Energy News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Feb 28  - Russia starts pumping Kazakh oil to Germany, flows to Poland halted
Russian oil pipeline monopoly Transneft said on Monday that it had started pumping oil from Kazakhstan to Germany via Poland through the Druzhba pipeline, while halting deliveries to Poland, Russian news agencies reported. Although the European Union imposed a ban on seaborne oil imports from Russia on Dec. 5, it is still receiving piped volumes, partly to ensure supply to the bloc's landlocked countries.
 
Feb 28  - US oil drilling falls in response to lower prices: Kemp
U.S. oil drilling activity has begun to decline in response to the downturn in prices since the middle of 2022 - which will translate into slower production growth throughout the rest of 2023 and into 2024. The number of rigs drilling for oil fell to 600 in the week ending on Feb. 24, down from a recent peak of 627 in the week ending on Dec. 2, oilfield services company Baker Hughes found.

Feb 27  - Russia halts pipeline oil to Poland says refiner PKN Orlen
Russia has halted supplies of oil to Poland via the Druzhba pipeline, PKN Orlen's CEO said on Saturday, adding that the Polish refiner would tap other sources to plug the gap. The halt in supplies via the pipeline - which has been exempted from European Union sanctions imposed on Russia following its full-scale invasion of Ukraine - came a day after Poland delivered its first Leopard tanks to Ukraine.

Feb 27  - Kuwait's Al Zour to ramp up oil products exports from record levels in Jan
Kuwait is set to ramp up refined oil product exports from its new Al Zour refinery in the second half of 2023 to plug Russian shortfalls in Europe and meet growing demand in Asia and Africa, industry sources and analysts said. The much delayed 615,000 barrel-per-day (bpd) refinery is one of several new complexes coming online this year across the world to churn out more oil products and cool refining margins from record levels last year following the disruption of supplies from top exporter Russia.

Feb 24  - Russian oil prices soar amid falling freight rates, strong demand
Russian oil export revenues are set to rise in March as falling freight rates and strong demand pushes Russian oil prices towards a $60 per barrel Western price cap, based on traders' and Reuters' calculations, challenging the view that the mechanism was increasing pressure on Moscow. The European Union, G7 countries and Australia introduced a $60 per barrel price cap on Russian oil from Dec. 5, aiming to curb Russia's ability to finance the war in Ukraine.

Feb 24  - Depleted distillates threaten to reignite inflation: Kemp
Global inventories of diesel and other distillate fuel oils are exceptionally low - meaning prices will surge higher again quickly if the economy avoids a recession in 2023. Inventories have risen modestly from troughs in October and November 2022 as a result of increased exports from China and the worldwide slowdown in manufacturing and freight transport.

Feb 23  - Russia plans deep March oil export cuts  - sources
Russia plans to cut oil exports from its western ports by up to 25% in March versus February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said. Russia's Energy ministry declined to comment. Russia's pipeline monopoly Transneft did not immediately respond to a Reuters request for comment.

Feb 23  - Exxon warns of Russia risks to its $2.5 billion Kazakhstan income
Exxon Mobil Corp on Wednesday warned in a securities filing of potential risks to its Kazakhstan oil operations, which provided $2.5 billion in earnings last year. Threats to Kazakhstan oil exports have been in the spotlight since Moscow invaded Ukraine a year ago this week.

Feb 22  - Oil and gas mini-slump all part of a cycle: Kemp
Oil and gas prices are in another mini-slump, nearly three years after they were hit by the first wave of the COVID-19 pandemic in North America and Western Europe. But the latest downturn is part of a cycle in manufacturing activity and energy prices that has repeated with an average duration of three to four years since the early 1990s.

Feb 22  - 'No excuse': IEA tells energy firms as methane emissions rise
The fossil fuel industry is failing to tackle methane emissions despite its pledges to uncover and fix leaking infrastructure, according to a report by the International Energy Agency (IEA) published on Tuesday. In 2022, the global energy industry released into the atmosphere some 135 million tonnes of methane - a potent greenhouse gas responsible for roughly a third of the rise in global temperatures since the industrial revolution.

Feb 21  - India's January crude imports hit six-month-high on Russian inflows
India's crude imports rose to a six-month-high in January, government data showed on Monday, as refiners in the world's third-biggest oil importer and consumer snapped up cheaper Russian supply. On a monthly basis, imports were up 1.7% to 19.96 million tonnes, which was also 3.5% higher versus January 2022, data from the website of the Petroleum Planning and Analysis Cell (PPAC) showed.

Feb 21  - China doubles Urals oil purchases during first half of Feb - sources, Refinitiv
China doubled its purchases of Urals oil in the first half of February compared to the same period of January amid more attractive pricing and as Chinese demand rebounds after COVID-related lockdowns, according to traders and Refinitiv Eikon data. Urals oil supplies to China are rising as freight rates soften and the Brent-Dubai spread narrows, making Brent-related Urals oil more competitive compared to Dubai-related grades in Asian markets, traders said.

Feb 20  - OPEC+ deal will continue until end of year - Saudi energy minister
Saudi Energy Minister Prince Abdulaziz bin Salman said the current OPEC+ deal on oil output would be locked in until the end of the year, adding he remained cautious on Chinese demand forecasts. In an interview published by Energy Aspects, the minister said the oil group can't increase output based solely on initial signals.

Feb 20  - China takes top spot in global refining capacity but output lags U.S.
China's oil refining capacity overtook the United States as the world's largest in 2022, an industry official said on Thursday, though its production of fuel products lagged the United States due to low utilisation rates. Total refining capacity in China expanded to 920 million tonnes per year, or 18.4 million barrels per day (bpd), in 2022 Fu Xiangsheng, vice president of the China Petroleum and Chemical Industry Association, told reporters.

Feb 17  - OPEC+ deal will continue until end of year - Saudi energy minister
Saudi Energy Minister Prince Abdulaziz bin Salman said the current OPEC+ deal on oil output would be locked in until the end of the year, adding he remained cautious on Chinese demand forecasts. In an interview published by Energy Aspects, the minister said the oil group can't increase output based solely on initial signals.

Feb 17  - China takes top spot in global refining capacity but output lags U.S.
China's oil refining capacity overtook the United States as the world's largest in 2022, an industry official said on Thursday, though its production of fuel products lagged the United States due to low utilisation rates. Total refining capacity in China expanded to 920 million tonnes per year, or 18.4 million barrels per day (bpd), in 2022 Fu Xiangsheng, vice president of the China Petroleum and Chemical Industry Association, told reporters.

Feb 16 - Rising flow of Russian oil products to China, India and the Middle East: Russell
Similar to what has already happened with Russian crude oil, there are signs that the country's refined fuels are finding new buyers outside Europe, with Asia and the Middle East the leading new customers. The European Union imposed a ban on imports of Russian oil products from Feb. 5, to go along with its earlier sanctions on crude oil as part of efforts to punish Moscow for its invasion of Ukraine on Feb. 24 last year. 

Feb 16 - India cuts windfall tax on crude, aviation turbine fuel and diesel
India has cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel, according to a government notification dated Feb. 15. Windfall tax on crude was cut to 4,350 rupees ($52.60) per tonne from 5,050 rupees per tonne, effective Thursday.

Feb 15 - China's state-owned refiners resume Russian Urals crude imports
China's top refiners PetroChina and Sinopec are resuming purchases of discounted Russian crude after a brief pause in late 2022, just before the European Union embargo on Russian oil started, industry sources said. Russian Urals crude, typically consumed in Europe, is now heading to India and China at depressed prices following an EU ban on Russian crude because of the Ukraine war. 

Feb 15 - Russia price caps spur India interest in naphtha, fuel oil, but not diesel
More Indian firms are attracted to buying Russian naphtha as low-cost feedstock for their refineries and petrochemical plants after price caps imposed by Western nations, six refining sources said. Prices for refined products such as naphtha and fuel oil are capped at $45 a barrel by the Group of Seven nations, the European Union, and Australia in a scheme aimed at curbing Moscow funding its war against Ukraine.

Feb 14  - Venezuela to contract for two Iran-built oil tankers to expand fleet
Venezuela will contract with an Iranian shipyard to build two oil tankers under an existing construction agreement bedeviled by payment delays and difficulties with needed certifications, according to people familiar with the matter and documents. Venezuela's state-run energy firm PDVSA since last year has redoubled efforts to buy and lease oil tankers to rebuild its own fleet. 

Feb 14  - PetroChina completes test runs of ethylene plant in Guangdong complex
PetroChina completed trial runs at a 1.2 million tonne-per-year ethylene facility in its newly launched refinery complex in south China on Sunday, Chinese state media People's Daily reported. The completion of the ethylene trial runs "marks that Guangdong refinery has opened up the whole process of oil refining and chemical production, and enters the stage of comprehensive trial production", the People's Daily report said late on Monday.

Feb 13 - Oil rebound more likely this year, $100 a barrel possible, OPEC sources say
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to $100 a barrel. In 2022, oil soared above $100 for the first time since 2014 as demand recovered from COVID-19 lockdowns in much of the world and Russia's invasion of Ukraine added to supply concerns.  

Feb 13 - Russia to cut oil output by 500,000 bpd in March
Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West imposed price caps on Russian oil and oil products. The price of Brent crude rose on the news of the output cut from Russia, the world's second-largest oil exporter after Saudi Arabia, increasing by more than 2.5% on the day to $86.6 per barrel.

Feb10  - China gasoline exports may hit 8-year low in Feb on domestic demand recovery
China's February gasoline exports may fall a second straight month to hit their lowest in eight years as domestic consumption rebounds after the nation emerged from COVID lockdowns, industry and market sources said, likely buoying Asian refining margins. Refiners in the world's No. 2 oil consumer began scaling back refined fuel exports in January as local demand rebounded, reversing a surge in exports in the fourth quarter of 2022.

Feb10  - Fantasy league matchmaking between oil majors and transition upstarts: Maguire
This weekend's Super Bowl is the annual showpiece for American football's top professional teams, and marks the end of the fantasy league season where amateur fans select their own configurations of players that compete on virtual fields. Fantasy footballers deploy their own optimal mix of real-life players from different teams, and compete with other fans for team scoring totals and bragging rights.

Feb 09  - Institutional investors back Shell board lawsuit over climate risk
A group of European institutional investors is backing a novel London lawsuit against energy giant Shell's board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions. ClientEarth, an environmental law charity turned activist Shell investor, said it had filed a High Court claim on Wednesday, alleging Shell's 11 directors have failed to manage the "material and foreseeable" risks posed to the company by climate change - and that they are breaking company law.

Feb 09  - China crude demand rising, but costly Saudi oil is less desirable: Russell
The surprise increase in the price of Saudi Arabian crude oil for March-loading cargoes is being viewed by the market as a bullish signal that Chinese demand is ramping up as the world's biggest importer reopens and stimulates its economy. There are certainly increasing signs of revival in China's fuel demand, with passenger flights and road traffic rising strongly and indications that the country's huge refining sector is accelerating processing rates.

Feb 08  - Lost Russian oil revenue is bonanza for shippers, refiners
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections. Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.

Feb 08  - BP makes record profit in 2022, slows shift from oil
BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged in the wake of Russia's invasion of Ukraine, prompting new calls to further tax the sector as households struggle to pay energy bills.

Feb 07 - Russia's Sechin says Europe no longer sets Urals price
Europe will no longer set the reference price for Russia's flagship Urals crude, Igor Sechin, the CEO of Russia's oil major Rosneft said on Monday, now Asia has emerged at the largest buyer of Russian oil since the West placed it under sanctions. Around 70% of January-loading cargoes of Russian Urals oil is destined to India, according to traders' preliminary data and Reuters calculations.  

Feb 07 - SK Innovation expects 2023 refining margin to be solid, backed by China demand
South Korean energy group SK Innovation Co Ltd  said on Tuesday that it would focus spending on growing its electric vehicles (EV) battery business this year, even though it was taking longer than expected to turn a profit. The owner of South Korea's top refiner SK Energy said it had a capital spending budget of about 10 trillion won ($7.98 billion) this year, up from about 6 trillion won last year, with 70% allocated for batteries as it looked to ramp up production at factories abroad.

Feb 06  - China's oil demand bounce may push producers to reconsider output – IEA
Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday. Demand in China, the world's largest crude importer and No. 2 buyer of liquefied natural gas, has become the biggest uncertain factor in global oil and gas markets in 2023 as investors bet on the speed of its recovery after Beijing lifted COVID restrictions in December. 

Feb 06  - Western sanctions push Russia's energy revenues to lowest level since 2020
Russia's monthly budget revenues from oil and gas fell in January to their lowest level since August 2020 under the impact of Western sanctions on Russian exports, Finance Ministry data showed on Friday. Monthly tax and customs revenue from energy sales was down 46% in the space of a year - reflecting the fact that, while the price of the global benchmark Brent blend was little changed, the average monthly price of Russia's Urals blend was down 42%, according to the ministry.

Feb 03  - Shell 2022 profit more than doubles to record $40 bln
Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns. The British company's record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week and are certain to intensify pressure on governments to further raise taxes on the sector.

Feb 03  - China boosts imports of fuel oil blended from Russian barrels
China's independent refineries are ramping up imports of discounted fuel oil blended from Russian barrels to use as low-cost feedstock amid a shortage of government crude oil import quotas for some of them, according to trade sources and data. Western sanctions over Russia's invasion of Ukraine, including the looming Feb. 5 embargo and price cap on refined products, have been pushing Russian fuel oil barrels eastward into Asia at attractive discounts since last year.

Feb 02  - OPEC+ sticks to oil output policy after brief meeting
An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Ministers from OPEC+ countries - members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia - met in a virtual gathering that OPEC+ sources said lasted less than 30 minutes.

Feb 02  - EU struggles to agree Russian oil product price cap, seeks Friday deal
EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products, after postponing a decision on Wednesday amid divisions between member states, diplomats said. The European Commission proposed last week that from Feb. 5 the EU apply a price cap of $100 per barrel on premium Russian oil products such as diesel and a $45 cap per barrel on discounted products such as fuel oil.

Feb 02  - Indonesia 2023 gasoline demand, imports likely to exceed 2022 records
Gasoline consumption and imports in Indonesia, Asia's largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy. A spike in Indonesian imports would tighten the regional gasoline market and likely boost Asian refinery margins for the fuel. It could also accelerate plans for adding methanol and ethanol to gasoline to reduced its reliance on overseas supplies, a biofuel initiative that would add to the country's already extensive adoption of biodiesel.

Feb 01  - Exxon smashes Western oil majors' profits with $56 billion in 2022
Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.

Feb 01  - OPEC oil output falls as Nigerian rebound falters - Reuters survey
OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December. In September, OPEC output hit its highest since 2020.

Jan 31  - OPEC+ seen sticking with oil output policy at Feb. 1 meeting – delegates
An OPEC+ panel is likely to recommend keeping the oil producer group's current output policy unchanged when it meets this week, five OPEC+ delegates told Reuters on Monday. Ministers from OPEC+ countries - members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia - are due to hold a virtual meeting at 1100 GMT on Feb. 1.

Jan 31  - Asia diesel profit margin to tango with China exports, Russian ban: Russell
The profit from producing diesel in Asia has been declining as Chinese refiners increased exports to the region, but the looming European ban on Russian refined fuels looms as a potential game changer. The margin, or crack, to produce a barrel of gasoil, the building block of diesel, from Dubai crude at a typical Singapore refinery dropped to $30.90 on Monday.

Jan 30 - Texas oil regulator advises pipeline operators to prepare for severe winter conditions
The Texas oil regulator on Sunday advised oil and gas pipeline operators to secure equipment and facilities after forecasts for severe weather over the next several days. The Railroad Commission of Texas (RRC), which oversees the state's oil and gas industries, issued the notice after the National Weather Service forecast wintry precipitation and ice accumulations across several parts of the state. 

Jan 30 - TotalEnergies buys extra Canada oil sands project stake, squeezing Suncor
France's TotalEnergies will buy an extra stake in western Canada's Fort Hills oil sands mine from Teck Resources, the companies said on Friday, leaving partner Suncor Energy with a smaller slice than planned in a project that has struggled with operational challenges. Suncor announced in October an agreement to buy Teck's 21.3% interest in the mine, but TotalEnergies on Friday said it would exercise its right to first refusal and buy an additional 6.65% of Teck's share for C$312 million ($234 million) on the same terms as Suncor's deal with Teck.

Jan 27 - EU eyes $100/barrel cap on Russian premium oil products, $45 on discounted
The European Commission is proposing that the EU set a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil, European Union officials said on Thursday. The proposal was sent on Thursday to EU governments, whose representatives will discuss it at a meeting on Friday afternoon, with a view to a deal before the price cap on imported Russian oil products is to come into force on Feb 5th, in line with an agreement by G7 countries. 

Jan 27 - Strikes disrupt French fuel deliveries, but participation waning
Protests against French government plans to raise the retirement age had a muted impact on the energy sector on Thursday, the first day of 48-hour strikes, lowering hydropower output and curbing some refinery deliveries. In electricity, supply from the Belleville 1 nuclear reactor was lowered 1 gigawatt (GW) due to the strike, data from operator EDF showed. Hydropower supply was unaffected after dropping by 1.7 GW earlier, the data showed.

Jan 26  - Chevron pledges $75 bln for share buybacks as cash grows
Chevron Corp on Wednesday said it would triple its budget for share buybacks to $75 billion, the oil industry's most ambitious shareholder payouts to date, as high oil and gas prices pad profits. The oil industry has been facing calls from investors and the White House to put last year's record earnings from sky high energy prices into more drilling, acquisitions, or to reduce prices for consumers.  

Jan 26  - Equinor joins Western oil firms' retreat from Nigeria - sources
Norway's Equinor has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources said. The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said.

Jan 25  - OPEC+ panel unlikely to tweak oil policy at Feb. 1 meeting, sources say
An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes of higher Chinese demand driving an oil price rally are balanced by worries over inflation and a global economic slowdown. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, meet virtually on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted.

Jan 25  - China’s diesel exports rebound easing global shortage: Kemp
China’s exports of refined petroleum products, especially diesel, surged in the final two months of 2022, relieving some of the global shortage caused by unusually low exports since the middle of 2021. Exports of refined products totalled 54 million tonnes in 2022, down from 60 million in 2021 and 62 million in 2020, according to preliminary data from the General Administration of Customs (GAC).

Jan 24 - Physical oil market starts year with a rally on China demand, Russia sanctions
Crude oil prices in much of the world's physical markets have started the year with a rally amid signs of more buying from China after it eased COVID-19 restrictions and concern that sanctions on Russia could tighten supply. China, the world's biggest crude importer, started rolling back its zero-COVID policy in early December in a development the International Energy Agency (IEA) expects will boost global oil demand this year to a record high.  

Jan 24 - Investors surge back into oil on rising economic optimism: Kemp
Portfolio investors have piled back into petroleum futures and options at the fastest rate for more than two years as concerns about a global business cycle downturn have eased. Hedge funds and other money managers purchased the equivalent of 89 million barrels in the six most important petroleum contracts over the seven days ending on Jan. 17.

Jan 23 - Canada's energy jobs transition bill sparks discord in oil heartland
In Canada's western oil patch, controversy is raging over federal government legislation intended to help the fossil fuel labour force transition to a greener economy, but union and community leaders are warning politicization of the Just Transition bill obscures the needs of workers. Prime Minister Justin Trudeau's Liberal government is expected to table its long-awaited workforce transition bill this spring, ahead of economic changes expected as they pursue ambitious goals to slash climate-warming emissions. 

Jan 23 - OPEC development fund raises $1 bln with first ever bond
The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries' member governments nearly 50 years ago, has raised $1 billion by selling its first ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the three-year bond which will pay investors an interest rate of 4.5%, will also be classed as a 'sustainable development' bond.

Jan 20  - U.S. crude stockpiles post surprise large build - EIA
U.S. crude oil stockpiles last week posted a large build that took analysts by surprise, as inventories in the Cushing, Oklahoma, storage hub gained while the market continued to recover from a winter storm last month, data from the Energy Information Administration showed on Thursday. Winter Storm Elliott last month brought sub-freezing temperatures and extreme weather alerts to about two-thirds of the United States, forcing oil and gas well freeze-ins at the time. 

Jan 20  - Saudi Arabia stays top crude supplier to China in 2022, Russian barrels surge
Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis. China's crude oil imports from Russia jumped 8% in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.

Jan 19 - China's COVID-19 reopening set to push 2023 oil demand to new high
The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency (IEA) said on Wednesday, while price cap sanctions on Russia could dent supply. "Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report. 

Jan 19 - U.S. crude stockpiles dipped last week, products likely higher
U.S. stockpiles of crude oil were estimated to have declined last week while gasoline and distillates inventories were seen gaining, an extended Reuters poll showed on Wednesday. Nine analysts polled by Reuters estimated on average that crude inventories fell by about 600,000 barrels in the week to Jan. 13.

Jan 18  - U.S. oil output set to rise in Feb to record, but growth slows - EIA
Oil output from top shale regions in the United States is due to rise by about 77,300 barrels per day (bpd) to a record 9.38 million bpd in February, the U.S. Energy Information Administration (EIA) said in its productivity report on Tuesday. The oil increase was the lowest in more than a year, with volumes shrinking on weaker productivity per well and on inflation cutting into oil companies’ production budgets.

Jan 18  - Big Oil's good times set to roll on after record 2022 profits
The West's top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia's invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP, Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns through dividends and share buybacks last year.

Jan 17  - China's oil refinery runs fall for first year since 2001
China's oil refinery throughput in 2022 fell 3.4% from a year earlier, its first annual decline since 2001, as China's rigid COVID-19 controls took a toll on the economy and fuel consumption. Refiners processed 675.9 million tonnes of crude oil last year, data from the National Bureau of Statistics (NBS) showed on Tuesday, or about 13.5 million barrels per day (bpd).

Jan 17  - Europe boosts Russian diesel buying ahead of ban set to rock market
European traders are rushing to fill tanks with Russian diesel as the clock runs down on a Feb. 5 European ban expected to tighten supplies, redraw global shipping routes and increase price volatility. The ban is likely to create a diesel supply shortfall that Europe hopes to fill with Chinese fuel, some of which will be produced from Russian crude.

Jan 16  - China fuel exports to slip in Jan as Lunar New Year travel peaks
China's exports of refined oil products could start 2023 with a drop of 40% in January from December's figure, as Lunar New Year travel demand boosts domestic consumption of transport fuels, trading sources and analysts said. The fall in exports from China, which has the world's second-largest refining capacity after the United States, is expected to underpin Asian refiners' margins for transport fuels.

Jan 16  - Russian oil shipped to Asia in Chinese supertankers amid ship shortage
At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance. China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine.

Jan 12 - Russia has no problems selling oil despite sanctions, price caps
Russian oil producers have had no difficulties in securing export deals despite Western sanctions and price caps, Russian Deputy Prime Minister Alexander Novak told a televised online government meeting on Wednesday. "We've been in constant contact with the companies, the contract making for February has been completed, and on the whole, the companies are not saying they have problems as of today," Novak told the meeting led by President Vladimir Putin. 

Jan 12 - EIA data shows surprise U.S. crude stock build after winter storm
U.S. crude stocks built unexpectedly last week, the Energy Information Administration said, as refiners were slow to restore production after a cold freeze that shut operations. Crude inventories rose by 19 million barrels in the week ended Jan. 6 to 439.6 million barrels.

Jan 12  - US weekly ethanol production up but remains below 1mn b/d (AgriCensus)

- US weekly ethanol production rose by 99,000 barrels per day in the week ending January 6, according to new data from the Energy Information Administration. Total ethanol production across the US increased to 943,000 barrels per day (b/d) in the reporting week, up from 844,000 b/d a week earlier. The weekly total came in just below analyst predictions, which had forecasted a week-on-week increase of 115,000 thousand barrels to 959,000 b/d. The increase was driven entirely by higher weekly production in the US Midwest, which is home to over 90% of the country's ethanol production capacity.

- Over the week, full production equated to the consumption of 2.43 million mt of corn, up from 2.17 million mt a week earlier. Meanwhile, ethanol stockpiles declined by 644,000 barrels to 23.8 million barrels in the week ending January 6. The stockpile decline exceeded analyst expectations, which had called for a week-on-week reduction of 130,000 barrels to 24.3 million.

- Margins calculated through a model from Iowa State University showed that the estimated return over operating costs for the average Midwest-based plant rose in the week ending January 6 to $0.40/gallon, up from $0.05/gallon a week earlier. Corn prices for the week meanwhile rose by around $0.63 week-on-week to average $6.70/bu. Finished ethanol prices were also up in the week ending January 6, landing at $2.20, up from $2.01 a gallon a week earlier.

Jan 11 - G7 seeks two price caps for Russian oil products
The Group of Seven (G7) coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said. The coalition - which consists of Australia, Canada, Japan and the United States, plus the 27-nation European Union - introduced a $60 per barrel price cap on Russian crude from Dec. 5, on top of the EU embargo on imports of Russian crude by sea. 

Jan 11 - U.S. crude output and petroleum demand to rise in 2023
The U.S. Energy Information Administration on Tuesday raised its forecast for this year's crude output and petroleum consumption growth, projecting even higher growth in 2024. The EIA projected that crude oil production would rise by 550,000 bpd to 12.41 million barrels in 2023, compared with its previous estimate of a 470,000 bpd rise.

Jan 10  - Russia's Lukoil reaches deal to sell Italian refinery
Russia's Lukoil has sold its Italian refinery to a group of firms backed by a major trading house in its first significant asset sale since Moscow's invasion of Ukraine, the companies said on Monday. Since its inception following the collapse of the Soviet Union, Lukoil had been one of the most active western asset-buyers of Russian companies, but these overseas assets became problematic after the West imposed broad sanctions on Russia in response to Moscow's invasion of Ukraine. 

Jan 10  - China's reopening isn't a one-way bullish street for crude: Russell
There is a rather simple narrative gaining currency in the crude oil market that China's re-opening from COVID-19 is bullish for prices. But the problem with one-dimensional views is that they ignore the myriad of other factors at play in the world's biggest importer of crude.

Jan 09 - Petrobras reinforces security at refineries after threats
Petroleo Brasileiro SA stepped up security at its refineries in a precautionary measure after threats against assets, including Brazil's biggest fuel plant, two company officials said, speaking on condition of anonymity. The threats were detected by Petrobras' intelligence unit monitoring social media communications of supporters of Brazil's far-right former President Jair Bolsonaro, the two people said.

Jan 09 - Whiplash: energy markets start 2023 with biggest weekly dive in years Energy futures for crude oil, refined products and natural gas have plummeted in the new year as traders reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts. Prices rose last year on worries of Europe freezing due to the loss of Russian fuel, as OPEC+ cut production targets and as critically low U.S. distillate stocks raised the prospect of fuel export curbs.

Jan 06 - Saudi Arabia cuts Feb Arab Light crude price for Asia to 15-month low
Top crude exporter Saudi Arabia lowered prices for the flagship Arab light crude it sells to Asia to $1.80 a barrel above the Oman/Dubai average, the lowest since November 2021, Aramco said on Thursday. The price cut - $1.45 a barrel less than the January official selling prices and in line with market expectations - comes amid global pressures hitting oil prices, which are set for small gains in 2023 as COVID-19 flare-ups in China threaten demand growth and offset the impact of supply shortfalls caused by sanctions on Russia.  

Jan 06 - U.S. distillate stocks, refinery utilization drop after winter storm
U.S. distillate inventories fell more than expected as a winter storm gripped the United States at the end of December and refineries produced fuel at their lowest rate for nearly two years, data from the U.S. Energy Information Administration showed on Thursday. Distillate stockpiles which include diesel and heating oil, fell 1.4 million in the week to Dec. 30, versus expectations for a 396,000-barrel drop, the EIA data showed.

Jan 05 - OPEC oil output rises despite production target cuts
OPEC oil output rose in December, a Reuters survey found on Wednesday, despite an agreement by the wider OPEC+ alliance to cut production targets to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 29.0 million barrels per day (bpd) last month, the survey found, up 120,000 bpd from November.  

Jan 05 - Venezuela's lack of dredging causes trouble for Chevron's heavy oil exports
A shipping channel snafu is slowing Chevron Corp's efforts to load tankers at one of its four Venezuelan joint ventures and bring heavy crude to the United States, three people familiar with the matter said on Wednesday. Washington in November authorized the last major U.S. firm still operating in Venezuela to restore lost output and begin exporting oil as a way to encourage talks between Nicolas Maduro's government and the country's political opposition.

Jan 04 - China raises fuel export quotas to spur refinery output
China has raised its first batch of 2023 export quotas for refined oil products by nearly half versus a year ago, China-based consultancies said on Tuesday, to spur refinery output, capture strong export margins and adapt to slow domestic demand. The quotas could encourage refiners at the world's top crude importer to process more crude and keep fuel exports at record levels in the first half, mitigating the impact of possible cuts in Russian diesel exports when European Union sanctions take effect in February. 

Jan 04 - Bullish oil investors look beyond China's COVID wave
Signs of bullishness returned to the petroleum market just before the end of the year, with investors increasing their futures and options positions by 103 million barrels in the final two weeks of 2022. Hedge funds and other money managers increased their combined position in the six most important petroleum contracts by 59 million barrels in the seven days ending Dec. 27.

Jan 03  - Shale oil wraps up an underwhelming year, girds for lower growth
The shale oil patch this week closes the door on a disappointing year while bracing for weaker output gains in 2023, hamstrung by rising costs, dwindling reserves and pressures to hold down spending. U.S. oil production this year will rise by an average of 620,000 barrels per day, according to the latest government estimates, a third less than the roughly 1 million bpd some forecasts called for at the start of the year.  

Jan 03  - Brazil's Petrobras to play leading role on refinery expansion -new energy minister
Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras would play a leading role in expanding the refining sector, and stressed the importance of developing renewable resources. Petrobras would encourage other groups to join the process, Silveira said during an official event to start his term in office.