Energy News

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.

Sep 30 - Shell plans to cut up to 9,000 jobs in transition plan
Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy. Shell, which had 83,000 employees at the end of 2019, said that the reorganisation will lead to annual savings of $2 billion to $2.5 billion by 2022.

Sep 30 - Oil traders doubt OPEC will boost output as planned in 2021, citing bearish signals
OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said on Tuesday. OPEC is due to taper their production cuts by 2 million barrels per day in January. OPEC and other major oil producers announced record oil cuts in March this year as fuel demand collapsed with half the world in some form of lockdown to stop the spread of COVID-19.

Sep 30 - Asian bankruptcies not deterring some banks from commodities markets
Bankruptcies in Asian commodities markets this year prompted banks to review some lending policies with trading houses, who nevertheless still enjoy abundant liquidity, several banking executives said on Tuesday. The executives told the annual FT Commodities Global Summit that while some banks were reducing exposure to commodities following bankruptcies and extreme volatility as a result of the coronavirus pandemic, others were increasing theirs.

Sep 30 - India extends deadline for initial bids to buy state-owned BPCL
India said on Wednesday it has extended the deadline for submitting initial bids to buy state-owned Bharat Petroleum Corp Ltd to Nov. 16. "In view of further requests received from the interested bidders and the prevailing situation arising out of COVID-19 pandemic, the last date for submission of EoIs (Expression of Interest) is further extended to 16th November," the government said in a statement.

Sep 30 - Large Norway oilfield to shut as workers go on strike
Oil workers organised by Norway's Lederne labour union will go on strike on Wednesday following a breakdown of wage talks, cutting Norway's crude output capacity by up to 470,000 barrels of oil per day (bpd), the union and employers said. The strike among 43 workers will trigger a shutdown of Equinor's Johan Sverdrup oilfield, the largest field in Western Europe, Lederne and the Norwegian Oil and Gas Association (NOG) said.

Sep 30 - Top traders see tepid oil demand recovery, flat prices
The heads of the world's largest trading houses on Tuesday predicted a tepid recovery in oil demand and flat prices over the coming months or years due to the coronavirus pandemic but said peak oil demand would come only in the next decade. The chief executives of Vitol, Gunvor and Mercuria also told the annual FT Commodities Global Summit they would invest more in renewables.

Sep 30 - Saudi Arabia may keep Nov crude prices to Asia little changed
Top oil exporter Saudi Arabia is expected to keep its November official selling prices (OSPs) little changed for Asian buyers in line with Middle East benchmarks, a survey showed on Tuesday. Seven people from various Asian refineries expect the November OSP for flagship Arab Light crude to rise by 3 cents a barrel on average from the previous month, a Reuters survey showed.

Sep 30 - UniCredit sues Hin Leong, Glencore over 'sham' oil deal
Italy's UniCredit SpA has sued Hin Leong Trading Pte Ltd over a letter of credit, court documents show, one of several the Singapore oil trader sought from lenders for oil purchases but used to pay debt instead. The Singapore High Court documents seen by Reuters show the Italian bank has also sued commodity trading giant Glencore over the matter. A source familiar with the case confirmed the lawsuits had been filed.

Sep 30 - Marathon Petroleum, top U.S. refiner, begins widespread job cuts
Marathon Petroleum Corp, the largest U.S. oil refiner, began cutting jobs on Tuesday across the company, according to people familiar with the matter, as the COVID-19 pandemic sapped demand for motor fuels. U.S. refiners have posted large losses this year as fuel consumption tumbled amid lockdowns and work-from-home policies to combat the spread of the coronavirus. Thin profit margins have been undercut by the need to operate plants at less than 80% capacity.

Sep 30 - Energy transitions and zero-carbon targets: Kemp
Policymakers in many countries have outlined plans for an ambitious transition from a system dominated by oil, gas and coal in the 2010s to one centred around renewables, nuclear and carbon capture by the 2050s. Experience suggests a significant transformation of the global energy system is possible or even probable by the 2050s, though substantial transformation by the 2030s seems less likely.

Sep 29 - Tankers carrying Iranian fuel begin entering Venezuelan waters - data
The first of a group of three tankers carrying Iranian fuel for gasoline-starved Venezuela entered the waters of the South American nation on Monday, according to Refinitiv Eikon data, in the most recent sign of the countries' expanding trade. The two OPEC members have increased cooperation this year by exchanging crude, fuel, food, equipment for refineries and other industrial goods. Many details about the transactions are not available.

Sep 29 - Angolan energy giant made no money from oil in 2019 as debt bites
Angola's state oil giant made no money from core oil activities last year, a Reuters analysis of its full accounts shows, as billions of dollars of debt repayments ate up profits. The bleak disclosure within the company's 121-page annual financial results published in Portuguese last week underlines the perils facing the impoverished, oil-dependent nation, even before oil prices plunged due to the coronavirus outbreak.

Sep 29 - Low diesel demand hits India BPCL's crude runs, ups petrol imports
Indian refiner Bharat Petroleum Corp will continue to import gasoline for the next few months as its crude processing is hit due to lower demand for diesel that accounts for 40%-45% of its product slate, its head of marketing A. K. Singh said. BPCL is operating refineries at an average of 80% capacity, Singh told a press conference after a shareholders meeting. By design BPCL refineries make 2.5 tonnes of diesel for every 1 tonne of gasoline produced, he said.

Sep 29 - Devon Energy to buy shale-oil rival WPX Energy for $2.56 bln
U.S. oil and gas producer Devon Energy Corp said on Monday it will buy shale-oil rival WPX Energy Inc for $2.56 billion as it looks to boost its presence in the top U.S. oilfield. The all-stock deal comes as U.S. shale companies have posted big losses on weak crude prices amid the COVID-19 pandemic and have struggled to raise new capital to restructure debt.

Sep 29 - Trump-backed Canadian railway to Alaska could free landlocked oil, faces high hurdles
A private-sector proposal endorsed by U.S. President Donald Trump to build a railway from Canada's oil sands to ports in Alaska would free landlocked crude but faces numerous steep challenges. Trump wrote on Twitter over the weekend that he would issue a permit for the Alaska-Alberta Railway Development Corporation (A2A Rail) project to move Alberta crude 1,600 miles (2,570 km) to the Alaskan coast, as well as freight in the other direction.

Sep 29 - Hedge funds race to cover crude short positions: Kemp
Hedge funds trimmed bearish positions in crude oil last week after Saudi Arabia threatened to punish short sellers and on signs that prices had found a floor after recent weakness. Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 22.

Sep 29 - Nigeria would turn NNPC into LLC, amend royalties under draft oil reform bill
Nigeria's long-awaited oil reform bill would take steps to privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made late last year and create new regulatory bodies, a copy of the bill seen by Reuters showed. President Muhammadu Buhari has sent the bill to the Senate, Senate President Ahmad Lawan confirmed late on Monday. It, along with the House of Representatives, must sign off on the bill before it can become law. Nigeria is Africa's largest crude exporter.

Sep 28 - OPEC's Barkindo sees OECD oil stocks below 5-yr average after Q1 2021
Commercial oil inventories in OECD countries are expected to stand slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year, OPEC Secretary General Mohammad Barkindo said on Sunday. The level of oil stockpiles in the developed OECD countries is a key benchmark for the policy of OPEC and its allies.

Sep 28 - Australia trims resources revenue outlook on weaker coal, LNG exports
Australia has pared its forecasts for mining and energy export revenue this year, as liquefied natural gas (LNG) and metallurgical coal earnings are forecast to be slightly weaker than earlier expected. Total earnings from mining and energy exports are forecast to fall 12% in the year to June 2021 to A$256 billion ($180.71 billion) from a record high of A$290 billion a year earlier, the Department of Industry said in its latest quarterly report.

Sep 28 - Iran's oil exports jump in September defying sanctions - TankerTrackers
Iranian oil exports have risen sharply in September in defiance of U.S. sanctions, three assessments based on tanker tracking showed, throwing a lifeline to the Islamic Republic and its collapsing economy. Exports have shrunk from over 2.5 million barrels per day (bpd) since the United States withdrew from a nuclear deal with Iran and reimposed sanctions in 2018. Still, Iran has been working to get around the measures and keep exports flowing.

Sep 28 - Russia's Novak says global energy players should jointly tackle demand crisis
Russian Energy Minister Alexander Novak on Sunday urged all global energy market players to combine efforts in order to combat the fallout from the spread of coronavirus, which has dampened fuel demand. Speaking at an online conference of energy ministries from G20 countries, Novak also said global oil demand was seen falling by up to 10% this year due to the crisis, which has prompted companies to slash investment in production by 25-30%.

Sep 28 - U.S. refiners bringing diesel stocks under control: Kemp
U.S. oil refiners are starting to make progress towards eliminating excess stocks of middle distillates by restraining crude processing and switching equipment to maximise gasoline production. U.S. distillate fuel oil inventories stood at 176 million barrels at the end of last week, which was 37 million barrels or 21% above the five-year seasonal average (“Weekly petroleum status report”, EIA, Sept. 23).

Sep 28 - U.S. shale producer Devon in talks to acquire peer WPX - sources
U.S. shale producer Devon Energy Corp is in talks to acquire rival WPX Energy Inc in an all-stock transaction that would create a company worth around $6 billion, people familiar with the matter said on Saturday. The deal talks show how consolidation in the oil and gas industry is picking up, as low energy prices drive some independent producers to seek scale through mergers. In July, Noble Energy Inc agreed to be acquired by Chevron Corp for $5 billion in stock.

Sep 28 - 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 September 22, 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 17,574 contracts to 326,097 during the period.

Sep 28 - U.S. drillers add rigs for second week, still down for 7th quarter - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as some drillers return to the wellpad now that crude prices have held gains made since recovering from coronavirus-linked lows in the spring. The oil and gas rig count, an early indicator of future output, rose six to 261 in the week to Sep. 25, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Sep 25 - Russia keeps China oil supplier crown in Aug; U.S., Brazil shipments soar 
Russia was the biggest oil supplier to China in August for a second consecutive month, customs data showed on Friday, with Saudi Arabia trailing after its volumes dropped by one-third. Russia supplied 5.8 million tonnes of crude oil in August, data from China's General Administration of Customs showed. That is equal to 1.37 million barrels per day (bpd), down 3.7% from a year earlier and compared to July's 1.74 million bpd.

Sep 25 - Delta Hellas oil tanker loading crude at Libya's Hariga terminal - sources
The Delta Hellas oil tanker is currently loading its crude cargo from storage tanks at Libya's Hariga oil terminal, according to a shipping source and an engineer at the port. The tanker, chartered by the trading arm of China's Sinopec, Unipec, has the capacity to load 1 million barrels of crude.

Sep 25 - India's August crude processing drops as raging virus cases dim demand
Crude oil processed by Indian refiners slipped 26.4% from a year ago in August, the most in four months, as fuel demand remained subdued on skyrocketing coronavirus cases that hindered industrial and transport activity. Indian refiners processed 3.82 million barrels per day (bpd) or 16.15 million tonnes of crude last month, 8.7% lower than in July, government data released on Thursday showed.

Sep 25 - Iraqi oil ministry denies deal to up oil exports
Iraq's oil ministry on Thursday denied a media report citing Oil Minister Ihsan Abdul Jabbar as saying an agreement was imminent with the OPEC+ group to increase Iraq's crude oil exports. State news agency INA had quoted Abdul Jabbar as telling state-owned daily newspaper al-Sabah that he expected to reach an agreement soon with OPEC and its allies - known as OPEC+ - over increasing Iraq's crude oil exports.

Sep 25 - Trump, eyeing Farm Country, starts working on ethanol industry's year-old wishlist
President Donald Trump, looking to shore up support in the U.S. Farm Belt during a tight race for re-election, is taking steps to help producers of corn-based ethanol using a list of policy goals that a group of Midwest senators discussed with him a year ago, according to two sources familiar with the matter. On Sept. 12, 2019, Trump met with the senators, who were frustrated by the administration's management of U.S. biofuels policy. They argued that Trump's Environmental Protection Agency had been helping the oil industry at the expense of farmers dependent on ethanol sales, and presented him with a list of ways he could fix the problem, according to five sources familiar with the matter.

Sep 25 - U.S., Chinese diplomats signal tricky road ahead for climate diplomacy
After several years of dismissing global action to fight climate change, U.S. leadership was formally challenged this week by China announcing bold new climate pledges. Former Vice President Joe Biden has pledged to reinvigorate U.S. climate leadership if he wins the Nov. 3 election against incumbent President Donald Trump.

Sep 25 - Global climate goals 'virtually impossible' without carbon capture-IEA
A sharp rise in the deployment of carbon capture, utilisation and storage (CCUS) technology is needed globally if countries are to meet net-zero emissions targets designed to slow climate change, the International Energy Agency (IEA) said on Thursday. A growing number of countries and companies are targeting net zero carbon dioxide (CO2) emissions by around the middle of the century in the wake of the 2015 Paris climate agreement.

Sep 24 - First tanker to load crude at Libya's Hariga port since January
An oil tanker is expected to load crude at Libya's Marsa el-Hariga terminal this week, the first since a blockade by eastern forces in January slashed the OPEC member's oil production to a trickle. The Delta Hellas tanker will enter Libya's Hariga port on Wednesday and load 1 million barrels of oil from the port's storage, the Arabian Gulf Oil Co which operates the port said in a statement.

Sep 24 - China's Aug diesel exports double as domestic stocks overflow
China's diesel exports in August doubled the levels in July to 1.09 million tonnes, customs data showed on Wednesday, as refiners shipped fuel overseas despite poor export margins to reduce brimming domestic oil product inventories. The rebound in exports reversed four months of declines.

Sep 24 - China's national security and carbon-neutral target: John Kemp
China will adopt more vigorous policies to ensure carbon dioxide emissions peak before 2030, and carbon neutrality is achieved before 2060, President Xi Jinping told the United Nations on Tuesday. Xi’s announcement was obviously intended to draw a sharp contrast with policies pursued by U.S. President Donald Trump as political and diplomatic rivalry between the two countries intensifies.

Sep 24 - Global climate goals 'virtually impossible' without carbon capture - IEA
A sharp rise in the deployment of carbon capture, utilisation and storage (CCUS) technology is needed globally if countries are to meet net-zero emissions targets designed to slow climate change, the International Energy Agency (IEA) said on Thursday. A growing number of countries and companies are targeting net zero carbon dioxide (CO2) emissions by around the middle of the century in the wake of the 2015 Paris climate agreement.

Sep 24 - PDVSA's customers schedule last oil cargoes amid U.S.-imposed wind-down - sources
A handful of long-term customers of Venezuela's PDVSA have begun winding down oil trade with the state-run company by scheduling the last cargoes to depart from the sanctioned country ahead of a U.S. deadline, five sources close to the decisions told Reuters. The U.S. government has given the firms - which include Spain's Repsol, Italy's Eni, India's Reliance Industries and Thailand's Tipco Asphalt - deadlines ranging between October and November for ending exemptions to the sanctions allowing some companies still to receive Venezuelan oil, the sources said.
 
Sep 24 - U.S. oil inventories fall across the board last week - EIA
U.S. crude oil and fuel stockpiles fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.6 million barrels in the week to Sept. 18 to 494.4 million barrels, compared with analyst expectations in a Reuters poll for a 2.3 million-barrel drop.

Sep 24 - U.S. ethanol output closing gap on prior years but remains lackluster
U.S. ethanol production last week sank to a 12-week low, but the running deficit versus previous years has been shrinking over the last month, bringing output slightly closer to normal levels. Implied ethanol consumption is off from recent highs, but its year-on-year deficit has also contracted. U.S. gasoline demand is declining in line with seasonal trends, though there has been no recent improvement in its departure from normal levels.

Sep 24 - Top shipping insurance group will not cover ships linked to Nord Stream 2
The world's largest group of shipping insurers will not insure vessels involved in the Russian-led Nord Stream 2 and TurkStream gas pipeline projects because of the threat of U.S. sanctions. Associations belonging to the International Group of P&I Clubs, including the Shipowners' Club and the London P&I Club, said in a circular on Monday that it would not provide cover "for any activity involving or related to the Nord Stream 2 or TurkStream construction projects".

Sep 23 - Libya's NOC says output to rise as it seeks to revive oil industry
Libya's National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January. Oil prices fell around 5% on Monday, partly due to the potential return of Libyan barrels to a market that's already grappling with the prospect of collapsing demand from rising coronavirus cases.

Sep 23 - Mexico to hold off on possible new energy reform until next year
Mexico's president asked regulators on Tuesday to help strengthen state oil firm Pemex and power company CFE using existing laws, but added he could seek energy reforms next year if required to meet his goals, two sources said. The sources, who were at the closed-door meeting and spoke on condition of anonymity, said President Andres Manuel Lopez Obrador called on energy regulators to avoid issuing permits that would prevent private competitors to Pemex and CFE from expanding their footprint in the country.

Sep 23 - Old green power plants seek to regenerate as Germany turns off subsidies 
Wilfried Haas owns a 3 kilowatt solar system which has been running as a micro power station since 1992, helping Germany, Europe's largest economy, curb its dependence on coal and nuclear power. All that might be about to change. Together with thousands of other pioneer investors, Haas is considering whether he can continue his micro-generation without the subsidy scheme that helped to give Germany the highest level of installed renewable capacity in Europe.

Sep 23 - China's storing of crude oil eases for a second month: Russell
China's rate of storing crude oil slowed for a second month in August, as the massive of surge of imports started to ease in a trend likely to extend in the coming months. The flow of crude into commercial and strategic stockpiles was around 1.1 million barrels per day (bpd), according to calculations based on official data for crude imports, domestic output and refinery runs.

Sep 23 - Venezuela's PDVSA to sell crude cargo to Iran's national oil company - source
Venezuela's state-run oil company PDVSA has begun loading an Iran flagged large tanker with Venezuelan heavy crude for export, a source with knowledge of the situation said on Tuesday, as ties have deepened between the two OPEC nations. Venezuela and Iran are under sanctions imposed by the United States, hurting their oil industries and hitting crude exports by shrinking the pool of customers and shipping companies willing to send vessels to their ports.

Sep 23 - LyondellBasell to cut Houston refinery staff by 10% on pandemic losses
LyondellBasell Industries said on Tuesday that it plans to cut salaried staff at its Houston oil refinery because of losses during the COVID-19 pandemic. The company confirmed the contents of an email seen by Reuters, in which executive vice president Torkel Rhenman said Lyondell wants "a reduction of approximately 10% of the refinery population."

Sep 23 - Russian lawmakers give initial nod to hefty tax hike for mining, oil
Russian lawmakers on Tuesday supported a plan to increase taxes for some mining and oil companies, as Moscow seeks to plug the gaps left by lower oil prices and the COVID-19 pandemic, while facing industry opposition and criticism of its changing rules. The lawmakers, also in the first reading, backed tax breaks for certain oilfields in Western Siberia, the heartland of Russia's oil industry, with energy champion Rosneft seen as the main winner.

Sep 23 - Siemens sees market value of energy spin-off above $20 bln - source
Siemens expects Siemens Energy to reach a market value of significantly more than 17 billion euros ($19.98 billion) when it floats on the Frankfurt stock exchange next week, a source close to the company said. The consensus forecasts for the value of the business, which makes gas and wind turbines, is 21 billion to 22 billion euros, said the source. Based on the number of Siemens Energy shares, that would result in a share price of 28.90-30.28 euros apiece.

Sep 23 - China calls for global 'green revolution' as Trump goes solo on climate
Chinese President Xi Jinping announced plans to boost his country's Paris climate accord target on Tuesday and called for a green revolution, just minutes after U.S. President Donald Trump blasted China for "rampant pollution." Addressing the U.N. General Assembly, Xi said China would achieve a peak in carbon dioxide emissions before 2030 and carbon neutrality before 2060, the first time the world's biggest emitter of carbon dioxide has pledged to end its net contribution to climate change.

Sep 22 - U.S. gasoline prices slump as storm fears wane, demand concerns return
U.S. gasoline prices tumbled in Monday's energy market selloff, as worries about weak demand for fuel returned as the threat of Tropical Storm Beta waned, market analysts said. RBOB gasoline futures on the New York Mercantile Exchange fell more than 5% to a session low of $1.161 per gallon, ending a five-day streak of gains. Prices followed crude and equities markets lower, reversing last week's gains built on the active storm season in the U.S. Gulf Coast.

Sep 22 - Vitol expects tough second half as oil trading flatlines
After extreme oil volatility that provided traders with bumper profits in the first half of the year, the market is now stuck in a lower gear, fatigued by the realities of COVID-19. Lower overall oil supplies after production cuts implemented by the OPEC+ group of producers, as well as tepid fuel demand, are dampening price movements.

Sep 22 - White House drops plan to bail out oil refiners denied biofuel waivers – sources
The White House has dropped a plan to provide funds from the U.S. Department of Agriculture to oil refiners that are denied exemptions from the nation’s biofuel regulations, according to two sources familiar with the matter. The Trump administration was considering doling out at least $300 million in cash to the facilities, potentially from the USDA’s Commodity Credit Corporation, triggering an outcry from Midwest lawmakers who argued the money should be used for farmers, not the oil industry, Reuters previously reported.

Sep 22 - Oil tanker heads to Libya's Hariga terminal as NOC partially lifts force majeure
The Marlin Shikoku oil tanker is making its way to Libya's Marsa El Hariga terminal, according to Refinitiv Eikon shipping data. Libya's National Oil Corporation (NOC) on Saturday lifted force majeure on what it deemed secure oil ports and facilities.

Sep 22 - Hedge fund selling slows ahead of Saudi warning: Kemp
Hedge funds sold petroleum for the fourth week running, though the rate slowed from the two-year peak set a week earlier, as they lowered their expectations on oil consumption, prompting Saudi Arabia to issue an unusually blunt warning to short sellers. Hedge funds and other money managers sold the equivalent of 18 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 15, down from sales of 171 million the week before.

Sep 22 - India's August crude imports continue slide as economy stalls
India's crude oil imports declined in August, albeit at a slower pace, as soaring coronavirus cases continued to hit mobility and slowed economic recovery, government data showed on Monday. Crude oil imports last month fell about 23.4% from a year earlier to 15.15 million tonnes, or 3.58 million barrels per day (bpd), data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

Sep 22 - U.S. crude stockpiles seen down, gasoline likely fell for seventh week 
U.S. crude oil stockpiles likely fell last week, and gasoline stockpiles were expected to have fallen for a seventh consecutive week, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated, on average, that crude stocks likely fell by 2.3 million barrels in the week to Sept. 18.

Sep 22 - Bids for Exxon UK's oil and gas fields due on Oct. 28 - sources
Bids for a portfolio of Exxon Mobil's British North Sea oil and gas fields, which is expected to fetch around $1 billion following this year's oil price weakness, are due on Oct. 28, two sources with knowledge of the process said. Parties that have signalled interest in acquiring more assets in the basin include private-equity (PE) firm HitecVision's Neo, EIG's Chrysaor and listed companies, such as EnQuest.

Sep 22 - Rising Asian LNG prices to help more U.S. loadings in November
Buyers of liquefied natural gas (LNG) from the United States are expected to cancel no more than five cargoes for November loading as winter demand in Asia has lifted prices, after dozens of cancellations earlier this year, several trade sources said on Monday. Buyers usually have to notify some U.S. producers by the 20th of each month about cargo rejections for the month after the next one. It was not immediately clear if any cargoes have been cancelled for November.

Sep 21 - Shell launches major cost-cutting drive to prepare for energy transition
Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters. Shell's new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4 billion target set in the wake of the COVID-19 crisis.

Sep 21 - Oil refiners worldwide struggle with weak demand, inventory glut
Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August.

Sep 21 - Oil workers flee as third storm in month aims for U.S. offshore fields
Royal Dutch Shell Plc halted some oil production and began evacuating workers from a U.S. Gulf of Mexico platform, the company said on Saturday, as a new tropical storm flared. Beta, the 23rd named storm of the Atlantic hurricane season, formed in the Bay of Campeche and was forecast to gradually strengthen and soak the Texas coast all week, the National Hurricane Center said.

Sep 21 - Some Libyan oil facilities restart operations - companies, engineers
Workers at Libya's major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation (NOC) announced a partial lifting of force majeure. They said flaring had restarted at the field and shared a video of it, and added that engineers had been returning to the area since Wednesday.

Sep 21 - Oil recovery waits for international flying to return: Kemp
Jet fuel consumption remains the hardest hit section of the global oil market as passengers avoid air travel as a result of the pandemic and government travel restrictions. The specific problems of the jet market explain why refinery margins for closely related distillates such as diesel are currently being hit much harder than benchmark oil prices.

Sep 21 - China outlines policy for new storage bases for energy, agri imports
China is directing authorities in East China's Zhejiang province to start planning to build stockpiling bases for energy and agricultural products, part of a push to develop regional free-trade zones (FTZs), a government document said on Monday. The directives call for looking at building above-ground and underground facilities to stockpile oil, gas and chemicals in FTZs that encompass 120 square km (46 square miles), including in parts of provincial cities Ningbo, Hangzhou and Jinyi.

Sep 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 September 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 30,970 contracts to 308,522 during the period.

Sep 21 - U.S. drillers add oil and gas rigs for second week in three - Baker Hughes
U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to Sep. 18, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Sep 18 - Saudi energy minister warns oil market gamblers will be hurt "like hell"
The Saudi Energy Minister warned traders on Thursday against betting heavily in the oil market saying he will try to make the market "jumpy" and promised those who gamble on the oil price would be hurt "like hell". The comments by Prince Abdulaziz bin Salman, OPEC's most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+.

Sep 18 - U.S. energy firms tally damages from Hurricane Sally, begin restarts
Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left more than 465,000 homes and businesses in Alabama, Georgia and Florida without power. Sally became a tropical depression on Thursday, as it dropped up to 18 inches (46 cm) of rain and caused flash flooding on its trek across Alabama and toward the Atlantic Ocean, the National Weather Service said.

Sep 18 - Bloated diesel stocks weigh down global oil market: Kemp
Global distillate markets remain heavily oversupplied, sending margins tumbling to multi-decade lows, despite refiners’ efforts to restrain crude processing and switch to maximising gasoline production. Poor distillate consumption and margins are weighing on refiners’ demand for crude, in turn hampering efforts by OPEC+ to rebalance the oil market and push crude prices higher.

Sep 18 - EU details energy savings and renewables push to reach tougher climate target
The European Union needs to hike its renewable energy and energy saving targets, according to its analysis published on Thursday of how the bloc could make deeper emissions cuts this decade. The European Commission wants the EU to slash its greenhouse gas emissions by at least 55% by 2030, against 1990 levels, which experts say is the minimum needed to reach net zero emissions by 2050.

Sep 18 - Libya's NOC says lifting force majeure is tied to demilitarising oil facilities
The chairman of Libya's National Oil Corporation (NOC) said on Friday that lifting the force majeure restrictions that have halted oil exports from the war-torn country depends on demilitarising all oil facilities. In place since the start of the year, force majeure was briefly lifted in July before being reimposed.
 
Sep 18 - Trump plan to bail out refiners triggers outcry from lawmakers
U.S. lawmakers from both sides of the aisle spoke out on Thursday against the potential use of Department of Agriculture funds to bail out refiners that are denied exemptions from the nation's biofuel blending laws. Reuters reported on Wednesday that the Trump administration is considering at least $300 million in financial relief to refiners denied waivers from the U.S. Renewable Fuel Standard, requiring them to blend biofuels like ethanol into their fuel or purchase credits, for the 2019 compliance year. The money could come from funds within the USDA, five sources familiar with the matter told Reuters.

Sep 18 - Saudi Arabia crude exports rebound in July from historic lows
Saudi Arabia's crude oil exports rebounded in July to 5.73 million barrels per day (bpd) from a record low in June, official data showed on Thursday. At 4.98 million bpd, crude exports in June were the weakest on record, according to data from the Joint Organizations Data Initiative (JODI) stretching back to 2002.

Sep 17 - Hurricane cuts a quarter of U.S. Gulf of Mexico energy output, dampens fuel demand
More than a quarter of U.S. Gulf of Mexico offshore oil and gas production remained shut by Hurricane Sally, which was moving inland on Wednesday and dumping heavy rains and cutting fuel demand in the U.S. Southeast. The storm made landfall early Wednesday near Gulf Shores, Alabama, as a powerful Category 2 hurricane, swamping the region with 10 to 20 inches (25-50 cm) of rain and boosting U.S. crude oil and gasoline prices. Some coastal areas received as much as 35 inches of rainfall, the National Hurricane Center (NHC) said.

Sep 17 - As OPEC+ meets this week, UAE emerges as main laggard
The United Arab Emirates has emerged as a major laggard in delivering oil output cuts in August, figures used by OPEC+ showed on Wednesday, as the group meets this week amid signs of a faltering demand recovery. Compliance with oil production cuts in August among OPEC+ members was seen at around 101%, four OPEC+ sources told Reuters on Wednesday, a figure calculated using production assessments from six secondary sources.

Sep 17 - EQT bids for Chevron U.S. shale-gas assets in Appalachia - sources
EQT Corp, the largest U.S. natural gas producer by volume, has placed a bid on Chevron Corp's Appalachia gas properties and a pipeline stake, people familiar with the matter said. EQT offered $750 million for the properties, one of the people familiar with the matter said.

Sep 17 - Trump administration eyes at least $300 million aid to refiners denied biofuel waivers
The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said. Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court ruling.

Sep 17 - India's African oil imports hit 10-mth high in Aug - shipping data
India's oil imports from Africa jumped to their highest in 10 months in August as refiners switched out more expensive crude from the Middle East, shipping data provided by trade sources showed. The world's third biggest oil importer shipped in about 3.95 million barrels per day (bpd) of oil in August, the highest volume since April, with African nations accounting for about 17.5%, or an eleven month high of 688,000 bpd, the data showed.

Sep 17 - Seven Xihe Holdings tankers put up for sale to help pay creditors - sources
The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors, three sources said on Wednesday. Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed supervisors earlier this year.

Sep 17 - U.S. crude stockpiles drop unexpectedly, diesel builds - EIA
U.S. crude oil stockpiles unexpectedly fell last week despite rising production, while distillate inventories were up once again, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell to their lowest since April at 496 million barrels in the week to Sept. 11, sliding 4.4 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel rise.

 Sep 17 - EU executive wants tougher 2030 climate goals and billions in green bonds
The European Union's chief executive said on Wednesday the bloc should commit to deeper emissions cuts over the next decade, and pledged to use green bonds to finance its climate goals. With wildfires, drought and collapsing glaciers wreaking havoc around the world, European Commission President Ursula von der Leyen said ambitious action to tackle climate change could create millions of extra jobs, aiding Europe's economic recovery from the COVID-19 pandemic.

Sep 17 - Hitachi scraps plans for British nuclear plant 
Japan's Hitachi Ltd is scrapping plans to build a nuclear power plant in Wales, it said on Wednesday, dealing a blow to UK hopes to replace its ageing plants. The move leaves only France's EDF and China's CGN with building plans in Britain where nearly half the nuclear plants are set to shut down in the next four years.

Sep 16 - A quarter of U.S. Gulf of Mexico output offline as hurricane advances
More than a quarter of U.S. offshore Gulf of Mexico oil output was shut and export ports were closed on Tuesday as Hurricane Sally stalled just off the U.S. Gulf Coast, pelting the region with heavy rains. Sally weakened on Tuesday to a Category One hurricane with sustained winds of 85 miles per hour (140 kph), moving at a snail's pace that threatened "historic" flooding from Mississippi to Florida, the U.S. National Hurricane Center said in a late day update.

Sep 16 - IEA says oil demand recovery set to slow for rest of 2020
The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd in its second downgrade in as many months.

Sep 16 - Winson Oil wins favourable ICC decisions in claims against banks
A Singapore oil trader has won favourable decisions from the Paris-based International Chamber of Commerce (ICC) against two banks in trade-finance disputes related to troubled Hin Leong Trading, documents reviewed by Reuters showed. Winson Oil Trading Pte Ltd believes the non-binding decisions will strengthen its claims in court against Standard Chartered Bank (Singapore) and Oversea-Chinese Banking Corp (OCBC), sources familiar with the matter said.

Sep 16 - Energy transitions, job losses and political reactions: John Kemp
Like other technology shifts, energy transitions provoke strong responses because they involve changes in lives and livelihoods, that go far beyond narrow technical questions about the source and delivery of energy. Transitions disrupt employment and incomes, imposing substantial and concentrated costs on particular households, industries and communities. They create big losers as well as winners.

Sep 16 - U.S. presidential candidate Biden rips Trump's record on ethanol
U.S. Democratic presidential nominee Joe Biden late on Tuesday attacked President Donald Trump's record on ethanol, saying his administration's recent moves to help the industry were too little, too late and transparently political. Biden said in an exclusive statement to Reuters that the Trump administration's announcement this week that it would reject requests from oil refiners for retroactive waivers exempting them from biofuel blending laws was not enough to outweigh several years of granting large numbers of such waivers - which biofuel producers say erode demand for their products.

Sep 16 - Petrobras resumes oil trading with Vitol, Trafigura and Glencore
Brazil's state-run oil firm Petrobras has lifted its ban on trading with major commodity traders Vitol, Trafigura and Glencore, in place since Brazilian prosecutors announced a bribery probe in 2018, the company told Reuters. "After a temporary suspension period with the companies cited, the company re-initiated business after adopting and perfecting a series of specific measures meant to bring more security to the commercial relationship," Petrobras said in a statement to Reuters.

Sep 16 - EU carbon market's free handouts are impeding climate action, auditors say
The European Union should change the way it hands out free pollution permits in the bloc's carbon market, which is failing to bring about deep cuts in emissions, EU auditors said. The EU carbon market is the world's biggest - covering around 45% of the bloc's greenhouse gas emissions. It puts a price on pollution by forcing factories, power plants and airlines running flights within Europe to buy permits to cover their emissions.

Sep 15 - Oil industry paints grimmer picture of pandemic's harm to demand
Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic's ongoing assault on the global economy. The novel coronavirus hammered fuel demand in the spring, causing consumption to drop by more than one-third as billions of people worldwide restricted their movements.

Sep 15 - China's August crude oil runs rise to second-highest on record
China's crude oil throughput in August rose from a year ago, reaching the second-highest on record, as refineries worked to digest record imports brought in earlier this year. The country processed 59.47 million tonnes of crude oil in August, or 14 million barrels per day (bpd), up 9.2% from a year earlier, according to data from the National Bureau of Statistics (NBS).
 
Sep 15 - Refiners, offshore producers shut ahead of Hurricane Sally landfall
More than one-fifth of U.S. offshore oil production was shut and key exporting ports were closed on Tuesday ahead of Hurricane Sally's landfall on the U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month. Sally was upgraded to a Category 2 hurricane on Monday and could strengthen further before making landfall late on Tuesday, the U.S. National Hurricane Center said. The storm's trajectory has shifted east toward southwestern Mississippi, however, sparing some of Louisiana's refining operations.

Sep 15 - Pandemic's "great reset" makes energy firms invest more in renewables - execs
The economic trauma caused by the coronavirus pandemic persuaded energy companies to step-up investments in renewables, hydrogen and other low carbon alternatives, but fossil fuels will remain dominant for the foreseeable future, industry executives said. Reeling from the onset of the pandemic, global oil consumption shrank by more than 20% in the second quarter and prices hit their lowest in decades, making companies rethink how fast they should make the transition away from reliance on oil and gas.

Sep 15 - Shell focused on turning around troubled Australian operations
Undaunted by hefty writedowns on its Australian gas assets, Royal Dutch Shell sees its liquefied natural gas business and "new energy" acquisitions Down Under as core to its long term plans, the Australian unit's chairman said on Tuesday. As Europe's biggest oil company aims for net zero emissions from its operations by 2050 and plans a major restructuring, Shell still sees gas as a crucial part of the puzzle, with around a quarter of its gas assets in Australia.

Sep 15 - OPEC+ Sept meeting unlikely to advocate deeper oil output cuts - sources
OPEC and allies such as Russia are unlikely to announce further curbs to oil output this week despite a price drop, sources told Reuters, and will extend the period for countries like Iraq and Nigeria to compensate for earlier overproduction. OPEC and allies, a group known as OPEC+, have been reducing production since May to support oil prices after global demand plunged in the wake of the coronavirus pandemic.

Sep 15 - Trump EPA sides with farmers over refiners in biofuel waiver decision
The Trump administration said on Monday it rejected scores of requests from U.S. oil refiners for waivers that would have retroactively spared them from their obligation to blend biofuels like ethanol into their fuel, delivering a win for farmers and a blow to the oil industry just ahead of the November presidential election. Reuters had reported last week that U.S. President Donald Trump, under the advice of his allies in the Midwest, ordered his Environmental Protection Agency to deny the waivers because they had become a lightning rod of controversy in the Farm Belt, an important political constituency.

Sep 15 - Australia still addicted to fossil fuel with oil, gas subsidies: Russell
Australia's conservative government has doubled down on fossil fuels, offering subsidies to both the natural gas and oil refining industries as part of efforts to revitalise the economy after the devastation of the coronavirus pandemic. Prime Minister Scott Morrison announced a National Gas Development Plan on Tuesday, which includes strategies to create a hub for natural gas, develop gas fields, build and subsidise pipelines and may even see the government weighing in to construct a gas-fired power plant, according to several media reports.

Sep 15 - Hedge funds dump oil as outlook worsens: John Kemp
Hedge funds sold crude oil and refined products at the fastest rate for more than two years in the first week of September, as the summer trading lull ended abruptly and bullishness towards oil evaporated. Hedge funds and other money managers sold the equivalent of 171 million barrels in the six most important petroleum futures and options contracts in the week ending on Sept. 8, the fastest rate of selling since July 2018.

Sep 14 - Once an American foe, now a friend: OPEC turns 60 
In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington's bidding. Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as retribution for U.S. support for Israel during the Yom Kippur War, shifts in global politics and a surge in America's oil production have tamed the group.

Sep 14 - Gasoline, diesel demand likely to return to pre-COVID-19 levels by Q4 2021
Global oil demand in transportation sectors, with the exception of jet fuel, could return to pre-pandemic levels by the fourth quarter of 2021, draining excess supplies from the market, Vitol's Chief Executive Officer Russell Hardy said. Global oil inventories grew by 1.2 billion barrels in storage tanks and on the water after the Organization of the Petroleum Exporting Countries (OPEC) meeting in April, Hardy said at the virtual Asia Pacific Petroleum Conference.

Sep 14 - World's largest carbon market faces revamp under draft EU plan
The world's biggest carbon trading market faces a major overhaul under European Union climate change plans to cut greenhouse gas emissions faster this decade, a draft seen by Reuters shows. Under the EU emissions trading system (ETS) factories and power plants have to buy pollution permits to cover the greenhouse gases they emit, while airlines must do so for flights within Europe.

Sep 14 - Fossil fuel demand to take historic knock amid COVID-19 scars -BP
Fossil fuel consumption is set to shrink for the first time in modern history as climate policies boost renewable energy while the coronavirus epidemic leaves a lasting effect on global energy demand, BP said in a forecast. BP's 2020 benchmark Energy Outlook underpins Chief Executive Bernard Looney's new strategy to "reinvent" the 111-year old oil and gas company by shifting renewables and power.

Sep 14 - Australia proposes paying oil refiners billions to stay open
Australia on Monday proposed offering incentives worth A$2.3 billion ($1.67 billion) over 10 years to keep the country's four remaining oil refineries open and said it would invest in building fuel storage as part of a long-term fuel security plan. The country's refiners have been battered by the coronavirus-driven collapse in fuel demand, racking up losses which they say threaten the future of their plants as they compete against much bigger refineries around Asia.

Sep 14 - Investor group issues AGM warning to climate net-zero laggards
A leading investor group has written to the boards of the world's biggest corporate emitters of greenhouse gases, warning they must produce a strategy to move their business to net-zero carbon emissions or face pressure at future AGMs. Climate Action 100+, whose members include most of the world's biggest investors, collectively managing $47 trillion in assets, said the strategies needed to have clear targets and that companies would be assessed on their performance.

Sep 14 - Oil companies idle production as U.S. Gulf Coast braces for hurricane
Offshore platforms and one refinery along the U.S. Gulf Coast shut down on Sunday as they prepared for a second hurricane strike in less than a month. Phillips 66 began shutting its 255,600 barrel-per-day (bpd) Alliance, Louisiana, refinery as Tropical Storm Sally was forecast to pass just west of the plant, 24 miles (38 km) south of New Orleans.

Sep 14 - Global energy transition already well underway: Kemp
Policymakers still tend to talk about the global energy transition in the future tense, as something that might or will happen in the next few decades, but the transition is already well underway and shows signs of accelerating. Global energy consumption has already been shifting from a mid-20th century system dominated by coal and oil to one that will be dominated by gas and renewables by the mid-21st century.

Sep 14 - U.S. oil & gas rig count falls for the first time in four weeks -Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in four weeks even as a rebound in crude prices from coronavirus lows over the past few months prompted some producers to return to the wellpad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to 254 in the week to Sep. 11, according to data on Friday from energy services firm Baker Hughes Co.

Sep 14 - Speculators cut U.S. crude oil net longs-CFTC
Money managers cut their net long U.S. crude futures and options positions in the week to September 8, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 57,430 contracts to 277,553 during the period.

Sep 11 - With a battered economy, Iraq debates its contribution to OPEC+ oil cuts
A debate within Iraq over whether it should ask to be exempt from OPEC+ oil supply cuts has resurfaced as low prices squeeze its finances, challenging a government struggling to tackle the destruction of years of war and rampant corruption. OPEC's second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions, pumping above its production targets since the pact was first signed in 2016 between OPEC and its allies led by Russia.

Sep 11 - BP books oil tanker for storage at lowest rate this year -sources, data
Oil major BP has provisionally chartered a supertanker to store crude oil off Malaysia at this year's lowest rate yet, according to industry sources and data on Refinitiv Eikon. The charter is the latest in a flurry of ship bookings made by oil majors and trading houses after tanker rates plunged. A resurgence in coronavirus cases, poor weather and the end of the northern hemisphere's summer driving season have slowed global oil trade and shipping demand.

Sep 11 - U.S. crude stocks build as refiners cut runs amid hurricane - EIA
U.S. crude oil stockpiles rose last week, ending a streak of inventory drawdowns, as refiners cut back crude processing due to Hurricane Laura, the Energy Information Administration said on Thursday. Crude inventories rose by 2 million barrels in the week to Sept. 4 to 500.4 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.

Sep 11 - Pemex could tap Mexican debt market more
Mexican state oil company Petroleos Mexicanos should consider borrowing more on the local market to meet its vast financing requirements, a top official said after the finance ministry presented an austere 2021 budget. Pemex is already the world's most indebted oil company and was this year stripped of its investment grade rating.

Sep 11 - Russian watchdog files $2 bln lawsuit against Nornickel for fuel spill damage
Russia's environment watchdog said on Thursday that it had filed a lawsuit against a power business owned by mining giant Norilsk Nickel to claim 148 billion roubles ($1.96 billion) for environmental damage caused by a fuel leak earlier this year. The spill occurred on May 29 after a fuel tank lost pressure and released 21,000 tonnes of diesel into rivers and subsoil near the city of Norilsk in Siberia.

Sep 11 - BP enters offshore wind with $1.1 bln Equinor deal
BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway's Equinor, a significant step by the oil firm towards its energy transition goals. The British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over the coming decade to 50 gigawatts (GW).

Sep 11 - Russian oil flows back to Europe from Asia, pricing weakens - traders
Sluggish demand in Asia and rising fuel flows to Europe have dampened pricing for Moscow's flagship Urals crude oil blend, setting the stage for a protracted period of weak prices for the Russian oil, traders said on Thursday. Urals differentials to the benchmark Brent blend in northwestern Europe, a key metric for the pricing, reached an all-time high of $2.35 per barrel at the end of April, in line with a long-term goal of Russian President Vladimir Putin.

Sep 10 - Trump administration to deny pending retroactive U.S. biofuel waivers
U.S. President Donald Trump has instructed that dozens of oil refiner requests for retroactive waivers from U.S. biofuel laws be denied amid concerns the issue could cut into his support in the Farm Belt, three sources familiar with the decision said. The move, in the form of a direction to the Environmental Protection Agency, marks the end of an effort by the refining industry to come into compliance with a January court decision that said the Trump administration should not have given out some waivers in previous years.

Sep 10 - Second wave of floating storage triggered by ailing oil market
A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again. The use of so-called floating storage onboard tankers comes as traditional onshore storage remains close to capacity as supplies outpace demand.

Sep 10 - Venezuela gasoline queues grow as Iranian tankers weigh taking long route
Angry Venezuelans are once again stuck in long service station lines due to rationing by President Nicolas Maduro's government, which is awaiting fuel tankers on their way from Iran to the oil-rich but fuel-starved South American nation. Venezuela's refineries have nearly halted operations due to years of underinvestment while U.S. sanctions meant to force the ruling Socialist Party from power have severely restricted fuel imports, leaving Maduro dependent on ally Iran for gasoline.

Sep 10 - Recovery in Asia spot LNG price more about supply than demand: Russell
The spot price of liquefied natural gas (LNG) for delivery to north Asia is continuing to recover, but the increase appears to have more to do with supply issues than any rebound in demand. The spot price of cargoes for October delivery rose to $4.50 per million British thermal units (mmBtu) in the week ended Sept. 4, an eight-month high and some 143% above the record low of $1.85, reached in two separate weeks at the beginning and end of May.

Sep 10 - Brazil likely to extend zero-tariff ethanol imports past U.S. election, sources say
The Brazilian government is planning to extend a tariff-free ethanol import program for three months, two sources with knowledge of the matter told Reuters on Wednesday, a measure likely to please U.S. President Donald Trump's administration. Brazil allowed a non-tariff quota for imports of 750 million liters per year of ethanol to expire at the end of August, resulting in U.S. producers' having to pay a 20% tariff.

Sep 10 - Tanker carrying gasoline seized by U.S. arrives off Freeport, Texas
A tanker containing a cargo of Iranian gasoline confiscated by the United States arrived on Wednesday at a Texas port where it was preparing to discharge, according to a pilots group spokesperson. The Euroforce arrived off of Freeport, Texas, on Wednesday and had retained Texas Marine Agency, a Houston-based cargo agent, in preparation to offload its fuel, the spokesperson for Brazos Pilots Association said. Texas Marine referred inquiries to the U.S. Department of Justice.

Sep 10 - US EIA cuts 2020 world oil demand growth forecast
The U.S. Energy Information Administration on Wednesday cut its 2020 world oil demand growth forecast by 210,000 barrels per day to 8.32 million bpd. In its monthly forecast, the agency cut its oil demand growth estimate for 2021 by 490,000 bpd to 6.53 million bpd.

Sep 10 - Gazprom's GMT closes down crude, products trading desk
Russian gas giant Gazprom's overseas trading arm, Gazprom Marketing and Trading (GMT), is closing down its crude oil and refined products trading desks as part of an ongoing cost cutting, two sources familiar with the development said. "GMT struggled to get crude oil and products volumes from Gazprom's group of companies, so it had to trade mainly third party volumes which was expensive and offered relatively small margins," one of the source said.

Sep 10 - U.S. 2020 crude output to fall less than previously expected - EIA
U.S. crude oil production is expected to fall 870,000 barrels per day to 11.38 million bpd this year, a less steep decline than the 990,000 bpd previously forecast, the U.S. government said on Wednesday. Nations worldwide, including the United States, have throttled back oil output in response to the coronavirus pandemic, and as fuel demand has dropped sharply. U.S. production dropped from 12 million bpd to roughly 10.5 million bpd. That helped U.S. prices, which briefly fell to minus-$40 a barrel, recover to nearly $45 in recent weeks.

Sep 10 - India's August fuel consumption posts biggest monthly decline since April 
India's fuel demand slipped further in August and posted its biggest monthly decline since April, as a surge in coronavirus infections continue to throttle economic activity and transportation, government data showed on Wednesday. Coronavirus cases has soared past 4.3 million on Wednesday making India the second worst-hit country in the world.

Sep 10 - Power sector transformation will get world one third of way to net zero - IEA
The transformation of the power sector will only get the world one third of the way to a goal of achieving net zero emissions by mid-century, a report by the International Energy Agency (IEA) said on Thursday. Global carbon dioxide (CO2) emissions are expected to fall this year by 8% from 2019 - their lowest level since 2010 - as slower economic growth due to the COVID-19 pandemic slashed energy demand.

Sep 10 - Enterprise abandons Texas pipeline project as oil prices remain weak
Enterprise Products Partners LP on Wednesday abandoned a major 450,000-barrels-per-day Permian crude pipeline project in Texas and agreed to give customers lower near-term commitments on other pipelines as oil prices remain stagnant. The cancellation of the Midland to ECHO 4 pipeline is in line with other delayed energy projects, including export terminals and pipeline builds, hurt by lower demand after U.S. oil producers chopped output to cope with oil prices below $40 a barrel.

Sep 10 - Climate change poses systemic risk, CFTC advisory panel says
Climate change poses a "slow motion" systemic threat to the stability of the U.S. financial system and requires urgent action from financial regulators, including the Federal Reserve and the Securities Exchange Commission. That is one of the findings of a landmark report by a U.S. Commodity Futures Trading Commission advisory panel convened last year by Rostin Behnam, one of two Democrats on the five-member CFTC.

Sep 09 - Reversing course ahead of election, Trump extends drilling ban off Florida
U.S. President Donald Trump on Tuesday signed an order to extend a ban until 2032 on offshore oil drilling in the eastern Gulf of Mexico off Florida as he seeks to win support in the state ahead of the Nov. 3 election. The executive order, which would also expand the ban to Florida's Atlantic coast and to the coasts of Georgia and South Carolina, was met with an unusual mix of disappointment from a drilling industry group and skepticism by environmentalists.

Sep 09 - Taxpayer, conservation groups pressure U.S. to halt drilling auctions
U.S. taxpayer and conservation groups on Tuesday urged the Trump administration to halt plans to sell oil and gas leases on more than 300,000 acres (120,000 hectares) of public lands this month after a sale in Nevada drew mostly minimum bids from a weakened drilling industry. The small Nevada auction was the first of six sales the U.S. Bureau of Land Management will hold this month as it resumes its leasing program following a five-month pause due to the coronavirus pandemic.

Sep 09 - Trump administration to deny pending retroactive U.S. biofuel waivers
U.S. President Donald Trump has instructed that dozens of oil refiner requests for retroactive waivers from U.S. biofuel laws be denied amid concerns the issue could cut into his support in the Farm Belt, three sources familiar with the decision said. The move, in the form of a direction to the Environmental Protection Agency (EPA), marks the end of an effort by the refining industry to come into compliance with a January court decision that ruled the Trump administration should not have given out some waivers in previous years.

Sep 09 - U.S. utilities say Biden plan to cut C02 hinges on breakthroughs
The U.S. power industry would struggle to meet presidential hopeful Joe Biden’s proposed mandate that it become carbon neutral by 2035 without some big breakthroughs in clean energy technology, according to a Reuters analysis of planning documents and a survey of top utilities. The country’s top power producers said rapid advances in nascent technologies - such as batteries to store power for lean times, carbon capture to trap waste from fossil fuels and advanced nuclear power - will be critical to reaching net-zero carbon dioxide emissions.

Sep 09 - Eying digital push, Schlumberger strikes cloud-computing deal with IBM
Top oilfield service provider Schlumberger NV said Tuesday it will tap technology from International Business Machines Corp to bring oilfield software to countries such as Saudi Arabia and Russia that have strict data sovereignty laws. Schlumberger develops software called Delfi that energy producers use to locate and extract oil more efficiently. The company is shifting toward delivering Delfi from cloud-based or distributed servers, tapping providers such as Alphabet Inc's Google and Microsoft Corp.

Sep 09 - Oil market cycle slips into reverse: Kemp
The oil market's rebalancing has run out of momentum and gone into reverse over the last two months as the lingering coronavirus epidemic has resulted in a much slower than anticipated resumption of fuel demand. In the middle of June, most forecasters expected the market to move into a substantial production-consumption deficit in the second half of the year and into 2021, leading to a sustained draw down in excess stocks.

Sep 09 - LNG investments vanish in 2020 as coronavirus slashes oil and gas prices
No new liquefied natural gas (LNG) export projects could be approved this year for the first time in at least two decades, banking and industry sources said, after the COVID-19 pandemic drove down energy demand and knocked prices to all-time lows. In a stark contrast to last year's record level of approvals for LNG production plants, 2020's dramatic oil and gas price drop has forced companies to delay decisions on new projects and write down investments in existing plants.

Sep 08 - Exxon downsizes global empire as Wall Street worries about dividend
Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to worry about the once-sacrosanct dividend at Exxon, which in the 20th Century became the world's most valuable company using global scale, relentless expansion and strict financial controls.

Sep 08 - U.S. shale producers race for federal permits ahead of presidential election 
Oil producers in the top U.S. shale fields are stockpiling drilling permits on federal land ahead of the November U.S. presidential election, concerned that a win by Democratic candidate Joe Biden could lead to a clamp-down on oilfield activity. Federal permitting in the largest U.S. oilfield in the Permian Basin, located in Texas and New Mexico, is up 80% in about the last three months, which analysts attribute to a hedge against a win by Biden, who currently leads U.S. President Donald Trump by several points in national polling.

Sep 08 - Big trade houses see persisting oil stocks bubble
Trading firms enjoyed an unprecedented boom in the first half of 2020 due to extreme volatility caused by the COVID-19 pandemic but the market's direction now looks less certain due to high stocks and tepid demand recovery. "The market is more complex and nobody knows when demand will come back. Financial investors are piling into second half of 2021 or December 2021 (oil futures contracts) on the assumption demand will be back then," Marco Dunand, chief executive of Mercuria Energy Trading, told Reuters.

Sep 08 - Libya oil units halt operations due to spread of virus
Two affiliates of Libya's National Oil Corp (NOC) have suspended some work because of the spread of the coronavirus, they said in statements posted online on Monday. The country's biggest refinery, Zawiya, located west of Tripoli, said it had closed its offices from Sept. 8-17, reducing staffing by 10% and placing them on "emergency leave".

Sep 08 - Hedge funds grow sceptical of oil market rebalancing: Kemp
Hedge fund sentiment towards crude and products turned sharply more negative at the end of August amid signs of a slow post-epidemic recovery in oil consumption and persistently high inventories. Hedge funds and other money managers sold the equivalent of almost 40 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 1.

Sep 08 - StanChart's global head of commodities business to leave as team restructured - memo
The global commodities chief at Standard Chartered Plc (StanChart) is leaving the bank as part of the division's restructuring, with many commodities team executives switching to the bank's financial markets unit, according to a company memo and one person familiar with the matter. In a memo sent to staff earlier this month and reviewed by Reuters, Roberto Hoornweg, StanChart's global head of financial markets, said Cengiz Belentepe, global head of commodities and regional head of Financial Markets West, was leaving the bank after a four-year stint.

Sep 08 - More firms setting up LNG desks in Singapore - trade minister
More firms have set up liquefied natural gas (LNG) desks in Singapore to capitalise on growing demand for gas in Asia, the city-state's trade minister told a virtual conference on Monday. Singapore currently has over 50 companies with an LNG trading or business development presence in Singapore, trade minister Chan Chun Sing told the Gastech virtual summit.

Sep 08 - No Nord Stream 2? No problem for Germany, economists say
Abandoning the nearly complete Nord Stream 2 gas pipeline from Russia to Germany could create a legal mess and nudge up energy costs for European households but Germany would cope with any disruption to supplies, economists say. German Foreign Minister Heiko Maas at the weekend questioned the project -- thus far supported by Germany -- following the suspected poisoning of Kremlin critic Alexei Navalny.

Sep 07 - IEA sees oil market stuck between no major slowdown but stalled recovery
The global economy is likely not headed for any major slowdown due to COVID-19 but piled-up storage and uncertainty over China's oil demand cloud oil markets' recovery, an official with International Energy Agency (IEA) said. Keisuke Sadamori, IEA director for energy markets and security, told Reuters the outlook for oil was in the midst of either a second wave or a steady first wave of the coronavirus.

Sep 07 - China's August crude oil imports jump 13% on year as delayed cargoes clear customs 
China's crude oil imports in August climbed 13% from a year earlier, buoyed by hefty orders placed earlier this year when global oil prices collapsed and as cargoes previously delayed by congestion at arrival ports finally cleared customs. Imports were 47.48 million tonnes last month, data released by the General Administration of Customs showed on Monday, equivalent to 11.18 million barrels per day (bpd). That was well below the monthly record of 12.94 million bpd set in June this year, but easily beat last year's overall monthly average of 10.11 million bpd.

Sep 07 - Saudi Arabia cuts Oct crude official prices to Asia
Saudi Arabia's state oil producer Aramco cut its October official selling price (OSP) for its Arab Light crude oil to all destinations, the company said in a statement on Saturday. Aramco reduced the OSP for its Arab Light crude grade to Asia by $1.40 a barrel, setting it at a minus $0.50 per barrel versus Oman/Dubai average.

Sep 07 - Azerbaijan's SOCAR Trading targets U.S. crude, LNG expansion
Azerbaijan's SOCAR Trading has returned to expansion mode and aims to increase its presence in liquefied natural gas (LNG) and U.S. crude, following a reorganisation two years ago and strong results, its chief executive told Reuters. SOCAR Trading was set up in 2007 to market Azeri Light crude before expanding into other crude and refined product markets.
 
Sep 07 - China's crude oil splurge starts to ebb, price cuts unlikely to spark revival: Russell 
The current state of China's demand for crude oil was neatly illustrated by two data points: the first showed imports stayed at elevated levels in August, the second explained why this situation will likely change from October onwards. China imported 47.48 million tonnes of crude in August, equivalent to 11.18 million barrels per day (bpd), according to customs data released on Monday.

Sep 07 - Australia's oil industry faces new indigenous heritage test
A discovery of ancient artefacts on the seabed off Australia's west coast has opened up a new frontier for resource companies to watch out for in conserving indigenous heritage. Archaeologists in July reported they had found hundreds of stone tools submerged off the Dampier Archipelago in Western Australia, showing evidence of people living in the area when it was dry land more than 7,000 years ago.

Sep 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 September 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 541 contracts to 334,983 during the period.

Sep 07 - Asian LNG prices at more than seven-month high amid supply issues
Asian spot liquefied natural gas (LNG) prices rose this week as there were supply issues in Australia and the United States, while several buyers were looking for cargoes. The average LNG price for October delivery into northeast Asia was estimated at $4.5 per million British thermal units (mmBtu), $0.45 per mmBtu above last week's level, market sources said.

Sep 07 - U.S. drillers add oil and gas rigs for second week in three - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the second time in the past three weeks as a recovery in oil prices from historic coronavirus-linked lows prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future production, rose two to 256 in the week to Sep. 4, energy services firm Baker Hughes Co said in its closely followed report on Friday.That was 642 rigs, or 71.5%, below this time last year.

Sep 07 - ConocoPhillips pulls request for extension of flaring permits at 41 Texas sites
U.S. oil and gas producer ConocoPhillips withdrew a request to extend flaring permits at 41 of its sites in West Texas, saying it no longer needed them as operational improvements had reduced the need for flaring events. Flaring, the practice of deliberately burning unwanted gas, has become a concern for environmentalists and investors on fears that it exacerbates climate change by releasing carbon dioxide into the atmosphere.

Sep 04 - China's energy giants tiptoe into renewables
China's state energy producers outlined initiatives to develop hydrogen and wind power after their earnings slumped along with the oil price in the first half but their renewables projects could take years to materialise. The tentative plans laid out by PetroChina, Sinopec and CNOOC Ltd come as global energy majors like BP prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future.

Sep 04 - BHP awards tender for LNG-fuelled bulk iron ore carriers
BHP Group said on Friday it has awarded a tender to charter five bulk iron ore carriers powered by liquefied natural gas (LNG), aiming to cut greenhouse gas emissions on voyages to biggest customer China by more than 30%. The contract for five LNG-fuelled Newcastlemax bulk carriers to carry ore between Western Australia and China was awarded to Singapore-based Eastern Pacific Shipping, and will run for five years from 2022, the global miner said.

Sep 04 - Fire rages on supertanker off Sri Lanka, one crewman presumed dead
A Filipino crew member missing from a supertanker that caught fire off the Sri Lankan coast is presumed dead, a spokesman for the navy of the Indian Ocean nation said on Friday. The fire was still raging on the New Diamond tanker carrying about 2 million barrels of oil, said the spokesman, Captain Indika de Silva. There were 23 crew on board.

Sep 04 - U.S. refiners, awash in diesel inventory, unlikely to boost output soon
U.S. refiners are stuck between meeting rising gasoline demand and the glut of supply in the lackluster diesel and jet fuel markets. Refiners cannot produce gasoline without making other products like diesel, commonly known as distillates. The coronavirus pandemic slashed demand by one-third worldwide, and so far the gasoline use has rebounded faster than that of distillates. Refiners still have big stockpiles of diesel and other fuels, and do not want to make more of those products due to poor margins.

Sep 04 - Oil market's rebalancing is stalling: Kemp
Oil market rebalancing has decelerated over the last two months as producers' output discipline shows signs of slackening and consumption recovers more slowly than anticipated at the start of the third quarter. Members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners in the broader exporters' alliance (OPEC+) are showing signs of weakening commitment to output cuts agreed in April.

Sep 04 - Germany pressed to rethink Nord Stream 2 pipeline after Navalny poisoning
Pressure mounted on German Chancellor Angela Merkel on Thursday to reconsider the Nord Stream 2 pipeline, which will take gas from Russia to Germany, after she said Kremlin critic Alexei Navalny had been poisoned with a Soviet-style nerve agent. Merkel said on Wednesday that Navalny, who is being treated in a Berlin hospital, was the victim of a murder attempt using the nerve agent Novichok, and demanded an explanation by Russia.

Sep 04 - Mexico's president nods to environment but favors state energy firms
On the campaign trail two years ago, Andres Manuel Lopez Obrador pledged to meet Mexico's commitments on combating global warming and discussed moving the oil-producing nation away from fossil fuels with leading environmentalists, like former U.S. Vice President Al Gore. Since taking office in late 2018, Mexico's president has promoted a major reforestation program, pledged to phase out the herbicide glyphosate, and railed against fracking.

Sep 03 - Iraq denies it was seeking exemption from OPEC+ oil cuts - ministry
Iraq said on Wednesday it remained fully committed to the OPEC+ oil supply cut agreement, denying earlier media report that it was seeking an exemption from the reduction pact during the first quarter of 2021, Iraq's oil ministry spokesman said. "The Ministry of Oil would like to categorically deny this baseless statement, and affirm that, to the contrary, Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed to in June," the spokesman said in a statement.

Sep 03 - End of China's crude oil buying splurge may dent demand optimism: Russell
There is a crude oil market narrative that demand is recovering from the shock of the coronavirus pandemic, and therefore producers that previously cut output can now put more supply back into the market. While there is evidence to support the view that demand is higher than at the height of pandemic-induced lockdowns in the second quarter, there are questions as to whether it is strong enough to absorb the likely increase in supply.

Sep 03 - U.S. crude stocks drop 9 mln bbls, record fall in output amid hurricane - EIA
U.S. crude oil and fuel stockpiles fell sharply last week as Hurricane Laura shut offshore production and refining facilities, the Energy Information Administration said on Wednesday. Crude inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to data, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel drop.

Sep 03 - U.S. oil drilling set to start rising after cycle turns: Kemp
The U.S. oil industry probably passed the low point in the current cycle in July and August, with drilling rates set to start increasing from September or October and production turning up from March or April 2021. Since hitting a low in late April, when the coronavirus epidemic was raging and lockdowns were most stringent, front-month U.S. oil futures prices have progressively risen for the last 19 weeks.

Sep 03 - EU draft plan targets free carbon credit cut for most industries
Most industries covered by the European Union's carbon market would see free credits cut by the highest possible rate over the next five years under draft plans, potentially costing some of the biggest polluters millions of euros. The carbon market is the EU's main policy for cutting greenhouse gas emissions, by forcing power plants and factories to buy credits to cover their emissions.

Sep 03 - Russia raises oil output in Aug as global curbs ease
Russia increased its oil and gas condensate production in August as global output curbs eased, indicating it can restore its fields quickly even without an earlier announced plan to drill new wells, data showed and sources said. Russia, among the world's top three oil nations with Saudi Arabia and the United States, is limited in how much it can pump by the deal between the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+. 

Sep 03 - U.S. Gulf of Mexico oil output down 19.9% in Hurricane Laura's aftermath
U.S. Gulf of Mexico offshore oil output on Wednesday was down by 368,223 barrels per day, or 19.9% of the region's daily production, the U.S. Department of Interior reported, as energy companies restarted more activity in the aftermath of Hurricane Laura. Shut-ins from Hurricanes Laura and Marco have removed 13.8 million barrels of oil from the market since Aug. 22, according to a Reuters tally of government data.

Sep 03 - Mexico's 'austere' 2021 budget to include refinery spending, no new taxes
Mexico's government said on Wednesday that it will pursue an austere 2021 budget that will focus spending on health, social programs and priority public infrastructure projects, including refineries and oil production, and will not raise taxes. The finance ministry is due to present Congress the budget next Tuesday, with the government facing scrutiny over a battered economy facing its deepest slump since the 1930s Great Depression due to the coronavirus pandemic.

Sep 02 - Exxon weighs global job cuts after unveiling Australian lay-off plan
Exxon Mobil Corp is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off programme in Australia. Exxon is the latest oil major to embark on axing jobs spurred by a historic collapse in fuel demand because of the coronavirus pandemic.

Sep 02 - OPEC August oil output rises for 2nd month as cut eased -survey
OPEC oil output has risen by about 1 million barrels per day (bpd) in August, a Reuters survey found, as the group and allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic. The 13-member Organization of the Petroleum Exporting Countries pumped 24.27 million bpd on average in August, the survey found, up 950,000 bpd from July's figure and a further boost from the three-decade low reached in June.

Sep 02 - Eying a shale rebound, Liberty Oilfield strikes deal with Schlumberger
Liberty Oilfield Services' acquisition of Schlumberger's shale fracking business will make it the third-largest oilfield services firm by North American revenue, nudging out Baker Hughes Co in a bet on a shale rebound. Denver-based Liberty Oilfield on Tuesday agreed to swap a 37% stake in the company in exchange for Schlumberger's North American hydraulic fracturing fleet, two Texas sand mines and other units.

Sep 02 - Supply curbs, uncertain demand to keep oil rangebound above $40 - poll
Oil prices will see little change this year and a modest uptick in 2021 as output cuts take effect, with the demand picture clouded in uncertainty due to the coronavirus pandemic, a Reuters poll showed on Tuesday. The survey of 43 analysts and economists forecast benchmark Brent crude to average $42.75 a barrel in 2020, up from July's $41.50 consensus and compared with an average price of $42.60 so far this year. Brent is expected to average $50.45 in 2021.

Sep 02 - Funds focus on oil refining margins: Kemp
Hedge funds continued to rotate their positions from crude to fuels, especially gasoline, in light trading during the summer vacation period in North America, Europe and the Middle East. Hedge funds and other money managers sold the equivalent of 10 million barrels in the six most important petroleum futures and options contracts in the week to Aug. 25.

Sep 02 - India's coal imports stumble in August, raising risk of slow recovery: Russell
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart its economy amid the ongoing coronavirus pandemic. India's imports of both thermal coal, used in power stations, and coking coal, used to make steel, are estimated at around 12.2 million tonnes in August, according to Refinitiv vessel-tracking and port data.

Sep 01 - Big Oil's patchy deals record casts shadow over green makeover
As major oil companies prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future, the industry's patchy track record on takeovers is red flag for some investors. Ten years ago, the world's top energy companies were spending billions of dollars on major oil and gas assets and costly drilling programmes in remote parts of the world in a relentless drive to produce more.

Sep 01 - Saudi Arabia may cut October crude oil prices to Asia - survey
Top oil exporter Saudi Arabia is expected to cut its crude oil official selling prices (OSPs) for Asian buyers for a second straight month, tracking a drop in Middle East benchmarks and weak refining margins, industry sources said on Monday. Seven sources from Asian refineries on average expected the October OSP for flagship Arab Light crude to fall by $1 a barrel, which would make it the biggest monthly drop since May, although forecasts ranged from cuts of 50 cents to $1.80 a barrel, a Reuters survey found.

Sep 01 - Buffett looks to Japan with $6-bln bet on five biggest trading firms
Berkshire Hathaway Inc has bought a 5% stake in each of Japan's five biggest trading houses, together worth over $6 billion, marking a departure for Chairman Warren Buffett as he looks beyond the United States to diversify his conglomerate. The long-term investment in Itochu Corp, Marubeni Corp, Mitsubishi Corp, Mitsui & Co Ltd and Sumitomo Corp could see the stakes rise to 9.9%, Berkshire said on Sunday, Buffett's 90th birthday.

Sep 01 - Second U.S. shale boom's legacy: Overpriced deals, unwanted assets
Oil and gas companies plunged over $156 billion into corporate takeovers and land deals during the second U.S. shale boom, in a massive bet that good times would continue and crude prices would rise. Many of those deals have become financial albatrosses. The prospect for relief is limited: the industry is still working through the shock of a historic collapse in fuel demand in such a short period of time, prompted by the sudden impact of the coronavirus on global mobility. Oil companies are cutting their budgets to preserve cash and survive - not to spend it on buying more companies.

Sep 01 - China set to import largest monthly LNG volumes this year in August
China is set to import its largest monthly volumes of liquefied natural gas (LNG) for this year in August, as gas companies take advantage of low spot prices to stockpile ahead of peak winter demand. The world's second-largest importer of the super-chilled fuel after Japan looks set to import nearly 6.4 million tonnes this month, nearly 20% more than in July and about 24% up from this time last year, shiptracking data from Refinitiv Eikon showed on Monday.

Sep 01 - U.S. oil production rose to 10.4 million bpd in June - EIA
U.S. oil production rose in June, but did not fully recover from a dramatic plunge in May, according to a government report on Monday. U.S. oil output rose 420,000 barrels per day in June to 10.436 million barrels a day, the U.S. Energy Information Administration said in a monthly report on Monday. Production remained far below April levels of 11.99 million bpd.

Sep 01 - Storm damages continue to hamper U.S. Gulf of Mexico energy operations
Catastrophic damage to power lines and communications outages on Monday weighed on U.S. Gulf Coast refineries' post-Hurricane Laura assessments and on offshore oil and gas production. Energy companies continued to inspect and restart offshore operations while onshore repairs were hampered by power outages. In Lake Charles, Louisiana, near where the storm made landfall early Thursday, Citgo Petroleum and Phillips 66 said reviews to their refineries could take days and neither could estimate restarts.

Sep 01 - Top envoy says U.S. preparing tighter oil sanctions on Venezuela
The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to exchange Venezuelan crude for fuel from the OPEC member. U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the left-leaning Venezuelan President Nicolas Maduro after a 2018 re-election considered a sham by most Western nations.

Aug 31 - Sinopec posts first half-year loss as coronavirus wallops fuel demand
China Petroleum & Chemical Corp, or Sinopec, on Sunday posted its first half-year net loss on record amid weak fuel demand as the coronavirus hobbled industrial activity and curbed travel. Asia's biggest oil refiner said in a filing to the Shanghai Stock Exchange it made a net loss of 21.725 billion yuan ($3.17 billion) for the first six months of 2020 - the only half-year period it has ended in the red in Refinitiv Eikon data going back to 2003.

Aug 31 - Japan's Eneos to hasten refinery consolidation as virus slams demand at home
Japan's biggest oil refiner Eneos Holdings Inc will hasten its transformation into a supplier of low-carbon energy and materials as domestic oil demand drops more than expected due to the COVID-19 pandemic, new President Katsuyuki Ota said. A quicker timeline comes amid a wider consolidation in Japan's refining sector, which has been cutting capacity as it struggles to get business from a shrinking, ageing population that consumes less fuel because of more efficient vehicles.

Aug 31 - U.S. Gulf of Mexico oil output remains lower in wake of storm, data shows
U.S. Gulf of Mexico crude oil output remained down 70%, or 1.29 million barrels per day, according to data released on Sunday by the Department of Interior, as companies continued to return crews to offshore facilities that were evacuated ahead of Hurricane Laura. A total of 139 platforms or drilling rigs in the U.S. Gulf of Mexico were unmanned at midday on Sunday, the department reported, down from the 310 that had been evacuated on Wednesday.

Aug 31 - Hedge funds cut bullish bets on U.S. crude
Hedge funds and money managers cut bullish wagers on U.S. crude to the lowest level in nearly four months, data showed on Friday, as the global economy's recovery from the coronavirus pandemic remained sluggish and on worries about rising crude supply. The speculator group cut its combined futures and options position in New York and London by 14,735 contracts to 334,442 in the week to Aug. 25, the U.S. Commodity Futures Trading Commission (CFTC) said. It was the lowest level since late April.

Aug 31 - U.S. drilling rig count steady, posts first monthly increase since Dec - Baker Hughes
U.S. energy firms kept the number of oil and natural gas rigs operating unchanged this week, resulting in the first monthly increase since December as higher crude prices prompt some producers to start drilling again. In August, the oil and gas rig count rose by three to 254, according to data on Friday from energy services firm Baker Hughes Co.

Aug 31 - Asia LNG price hovers above $4/mmBtu as hurricane disrupts U.S. exports
Asian spot liquefied natural gas (LNG) prices hovered above $4 per million British thermal units (mmBtu) this week as cargo loadings from the United States were delayed due to a powerful hurricane. The average LNG price for October delivery into northeast Asia was estimated at about $4.05 per mmBtu, down five cents from the previous week.

Aug 28 - As Laura exits, U.S. energy firms tally damage, plan restarts 
U.S. energy companies on Thursday were organizing crews to evaluate offshore Gulf of Mexico platforms and assess damage to coastal operations as Hurricane Laura took its fierce winds inland. The storm hit Louisiana early Thursday with 150 mile-per-hour (240 kph) winds, damaging buildings, knocking down trees and cutting power to more than 650,000 people in Louisiana and Texas. However, Laura's storm surge was much less than predicted, sparing refineries from feared massive flooding. 

Aug 28 - Indian state refiners halt oil imports from Chinese cos - sources 
Indian state refiners have stopped buying crude oil from China-linked companies, three sources said, after New Delhi's recent regulation aimed at restricting imports from countries that it shares a border with. The new regulation, put in place on July 23, comes after a border clash between India and China that killed 20 Indian soldiers and soured relations between the two neighbours.

Aug 28 - U.S. energy exports severely disrupted by Hurricane Laura 
Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports. The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world's third largest exporter of the super-cooled gas, with shipments on track to fall to their lowest in 18 months.

Aug 28 - Iraq cuts oil exports in August, pumps below OPEC+ target 
Iraq's crude oil exports have fallen so far in August, according to shipping data and industry sources, suggesting OPEC's second-largest producer is delivering more of its pledge to cut supply under an OPEC-led deal. Southern Iraqi exports up to Aug. 25 have dropped to 2.63 million barrels per day (bpd), according to the average of figures from Petro-Logistics, which tracks tanker shipments, and Refinitiv Eikon data. 

Aug 28 - Crude oil or cooking oil? For some U.S. refiners, it's now a choice 
Refiners have always produced fuel using crude oil. Now some are using grease. A slump in demand for gasoline since the onset of the coronavirus pandemic has several refining companies accelerating their plans to retrofit facilities to produce so-called renewable diesel made from, among other things, used cooking oil from fast-food restaurants.

Aug 28 - As Arctic ice melts, polluting ships stream into polar waters 
As melting sea ice opens the Arctic to navigation, more ships are plying the loosely regulated polar waters, bringing increasing amounts of climate-warming pollution, a Reuters analysis of new shipping and fuel-consumption data shows. Traffic through the icy region's busiest lane along the Siberian coast increased 58% between 2016 and 2019. Last year, ships made 2,694 voyages on the Northern Sea Route, according to data collected by researchers from the Centre for High North Logistics at Norway's Nord University.

Aug 28 - Asian crude oil prices drop on low demand, weak margins - sources 
Spot prices for some Asian crude oil grades slipped into discounts to dated Brent due to subdued demand from refiners in the region, narrowing the price gap between low-sulphur crude and crudes from the Middle East, traders said. Differentials for October-loading crude from Malaysia and Vietnam against dated Brent have fallen more than $3 a barrel compared with trades for September cargoes last month, they said.

Aug 27 - Hurricane Laura races toward heart of U.S. oil refining industry 
Laura intensified into a strong Category 4 hurricane on Wednesday as it raced over evacuated oil production platforms in the U.S. Gulf of Mexico and took aim at the energy industry's refining hub along the Texas/Louisiana coast. The storm gathered strength on Wednesday and is forecast to bring heavy rains and catastrophic, 150 mile-per-hour (240 kph) winds that will drive ocean waters up to 40 miles (64 km) inland, U.S. forecasters said in a late-day advisory. 

Aug 27 - China's splurge on U.S., Brazilian crude oil is ending: Russell 
Much of the surge in China's imports of crude oil in recent months has been provided by the United States and Brazil, but the volumes from these two exporters are set to tail off in coming months. Chinese customs data showed that China imported 3.67 million tonnes from the United States in July, equivalent to about 864,225 barrels per day, and 139% higher than the same month in 2019.

Aug 27 - Equinor to cut jobs in U.S., Canada and UK following oil price fall 
Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday. The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices, the spokesman told Reuters, adding that the targets were communicated internally on Tuesday.

Aug 27 - U.S. crude stocks drop as exports soar, refining ramps up - EIA 
U.S. crude oil stockpiles fell last week as exports soared the most in 18 months and refineries boosted production to the highest rate since March before the worst of the demand hit from the coronavirus pandemic, data from the Energy Information Administration showed on Wednesday.  Crude inventories, which have been on the decline for five straight weeks, fell 4.7 million barrels to 507.8 million barrels, the lowest since April in the week to Aug. 21, the EIA said. Analysts had forecast in a Reuters poll a decrease of 3.7 million barrels.

Aug 27 - Europe faces high hurdles to make hydrogen hype reality 
A European Union goal to boost the use of zero-carbon hydrogen is likely to be a pipe dream unless the bloc can find billions in investment and persuade member states, under strain from the pandemic hit to their economies, to give their backing. Last month, the European Commission mapped out a plan to expand the production and use of "green hydrogen" - a zero-carbon fuel made by electrolysis, using renewable power from wind and solar, that splits water into hydrogen and oxygen.

Aug 27 - U.S. resumes oil, gas lease auctions; bids weaker than pre-pandemic levels 
The U.S. government's first oil and gas lease sale in five months kicked off on Wednesday, attracting weaker bidding in New Mexico than auctions that occurred before oil prices crashed during the pandemic, according to results posted on an online auction site. The 2,800-acre sale was the Trump administration's first since March, when lockdowns to fight the spread of the coronavirus crippled crude oil demand and prices tanked. It will be followed on Thursday with a far larger sale of more than 45,000 acres in New Mexico and Texas.

Aug 27 - U.S. EPA has not decided on biofuel mandates, refinery exemptions - Wheeler 
The Environmental Protection Agency has not made a decision on U.S. biofuel blending requirements for 2021 or on petitions from refiners asking to be exempted from past-year requirements going back to 2011, EPA Administrator Andrew Wheeler said on Wednesday. Wheeler could not assure that the agency will decide the 2021 Renewable Volume Obligations (RVO) by the Nov. 30 deadline due to the impact of the COVID-19 pandemic. Under U.S. law, refiners are required to blend billions of gallons of biofuels into their fuel mix, or buy credits from those that do.

Aug 27 - Defying economic gloom, Iran's oil firms propel bourse to record high 
The coronavirus crisis, an oil price shock and crippling U.S. sanctions on Iran's energy and banking sectors have brought the country's economy to its knees. Yet the Tehran Stock Exchange is home to one of the top performing equity indexes in the world. Iran's benchmark TSE index (TEDPIX) has soared 330% since the start of the year in local currency terms thanks to a breathtaking rally in oil firms, refineries and the petrochemical industry - accounting for more than a third of the top 30 companies.

Aug 27 - U.S. ethanol output, demand stagnate after rapid spring rebound: Braun 
U.S. ethanol production quickly bounced back after its pandemic-driven crash in late March and April, though both output and use have plateaued in the last month and remain below typical levels, a bit unsettling as far as corn demand is concerned. Last week’s ethanol output totaled 931,000 barrels per day (bpd), up fractionally on the week, according to data from the U.S. Energy Information Administration. The four-week average hit 927,000 bpd, which is extremely similar to, albeit a hair below, the previous four weeks.

Aug 26 - Hurricane Laura poses biggest storm threat to U.S. oil output in 15 years 
The U.S. energy industry on Tuesday was preparing for a major hurricane strike, cutting crude production at a rate approaching the level of 2005's Hurricane Katrina and halting oil refining at plants along the Texas-Louisiana coast. Officials in the two states ordered hundreds of thousands of coastal residents to flee inland as Hurricane Laura strengthened and forecasters predicted it would become a major hurricane with sustained, 115 mile per hour (185 kph) winds. 

Aug 26 - Saudi Arabia slips to 3rd-biggest in China crude supply for July 
Saudi Arabia's crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic. Saudi Arabia shipped 5.36 million tonnes to China last month, the equivalent of 1.26 million barrels per day (bpd), data from the General Administration of Customs showed on Tuesday. That compares to 8.88 million tonnes in June and 6.99 million tonnes in July last year. 

Aug 26 - Indian refiners' July throughput recovery slows from June 
Indian refiners processed 2.5% less oil in July compared to June, the first monthly fall since April, as renewed restrictions due to rising coronavirus cases stalled a recovery in fuel sales in the world's third largest domestic market. India refiners's crude processing plunged by a record 28.8% in April, when the country was under complete lockdown, and has been recovering since as its normally traffic-clogged cities eased restrictions, putting drivers back on the road. 

Aug 26 - Asian coal prices likely to remain depressed say traders, analysts 
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher before the end of 2020 as utilities work through inventories, traders and analysts said. Coal prices have slumped to near five-year lows after falling by a third last year and are now at around $50 a tonne, a level not seen since 2016.

Aug 26 - Biden says supports ethanol, hits Trump on handling of U.S. biofuel laws 
Democratic presidential nominee Joe Biden on Tuesday threw his support behind U.S. laws that require oil refiners to blend biofuels into the nation's fuel pool and criticized the Trump administration for its handling of the mandates. "A Biden-Harris Administration will promote and advance renewable energy, ethanol, and other biofuels to help rural America and our nation's farmers, and will honor the critical role the renewable fuel industry plays in supporting the rural economy and the leadership role American agriculture will play in our fight against climate change," Biden said in a statement.

Aug 25 - Twin U.S. Gulf Coast storms move energy giants to deep production cuts 
Energy companies moved to cut production at U.S. Gulf Coast oil refineries on Monday after shutting 82% of the area's offshore crude oil output as back-to-back storms took aim at the coast. Tropical Storms Marco and Laura, a rare double-team assault on key U.S. oil regions, threaten to bring days of heavy rains and strong winds this week. Producers have shut more than 1.5 million barrels per day of Gulf Coast offshore oil production, nearly 14% of the nation's total output, facing a storm that is forecast to become a damaging Category 2 hurricane.  

Aug 25 - Steady oil price belies weakening physical market 
The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country's buying binge earlier in the year. The spread between Brent crude for nearby delivery and six-months ahead is at its widest since late May at around $2.50, a market structure known as contango.

Aug 25 - Gas and nuclear industries fight to the end for 'green' EU investment label 
The gas and nuclear industries have ramped up lobbying to secure last-ditch changes to European rules defining which investments are sustainable, fearing that exclusion from a new "green" list could deprive them of billions of dollars of funding. The climate section of the EU's Sustainable Finance Taxonomy is due to be finalised this year and it could prove crucial as nuclear power and most natural gas plants and pipelines were excluded from a provisional list published in March.

Aug 25 - Hedge funds shift focus from crude to fuels: Kemp 
Hedge funds continued to switch their focus from crude oil to refined fuels last week – betting refinery margins are too low and will have to rise even as signals about the benchmark oil prices remain conflicting. Hedge funds and other money managers purchased the equivalent of 12 million barrels in the six most important petroleum futures and options contracts in the week to Aug. 18.

Aug 25 - U.S. shale producers Pioneer Natural, Parsley prepare job cuts 
Two U.S. shale oil producers, Pioneer Natural Resources Co and Parsley Energy Inc, are planning to trim staff in coming days, people familiar with the matter said on Monday, after each posted large second-quarter losses. The cost cuts are the latest by oil and gas producers as oil demand and prices have plunged due to the COVID-19 pandemic. More than 100,000 jobs in the U.S. industry had been axed this year through mid-June, consultancy Rystad Energy estimates.

Aug 24 - China's July diesel exports hit 5-yr low amid weak demand overseas 
China's diesel exports fell for a fourth straight month in July´╝îhitting their lowest level in five years, as tepid demand overseas due to the COVID-19 pandemic forced Chinese refiners to focus on domestic consumers. China shipped out only 550,000 tonnes of diesel, about half of 1.04 million tonnes in June and a third of 1.58 million tonnes in July 2019, data from the General Administration of Customs showed on Sunday night.

Aug 24 - Energy firms shut 58% of U.S. Gulf of Mexico oil output due to twin storm threat 
Energy firms shut 57.6%, or 1.07 million barrels per day (bpd), of offshore crude oil production in the U.S. Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura, the U.S. government said on Sunday. Also, 44.6%, or 1,205 million cubic feet per day (mmcfd), of natural gas output was shut ahead of the storms, the federal Bureau of Safety and Environmental Enforcement (BSEE) said.

Aug 24 - Storebrand divests out of Exxon, others over climate lobbying 
Storebrand, Norway's largest private asset manager, has divested from ExxonMobil, Chevron, Rio Tinto and BASF citing their lobbying practices regarding climate. The stakes were small compared to Storebrand's $91 billion in assets under management but their sale marks an escalation from the company's historical preference to engage with companies over such issues.

Aug 24 - Middle East share of India's oil imports hits 2-year high in July 
Middle Eastern oil accounted for 71.5% of India's oil imports in July, its highest share in 26 months, while imports from Africa fell to 5%, the lowest in at least 14 years, data from trade sources showed on Friday. Analysts said lower fuel demand and paltry refining margins had driven a preference for Middle Eastern sour grades over sweet African barrels.

Aug 24 - Surge in spot Asian LNG prices looks good on paper, but deceives: Russell 
The spot price of liquefied natural gas for delivery to north Asia has more than doubled since hitting an all-time low earlier this year, but the gain is more impressive on paper than in reality. The spot price ended last week at $4.10 per million British thermal units (mmBtu), its highest since mid-January and 122% above the record low of $1.85 touched in separate weeks at the beginning and end of May.

Aug 24 - U.S. oil inventories point to fragile recovery: Kemp 
U.S. petroleum inventories are gradually becoming less bloated as crude imports remain low and refiners limit fuel production, but the slow pace of the drawdown underscores the fragility of oil market rebalancing. Total stocks of crude oil and products fell last week, the fifth decline in six weeks, according to data from the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, Aug. 19).

Aug 24 - 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 August 18, 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 6,669 contracts to 349,178 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. 

Aug 24 - U.S. drillers add rigs for first time since March in strong recovery -Baker Hughes 
The U.S. oil and natural rig count increased for the first time since March, with energy firms adding the most oil rigs in seven months, as shale producers start drilling again now that crude prices have recovered from historic lows. The oil and gas rig count, an early indicator of future output, rose 10 from a record low to 254 in the week to Aug. 21, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Aug 21 - OPEC+ needs to fix daily oversupply of more than 2 mln barrels
Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) to make up for their recent oversupply, an internal OPEC+ report seen by Reuters shows. The surplus seen between May and July ought to be compensated for in August and September, the report said.

Aug 21 - Saudi crude exports plunge in June to lowest on record
Crude exports from Saudi Arabia, the world's largest oil exporter, extended a decline in June to the lowest on record, official data showed on Thursday, as global demand remained squeezed by the COVID-19 pandemic. Exports fell 17.3% from the month before to 4.98 million barrels per day, their lowest since at least January 2002, data from the Joint Organizations Data Initiative (JODI) showed.

Aug 21 - India's crude imports fall to lowest in over a decade in July
India's crude oil imports fell in July to their lowest since March 2010 as fuel demand slowed amid renewed coronavirus-induced lockdowns and closures of refinery units for maintenance, government data showed on Thursday. Crude oil imports last month slumped about 36.4% from a year earlier to 12.34 million tonnes, or 2.92 million barrels per day, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

Aug 21 - California power outages are a canary in the mine: Kemp
California must do more and faster to prevent future blackouts as it transforms its energy generation system to combat climate change, the state’s governor wrote this week in a letter to energy regulators. Governor Gavin Newsom requested a post-event analysis and re-examination of reliability assumptions after a heatwave and record electricity consumption forced grid operators to introduce rolling blackouts to manage demand.

Aug 20 - OPEC+ presses for compliance with oil cuts
OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end. The group, known as OPEC+, met on Wednesday to review compliance and left oil cuts levels unchanged. Cuts would deepen this month and next because of compensation by Iraq, Nigeria, Angola and Kazakhstan for overproduction in May-July.

Aug 20 - U.S. eyes October deadline to end exemptions on Venezuela oil sanctions - sources
The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer's oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro. U.S. President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners and customers since it first imposed measures against the company in early 2019, seeking to oust the left-leaning Maduro after a 2018 re-election considered a sham by most Western nations.

Aug 20 - U.S. crude stockpiles fall even as imports jump - EIA
U.S. crude oil stockpiles fell last week even as net imports jumped sharply, while fuel demand dipped as well, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 1.6 million barrels in the week to Aug. 14 to 512.5 million barrels, less than analysts' expectations in a Reuters poll for a 2.7 million-barrel drop.

Aug 20 - RWE eyes renewables deals as part of $8.4 billion expansion - CFO
Germany's largest power producer RWE plans to spend part of its 7 billion euro ($8.4 billion) war chest on growing its 24.7 gigawatt pipeline of renewables projects, its CFO said, just weeks after BP announced a major low-carbon push. "A pipeline needs to be worked on constantly. It doesn't grow overnight," Markus Krebber told Reuters, less than a day after the group raised 2 billion euros ($2.4 billion) in a share sale to fund growth.

Aug 20 - Stored crude, condensate could be shipped from shuttered Libyan ports
A limited reopening of Libyan oil terminals could allow the export of some crude oil and condensate stored at Es Sider, Brega, Zueitina and Hariga, but leaves a months-long blockade of the ports in place, oil engineers say. East Libyan authorities said on Wednesday they would permit exports of the stored products in an effort to ease an electricity supply crisis that has resulted in increasingly lengthy power cuts.

Aug 19 - Nigeria's long-awaited oil reform bill to go to president - sources
Nigeria's oil ministry will present a long-awaited oil and gas reform bill to the president in the coming days aimed at boosting output and attracting foreign investment, three sources close to the negotiations told Reuters. The reforms, 20 years in the making, are particularly urgent this year as low oil prices and a shift towards renewable energy have made competition tougher to attract investment from oil majors.

Aug 19 - U.S. weighs more sanctions on Venezuela to halt fuel deals - Bloomberg
The administration of U.S. President Donald Trump is weighing additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the Latin American country, Bloomberg reported late on Tuesday. The step could target crude swaps with companies in Europe and Asia, the report added, citing people familiar with the matter.

Aug 19 - In the run-up to U.S. election, drilling lobby promotes natural gas as "clean"
America's biggest oil and gas lobby group is ramping up its advertising spending ahead of the November election to persuade voters that natural gas is a climate-friendly fuel, according to ad buying data. The campaign by the American Petroleum Institute (API), targeted at younger voters and some tight congressional races, is part of a global battle by the drilling industry to assuage growing fears over the role of natural gas in driving climate change.

Aug 19 - China slows crude oil storage flows slightly in July: Russell
China's massive build-up of crude oil inventories this year slowed somewhat in July, but remained elevated by historical standards as imports stayed near record levels. One of the few bullish spots in the global oil market this year has been China's ravenous appetite for crude, with imports for May, June and July being the highest three months on record.

Aug 18 - OPEC+ panel focuses on compliance with oil cuts, calls for 'vigilance'
Compliance with OPEC+ oil output cuts is seen at 95% to 97% in July, according to OPEC+ sources and a draft report seen by Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers. The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, have been cutting output by a record volume since May to tackle the fallout from the COVID-19 pandemic which has hit oil demand.

Aug 18 - Trump administration finalizes oil drilling plan in Alaska wildlife refuge
The Trump administration on Monday finalized a plan to allow oil and gas drilling in Alaska's Arctic National Wildlife Refuge, putting it on track to issue decades-long leases in the pristine wilderness area before a potential change in U.S. leadership. The energy industry and Alaska Governor Michael Dunleavy said opening ANWR to drilling would create jobs and boost the state's economy, which is reliant on oil production. Democrats including presidential hopeful Joe Biden and green groups criticized the move as a giveaway to Big Oil that would harm the Arctic's unique ecosystem and native people.

Aug 18 - Hedge funds focus on relative value as oil prices stall: Kemp
Hedge funds’ oil trading remained very light last week as the normal summer holiday slowdown was compounded by the lack of clear signals about the future direction of the market. In the absence of strong signals about the overall direction of prices, some hedge funds and other money managers are turning their attention to relative value plays, betting that oil products will outperform crude.

Aug 18 - U.S. West power prices at record high as California eyes more outages
Electric prices in the U.S. West soared to record highs as California consumers prepared for more outages on Monday after the grid operator ordered utilities to cut power over the weekend to reduce system strain during a brutal heat wave. PG&E Corp said more rotating outages were likely to occur in response to the California ISO's 'flex alert' urging consumers to keep conserving electricity through at least Wednesday when the weather is expected to start to cool.

Aug 18 - Chevron pursues exploration deal in Iraq - WSJ
U.S. oil major Chevron Corp tentatively plans to sign a memorandum of understanding with Iraq to develop one of the country's large oil fields, the Wall Street Journal (WSJ) reported on Monday, citing people familiar with the matter. Chevron and the Iraqi government are discussing the potential execution of exploration work in Iraq's southern Nassiriya oilfield, which is estimated to hold about 4.4 billion barrels of crude, the report said.

Aug 17 - Commodity traders face rising finance costs as big banks pull out
Commodity trade financing by the world's banks is drying up at a rate not seen in more than 20 years, leaving small and medium sized firms most exposed, banking and trading sources said. Banks are retrenching after the coronavirus crisis led to defaults by some trading houses, intermediaries in the global movement of oil, metals and agricultural goods which link producers and end-users, and also exposed a series of frauds.

Aug 17 - China ramps up U.S. oil purchases ahead of trade deal review -sources
U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world's top economies gear up to review a January deal after a prolonged trade war. Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China's purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.

Aug 17 - As Canada curbs methane emissions, new measurements show problem bigger than thought
Reported greenhouse gas emissions from Canada's oilpatch have more than doubled in the year's first half as changes to how they are measured revealed a more extensive picture of environmental damage, previously unreported industry data show. Prime Minister Justin Trudeau's government, which has set a goal of making Canada carbon-neutral by 2050, launched a national program on Jan. 1 to better measure and reduce methane emissions.

Aug 17 - Oil market sentiment softens as pandemic lingers: Kemp
Crude oil traders have become progressively less bullish about the outlook for prices in recent weeks as concern over the lingering COVID-19 epidemic and its impact on the economy have trumped output cuts by the OPEC+ group of producers. In retrospect, the second half of June and first half of July marked the peak of optimism about a rapid drawdown in excess oil stocks and a rise in prices. In the weeks since, positive sentiment has been ebbing away.

Aug 17 - U.S. says seized four Iranian fuel shipments en route to Venezuela
The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions. U.S. President Donald Trump said Iran should not be sending cargoes to Venezuela and added that the seized shipments were bound for Houston, Texas, and suggested they may have already arrived.

Aug 17 - Hedge funds cut bullish bets on U.S. crude
Hedge funds and money managers cut bullish wagers on U.S. crude to the lowest in three months, data released on Friday showed, as hopes dimmed for a swift U.S. economic stimulus package and coronavirus cases increased globally. The speculator group cut its combined futures and options position in New York and London by 12,798 contracts to 355,847 in the week to Aug. 11, according to data from the U.S. Commodity Futures Trading Commission (CFTC). That was the lowest level since May 12.

Aug 17 - Founder of oil trader Hin Leong, OK Lim, charged in Singapore court in forgery case
Lim Oon Kuin, founder of troubled Singapore oil firm Hin Leong Trading (Pte) Ltd, was charged in Singapore court on Friday with abetment of forgery for the purpose of cheating, police said. Hin Leong, one of Asia's largest oil traders, was placed under so-called judicial management in April after banks demanded repayment of loans as oil prices crashed amid the coronavirus pandemic - a collapse that revealed earlier financial troubles.

Aug 17 - U.S. oil & gas rig count falls to record low for 15th week -Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by three to an all-time low of 244 in the week to Aug. 14, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.

Aug 14 - IEA lowers 2020 oil demand forecast citing dismal aviation sector 
The International Energy Agency (IEA) cut its 2020 oil demand forecast on Thursday, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day (bpd). The Paris-based IEA slashed its 2020 outlook by 140,000 bpd to 91.9 million bpd, its first downgrade in several months.

Aug 14 - China's July refinery output hits new monthly peak as top plants return from overhauls 
China's refinery output jumped 12% in July from the same month a year earlier, hitting the highest on record for any single month, as several major state plants resumed operations after maintenance overhauls. China processed 59.56 million tonnes of crude oil last month, according to data released by the National Bureau of Statistics (NBS) on Friday, equivalent to about 14.03 million barrels per day (bpd).

Aug 14 - Trucks, excavators to help push China's diesel demand to record 
China's diesel demand is likely to hit a record this year powered by trucking activity, as Beijing's aggressive stimulus fuels a construction and delivery boom and a speedy recovery in heavy machinery sales, analysts say. The stimulus measures have helped to reverse the damage from the coronavirus crisis and a revival in diesel consumption is a signal that China's economic recovery is gaining traction.

Aug 14 - Tankers ship Iranian fuel cargoes to U.S. for seizure - sources 
Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday. Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S. sanctions. Washington has imposed sanctions on both countries to choke oil exports and deprive their governments of their main source of revenue.

Aug 14 - How a Texas shale supplier's founders made fortunes as the firm failed 
On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy. The payout marked the latest in a series of board decisions that allowed the oilfield supplier's top executives and founders to rake in tens of millions of dollars as shareholders saw the stock price plummet to pennies.

Aug 14 - Quality issues add delays to Venezuela's crude exports -documents 
Crude exports from Venezuela are facing growing delays due to excess water and other impurities in cargoes loaded at state-run PDVSA's main terminal, according to internal company documents seen by Reuters, as U.S. sanctions worsen disruptions to the oil industry. In recent years, PDVSA has been forced to give price discounts to customers due to high levels of water and metals in its oil shipments as a dire recession, mismanagement and U.S. sanctions imposed since 2019 contributed to lack of chemicals and maintenance for storage tanks and pipelines, executives and inspectors have told Reuters.

Aug 14 - Trump administration rolls back curbs on oil industry methane emissions  
The Trump administration on Thursday rolled back regulations aimed at reducing emissions of the potent greenhouse gas methane from oil and gas operations, its latest move to unwind environmental rules ahead of November's presidential election. During a visit to election swing state Pennsylvania, U.S. Environmental Protection Agency Administrator Andrew Wheeler formally rescinded 2016 Obama administration limits on oil and gas industry emissions of methane, a move criticized by environmentalists when initially proposed last August.

Aug 14 - U.S. petroleum inventories show gradual rebalancing: Kemp 
U.S. petroleum inventories show clear signs of trending lower as consumption slowly recovers from the epidemic and lockdowns, while Saudi Arabia restricts production and directs volumes away from North America. Total petroleum inventories fell last week for the fourth time in five weeks, and are now down more than 17 million barrels since early July, according to data from the U.S Energy Information Administration.

Aug 13 - OPEC trims 2020 oil demand, sees doubts about 2021 on virus fallout 
World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year's recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market. World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 8.95 million bpd decline expected a month ago. 

Aug 13 - U.S. fuel inventories fall as demand rebounds - EIA 
U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed on Wednesday. Refinery utilization rose 1.4 percentage points to 81% of total capacity nationally in the week to Aug. 7, the Energy Information Administration said in a weekly report. On the East Coast, refinery utilization rates climbed to 71.8% of total capacity, the highest since August 2019, according to the data.

Aug 13 - Venezuela wins grace period on China oil-for-loan deals, sources say 
Venezuela's government has negotiated an agreement with Chinese banks for a grace period until the end of the year on some $19 billion in loans that are paid off with oil shipments, according to three sources in Caracas with knowledge of the situation. The government of late socialist leader Hugo Chavez borrowed more than $50 billion from China through the oil-for-loan arrangements, which were mainly underwritten by the state-owned China Development Bank. Chavez's successor, President Nicolas Maduro, stopped making the associated payments as the South American OPEC nation's economy unraveled.

Aug 13 - Shell eyes stake in Nayara's $9 bln Indian petchem project - source 
Oil major Royal Dutch Shell plans to buy a 50% stake in Indian-based Nayara Energy's up to $9 billion planned petrochemical project, a source familiar with the matter said. Global oil majors are looking at expanding foothold in the vast Indian market, where local refiners are investing billions of dollars to boost their petrochemical capacities.

Aug 13 - Australia bucks the global trend, goes with natural gas over renewables: Russell 
Australia's conservative government appears to be pivoting away from backing coal for future energy needs, but hasn't quite made it all the way to renewables, instead waylaying into natural gas. An advisory board set up by Prime Minister Scott Morrison to map out strategies for economic recovery from the novel coronavirus pandemic has confirmed it supports various subsidies to boost the natural gas sector.

Aug 13 - Iran plans to boost state coffers by selling oil securities to Iranians 
Iran plans to start offering oil-backed securities to its citizens, President Hassan Rouhani said on Wednesday, as part of the government's efforts to boost state coffers hit by U.S. sanctions and the coronavirus crisis. Iran's economy, further strained by low oil prices, has been suffering since 2018 when the United States exited Tehran's nuclear deal with six world powers and reimposed sanctions, strangling Iran's oil trade.

Aug 12 - How Venezuela lost three oil supertankers to its Chinese partner 
A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show. PetroChina Co Ltd, which had been state-run Petroleos de Venezuela's partner in the Singapore-based joint venture CV Shipping Pte Ltd, took control of the three tankers between January and February, according the documents from a Singapore court reviewed by Reuters. 

Aug 12 - European banks face indigenous calls to end Amazon oil trade 
European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment of about $10 billion of dollars of Ecuadorian crude to U.S. refineries over the last decade.

Aug 12 - U.S. crude output drop in 2020 to be steeper than last forecast - EIA 
U.S. crude oil production is expected to fall by 990,000 barrels per day (bpd) this year to 11.26 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its forecast last month for a decline of 600,000 bpd. The agency also expects U.S. petroleum and other liquid fuel consumption to drop 2 million bpd to 18.46 million bpd in 2020, a slightly smaller decline than its previous forecast for a drop of 2.12 million bpd.

Aug 12 - U.S. refiners' biofuel bills soar in oil market slump 
U.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins hit by the collapse since March in global prices and demand. Under renewable fuel legislation originally aimed to support corn farmers, refiners have to blend biofuels like ethanol or diesel made from animal fats or vegetable oils, into gasoline and diesel, or buy credits, known as Renewable Identification Numbers (RINs), from those who blend more than they are required to.

Aug 12 - India's weak fuel demand drags on as virus crisis worsens 
India's fuel demand dragged lower in July, posting its fifth consecutive year-on-year decline, government data showed on Tuesday as a spike in coronavirus cases and floods in many parts of the country restricted economic activity. Consumption of refined fuels, a proxy for oil demand, fell to 15.68 million tonnes in July, 11.7% lower compared with a year earlier and 3.5% below the prior month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

Aug 11 - Saudi Aramco to press ahead with plan to boost output capacity, CEO says 
Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO said on Monday. Aramco's capital spending plan for 2021 will be "significantly lower than previous guidance," CEO Amin Nasser also said on a call with analysts and investors after the company's second quarter results, which were published on Sunday.

Aug 11 - Oil companies start to take back crude from U.S. emergency reserve 
Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday. Since Aug. 1, the companies have taken back 2.2 million barrels of oil of the 23 million barrels they agreed to store in the Strategic Petroleum Reserve, or SPR, from April through June. The companies have until March 31, 2021 to take back the oil after renting the space for a small fee. 

Aug 11 - Saudi Aramco sees Asian crude oil demand recovering. But is it?: Russell 
Saudi Aramco sees a recovery in global oil demand, a view that would justify the paltry reduction in the price the world's biggest crude exporter will charge refiners in Asia for cargoes loading in September. Customers probably have a different view.

Aug 11 - Lebanon’s power struggle – why a failing state can’t get the lights on 
For years Lebanon has been blighted by power cuts. For many Lebanese, the state's inability to deliver reliable electricity has become a metaphor for their country's wider failings. The words, "The electricity went," are among the first spoken by children here. Every day, lights, fridges and washing machines go off for hours when the supply from the state owned Electricite du Liban (EdL) stops. All the while, EdL is wracking up annual losses of up to $2 billion — around one third of Lebanon's budget deficit.

Aug 11 - Oil market stalls as absence of signals compounds summer slowdown: Kemp 
Hedge funds' oil trading largely dried up last week as the normal summer holiday slowdown was compounded by an absence of price or fundamental signals about the future direction of the market. Hedge funds and other money managers purchased the equivalent of 13 million barrels in the six major petroleum futures and options contracts in the week to Aug. 4, after selling 40 million the week before.

Aug 11 - Canadian sweet crude differentials over heavy grades recover as driving increases

Aug 11 - ICE LSGO futures net speculative length reaches fresh 6-month high

Aug 10 - ARA fuel oil stocks up 8% on week to 1.356 mil mt - Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp hub rose 8% to 1.356 million mt in the week to Aug. 6, according to data from Insights Global, as the market grappled with weak demand amid the summer lull.

Aug 10 - Saudi Aramco's profit plunges, sees signs of oil market recovery 
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter. But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering. 

Aug 10 - BP's green energy targets will be tough to meet 
BP will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world's largest renewable power generators. The British oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the United Kingdom at the moment.

Aug 10 - Oil giants' production cuts come to 1 mln bpd as they post massive writedowns 
The world's five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and slashed production rates as the coronavirus pandemic caused a drastic fall in fuel prices and demand. The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. 

Aug 10 - PDVSA changes oil deals to include shipping as sanctions bite -documents 
Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country's oil due to U.S. sanctions, according to company documents seen by Reuters. The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country's oil exports as it tightens restrictions on trade with the South American country.

Aug 10 - 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 August 4, 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 8,096 contracts to 368,643 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.

Aug 10 - Refining margins mired between OPEC+ and recession: Kemp 
Global crude exporters and refiners are locked in a stand-off, as OPEC+ tries to drain excess crude stocks and lift prices and refiners face falling fuel consumption and shrinking margins. These drops are most evident in the market for middle distillates (gasoil, diesel and jet fuel) which have been hit hard by the twin impact of lockdowns and economic recession.

Aug 10 - U.S. oil & gas rig count falls to record low for 14th week -Baker Hughes 
U.S. energy firms cut the number of oil and natural gas rigs to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again. The U.S. rig count, an early indicator of future output, fell by four to an all-time low of 247 in the week to Aug. 7, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.

Aug 08 - Med/NWE diesel cargo premium narrows as Med tightness eases
The Mediterranean-Northwest Europe ultra low sulfur diesel cargo spread has weakened amid slightly stronger resupply levels into Europe, despite firm demand in the east Mediterranean.

Aug 08 - Prompt diesel paper structure weakens as demand plateaus, arrivals set to increase
Structure across the diesel paper markets weakened on Aug. 6, with the contango in both swaps and futures widening as traders saw demand growth slowing and arrivals increasing.

Aug 08 - Crude edges lower as US stimulus talks stall
Oil futures finished a mostly range bound session lower Aug. 6, as lack of progress on US stimulus talks capped optimism fueled by falling Iraq crude production and a better-than-expected US jobs report.

Aug 08 - Oil slides on US-China tensions, stalling US economic recovery
Oil prices moved lower in US morning trading Aug. 7 amid dimming economic outlooks and rising US-China tensions.

Aug 08 - World's first hydrogen train refueling station to be built in Germany
Construction has begun of the world's first hydrogen refueling station for passenger trains at Bremervoerde, northwest Germany, engineering firm Linde said July 28.

Aug 08 - ARA fuel oil stocks up 8% on week to 1.356 mil mt
- Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp hub rose 8% to 1.356 million mt in the week to Aug. 6, according to data from Insights Global, as the market grappled with weak demand amid the summer lull.

Aug 08 - Energy markets feel brunt of pandemic on global commodities
The COVID-19 pandemic has wreaked chaos across global commodity markets, disrupting trade and supply and demand dynamics and creating major uncertainty over the pace of recovery.

Aug 07 - China oil imports surge 25% in July from a year ago on buying binge
China's crude imports surged 25% in July from a year earlier, as massive purchases made while prices collapsed in April arrived and as some shipments delayed at ports in June finally cleared customs. China, the world's top crude oil importer, brought in 51.29 million tonnes of oil last month, equal to 12.08 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.

Aug 07 - BP poised to sell 'stranded assets' even if oil prices rally
BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP's thinking said. The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.5 billion worth of its assets are no longer economically viable. 

Aug 07 - Saudi Arabia, Iraq stress full commitment to OPEC+ deal
Saudi Arabia's energy minister and Iraqi counterpart stressed, in a phone call, their countries' full commitment to an OPEC+ deal curbing oil production, Iraqi state news agency said on Friday citing a joint statement from both ministries. The two ministers discussed the latest developments in oil markets, continued recovery in global demand and progress made towards implementing the OPEC+ agreement.

Aug 07 - Saudi Arabia cuts Sept crude prices to Asia - document
Saudi Arabia's state oil producer Aramco has cut the official selling prices (OSPs) for its crude to Asia and Europe, while leaving them unchanged for the United States. Aramco set the official selling price for its Arab light crude to Asia at plus $0.90 a barrel versus Oman/Dubai average, down $0.30 from August, a document obtained by Reuters showed. 

Aug 07 - Pandemic to cut global gas and LNG demand by about 4% in 2020 - industry group
The coronavirus pandemic will cut global natural gas and liquefied natural gas (LNG) demand by about 4% in 2020 from record highs in 2019, according to a study by the International Gas Union, an industry lobby group, and others. Still, demand can recover to pre-Covid-19 levels in the next two years as the world economy regains momentum, the study said, citing abundant supply and continued low prices.

Aug 06 - Oil climbs as stimulus bill progress, strong US factory data support demand outlooks
Crude oil prices settled higher Aug. 4 following more bullish US economic data and expectations of a large drawdown in US crude inventories.

Aug 06 - USGC middle distillates flows to Europe in Aug already 660,000 mt - cFlow
US Gulf Coast middle distillate shipments due to arrive into Europe in August are scheduled to amount to at least 660,000 mt, of which around 440,000 mt is heading for Northwest Europe and 220,000 mt to the Mediterranean, data from S&P Global Platts trade flow software cFlow showed August 5.

Aug 06 - US weekly imports of Canadian crude surge to pre-pandemic levels - EIA
US weekly imports of Canadian crude surged 496,000 b/d in the week that ended July 31 to levels seen in January and February before refinery demand plunged as a result of the coronavirus pandemic.

Aug 05 - U.S. Energy Dept recommends granting partial retroactive waivers to refiners -sources
The U.S. Department of Energy has recommended that some of the oil refiners that applied for retroactive exemptions from the nation's biofuel blending law be granted partial relief, two sources familiar with the matter said on Tuesday. The move could help bring those refining companies into compliance with a court ruling earlier this year that requires waivers granted since 2010 to take the form of an extension - the latest twist in a long-running battle between the refining and biofuel industries over the program.

Aug 05 - Exxon to suspend company match to employee retirement plans in Oct
Exxon Mobil Corp told employees it would begin suspending the employer match to retirement savings plans beginning in early October, said sources who received a message from the company on Tuesday. "Given the current business environment, the corporation is taking steps to reduce costs," according to a copy of the message seen by Reuters. 

Aug 05 - BP halves dividend after record loss, speeds up reinvention
BP cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. Its shares closed 6.5% higher on Tuesday after BP unveiled earlier than expected a plan to reduce its oil and gas output by 40% and boost investments in renewable energy, such as wind and solar, over the next decade.

Aug 05 - U.S. refining capacity poised for first big drop in nearly a decade
U.S. oil refining capacity this year could decline by the largest amount in nearly a decade as pandemic-related travel curbs and a fire shut several plants, reversing years of small gains. Refiners globally have been idling plants as the COVID-19 pandemic slashed fuel demand as much as 30%. In the United States, Marathon Petroleum Corp will close California and New Mexico plants in response to the demand slump.

Aug 05 - US crude draws likely extend as exports, refinery utilization edge higher
US crude inventory draws likely extended during the week ended July 31 amid steady exports and an expected uptick in refinery demand, an S&P Global Platts analysis showed August 3.

Aug 05 - India's June gasoline exports drop 11% as refiners divert barrels to domestic market
India's gasoline exports in June slid 11.11% from May to a two-month low of 985,000 mt as refiners channeled cargoes to the domestic market to meet a rise in demand, amid a backdrop of a heavily supplied Asian market.

Aug 05 - USGC regular-premium finished gasoline spread narrows to tightest level in nearly six years
Premium grades of gasoline and the blendstocks needed to make them dropped to their lowest levels compared with regular gasoline in multiple years on the US Gulf Coast July 31, as the typical end-of-summer lull piles on to the demand destruction caused by the coronavirus pandemic.

Aug 05 - Russia's Tuapse August VGO loadings down 25% on month to 90,000 mt
Vacuum gasoil exports from the Russian Black Sea port of Tuapse will consist of three cargoes of 30,000 mt each in August, down from 120,000 mt in July, according to a copy of the program seen by S&P Global Platts.

Aug 05 - German 2020 primary energy demand seen 7%-12% lower, emissions 10%-17% lower
Germany's primary energy consumption could fall 7% to 12% this year after a 8.8% drop in the first half of the year, research group AG Energiebilanzen (AGEB) said Aug. 4.

Aug 05 - India's June gasoil output rises 8.5% on month on domestic demand recovery

India's gasoil production climbed for the second straight month in June as local refiners hiked run rates in line with emerging domestic demand as the country gradually eases coronavirus-induced restrictions.

Aug 04 - BP cuts dividend after record loss in Q2
BP cut its dividend on Tuesday for the first time in a decade after reporting a record $6.7 billion loss in the second quarter as the coronavirus crisis hammered energy demand. The net loss, which was in line with analysts' expectations, was largely a result of BP's decision to wipe $6.5 billion off the value of oil and gas exploration assets after it revised sharply lower its oil and gas price forecasts. 

Aug 04 - Russia is raising oil output as OPEC+ cuts ease -source
Russian oil and gas condensate output increased to 9.8 million barrels per day (bpd) on Aug. 1-2 from 9.37 million bpd in July as the country eases production curbs under an OPEC+ deal, a source familiar with data said on Monday. The Energy Ministry declined to comment on the data.

Aug 04 - China only fulfils 5% of Sino-U.S. energy trade deal in first half of 2020
China bought only 5% of the targeted $25.3 billion in energy products from the United States in the first half of 2020, falling well short of its trade deal commitments at a time when relations between the two top economies are already sour. China's imports of crude oil, liquefied natural gas (LNG), metallurgical coal and other energy products totalled around $1.29 billion this year through June, according to Reuters calculations based on China customs data. 

Aug 04 - Lobbying for Russian pipeline spikes in Washington
As U.S. lawmakers plot to stop one of Moscow's most important projects in Europe, the Nord Stream 2 pipeline, lobbyists supporting it are busier than ever but disclosing few details of their work, according to government filings and current and former U.S. officials. The pipeline linking Russian gas fields to Western Europe has become a lightning rod of contention in U.S.-Russia relations, with the Trump administration concerned it would dangerously expand the region’s energy dependence on Moscow but backers, including in Europe, saying the gas is needed.

Aug 04 - Asia gasoline profits burn away to nothing as pandemic rages
Asia's gasoline refining margins nearly burned up in July, dropping to just above zero in the worst profit performance for refined fuels over the month as a new wave of coronavirus infections walloped demand recovery and swelled supplies. The situation turned even more dire on Monday when the fuel's margin sank into the red for the first time since June 2. 

Aug 04 - India's fuel demand loses steam, slips in July M/M after 2 months of gains – data
India's refined fuel consumption in July slipped from June, according to preliminary industry data, indicating slower industrial activity as high retail prices, floods and renewed coronavirus lockdowns in parts of the country dented demand. Local fuel sales - a proxy for oil demand - plunged to historic lows in April when India imposed a country-wide lockdown. 

Aug 04 - Mixed imports data at top two buyers leaves coal prices poised: Russell
It appears to be a case of one step forward, one step back for Asia's seaborne coal exporters in July, with signs of a tentative recovery in Indian imports, but a drop in those by China. The bulk of the weakness so far this year in Asia's seaborne markets for both thermal and coking coal has been in India, the world's second-biggest importer, where demand has been hit by the economic lockdowns enforced in efforts to combat the spread of the novel coronavirus.

Aug 04 - Venezuela's oil exports stagnant in July at below 400,000 bpd - data
Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company. Washington has ramped up pressure this year on PDVSA's customers, trade partners and shippers aiming to stop the re-sale of Venezuelan oil and block efforts to hide or change its country of origin. 

Aug 04 - Hedge funds pull bullish bets on petroleum: Kemp
Hedge funds turned less bullish on petroleum at the end of July amid anticipated rises in OPEC+ production and growing concerns about the impact of resurgent coronavirus infections on the global economic outlook. Money managers sold the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week ending July 28.

Aug 04 - U.S. LNG exports set to rise for the first time in six months; prices jump
U.S. liquefied natural gas exports are on track to rise in August for the first month in six, helping to boost U.S. gas prices by over 17% on Monday, analysts said. So far this year, LNG buyers around the world have canceled more than 100 U.S. cargoes as prices for the fuel collapsed to record lows in Europe and Asia after demand fell due to the coronavirus.

Aug 03 - Japan's Seven & i to buy Marathon Petroleum's Speedway gas stations for $21 bln
The Japanese owner of 7-Eleven convenience stores has agreed to buy Marathon Petroleum Corp's Speedway gas stations for $21 billion to expand in the U.S. market, five months after walking away from talks amid the coronavirus outbreak. The deal will help Seven & I Holdings Co Ltd shift its focus beyond Japan, where its convenience stores and Ito-Yokado supermarkets face a shrinking population, slow economic growth and tough price competition.

Aug 03 - Chilean regulators scrap lithium miner SQM's environmental plan
Chilean regulators have rejected lithium producer SQM's $25 million environmental compliance plan for the Atacama salt flat, requesting the miner to start again from scratch, a filing showed. Chile's Environmental Superintendent (SMA) approved SQM's compliance plan early in 2019 after a multi-year investigation found the miner had overdrawn lithium-rich brine from the salt flat.

Aug 03 - Russia says July oil output in line with OPEC+ deal
Russia's Energy Ministry said on Sunday that the country's oil output in July was unchanged from levels seen in June, in line with an OPEC+ agreement. The ministry added that its level of compliance with the deal in July was close that recorded in June, when it stood at 99%.

Aug 03 - Jet fuel demand outlook sours after fleeting market optimism
For a faint moment, energy traders had an inkling that demand for jet fuel, the worst-hit product in fuel markets due to the coronavirus pandemic, might stage a bit of a rebound. The number of flights increased in the United States in early July, making some traders optimistic. That spurred a bevy of shipments of jet fuel to the U.S. West Coast from locales in Asia.

Aug 03 - Exxon posts second straight quarterly loss on demand, price plunge
Exxon Mobil Corp on Friday reported a $1.1 billion second-quarter loss on sharply lower energy demand and prices from the COVID-19 pandemic, and confirmed plans to make deeper spending cuts. It was Exxon's first back-to-back quarterly loss in at least 36 years, but was small in comparison to rivals who took giant charges last quarter.

Aug 03 - Chevron posts $8.3 bln loss on writedowns, job cuts Chevron Corp on Friday reported an $8.3 billion quarterly loss, its largest in at least three decades, and joined rival oil producers in writing down billions of dollars in assets due to plunging demand for fuel. Chevron's oil and gas production writedowns totaled $5.6 billion, mirroring those in recent days at Total, Royal Dutch Shell, and Eni, and an anticipated asset writedown of up to $17.5 billion from BP.

Aug 03 - U.S. shale supply chain will emerge smaller from price war, pandemic: Kemp
Slumping oil and gas prices as a result of the pandemic and the volume war earlier in the year between Saudi Arabia and Russia have slashed employment in the U.S. oil and gas fields at some of the fastest rates on record. Oil and gas-related employment is split across several different categories in the federal government’s statistical system, making it hard to track changes in total oilfield and gasfield employment.

Aug 03 - India steps on gas as coal use for power generation slows
Indian power plants used the most gas in at least 3-1/2 years in the June quarter, as operators along the west coast snapped up cheap liquefied natural gas (LNG) imports that have become competitive against coal, government data showed. Power producers say the trend is likely to continue until at least September, and perhaps beyond, providing a bright spot for LNG sellers as demand elsewhere falls due to a global economic slowdown sparked by the coronavirus pandemic.

Aug 03 - U.S. crude output in May plummets by a record 2 mln bpd
U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report on Friday. The drop, the sharpest monthly decline on record according to data going back to 2005, came after a price crash this spring due to oversupply and reduced demand owing to the novel coronavirus. 

Aug 03 - U.S. oil & gas rig count holds steady at record low - Baker Hughes
U.S. energy firms kept the number of oil and natural gas rigs unchanged at a record low as the rig count fell for a fifth straight month, although July marked the smallest monthly decline due to a recovery in prices. The rig count, an early indicator of future output, steadied at the all-time low of 251 in the week to July 31, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. 

Aug 03 - 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 July 28, 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 14,644 contracts to 360,547 during the period.

Jul 31 - Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year's budget by 30% in April, but Chief Executive Darren Woods's turnaround through rebounding demand and increased asset sales have not panned out and losses are climbing. 

Jul 31 - Headache for OPEC as oil market structure signals return of glut
Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of record global output cuts. 

Jul 31 - Saudi Arabia may cut Sept crude oil prices to Asia – survey
Top oil exporter Saudi Arabia may cut its September official selling price (OSP) for crude sold in Asia, tracking falling Middle East benchmarks and weak refining margins, according to industry sources. Five sources from Asian refineries on average expect the September OSP for flagship Arab Light crude to fall by 61 cents a barrel, though forecasts range from a cut of $1 to 20-30 cents, a Reuters survey showed.

Jul 31 - European oil major trading units provide buffer in rough second quarter
The trading units of European oil and gas majors have shielded their second-quarter results from the full force of the corona-induced collapse in demand for fuel, but big writedowns showed the scale of the challenge ahead, results showed on Thursday. France's Total and Anglo-Dutch Royal Dutch Shell scraped out small profits against expectations of losses with the help of the trading units which can exploit market gyrations even when prices fall. 

Jul 31 - U.S. crude stocks stabilise as Saudi export surge ends: Kemp
Bloated U.S. crude inventories are finally on a diet, after the surge of imports from Saudi Arabia, loaded at the height of the volume war with Russia in March and April, finished discharging in the middle of July. Total crude stocks fell almost 11 million barrels last week, the largest one-week decline since 2019, the latest data from the U.S. Energy Information Administration (EIA) shows.

Jul 31 - ConocoPhillips to reverse most output cuts by end of third quarter
ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%. The company restored part of its curtailed volumes earlier in June, as crude prices recovered some of the historic losses they took when lockdowns imposed to curb the spread of the coronavirus sapped fuel demand.

Jul 31 - Temasek's $3 bln bid for Keppel at risk as conglomerate reports big loss
Singaporean conglomerate Keppel Corp swung to a big second-quarter loss on Thursday that breaches a threshold in state investor Temasek Holdings' $3 billion conditional offer to buy control of the company. Last October, Temasek offered to increase its one-fifth stake in Keppel to 51%, raising expectations of consolidation in the domestic rig building sector. 

Jul 31 - Iraq increases oil exports in July, pumps above OPEC+ target
Iraq's crude oil exports have increased so far in July, shipping data showed and industry sources said, suggesting OPEC's second-largest producer is still undershooting its production cut target under an OPEC-led deal. Exports from Basra and other southern Iraq terminals to July 29 averaged 2.75 million bpd, based on figures from Refinitiv Eikon and an industry source. That is up 50,000 bpd from June's official figure for southern Iraq exports.

Jul 31 - Mexico switches up fuel import contracts as it clamps down on costs
Pemex's trading arm is overhauling its fuel importing practices, five sources close to the matter said, which includes shifting to swapping crude oil with major partners in exchange for gasoline and other fuels to save cash. The changes are the latest by President Andres Manuel Lopez Obrador's administration to protect the state oil company's finances and preserve its available credit after it lost $26.4 billion in the first half of the year.

Jul 30 - Shell avoids first loss helped by strong oil trading
Royal Dutch Shell avoided its first quarterly loss in recent history after bumper earnings in its trading business offset a collapse in revenue from its main oil and gas operations due to the COVID-19 epidemic. Adjusted earnings fell to $600 million from $3.5 billion a year ago, beating analysts forecasts of a $674 million loss.


Jul 30 - Pipeline doubts put Bakken shale reboot on hold
North Dakota oil producers face new pressures to delay bringing back more of their recently curbed output after a U.S. court ruling this month put in jeopardy the pipeline that transports most of the region's oil, executives and analysts said. Oil producers in the Bakken, the second largest U.S. shale field, cut May output by about 500,000 barrels per day (bpd) after U.S. prices tumbled in March on the heels of global coronavirus shutdowns.

Jul 30 - France's Total writes down $8 bln on weaker oil, gas outlook
France's Total said on Wednesday it will take an $8 billon impairment on the value of its assets, mainly in energy-intensive Canadian oil sands projects after the energy group slashed its oil and gas price outlook. The write down follows similar steps by many major oil and gas companies including Royal Dutch Shell and BP in recent weeks in the wake of the collapse in fuel consumption due to the coronavirus epidemic. 

Jul 30 - U.S. crude stocks post steepest weekly draw this year as imports slide -EIA
U.S. crude oil stockpiles fell by nearly 11 million barrels last week as imports dropped, while refined product inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 10.6 million barrels in the week to July 24 to 526 million barrels, compared with analysts' expectations in a Reuters poll for a 357,000-barrel rise. It was the largest one-week fall in crude stocks since December.

Jul 30 - S.Korean refiners post record H1 losses on plunge in oil price, demand
Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand. SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy, reported on Wednesday a second-quarter operating loss of 440 billion won ($367 million), taking its first-half losses to 2.2 trillion won. A year earlier, it posted an operating profit of 494 billion won in the second quarter.

Jul 30 - Record U.S. LNG output jump lifts exports in weak market
A sharp increase in U.S. liquefied natural gas (LNG) output in the past year has protected the country's status as the world's third largest exporter of the chilled fuel, despite multiple cargo cancellations this summer. Over 21 million tonnes per year of U.S. LNG capacity was added in 2019 and more than 16 million tonnes in 2020, contributing heavily to a global gas glut.

Jul 29 - U.S. refiners to post worst second-quarter results in a decade
U.S. oil refiners in coming days are expected to report the worst second-quarter results in a decade, with production outrunning demand while pandemic-related closings have sapped summer travel. Fuel consumption has tumbled, with latest U.S. data showing a 25% drop on auto travel from a year earlier and a 75% decline in passengers at airports. Refiners get the bulk of their profits from domestic fuel sales, with the June quarter among the biggest for travel.

Jul 29 - U.S. shale producers, slammed by oil price crash, seen posting worst quarter since 2016
U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016. Oil is down about 35% since January as fuel demand tumbled during economic lockdowns. Results include a modern nadir for crude with U.S. prices averaging less than $17 per barrel in April. 

Jul 29 - China's fuel exports poised for a strong rebound this month and next - sources
China's gasoline and gasoil exports are set for a strong rebound in July and August, industry sources said, as companies make the most of rising global fuel demand and higher prices to pare back growing fuel inventories. Fuel exports from Asia's top gasoline and third-biggest gasoil exporter fell 50% in May and stayed weak in June. But now that an easing of coronavirus lockdown restrictions is boosting economic activity, fuel demand and prices, exports are poised to rise rapidly. 

Jul 29 - Indian refiners cut runs as fuel demand dips, margins fade
Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced.

Jul 29 - Once Canada's oil relief valve, rail shipping grinds to near halt
After moving record-large Canadian oil volumes by rail just five months ago, shippers have hit the brakes, idling thousands of cars and tens of millions of dollars' worth of infrastructure. Rail was Canada's oil lifeline in recent years when cheaper pipelines ran full and crude had no other exit from landlocked Alberta. But oil production cuts this year opened pipeline space and eliminated demand for trains, leaving producers like Cenovus Energy Inc with high fixed expenses and monthly payments still owing to railways.

Jul 29 - Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix
Nigeria's state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the coronavirus pandemic. The deal provides OPEC-member Nigeria with much-needed cash after its finances were hit by the oil price crash in April as COVID-19 lockdowns erased nearly one third of global oil demand.

Jul 29 - U.S.-China cold war would redirect energy flows: Kemp
Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy. Top policymakers in the United States and some of its closest allies, including Australia and Britain, have recently hardened the language in which they describe relations with China.

Jul 29 - China's Hengli makes bold $20 bln bet to spin coal into fabric
What to do with China's abundant stock of coal? Chemical giant Hengli plans to make clothes out of it. It may sound like something from ancient alchemy, but the privately-owned Chinese company surprised industry watchers in June when it said it was getting into mining with a $20 billion project to convert coal into polyester yarn, used in clothes, packaging and plastic bottles.

Jul 28 - Big Oil braces for Q2 losses after virus whips up perfect storm
Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed. The expected rare losses for BP, Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and gas prices and demand to levels not seen in decades, creating a perfect storm for the energy companies that produce, refine, trade and sell fuel.

Jul 28 - End game for oil? OPEC prepares for an age of dwindling demand
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.

Jul 28 - Hedge fund buying switches from crude to fuels: Kemp
Hedge funds continued buying oil last week, but the focus switched from crude to previously-neglected refined products, where cautious positioning and very low refinery margins may offer more upside potential. Hedge funds and other money managers purchased 28 million barrels in the six most important petroleum futures and options contracts in the week to July 21, adding to 24 million barrels of buying the week before.

Jul 28 - Deutsche Bank tightens fossil fuel lending policies
Deutsche Bank, said on Monday it would end business worldwide with the companies most exposed to coal mining by 2025 at the latest, as part of a revamp of its policies on financing the fossil fuel industry. The German lender's policy will cover companies making more than half their revenues from coal mining or, where that data is not available, those that have more than half of their reserves in coal. Effective immediately, Deutsche Bank said it would also cease financing new projects in the Arctic or oil sand projects. 

Jul 28 - U.S. crude floods into Asia, but it's a once-off phenomenon: Russell
Asia will import record volumes of U.S. crude oil this month, with China leading the way, but the surge is more likely a short-term blip rather than a sustained trend. A total of 57.7 million barrels of U.S. crude is expected to land in Asia in July, equivalent to about 1.86 million barrels per day (bpd), according to vessel-tracking and port data compiled by Refinitiv.

Jul 28 - Woodside weighs blocking Russia's Lukoil from joining Senegal oil project
Australia's Woodside Petroleum said on Tuesday it is considering blocking Russia's Lukoil from becoming a partner in the $4.2 billion Sangomar oil project, which it could do by increasing its stake in Senegal's first oil development. Woodside, 35% owner and operator of the Sangomar project, has a right to match Lukoil's $400 million offer to buy Cairn Energy's 40% stake in the Rufisque, Sangomar and Sangomar Deep (RSSD) contract area off Senegal. Lukoil's offer was announced on Monday.

Jul 27 - India June oil imports lowest in nearly 9 yrs; none from Venezuela
India's oil imports fell in June, hitting their lowest since October 2011, as refiners curbed purchases due to maintenance turnarounds and weaker fuel demand, data from industry sources showed. India, the world's third biggest oil consumer and importer, received 3.2 million barrels per day (bpd) oil in June, a decline of 0.4% from May and about 28.5% from a year ago, the data showed. 

Jul 27 - Mexico moves to launch world's largest oil hedge - sources
Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal. The finance ministry has asked banks for price quotes, one source with direct knowledge of the matter said, signaling the beginning of the process to execute the hedge. The ministry was not immediately available for comment.

Jul 27 - China imports more oil from Saudi than any other country in June
China's crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom's position as the top oil supplier to China. Imports from Saudi Arabia rose to 8.88 million tonnes in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday.

Jul 27 - Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge
Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the coronavirus crisis. Producers cut spending about 40% this year as energy prices and demand sank on pandemic-related shutdowns. 

Jul 27 - U.S. oil rig count rises for first week since March - Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs to a record low for a 12th straight week, although they added an oil rig for the first time since March as a recovery in crude prices tempt some producers back to the well pad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 251 in the week to July 24, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. 

Jul 27 - China's surging crude imports mask weakness in the rest of Asia: Russell
The ongoing flood of crude oil into China is obscuring the fact that demand in the rest of Asia remains weak, and that countries in the world's top-consuming region didn't join China is stocking up when prices slumped. China's crude imports set consecutive records in May and June, and will remain at high levels in July and likely August too, as the massive volumes of oil bought during a brief price war in April enter the country.

Jul 24 - China's oil port congestion to stretch on as record imports strain facilities
Congestion at China's east coast oil ports that is adding to costs for shippers and importers is likely to run well into August, with crude shipments set to hit another record high this month, according to analysts and Refinitiv data. The massive inflows are straining offloading facilities, while refiners and port operators in Shandong province -- home to a quarter of China's refining capacity -- are rushing to build new storage tanks.

Jul 24 - PipeChina to take on $56 bln of pipelines to boost network access
China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion). Under the deal, PipeChina, known formally as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants PetroChina and Sinopec, in return for cash and equity in the pipeline company.

Jul 24 - China's Sinopec seeks long-term LNG as prices remain low
China's Sinopec is seeking liquefied natural gas (LNG) for delivery over a 10-year period to take advantage of the current low prices as gas demand has fallen because of the coronavirus pandemic. Sinopec, officially named China Petroleum & Chemical Corp, is seeking 1 million tonnes of LNG a year for delivery over 10 years starting from 2023, said six industry sources.

Jul 24 - Repsol's long-term oil price outlook aligns with rivals
Spanish energy major Repsol lowered its oil price assumptions on Thursday, bringing its long-term outlook in line with most European rivals which have booked writedowns and leaving Equinor as a bullish outlier in the sector. Repsol took a writedown of $1.5 billion in second-quarter results, after it had already booked 5.7 billion euros ($6.61 billion) in upstream asset impairments last year.

Jul 24 - U.S. refiners trim crude processing as recovery falters: Kemp 
U.S. refiners dialled back crude processing for a second week running, responding to lower consumption of all three major fuels. Refineries processed an average of 14.20 million barrels per day (bpd) last week, down from 14.34 million bpd two weeks ago, U.S. Energy Information Administration data shows.

Jul 24 - Thermal coal to rebound, more gains pegged on tighter supply 
Thermal coal prices are expected to start recovering from lows seen this spring as demand for power grows in tandem with countries loosening Covid-19 restrictions and as more lenders tighten financing for new capacity. European benchmark coal futures for 2021 have gained almost 20% at around $60.00 a tonne since May.

Jul 23 - Bounceback in U.S. shale oil output is unlikely to last the summer
A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April. But that bump in output is unlikely to be sustained as shale wells lose up to half their initial output after the first year, and require constant drilling to maintain and increase production.

Jul 23 - U.S. crude, distillate stockpiles rise unexpectedly - EIA
U.S. crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases hit U.S. consumption. U.S. crude production ticked higher and refined products supplied, a proxy for fuel demand, declined. The market has recovered from the doldrums of April, when U.S. prices briefly dropped to more than negative-$40 a barrel, as producers trimmed supply due to a slump in demand amid lockdowns to control the pandemic.

Jul 23 - Baker Hughes posts second quarterly loss as oil slump slams demand
Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility. Oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices this year that clipped demand for services offered by Baker Hughes and rivals Schlumberger and Halliburton.

Jul 23 - LNG producers get glimmer of hope amid wreckage of oversupply, coronavirus - Russell
There are some tentative signs that demand and spot prices for liquefied natural gas (LNG) are starting to recover in the top-consuming Asian region, but the vagaries of the way the market for the super-chilled fuel works means producers may not see much immediate benefit. The spot price for cargoes for delivery to northeast Asia climbed to $2.40 per million British thermal units (mmBtu) in the week to July 17, putting it 30% above the record low of $1.85 in the week to May 29.

Jul 23 - Indonesia to test palm oil in 'green' jet fuel by year-end
Indonesian state oil company PT Pertamina is set to test the production of jet fuel made up of 3% palm oil by the end of the year, Chief Executive Nicke Widyawati said on Thursday. The comments come a week after the company announced its first batch of biodiesel using feedstock of 100% palm (D100) in its Dumai refinery, saying it would produce 1,000 barrels per day (bpd).

Jul 23 - U.S. ethanol records second 'normal' demand week in virus era - Braun
July is usually a busy time for ethanol consumption in the United States as travelers hit the road for their summer vacations, and although activity has been curtailed this year by the coronavirus pandemic, last week’s ethanol demand echoed typical levels for the second time this season. However, the running weekly averages for both ethanol and gasoline consumption remain below normal, and the recovery path for the ethanol industry may continue to be non-linear, especially as some areas of the country pull back on some of the reopening efforts.

Jul 23 - Green energy ratchets up power during coronavirus pandemic
Renewable power has taken up a record share of global electricity production since the onset of the coronavirus pandemic, according to a Reuters review of data, suggesting a transition away from polluting fossil fuels could be accelerated in the coming years. Advocates of traditional energy have long argued that clean energy sources, like solar and wind farms, which depend on fickle weather, cannot be trusted to provide steady supplies of electricity into national grids that were designed to operate in tandem with reliable coal and gas generators.

Jul 22 - Chevron's $5 bln deal for Noble ends deal drought, sets price benchmark
Chevron Corp's surprise $5 billion all-stock deal for oil producer Noble Energy should spell the end of this year's deal drought, setting a price benchmark that will trigger more buys, according to mergers and acquisition bankers, lawyers and analysts. The COVID-19 pandemic destroyed fuel demand and left dozens of energy companies without the prospect of drilling their way out of debt. They may now be more willing to entertain deals with the Chevron offer as a standard.

Jul 22 - Shipping's switch to cleaner fuel smooth sailing so far - ING Bank
Seven months after the United Nations' shipping agency brought in hotly anticipated new rules to curb emissions, the raft of technical issues and leap in fuel prices that were expected to result have failed to materialise, ING Bank said on Tuesday. Global shipping and oil firms had flagged major concerns over potential disruptions from International Maritime Organization (IMO) rules implemented at the start of 2020, which capped marine fuels' sulphur content at 0.5% against 3.5% previously.
 
Jul 22 - Iraq increases oil exports in July, still pumps above OPEC+ target
Iraq's crude oil exports have increased so far in July, according to shipping data and industry sources, suggesting OPEC's second-largest producer is still undershooting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 20 days of July averaged 2.70 million bpd, according to the average of figures from Refinitiv Eikon and two industry sources. That is unchanged from June's official figures for exports from southern Iraq.

Jul 22 - U.S. crude, refined products inventories seen down last week - poll
U.S. crude oil stockpiles likely declined last week, while inventories of refined products were also seen falling, an extended Reuters poll showed on Tuesday. Ten analysts polled by Reuters estimated, on average, that crude stocks decreased by 2.1 million barrels in the week to July 17.

Jul 22 - Europe steams towards coal exit - research
Europe's long goodbye to coal is speeding up, in a transition smoothed by the rise of wind and solar power and energy policy that has priced the fossil fuel out of many markets, according to data released on Wednesday. Centuries after powering Europe's industrial revolution, coal cannot compete with less polluting fuels to generate electricity, prompting governments and companies to close mines and plants.

Jul 21 - Chevron to buy Noble for $5 bln in stock, biggest oil deal since price crash
Chevron Corp said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows. The oil price crash has decimated shares of many energy companies, making them attractive targets for those that have weathered the downturn and have the resources to buy. Chevron ended the first quarter with a cash pile of $8.5 billion after withdrawing a $33 billion bid for Anadarko last year and then being among the first big oil companies to slash spending during the downturn.

Jul 21 - Trial of ex-Pemex boss threatens to lift lid on Mexico's 'cash box' 
The trial of a former boss of Petroleos Mexicanos threatens to expose years of alleged malpractice at the state oil company and provide a canvass for Mexico's leftist president to depict rot at the heart of government that he has vowed to clean up. Once a symbol of Mexican self-reliance and ingenuity, the firm known as Pemex became increasingly beset by graft accusations and financial problems, crushed under a mountain of debt and taxes.

Jul 21 - Energy trader Vitol enters U.S. oil and gas upstream 
Global energy trader Vitol Group has set up a new U.S. venture to produce oil and gas called Vencer Energy, the company said on Monday, its first foray into the upstream business in the United States. Vencer, led by industry veteran Don Dotson, will seek to buy mature, producing oil and gas assets, in key U.S. basins. The announcement comes at a pivotal moment as the oil price crash and global economic slowdown due to the novel coronavirus laid bare the heavily indebted U.S. shale industry.

Jul 21 - Hedge funds stick to the sidelines on oil: John Kemp 
Hedge fund position-taking in crude and products remains desultory as uncertainty about the future direction of prices and the course of the coronavirus pandemic compounds the normal summer-time trading slowdown. Hedge funds and other money managers purchased the equivalent of 24 million barrels of futures and options in the six most important oil futures and options contracts in the week ending on July 14.

Jul 21 - Halliburton posts third-straight quarterly loss on shale slump
Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and collapse in drilling by North American customers. Demand for drilling services offered by Halliburton and rivals like Schlumberger and Baker Hughes sank after oil prices collapsed in March. U.S. crude futures were trading around $40 per barrel on Monday, at the bottom end of what most producers need to be profitable.

Jul 20 - Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand
Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion people worldwide were asked to stay at home. The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.

Jul 20 - Brazil boosts oil exports to Asia as global rivals make record cuts
Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic. The rise reflects Brazil's growing clout among global oil producers as its massive offshore projects come online. Brazil is expected to deliver one of the biggest increases to global supply in the next five years from nations outside of the Organization of the Petroleum Exporting Countries, according to the International Energy Agency.

Jul 20 - EU's greenhouse gas strategy fails to plug methane hole
The European Union does not plan to crack down on planet-warming methane emissions from gas imports despite pressure from oil companies, activists and academics, according to its draft strategy and sources familiar with the matter. While the EU plans to impose carbon dioxide (CO2) taxes on imports of energy intensive goods, critics say the world's biggest gas importer is not targeting suppliers of the fuel hard enough in its methane strategy due to be unveiled this year.

Jul 20 - 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 July 14, 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 614 contracts to 369,762 during the period.

Jul 20 - U.S. oil & gas rig count falls to record low for 11th week - Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for an 11th week in a row though they have slowed the reductions as some consider returning to the well pad with crude prices up from historic lows. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 253 in the week to July 17, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.

Jul 20 - U.S. refineries see fewer breakdowns in pandemic-cut production - data
U.S. refineries have sustained fewer mechanical outages as production has fallen because of the coronavirus pandemic in 2020, according to data from energy intelligence service Industrial Info Resources. Average unplanned mechanical maintenance for crude units resulted in 95,000 barrels of capacity offline in April, May and June, compared with 254,000 barrels offline on average in the prior-year period.

Jul 20 - China's record crude oil storage flies under the radar: Russell
China's refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it's worth noting that flows into storage tanks were also likely at an all-time high.  The massive amount of crude being stored in China may end up weighing on oil imports from August onwards, even with the nation's recovery in domestic consumption.

Jul 20 - Analysts raise short-term EU carbon price forecasts - survey
Analysts have increased their European carbon market short-term price forecasts on expectations that financial speculators will continue to buy permits and companies that need them for compliance will hang on to them, rather than cash in on prices that hit 14-year highs this month. EU Allowances (EUAs) are expected to average 24.70 euros a tonne in the third quarter of 2020 and 23.66 euros over the year, according to a Reuters survey of eight analysts. That is up 19.9% and 7.9% respectively from forecasts in April.

Jul 20 - OPEC+ hits the refinery wall: John Kemp
Fuel traders and refiners are becoming more pessimistic about the outlook for the global economy and transportation for the rest of this year, even as the crude producers in OPEC+ try to push oil prices higher. OPEC+ is anxious to see higher crude prices as soon as possible but its ambition is likely to be thwarted in the short term by the renewed softness in fuel consumption.

Jul 17 - Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand 
Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion people worldwide were asked to stay at home. The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.

Jul 17 - EU's greenhouse gas strategy fails to plug methane hole 
The European Union does not plan to crack down on planet-warming methane emissions from gas imports despite pressure from oil companies, activists and academics, according to its draft strategy and sources familiar with the matter. While the EU plans to impose carbon dioxide (CO2) taxes on imports of energy intensive goods, critics say the world's biggest gas importer is not targeting suppliers of the fuel hard enough in its methane strategy due to be unveiled this year.

Jul 17 - OPEC fears second virus wave to prolong oil inventory overhang 
OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters. OPEC, Russia and their allies, a group known as OPEC+, said they would ease record oil curbs from Aug. 1 citing a gradual recovery in demand as global lockdowns loosen up. 

Jul 17 - China's oil product demand picks up in Q2, still well below year-ago level - energy bureau 
China's refined oil product consumption picked up in the second quarter as industry and transport demand improved after the peak of the coronavirus epidemic, according to the national energy bureau, but was still well below year-earlier levels.  After falling about 19% in the first quarter compared with January-March 2019, the National Energy Administration (NEA) said on Friday, "In the second quarter, the contraction narrowed by 6 percentage points." 

Jul 17 - Saudi May crude exports plunge to lowest in nearly a decade 
Saudi Arabia's crude exports fell to 6.02 million barrels per day (bpd) in May, the lowest level since October 2010, official data showed on Thursday. Crude exports from the world's largest oil exporter, dropped 41.2% from 10.237 million bpd in April, according to data from the Joint Organizations Data Initiative (JODI).

Jul 17 - Reliance's stake sale talks with Aramco stall over price, sources say 
Talks over the sale of a 20% stake in Reliance Industries Ltd's oil-to-chemical business to Saudi Aramco have stalled over price, four sources familiar with the matter said. With the energy market hit by falling demand for crude due to COVID-19, Aramco wants the Indian conglomerate to review the $15 billion it agreed to sell the stake for last year, the sources told Reuters.

Jul 17 - Natixis plans shake-up to focus on greener lending 
French bank Natixis will merge its commodities and infrastructure operations to focus on clean energy in a restructuring sources said was accelerated by a series of loss-making loans to oil traders. The move by one of the most active banks in commodities lending highlights the struggles of businesses connected to a sector grappling with an oil price collapse, rising bankruptcies and growing pressure to switch attention to greener fuels.

Jul 16 - Oil giants including Exxon set first joint carbon target 
A group of the world's top oil companies including Saudi Aramco, China's CNPC and Exxon Mobil have for the first time set targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector's climate stance grows.  However, the target set by the 12 members of the Oil and Gas Climate Initiative (OGCI) is eclipsed by more ambitious plans set individually by the consortium's European members, including Royal Dutch Shell, BP and Total. 

Jul 16 - OPEC+ eases record oil cuts as economy recovers from pandemic 
OPEC and allies such as Russia agreed on Wednesday to ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic but said a second wave of the virus could complicate rebalancing in the market. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.

Jul 16 - China refinery output hits record in June on strong margins, demand recovery 
China's daily crude oil throughput in June climbed 9% from the same month a year earlier, hitting the highest level on record, as refiners ramped up processing on healthy margins amid a recovery in demand for gasoline and diesel. China processed 57.87 million tonnes of crude oil last month, according to data released by the National Bureau of Statistics (NBS) on Thursday, equivalent to about 14.08 million barrels per day (bpd). That was up from 13.63 million bpd in May, beating the previous record set in December last year. 

Jul 16 - Reliance's $15 bln stake sale deal with Aramco delayed 
Reliance Industries' plans to sell 20% stake in its oil-to-chemical business to Saudi Aramco is delayed, chairman of the Indian conglomerate said on Wednesday. Reliance, operator of the world's biggest refining complex, last year announced a $15 billion deal with the world's top oil exporter Aramco as part of the Indian company's efforts to cut its debts. 

Jul 16 - California Resources seeks bankruptcy protection over oil slump 
California Resources Corp filed for Chapter 11 on Wednesday after defaulting on interest payments, becoming the latest U.S. energy company to seek bankruptcy protection in recent months following the slump in oil prices.  The oil and gas producer reached an agreement for $1.1 billion debtor-in-possession financing package, which also refinances the company's current revolving loan facility. 

Jul 16 - Trump revamps key environmental law in bid to fast track pipelines, roads 
President Donald Trump on Wednesday announced final plans to expedite permitting for infrastructure like oil pipelines and road expansions, a move that critics say will sidestep the need for public input, especially from low-income and minority communities. The proposal to change how the 50-year-old bedrock National Environmental Policy Act (NEPA) is implemented is part of Trump’s broader campaign to curtail environmental regulations to boost industry and fast-track projects that can take years to complete. 

Jul 16 - U.S. crude, refined products stocks drop sharply-EIA 
U.S. crude oil and refined product inventories fell sharply in last week due in part to a notable drop in crude imports, the Energy Information Administration said on Wednesday. Crude inventories fell 7.5 million barrels in the week to July 10 to 531.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop. The decline was driven by a steep drop in imports, which fell by a net 2 million barrels per day (bpd), the EIA said.

Jul 15 - OPEC sees oil demand soaring in 2021 but still below 2019 
Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialised in 2021 such as U.S.-China trade tensions, high debt levels or a second wave of coronavirus infections.

Jul 15 - BP, Mercuria first global firms delivering oil into Shanghai contract - sources 
BP delivered 3 million barrels of Iraqi oil to the Shanghai International Energy Exchange (INE) this month, becoming the first major global trader to make a physical delivery since China launched the futures market in 2018, industry sources said on Tuesday.  There have been a flurry of deliveries since May as strong buying by Chinese financial investors drove INE futures to a premium over Brent futures, making it profitable for traders to deliver into the contract. 

Jul 15 - Court-appointed supervisor of Singapore's oil trader ZenRock flags questionable deals 
ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader. ZenRock was placed under interim judicial management in May after one of its creditors HSBC Holdings PLC alleged that it engaged in a series of "highly dishonest transactions".

Jul 15 - Venezuela crude output falls in June to lowest since Feb 1943, OPEC data show 
Venezuela's crude output fell in June to the lowest level in nearly eight decades, data the country provided to OPEC showed on Tuesday, as U.S. sanctions on state oil company Petroleos de Venezuela choke off exports.  Venezuela's production was 393,000 barrels per day (bpd) in June, down from 573,000 bpd in May and down 52% from an average of 821,000 bpd in the first quarter of the year. That was the lowest monthly total since February 1943, when Venezuela's nascent oil industry produced 353,000 bpd. 

Jul 15 - Laden LNG tankers idle at sea as traders bet on winter demand 
Nearly 30 tankers laden with liquefied natural gas (LNG) are idling in mostly Asian and European waters, as traders take advantage of cheap prompt prices and freight rates in a bet that high winter demand will eventually boost the market. Storing crude oil in tankers is relatively common when land storage is full and the market is in contango, meaning it is cheaper to buy fuel now than for future delivery.

Jul 15 - U.S. crude stockpiles drop sharply in latest week - API 
U.S. crude oil and gasoline stockpiles fell sharply last week while distillate inventories rose, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 8.3 million barrels in the week to July 10 to 531 million barrels, compared with analysts' expectations for a draw of 2.1 million barrels.

Jul 15 - Oil diplomacy and the U.S. presidential election: Kemp 
Slower growth in petroleum consumption has intensified competition among the major oil producers and contributed to periodic volume wars and price slumps as they have fought for market share. For now, the big three producers, Russia, the United States and Saudi Arabia, have reached a truce to stabilise prices during the COVID-19 pandemic and the deepest slump in oil consumption in the industry's history.

Jul 14 - China's June crude oil imports rise to 2nd straight monthly record on bargain purchases 
China's June crude oil imports jumped by a third from the same period a year earlier, setting a second straight monthly record, as cheap cargoes bought during April's oil price crash arrived at Chinese ports.  China, the world's top crude oil importer, took in 53.18 million tonnes of oil, according to data from the General Administration of Customs on Tuesday, equivalent to 12.9 million barrels per day (bpd). 

Jul 14 - OPEC chief sees oil market moving closer to balance before key meeting 
The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand and caused a price collapse.

Jul 14 - China's record crude oil, copper imports are more history lesson than predictor: Russell 
China's imports of crude oil and copper surged to records in June, while iron ore hit the highest in 33 months, but the factors that drove the surge are already fading into history.  There is little doubt the June trade data released on Tuesday was robust and will serve to confirm the prevailing market view that China is in the midst of a V-shaped economic recovery from the novel coronavirus pandemic. 

Jul 14 - U.S. shale oil output to drop to 2-year low of 7.5 mln bpd in Aug - EIA 
U.S. crude oil output from seven major shale formations is expected to decline by about 56,000 barrels per day (bpd) in August to about 7.49 million bpd, the lowest in the two years, the U.S. Energy Information Administration said in a monthly productivity forecast on Monday. The EIA projected the biggest decline would be in the Eagle Ford in Texas where output will slide about 23,000 bpd to 1.1 million bpd, the lowest since August 2017.

Jul 14 - Brazil's offshore oil workers chilled by coronavirus outbreaks 
On Friday, May 1, two workers on the PXA-1 offshore platform owned by Brazil's state-run oil company Petrobras checked into the facility's infirmary complaining of headaches and fever-like symptoms. Another Petrobras employee fell visibly ill the following day, three workers from the platform told Reuters.

Jul 14 - Yemeni Houthis say they hit Saudi oil facility in drone, missile attack 
Yemeni Houthi forces hit a large oil facility in the southern Saudi Arabian city of Jizan in drone and missile attacks overnight, a Houthi military spokesman said on Monday.  The Saudi-led coalition fighting the Houthis said earlier it had intercepted and destroyed four missiles and six explosive drones fired by the Houthis over the border towards Saudi Arabia. But there was no Saudi confirmation of where they were intercepted or whether anything was hit. 

Jul 14 - Hedge funds pause oil buying as rally stalls: Kemp 
Hedge funds have stopped buying oil in recent weeks as the rally that carried prices higher during May and June has run out of momentum, amid concerns about the faltering economic recovery. Hedge funds and other money managers sold the equivalent of 21 million barrels in the six most important petroleum futures and options contracts in the week ending July 7.

Jul 14 - Russia keeps U.S. fuel oil exports high as Washington seeks to replace Venezuelan barrels 
Russia kept fuel oil exports to the United States close to its record-highs in the first six months of this year, as Washington looks to replace the heavy Venezuelan barrels it stopped buying a year ago, traders said and data showed.  The U.S. imposed sanctions on Venezuelan oil last year in an effort to squeeze out President Nicolas Maduro. While facing a drastic fall in revenues, Caracas re-directed some flows and Maduro kept his position.

Jul 13 - U.S. turns screws on maritime industry to cut off Venezuela's oil 
Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American country. U.S. sanctions have driven Venezuela's oil exports to their lowest levels in nearly 80 years, starving President Nicolas Maduro's socialist government of its main source of revenue and leaving authorities short of cash for essential imports such as food and medicine. 

Jul 13 - Libya's NOC accuses UAE of being behind oil blockade 
Libya's National Oil Corp (NOC) on Sunday accused the United Arab Emirates of instructing eastern forces in Libya's civil war to reimpose a blockade of oil exports after the departure of a first tanker in six months.  The UAE, along with Russia and Egypt, supports the eastern-based Libyan National Army (LNA) of Khalifa Haftar, which on Saturday said the blockade would continue despite it having let a tanker load with oil from storage. 

Jul 13 - Adani claims Carmichael coal win, but it's a pyrrhic victory built on subsidies: Russell 
Lucas Dow, the outgoing chief executive of Adani Enterprises' Australian operations, signed off with a vigorous defence of the company's controversial Carmichael coal mine, and a spray at the venture's numerous opponents. Perhaps Dow is justified in having a go at his detractors, and it is no small feat for the Indian company to actually be constructing the Carmichael mine, in the frontier Galilee basin in Queensland state.

Jul 13 - Iran will develop oil industry despite U.S. sanctions - Zanganeh says 
Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. "We will not surrender under any circumstances ... We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share," said Zanganeh. 

Jul 13 - IEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook 
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline.

Jul 13 - Saudi Aramco cuts August heavy crude supply for some Asian refiners, say sources 
The world's largest oil exporter Saudi Aramco has reduced the volume of August-loading crude that it will supply to at least four buyers in Asia, four sources told Reuters on Monday. The cuts were mainly for Arab Heavy crude, the sources said. Reuters could not immediately reach Aramco for comment.

Jul 10 - India's Reliance to load Venezuelan oil cargo under fuel swap deal - sources
India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the U.S. sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA. Washington has exempted some Venezuelan oil trade from sanctions, when transactions are in exchange for fuel and food or to repay debts rather than for cash. But that trade slowed as the U.S. tightened restrictions and refiners, shippers and insurers have been steering clear of Venezuela to avoid any risk they may fall foul of sanctions.

Jul 10 - Ocean Tankers' supervisor to start restructuring talks with owners - report
EY, the court-appointed supervisor for Ocean Tankers Pte Ltd (OTPL), has proposed two restructuring options to the shipping company's owners and could meet with them as early as next week to discuss the plans, according to an EY report seen by Reuters. The discussions are to ascertain whether the owners - Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching, or the Lim family - are "willing to support any future restructuring of OTPL", the report said.

Jul 10 - Mubadala set for exclusive talks with Petrobras to buy Bahia refinery
Abu Dhabi's investment fund Mubadala Investment Co will enter into exclusive talks with Petrobras to purchase Brazil's second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday. Reuters was the first to report earlier on Thursday that Mubadala was on an inside track to acquire the refinery, known as Rlam, after beating back competition from India's Essar Group, according to three people close to the negotiations.

Jul 10 - U.S. refiners struggle to control distillate stocks: Kemp
U.S. refiners are ramping up their crude processing gradually – relying on recovering consumption to erode excess fuel inventories accumulated during the most intense period of lockdown. The strategy is broadly working for gasoline but persistent weakness in distillate fuel oil consumption has sent stocks to their highest level since 1982, which threatens to weaken crude demand over the next couple of months.

Jul 10 - Wave of N. American oil and gas bankruptcies to continue at $40/bbl crude - report
A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week. Bankruptcies surged in the second quarter, including from major shale independents Chesapeake Energy and Whiting Petroleum, as oil prices collapsed due to the pandemic and a brief, unexpected price war between Saudi Arabia and Russia.

Jul 10 - U.S. judge rejects latest Dakota Access effort to avoid pipeline shutdown
A U.S. federal judge on Thursday rejected the latest effort by Dakota Access, LLC, to avoid a court-ordered shutdown of its 570,000-barrel-per-day oil pipeline, paving the way for the company to file an appeal with a higher court. The decision marks the latest legal twist since the U.S. District Court for the District of Columbia this week ordered the largest oil pipeline out of North Dakota to shut and empty within 30 days because of a faulty environmental permit.

Jul 09 - End of an era? Series of U.S. setbacks bodes ill for big oil, gas pipeline projects
A rapid-fire succession of setbacks for big energy pipelines in the United States this week has revealed an uncomfortable truth for the oil and gas industry: environmental activists and landowners opposed to projects have become good at blocking them in court. The latest setbacks have increased the difficulty for developers of billions of dollars worth of pipeline projects in getting needed permits and community support.
 
Jul 09 - China grants more crude oil import quotas to private refiners - sources
China has issued more non-state crude oil import quotas to refiners, for a total of 26.84 million tonnes (195.93 million barrels) in its third batch for 2020, three sources familiar with the matter told Reuters on Thursday. A total of 17 companies are receiving the quotas, they said.

Jul 09 - Rooftop revolution: Coronavirus chill upends solar power industry
The booming rooftop solar panel industry nosedived overnight when the coronavirus forced homeowners to rein in spending and keep their distance from would-be installers. Now, in their struggle to survive, companies on both sides of the Atlantic are turning to online marketing rather than knocking on doors, using drones to inspect roofs, arranging digital permits and coming up with attractive new financing plans, according to interviews with 12 executives.

Jul 09 - Libya lifts Es Sider force majeure, oil exports yet to resume
Libya's National Oil Corporation (NOC) on Wednesday lifted force majeure at the Es Sider oil terminal, but said guards had blocked a tanker from loading, preventing a resumption of exports. "We have recently received a formal security assessment concerning Es Sider Terminal, which confirms that [the] vessel on standby can load upon arrival," a document circulated to oil traders and seen by Reuters said.

Jul 09 - U.S. crude stocks build on higher imports, distillates inventories hit 37-yr high - EIA
U.S. crude oil stockpiles grew last week and inventories on the Gulf Coast hit a record high as imports from Mexico rose to an eight-year high, the Energy Information Administration said on Wednesday. Distillate stockpiles, which includes jet fuel and heating oil, rose 3.1 million barrels to about 177.3 million barrels, their highest level since 1983, the data showed.

Jul 09 - Coronavirus 'collateral damage' hits U.S. rural power providers
When the coronavirus pandemic left Ron Mueller without a market for the 3,200 piglets his hog breeding operation cranks out weekly and facing huge bills, his local electricity provider offered to cut the Illinois farmer some slack. Eastern Illini Electric Cooperative (EIEC), which powers Mueller's farm and serves farmers, small businesses and residents across 10 rural counties, was willing to delay his bills as he scrambled to make ends meet.
 
Jul 09 - Japan to tighten state lending for overseas coal power stations - Nikkei
Japan will cut state-backed financing and other support for overseas coal-fired power plants by tightening the lending criteria for projects after facing criticism over its policy on the dirtiest fossil fuel, the Nikkei reported on Thursday. The move, to be announced later in the day, implies that Japan's strong official backing for coal is starting to shift, although some non-governmental organizations are sceptical whether the announcement will amount to a significant change at all.

Jul 09 - U.S. refiners ramp up crude imports from Mexico to 8-year high
U.S. crude oil imports from Mexico surged to the highest level in more than eight years last week as swelling inventories and a fire at the Latin American country's largest refinery in late June led it to offload more barrels. U.S. buyers boosted their purchases by 834,000 barrels per day (bpd) to about 1.3 million bpd in the week to July 3, the highest since February 2012, according to the Energy Information Administration. The surge helped send U.S. net imports last week to the highest since August 2019.

Jul 08 - Coronavirus pain drives Big Oil's dash for record debt
The world's top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of COVID-19. The dash for debt piles pressure on company balance sheets and the issue is particularly acute for BP and Royal Dutch Shell. Already burdened by high levels of borrowing, they also face the disruption of a major shift towards renewables and low-carbon.

Jul 08 - U.S. judge denies Dakota Access motion to reconsider pipeline shutdown order
A federal judge denied an emergency request by owners of the Dakota Access oil pipeline (DAPL) for the court to reconsider its order to shut and drain the 570,000 barrel-a-day line within a month, court records showed on Tuesday. The pipeline, operated by Energy Transfer, is the largest out of the Bakken shale region in North Dakota, one of the biggest oil producing patches in the United States. Without the pipeline, the region's production capacity will be constrained.

Jul 08 - UAE's ADNOC to boost August oil exports as OPEC+ cuts set to ease - sources
Abu Dhabi National Oil Company (ADNOC) plans to boost its oil exports in August, the first signal that OPEC and its allies are preparing to ease record oil output cuts next month, three sources familiar with the development told Reuters. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand.

Jul 08 - U.S. crude output to decline less than previously forecast in 2020 - EIA
U.S. crude oil production is expected to fall by 600,000 barrels per day (bpd) in 2020 to 11.63 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than the 670,000 bpd it forecast previously. The agency now expects U.S. petroleum and other liquid fuel consumption to drop 2.1 million bpd to 18.34 million bpd in 2020, a smaller decline than its previous forecast for a drop of 2.4 million bpd.

Jul 08 - Global recession will hasten refinery rationalisation: Kemp
Coronavirus and the cyclical slump in petroleum consumption are accelerating a long-term rationalisation of the global refining industry and a shift eastwards in its centre of gravity to Asia. Refinery margins for making middle distillates such as gasoil and jet fuel have plunged to their lowest since 2009 as lockdowns and recession have cut fuel consumption by millions of barrels per day.

Jul 08 - Overheated Mediterranean oil market cools as refiners seek other grades
Premiums for Mediterranean oil grades over dated Brent have eased in the past few days as European refiners turn to cheaper alternatives to Russian Urals and other crudes, traders said. The price differential for Russia's Urals oil surged well above $2 per barrel a week ago after the loading plan for July showed a 45% fall in exports from Baltic ports from June, but has pulled back significantly since then.

Jul 08 - Iran's oil storage almost full as sanctions and pandemic weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed. Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.

Jul 08 - Russia's Rosneft to buy a drilling business from IDS - letter
Rosneft is set to buy a drilling business from IDS Group, a letter to IDS staff seen by Reuters showed, as the Russian oil giant continues its push into oilfield services to help reduce costs. The letter said Rosneft, using its Intellektualnye Sistemy affiliate, would take over or merge with telemetry specialist IDS Navigator, which helps operators guide drilling as a well progresses based on measurements communicated from below.

Jul 07 - Court orders Dakota pipeline shut in latest blow to U.S. fossil fuel projects
A U.S. court ordered the shutdown of the Dakota Access oil pipeline on Monday over concerns about its potential environmental impact, a big win for the Native American tribes and green groups who fought the major pipeline's route across a crucial water supply for years. The decision by U.S. District Court for the District of Columbia followed the cancellation of another high-profile U.S. pipeline project on Sunday and came as a blow to the Trump administration's efforts to lift the domestic fossil fuels industry by rolling back environmental red tape.

Jul 07 - Saudi Arabia ups August crude prices to Asia
Saudi Arabia's state oil producer Aramco has hiked official selling prices (OSPs) for its crude to Asia by $1 a barrel in August, and raised the OSPs for almost all grades to Europe and the United States. Saudi Arabia has set the August price to Asia at plus $1.20 a barrel versus the Oman/Dubai average, Aramco said in a statement on Monday.

Jul 07 - Oil producers will fight for market share as consumption growth slows: Kemp
Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries. Slower growth will intensify intra-company and intra-company competition for market share putting downward pressure on prices, revenues, investment and employment over the next two decades.

Jul 07 - Hedge funds increase bullish U.S. crude bets
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the latest week, 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 251 contracts to 378,951 during the week ended June 30. The data was delayed from Friday due to the Independence Day holiday in the U.S.
 
Jul 07 - Global LNG projects jeopardized by climate concerns, pandemic delays - report
Prospects for nearly half of the world's projects to build infrastructure for exporting liquefied natural gas have faltered in recent months, amid rising concerns about climate change, public protests and delays due to the coronavirus pandemic, according to a report published Tuesday. Out of 45 major LNG export projects in pre-construction development globally, at least 20 – representing a capital outlay of some $292 billion – are now facing delays to their financing, researchers at Global Energy Monitor found.

Jul 06 - CIMB alleges "suspicious" Hontop Energy oil deals with BP-affidavit
Singapore's High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy. The move came after Malaysian lender CIMB, its biggest creditor, raised concerns about what it described as 'suspicious' deals involving oil major BP, according to an affidavit filed with the court this week and reviewed by Reuters.

Jul 06 - Buffett's Berkshire to buy Dominion Energy gas assets for $4 bln
Berkshire Hathaway Inc said its energy unit will buy Dominion Energy Inc's natural gas transmission and storage network for $4 billion, helping billionaire Chairman Warren Buffett reduce his conglomerate's cash pile while letting Dominion focus on utilities operations. The transaction announced on Sunday includes more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage.

Jul 06 - Record debts come due for Canadian oil patch after five years of crisis
Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac's market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company's debts in June, a regulatory filing showed, preparing to salvage what they can from restructuring.

Jul 06 - Shell CEO does not rule out moving headquarters to Britain
Royal Dutch Shell is not ruling out moving its headquarters from the Netherlands to Britain, the oil company's chief executive Ben van Beurden said in a Dutch newspaper interview published on Saturday. Anglo-Dutch consumer products giant Unilever said last month it plans to ditch its dual Anglo-Dutch legal structure and create a single entity in Britain.

Jul 06 - Marine fuel market facing tougher Q3 as supply rises
Global supply of fuel oil, used by ships and power plants, is expected to grow in the third quarter, depressing the marine fuel market as shipping demand remains weak, analysts and trade sources said. Third-quarter supply is estimated to rise by 620,000 barrels per day (bpd) from the second quarter as China and Brazil increase production, according to consultancy Energy Aspects.

Jul 03 - U.S. seeks to seize gasoline in 4 Iran tankers bound for Venezuela 
U.S. prosecutors filed a lawsuit to seize the gasoline aboard four tankers that Iran is trying to ship to Venezuela, the latest attempt by the Trump administration to increase economic pressure on the two U.S. foes. The government of Venezuela's socialist President Nicolas Maduro has flaunted the fuel supply to show it remains unbowed by U.S. pressure. Washington has been pressing for Maduro's ouster with diplomatic and punitive measures, including sanctions on state oil company PDVSA.

Jul 03 - Wall Street sees Exxon paring asset values on weakening demand 
Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and face write-downs as soon as this month. A roughly 30% drop in global fuel demand from the COVID-19 pandemic has fed an energy glut expected to last well into 2021, hurting the values of assets. Oil producers BP Plc, Occidental Petroleum , and Royal Dutch Shell have cut billions of dollars off their assets in recent weeks. 

Jul 03 - Spring oil flood causes summer queues in Chinese ports 
Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters. More than 80 million barrels of crude oil are currently waiting to be discharged from tankers in Chinese ports, Refinitiv Eikon data showed.

Jul 03 - Angola resists OPEC pressure to comply fully with oil cuts - sources - 
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand. 

Jul 03 - U.S. oil & gas rig count hits record low for 9th week - Baker Hughes 
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 263 in the week to July 2, according to data on Thursday from energy services firm Baker Hughes Co going back to 1940. 

Jul 03 - Eyes in the sky: Investors reach for new tools to gauge climate change risk 
In the twilight years of past civilisations, astrologers would scour the heavens for signs of impending calamity. In an era where climate change is eroding age-old certainties, a new cast of characters is searching for answers in the sky.  A small but growing network of asset managers, academics, start-up entrepreneurs and campaigners are working to harness an armada of recently deployed satellites to better predict the economic impact of global warming. 

Jul 03 - U.S. refiners slashed gasoline output in response to lockdown: Kemp 
Faced with an unprecedented collapse in gasoline consumption during the most intense period of lockdown, U.S. refiners responded by slashing crude intake and curbing conversion processes used to boost gasoline yields. But the extraordinary operating changes introduced during the emergency left refiners with a legacy of too much diesel, which is still weighing down diesel prices worldwide, and will have to be eliminated over the next few months.

Jul 02 - Traders thought Apple had 'the holy grail' of oil data, but the quest continues 
Every day, energy merchants collect and scrutinize whatever information they can find on fuel demand to get a trading edge: from satellite data tracking oil tankers worldwide to thermal images from cameras on pipelines and storage tanks. Real-time data on fuel demand would be the ultimate prize. On-the-spot gasoline consumption figures would change the way oil markets trade, because it is "the holy grail of metrics," said Patrick DeHaan, head of petroleum analysis at GasBuddy. 

Jul 02 - Goldman Sachs sees oil demand returning to pre-coronavirus levels by 2022 
Goldman Sachs said on Thursday a pick-up in commuting, a shift to private transportation and government efforts to improve economies with higher infrastructure spending should help global oil demand return to pre-coronavirus levels by 2022. Demand is expected to fall by 8% this year, before rebounding 6% in 2021 and fully recovering to pre-pandemic levels by 2022, the U.S. bank said in a note.

Jul 02 - Sweeter, lighter, cheaper: refiners seek oil to meet rising gasoline demand 
With more cars taking to the roads as coronavirus lockdowns ease, demand for lighter, sweeter oil more suitable for refining into gasoline is ticking up.  European refiners especially are moving away from sour varieties like Russian Urals, which have risen in price since a supply cut pact by producer countries made the grades scarcer, towards althernatives like U.S. West Texas Intermediate (WTI), West African grades, CPC Blend and Azeri oil.

Jul 02 - Oil barrels come off the water as storage boom at sea fades
Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with some surplus stored at sea as land storage filled up. 

Jul 02 - Huge acceleration of clean energy innovation needed to meet net zero target - IEA 
A global goal to achieve net zero carbon emissions by 2050 will not be met without a huge acceleration in clean energy innovation, the International Energy Agency (IEA) said on Thursday. The 2015 Paris Agreement set a target to curb global warming and reach net zero emissions in the second half of the century.

Jul 02 - Banks in Singapore in talks to bolster lending practices for troubled commodity sector 
Commodity trade financiers in Singapore are teaming up to strengthen lending practices and improve transparency in the sector following a spate of defaults at trading firms, four sources with knowledge of the matter said. Hin Leong Trading Pte Ltd, one of Asia's biggest oil traders, and three other Singapore-based commodity traders ran into severe financial difficulties this year, hit hard by an oil price crash and a slump in fuel demand due to the coronavirus pandemic.

Jul 02 - Thrown for a LOOP: Big U.S. offshore port's crude exports in surprising surge 
Crude exports from the Louisiana Offshore Oil Port (LOOP) are hitting a record high even as U.S. crude exports have fallen as the coronavirus pandemic has chopped worldwide fuel demand.  Oil majors Royal Dutch Shell Plc and BP Plc are the main winners from rising LOOP exports, because they pump most of the mid-sour crude exported from the terminal.

Jul 02 - Shale drillers squeezed as banks tighten credit after oil crash 
Months into one of the worst oil price crashes in history, lenders have tightened the screws on shale producers by wiping away 20% of the credit that has helped fuel the industry's boom. Twice every year, oil and gas producers negotiate how much credit they should get from banks based on the value of their reserves in the ground. Those loans, called RBLs, are the industry's key financing tool. 

Jul 02 - U.S. crude stockpiles drop sharply as imports fall, refining rises - EIA 
U.S. crude oil stockpiles dropped sharply from record highs, as refining activity picked up and imports fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.2 million barrels in the week to June 26 to 533.5 million barrels, compared with analysts' expectations in a Reuters poll for a 710,000-barrel drop. Inventories are down from an all-time record of 540.7 million barrels set in mid-June, but remain 15% higher than the five-year average for this time of year.

Jul 01 - Global oil demand, CO2 emissions likely peaked in 2019 - energy consultancy  
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday. The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy use would be 8% lower in 2050 than previously expected due to the impact of the pandemic.

Jul 01 - OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows 
OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria. The 13-member Organization of the Petroleum Exporting Countries pumped 22.62 million barrels per day (bpd) on average in June, the survey found, down 1.92 million bpd from May's revised figure.

Jul 01 - OPEC, Russia seen easing oil production cuts from August - sources 
OPEC and Russia will likely ease record oil production cuts from August as global oil demand recovers and prices have bounced back from their lows, four OPEC+ sources told Reuters. OPEC and its allies including Russia, know as OPEC+, have agreed to cut production by a record 9.7 million barrels per day, or 10 percent of global demand, from May to support oil prices as demand plunged because of the coronavirus pandemic.

Jul 01 - Russian share of Europe oil market under threat as exports hit 20-year lows 
Russian oil exports to Europe are set to hit their lowest levels in two decades in July, with an output cut deal prompting other suppliers to fill the gap left by Moscow, data from traders and Refinitiv Eikon shows. Russia is set to slash seaborne Urals supplies to Europe to 3.8 million tonnes (900,000 barrels per day) next month, its lowest since 1999, when President Vladimir Putin first came to power as prime minister.

Jul 01 - New North American trade deal launches under growing threat of disputes 
The revamped trade pact between the United States, Canada and Mexico taking effect on Wednesday was meant to create a kind of fortress North America, boosting the region's competitiveness - but cracks are already starting to show in the foundation. As the deal kicks in, the Trump administration is threatening Canada with new aluminum tariffs, and a prominent Mexican labor activist has been jailed, underscoring concerns about crucial labor reforms in the replacement for the 26-year-old North American Free Trade Agreement. The risk of disputes among the three trading partners is growing, analysts say.

Jul 01 - Oil Search slashes a third of jobs, pledges more senior roles for PNG nationals, women 
Papua New Guinea-focused oil and gas firm Oil Search said on Wednesday it has axed a third of its workforce amid slumping demand, in a shake-up that also aims to reserve more senior positions for Papua New Guinea (PNG) citizens and women. Oil Search, listed in Australia, said it has shrunk its full-time workforce to 1,222 - with another 137 to move on by year-end - from all of its locations as it seeks to shore up its balance sheet in an environment of low crude oil prices as well at reduced demand.

Jul 01 - U.S. crude stocks drop sharply, gasoline stocks fall in latest week -API 
U.S. crude oil and gaosline stocks fell while distillate inventories rose in the most recent week, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 8.2 million barrels in the week to June 26 to 537 million barrels, compared with analysts' expectations for a draw of 710,000 barrels.

Jul 01 - Indian private firms seen developing 15 mln T capacity coal mines this yr - minister 
India's private companies could start developing coal mines with an annual capacity of 15 million tonnes by the end of March, the country's coal minister told Reuters, a move that would end the near-monopoly of state-run Coal India. Prime Minister Narendra Modi this month officially launched the auction of 41 coal mines to companies including those in the private sector, with an annual production capacity that is nearly one third of national total output.