly 914 production report. That is down 14.9% from average U.S. output of 12.4 million bpd in August 2019. Producers this year cut back on new drilling as the coronavirus pandemic slashed fuel demand and prices collapsed. 

Nov 02 - 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 27, 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 36,589 contracts to 287,723 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. The data were not provided by the CFTC this week.

Nov 02 - Singapore seeks to renew confidence in commodities trading after scandals
Singapore wants to improve standards in its commodities trading industry after scandals rocked banks' confidence in lending to the sector, its trade minister said on Monday. Several financial scandals in the industry, including allegations of fraud and suspect deals, have surfaced this year after the slump in oil prices sparked by the coronavirus crisis. 

Nov 02 - U.S. drillers add most oil and gas rigs in a month since May 2018 -Baker Hughes
The U.S. oil and natural gas rig count rose in October for the third straight month and drillers added the most rigs in a month since May 2018 as some returned to the well pad after crude prices steadied. The oil and gas rig count, an early indicator of future output, rose for a seventh week, growing by nine to 296 in the week to Oct. 30, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Oct 30 - Coronavirus, consolidation taking toll on energy jobs 
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand. Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc. 

Oct 30 - Kuwait says supports any OPEC+ supply decision as 2021 curbs loom 
Kuwait said on Thursday it would support any decision made by OPEC and its allies on future oil supply policy after OPEC and industry sources told Reuters some producers would prefer to pump more from January rather than extend output curbs. De-facto OPEC leader Saudi Arabia and non-OPEC Russia are in favour of extending existing oil production cuts of around 7.7 million barrels per day (bpd) into next year. They want to maintain cuts because fuel demand worldwide remains depressed due to the coronavirus pandemic's impact on population movement and economic activity.

Oct 30 - Saudi Arabia may cut or keep Asia crude prices steady in December -survey 
Top oil exporter Saudi Arabia may maintain or cut slightly its crude official selling prices (OSPs) for Asian buyers in December after benchmark Dubai prices and refining margins weakened, a Reuters survey showed on Thursday. Three of six Asian buyers expect the December OSP for Saudi flagship grade Arab Light to fall by 10-20 cents a barrel from the previous month, while two others expected prices to hold steady, the survey showed.

Oct 30 - Asia refiners to process more crude in Q4, but gasoline seen tight - analysts 
Asian refiners are expected to raise their oil products output in the fourth quarter to meet peak winter demand, but a gasoline supply deficit is likely as refineries prioritise production of other fuels with higher profits, analysts say. Refineries could process 1 million to 1.4 million barrels per day (bpd) more crude in the fourth quarter than in the third, they said, in anticipation of heating oil demand and as consumption in China returns to pre-coronavirus levels. Demand for some fuels has also risen in India. 

Oct 30 - U.S. refiners shrink distillate surplus but market remains vulnerable: Kemp 
Boosted by strong consumption of diesel, U.S. oil refiners are making progress on reducing excess stocks of middle distillates by limiting crude processing and focusing on making as much gasoline as possible. But total petroleum inventories remain abnormally high, underscoring the need for OPEC+ to continue restricting crude production in the first quarter of next year, or risk a renewed collapse in oil prices.

Oct 30 - Frequent hurricane shutdowns weigh on U.S. energy results
As crews began returning to U.S. Gulf of Mexico offshore facilities on Thursday, this year's repeated oil and gas production halts were already hitting energy firms' results. Eight named storms entered the U.S. Gulf of Mexico this year, most spiraling up to damaging storms that required offshore facility evacuations or temporary well shutdowns.

Oct 30 - BP to close Australian oil refinery in wake of pandemic slump 
BP plc plans to stop producing fuel in Australia and will convert its loss-making Kwinana oil refinery, the biggest of the country's four, into a fuel import terminal due to tough competition in Asia, the global major said on Friday. BP is the first of Australia's four refiners to pull the plug on its plant in the wake of the coronavirus-driven oil demand slump this year. Two rivals have also flagged they are considering the future of their plants.

Oct 30 - If Biden wins, what would a U.S. climate change pledge look like? 
If he wins next Tuesday's U.S. presidential election, Joe Biden has pledged to give the country a leading role in global efforts to curb climate change. Experts are wondering how ambitious his plans would be on slashing emissions this decade. President Donald Trump, who has rejected mainstream science on climate change, does not have a plan to address global warming. The Republican president rejected the 2015 Paris Agreement early in his first term, and the United States is set to formally exit the deal to rein in global emissions on Nov. 4, the day after the election.

Oct 30 - Japan's new climate goals lift prospects for crippled nuclear industry 
Japan's move to embrace a climate target of carbon neutrality by 2050 could open the way for the beleaguered nuclear industry to fire up again, nearly a decade after the Fukushima disaster shut down most of the country's reactors. Once the world's third-largest user of nuclear energy, utilities are now decommissioning nearly 40% of the pre-2011 fleet and the public remains highly suspicious of the industry.

Oct 29 - Shell increases dividend after beating Q3 forecasts 
Royal Dutch Shell on Thursday increased its dividend after easily beating third-quarter profit forecasts even as the energy company warned of "significant uncertainty" because of the pandemic. The Anglo-Dutch company said it would boost its dividend on an annual basis in a sign of renewed confidence after it cut its dividend in April for the first time since the 1940s in response to the slump in oil prices as COVID-19 shrank energy demand.


Oct 29 - Asian buyers boost physical oil as pandemic punishes futures 
Robust demand from China and India has bolstered physical crude oil prices from around the world, traders said, in contrast to the futures market that is wrestling with over-supply and demand uncertainty wrought by COVID-19. Global benchmark Brent futures are trading around $40 a barrel, having recovered from more than two-decade lows in April, but still under pressure from concerns a second wave of the pandemic will reduce fuel use.

Oct 29 - Equinor in $2.9 bln asset write-off as oil price hit 
Norway's Equinor wrote off $2.93 billion from the value of its assets after cutting its long-term oil price forecast on Thursday, betting the pandemic and a shift away from fossil fuels will have a lasting impact on markets. Including the asset write-off, Equinor posted a net loss of $2.12 billion in the third quarter.

Oct 29 - Exxon Mobil to keep dividend flat for first time since 1982 
Exxon Mobil Corp on Wednesday kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that the U.S. oil producer has not raised its shareholder payout. The largest U.S. oil producer by volume was caught off guard by the sharp decline in energy prices and demand this year. U.S. prices are off 39% since the start of the year and globally demand has tumbled due to the COVID-19 pandemic.

Oct 29 - Can Liberty Oil maverick's corporate culture survive the U.S. shale bust? 
Chris Wright stands out as an oilman who might be more at home in Silicon Valley than the shale fields of North Dakota. A mountain climber and Massachusetts Institute of Technology graduate who stationed his oilfield firm in Denver, he saw opportunity in the high employee turnover at hydraulic fracturing providers. Nine years later, Wright is running the second-biggest fracking company in North America and preparing for a battle to keep the unconventional culture he has built at Liberty Oilfield Services Inc. The challenge will be to maintain its free-wheeling style while grappling with a major acquisition and the oil industry's worst bust. 

Oct 29 - U.S. oil production will not return soon to pre-pandemic levels, energy secretary says 
U.S. Energy Secretary Dan Brouillette said on Wednesday he does not expect U.S. oil production to return soon to pre-pandemic levels as demand remains weak. U.S. oil output reached around 13 million barrels per day in February before the coronavirus pandemic hit fuel demand. 

Oct 29 - Australia shrugs off carbon neutral pledges of its top resource buyers. It shouldn't: Russell 
If you were the chief executive of a major corporation and three of your top customers said they intended to buy substantially less of your products, it would probably spur a re-think and a shift in strategy. Being the elected political leader of a country is a different role than that of a business executive, but the same principles ought to apply, or at least have relevance.

Oct 29 - Indian refiners bet on petrochems to hedge against low fuel margins 
Indian refiners have turned their focus to raising production of petrochemicals to cater for rising demand and help hedge against lower refined fuel margins, the country's oil secretary and company officials said on Wednesday. "We need more petrochemicals because that's what we are importing at the moment," Oil secretary Tarun Kapoor said at the India Energy Forum organised by IHS CERAWeek.

Oct 29 - U.S. crude stockpiles jump as output soars, demand weak
U.S. crude oil stockpiles rose last week as production surged, posting its largest one-week increase ever, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 4.3 million barrels in the week to Oct. 23 to 492.4 million barrels, much more than analysts' expectations in a Reuters poll for a 1.2 million-barrel rise.

Oct 28 - Drop in leisure driving stalls global recovery in fuel demand
Brandon Thompson was planning on making an eight-hour drive this year from his home in Iowa to Ann Arbor, Michigan, to see his favorite college football team play. Then the pandemic hit. "We realized very early on if there was a season, there would be no fans," said Thompson, a University of Michigan Wolverines fan.

Oct 28 - China's domestic jet fuel demand back to near pre-COVID levels
China's domestic aviation fuel consumption rebounded to near pre-COVID levels in September, thanks to a fast recovery in passenger travel and cargo freight, although demand from international flights remained weak, industry sources said. Domestic aviation fuel sales amounted to about 2 million tonnes (523,300 barrels per day) last month, the highest since February and slightly below January, said two sources with knowledge of the matter.

Oct 28 - OPEC+ set for a three-month output rollover: John Kemp
Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November. For tactical reasons, both countries are trying to avoid committing to a rollover until the meeting is closer, seeking to keep their options open and secure adherence from other oil producers in the OPEC+ group.

Oct 28 - U.S. offshore energy producers brace for Hurricane Zeta impact
Energy firms and ports along the U.S. Gulf Coast prepared on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. BP, Chevron and Royal Dutch Shell, among others, evacuated 157 offshore facilities and sharply cut production from the offshore region. Pipeline operator Enbridge evacuated two platforms and removed workers from a Louisiana natural gas processing plant.

Oct 28 - Chevron to lay off about 25% of Noble Energy employees after merger
Chevron Corp will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday. A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands of employees and cutting down on drilling. For many companies, consolidation with larger players at low or no premiums is becoming the only option to survive.

Oct 28 - Trump sanctions could give Biden a bargaining chip in deal talks with Iran
The Trump administration’s imposition of new sanctions on Iran may have been intended to forestall a new nuclear deal with Tehran if Joe Biden is elected president, but it could backfire instead by strengthening Biden's hand at the bargaining table. The U.S. Treasury Department on Monday slapped counterterrorism sanctions on key players in Iran's oil sector for supporting the Quds Force, the elite paramilitary arm of the Islamic Revolutionary Guard Corps. The move, just before the Nov. 3 U.S. election, followed sanctions on 18 banks in Iran that Washington imposed earlier this month. 

Oct 28 - Cenovus Energy to cut up to 25% of combined workforce with Husky after deal -companies
Cenovus Energy Inc plans to cut 20% to 25% of its workforce after it acquires Husky Energy Inc, the companies said on Tuesday, as Cenovus begins to slash costs in the Canadian oil patch's biggest merger in nearly four years. The job losses could total about 2,150, based on the size of their workforces, including contractors. Most will be in Calgary, Alberta, Husky said in a statement.

Oct 27 - Asia's crude demand ex-China shows tentative recovery signs: Russell
There are emerging signs that crude oil demand is gradually recovering in major Asian countries outside China, a key pre-condition to sustaining any bullish view of the market. While China's crude imports have been record-breaking, with the five highest months being the May to September period, the rest of Asia has struggled amid weaker demand caused by lockdowns aimed at curbing the spread of the novel coronavirus.

Oct 27 - BP swings back to small profit, refining weighs
BP swung to a small profit in the third quarter, beating forecasts, helped by stronger oil prices while a slow recovery in fuel demand weighed heavily on refining profits. The $100 million profit in the three months to September 30 beat analysts' expectation of a loss of $120 million. It followed a record $6.7 billion loss in the previous quarter.

Oct 27 - China's 14th 5-year plan: Key commodities and energy themes to watch
China's fifth Communist Party Plenum - which runs through Oct. 29 behind closed doors - is expected to lay out the framework for the country's 14th five-year economic plan, which will have a broad impact on an array of commodity markets through 2025. Full details of the plan are expected to be unveiled at the annual parliament meeting in early 2021, but President Xi Jinping and key Communist Party decision makers are expected to agree on several key blueprints this week.

Oct 27 - U.S. offshore energy producers brace for Hurricane Zeta impact
Energy firms and ports along the U.S. Gulf Coast were bracing on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. BP, Chevron and Equinor evacuated oil workers and Royal Dutch Shell paused drilling as winds intensified to 85 mile-per-hour (136 kph). Pipeline operator Enbridge evacuated an offshore platform and on Tuesday plans to remove workers from a Louisiana natural gas processing plant.

Oct 27 - Lower prices drive Asia's demand for LNG as ship fuel
The use of liquefied natural gas (LNG) to fuel ships is gaining traction in Asia amid a global push to use cleaner fuels in the sector and as abundant supplies are making the super-chilled fuel more affordable than oil. The move could draw billions of dollars in investments from suppliers and buyers in gas storage, LNG-fuelled vessels and barges that will enable ships to meet stringent emission standards set by the International Maritime Organization, analysts and industry officials say.

Oct 27 - U.S. issues fresh Iran-related sanctions targeting state oil sector
The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic's oil sector, including the Iranian Ministry of Petroleum, in Washington's latest move to increase pressure on Tehran. The U.S. Treasury Department in a statement said it was slapping sanctions on key actors in Iran's oil sector for supporting the Quds Force, the elite foreign paramilitary and espionage arm of the Islamic Revolutionary Guard Corps.

Oct 27 - OPEC chief says rising infections may delay oil recovery
OPEC's secretary general said on Monday an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would "stay the course" in balancing the market. The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as the pandemic hit demand. They are scheduled to increase output in January as part of a gradual easing of supply curbs.

Oct 27 - Canadian energy deal creates Midwestern refining giant amid uncertain demand
The merger of Canadian oil companies Cenovus Energy and Husky Energy will create a formidable refining presence in the Midwestern United States, but it comes at a time when weak demand has left that market oversupplied, squeezing margins. Pandemic travel restrictions have hurt fuel demand and spurred companies to cut costs or merge. Since the pandemic started, at least 4 different crude oil refineries have been idled or closed in North America. With infections surging again, consumption of gasoline and diesel could remain weak, hurting refinery profits.

Oct 27 - Funds buy crude on expected delay to OPEC+ output increase: Kemp
Hedge funds purchased crude futures and options at the fastest rate for six months as portfolio managers became increasingly confident OPEC+ will postpone scheduled output increases until demand is stronger. The equivalent of 55 million barrels was purchased by hedge funds and other money managers in the six most important petroleum futures and options contracts in the week to Oct. 22.

Oct 27 - Venezuela crude inventories mount as exports drop ahead of sanctions deadline
Crude inventories at Venezuela's main oil export terminal, Jose, have hit their highest levels since August as customers shy away from state oil company Petroleos de Venezuela due to U.S. sanctions, a document seen by Reuters on Monday showed. Storage levels at Jose reached 11.8 million barrels as of Saturday, more than double the 5.6 million barrels registered a month earlier, and just 3 million barrels of storage space was available. The surge in inventories, coupled with the drop in available storage tanks, could force PDVSA to slash crude production as it did earlier this year.

Oct 26 - China takes record levels of U.S. crude oil in Sept, Brazil jumps to No. 3 supplier
China's crude oil imports from the United States rose to a record high in September, while Brazil jumped to become the country's third-biggest supplier, data showed. U.S. shipments in September soared to 3.9 million tonnes, spurred by cheap prices and a trade deal between Beijing and Washington, data from China's General Administration of Customs showed.

Oct 26 - Chevron bets on Middle East gas riches and reconciliation
After years of focusing on U.S. shale, Chevron Corp is staking its natural gas future on the Middle East, a volatile and divided region where energy majors have long tread warily. CEO Michael Wirth's pivot away from home is underpinned by a bet that the Middle East is entering an era of reconciliation that will make it ideal for tapping natural gas, as demand for the cheaper and cleaner fuel is forecast to outstrip oil.

Oct 26 - India's refinery processing limps to 6-month peak
Crude oil processed by Indian refiners hit the highest in six months in September, in another sign that demand for fuel is recovering from the blow to economic activity and transportation from coronavirus restrictions. Crude oil throughput in September rose 13.4% from the previous month to 4.33 million barrels per day (17.71 million tonnes).

Oct 26 - 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 October 20, 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 35,859 contracts to 324,313 during the period.

Oct 26 - Canada's Cenovus to buy Husky for $2.9 bln as pandemic drives oil mergers
Cenovus Energy Inc has agreed to buy rival Husky Energy Inc in an all-stock deal valued at C$3.8 billion ($2.9 billion) to create Canada's No. 3 oil and gas producer, as a pandemic-driven collapse in demand forces the industry to consolidate. The combination, announced on Sunday, follows recent big deals in the United States. Concho Resources Inc agreed this month to a takeover by ConocoPhillips for $9.7 billion. That followed Chevron Corp's $4.2 billion purchase of Noble Energy.

Oct 26 - U.S. oil and gas rigs rise to highest since May - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row for the first time since June 2018, with the industry expecting more momentum in drillers' return to the wellpad as crude prices steady around $40 a barrel. The oil and gas rig count, an early indicator of future output, rose five to 287 in the week to Oct. 23, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Oct 26 - Japan aims for zero emissions, carbon neutral society by 2050 - PM
Japan is aiming to cut greenhouse gases to zero by 2050 and become a carbon-neutral society, Prime Minister Yoshihide Suga said on Monday as he unveiled a major shift in position on climate change. Japan had previously said it would be carbon neutral as soon as possible in the second half of the century, rather than set an explicit date.

Oct 23 - Russia's Putin: rollover on oil output curbs possible 
Russian President Vladimir Putin said on Thursday that Russia saw no need for now for global oil producers to change their existing deal on global supply, but did not rule out extending deep oil cuts for longer if market conditions warranted. His comments are the clearest signal yet from Russia, one of the world's top oil producers, that it is ready to continue with unprecedented output cuts in the face of a sluggish oil market beset by the coronavirus pandemic and overproduction.

Oct 23 - France halts Engie's U.S. LNG deal amid trade, environment disputes 
The French government asked power group Engie to hold off on signing a multibillion-dollar U.S. liquefied natural gas import contract on concerns over the deal's environmental implications, a source familiar with the matter said. The intervention comes amid growing scrutiny over the effects of shale gas extraction methods such as fracking and their impact on climate change through methane emissions, especially among U.S. producers. 

Oct 23 - Trump, Biden clash over climate, oil industry in final debate 
Republican President Donald Trump and Democratic challenger Joe Biden clashed over the country's response to climate change in their final presidential debate on Thursday, which included a stark disagreement over the future of the oil industry. The candidates were asked at their matchup in Nashville, Tennessee, what they would do to combat climate change - the first time in a presidential debate they were not questioned on whether they believed in it or not.

Oct 23 - China spot crude demand rebounds as refiners, traders stock up for 2021
Some Chinese private refiners have snapped up millions of barrels of crude oil for delivery around December-end and January, as they replenish stocks ahead of the release of 2021 imports quotas, oil traders said on Thursday. At least two of the refiners have bought nearly 20 million barrels of crude, with Rongsheng Petrochemical emerging as the top buyer as it prepares to start a new crude distillation unit (CDU), they said. 

Oct 23 - U.S. Supreme Court's rightward move could benefit oil and gas interests 
The addition of Amy Coney Barrett to the Supreme Court, moving it further rightward, could have significant consequences for U.S. climate change policy and complicate the government's ability to regulate pollution, according to legal experts. The confirmation of President Donald Trump's nominee in the Republican-led Senate, expected on Monday after the Judiciary Committee voted in favor of Barrett on Thursday, would give the Supreme Court a 6-3 conservative majority. 

Oct 23 - U.S. oil refineries slow as gasoline demand softens: Kemp 
By restricting crude processing and focusing on making gasoline, U.S. petroleum refiners have made progress in reducing excess stocks of middle distillates such as diesel and heating oil. In the first half of October, however, the strategy has been challenged by softening domestic gasoline consumption, forcing them to make even deeper cuts in crude processing in an effort to stay on track.

Oct 23 - As popularity slides, Alberta's Kenney has oil pipeline riding on U.S. vote 
The premier of Canada's oil-producing province Alberta is losing popularity as the pandemic deepens its economic woes, highlighting the big pipeline bet that Jason Kenney has riding on the U.S. election. Kenney said in March that Alberta would invest C$1.5 billion ($1.14 billion) in TC Energy Corp's Keystone XL (KXL) oil pipeline and back the company's C$6-billion credit facility. 

Oct 22 - U.S. crude exports likely to be muted through 2020 as production slides 
U.S. crude oil exports are expected to sputter through the end of 2020 due to weak production and unfavorable economics for foreign buyers of U.S. oil, traders and analysts said. U.S. oil demand is down about 13% from last year due to the coronavirus pandemic. Exports have become critical revenue sources for many oil companies, and the United States had regularly been exporting more than 3 million barrels per day (bpd) of crude oil. But U.S. output is not expected to recover to its 2019 peak of nearly 13 million bpd, which could hamstring exports.

Oct 22 - Spurred by reform, China's niche LNG buyers to pour in investments, double imports 
A group of niche Chinese gas firms is set to make waves in the global market with plans to invest tens of billions of dollars and double imports in the next decade as Beijing opens up its vast energy pipeline network to more competition. The companies, mostly city gas distributors backed by local authorities, are ramping up purchases of liquefied natural gas (LNG) as newly formed national pipeline operator PipeChina begins leasing third parties access to its distribution lines, terminals and storage facilities from this month. 

Oct 22 - Exxon Mobil 'very close' to disclosing U.S., Canada job cuts, says CEO
Exxon Mobil Corp is "very close" to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a third-quarter $1.17 billion loss, according to IBES data from Refinitiv.

Oct 22 - Commodities headed for bull market in 2021 on inflation fears, stimulus - Goldman Sachs 
A weaker U.S. dollar, rising inflation risks and demand driven by additional fiscal and monetary stimulus from major central banks will spur a bull market for commodities in 2021, Goldman Sachs said on Thursday.The bank forecast a return of 28% over a 12-month period on the S&P/Goldman Sachs Commodity Index (GSCI), with a 17.9% return for precious metals, 42.6% for energy, 5.5% for industrial metals and a negative return of 0.8% for agriculture.

Oct 22 - Mideast share of India's Sept oil imports falls to 4-month low - sources 
Middle East producers' share of India's market fell to a four-month low in September while that of Africa rose to one year high, according to data obtained from industry sources. Last month, India's oil imports from its top oil supplier Iraq declined by about 18% from August, the data showed, as OPEC's second biggest producer deepened output cuts to compensate for overproduction. 

Oct 22 - Norway labour unions split over oil service wage talks 
One of Norway's two labour unions for oil service workers struck a wage deal with subcontractors to the country's oil and gas industry, while a second union broke off talks, union officials said on Thursday. Industri Energi, the largest of the two labour unions involved in negotiations, said it had agreed to a deal, while the smaller Safe union said it had broken off talks and would face mandatory mediation later this year.

Oct 22 - U.S. crude stockpiles dip, gasoline builds amid weak fuel demand - EIA 
U.S. crude oil and distillate inventories fell last week, while gasoline stocks rose in another weak showing for fuel demand, the Energy Information Administration said on Wednesday. Refinery runs and crude production both fell sharply, however, which analysts attributed to ongoing disruptions from Hurricane Delta. 

Oct 22 - Biden presidency could cut slow path to resumed Iran, Venezuela oil exports 
Democratic U.S. presidential hopeful Joe Biden's promised return to diplomacy with OPEC-members Iran and Venezuela could cut a path for a return of their oil exports should he win, but not before many months at least of verifications, talks and deal-making. The timing of a potential resumption of shipments is crucial to world oil markets: U.S. President Donald Trump's unilateral sanctions on the two countries since taking office in 2017 have blocked up to 3 million barrels per day (bpd), or 3% of world supply. Iran has taken the biggest hit, with exports shrinking by around 2 million bpd to around 500,000 bpd.

Oct 22 - Glencore sees logic in keeping coal, the market may disagree: Russell 
Glencore wants to keep its coal mines but run them down over time, believing that this will be a better outcome for the climate than selling them to another operator or spinning them into a new company. While it's arguable that this is actually a better outcome for the environment, it's also possible that Glencore is setting itself up for a conflict with shareholders, both existing and potential, who are likely to demand firmer action on coal than a long goodbye, even if an extended exit is more profitable.

Oct 21 - Shale producer Pioneer Natural to buy rival Parsley for $4.5 bln in all-stock deal 
Pioneer Natural Resources Co said on Tuesday it would buy smaller rival Parsley Energy Inc in a deal valued at about $4.5 billion, the latest consolidation among U.S. shale producers slammed by the rout in oil prices during the pandemic. Many shale companies have been mired in losses because of weak crude prices, hovering around $40 a barrel since June. But unlike in past downturns, companies have struggled to raise new capital to restructure heavy debts.

Oct 21 - Russia's Novak says premature to talk about OPEC+ plans beyond 2020 
Russia's energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed. OPEC and allies including Russia, known as OPEC+, agreed in April they would gradually ease production cuts - introduced to support prices after a plunge in demand caused by the COVID-19 pandemic - with one phase of the easing set to begin on Jan. 1. 

Oct 21 - Losing control? Norway's oil workers fear for future as rigs go remote 
A shift to operating oil rigs remotely from land, which has been accelerated by lower crude prices, has rekindled concerns among Norwegian unions over the impact on the safety of offshore workers and the loss of well-paid jobs. These fears were highlighted by Lederne, one of three unions representing offshore workers, which this month shut six fields in a strike that threatened a quarter of Norway's oil and gas output, rattling global oil markets. 

Oct 21 - Top Morgan Stanley commodities executives leave after rules breach - source 
Two top commodities trading executives at Morgan Stanley are leaving the bank after breaching company policy related to the use of communication tools, a source familiar with the matter said on Tuesday. Nancy King, global head of commodities, and Jay Rubenstein, head of commodities trading, are leaving after years with the firm, the source said.

Oct 21 - China crude storage flows accelerate as last of cheap oil offloads: Russell 
China's flow of crude oil into storage accelerated in September, reversing two months of declines, as the world's biggest importer of the fuel continued to work its way through massive volumes purchased during a brief April price war. The flow of crude into commercial and strategic stockpiles was about 1.75 million barrels per day (bpd), according to calculations based on official data for crude imports, domestic output and refinery runs.

Oct 21 - Iraq flags oil project delays, sees recovery next year - minister 
The Iraqi oil minister said on Tuesday that oil projects are being delayed in his country because of the OPEC+ production cuts, but he expects an oil price recovery from the second quarter of next year to help the sector. "I think quarter two, 2021 will be more attractive to every aspect of our business," Ihsan Abdul Jabbar told the CWC Iraq Petroleum conference.

Oct 20 - Worried about weak oil demand, OPEC pledges action 
OPEC and allied producers on Monday pledged action to support the oil market as concerns mounted that a second wave of the COVID-19 pandemic will hobble demand and an earlier plan to raise output from next year would further depress prices. Saudi Arabia, the biggest member of the Organization of the Petroleum Exporting Countries (OPEC), said no-one should doubt the group's commitment to providing support, while three sources from producing countries said a planned output increase from January could be reversed if necessary.

Oct 20 - ConocoPhillips to buy Concho Resources for $9.7 bln in 2020's top shale deal 
ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc for $9.7 billion, as the energy sector consolidates further on the back of lower fuel prices and demand. The low-premium, all-stock deal comes as many U.S. shale companies have been mired in losses due to weak crude prices and, unlike in past downturns, have struggled to raise new capital to restructure heavy debts.

Oct 20 - Output at Libya's Sharara oilfield rises to around 150,000 bpd - sources 
Production at Libya's Sharara oilfield has risen to around 150,000 barrels per day, around half its capacity, two industry sources with knowledge of the matter told Reuters on Monday. The Organization of the Petroleum Exporting Countries and its allies have highted rising Libyan production, as well as a weaker demand outlook because of a second wave of coronavirus infections, as major risks to any oil market recovery. 

Oct 20 - Losing control? Norway's oil workers fear for future as rigs go remote 
A shift to operating oil rigs remotely from land, which has been accelerated by lower crude prices, has rekindled concerns among Norwegian unions over the impact on the safety of offshore workers and the loss of well-paid jobs. These fears were highlighted by Lederne, one of three unions representing offshore workers, which this month shut six fields in a strike that threatened a quarter of Norway's oil and gas output, rattling global oil markets. 

Oct 20 - China crude storage flows accelerate as last of cheap oil offloads: Russell 
China's flow of crude oil into storage accelerated in September, reversing two months of declines, as the world's biggest importer of the fuel continued to work its way through massive volumes purchased during a brief April price war. The flow of crude into commercial and strategic stockpiles was about 1.75 million barrels per day (bpd), according to calculations based on official data for crude imports, domestic output and refinery runs.

Oct 20 - Saudi crude exports rise to 5.97 mln bpd in August -JODI 
Saudi Arabia's crude oil exports rose for a second consecutive month to 5.97 million barrels per day (bpd) in August, from 5.73 million bpd in July, official data showed on Monday. The country's crude output rose by 500,000 bpd to 8.98 million bpd in August, the official figures showed.

Oct 20 - Japanese sell out of Australian LNG import project 
Australian billionaire Andrew Forrest has taken over full control of a A$250 million ($176 million) gas import terminal in New South Wales, buying out stakes held by Japan's JERA and Marubeni Corp in a push to speed up the project. Squadron Energy, privately owned by mining magnate Forrest, said on Tuesday it acquired 30.1% of Australian Industrial Energy (AIE) from trading house Marubeni and 19.9% from JERA for an undisclosed price. 

Oct 20 - Hedge funds see OPEC+ offsetting recession risk: Kemp 
Hedge funds are reducing their risk exposure to crude oil and refined products against a backdrop of increasing uncertainty over a resurgence in the coronavirus and potential double-dip recession. However, fears over the impact on oil consumption are offset by the growing likelihood that OPEC+ will postpone its output increase scheduled for the start of next year and signs that refiners are reducing excess stocks of distillates.

Oct 20 - Singapore suspends supply licences of Hin Leong shipping fuel unit 
Singapore has suspended the licences to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday. The MPA suspended the licences for Hin Leong's subsidiary Ocean Bunkering Services Pte Ltd (OBS), an agency spokesperson said in an emailed response to questions from Reuters sent on Oct. 12.

Oct 19 - China's Sept refinery output eases from highs 
China's crude oil throughput in September dipped from the heady levels of the previous two months, as refineries drew down bulging inventories of refined fuel. The country processed 57.35 million tonnes of crude oil last month, or 13.96 million barrels per day (bpd), according to data from the National Bureau of Statistics (NBS).

Oct 19 - OPEC+ fears second virus wave could lead to oil surplus in 2021 
OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ producers, called the Joint Technical Committee, considered this worst-case scenario during a virtual monthly meeting on Thursday. In September, the panel had not seen a surplus under any scenarios it considered.

Oct 19 - China's robust commodity imports lend credibility to economic growth story: Russell 
China's gross domestic product numbers tend to spark debate as to whether they are an accurate reflection of the true state of growth in the world's second-biggest economy. The robust trend in commodity imports suggests they are. China's GDP expanded 4.9% in the third quarter, after rising 3.2% in the second, according to official data released on Monday. 

Oct 19 - China's oil buying frenzy slows on high stocks, limited quotas 
China has hit the brakes on its oil buying spree as swelling inventories and limited import quotas stifle purchases. Softening Chinese demand in the final quarter of 2020 comes as renewed lockdowns and a spike in coronavirus cases across Europe and the United States curtail oil consumption, adding more downward pressure on oil prices.

Oct 19 - Only a quarter of BP's 10,000 job cuts to be voluntary 
BP is set to make around 7,500 compulsory redundancies after roughly 2,500 staff - or just over one in ten of those eligible - applied for voluntary severance, according to an internal memo seen by Reuters and company sources. The oil major announced plans in June to lay off almost 15% its 70,000-strong workforce as part of Chief Executive Bernard Looney's plan to cut costs and "reinvent" the business for a low carbon future. 

Oct 19 - U.S. oil and gas rig count rises by most since January - Baker Hughes
U.S. energy firms this week added the most oil and natural gas rigs since January as producers return to the wellpad with crude prices holding around $40 a barrel over the past several months. The oil and gas rig count, an early indicator of future output, rose for the fifth week in a row, increasing 13 to 282 in the week to Oct. 16, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Oct 19 - Hedge funds cut bullish bets on U.S. crude oil 
Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Oct. 13, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 9,442 contracts to 288,454 during the period.

Oct 16 - OPEC+ panel discusses weaker oil demand outlook, Libya output – sources
An OPEC+ technical committee on Thursday discussed higher oil supply as production resumes in Libya along with a weaker demand outlook due to a second wave of coronavirus infections, two OPEC+ sources said. The Joint Technical Committee, which includes representatives from key OPEC+ producers such as Saudi Arabia and Russia, met to review compliance with its global oil output cuts and to review the oil market.

Oct 16 - U.S. crude, fuel stockpiles drop sharply amid hurricane - EIA
U.S. crude stockpiles fell sharply last week, as offshore oil production was shut due to Hurricane Delta, while distillate inventories posted their biggest drop since 2003 as refiners shut as well, the Energy Information Administration said on Thursday. Crude inventories fell by 3.8 million barrels in the week to Oct. 9 to 489.1 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel drop. 

Oct 16 - BP may cut oil supply to Caribbean refinery if it stays idle - sources
The problem-plagued Limetree Bay refinery in St. Croix, Virgin Islands, may lose its main supplier of crude, oil major BP, if it isn't successfully up and running by December, according to two people familiar with the matter. The Caribbean refinery's owner, Limetree Bay Ventures, has spent at least $2.7 billion restoring the facility, initially hoping to tap rising demand for low-sulfur fuels and markets in Latin American and Caribbean. 

Oct 16 - China Merchants Securities to close London commodities brokerage
The British arm of China Merchants Securities (CMS) will close its commodities brokerage after a review of the business that aimed to align it with the group's global strategy, a letter seen by Reuters said. The letter did not detail the strategy.

Oct 16 - Trump administration sets Gulf of Mexico drilling auction for Nov. 18
The Trump administration on Thursday said it would offer all available areas in the Gulf of Mexico for auction to oil and gas drillers on Nov. 18, the first major test of the offshore sector's appetite for investment since early this year. The sale is the federal government's first offshore lease sale since March, when the novel coronavirus outbreak was just beginning to crush world demand for fuel and crush prices. 

Oct 15 - IEA says oil producers may struggle to gauge demand amid second wave
Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency (IEA) said on Wednesday, but a second wave is slowing demand and will complicate efforts by producers to balance the market. OPEC+ producers - OPEC members and others including Russia - plan to boost supply by 2 million barrels per day (bpd) from January and the IEA predicts a ceasefire in Libya will raise output there to 700,000 bpd in December from 300,000 bpd currently.

Oct 15 - OPEC+ to stick with plans to ease output cuts, says Russia's Novak
Russian Energy Minister Alexander Novak on Wednesday said that the OPEC+ group of leading oil producers will start easing output curbs as planned despite a global spike in coronavirus cases. "Despite the start of the second wave of the epidemic, we, together with colleagues, continue to look at the situation with optimism and believe that we will be able to gradually raise production," Novak said in an article in the ministry's in-house magazine.

Oct 15 - Canada's oil patch seeks government green aid to produce cleaner crude
Canada's struggling oil patch is seeking government aid to clean up its impact on the environment after the industry cut spending on green initiatives to weather the COVID-19 downturn. Canada, the world's fourth-largest oil producer, pumps out the highest emissions per barrel among major oil nations, according to Rystad Energy. Most Canadian crude comes from hydrocarbon-soaked sands in the province of Alberta and extracting it comes at a high environmental cost.

Oct 15 - Mexico's Pemex sees output reaching 2.3 mln bpd by end-2024
Mexican state oil company Pemex expects to steadily increase liquids production, mostly crude oil, over the next few years to reach 2.296 million barrels per day (bpd) by the end of 2024, its chief executive said on Wednesday. President Andres Manuel Lopez Obrador, a leftist energy nationalist, has made raising oil output and domestic refining the top priorities of his six-year term, which ends in 2024.

Oct 15 - China's strong Sept crude imports are more bearish than bullish: Russell
China's imports of crude oil stayed above 11 million barrels per day (bpd) for a fifth straight month in September, something that sounds bullish for the market but in reality is far more likely to be bearish for coming months. Official customs data released on Oct. 13 showed China imported 48.48 million tonnes of crude in September, equivalent to 11.8 million bpd.

Oct 15 - Erdogan set to unveil total size of Black Sea gas find
Turkish President Tayyip Erdogan said on Wednesday he will announce the total size of gas reserves found in the country's largest-ever discovery when he visits a drill ship in the Black Sea on Saturday. In August, Erdogan hailed the discovery of a 320 billion cubic metre (bcm) (11.3 trillion cubic feet) Black Sea field about 100 nautical miles north of the Turkish coast.

Oct 15 - Global CO2 emissions show biggest ever drop in first half of 2020
Global carbon dioxide emissions fell by 8.8% in the first six months of this year, the biggest drop for a first half-year period, due to the effects of coronavius-related restrictions, a study showed on Wednesday. Research published in the journal Nature Communications by a group of scientists from China, France, Japan and the United States, said emissions fell by 1,551 million tonnes or 8.8% in the first half of the year, compared to the same period last year.

Oct 15 - EU considers binding methane emissions standards for gas
The European Union is considering binding standards for natural gas to limit emissions of methane, the second-largest contributor to global warming after carbon dioxide. The 27-member bloc is the world's biggest importer of gas, and imposing such standards could affect its major suppliers, which include Russia and Norway.

Oct 14 - U.S. shale oil output to drop 123,000 bpd to 7.69 mln bpd in Nov - EIA
U.S. shale oil output is expected to decline by 123,000 barrels per day (bpd) in November, the biggest drop since May, to about 7.69 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly forecast on Tuesday. Overall output is expected to drop for the third straight month and is expected to decline in most of the seven major shale formations in November.

Oct 14 - OPEC cuts 2021 oil demand forecast again as virus cases rise
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market. Demand will rise by 6.54 million barrels per day (bpd) next year to 96.84 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 80,000 bpd less than expected a month ago.

Oct 14 - Bankruptcies pile up in N. America energy sector in third quarter - Haynes and Boone
Bankruptcies in the North American energy industry surged in the third quarter as companies struggled with weak fuel demand due to the COVID-19 pandemic, lower crude prices and a dearth of available credit, according to law firm Haynes and Boone. In the three months to September, 17 oil producers sought bankruptcy protection, fueling a 21% jump in such filings in the first nine months of 2020 from a year earlier, the report said on Tuesday.

Oct 14 - Saudi Aramco and BlackRock, others, discussing deal worth over $10 bln - sources
Saudi Aramco is in talks with BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources said. The deal, internally dubbed "Project Seek", is still in its initial phase and there is no formal decision on the investors yet, one of the two sources familiar with the matter said.

Oct 14 - EU eying carbon border fees plan for steel, cement and power - senior official
The European Union's plan to impose carbon border fees on polluting imported goods would initially apply to steel, cement and electricity, but could expand to more sectors later, a senior official said on Tuesday. As part of its aim to cut EU greenhouse gas emissions to net zero by 2050, the European Commission is drafting plans to levy the fees on goods coming into the 27-country bloc.

Oct 14 - U.S. Gulf offshore crude oil production continues recovery; 44% shut - regulator
U.S. Gulf offshore crude oil production continued to recover four days after Hurricane Delta made landfall with the amount shut falling to 44%, or 805,965 barrels per day (bpd), the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday. The regulator also said 30%, or 809 million cubic feet per day (mmcfd) of natural gas output remains offline in the Gulf following Delta.

Oct 14 - India moving 'cautiously' on oil refiner BPCL's privatisation - minister
India is "treading very cautiously" in its plan to privatise state-run oil refiner Bharat Petroleum Corp Ltd, Oil Minister Dharmendra Pradhan said on Tuesday, in a sign that the process could be delayed. New Delhi's plan to sell its 53.29% stake in BPCL was first announced in November 2019, and is part of a broader programme to spin off or sell stakes in dozens of state-owned companies. India had planned to sell the stake by the end of the fiscal year to March 2021.

Oct 14 - Small trading firms gain Rosneft oil product exports after sanctions
Rosneft has sold more than a third of its seaborne oil product exports to small trading firms so far in 2020, shipping data and Reuters calculations show, in a shift from the Russian state oil giant's strategy of sales to top trading houses and oil majors. The change in the decade-long policy came soon after the United States imposed sanctions on Rosneft over its dealings with Venezuela, which prompted the Russian oil major to look for ways to diversify its pool of customers.

Oct 14 - 'Blue wave' U.S. election expectations trigger green stocks frenzy
Growing expectations of a strong Democratic victory in U.S. elections have prompted investors to snap up renewable energy stocks, amplifying a recent rush seen after the European Union's fiscal splurge earmarked for green investments. Investors are acting on expectations of trillions in fiscal spending over the next few years, triggering a "green wave" of investment that is drawing comparisons to the blistering rally in technology stocks.

Oct 14 - Italian refiner Saras plans cost cuts, biofuel expansion
Italian oil refiner Saras is targeting cost savings of 120 million euro ($141 million) to weather a slow recovery in fuel demand due to coronavirus and plans to boost biofuel output to meet tightening environmental regulations, its CEO told Reuters. Saras runs the 300,000 barrel per day Sarroch refinery in south-western Sardinia and like its peers is struggling with an unprecedented collapse in energy consumption.

Oct 13 - Pandemic could delay energy demand recovery to 2025 -IEA
A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said on Tuesday. In its central scenario, a vaccine and therapeutics could mean the global economy rebounds in 2021 and energy demand recovers by 2023, the IEA, which advises Western governments on energy policy, said in its annual World Energy Outlook.

Oct 13 - China Sept crude oil imports up 2.1% m/m as port congestion eases
China's crude oil imports rose 2.1% in September from a month ago as some delayed cargoes finally cleared customs after a months-long port congestion eased, while onshore storage capacity was expanded. China, the world's top crude oil importer, took in 48.48 million tonnes of oil last month, according to data from the General Administration of Customs on Tuesday, equivalent to 11.8 million barrels per day (bpd). 

Oct 13 - Energy companies restore U.S. Gulf production after hurricane
Energy companies forged ahead restoring oil and natural gas production in the U.S.-regulated northern Gulf of Mexico on Monday, three days after Hurricane Delta made landfall, said the U.S. Bureau of Safety and Environmental Enforcement (BSEE). Shut offshore crude oil production fell to 69.4%, or 1.28 million barrels per day (bpd), on Monday from 91%, or 1.68 million barrels, on Sunday, the regulator said. 

Oct 13 - China's reported ban on Australian coal escalates dispute beyond mere nuisance: Russell
China has reportedly told coal traders and users to stop imports from Australia with immediate effect in a move that would choke a major trade channel for both countries, a major escalation of political tensions between the pair. Commodity price reporting agencies S&P Global Platts and Argus, as well as other media outlets, reported in recent days hearing from unnamed sources that Beijing had given "verbal" instructions to some steel mills, power companies and coal traders to halt imports from Australia. 

Oct 13 - ICE says to launch ADNOC's Murban oil futures early in 2021
Intercontinental Exchange Inc. said on Monday it planned to launch ICE Futures Abu Dhabi (IFAD) and trading in Murban futures contracts late in the first quarter of 2021. Abu Dhabi National Oil Company (ADNOC) said last year its flagship Murban crude would be traded on a new local exchange, IFAD, that would be owned by Abu Dhabi, several oil firms and ICE, the home to trading in Brent crude 

Oct 13 - Australia investigating reports that China has halted coal imports
Australia is investigating media reports that China has stopped taking its coal shipments, Australia's trade minister said on Tuesday, playing down a potential sign of escalating trade tension between the two countries. Speaking on breakfast television, Trade Minister Simon Birmingham said the government was seeking a response from China while noting that coal flows to the country had been disrupted in recent years partly due to Chinese "domestic factors".

Oct 12 - Mitsui & Co to sell all stakes in coal-fired power plants by 2030 - CEO 
Japanese trading house Mitsui & Co Ltd plans to sell its remaining stakes in coal-fired power stations by the end of the decade as it shifts to gas from coal to help achieve its 2050 net zero emission target, its chief executive told Reuters. "We still own stakes in coal-fired plants in Indonesia, China, Malaysia and Morocco, but our goal is to make it zero by 2030," Mitsui CEO Tatsuo Yasunaga said in an interview on Friday.

Oct 12 -  Norway oil strike ends after wage agreement
Norwegian oil firms struck a wage bargain with labour union officials on Friday, ending a 10-day strike that had threatened to cut the country's oil and gas output by close to 25% next week, negotiators for each side told Reuters. Brent oil prices fell by more than 1% on the news to $42.67.

Oct 12 -  U.S. energy companies begin restoring oil and gas output after hurricane
U.S. energy companies were returning workers and restarting operations at storm-swept production facilities along the U.S. Gulf Coast on Sunday, two days after Hurricane Delta barreled through the area. Chevron Corp, Royal Dutch Shell Plc and BHP Group all said workers were headed back to production platforms in the U.S.-regulated northern Gulf of Mexico.

Oct 12 -  India's September fuel demand posts first monthly gain since June
India's fuel demand in September rose for the first time since June as easing coronavirus restrictions supported economic activity and travel, but consumption remained weaker than a year earlier, government data showed on Friday. Consumption of refined fuels, a proxy for oil demand, rose 7.2% in September from the prior month to 15.47 million tonnes, the first monthly increase since June when demand rose to 16.09 million tonnes.

Oct 12 -  Libya's NOC lifts force majeure on Sharara oilfield
Libya's National Oil Corporation (NOC) said it was lifting force majeure on Sharara oilfield from Sunday, and a Libyan source said initial output there will be 40,000 barrels per day (bpd), with total production in the country at 355,000 bpd on Monday. Libyan oil output almost entirely shut down in January when Khalifa Haftar's eastern-based Libyan National Army (LNA), which is at war with the Tripoli-based internationally recognised government, blockaded energy exports.

Oct 12 -  Duke Energy boosts capital spending to fight climate change
Top U.S. utility Duke Energy Corp plans billions of dollars of new spending this decade as it ramps up efforts to slash greenhouse gas emissions, executives told Reuters. The move comes amid growing pressure from Democratic politicians and activist investors for power producers to reduce their hefty contribution to climate change.

Oct 12 -  $30,000 turkey highlights Equinor's 'control problems' in U.S.
A report on Norwegian energy firm Equinor's loss-making investments in the United States detailed significant problems the state-controlled company should have dealt with faster, its chair and chief executive said on Friday. Equinor made a series of acquisitions of onshore and offshore petroleum reserves in the United States in the years before the 2014-2016 oil price crash, eventually leading to accumulated losses and write-offs of $20.4 billion dollars.

Oct 12 -  Hedge funds cut bullish bets on U.S. crude as demand outlook worsens
Hedge funds and money managers cut bullish wagers on U.S. crude, data showed on Friday, as rising coronavirus cases around the world weakened the demand outlook, and a rise in OPEC output last month also weighed on the market. The speculator group cut its combined futures and options position in New York and London by 4,619 contracts to 297,896 in the week to Oct. 6, the lowest in nearly a month, the U.S. Commodity Futures Trading Commission (CFTC) said.

Oct 12 -  U.S. drillers add oil and gas rigs for fourth week in a row - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since June 2018 as producers start drilling again with prices holding around $40 a barrel over the past few months. The oil and gas rig count, an early indicator of future output, rose three to 269 in the week to Oct. 9, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Oct 09 - OPEC, in major shift, says oil demand to plateau in late 2030s 
World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.

Oct 09 - Norway oil firms, union agree to mediation in bid to end strike 
Oil firms and labour officials said they will meet with a state-appointed mediator on Friday in an attempt both sides hope will bring an end to a strike that threatens to cut Norway's oil and gas output by some 25%. Although informal talks have been taking place, the state mediator has not met with the two sides since the strike over pay and conditions was announced on Sept. 30.

Oct 09 - HSBC targets net zero emissions by 2050, earmarks $1 trln green financing 
HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters. In the strongest statement by Europe's biggest bank on climate change to date, its CEO outlined HSBC's ambitions to align its activities with the Paris Agreement.

Oct 09 - Hurricane Delta steams across Gulf of Mexico, halting most oil output 
Hurricane Delta raked across the Gulf of Mexico, halting most of the region's offshore oil output on Thursday after energy companies shut-in wells, pulled staff from offshore platforms and began securing coastal processing plants. The storm was about 370 miles (595 km) south of Cameron, Louisiana, and grinding toward the Louisiana coast at 13 miles per hour (21 km per hour). Its tropical storm-force winds extend up to 125 miles from the storm's center, the National Hurricane Center said. 

Oct 09 - China set for fresh gasoline export splurge as Golden Week ends 
Gasoline exports from China, Asia's top petrol exporter, are set to stay elevated this month as mounting supplies from recent high crude oil processing runs prompt fuel sellers to offload cargoes abroad, industry sources said. Two trade sources who track gasoline trade flows said they expect China's October exports to be around 1.5 million tonnes, which could weigh on refining margins across Asia as overall fuel consumption has been cut by the coronavirus pandemic. 

Oct 09 - Shrinking U.S. oil stocks point to market rebalancing: Kemp
Excess petroleum inventories are being absorbed as lower prices compel U.S. shale producers and the members of OPEC+ to limit their output, confirming the market is on course to rebalance in 2021. In the United States, total stocks of crude oil and petroleum products have fallen in 10 out of the last 11 weeks, according to data from the Energy Information Administration (“Weekly petroleum status report”, EIA, Oct. 7).

Oct 09 - European gasoline margins hit 7-month high on exports, maintenance
European gasoline barge profit margins hit a seven-month high this week, boosted by firm export demand from West Africa and the United States and regional refinery shutdowns. Barge margins versus dated Brent reached more than $7 a barrel, based on Reuters calculations, their highest since early March.

Oct 08 - U.S. oil-export projects stall as output slips, opposition builds 
The coronavirus pandemic has stalled a once-furious race among energy companies to build deepwater oil export terminals off the Texas coast, amid permitting delays and rising environmental opposition. Only three out of an initial dozen offshore U.S. Gulf Coast oil export proposals remain before federal maritime regulators. They are being slow-walked as the coronavirus slashed global fuel demand and the gusher from U.S. shale fields ebbed, said analysts.

Oct 08 - Storm-weary U.S. energy producers, refiners prep for hurricane strike
Oil and gas workers withdrew en masse from offshore production facilities, and onshore refineries began storm preparations on Wednesday as Hurricane Delta was forecast to intensify into a powerful, Category 3 storm as it crosses the Gulf of Mexico. Delta's winds declined to 105 miles per hour (169 kph) as it tore across Mexico's Yucatan peninsula. But it is expected to enter the Gulf of Mexico and strengthen with winds of up to 120 mph, the National Hurricane Center said.

Oct 08 - Chevron workers face demands to reapply for jobs under global restructuring - sources
Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said. The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

Oct 08 - Chevron tops Exxon Mobil market cap for first time
Chevron’s market value leapfrogged that of Exxon Mobil for the first time on Wednesday during a week in which it closed a $4.1 billion, all-stock deal for Noble Energy, a smaller oil and gas producer. Chevron's market cap ended the day around $142 billion, topping Exxon Mobil's $141.65 billion market value at the end of trade, according to Refinitiv data and Chevron SEC filings pertaining to the Nobel deal.

Oct 08 - Norway strike could shut giant Sverdrup oilfield on Oct 14
Norway's Johan Sverdrup oilfield, the North Sea's largest with an output capacity of up to 470,000 barrels of oil per day, will have to close down production unless a strike among workers ends by Oct. 14, operator Equinor said on Wednesday. Four smaller oil and gas fields will likely also shut as a result of the strike as early as Oct. 10, on top of six fields that closed earlier this week, an Equinor spokesman told Reuters.

Oct 08 - India's coal imports improve somewhat, but recovery is uneven: Russell
India's coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick - shipments rose for higher-grade coking and thermal grades, but slid for lower-rank fuel used mainly in power plants. India's total coal imports in September were estimated at 14.62 million tonnes by Refinitiv vessel-tracking and port data, up from 12.97 million in August.

Oct 08 - U.S. crude stockpiles edge up, fuel draws down - EIA
U.S. crude oil stockpiles rose modestly, in line with expectations, while gasoline and distillate inventories dipped last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 501,000 barrels in the week to Oct. 2 to 492.9 million barrels, compared with analysts' expectations in a Reuters poll for a 294,000-barrel rise.

Oct 08 - Keeping it clean: U.S. ethanol producers invest in sanitizer for long haul
Red River Biorefinery in Grand Forks, North Dakota, came online in April, arguably the worst time for an ethanol facility to begin operating as the coronavirus pandemic sank fuel demand. Instead of shutting like many ethanol facilities, the company switched focus from producing fuel ethanol to making high-grade alcohol for hand sanitizer, where demand surged during the pandemic as Americans scrambled to protect themselves against the coronavirus.

Oct 08 - Restart of Libya oil exports weighs on Mediterranean grades
The restart of Libyan oil exports is causing a headache for Mediterranean producers, who are finding it hard to place barrels in a market squeezed by low demand and a high flow of alternative grades. Libya began exporting oil at the end of September for the first time since January, and has been ramping up output since. At the start of this week, it was producing 290,000 barrels per day with further increases expected.

Oct 08 - Maintenance season helps repair European diesel market
European diesel markets have recovered this month from historic lows, as regional refineries shut for maintenance and Russian exports drop, helping to offset persistently weak demand. European refiners have pinned their hopes on a busy maintenance season to reduce high storage levels built during coronavirus-related lockdowns.

Oct 08 - Venezuela's PDVSA boosts crude blending, upgrading as exports tick up
Venezuela's state-run Petroleos de Venezuela has boosted crude blending and upgrading to their highest levels in six months, according to company documents seen by Reuters on Wednesday, as exports rise despite strict U.S. sanctions. The upgraders are crucial to converting extra-heavy oil from eastern Venezuela's Orinoco belt - the OPEC nation's largest-producing region - into exportable crude grades. But they have operated only intermittently in recent months due to a plunge in exports and technical issues linked to lack of maintenance.

Oct 07 - Sole survivor? Saudi Arabia doubles down on oil to outlast rivals
The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But Saudi Aramco plans to boost its production capacity so it can pump as much of the kingdom's vast oil reserves when demand picks up - before a shift to cleaner energy makes crude all but worthless, industry sources and analysts told Reuters.

Oct 07 - U.S. Gulf oil platforms shutting as Hurricane Delta strengthens
Energy companies were securing offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as a major hurricane took aim at U.S. oil production in the Gulf of Mexico. Hurricane Delta, the 25th named storm of the 2020 Atlantic Hurricane season, was churning in the Caribbean with sustained winds of 140 miles per hour (225 kph), already a dangerous Category 4 storm that is expected to scrape across Mexico's Yucatan peninsula and re-enter the Gulf of Mexico.

Oct 07 - Norway union to further expand oil strike from Oct. 10
Norway's Lederne labour union will expand its ongoing oil strike from Oct. 10 unless a wage bargain can be reached in the meantime, it said on Tuesday, confirming a statement from the country's state-appointed wage mediator. Six offshore oil and gas fields shut down on Monday as Lederne ramped up its strike, cutting output capacity by 8%, or around 330,000 barrels of oil equivalent per day (boed), according to the Norwegian Oil and Gas Association (NOG).

Oct 07 - U.S. crude output to fall less in 2020 than previously forecast - EIA
U.S. crude oil production is expected to fall by 800,000 barrels per day (bpd) this year to 11.45 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous monthly forecast for a drop of 870,000 bpd. The agency estimated that production rose to 11.2 million bpd in September and said it expects output to generally decline to an average of 11 million bpd in the second quarter of 2021 because new drilling activity will not generate enough production to offset declines from existing wells.

Oct 07 - Premier Oil's takeover a blueprint for more deals as uncertainty bites
Premier Oil's takeover by private equity-backed Chrysaor marks the end of an 86-year oil wildcatter and could herald wider consolidation provided there are willing buyers in a sector whose outlook is highly uncertain. Leading oil and gas companies, including BP and Royal Dutch Shell, want to sell large parts of their portfolios to prepare for a shift towards renewable energy.

Oct 07 - Despite shift, energy giants fall short of U.N. climate goals -study
Europe's top oil companies are yet to be aligned with U.N.-backed targets to combat climate change even after outlining ambitious plans to slash carbon emissions and pivot to renewable energy, a report backed by a group of major investors said. The study by the Transition Pathway Initiative (TPI), which unites investors with $22 trillion in holdings, comes as shares of European energy companies including BP and Royal Dutch Shell have struggled amid concerns over their ability to successfully shift away from oil and gas.

Oct 06 - Six Norway oil and gas fields shut as strike escalates
Six Norwegian offshore oil and gas fields were shut on Monday as more workers joined a strike over pay, companies and union officials said. The strike will cut Norway's total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production, according to the Norwegian Oil and Gas Association (NOG).

Oct 06 -  Oil firms begin offshore U.S. evacuations as record-breaking storm threatens
Energy companies on Monday began evacuating offshore oil platforms as the 25th named storm of the year formed in the Caribbean and was forecast to become a major hurricane before it entered the Gulf of Mexico and threatens the U.S. mainland. Tropical Storm Delta was expected to rapidly strengthen and become a Category 3 hurricane with up to 120 mile per hour (194 kilometers per hour) winds. It was about 160 miles south southwest of Negril, Jamaica, on Monday evening and moving west at 8 mph.

Oct 06 -  China's crude oil party is finally winding up, now for hangover: Russell
China's five-month crude oil party was still going strong in September, but is winding down in October, leaving the industry to ponder just how big the hangover is going to be. September imports are estimated by Refinitiv Oil Research to be 11.71 million barrels per day (bpd), the fifth straight month that arrivals have exceeded 11 million bpd.

Oct 06 -  Hit by commodity defaults, banks in Singapore team up for digital trade registry
Some of the world's biggest banks in commodity trade financing are creating a digital trade finance registry in Singapore to try and mitigate the risk of trade fraud and boost transparency after losing billions of dollars due to a spate of defaults. Banks have reduced their commodities business this year to cut risk following collapses, including that of Singapore's Hin Leong Trading (Pte) Ltd, which shocked lenders after instances of financial trouble were laid bare by the coronavirus crisis.

Oct 06 -  Libyan oil production rises to 290,000 bpd - source
Libyan oil production has risen by about 20,000 barrels per day (bpd) from last week to reach 290,000 bpd as exports ramp up, a Libyan oil source told Reuters on Monday on condition of anonymity. The easing of a blockade by eastern forces, which began in January, has allowed the OPEC member to ramp up exports with the reopening of the Marsa El Hariga, Brega and Zueitina terminals, though damage sustained during the shutdown may slow a full resumption of exports.

Oct 06 -  Small energy players lean on taxpayers and Wall Street for coronavirus aid
Several publicly traded energy companies took millions of dollars in U.S. taxpayer-funded loans to support their businesses even as those firms had access to other ways to generate cash, according to a Reuters analysis of U.S. Securities and Exchange Commission and other government data. U.S. lawmakers authorized the Paycheck Protection Program (PPP) in the spring to help businesses cope with loss of revenues as the coronavirus pandemic worsened. While numerous small businesses benefited, larger publicly traded companies also took loans, though many also restructured finances or drew on credit lines.

Oct 06 -  Hedge funds resume oil sales: Kemp
Hedge funds and other money managers resumed selling oil last week as concerns about the health of the global economy re-emerged and the previous week's short-covering rally lost momentum. Hedge funds sold the equivalent of 29 million barrels in the six most important petroleum futures and options contracts, largely reversing purchases of 40 million barrels the week before.

Oct 05 - Norway's Equinor shuts four oilfields as strike expands
Energy major Equinor shut four of its Norwegian offshore oil and gas fields on Monday as its workers expanded their strike, a company spokesman told Reuters. Two more fields operated by Neptune Energy and Wintershall Dea also face likely shutdowns on Monday because of the strike, the Norwegian Oil and Gas Association (NOG) has said.

Oct 05 - Third Iranian tanker docks at Venezuelan port - Maduro promises fuel supply
The final tanker in a flotilla of three Iranian fuel tankers docked at eastern Venezuela's Guaraguao port on Sunday, according to Refinitiv Eikon data and a person familiar with the matter, as President Nicolas Maduro promised to normalize fuel supply in the gasoline-starved country. The three tankers, which began arriving last week, brought some 820,000 barrels of fuel to the South American country, where severe shortages of gasoline -- as well as unreliable power, water and cooking gas supplies -- have led to a wave of protests in the neglected interior in recent weeks.

Oct 05 - U.S. oil refiners look to leapfrog Canadians in making renewable diesel
U.S. oil refineries are moving aggressively to produce renewable diesel, partly to cash in on Canada's greener fuel standard before Canadian refiners modify their own plants. Canadian Prime Minister Justin Trudeau's government intends to present its Clean Fuel Standard this year, aiming to cut 30 million tonnes of emissions by 2030.

Oct 05 - Two weeks after blockade easing, Libya triples oil production
Two weeks into an easing of a blockade by eastern forces on Libya's oil infrastructure, the OPEC member is seeing a ramp up in oil production, which has risen nearly three-fold to hit 270,000 barrels per day this week. Since the toppling of the regime of Muammar Gaddafi in 2011, oil production in the country has been on a roller coaster, with multiple disruptions over the years crippling its ability to export crude, its primary source of income.

Oct 05 - U.S. refiners on course to digest excess diesel by March: Kemp
If they can maintain recent progress, U.S. oil refiners should be able to bring stocks of diesel and other middle distillates close to normal levels in the first quarter of 2021. Distillate inventories were still 20% above the five-year average last week, but the surplus was down from 22% at the end of August, 27% at the end of July and 29% at the end of June.

Oct 05 - Noble Energy shareholders approve $4.1 billion sale to Chevron
Noble Energy shareholders on Friday approved a deal to sell the oil and gas producer to Chevron Corp, making Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets. The all-stock deal values Noble Energy at around $4.1 billion, excluding $8 billion in debt, and the vote cements the first big energy deal since the coronavirus crushed global fuel demand.

Oct 05 - 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 September 29, 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 23,582 contracts to 302,515 during the period.

Oct 05 - U.S. drillers add oil and gas rigs for third week in a row -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since October 2018 after price increases in recent months prompted some producers to start drilling again. The oil and gas rig count, an early indicator of future output, rose five to 266 in the week to Oct. 2, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Oct 02 - Shale bankruptcies pile on, Lonestar latest to succumb to weak demand
Lonestar Resources US Inc filed for Chapter 11 bankruptcy protection on Thursday, joining a clutch of shale companies that have succumbed to weak crude prices as COVID-19 pandemic crimps fuel demand. Lonestar, which operates in Texas' Eagle Ford basin and produced roughly 14,000 barrels of oil equivalent per day, had a total debt of $546.3 million as of June 30 and made the move after defaulting on two debt payments.

Oct 02 - Exxon Mobil signals bigger-than-expected loss in third quarter
Exxon Mobil could slip into a bigger-than-expected loss in the third quarter as the U.S. oil major struggles to cope with the effects of a pandemic-driven downturn in the energy industry. The company on Thursday listed a number of factors that could impact its earnings such as oil and gas prices, refining margins and sales volumes, suggesting that Exxon's numbers could range from a loss of 68 cents to a profit of 7 cents. The calculation was based on inputs from the company and analysts.

Oct 02 - Libya's oil output rises to 270,000 bpd as exports ramp up
Libya's oil output has risen to 270,000 barrels per day (bpd) as the OPEC member ramps up exports following the easing of a blockade by eastern forces, a Libyan oil source told Reuters on Thursday. The country's National Oil Corporation (NOC) had said it expected production to rebound to 260,000 bpd this week.

Oct 02 - Big Oil's $110 bln asset sale target could prove big ask
Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints. But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.
 
Oct 02 - Venezuela's Maduro drafts bill to expand powers for new oil deals
Venezuelan President Nicolas Maduro has drafted legislation to grant his government expanded powers to confidentially sign new oil deals with private firms and foreign nations as a way of getting around U.S. sanctions, according to the proposal and people familiar with the initiative. Maduro delivered the "anti-blockade" bill on Tuesday to the government-aligned Constituent Assembly, a parallel legislature he created to bypass the opposition-controlled congress. The sources said the assembly will pass it into law during its next session.

Oct 02 - Noble Energy shareholders likely to approve $4.2 billion Chevron deal
Noble Energy Inc shareholders on Friday are expected to approve its sale to Chevron for about $4.2 billion in stock, cementing the first big energy deal since the coronavirus crushed global fuel demand. The purchase would boost Chevron's U.S. shale oil holdings and add nearly 1 billion cubic feet of natural gas reserves close to growing markets. Noble's Leviathan, one of the world’s biggest offshore gas discoveries of the last decade, began pumping gas from the field late last year.

Oct 01 - OPEC Sept oil output rises for 3rd month on Libya restart, Iran 
OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum Exporting Countries pumped 24.38 million bpd on average in September, the survey found, up 160,000 bpd from August's revised figure and a further boost from the three-decade low reached in June.

Oct 01 - U.S. oil refiner Marathon Petroleum cuts 12% of staff because of pandemic
Marathon Petroleum Corp, the top U.S. oil refiner, is cutting 12% of its workforce amid continued declines in fuel consumption due to the COVID-19 pandemic, it said on Wednesday. Refiners and oil producers have been dismissing staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil is trading down a third from where it began the year.

Oct 01 - Oil prices to see little upside as virus threat looms large - poll
Oil prices will stay near current levels this year as rising novel coronavirus cases threaten to slow the pace of demand recovery and counter output curbs by top producers, a Reuters poll showed on Wednesday. The survey of 40 analysts and economists forecast benchmark Brent crude averaging $42.48 a barrel in 2020. That compares with an average of $42.54 this year and last month's forecast of $42.75.

Oct 01 - U.S. crude, distillate stocks down in most recent week - EIA
U.S. crude stocks and distillate inventories fell in the latest week as refiners picked up processing rates, though fuel demand weakened, the Energy Information Administration said on Wednesday. Crude inventories fell by 2 million barrels in the week to Sept. 25 to 492.4 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel rise.

Oct 01 - Energy security and economic fears drive China's return to coal
Red coal trucks zip up and down narrow dirt tracks, churning up clouds of dust in China's remote Gansu province. Nearby, the towering stanchions of a new railway bridge rise out of a muddy river winding through the hills. The Huaneng Group, one of five big Chinese state utilities, is building a $1.9 billion 4 gigawatt coal and power project in the northwestern region near the city of Qingyang, with the aim of delivering its electricity to the east of the country.

Oct 01 - U.S. oil producer bankruptcy pace quickens from last year
Oasis Petroleum Inc's bankruptcy filing was just the latest in a slew of Chapter 11 filings by oil and gas companies so far in 2020, numbers of which are currently running ahead of 2019's pace. Thirty-six producers with $51 billion in debt filed for bankruptcy protection in the first eight months of the year, according to the law firm Haynes and Boone. The coronavirus pandemic has crushed fuel demand and left already struggling producers without access to credit and sinking revenues.

Oct 01 - Europe seen importing more gas by 2025 as domestic output shrinks
Europe will need to import more gas by 2025 because domestic production will decline sharply while demand will be stable, industry representatives and analysts told a virtual conference. The continent's demand will decrease this year by around 7% year-on-year because of the COVID-19 pandemic.