Energy News

Feb 18 - India advises refiner to avoid U.S. system for Venezuela oil buying - source 

India has asked one buyer of Venezuelan oil to consider paying the South American nation's national oil company PDVSA in a way that avoids the U.S. financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month. The United States is seeking to cut off Venezuela's oil revenue and pressure the nation's President Nicolas Maduro to step down after it recognised opposition leader Juan Guaido as head of state. Click here to read full stories.

Feb 18 - Russia's Gazprombank freezes accounts of Venezuela's PDVSA - source 

Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday. While many foreign firms have been cutting their exposure to PDVSA since the sanctions were imposed, the fact that a lender closely aligned with the Russian state is following suit is significant because the Kremlin has been among Venezuelan President Nicolas Maduro’s staunchest supporters. Click here to read full stories.

Feb 18 - European LNG influx plays into Gazprom’s hands this winter 

Changing gas price dynamics caused by an influx of liquefied natural gas (LNG) to Europe have played into Russian producer Gazprom's hands and enabled it to increase pipeline flows to the continent so far this year. Gazprom is moving determinedly with spot gas sales in Europe due to a near-fivefold spike in U.S. LNG sales to the continent in October to January compared with a year earlier. Click here to read full stories.

Feb 18 - Indian Oil signs first annual deal for U.S. oil 

Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy U.S. oil under an annual contract, in a deal that will also help boost trade between New Delhi and Washington. Click here to read full stories.

Feb 18 - Hedge funds raise bullish U.S. crude bets in week to Jan. 22 -CFTC 

Hedge funds and other money managers raised their bullish bets on U.S. crude in the week to Jan. 22, data showed on Friday, in a week when crude prices rose on anticipation that OPEC supply cuts would curb a global overhang. The speculator group raised its combined net long futures and options position in New York and London by 17,050 contracts to 128,307 during the period, the U.S. Commodity Futures Trading Commission said. Click here to read full stories.

Feb 18 - U.S. drillers add oil rigs for second week in a row -Baker Hughes 

U.S. energy firms increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels. Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Feb 15 - S.Korea resumes Iranian oil imports in Jan, but at lower level 

South Korea resumed imports of Iranian oil in January after a four-month hiatus, customs data showed on Friday, but shipments were down 76 percent from the same month last year. The world's fifth-largest crude importer won a six-month waiver in November from U.S. sanctions on Tehran's oil exports, but did not immediately start imports, mainly due to payment and insurance issues. Click here to read full stories.

Feb 15 - Global coal, LNG prices tumble as supply surges and demand weakens 

Thermal coal and natural gas prices are tumbling, with both falling their lowest since 2017, as the outlook for the most used power generation fuels darkens due to tepid demand. Feeding an emerging glut is a surge in exports. Refinitiv trade data showed shipments of liquefied natural gas (LNG) from key exporters Australia, Qatar, Malaysia and the United States rose to a record 19.5 million tonnes in January, up from 14.5 million tonnes two years ago. Click here to read full stories.

Feb 15 - Saudi Arabia partly shuts Safaniyah oilfield after power cable cut - source 

Saudi Aramco has partially shut its Safaniyah offshore oilfield after a main power cable was cut by a vessel's anchor, a source familiar with the matter said on Friday. The shutdown occurred earlier this week, the source said, and it was not immediately clear when the field would be back at full capacity. Click here to read full stories.

Feb 15 - As traders tussle over tankers, Turkmenistan slashes oil exports 

A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers. Turkmenistan typically exports about 200,000 tonnes of oil per year via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations said. Click here to read full stories.

Feb 15 - U.S. shale executives predict oil production constraints to remain 

Drilling curbs by oil producers in the largest U.S. shale field will continue until transport bottlenecks ease and investors stop punishing companies for increasing capital spending, executives at an energy conference said on Thursday. The price of crude in the Permian Basin of West Texas and New Mexico fell sharply last year, selling as much as $18 below U.S. benchmark prices, as a lack of pipeline capacity landlocked some oil output and as investors pushed producers to reduce spending and boost shareholder returns. Click here to read full stories.

Feb 15 - Big firms weigh in as France looks to revive offshore wind 

A French wind power tender has attracted interest from a slew of international energy heavyweights, signalling that France's offshore wind industry could finally be taking off after years of missteps. While Britain and Germany have already built 8,200 and 6,400 megawatts (MW) of offshore wind capacity - enough to power millions of homes - France does not have a single turbine in the water. Click here to read full stories.

Feb 15 - Oil price risks shift to upside: Kemp  

Oil traders no longer expect the market to be over-supplied this year, amid optimism a full-blown U.S.-China trade war will be averted, and oil production growth will slow thanks to OPEC cuts and sanctions on Venezuela. Front-month Brent futures prices have jumped to almost $65 per barrel, up from just $50 in late December, and the highest for nearly three months. Click here to read full stories.

Feb 15 - U.S.-owned utility to close two coal plants, in blow to Trump 

The Tennessee Valley Authority voted on Thursday to close two aging coal-fired power plants, including one supplied by a company led by a major supporter of President Donald Trump, who had urged the U.S.-owned utility to keep it open. "It is not about coal. This decision is about economics," said President and Chief Executive Bill Johnson, who is retiring from the TVA. "It's about keeping rates as low as feasible." Click here to read full stories.

Feb 14 - FBI investigating top Vitol executives in Americas - sources 

The FBI is investigating energy trading firm Vitol's top two executives in the Americas in connection with a Brazil bribery case, two sources with direct knowledge of the matter said, deepening the U.S. role in a probe of foreign oil firms' dealings with state-controlled Petrobras. The FBI's targeting of the Vitol executives is the second recent sign that U.S. authorities are stepping up their involvement in the trading fraud case, the latest twist in Brazil's sweeping "Car Wash" corruption probe.  Click here to read full stories.

Feb 14 - Venezuela opposition takes steps to seize oil revenue as Maduro issues threat 

Venezuela's opposition-controlled congress named new temporary boards of directors to state-oil firm PDVSA on Wednesday, in an effort to wrest the OPEC nation's oil revenue from increasingly isolated socialist President Nicolas Maduro. Maduro lashed out at the congress leader, Juan Guaido, saying in an interview that he would face the courts "sooner or later" for violating the constitution, after Guaido invoked constitutional provisions last month to assume an interim presidency. Click here to read full stories.

Feb 14 - China's Jan crude oil imports rise from a year ago, gas imports at record 

China's crude oil imports in January rose 4.8 percent from a year earlier, customs data showed on Thursday, with refineries building up their stockpiles ahead of the Lunar New Year holidays that fell in early February. Natural gas imports into the world's biggest importer of the fuel rose to a monthly record of 9.81 million tonnes, exceeding the previous peak in December of 9.23 million tonnes, as state-run importers hiked volumes in anticipation of increasing heating demand. Click here to read full stories.

Feb 14 - EU brings industry together to tackle dollar dominance in energy trade 

The European Union has convened a wide-ranging industrial group to work on promoting the euro and fighting the monopoly of the U.S. dollar in oil and commodities trading, reflecting broader tensions with Washington over trade and sanctions. The group, which involves executives from European oil firms such as OMV and Eni and gas and power firms such as Fluxys and Engie, will meet behind closed doors in Brussels under the auspices of the European Commission on Thursday. Click here to read full stories.

Feb 14 - China's coal imports surge, but prices tell a better story: Russell 

China's coal imports soared in January, more than tripling from the prior month to 33.5 million tonnes, but there are compelling reasons to treat this outcome with caution, including weakness in benchmark Australian coal prices. January's coal imports were the highest in five years, rising 228 percent from the weak 10.23 million tonnes reported for December. Click here to read full stories.

Feb 14 - U.S. crude inventories rise to highest in more than a year - EIA 

U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday. The increase came despite falling net imports, which dropped to the lowest on record, as domestic crude production remained at peak levels for the fifth straight week. Click here to read full stories.

Feb 14 - EU gas pipeline rules could slow Russia's Nord Stream 2 

The European Union reached a provisional deal on Wednesday on new rules governing import gas pipelines, casting doubt over the operating structure of Russia's planned Nord Stream 2. The Russian pipeline already faces uncertainty after Denmark's potential ban on its planned route through its territorial waters and sanction threats by the United States. Click here to read full stories.

Feb 13 - Venezuela turns to India for oil exports as U.S. sanctions bite 

Venezuela's oil exports have tapered off and shifted toward India since new U.S. sanctions began Jan. 28 as state-run oil company PDVSA seeks to replace deliveries to the United States and Europe that were disrupted by payment restrictions. The South American nation is turning its focus to cash-paying buyers, especially in India, its second-largest customer after the United States, amid U.S. sanctions designed to undercut financial support for Venezuelan President Nicolas Maduro. Click here to read full stories.

Feb 13 - OPEC cuts oil supply steeply but sees growing 2019 headwinds 

OPEC said on Tuesday it had cut oil production steeply under a global supply deal, although it flagged headwinds confronting its efforts to prevent a glut this year including weaker demand and higher rival output. In a monthly report, OPEC said its oil output fell almost 800,000 barrels per day in January to 30.81 million bpd. That is still slightly more than the demand OPEC expects for its crude on average in 2019. Click here to read full stories.

Feb 13 - Goldman expects oil prices to rise on 'shock and awe' output cuts 

Larger-than-expected production cuts by some major oil suppliers and falling seasonal crude inventories due to growing demand are set to push up oil prices, Goldman Sachs said. The U.S. bank expects benchmark Brent crude prices to touch $67.50 per barrel in the second quarter of 2019, up from $63.07 per barrel at 0638 GMT on Wednesday.  Click here to read full stories.

Feb 13 - Asia's crude oil refiners are caught between Trump and OPEC: Russell 

Asia's oil refiners are increasingly finding themselves trapped between the rock of OPEC's production cuts and the hard place of U.S. President Donald Trump's sanctions against Iran and Venezuela. While the region, which accounts for about half of the world's refining capacity, is still able to source oil, it's becoming harder to get hold of the grades of crude that many Asian refiners prefer. Click here to read full stories.

Feb 13 - Venezuela's self-declared president Guaido to nominate own Citgo board -sources 

Advisers to Venezuela's self-declared president Juan Guaido have proposed he appoint six executives to a transitional board for U.S. refiner Citgo Petroleum Corp, Venezuela's most important foreign asset, four people close to the talks said. The congress chief wants to secure control of the U.S. subsidiary of Venezuelan state-run energy firm PDVSA as he seeks to assemble an interim government. Controlling Citgo and other assets outside Venezuela, especially those that generate revenue, would provide him with much-needed funds. Click here to read full stories.

Feb 13 - U.S. oil output to hit new record above 13 mln bpd in 2020 - EIA 

U.S. crude oil output is expected to rise 1.45 million barrels per day (bpd) this year and 790,000 bpd more next year, bringing total output to 13.2 million bpd, the Energy Information Administration said in a monthly forecast on Tuesday. U.S. oil production this year is forecast to be at a record 12.41 million bpd, the EIA said. The country's oil output has surged, boosted by technology to unlock production from shale formations. Click here to read full stories.

Feb 13 - Hedge funds raise bullish bets on U.S. crude in week to Jan. 15-CFTC 

Hedge funds upped bullish wagers on U.S. crude in the week to Jan. 15, data showed on Tuesday, as prices climbed on hopes that tensions between China and the United States would ease but worries about a weakening global economy capped gains. The speculator group increased its combined futures and options position in New York and London by 26,105 contracts to 111,256 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Feb 12 - Venezuela pressures foreign partners on oil venture commitments - sources 

Foreign partners of Venezuela's PDVSA are facing pressure from the state-run oil firm to publicly declare whether they will continue as minority stakeholders in Orinoco Belt projects following U.S. sanctions, three people familiar with the matter said. The sanctions on Petroleos de Venezuela (PDVSA), imposed last month in an attempt to dislodge Venezuelan President Nicolas Maduro, barred access to U.S. financial networks and oil supplies for the PDVSA joint ventures, pressuring the nation's already falling crude output and exports.  Click here to read full stories.

Feb 12 - East Libyan forces say they have full control of El Sharara oilfield 

Eastern Libyan military forces have full control of Libya's biggest oilfield, El Sharara, a spokesman said, in a challenge to the internationally recognised government in Tripoli. There was no immediate confirmation or comment from state oil firm NOC which operates with foreign partners the 315,000 barrels-per-day (bpd) field deep in Libya's southern desert. Click here to read full stories.

Feb 12 - With Iran squeezed out, U.S. oil takes on new rivals in Europe 

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, U.S. oil producing companies came well prepared. U.S. giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various U.S. crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia. Click here to read full stories.

Feb 12 - OPEC, Russia draft cooperation charter offers no formal body - document 

Scared by looming U.S. anti-cartel legislation for the oil industry, the Organization for the Petroleum Exporting Countries and its allies such as Russia have decided against creating a formal body, at least on paper. A draft of a document - setting up a new alliance and dated January 2019 - and seen by Reuters carefully avoids any mention of sensitive issues such as oil prices, market share and production cuts. Click here to read full stories.

Feb 12 - U.S. EPA may issue E15 gasoline plan without biofuel credit trade limits - sources 

The U.S. Environmental Protection Agency is considering releasing its draft proposal to expand sales of higher ethanol blends of gasoline without including simultaneous measures it promised the oil industry to curb biofuel credit speculation, according to three sources familiar with the matter. The move would help the agency lift a summertime ban on sales of so-called E15 gasoline in time for the U.S. driving season, but is likely to anger oil refiners that had been asking the Trump administration for biofuel credit market reforms to reduce their costs. Click here to read full stories.

Feb 12 - Traders expect Cushing builds as refinery issues add to swelling supply 

U.S. crude traders are bracing for increasing supplies at Cushing, Oklahoma, the delivery point for benchmark crude futures, as unexpected refinery issues add to inventories that are already at the highest in more than a year. Inventories at Cushing rose to 42.6 million barrels in the week to Feb. 1, the highest level since early January 2018, the U.S.Energy Information Administration said. Problems at a key Midwest refinery, along with upcoming seasonal maintenance, have traders believing supplies will rise more than expected at Cushing in coming weeks. Click here to read full stories.

Feb 12 - Fund buying slows on crude but Venezuela supports diesel

Hedge funds added more bullish positions in crude at the start of February but at a much slower pace than before, as optimism about OPEC output cuts was tempered by renewed anxiety about the U.S.-China trade talks. Hedge funds and other money managers increased their net long position in Brent crude futures and options for the eighth time in the last nine weeks but by just 1 million barrels. Click here to read full stories.

Feb 11 - How Venezuela turns its useless bank notes into gold 

Venezuela's most successful financial operations in recent years have not taken place on Wall Street, but in primitive gold-mining camps in the nation's southern reaches. With the country's economy in meltdown, an estimated 300,000 fortune hunters have descended on this mineral-rich jungle area to earn a living pulling gold-flecked earth from makeshift mines. Click here to read full stories.

Feb 11 - Sanctions, OPEC cuts push Asia's sour crude oil prices above Brent 

Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy sour oil, traders and analysts said. Sour crudes, mainly produced in the Middle East, Canada and Latin America, have a high sulphur content and are usually cheaper than Brent, the benchmark for low-sulphur oil in the Atlantic Basin. Click here to read full stories.

Feb 11 - Russia's Sechin raises pressure on Putin to end OPEC deal 

Igor Sechin, head of Russian oil giant Rosneft and one of Vladimir Putin's closest allies, has written to the Russian president saying Moscow's deal with OPEC to cut oil output is a strategic threat and plays into the hands of the United States. The letter did not say whether the agreement in place since 2017 between the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia to cut output should be extended or not. Click here to read full stories.

Feb 11 - Venezuela moves to replace U.S. executives on Citgo board - sources 

Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors of its U.S. refining subsidiary, Citgo Petroleum Corp, according to people close to the matter. Citgo is facing unprecedented challenges to its finances and management after the U.S. government imposed tough sanctions on Petroleos de Venezuela designed to prevent oil revenue from going to leftist President Nicolas Maduro. The United States and dozens of other nations have refused to recognize Maduro, viewing his reelection last year to another six-year term as fraudulent. Click here to read full stories.

Feb 11 - Shell leads cash race but Exxon catching up 

Royal Dutch Shell widened its lead over Exxon Mobil as king of cash among the world's top oil and gas companies last year but its U.S. rival could catch up with its investment drive in new production. The five leading firms, known as oil majors, more than tripled profits and doubled cash generation since 2016 as deep cost cutting bore fruit after an industry slump. Click here to read full stories.

Feb 11 - IMF Lagarde says oil exporters have not fully recovered from oil shock, cautions against "white elephant projects" 

Oil exporters have not fully recovered from the dramatic oil price shock of 2014, the head of the IMF said on Saturday, and she cautioned against spending money on "white elephant projects". "With revenues down, fiscal deficits are only slowly declining, despite significant reforms on both the spending and revenue sides, including the introduction of VAT and excise taxes," Christine Lagarde, the managing director of the IMF, told a conference in Dubai. Click here to read full stories.

Feb 11 - Hedge funds cut U.S. crude net longs in week to Jan 8 - CFTC 

Hedge funds and other money managers cut their bullish U.S. crude positions in the week to Jan. 8, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The release was delayed by the U.S. government shutdown. Click here to read full stories.

Feb 08 - Trading houses hit speed bumps in reselling Venezuelan oil - sources 

Trading houses that resell Venezuelan crude oil have not yet found workarounds since the United States announced sanctions to cut off socialist President Nicolas Maduro's revenue, according to shipping data and sources. Merchants, trading partners and Venezuela's state-run PDVSA were expecting oil swaps and so-called triangulation of sales to be the easiest ways to continue shipping, as has happened when sanctions were imposed on other nations, such as Iran and Russia.  Click here to read full stories.

Feb 08 - U.S. House panel passes bill targeting OPEC oil supply cuts 

A U.S. House of Representatives committee approved a bill on Thursday that would open up the Organization of the Petroleum Exporting Countries to antitrust lawsuits, but it was uncertain if the measure would be considered by the full chamber. The House Judiciary Committee passed the bipartisan bill, known as the No Oil Producing and Exporting Cartels Act, or NOPEC, on a voice vote. Click here to read full stories.

Feb 08 - Australian thermal coal prices fall to lowest since April 2018 on weak China demand 

Australian thermal coal prices have fallen to their lowest since April 2018 as a slowdown in Chinese imports dents demand for the commodity. Spot cargo prices for Australian thermal coal exports from the port of Newcastle were last settled at $95.75 per tonne, the lowest since a spike in April 2018 pushed prices above $100 a tonne. Click here to read full stories.

Feb 08 - Oil and economy poised between growth and recession: Kemp 

Policymakers and analysts who claim the outlook is "unusually uncertain" are normally overstating their own forecasting problem and understating the difficulties faced by their predecessors. The outlook always looks more certain in retrospect, when the outcome is known, and a causal chain can be constructed that makes it appear nearly inevitable, than it does in prospect, when multiple pathways look possible. Click here to read full stories.

Feb 08 - U.S. opens probe into Brazilian oil bribery scheme - sources 

The U.S. Justice Department is investigating a former U.S.-based oil trader for Brazil's Petrobras already charged in his home country with taking part in a corruption scheme involving commodity companies Vitol SA, Glencore PLC and Trafigura AG, according to people familiar with the matter. It was the first confirmation that U.S. investigators have joined a new phase of Brazil's "Car Wash" corruption probe, which has toppled presidents in two countries and sent more than 130 politicians and businessmen to jail across Latin America. Click here to read full stories.

Feb 07 - Long, strange trip: How U.S. ethanol reaches China tariff-free 

In June, the High Seas tanker ship loaded up on ethanol in Texas and set off for Asia. Two months later - after a circuitous journey that included a ship-to-ship transfer and a stop in Malaysia - its cargo arrived in China, according to shipping data analyzed by Reuters and interviews with Malaysian and Chinese port officials. Click here to read full stories.

Feb 07 - Venezuela opposition plans to get oil money from U.S. fund 

Venezuela's opposition on Wednesday said it would use a U.S.-based fund to receive some of the country's oil income in a key step to bankroll its efforts to dislodge President Nicolas Maduro. The fund would receive income accrued by state-run oil firm PDVSA's U.S. unit Citgo Petroleum Corp since last month, when U.S. President Donald Trump recognized Juan Guaido as Venezuela's legitimate head of state, opposition legislator Carlos Paparoni told Reuters. Click here to read full stories.

Feb 07 - Partial oil upgrading the latest fix for Canada's pipeline problem 

Canada's struggling oil industry is looking to what is known as partial upgrading technology to thin its sludge-like crude and squeeze more of it through congested pipelines. It is the latest effort by the Alberta provincial government to rescue an industry hurt last year by steep discounts for its oil, as production far exceeded pipeline capacity. The government has already forced output cuts, given subsidies topetrochemical plants and said it would invest in trains to move crude. Click here to read full stories.

Feb 07 - Eastern Libyan forces take over El Sharara oilfield 

Eastern Libyan forces loyal to Libyan commander Khalifa Haftar captured the closed El Sharara oilfield on Wednesday, officials said in a challenge to the Tripoli government. El Sharara was taken over on Dec. 8 by groups of tribesmen, armed protesters and state guards demanding salary payments and development funds. Click here to read full stories.

Feb 07 - U.S. oil, gasoline inventories up in latest week - EIA 

U.S. crude stocks rose less than expected last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.3 million barrels in the week ended Feb. 1, compared with analysts' expectations for an increase of 2.2 million barrels. Click here to read full stories.

Feb 07 - U.S.-China talks dominate oil outlook: Kemp 

The deadline for the United States and China to reach a trade deal before U.S. tariffs increase on $200 billion worth of Chinese imports (scheduled for March 2) is the most important date in the calendar for oil traders. The deadline will probably have more impact than the next OPEC+ joint ministerial monitoring committee (March 18), OPEC’s extraordinary meeting (April 17-18) or even the White House review of Iran sanctions waivers (May 4). Click here to read full stories.

Feb 06 - Loss of Venezuelan oil exports won't leave huge gap in global market 

There is ample spare capacity in other oil producers and strategic reserves to compensate for a loss of Venezuela's crude exports, helping explain the tepid reaction of global oil prices to U.S. sanctions announced a week ago. Venezuela exports around 1 million barrels of oil per day, about 1 percent of global production, of which half heads to the United States. Many U.S. refineries are designed to run heavier, sour grades of crude, a good portion of which comes from Venezuela. Click here to read full stories.

Feb 06 - In squeezed oil industry, some rethink hunt for new barrels 

New partnerships are emerging in the global hunt for oil discoveries, with some explorers essentially offering an outsourcing service for the riskiest part of the energy business. Central to this new strategy are efforts to find an ally earlier in the process of discovering new fields, and on a larger scale, in order to save money as budgets remain tight after the oil price slump of 2014. Click here to read full stories.

Feb 06 - EU moves to make UK charge VAT on commodity trading include ICE Europe 

Moves by the European Commission to make Britain charge value-added tax on commodity derivatives trading will include ICE Futures Europe, the London Platinum and Palladium Market (LPPM) and the London Metal Exchange (LME), trading sources say. The Commission has been looking at zero-rated VAT on commodity derivatives trading in the UK for some years, but sources say recent activity is part of a drive to pressure Britain ahead of its European Union withdrawal in March. Click here to read full stories.

Feb 06 - Equinor raises dividend, capital expenditure as Q4 profit lags 

Norwegian oil and gas firm Equinor raised its quarterly dividend and plans to boost capital spending in 2019 as it develops new fields in Brazil, the company said on Wednesday. Equinor's adjusted operating earnings before interest and tax rose to $4.39 billion in the fourth quarter from $3.96 billion during the same period of 2018, lagging a forecast of $4.8 billion in a Reuters poll of analysts. Click here to read full stories.

Feb 06 - Qatar Petroleum, Exxon invest in $10 bln Texas LNG project 

Qatar Petroleum and Exxon Mobil Corp said on Tuesday they are investing in a $10 billion project to expand a liquefied natural gas (LNG) export plant in Texas, as companies race to meet global demand for the fuel. Construction of the Golden Pass LNG project in Sabine Pass, Texas, is expected to begin early this year. The project will add production capacity of around 16 million tonnes of LNG per year after it starts up in 2024. Click here to read full stories.

Feb 05 - Armada of tankers with Venezuelan oil forms in U.S. Gulf - sources, data 

A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders, shippers and Refinitiv Eikon data. The Trump administration's move to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro by targeting the Latin American nation's oil exports to the United States, the source of most of its foreign revenue. Click here to read full stories.

Feb 05 -  Russia complying with global deal to cut oil output - energy minister 

Russia is complying fully with its pledge to cut oil production gradually, Energy Minister Alexander Novak said on Monday. He said Russian oil production decreased by 47,000 barrels per day (bpd) in January from October, the baseline for the global deal aimed at reducing oil supply. Click here to read full stories.

Feb 05 - Oil bears sent back into hibernation by economic optimism, OPEC, Venezuela: Kemp 

Hedge funds are becoming steadily less bearish towards oil as OPEC output cuts and U.S. sanctions on Venezuela remove large volumes of crude from the market amid increasing confidence a global recession can be averted. Hedge funds and other money managers were net buyers of another 30 million barrels of Brent crude futures and options in the week to Jan. 29, according to position data from ICE Futures Europe. Click here to read full stories.

Feb 04 - U.S. cracks down on foreigners dealing in Venezuela oil 

U.S. sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to but slightly less extensive than those imposed on Iran last year, experts said on Friday after looking at details posted by the Treasury Department. Treasury's notice makes more explicit that the sanctions restrict foreign entities from doing business with Venezuela using the U.S. financial system or U.S. brokers after April. With most oil transactions conducted in dollars, that is expected to sharply curtail off Venezuela's efforts to seek buyers around the world.  Click here to read full stories.

Feb 04 - Russian oil output down in January, misses global deal target 

Russian oil output declined to 11.38 million barrels per day (bpd) in January, or by around 35,000 bpd from the October 2018 level, the baseline for the global oil accord, missing the deal's target, Energy Ministry data showed on Saturday. This was down from 11.45 million bpd in December, a record monthly high. In tonnes, oil output reached 48.113 million versus 48.442 million in December. Click here to read full stories.

Feb 04 - Exxon, Chevron 4th-qtr profits lifted by U.S. shale gains 

Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, on Friday posted improved quarterly earnings that benefited from double-digit percentage increases in production from the top U.S. shale field. Shares of both companies rose about 3 percent. Click here to read full stories.

Feb 04 - South Africa will struggle to boost coal exports, even if it wants to: Russell 

There may be some irony in climate change being blamed for an increase in weather delays that resulted in South Africa's coal exports dropping 4 percent last year, but in reality the rough seas at the country's Richards Bay terminal are the least of the industry's worries. Shipments from Richards Bay declined to 73.5 million tonnes in 2018 from 76.5 million the prior year, well below the 91 million tonnes capacity of the terminal, which is the second-biggest in the world behind Newcastle Port in Australia. Click here to read full stories.

Feb 04 - Hedge funds raised U.S. net longs in week of Dec. 24 - CFTC 

Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options in the week to Dec. 24, the U.S. Commodity Futures Trading Commission (CFTC) said in a report Friday that had been delayed by the U.S. government shutdown. The commitment of traders report, which is normally released weekly, is being distributed on a modified schedule following the shutdown. Click here to read full stories.

Feb 01 - U.S. refiners cut processing as Venezuela sanctions lift crude costs 

Some U.S. refiners have begun reducing crude processing as crude oil costs have risen following U.S sanctions on Venezuela and as gasoline margins crashed to their lowest in nearly a decade, market sources said on Thursday. Venezuela ships about 500,000 barrels of crude oil to the United States daily, which refiners use to produce gasoline and diesel. But sanctions announced on Monday by Washington, aimed at driving President Nicolas Maduro out of power after his contested re-election last year, are expected to cut off or dramatically reduce those shipments.  Click here to read full stories.

Feb 01 - Drill, China, drill: State majors step on the gas after Xi calls for energy security 

China's state energy giants are set to raise spending on domestic drilling this year to the highest levels since 2016, focusing on adding natural gas reserves in a concerted drive to boost local supplies. Responding to President Xi Jinping's call last August to boost domestic energy security, China's trio of oil majors - PetroChina, Sinopec Corp and CNOOC Ltd - are adding thousands of wells at oil basins in the remote deserts of the northwest region of Xinjiang, shale rocks in southwest Sichuan province and deepwater fields of the South China Sea. Click here to read full stories.

Feb 01 - OPEC oil output drops on Saudi cut, outages and sanctions 

OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group's supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines. The 14-member Organization of the Petroleum Exporting Countries has pumped 30.98 million barrels per day (bpd) this month, the survey showed on Thursday, down 890,000 bpd from December and the largest month-on-month drop since January 2017. Click here to read full stories.

Feb 01 - Exxon CEO combines exploration units to reverse output declines 

Exxon Mobil Corp on Thursday outlined a major reorganization of its global exploration businesses aimed at reversing years of weak oil and gas output. Chief Executive Darren Woods, who took over the helm two years ago, has spent billions to buy production, build new pipelines and expand refineries after a series of costly misfires on deals under predecessor Rex Tillerson. Click here to read full stories.

Feb 01 - U.S. crude production in November rose to 11.9 million bpd - EIA 

U.S. crude oil production rose to a new high of 11.9 million barrels per day in November, up 345,000 bpd from the previous month, the U.S. Energy Information Administration said in a monthly report on Thursday. The increase came as output in Texas rose 115,000 bpd and Gulf of Mexico offshore production rose by 188,000 bpd, outstripping a slight decline in North Dakota, where production fell by 11,000 bpd. Click here to read full stories.

Feb 01 - Oil faces uphill struggle as shale, growth risks challenge OPEC cuts - poll

Oil prices will struggle to gain much upward traction this year, as concern about the global economy and growth in U.S. crude supply could offset a boost from OPEC production cuts and sanctions on Iran and Venezuela, a Reuters poll showed. "The 'low for longer' view is deferred but not repealed," Julius Baer analyst Carsten Menke said. Click here to read full stories.

Feb 01 - CME Group reports first trade for low-sulphur marine fuel contract 

The first batch of derivative contracts for a cleaner type of marine fuel oil that complies with stricter emissions rules starting in 2020 traded on the New York Mercantile Exchange (NYMEX), the CME Group said on Friday. A trade for 10 lots of the Singapore free-on-board (FOB) marine fuel with 0.5 percent sulphur content mini futures contract was cleared on Jan. 31, a Singapore-based spokesman for the CME Group said in an e-mail on Friday. Click here to read full stories.

Jan 31 - Tug-of-war: U.S. refiner Citgo caught in Venezuela political upheaval 

Citgo Petroleum Corp, the eighth largest U.S. refiner and Venezuela's top foreign asset, is in the middle of a tug-of-war as the Trump administration tries to use the company as leverage to topple Venezuelan President Nicolas Maduro. Following the U.S. decision to impose sanctions on Venezuela's oil industry this week, both sides have engaged in aggressive moves for control of Citgo, which has roots in the United States dating back 100 years, but has been owned by Venezuela's state-owned Petroleos de Venezuela, or PVDSA, for three decades. Click here to read full stories.

Jan 31 - Hit by sanctions, Asia's Iran crude oil imports drop to 3-yr low in 2018 

Iranian crude oil imports by Asia's top four buyers dropped to the lowest volume in three years in 2018 amid U.S. sanctions on Tehran, but China and India stepped up imports in December after getting waivers from Washington. Asia's top four buyers of Iranian crude - China, India, Japan and South Korea - imported a total 1.31 million barrels per day (bpd) in 2018, down 21 percent from the previous year, data from the countries showed. Click here to read full stories.

Jan 31 - Saudi Arabia may hold most oil prices to Asia steady in March, Venezuela impact eyed 

Saudi Arabia is expected to keep prices for most of the crude grades it sells to Asia little changed in March, with most attention on heavier grades following sanctions on Venezuela, traders said on Thursday. The top oil exporter may keep the official selling price (OSP) for flagship Arab Light crude in March unchanged from the previous month, tracking a steady Dubai benchmark, or drop it slightly by 10 cents a barrel, a Reuters survey of five refiners showed. Click here to read full stories.

Jan 31 - U.S. crude stockpiles rise less than expected, gasoline draws down - EIA 

U.S. crude oil stockpiles rose less than expected last week due to a drop in imports, while gasoline and distillate inventories fell as refiners slowed down production, the Energy Information Administration said on Wednesday. Crude inventories rose 919,000 barrels in the week to Jan. 25, compared with analysts' expectations for an increase of 3.2 million barrels. Click here to read full stories.

Jan 31 - EU to impose duties on Argentine biodiesel producers (AgriCensus)
EU member states on Wednesday agreed to impose import duties on Argentine biodiesel, but will exempt several exporters if they honour a commitment to sell above an agreed floor price. In a meeting of the EU’s Trade Defence Instrument Committee, a majority of member states agreed to accept an undertaking from Argentine producers that they would sell above a particular price, while those exporters who fail to do so would be subject to the anti-subsidy duties.
“The Commission’s proposal to accept a commitment from several Argentinian suppliers to export to Europe at an agreed sustainable price level was also broadly supported by the Member States,” a European Commission source told Agricensus.
“The commitment will exclude these Argentinian producers from anti-subsidy duties to be imposed by the European Commission, while at the same time restoring the level playing field for European producers.”
It is understood that this “sustainable price” has not yet been specified, but that the annual volume of Argentine biodiesel that could be exempted from EU anti-subsidy duties — provided that a minimum price threshold is adhered to — would be 1.2 million mt.
Argentina exported around 1.3 million mt of biodiesel to the EU between September 2017 and late 2018, according to EU producers, citing trade data.
- Quarterly limits
The European Biodiesel Board, the main lobby for EU-based producers, said the EU Commission had also set limits on imports of no more than 37% of annual volume per quarter and any imports above the 1.2 million mt threshold would be taxed at 30%.
Traders said that much of the impact of the decision had already been factored in from earlier this month, when the European Commission said it will be willing to accept the deal, which has the backing of the Argentine government.  
"I believe that the market already has it [the EU-Argentina deal] priced [in] and that's why we do not see a reaction in today's market, it was a decision that was expected for the most part to have a positive end for Argentina," said Pablo Pochettino, a broker with Argentinian brokerage Intagro. The European Commission had proposed in December that duties ranging from 25% to 33.4% should be imposed, depending on which companies are the source of the imports.
- Major players
Previous sets of duties on Argentine and Indonesian biodiesel were reduced and then removed by the EU in late 2017, in view of rulings by the European Court of Justice and the World Trade Organisation. Wednesdsay's decision will have consequences for the country's crush and biodiesel industry, with major international agribusiness companies such as Cofco, Bunge, Louis Dreyfus and Cargill all owning production capacity in the country. Many of Argentina’s large biodiesel producers are thought to have backed the commitment to sell at a minimum price. The EU initiated an anti-subsidy investigation a year ago into claims from European producers that Argentine exporters had benefitted from a range of subsidies that enabled them to sell well below the costs of production for EU producers.

Jan 30 - Global oil industry braces for turmoil from U.S. crackdown on Venezuela 

More than 24 hours after the United States announced large-scale sanctions on Venezuela's nationally owned oil company, merchant trading firms and refiners were still deciphering what the measures prohibited. The sanctions, announced on Monday, are aimed at driving President Nicolas Maduro from power, the strongest U.S. measures yet against the socialist president who has overseen economic collapse and an exodus of millions of Venezuelans in recent years.  Click here to read full stories.

Jan 30 - S.Korea's big buys on U.S. oil, gas to keep bilateral ties strong 

South Korea's purchases of U.S. oil and gas this year will hold to the rapid pace set in 2018, likely narrowing its trade surplus with the world's top economy further and bolstering its ties to Washington. South Korea is expected in January and February to import at least 18 million barrels of crude oil and 900,000 tonnes of liquefied natural gas (LNG) from the United States, according to trade flow data from Refinitiv Eikon. Click here to read full stories.

Jan 30 - Libya's El Sharara oilfield won't reopen until occupiers leave - NOC 

Libya's biggest oilfield, El Sharara, will remain shut until an armed group occupying the site leaves, the head of National Oil Corp (NOC) said on Tuesday, more than a month after the field closed because of a protest. "The armed group attempting to hold NOC and Libya's economic recovery to ransom must leave the field before NOC will consider restarting production," NOC Chairman Mustafa Sanalla told a Chatham House conference in London. Click here to read full stories.

Jan 30 - Mexico's fuel thieves undeterred by deadly blast 

Days after a fireball erupted near the Mexican town of Tlahuelilpan, killing at least 117 people pilfering gasoline from a pipeline, the area's fuel bandits were back in business. Illegal taps, some of them newly opened, were the giveaway that fuel was flowing again. Soldiers patrolling this area in central Mexico after the Jan. 18 tragedy told Reuters they found 15 illicit spigots just a few kilometers away on the same pipeline operated by the nation's state-owned oil company Petroleos Mexicanos or Pemex. Click here to read full stories.

Jan 30 - EU seeks to soothe U.S. by clearing soybeans for biofuel 

The European Commission said on Tuesday it had concluded that U.S. soybeans can be used in biofuels in the European Union, part of the bloc's push to improve strained trade relations with the United States. However, industry sources said it was unlikely to lead to a flood of additional U.S. soybean imports into Europe. Click here to read full stories.

Jan 30 - PG&E files for bankruptcy as California wildfire liabilities loom 

PG&E Corp, owner of the largest U.S. power utility, filed for bankruptcy protection on Tuesday in anticipation of liabilities in excess of $30 billion from the deadliest wildfires in California's history. PG&E, which provides electricity and natural gas to 16 million customers in northern and central California and employs 24,000 people, vowed to keep the lights on and continue with critical investments it said were needed in its system's safety and maintenance. Click here to read full stories.

Jan 30 - U.S. gasoline consumption stalls, adding to oil producers' problems: John Kemp 

U.S. gasoline consumption was flat in the first 10 months of 2018 as escalating motor fuel prices offset the impact of a strong economy and big employment gains. Flat-lining U.S. gasoline consumption combined with surging U.S. shale production and a slowing global economy to push the oil market towards surplus and explains the plunge in prices late last year. Click here to read full stories.

Jan 29 - U.S. sanctions Venezuelan state oil firm, escalating pressure on Maduro 

The Trump administration on Monday imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, aimed at severely curbing the OPEC member's crude exports to the United States and at pressuring socialist President Nicolas Maduro to step down. Minutes before the announcement, Juan Guaido, the Venezuelan opposition leader who proclaimed himself interim president last week with U.S. backing, said congress would name new boards of directors to the company and its U.S. subsidiary, Citgo. Click here to read full stories.

Jan 29 - Chevron to buy Texas refinery from Brazil's Petrobras - sources 

Chevron Corp has agreed to buy a Texas oil refinery with a troubled past and space to handle a coming flow of shale from its West Texas operations, two sources familiar with negotiations said on Monday. The U.S. oil major is expected to disclose the deal to acquire a 112,000 barrel-per-day (bpd) refinery in Pasadena, Texas, this quarter, the sources said. The plant is operated by Pasadena Refining System Inc, a Texas-based unit of Brazil's state-run oil firm Petroleo Brasileiro SA. Click here to read full stories.

Jan 29 - Exxon OK's project to nearly double size of Texas refinery - sources 

Exxon Mobil Corp has given final approval to an expansion that would nearly double the size of its 365,000 barrel-per-day (bpd) Beaumont, Texas, refinery, making it the largest in the United States, said two people familiar with the company's plans. The largest U.S. oil producer, which has been considering a third processing unit at the plant since at least 2014, has authorized financing for equipment needed to convert shale crude from its West Texas oilfields into precursors for gasoline, diesel, jet fuel and other refined products. Click here to read full stories.

Jan 29 - Hedge funds return to oil as OPEC removes some downside risk: John Kemp 

Hedge fund managers stepped up their purchases of oil and refined products last week on growing hopes of a U.S.-China trade truce and that the global economy will avoid a severe slowdown in 2019. But fund buying has been concentrated in crude rather than fuels, which is consistent with producer club OPEC tightening the supply side of the market while the demand outlook remains more uncertain. Click here to read full stories.

Jan 28 - Saudi Aramco doubles down on S.Korea with $1.6 bln bet on Hyundai Oilbank 

State-owned Saudi Aramco plans to invest up to $1.6 billion for a nearly 20 percent stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil. Saudi Aramco is already the biggest shareholder in South Korea's No.3 refiner, S-Oil Corp, with a 63.41 percent stake, and the latest deal should help Aramco boost crude oil sales to Hyundai Oilbank, the South's smallest refiner by capacity. Click here to read full stories.

Jan 28 - Germany to move ahead quickly on implementing coal exit 

Germany's ruling coalition will move quickly to begin implementing the recommendations of a government-appointed commission for exiting coal power by 2038, Economy Minister Peter Altmaier told German broadcaster ARD on Sunday. Altmaier, a conservative, said he was in close touch with Finance Minister Olaf Scholz, a Social Democrat, about the issue, and some money had already been earmarked in the 2019 budget to get started with various measures. Click here to read full stories.

Jan 28 - Global gasoline margins plunge due to overproduction, tepid demand 

Refining profits for gasoline are crashing around the world as consumption stalls amid a huge wave of new supplies, resulting in record inventories in Asia, America and Europe. In the U.S. market, gasoline margins sank to $5.22 per barrel on Friday, the lowest seasonally since 2009, weighed down by weak demand for the fuel and excess supply. Click here to read full stories.

Jan 28 - Refiner Citgo prepares to fend off Venezuela's opposition government 

Venezuela's most important foreign asset, its $10 billion U.S. refining arm Citgo Petroleum, is hunkering down to arm itself with a legal strategy to block efforts for its board to be removed and its revenues diverted to an opposition government, sources close to the talks said. Juan Guaido, the head of the opposition-controlled congress who proclaimed himself president this week, is considering naming a new team to lead Citgo, two sources told Reuters.  Click here to read full stories.

Jan 28 - ADNOC seals $5.8 bln refining and trading deal with ENI, OMV 

Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners. The transaction, which expands ADNOC's access to European markets, furthers Eni's diversification away from Africa and gives OMV a downstream oil business outside Europe. It was hailed as a "one of a kind" deal by ADNOC's Chief Executive Sultan al-Jaber. Click here to read full stories.

Jan 28 - Venezuela opposition leader urges Britain not to give gold to Maduro 

Venezuelan opposition leader and self-declared president Juan Guaido has asked British authorities to stop President Nicolas Maduro gaining access to gold reserves held in the Bank of England, according to letters released by his party on Sunday. Maduro has been disavowed by a broad group of Western nations and Latin American neighbors that accuse him of undermining democracy, and a growing number of countries have recognized Guaido as legitimate interim leader of the troubled OPEC nation. Click here to read full stories.

Jan 28 - U.S. drillers add rigs this week, but cut most in a month since 2016 - Baker Hughes 

U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools. Drillers added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Jan 25 - Russia seals position as top crude oil supplier to China, holds off Saudi Arabia

Russia came in as China's largest crude oil supplier in December, cementing the top spot for all of 2018 for a third year in a row ahead of rival Saudi Arabia, customs data showed on Friday. Imports from Russia reached 7.04 million tonnes, or 1.658 million barrels per day, in December, up 40 percent from 5.03 million tonnes a year earlier, according to the data from the General Administration of Customs. Click here to read full stories.

Jan 25 - GE urges speedy fix for power turbine blades, says blade broke in 2015 - sources 

General Electric Co is advising some buyers of its big power turbines to switch out faulty blades sooner than expected and has disclosed that a blade broke in 2015, according to a presentation reviewed by Reuters and people briefed on the matter. The second blade break, which has not been previously reported, involved an earlier turbine model and was similar to a break last September that severely damaged a turbine in Texas and shut it down for two months of repairs. Click here to read full stories.

Jan 25 - 'Under siege', oil industry mulls raising returns and PR game 

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors. The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils. Click here to read full stories.

Jan 25 - Barclays cuts 2019 Brent oil price forecasts 

Barclays on Thursday cut its 2019 Brent price forecasts, saying large U.S. production may offset any short-term disruptions to Venezuelan supply due to possible U.S. sanctions. Barclays cut its 2019 estimate to $70 per barrel from $72. It lowered its forecast for the first quarter to $65 from $71, and for the second quarter to $73 from $75. Click here to read full stories.

Jan 25 - Record-breaking heatwave triggers power cuts on Australia's stressed grid 

Blistering heat triggered power outages on Australia's strained grid on Friday as demand for air-conditioning soared and coal-fired generators struggled to meet the surge in consumption. To shore up the grid, the Australian Energy Market Operator (AEMO) cut power to Alcoa Corp's Portland aluminium smelter, the biggest consumer in the state of Victoria, for nearly two hours on Thursday evening and on Friday. Click here to read full stories.

Jan 25 - U.S. gasoline glut hits new record, crude stocks up - EIA 

U.S. gasoline inventories jumped to a record high in the most recent week even as refiners cut back activity, the Energy Information Administration said on Thursday, while crude stocks rose sharply. Gasoline stocks rose for an eighth consecutive week, by 4.1 million barrels to a record 259.6 million barrels, compared with analysts' expectations in a Reuters poll for a 2.7 million-barrel gain. Click here to read full stories.

Jan 25 - Oil traders see more price volatility on Venezuela, Iran 

Two of the world's biggest commodities trading houses, Glencore and Mercuria Energy Group, predict more oil price volatility in coming months due to concerns about supplies from OPEC members Venezuela and Iran. The United States has reimposed sanctions on Iran, driving down Iranian oil exports, and has threatened to impose sanctions on Venezuela, whose oil producing has been sliding amid political turmoil and an economic crisis. Click here to read full stories.

Jan 25 - Oil prices in 2019? It's all about the economy: Kemp 

Oil prices this year will be influenced primarily by the health of the global economy, which is why prices have closely tracked equity and bond markets in recent months. U.S. shale production growth, the policy of OPEC and its allies, U.S. sanctions on Iran, and the threat of sanctions on Venezuela may all have an impact on the price of a barrel. Click here to read full stories.

Jan 24 - U.S. oil firms tell OPEC their growth will slow  

U.S. oil producers sought on Wednesday to soothe OPEC's worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher payouts. The Organization of the Petroleum Exporting Countries and non-OPEC allies such as Russia have cut output since 2017 to support oil prices, while watching producers in the United States, which is not party to the cuts, drive up production. Click here to read full stories.

Jan 24 - OPEC cuts, outages give physical crude a New Year lift 

Crude oil markets in Europe and West Africa have made a strong start to 2019 as Libyan supply losses and strong demand in Asia offset rising U.S. exports. Nigeria's biggest crude grade, Qua Iboe, was being offered this week at a $2 a barrel premium to benchmark dated Brent, a 10-month high. In the North Sea, Forties crude reached its highest since October on Monday.  Click here to read full stories.

Jan 24 - Newcomers pile into race for Qatar LNG 

Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said. Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest, by more than a third in the next five years are considered one of the most lucrative investments in the rapidly growing global gas market. Click here to read full stories.

Jan 24 - U.S. sanctions on Venezuela would reroute crude, leave refiners short 

Potential U.S. sanctions on Venezuela's crude oil exports would cut off the nation from Gulf Coast refiners that are among its biggest customers, likely forcing it to send more crude to China, India or other Asian countries, traders said on Wednesday. U.S. refineries that depend on Venezuela's heavy crude would have even more trouble securing supplies as Canadian and Mexican crudes are often not as discounted and are limited in availability. Click here to read full stories.

Jan 24 - China's CNOOC boosts spending target to 5-yr high, increases domestic drilling 

China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves. The company plans to spend 70 billion to 80 billion yuan ($10.3 billion to $11.8 billion) on exploration and production, CNOOC said in a press release on Wednesday, compared with an expected 63 billion yuan in capital spending for 2018. Click here to read full stories.

Jan 24 - PG&E puts cost of judge's wildfire plan at up to $150 bln 

California power company PG&E Corp, which expects to soon file for bankruptcy, said on Wednesday it would cost between $75 billion and $150 billion to fully comply with a judge's order to inspect its power grid and remove or trim trees that could fall into power lines and trigger wildfires. PG&E said in a filing in U.S. District Court in San Francisco that it could not on its own afford the work proposed in a Jan. 9 order by U.S. District Judge William Alsup, who is overseeing conditions of the company's probation following a 2010 gas pipeline explosion. Click here to read full stories.

Jan 24 - Petrobras rejects latest EIG-backed bid for oilfields - sources 

Petroleo Brasileiro SA has rejected the most recent bid by an EIG Global Energy Partners-backed firm to purchase a pair of shallow-water oil clusters, two sources with direct knowledge of the matter said, potentially derailing a major divestment late in the process. Ouro Preto Oleo e Gas, a Brazilian energy firm backed by sector-focused private equity firm EIG entered exclusive talks in July with Petrobras, as the state-run oil firm is known, to purchase its Pampo and Enchova clusters. Click here to read full stories.

Jan 23 - Saudi Aramco eyes multi-billion-dollar U.S. gas acquisitions - CEO 

Saudi Aramco, the world's top oil producer, is looking to acquire natural gas assets in the United States and is willing to spend "billions of dollars" there as it aims to become a global gas player, the company's CEO said on Tuesday. Amin Nasser told Reuters in an interview that his company wants to increase its U.S. investments. It already owns Motiva, the biggest U.S. oil refinery. Click here to read full stories. 

Jan 23 - U.S. shale oil output to rise to record 8.179 mln bpd in Feb - EIA 

U.S. oil output from seven major shale formations is expected to rise by nearly 63,000 barrels per day (bpd) in February to a record 8.179 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 23,000 bpd to a record of about 3.85 million bpd in February. Click here to read full stories. 

Jan 23 - Japan's 2018 crude imports fall to 39-year low as population shrinks 

Japan's 2018 oil imports fell to the lowest since at least 1979 while its liquefied natural gas (LNG) purchases and coal imports also dropped, reflecting the country's declining population and slow economic growth. The figures also underscore improved energy efficiency, and the emergence of alternative fuels for power generation and in transport, while a rise in nuclear power output last year in Japan further reduced fossil fuel imports. Click here to read full stories.

Jan 23 - Halliburton shares fall as North America lags 

Shares of oilfield firm Halliburton Co fell sharply on Tuesday after the company forecast lower revenues in key business areas in the first quarter, overshadowing a quarterly profit beat and a pledge to reduce 2019 spending. Clients in North America, Halliburton's biggest market by revenue, began pulling back on some drilling services last year amid transportation bottlenecks in the largest U.S. production region and after oil prices slid sharply in the fourth quarter. Click here to read full stories. 

Jan 22 - China's record 2018 oil, gas imports may be cresting wave as industry slows down 

Amid increasing signs of China's industrial slowdown in 2019, data this week showing record oil and natural gas imports likely indicates a country at peak energy growth, with its thirst set to wane as the slowdown bites. China's record intake for both crude oil and liquefied natural gas (LNG) in 2018 cemented its status as the world's largest oil and second-largest LNG importer. Click here to read full stories. 

Jan 22 - Oil and gas executives expect to boost spending this year-survey 

The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows. DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more. Click here to read full stories. 

Jan 22 - Iraq's southern oil exports hold near record in January 

Oil exports from southern Iraq are holding close to a record high so far in 2019, according to shipping data and an industry source, which could raise questions over whether OPEC's second-largest producer is following through on a deal to cut output. Southern Iraqi exports in the first 21 days of January averaged close to 3.6 million barrels per day, according to tanker data on Refinitiv Eikon and separate tracking by an industry source. That's close to December's 3.63 million bpd - a monthly record. Click here to read full stories. 

Jan 22 - Iran fails to find any buyers for crude offered on exchange 

Iran failed to find any buyers on Monday in its latest attempt to sell oil to private companies for export on the energy exchange, state media reported, in a setback to Tehran's efforts to bypass U.S. sanctions. Crude oil trade is state-controlled in Iran, but to try to work around U.S. sanctions, the government last year started to sell crude to private buyers through the exchange. Click here to read full stories. 

Jan 22 - Death toll from Mexico pipeline blast reaches 91, Pemex defends response 

The death toll from a fuel pipeline explosion in central Mexico last week rose to 91 on Monday as Petroleos Mexicanos (Pemex) defended its response to one of the deadliest incidents to hit the state-run oil company in years. Hundreds of people near the small town of Tlahuelilpan in Hidalgo state rushed to collect fuel from a gushing duct which authorities said was punctured by suspected thieves, and dozens were caught in the explosion that followed. Click here to read full stories. 

Jan 22 - Saudi Arabia crude exports rise to 8.235 mln bpd in Nov 

Saudi Arabia's crude oil exports in November rose to 8.235 million barrels per day (bpd) from 7.700 million bpd in October, official data showed on Monday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organisations Data Initiative (JODI), which publishes them on its website. Click here to read full stories. 

Jan 22 - Hedge funds buy oil amid greater optimism on economy: Kemp

Hedge funds have started to accumulate bullish positions in crude oil and diesel once more, amid rising optimism about the outlook for the global economy in 2019. Hedge funds and other money managers increased their net long position in Brent crude futures and options by 15 million barrels to 173 million barrels in the week to Jan. 15. Click here to read full stories.

Jan 21 - China's 2018 oil refinery output, Dec gas production hit records 

Chinese oil refiners raised their output to a record in 2018, led by state-run oil majors which maximised operations on firm profit-margins and private refiners which increased processing after being granted higher crude import quotas. Refiners processed 603.57 million tonnes of crude last year, or about 12.07 million barrels per day (bpd), up 6.8 percent from 2017, the National Bureau of Statistics said on Monday. Click here to read full stories.

Jan 21 - Missteps in Mexican pipeline blast trigger new scrutiny of fuel plan 

Mexico's new government knew a pipeline was leaking but did not act for hours before a blast killed at least 85 people, a minister said on Sunday, increasing scrutiny of a push to stop fuel theft seen as the president's first crackdown on crime. State oil firm Pemex did not close the gasoline pipe when first notified by the military, about four hours before Friday's blast, because it considered the leak "minimal," Security Minister Alfonso Durazo told a news conference. Click here to read full stories.

Jan 21 - European power firms aim to harness electric car batteries 

Ever wanted to run your electric car for free? If you're open to a bit of give and take, then stay plugged in and your wishes might come true. At least that's what some European power companies and Japanese carmakers believe. E.ON and EDF are already working with Nissan to develop services that allow power stored in electric vehicle batteries to be sold back to the grid - and now they're trying to persuade European carmakers to follow suit.Click here to read full stories.

Jan 21 - Australia's solar, wind boom to power past grid woes in 2019

Australia's wind and solar boom looks set to power through 2019 following a record year, despite grid constraints and extra scrutiny from network operators to make sure new projects don't spark blackouts like ones that hit two years ago. Abundant wind and sun, falling turbine and panel costs, and corporate demand for contracts to hedge against rising power tariffs have attracted dozens of international developers looking to build wind and solar farms Down Under. Click here to read full stories.

Jan 21 - China's coal output hits highest in over 3 yrs as mines start up 

China's December coal output climbed 2.1 percent from the year before, government data showed, hitting the highest level in over three years as major miners ramped up production amid robust winter demand and after the country started up new mines. Miners produced 320.38 million tonnes of coal in December, according to data released on Monday by the National Bureau of Statistics. That is the largest volume since June, 2015. Click here to read full stories.

Jan 21 - To boost confidence in oil cut, OPEC issues quota list 

OPEC on Friday published a list of oil production cuts by its members and other major producers for the six months to June, an effort to boost confidence in the move designed to avoid a supply glut in 2019. In a statement, an OPEC and non-OPEC ministerial panel also called on participating members of the Organization of the Petroleum Exporting Countries and allies to "redouble their efforts in the full and timely implementation" of the move. Click here to read full stories.

Jan 21 - U.S. drillers cut most rigs in three years - Baker Hughes 

U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, as drillers reacted to the 40 percent plunge in U.S. crude prices late last year. Drillers cut 21 oil rigs in the week to Jan. 18, bringing the total count down to 852, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Jan 21 - Canadian oil firm MEG says Husky balked at friendly takeover talks 

Canadian oil producer MEG Energy Corp's CEO invited his Husky Energy Inc counterpart this month to negotiate a friendly takeover of MEG, but Husky did not follow up, MEG's vice president of investor relations John Rogers said on Friday. Husky abandoned its hostile bid for MEG on Thursday, saying it could not win sufficient MEG shareholder support after Alberta's government ordered production cuts to reduce a crude glut. Click here to read full stories.

Jan 18 - Before start of new oil pact, OPEC made progress averting glut 

OPEC cut oil output sharply in December before a new accord to limit supply took effect, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand. The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years. Click here to read full stories. 

Jan 18 - U.S. likely to cut number of Iran oil sanctions waivers in May - analysts

The United States is likely to extend waivers from sanctions on Iranian oil imports in May but will reduce the number of countries receiving them to placate top buyers China and India and to decrease the chance of higher oil prices, analysts said. Washington surprised oil markets after granting waivers to eight Iranian oil buyers when the sanctions on oil imports started in November. Click here to read full stories. 

Jan 18 - Bad bets on oil, gas spark wave of energy-fund closures 

Energy fund managers took heavy losses last year with wrong-way bets on the prices of oil and natural gas, leading to a wave of closures in the volatile fund sector. The number of active energy-focused funds fell to just 738 in 2018 through September from about 836 in 2016, according to the latest available data from hedge funds industry tracker Eurekahedge. That's the lowest number of active funds since 2010. Click here to read full stories. 

Jan 18 - Hitachi debacle strengthens Franco-Chinese hand in UK nuclear 

Hitachi's decision to freeze its $28 billion nuclear power project in Britain strengthens the hand of France's EDF and its Chinese partner in talks with the government on how to finance new reactors. Funding new nuclear plants has become critical as Hitachi became the second Japanese firm to say its British nuclear power project had hit the buffers over financing. The two projects would have covered about 13 percent of Britain's power needs. Click here to read full stories. 

Jan 18 - U.S. Gulf Coast hunt for heavy crudes send prices higher -traders 

Heavy, sour U.S. Gulf Coast crudes firmed to the strongest levels in three months this week on tight supplies of heavy oils, traders said on Thursday. Heavy Louisiana Sweet (HLS), a heavy coastal grade delivered into Empire, Louisiana, traded around an $8-per-barrel premium to U.S. West Texas Intermediate crude futures (WTI) on Wednesday, the strongest since mid-October and up $1 over last week. Click here to read full stories. 

Jan 18 - Asian LNG prices slip, but plant outages limit losses 

Asian spot prices for liquefied natural gas (LNG) continued to fall this week as importers in North Asia have largely finished their purchases for winter, but losses were stemmed as plants closed for maintenance.  Spot prices for March delivery to Asia this week slipped to $8.20 per million British thermal units (mmBtu), down 10 cents from the previous week, trade sources said. Click here to read full stories. 

Jan 18 - OPEC cuts offset headwinds from slowing economy: Kemp 

Oil traders seem increasingly convinced OPEC's prompt action in cutting production will be enough to offset the impact of rising shale production and slowing global growth. Brent futures prices have stabilised around $60 per barrel in recent sessions, well below the peak of over $85 at the start of October, but significantly higher than the trough of less than $50 in late December. Click here to read full stories.

Jan 17 - Bid to keep U.S. sanctions on Russia's Rusal fails in Senate

In a victory for President Donald Trump, the U.S. Senate on Wednesday rejected legislation to keep sanctions on companies linked to Russian oligarch Oleg Deripaska, including aluminum firm Rusal. Senators voted 57-42 to end debate on the measure, as 11 of Trump's fellow Republicans broke from party leaders to join Democrats in favor of the resolution, amid questions about Trump's relationship with Russian President Vladimir Putin. Click here to read full stories. 

Jan 17 - In Papua New Guinea, Exxon's giant LNG project fuels frustration 

From her red-roofed home near Papua New Guinea's capital of Port Moresby, Isabelle Dikana Iveiri overlooks a giant plant used by Exxon Mobil Corp to liquefy billions of dollars' worth of natural gas before it is shipped to Asian buyers. Dikana Iveiri can also see swaths of muddy shoreline, where mangroves have been felled for firewood by locals who don't have electricity, gas, or money to buy either. Click here to read full stories. 

Jan 17 - U.S. crude stockpiles fall more than expected in week - EIA  

U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecast, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.7 million barrels in the week to Jan. 11, compared with analysts' expectations for a decrease of 1.3 million barrels. Click here to read full stories. 

Jan 17 - Worries for LNG as prices slip amid record North Asia imports: Russell 

The spot price of liquefied natural gas (LNG) in Asia has completely missed its usual winter peak, with much of the blame being laid at the door of milder-than-usual temperatures trimming demand. That sounds perfectly plausible, but doesn't quite tally with the fact that delivered volumes into the major consuming region of Northeast Asia hit a record-high in December. Click here to read full stories. 

Jan 17 - Canada's oil cuts offer lifeline to producers but create new problems

The Canadian province of Alberta's OPEC-style decision to force production cuts is benefiting oil companies with higher prices, but it is also pushing capital elsewhere and threatens to undermine booming crude-by-rail shipments. After Alberta cut 325,000 barrels per day (bpd) starting this month, the discount on Canadian heavy oil compared to benchmark U.S. crude oil shrank to less than $7 per barrel from more than $40 in October, providing relief for producers. Click here to read full stories. 

Jan 17 - Value of global CO2 markets hit record 144 bln euros in 2018 - report 

The value of traded global markets for carbon dioxide (CO2) allowances soared 250 percent last year to a record high of 144 billion euros ($164 billion), analysts at Refinitiv said on Wednesday. The overall figure was pushed higher by the soaring cost of carbon permits in Europe's Emissions Trading System, (ETS) which more than trebled last year from 8 euros a tonne to around 25 euros. Click here to read full stories.

Jan 16 - Asia's gasoline market headed for glut as refineries to unleash wave of fuel 

New gasoline supply is expected to exceed the growth in demand this year in Asia as new refineries starting up in Malaysia, China and Brunei will unleash a flood of the motor fuel and naphtha. The three new processing plants in Malaysia and China alone will likely add about 235,000 barrels per day (bpd) of gasoline to the market when fully operational, based on company estimates and two industry sources. Click here to read full stories.

Jan 16 - East Libyan forces heading south to secure oil sites

Eastern forces loyal to commander Khalifa Haftar have launched a military operation in southern Libya to secure oil and gas facilities and fight extremists, a spokesman said on Tuesday, a move that may alarm the authorities in Tripoli in the west. Haftar, whose powerbase is the eastern city of Benghazi, leads the Libyan National Army (LNA), which controls the east of the North African nation and major oil ports in the region. Click here to read full stories.

Jan 16 - U.S. oil output to rise to 12.9 million bpd in 2020 - EIA

Crude oil output from the United States is expected to rise to a new record of more than 12 million barrels per day (bpd) this year and to climb to nearly 13 million bpd next year, the U.S. Energy Information Administration said on Tuesday in its first 2020 forecast. U.S. crude production is forecast to climb 1.14 million bpd to 12.07 million bpd in 2019 and an additional 790,000 bpd in 2020 to 12.86 million bpd, the statistics arm of the U.S. Energy Department said in a monthly report. Click here to read full stories.

Jan 16 - OPEC+ firms up plan to meet on April 17-18 in Vienna - source

The Organization of the Petroleum Exporting Countries and its allies will meet on April 17-18 in Vienna to review their oil supply cut deal, a source familiar with the matter said on Tuesday, confirming a proposed date.  At their last meeting in Vienna, OPEC and its allies led by Russia said they would reconvene in April without specifying an exact date, to decide whether to extend an agreement to cut oil output that started on Jan. 1. Click here to read full stories.

Jan 16 - Oil prices expected to stay anchored around $65-70 through 2023: Kemp 

Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters. Despite the recent slump in oil prices, forecasts have edged down by less than $5 per barrel compared with the last annual survey conducted at the start of 2018 and have changed little over the last three years. Click here to read full stories.

Jan 16 - BNP Paribas to close U.S. commodities trading desk - source 

France's largest listed bank BNP Paribas is to close its New York commodities trading desk, offering its services from desks elsewhere, a source close to the matter said Tuesday, confirming an earlier Bloomberg report. The bank has decided to close the desk in New York but will remain active on the market in London and Singapore, the source said. Click here to read full stories.

Jan 15 - First U.S. crude cargoes head to China since trade breakthrough - sources

Three cargoes of U.S. crude are heading to China from the U.S. Gulf Coast, trade sources said on Monday, the first departures since late September and a 90-day pause in the two countries' trade war that began last month. The vessels left Galveston, Texas, last month and are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data. The shipments mark a change since Chinese buyers largely began avoiding U.S. oil during the trade dispute that flared last summer. Click here to read full stories.

Jan 15 - CME plans to launch e-auction for U.S. crude oil exports

CME Group said on Tuesday it plans to launch an electronic auction platform with U.S. energy firm Enterprise Products Partners LP in March to sell U.S. spot crude oil export cargoes. The United States became the world's largest oil producer last year as shale production hit new highs, encouraging exchanges and pricing agencies to launch new mechanisms to allow companies to price and hedge U.S. oil exports. Click here to read full stories.

Jan 15 - EU ready to accept deal to exempt duties on Argentine biodiesel

The European Commission is willing to accept a deal with producers of Argentine biodiesel to settle a long-running trade dispute over imports of the product into Europe. The Commission, which oversees trade policy in the 28-member European Union, said it had communicated to interested parties last week that it was willing to accept undertakings from producers that they would sell at a minimum price. Click here to read full stories.

Jan 15 - Fund managers neutral on crude and fuel outlook: Kemp

Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted. Oil prices have bounced off their recent lows, the U.S. dollar has weakened against most other major currencies and expectations of a trade deal between the United States and China are rising. Click here to read full stories.

Jan 15 - 'Zero coordination': Mexico's war on fuel theft risks economic chaos

Conceived as a bold plan to attack corruption, a crackdown by Mexico's new president on rampant fuel theft has turned into a battle to prevent economic chaos after state governments, businesses and consumers were caught out by the decision. Eager to purge a prominent stain on Mexico's reputation, President Andres Manuel Lopez Obrador on Dec. 27 unveiled a plan to increase military protection of oil installations and began cutting supply from pipelines that have been bled for years by thieves. Click here to read full stories.

Jan 14 - China Dec crude imports at 2nd highest, gas imports at record

China's crude oil imports in December surged nearly 30 percent from a year earlier to the second highest for a month on a daily basis, Reuters calculations of customs data showed on Monday. The surge was bolstered by year-end stockbuilding by small independent refiners trying to use up annual quotas and crude cargoes imported for tests on two new private refineries. Click here to read full stories. 

Jan 14 - U.S. not looking to grant further Iran oil sales waivers - U.S. official 

The United States is not looking to grant more waivers for Iranian oil imports after the reimposition of U.S. sanctions, the U.S. special representative for Iran said on Saturday, underlining Washington's push to choke off Tehran's income. "We are not looking to grant any waivers or exemptions to the import of Iranian crude," Brian Hook told a industry conference in the United Arab Emirates capital Abu Dhabi. Click here to read full stories. 

Jan 14 - Saudi energy minister says oil market on "right track" 

Saudi Arabia's Energy Minister Khalid al-Falih said on Sunday the oil market is "on the right track" and will quickly return to balance, but oil producers are willing to do more if needed. "If we look beyond the noise of weekly data and speculators' herd-like behaviour, I remain convinced that we're on the right track, and that the oil market will quickly return to balance," said Falih, addressing an oil conference in Abu Dhabi. Click here to read full stories. 

Jan 11 - Iran's crude exports stay subdued in Jan despite waivers - sources

Iran will see its crude exports severely curtailed for a third month in January as it is struggling to find new buyers amid fresh U.S. sanctions even though its traditional customers secured waivers, according to tanker data and industry sources. Iran's crude exports in November plummeted to below 1 million barrels per day, from regular sales of 2.5 million bpd before sanctions were imposed in May, and taking them back to where they stood during the previous round of sanctions in 2012-2016. Click here to read full stories.

Jan 11 - Glencore loses exclusive rights to major Libyan oil grades

Trading and mining giant Glencore has lost its exclusive marketing rights for two of Libya's main crude oil export grades after holding them since late 2015, trading sources with direct knowledge said. The Switzerland-based firm had secured the rights to the Sarir and Messla grades when it was one of the few foreign companies willing to deal with the North African country during unrest that has wracked the country since 2011. Click here to read full stories.

Jan 11 - Mexico spends $1.2 bln on 2019 oil hedge, locks in $55 per barrel

Mexico completed its 2019 oil hedge, the world's largest sovereign derivatives trade, guaranteeing an average price of $55 per barrel for Mexican crude for the year after buying $1.23 billion in put options, the finance ministry said on Thursday. Mexico hedges its crude every year and deals are closely watched by the market since the trades are big enough to affect prices.  Click here to read full stories.

Jan 10 - U.S. oil export boom sparks a battle to build Texas ports

Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years. Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.  Click here to read full stories.

Jan 10 - Mexican ports see bottlenecks as fuel distribution slows -traders

Bottlenecks for offloading imported fuel are forming at some Mexican oil ports following government orders to shut pipelines to limit losses from widespread fuel theft, according to traders and Refinitiv Eikon data. With storage limited in Mexico, the move by President Andres Manuel Lopez Obrador to shut pipelines and move fuel mostly by rail and truck has slowed transport, causing long lines for consumers and slowed deliveries at ports, where more than 7 million barrels of fuel - enough for several days of use in Mexico - languish. Click here to read full stories.

Jan 10 - Saudi Arabia announces rise in oil reserves after external audit

Top oil exporter Saudi Arabia announced a slight rise in its crude oil reserves on Wednesday after they were independently audited, providing more detail about the size of deposits shrouded in secrecy for decades. Saudi Arabia's reserves of easily recoverable oil have long been the world's largest but few details were public. Click here to read full stories.

Jan 10 - Asian refiners lose in crude tug-of-war between OPEC+ and Trump: Russell

The emerging dynamic for crude oil markets this year is the struggle between OPEC and its allies for higher prices against the vocal push for low prices from U.S. President Donald Trump. Much has already been written on which side is likely to prevail, but in the meantime the losers are refiners in Asia, who face crude prices likely to be higher relative to those in Europe and the Americas. Click here to read full stories.

Jan 10 - U.S. crude stocks fall less than expected, products build sharply - EIA

U.S. crude oil stockpiles fell less than expected last week according to a largely bearish report on Wednesday from the Energy Information Administration, which also showed that gasoline and distillate inventories rose more than expected. Crude inventories fell by 1.7 million barrels in the week to Jan. 4, compared with analysts' expectations in a Reuters poll for a decrease of 2.8 million barrels. Click here to read full stories.

Jan 10 - Morgan Stanley cuts 2019 oil price view on high supplies, slowing China imports

Morgan Stanley has cut its 2019 oil price forecasts by more than 10 percent, with plentiful supply in the early part of the year and slowing imports into China weighing on prices, the bank said in a note. It now expects benchmark Brent crude prices to average $61 a barrel this year, down from a previous estimate of $69 a barrel, and U.S. West Texas Intermediate (WTI) to average around $54 per barrel, against a prior forecast of $60. Click here to read full stories.

Jan 10 - Trump nominates acting EPA head, an ex-coal lobbyist, to run agency

U.S. President Donald Trump on Wednesday nominated acting EPA chief Andrew Wheeler to run the agency permanently, the White House said, placing a former energy lobbyist at the helm of the nation's top environmental regulator. The widely anticipated nomination provides Trump another avid supporter of his deregulatory and pro-fossil fuels agenda, but without the constant criticism over alleged mismanagement that plagued Wheeler's predecessor, Scott Pruitt. Click here to read full stories.

Jan 09 - Top suspect in Vitol, Glencore Brazil bribery case arrested in U.S. - court

A Brazilian man facing allegations of bribing officials at state-run oil company Petroleo Brasileiro SA on behalf of Vitol Group, Glencore and other major oil trading firms has been arrested in the United States, authorities said Tuesday. Luiz Eduardo Loureiro Andrade was detained in the U.S. on Dec. 20, an arrest that was disclosed in a Brazilian court document seen by Reuters. Click here to read full stories.

Jan 09 - BP unlocks a billion oil barrels in Gulf of Mexico with new technology

BP said it has discovered two new oilfields in the Gulf of Mexico and has identified an additional billion barrels of oil at an existing field thanks to new seismic technology. The British company, which has only recently turned a corner following the deadly 2010 Deepwater Horizon spill, also on Tuesday announced plans to expand production at its Atlantis oilfield in the Gulf of Mexico, consolidating its status as the largest oil producer in that region. Click here to read full stories.

Jan 09 - Indian refiners pay for Iranian oil in rupees - UCO Bank executive

India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil. Click here to read full stories.

Jan 09 - EPA says it is committed to rule for higher ethanol blend by summer driving season

The U.S. Environmental Protection Agency said on Tuesday it would complete a rule to boost sales of higher-ethanol blends of gasoline by the summer driving season, despite a partial government shutdown. The statement from the environmental regulator came after the agency warned at least two lawmakers that the shutdown had delayed its timeline for initially rolling out the rule, according to two sources briefed on the matter. Click here to read full stories.

Jan 09 - Brazil's Petrobras may get $14 bln to settle dispute over some oil exploration areas

Petroleo Brasileiro SA (Petrobras) may receive about $14 billion from the Brazilian government to settle a dispute relating to certain oil exploration areas, the state-run oil firm said in a securities filing on Tuesday. The dispute centers around payments relating to operations in the so-called transfer-of-rights area off the coast of Brazil. Click here to read full stories.

Jan 08 - India's BPCL to buy Iranian oil in Feb after 3-month gap - sources

State-run Bharat Petroleum Corp will import 1 million barrels of Iranian oil in February after a gap of three months, with the nation's overall purchases from Tehran remaining at 9 million barrels, three industry sources said. The United States in early November granted India a six-month waiver from sanctions on Iran's oil exports. Click here to read full stories.

Jan 08 - Commodity markets back Beijing's stimulus, await trade talks: Russell

Commodity markets appear to have delivered their verdict on China's plans to stimulate its economy, betting that Beijing's boost to infrastructure spending will work. China's central bank cut the amount of cash that banks have to hold as reserves for a fifth time in a year on Jan. 4, a move that will free up as much as $116 billion in new credit. Click here to read full stories.

Jan 08 - U.S. top court rejects Exxon in climate change document dispute

The U.S. Supreme Court on Monday cleared the way for the attorney general of Massachusetts to obtain records from Exxon Mobil Corp to probe whether the oil company for decades concealed its knowledge of the role fossil fuels play in climate change. The justices declined to hear Exxon's appeal of a ruling by the top court in Massachusetts holding that state Attorney General Maura Healey, a Democrat, had jurisdiction to seek records to probe whether the company misled consumers and investors. Click here to read full stories.

Jan 08 - Venezuela's PDVSA in oil deal with firm part-owned by Florida Republican

Venezuelan state oil firm PDVSA has signed a deal with little-known U.S. energy firm Erepla, partly owned by a prominent Florida Republican, to help increase the socialist-run country's plummeting crude oil output, the company said. Erepla Services LLC, with an undisclosed stake held by Republican Harry Sargeant III and which Delaware state records show was only registered in November, said it plans to invest up to $500 million to increase production at three Venezuelan oil fields in exchange for a portion of the crude produced. Click here to read full stories.

Jan 08 - Hedge funds dump crude and diesel as economic outlook darkens: Kemp

Hedge funds are cautious on the outlook for oil prices, despite a slump at the end of last year, as fears about the global economy outweigh output cuts by OPEC and its allies. Fund managers cut bullish positions in Brent crude futures and options by 10 million barrels in the week to Dec. 31, exchange data published on Friday showed. Click here to read full stories.

Jan 08 - U.S. crude starting to seep back to China, but needs lower price: Russell 

U.S. crude oil is starting to trickle back to China with three cargoes slated to arrive next month, but volumes are still a long way off levels prior to the outbreak of trade hostilities between the world's two largest economies. Vessel-tracking data compiled by Refinitiv shows three tankers carrying 3.94 million barrels are en route from the United States to China and will arrive in February. Click here to read full stories.

Jan 08 - Brazilian government denies to pay $14 billion to Petrobras

Brazil's Economy Ministry denied that the government would pay $14 billion to state-controlled oil company Petroleo Brasileiro SA to settle a dispute over an oil-producing zone off the Brazilian coast known as the transfer-of-rights area. The ministry told Reuters in a statement the figure, reported on Monday by the Valor Economico newspaper, was only one of several proposals passed to the transition team of President Jair Bolsonaro by his predecessor Michel Temer. Click here to read full stories.

Jan 07 - Iran says despite U.S. sanctions, it has found new "potential" oil buyers

All countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers. The United States withdrew from a nuclear deal with Iran last year and snapped sanctions in place to choke Iran’s oil and banking industries, while temporarily allowing eight customers to keep buying crude from the Islamic Republic. Click here to read full stories.

Jan 07 - U.S. crude stockpiles flat, products build sharply - EIA

U.S. gasoline and distillate inventories rose sharply last week as refineries ramped up activity, while crude oil stocks were barely changed, the Energy Information Administration said on Friday. Crude inventories rose by 7,000 barrels in the week to Dec. 28, compared with analyst expectations for a decrease of 3.1 million barrels, the EIA said in its report delayed by two days due to the New Year's Day holiday. Click here to read full stories.

Jan 07 - U.S. oil drillers cut rigs for first week in three - Baker Hughes

U.S. energy firms cut oil rigs for the first time in three weeks as producers started to reduce their 2019 drilling plans with the collapse in crude prices at the end of last year. Drillers cut eight oil rigs in the week to Jan. 4, bringing the total count down to 877, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories. 

Jan 07 - Dollar cycle may be about to turn, supporting oil prices: Kemp

The U.S. dollar has recently appreciated to its highest level in real terms since the start of 2017 and before that September 2003. Dollar appreciation weighed on oil prices in 2018 as prices in some non-dollar currencies hit record levels earlier in the year and dampened consumption growth. Click here to read full stories.

Jan 04 - OPEC oil output posts biggest drop since 2017 on Saudi move

OPEC oil supply fell in December by the largest amount in almost two years, a Reuters survey found, as top exporter Saudi Arabia made an early start to a supply-limiting accord while Iran and Libya posted involuntary declines. The 15-member Organization of the Petroleum Exporting Countries pumped 32.68 million barrels per day last month, the survey on Thursday found, down 460,000 bpd from November and the largest month-on-month drop since January 2017. Click here to read full stories.

Jan 04 - Singapore light distillate fuel stocks hit record high

Light distillate fuel stocks at Asia's refining hub in Singapore have climbed to a record on surging supply just as fears emerge of an economic downturn heading into 2019, but holiday demand and refinery maintenance could lend some relief. Light distillate stocks in Singapore, which include the key transportation fuel gasoline and important petrochemical feedstock naphtha, rose by 1.47 million barrels in the week to Jan. 2, to a record 16.1 million barrels, according to data from Enterprise Singapore released on Friday. Click here to read full stories.

Jan 04 - Kim's vision of a coal-fuelled North Korean future may be tough to realise

When North Korean leader Kim Jong Un used his New Year speech to highlight coal as a "primary front" in developing the economy, he was making a case for what analysts see as a flawed but key resource on which his country increasingly relies. Coal has long been a major resource for North Korea, and Kim's call for self sufficiency in the face of international pressure is a recurring theme. Click here to read full stories.

Jan 04 - OPEC sends fewest oil cargoes to United States in at least five years

OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show. Oil cargoes departing from OPEC nations to the United States fell to 1.63 million barrels per day (bpd) last month, down from 1.80 million bpd in November and 1.78 million bpd in October, the data show. Click here to read full stories.

Jan 04 - Petrobras to focus on core business, spat with govt to be resolved soon - officials

Brazilian officials on Thursday predicted a quick resolution to a dispute with Petroleo Brasileiro SA over offshore oil blocks and doubled down on pledges to steer the state-run firm toward its core businesses like oil exploration. At the swearing-in ceremony for new Chief Executive Roberto Castello Branco, incoming Mines and Energy Minister Bento Albuquerque said Petrobras, as the company is known, and the state, expect to resolve a dispute over the oil-producing zone known as the 'transfer-of-rights' area within 100 days. Click here to read full stories.

Jan 04 - At Brazil's Petrobras, a 'Chicago Boy' takes the reins

Depending on who you ask, Roberto Castello Branco, the new chief executive of Brazil's Petroleo Brasileiro SA, will either save the indebted oil major - or strip it to the bone. Tapped by far-right President Jair Bolsonaro, who took power on Tuesday, Castello Branco had said in a June newspaper column he thought Petrobras - as the company is known - should be privatized, a hardcore proposal even in an administration packed with free market advocates. Click here to read full stories.

Jan 04 - U.S. energy executives' outlook sours for first time since 2016 - Fed survey

U.S. oil and gas executives' outlook turned negative for the first time since the low point of the last oil bust, according to results of a survey released on Thursday by the Federal Reserve Bank of Dallas. A survey of executive sentiment fell to -10 from 47 in the prior quarter, the first negative reading since early 2016, when U.S. crude prices plummeted to $26 per barrel. Click here to read full stories.

Jan 03 - Saudi Arabia may cut Feb heavy crude prices to Asia

Top oil exporter Saudi Arabia is  expected to cut February prices for heavier crude grades sold to Asia due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday. Weak refining margins and an expected drop in Asia's crude demand during second-quarter refinery maintenance were also factors that may prompt Saudi Arabia to cut prices in February, the respondents said. Click here to read full stories.

Jan 03 - Russian oil output reaches record high in 2018

Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed on Wednesday. The total surpassed the previous annual record average of 10.98 million bpd set in 2017. Click here to read full stories.

Jan 03 - Fear sends equity and commodity prices tumbling in 2018: Kemp

Fear became the dominant sentiment in 2018, especially in the second half of the year, as growing pessimism about the future gripped policymakers, business leaders, investors and journalists. Those best able to articulate, amplify and exploit concerns about the economy, migration, security and the impact of technology proved the most influential. Click here to read full stories.

Jan 03 - U.S. crude stockpiles likely fell for fifth straight week - Poll

U.S. crude oil inventories were forecast to have fallen for a fifth straight week, while analysts expected a build in refined products last week, a preliminary Reuters poll showed on Wednesday. Five analysts polled by Reuters estimated, on average, that crude stocks fell 2.3 million barrels in the week to Dec. 28. Click here to read full stories.

Jan 03 - Hindustan Petroleum confirms Indian oil firms stop taking margin hit on fuel sales

Indian state-owned fuel retailers have stopped absorbing a government-mandated cut of 1 rupee (0.014 U.S. cents) a liter in their marketing margins on the sale of petrol and diesel due to a steep fall in global oil prices, said M K Surana, chairman of one of the three companies, Hindustan Petroleum Corp Ltd. In October, India's finance ministry had cut its production tax on the two fuels by 1.50 rupees a litre and had asked state-owned fuel retailers to reduce their marketing margins by 1 rupee a litre to insulate consumers from a surge in global oil prices at the time.  Click here to read full stories.

Jan 02 - China cuts crude oil import quotas with first batch of 2019 allowances

China issued its first batch of crude oil import quotas for 2019 on Wednesday at a lower volume than for the same batch a year ago though expectations are for the volumes to climb later this year. The Ministry of Commerce granted quotas totalling 89.84 million tonnes to 58 companies in its first allowances for 2019, according to four sources with direct knowledge of the matter and documents reviewed by Reuters on Wednesday. Click here to read full stories.

Jan 02 - U.S. October crude oil production sets record high - EIA

U.S. crude oil output hit an all-time high of more than 11.5 million barrels per day in October, according to government data released on Monday. Crude production rose 79,000 bpd in October to 11.537 million bpd, the U.S. Energy Information Administration said in a monthly report. The EIA revised its September oil production figure down by 17,000 bpd to 11.458 million bpd. Click here to read full stories.

Jan 02 - Oversupply, faltering growth to weigh on oil prices in 2019 - Poll

Crude oil prices look likely to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine OPEC-led efforts to shore up the market, a Reuters poll showed on Monday. A survey of 32 economists and analysts forecasts the North Sea Brent crude oil benchmark will average $69.13 per barrel in 2019, more than $5 lower than last month's projection. Click here to read full stories.

Jan 02 - Indian Oil says Iran may still invest in Chennai Petroleum expansion

India's biggest refiner Indian Oil Corp Ltd said on Wednesday that Iran may still invest in a refinery expansion project at one of its subsidiaries. Indian Oil's chairman Sanjiv Singh said that Iran has not ruled out participating in the expansion at Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day (bpd) refinery. Click here to read full stories.

Jan 02 - India exempts rupee payments for Iran oil from hefty taxes - gov't order

India's finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters. The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC. Click here to read full stories.

Dec 21 - OPEC to release country quotas for oil output cut - document  

Oil producer group OPEC plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPEC's secretary-general said in a letter seen by Reuters on Thursday. Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent. Click here to read full stories.

Dec 21 - Crude refusal: China shuns U.S. oil despite trade war truce 

China, the world's top oil importer, is set to start 2019 buying little or no crude from the United States despite a three-month truce in a trade scrap between the two nations, with relatively high freight costs and political uncertainty choking demand. That muted appetite means the United States, which became the world's top oil producer this year as its shale output hit record levels, will continue to hold only a sliver of China's market even as a wave of new refining capacity starts up there. Click here to read full stories.

Dec 21 - Libyan state oil firm keeps El Sharara oilfield closed, rejects paying off protesters

Libya's Sharara oilfield remains closed, state oil firm NOC said on Thursday, resisting pressure from some officials to quickly pay off protesters which shut it down. On Wednesday, Libya's internationally recognised government said the 315,000 barrels a day field, the country's biggest, would reopen after Prime Minister Fayez al-Sarraj flew there to meet protesters who seized the southern facility on Dec 8. Click here to read full stories.

Dec 21 - India's November crude imports mark biggest decline in nearly 4 years 

India's monthly crude oil imports in November marked their biggest year-on-year decline in nearly four years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Thursday. The country's November crude imports slid 11.4 percent to 17.01 million tonnes, registering their largest year-on-year percentage fall since Feb. 2015, when it tumbled 21.3 percent, the government data showed. Click here to read full stories.

Dec 21 - Vitol bribery case in Brazil sees 12 charged for graft 

Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit oil trader Vitol Group at the expense of Brazil's state-led oil firm Petroleo Brasileiro SA. Prosecutors say at least $2.85 million in bribes were involved, but have called their discoveries so far the "tip of the iceberg." Click here to read full stories.

Dec 21 - Weak demand, falling prices signal new troubles for oilfield services 

The recent drop in U.S. oil prices to around $46 a barrel and insufficient demand are throwing into doubt the prospects for oilfield service companies in 2019 and may portend a wave of restructuring and consolidation of an industry still recovering from the 2014 downturn in energy markets. Despite record U.S. oil production and exports, producers are reducing their spending and learning to do jobs with fewer crews. There has not been the wholesale staff cutbacks such as the ones that occurred three years ago, but investors and analysts expect consolidation in the services sector as work dwindles and share prices fall. Click here to read full stories.

Dec 20 - Trump takes the 2019 outlook for commodities hostage: Russell 

Forecasting the year-ahead outlook for commodities, while popular among analysts, is a bit of a mug's game at the best of times, but the view for 2019 is made even more complicated by one volatile factor: Donald Trump. While there are other drivers of commodity prices next year, the mercurial U.S. president looms large over the sector, and the actions of his administration will either amplify or partially nullify the established trends. Click here to read full stories.

Dec 20 - Exxon Mobil secured U.S. hardship waiver from biofuels laws - sources 

The U.S. Environmental Protection Agency granted oil major Exxon Mobil Corp a financial hardship waiver this year temporarily freeing its Montana refinery from U.S. biofuel laws, three sources familiar with the matter told Reuters. Exxon, which reported earnings of almost $20 billion in 2017, became the largest known company to be awarded a such a waiver by the Trump administration's EPA under a program meant to protect the smallest fuel facilities from going bust. Click here to read full stories.

Dec 20 - Saudi energy minister expects oil stocks to fall by end of first quarter 

Saudi Arabia's energy minister, Khalid al-Falih, said he expects global oil stocks to fall by the end of the first quarter but added that the market remained vulnerable to political and economic factors as well as speculation. "We remain focused on fundamentals, I can tell you we will achieve balance between supply and demand in 2019," he told reporters. Click here to read full stories.

Dec 20 - El Sharara oilfield to reopen, Libyan government says 

Libya's biggest oilfield, El Sharara, will reopen, the country's internationally recognised government said on Wednesday after Prime Minister Fayez al-Sarraj flew there to persuade protesters to end a blockage. Production had not restarted yet as oil workers were waiting for orders from state oil firm NOC. A spokesman for NOC declined to comment when Reuters called. Sarraj's office gave no time frame. Click here to read full stories.

Dec 20 - U.S. shale output growth should offset OPEC cuts in 2019

Surging U.S. crude oil production will offset OPEC’s output cuts aimed at rebalancing the market as soon as the end of next year - undercutting the group's efforts as shale producers ramp up output regardless of the price environment, forecasts show. U.S. oil production in the most recent week was 11.6 million bpd a day, just off the all-time record of 11.7 million bpd, the U.S. Energy Information Administration said Wednesday. If production expands at the rate that the EIA has forecast, it will effectively eat up OPEC's cuts by the end of 2019. Click here to read full stories.

Dec 20 - U.S. crude stocks fall in latest week - EIA 

U.S. crude stocks fell last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 497,000 barrels in the week to Dec. 14, a much smaller draw than the decrease of 2.4 million barrels that analysts had expected. The decline was the third consecutive decrease. Click here to read full stories.

Dec 20 - Five oil majors face 2019 climate target pressure by investors 

U.S. and Norwegian oil majors Chevron and Equinor have become the latest targets of activist investors moving to force five of the biggest oil companies to commit to fixed emissions targets and align with the Paris climate agreement. The effort, part of a wave of climate-related proxy resolutions planned for spring 2019 annual shareholder meetings, is being led by investor groups Follow This, As You Sow and Arjuna Capital. Click here to read full stories.

Dec 20 - Lawmakers urge U.S. agency to bolster pipeline cybersecurity 

Two Democratic lawmakers urged the Department of Homeland Security on Wednesday to better protect U.S. oil and gas pipelines from cyberattacks, after a report they requested detailed a lack of federal oversight of the critical conduits. The report released on Wednesday said Homeland Security's Transportation Security Administration, or TSA, does not have a process to update its pipeline security guidelines to reflect revisions to standards considered by experts and regulators to be the industry bible on cybersecurity. Click here to read full stories.

Dec 20 - Brazil court ruling casts doubt over Petrobras asset sales 

A Brazilian Supreme Court justice on Wednesday suspended a presidential decree establishing rules for Petroleo Brasileiro SA to sell upstream assets, casting a pall over the state-controlled oil company's ambitious divestiture program. Justice Marco Aurélio Mello granted an injunction in a lawsuit brought by the leftist Workers Party to the Supreme Court, suspending a decree signed by President Michel Temer in April, the justice told Reuters. Part of the asset divestment program of Petrobras, as the company is known, had already been suspended by another Supreme Court justice, Ricardo Lewandowski. Click here to read full stories.

Dec 19 - China's CNOOC to boost exploration spending, signs strategic deals 

China's CNOOC Ltd indicated a renewed commitment to oil and gas exploration on Tuesday as its chairman said it would raise spending to a record while signing strategic exploration agreements with nine firms for the South China Sea. The strategic agreements cover Blocks A and B in the Pearl River Mouth Basin in the northern section of the South China Sea, offshore Guangdong province. Click here to read full stories.

Dec 19 - Libya's NOC declares force majeure on El Sharara oilfield 

Libya's state oil company NOC has declared force majeure at the country's largest oilfield, El Sharara, a week after announcing a contractual waiver on exports from the field following its seizure by protesters. El Sharara, which produces 315,000 barrels per day (bpd) for the OPEC member, was taken over on Dec. 8 by groups of tribesmen, armed protesters and state guards demanding salary payments and development funds. Click here to read full stories.

Dec 18 - U.S. shale oil output to top 8 mln bpd by year-end: EIA 

Oil production from seven major U.S. shale basins is expected to surpass 8 million barrels per day (bpd) by the end of the year, the U.S. Energy Information Administration said in a monthly report on Monday. The United States has surpassed Russia and Saudi Arabia as the world's biggest oil producer, with overall crude production climbing to a weekly record of 11.7 million bpd. Click here to read full stories.

Dec 18 - U.S. ethanol producers seek pricing reform as markets plunge, ADM sells 

U.S. ethanol producers stung by collapsing prices are seeking changes to the way benchmark values for the biofuel are established, arguing the current system used by exchanges is vulnerable to manipulation, according to sources. The push comes as the key farm belt industry struggles with weak demand growth, a loss of export markets due to the U.S. trade war with China, and aggressive selling by global commodities giant Archer Daniels Midland Co that have pushed ethanol prices to 13-year lows. Click here to read full stories.

Dec 18 - Libya's NOC declares force majeure on operations at biggest oilfield 

Libya's National Oil Company (NOC) has declared force majeure on operations at El Sharara oilfield, it said late on Monday, a week after the company declared force majeure on the field's exports. NOC said in a statement that oil production from Libya's biggest oilfield will only restart after "alternative security arrangements are put in place". Click here to read full stories.

Dec 18 - Eni, Shell knew of 'sharks' in Nigeria graft case - judge 

An Italian judge said on Monday oil majors Eni and Royal Dutch Shell were fully aware their 2011 purchase of a Nigerian oilfield would result in corrupt payments to Nigerian politicians and officials. Italy's Eni and Shell bought the OPL 245 offshore field for about $1.3 billion in a deal that spawned one of the industry's largest corruption scandals. It is alleged that about $1.1 billion of the total was siphoned to agents and middlemen. Click here to read full stories.

Dec 18 - Saudi's Falih discusses joint refining projects with India's Reliance 

India's Reliance, operator of the world's biggest refining complex, and top oil exporter Saudi Arabia will explore joint investments in refining and petrochemicals in the two countries, Saudi Arabian Energy Minister Khalid al-Falih said. Al-Falih tweeted that he met Reliance Industries chairman Mukesh Ambani and they discussed joint investment opportunities and cooperation in petrochemicals, refining and telecoms in their two countries. Click here to read full stories.

Dec 17 - New oil, gas projects to accelerate next year - report 

The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report. Shaken by a sharp drop in oil prices in recent months, boards are generally expected to stick to spending discipline imposed following the 2014 price crash. 

Dec 17 - Qatar Petroleum to invest $20 bln in U.S. in major expansion

Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month. Saad al-Kaabi, who holds the energy portfolio of the world's top liquefied natural gas (LNG) supplier, also said on Sunday the company aimed to announce foreign partners for new LNG trains needed for an ambitious domestic scale-up by the middle of next year, but was keeping open the possibility of going it alone. 

Dec 17 - Hedge funds slash bullish bets on U.S. crude to lowest in 2-yrs 

Hedge funds cut bullish wagers on U.S. crude to the lowest levels in more than two years, data showed on Friday, as OPEC and allies like Russia agreed to reduce output, but concerns that the cuts would not offset growing production remained. The speculator group cut its combined futures and options position in New York and London by 12,624 contracts to 132,149 in the week to Dec. 11, the lowest level since August 2016, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. 

Dec 17 - Flood of new passengers to stoke demand for jet fuel in Vietnam 

Vietnam's jet fuel demand will surge to a record this year as its tourism industry attracts a wave of new visitors and the country's airlines are rapidly expanding. The country is on track to have 38 million international passengers and 16 million visitors this year, according to data from CAPA Centre for Aviation. That is up from 18 million passengers and 8 million visitors in 2015, according to the data. 

Dec 17 - Climate talks pass baton in race to stop global warming 

Fractious climate change talks in Poland showed the limits of international action to limit global warming in a polarised world, putting the onus on individual governments, cities and communities to stop temperatures rising. Nearly 200 countries at the United Nations talks in Katowice - in the coal mining region of Silesia - saved the landmark 2015 Paris Agreement from disintegration on Saturday by agreeing a package of guidelines for its implementation. 

Dec 17 - S.Korea imports no Iran oil in November despite sanctions waiver 

South Korea did not import any Iranian oil for the third straight month in November, customs data showed on Saturday, even though it has a waiver from sanctions targeting crude supplies from the Middle Eastern country. South Korea and seven other countries were in early November granted temporary waivers from U.S. sanctions that kicked in that month over Tehran's disputed nuclear programme.

Dec 14 - China Nov refinery runs rise y/y, but ease from record as sales slow 

China's November refinery throughput rose from a year earlier, heading for an annual record, official data indicated on Friday, although the runs eased from highs touched in the previous two months as product inventories swelled and sales slowed. Refineries in November processed 50.46 million tonnes of crude oil, or 12.28 million barrels per day, up 2.9 percent from the same month last year, according to Reuters calculations based on data from the National Bureau of Statistics. Click here to read full stories.

Dec 14 - OPEC's oil-cut pledge is vague, but Saudi plans lend some credibility 

OPEC's supply-cutting deal agreed last week is vague even by the standards of the oil producer group as no individual output targets are likely to be published, although precise plans from top exporter Saudi Arabia boost the agreement's credibility. The Organization of the Petroleum Exporting Countries, seeking to prevent a surplus that could weaken oil prices, agreed to cut production by 2.5 percent or 800,000 barrels per day (bpd) as part of a deal with Russia and other non-members. Click here to read full stories.

Dec 14 - Iran falls to 6th biggest oil supplier to India in Nov, from 4th in Oct 

India's monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of U.S. sanctions, according to ship tracking data and industry sources. Last month, the United States introduced tough sanctions aimed at crippling Iran's oil revenue-dependent economy. Washington did, though, give a six-month waiver from sanctions to eight nations, including India, and allowed them to import some Iranian oil. Click here to read full stories.

Dec 14 - IEA sees global oil supply tightening more quickly in 2019 

The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday. The Paris-based IEA kept its 2019 forecast for global oil demand growth at 1.4 million barrels per day, unchanged from its projection last month, and said it expected growth of 1.3 million bpd this year. Click here to read full stories.

Dec 14 - U.N. climate talks produce draft text in final push 

Negotiators from nearly 200 countries produced a draft text on Thursday on how to implement the Paris Agreement on combating global warming, but some disputes remain with only one day left before the official end of the conference. The presidency of the climate talks in Katowice, Poland, had asked for a draft of the final package to be ready by Thursday afternoon after almost two weeks of negotiations, but work continued into the evening to get it ready. Click here to read full stories.

Dec 13 - Vitol, rival oil traders in spotlight of Brazil bribery probe 

Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. But graft allegations lodged by prosecutors last week against four of the world's largest oil trading companies - Vitol SA, Trafigura, Glencore PLC and Mercuria Energy Group - have opened an explosive new phase in the long-running probe. Click here to read full stories.

Dec 13 - OPEC offsets Iran oil loss, sees lower 2019 demand 

OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output. In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces. Click here to read full stories.

Dec 13 -  Don't be fooled by China's soybean buy; crude, LNG, coal are the big fish: Russell 

There is a risk that investors will get carried away with optimism over an easing of the U.S.-China trade dispute on the back of China resuming purchases of U.S. soybeans. This is especially the case given there is yet no sign of new imports of crude oil, liquefied natural gas (LNG) and coal, the energy commodities that will provide a far better signal of any detente in the trade spat. Click here to read full stories.

Dec 13 - China's flawed futures contract pushes oil trade to record high in 2018 

Shanghai's new yuan-denominated derivatives contract is set to propel global crude oil futures trading volumes to a record high in 2018, eating into the market share of the two most active crude contracts, Brent and WTI. Launched in late March by Shanghai International Energy Exchange (INE), China's first serious attempt to establish an Asian oil price benchmark has seen strong take-up, grabbing a spot market share of around 6 percent versus international Brent and U.S. West Texas Intermediate (WTI), taken equally from both benchmarks. Click here to read full stories.

Dec 13 - U.S. crude oil stockpiles dip, gasoline builds - EIA 

U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels. Click here to read full stories.

Dec 13 - India did not let Russian-owned refinery buy Iranian oil - Iran minister 

Iranian Oil Minister Bijan Zanganeh said on Wednesday that, because of U.S. sanctions, India had refused to allow a Russian-owned Indian refinery to use Iranian crude oil that India had obtained under waivers. Zanganeh was responding to a question in an interview on Iranian state television about why Iran had not bought refineries overseas. He said large investments were needed, and the refineries would be under the jurisdiction of the host country.

Dec 12 - U.S. expected to end 2018 as world's top oil producer - EIA 

U.S. crude oil output growth was expected to slow slightly for this year compared with previous forecasts, the Energy Information Administration said on Tuesday, but at a record 10.88 million barrels per day, the nation will end 2018 as the world's top producer. Output this year was forecast to rise 1.53 million bpd to 10.88 million bpd, down from the EIA's previous estimate of an increase of 1.55 million bpd. The current all-time U.S. annual output peak was in 1970 at 9.6 million bpd, according to federal energy data. Click here to read full stories.

Dec 12 - Russia sees modest oil output cuts in January 

Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January, its energy minister said on Tuesday, less than its final target under a global production deal reached last week, aiming for gradual, smooth reductions. This would mean Russian oil output coming in at around 11.35 million bpd next month, off the post Soviet-record high of 11.41 million bpd reached in October and down from 11.37 million bpd last month. Click here to read full stories.

Dec 12 - Oil traders eye Cushing builds as Sunrise startup shifts flows 

The sooner-than-expected startup of the extended Sunrise oil pipeline system in west Texas has shifted flows of crude and boosted inventories in Cushing, Oklahoma, close to a one-year high, with traders now bracing for builds into next year. Full pipelines have kept crude trapped in west Texas, but the startup of Plains All American's extended Sunrise pipeline in November has helped send more crude from the Permian basin into Cushing, the delivery point for U.S. crude futures. Click here to read full stories.

Dec 12 - Saudi Aramco, ADNOC's India refinery project delayed by 2 years 

India has delayed the commissioning of a giant refinery that state-owned firms are building in tie up with Saudi Aramco and Abu Dhabi National Oil Co (ADNOC) by two year to 2025, a senior official at the consortium told Reuters on Tuesday. The planned 1.2 million barrels per day (bpd) coastal refinery in western Maharashtra state slated to commission in 2023, according to the website of Ratnagiri Refinery & Petrochemicals Ltd (RRPL), the joint-venture company executing the project. Click here to read full stories.

Dec 11 - Russia to cut oil output by at least 50,000-60,000 bpd in Jan: minister 

Russian Energy Minister Alexander Novak said on Tuesday that Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January under a global production deal reached last week. Novak added that Russia plans to cut its oil output gradually.Click here to read full stories.

Dec 11 - OPEC and non-OPEC cooperation deal to be signed in three months - UAE 

A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday. "By (the) end of March the document will be ready for signature," Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.  Click here to read full stories.

Dec 11 - Militia forces Libya's NOC to declare force majeure on biggest oilfield 

Libya's National Oil Company (NOC) on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd) at its biggest oilfield, and an additional loss of 73,000 bpd at the El Feel oilfield. Click here to read full stories.

Dec 11 - Iran keeps crude prices in Asia at wide discounts against Saudi oil in January 

Iran has set the official selling price (OSP) of its Iranian Light grade for its Asian buyers at 30 cents above the Platts Oman/Dubai average for January, $1 lower than the previous month, a price document reviewed by Reuters showed on Tuesday. The producer has also cut prices for the other three crude grades it sells to Asia. Click here to read full stories.

Dec 11 - China set to triple its ethanol production capacity -govt researcher 

China is set to more than triple its ethanol production capacity by 2020, a government researcher said on Tuesday, with demand for the commodity expected to surge as the country shifts towards cleaner fuels. The nation is currently building or seeking approval for new ethanol plants with capacity to produce 6.6 million tonnes of the biofuel a year, Dou Kejun, a researcher at the China National Renewable Energy Centre, told an industry event in the country's south. Click here to read full stories.

Dec 11 - China's commodity import volume surge tells a different tale to slack value growth: Russell 

The prevailing market narrative after China's overall November trade data was that the world's second-biggest economy is softening and starting to show the strains of the trade dispute with the United States. After all, both imports and exports undershot forecasts for the month. Click here to read full stories.

Dec 11 - Oil margin pressure takes shine off Trafigura's annual profits 

Global commodity trader Trafigura Group reported its lowest annual net profit in eight years on Monday as a drop in oil trading margins offset a strong performance by its metals and minerals division. Traded volumes at its metals division increased by 37 percent in the financial year that ended on Sept. 30, mainly in coal, which had a "surprisingly strong" year, the company said. Click here to read full stories.

Dec 11 - Hedge funds cut bullish U.S. crude bets to two-year low - CFTC 

Hedge funds and other money managers cut their bullish wagers on crude to the lowest in more than two years in the week ending Dec. 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group cut its combined futures and options position in New York and London by 25,619 contracts to 144,775 during the period. The level is the lowest since Sept. 20, 2016. Click here to read full stories.

Dec 11 - Oil traders focus on deteriorating economic outlook rather than OPEC: Kemp 

The weakening outlook for oil consumption coupled with rising output from U.S. shale and softer than expected U.S. sanctions on Iran have convinced most traders the market is moving into a period of oversupply. In the run up to last week's OPEC meeting in Vienna, hedge fund managers had little confidence in the organisation's ability to cut production by enough to avoid an oversupplied market next year. Click here to read full stories.

Dec 10 - Iran's Rouhani says OPEC decision to cut output was defeat for U.S. meddling 

Iranian President Hassan Rouhani said on Sunday a decision by OPEC and other oil producers on Friday to cut output was a rebuff for a U.S. "policy of meddling", the state news agency IRNA reported. OPEC and its Russia-led allies agreed to slash oil production by more than the market had expected, after pressure from U.S. President Donald Trump to reduce the price of crude. Click here to read full stories.

Dec 10 - Libya's NOC declares force majeure on El Sharara oil exports - statement 

Libya's National Oil Company declared force majeure on exports from the El Sharara oil field on Sunday, it said in a statement on Monday, after tribesmen and state security guards seized the facility. NOC said the shut down of its biggest oilfield will result in a daily site production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield. It said production at the Zawiya refinery was also at risk due to its dependence on crude oil supply from Sharara. Click here to read full stories.

Dec 10 - China's November oil, gas imports set fresh monthly record 

China's imports of crude oil hit a fresh monthly high in November, customs data showed on Saturday, beating the record set in October on heavy buying from private refiners and trial starts of new mega-refineries. Crude oil arrivals last month rose 8.5 percent compared with the same month a year ago to 10.43 million barrels per day (bpd), marking the first time China imported more than 10 million bpd. October's imports were 9.61 million bpd. Click here to read full stories.

Dec 10 - OPEC and its allies seek the nirvana of crude oil "balance": Russell 

The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is "balance". It's something everybody in the market says they want, but they all have different ideas of what it means and how to get there. Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market. Click here to read full stories.

Dec 10 - U.S. oil drillers cut most rigs since May 2016 - Baker Hughes 

U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history. Energy companies cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Dec 10 - Saudi oil exports seen down 1 mln bpd in Jan from Nov levels - sources 

Saudi Arabia's crude oil exports are expected to drop next month by some 1 million barrels per day (bpd) from November levels, two sources familiar with the matter said on Saturday. The world’s top oil exporter is expected to ship about 7.3 million bpd in January, one of the sources said, due to softening seasonal demand and as Riyadh follows through on a global deal to cut output to prevent a build up in oil supplies. Click here to read full stories.

Dec 07 - OPEC tentatively agrees oil cut, waits for Russia to commit

OPEC tentatively agreed an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said. Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. Novak returns to Austria's capital for discussions among Saudi-led OPEC and the group's allies on Friday. Click here to read full stories.

Dec 07 - In major shift, U.S. now exports more oil than it ships in

The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply. When adding in all imports and exports of crude and refined products, the U.S. exported a net 211,000 barrels per day for the week through Nov. 30 – the first time that has happened, according to U.S. Energy Department figures dating to 1973. That was on the back of a jump in crude exports to a weekly record of more than 3.2 million bpd. Click here to read full stories.

Dec 07 - Asia oil and LNG markets are both swamped, so why are prices poles apart? 

Asian markets for liquefied natural gas (LNG) and oil are closely related, and both now awash in oversupply. But while data shows forward oil prices rising, LNG prices for future delivery are veering in the opposite direction. This makes it unprofitable for the LNG market to store excess gas, as the forward curve for Asian LNG shows prices for February are 40 cents below January's $9.67 per million British thermal units (mmBtu). Click here to read full stories.

Dec 07 - Venezuela signs oil, gold investment deals with Russia -Maduro

Venezuela has signed deals securing investment from Russia in the South American country's oil and gold sectors, President Nicolas Maduro said on Thursday at the end of a three-day trip to Moscow. "We have signed contracts to guarantee investments of more than $5 billion with our Russian partners in joint ventures to raise oil production," Maduro said in a video posted on his Twitter account. Click here to read full stories.

Dec 07 - Chevron sets first capital spending budget increase in 4 years

Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S. oil producer said on Thursday in a statement, its first increase in four years. Its 2019 capital spending budget is at the high end of an $18 billion to $20 billion per-year range that Chevron executives set earlier this year as the annual target through 2020. Click here to read full stories. 

Dec 07 - India's HPCL to buy Iranian oil in Jan after six-mth gap - sources

State-run Indian oil refiner Hindustan Petroleum Corp will buy Iranian crude in January after a gap of six months, with the nation's overall purchases from Tehran at 9 million barrels in the month, four industry sources said. The United States in early November granted India a six-month waiver from sanctions against Iran's oil exports. Click here to read full stories.

Dec 07 - Trump targets pair of Obama-era green rules to boost oil, coal

The Trump administration took aim at two Obama-era environmental policies on Thursday to boost the oil and coal industries, proposing to open up a bird's wildlife habitat to drilling and mining and remove hurdles to new coal-fired power plant construction. The moves, part of a broader agenda by U.S. President Donald Trump to revive the ailing coal industry and ramp up domestic energy production, come amid increasingly urgent warnings from within his own government about climate change, and as world leaders gather at a United Nations conference to combat planetary warming. Click here to read full stories.

Dec 06 - Oil's sharp price drop fuels questions for stock market 

U.S. stock investors are wary that a 30 percent slump in oil prices will pressure corporate profits while also presenting a sign of weakness in global growth at a time they are already weighing when the long economic expansion will end. Crude prices rebounded off of one-year lows to start the week, with investors focused on Thursday's meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC) and allied producing countries including Russia. Click here to read full stories.

Dec 06 - OPEC, Russia move closer to cutting oil output 

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC's de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut. Click here to read full stories.

Dec 06 - World's biggest oil traders paid bribes in Brazil scandal - prosecutors 

Leading global oil traders Vitol, Trafigura and Glencore paid more than $30 million in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday. Top executives of the international companies had "total and unequivocal" knowledge of the graft involving Petroleo Brasileiro SA, known as Petrobras, investigators said at a news conference. The bribes took place between 2011 and 2014, investigators said. Click here to read full stories.

Dec 06 - Shale's growing profits at the mercy of OPEC cuts and Trump's tweets 

The recent nosedive in crude oil prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share. The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world's top oil producer and a major exporter. Click here to read full stories.

Dec 06 - Alberta's oil cuts could hit light oil producers, rail shipments 

Alberta's decision to mandate output cuts to reduce a supply glut will have negative effects on North American producers of lighter oil used for blending and U.S. refiners importing crude via rail, even as several major Canadian energy companies cheered the move. Canada's oil production is at a record 4.6 million barrels a day, but producers cannot get oil to market because the pipelines that cross into the United States are full. Pipeline construction, particularly in Canada, has not kept up with record output. Click here to read full stories.

Dec 06 - Venezuela's refinery woes send fuel imports soaring - internal documents 

Venezuela this month plans to import over 300,000 barrels per day (bpd) of refined products to ease domestic fuel shortages caused by hobbled refineries and need to prioritize exports, according to internal documents seen by Reuters. The country with the world's largest crude reserves this year has not been able to make enough fuel to meet local demand and fulfill supply contracts with customers, including those under oil-for-loan agreements with Russia and China, the documents showed. Click here to read full stories.

Dec 05 - OPEC works on deal to cut output, still needs Russia on board 

OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a major cut was so far the main stumbling block. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and fears of an oil glut due largely to a rise in U.S. production. Click here to read full stories.

Dec 05 - China's Unipec to buy U.S. crude oil after Xi-Trump trade truce 

Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, three sources with knowledge of the matter said. The sources told Reuters that Unipec is looking to import U.S. oil by March 1, when the 90-day negotiating period agreed to by the leaders of the world's two biggest economies comes to an end. Click here to read full stories.

Dec 05 - If Iran can't export oil from Gulf, no other country can, Iran's president says 

Iranian President Hassan Rouhani made an apparent threat on Tuesday to disrupt other countries' oil shipments through the Gulf if Washington presses ahead with efforts to halt Iranian oil exports. The United States has imposed sanctions on Iran and U.S. officials say they aim to reduce Iran's oil exports to zero in a bid to curb the Islamic Republic's missile programme and regional influence. Click here to read full stories.

Dec 05 - Exxon, Chevron seek to exit Azerbaijan's oil after 25 years 

Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan's largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea, according to industry sources. Click here to read full stories.

Dec 05 - Saudi Arabia cuts January Arab Light crude OSP for Asia 

Saudi Aramco has cut its January price for its Arab Light grade for Asian customers by $1 a barrel versus December to a premium of $0.60 a barrel to the Oman/Dubai average, according to a document seen by Reuters on Tuesday. The company raised its Arab Light OSP to Northwest Europe by 60 cents a barrel for January from the previous month at a discount of $1.60 to the ICE Brent. Click here to read full stories.

Dec 05 - Asian gasoline refiners lose money as margins turn negative; worst in 7 years 

Asian refiners are now losing money producing gasoline, a market benchmark showed on Wednesday, with margins sliding to their worst level in seven years as rising exports from China spill into an already oversupplied market. The benchmark Singapore margins for 92 RON gasoline against Brent crude oil hit minus $1.44 a barrel on Tuesday, the weakest level since November 2011. Click here to read full stories.

Dec 04 - As Iran supply dries up, SKorea petchem firms find new, costly oil sources

With supply from major producer Iran uncertain, big condensate user South Korea is scouring the world for alternative sources of this key ingredient in its large chemical industry to avert shortages - a process that is proving to be costly for buyers. Condensate, a type of ultra-light crude oil, is a feedstock for South Korea's petrochemical industry. A by-product of natural gas production, Iran and Qatar are major condensate suppliers. But Iran's exports have fallen sharply this year as production in its South Pars gas field struggles to keep up with rising domestic demand while renewed U.S. sanctions on Iran's petroleum industry crimp exports.  Click here to read full stories

Dec 04 - China imports first U.S. crude in two months, traders still wary

China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data - a deal made by an independent "teapot" refiner as larger players held off amid trade tensions. Chinese buyers have largely avoided U.S. oil during the two countries' trade war, fearing the imposition of tariffs. China had risen to become the largest importer of U.S. crude oil in 2018 before cutting off shipments as the trade war escalated. Click here to read full stories

Dec 04 - Hedge funds finish selling crude but increasingly bearish on diesel: Kemp

Hedge fund managers had largely completed the recent wave of selling in crude oil futures and options by the middle of last week but there were heavy sales of derivatives linked to middle distillates. Hedge funds and other money managers were net sellers of 41 million barrels in the six most important futures and options contracts linked to petroleum prices in the week to Nov. 27. Click here to read full stories

Dec 04 - Some Canadian producers push back as Alberta orders oil cuts

Several oil companies in Canada pushed back on Monday against Alberta's mandated cuts in crude production, warning about excessive government intervention even as the discount on Canadian crudes narrowed sharply on the curtailment plan. Alberta Premier Rachel Notley said on Sunday the government would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until excess crude in storage is reduced.  Click here to read full stories

Dec 04 - Iran says OPEC members who increased output should take lead on cuts

Qatar's decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply cuts should come only from countries that had increased output. The comments underline tensions within the Organization of the Petroleum Exporting Countries ahead of this week's meeting to discuss curbing output and prolonging a supply-limiting pact with Russia and other non-members into 2019. Click here to read full stories

Dec 04 - EU proposes restoring anti-subsidy duties on Argentine biodiesel - document

The European Commission has proposed reinstating anti-subsidy duties on imports of Argentine biodiesel after massive shipments of cheap biodiesel from Latin America into the European Union threatened its industry, an EU document seen by Reuters shows. The plan follows an investigation requested by EU producers of fuels made from vegetable and recycled oil, which have been hit hard by cheap imports since the EU slashed duties last year in response to a ruling by the World Trade Organization. Click here to read full stories

Dec 03 - Oil, steel prices surge as U.S., China declare truce in trade war 

Oil prices climbed 5 percent on Monday and steel followed suit, leading a broad-based rally in commodities after the United States and China agreed a 90-day truce in their trade conflict, in a reprieve for the global economy and financial markets. Metals and grains also climbed, with soybeans - a casualty of the U.S.-China trade war - hitting its highest in almost six as investors snapped up risky assets. Gold was steady. Click here to read full stories.

Dec 03 - Qatar to withdraw from OPEC as of Jan 2019 - minister 

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday. The decision came after Qatar, one of OPEC's smallest producers but the world's largest liquefied natural gasexporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said. Click here to read full stories.

Dec 03 - How cynical should you be about the Trump-Xi deal? Watch commodities: Russell 

Perhaps the most interesting thing to try and calculate after the seeming trade ceasefire between the United States and China is the level of cynicism that will greet the new detente. President Donald Trump and his Chinese counterpart Xi Jinping agreed to halt imposing additional tariffs on each other's imports while they try to reach a deal to end their trade dispute within 90 days. Click here to read full stories.

Dec 03 - Saudi Arabia may cut Jan prices for all crude oil grades to Asia 

Top oil exporter Saudi Arabia is expected to cut prices for all grades of crude it sells to Asia in January amid a weaker Middle East benchmark Dubai and low margins for light products, industry sources said on Monday. Saudi Aramco will set prices for crude loading in January this week, ahead of a meeting among the Organization of the Petroleum Exporting Countries and Russia to decide on output cuts. Click here to read full stories.

Dec 03 - Hedge funds raise bullish oil positions 

Hedge funds and other money managers raised their net long position on U.S. crude in the latest week, cutting bearish positions as prices declined in a period of choppy trade, weekly U.S. data showed Friday. The speculator group raised its combined futures and options position in New York and London by 1,668 contracts to 170,394 during the week ended Nov. 27. Click here to read full stories.

Dec 03 - After Trump calls, Gulf OPEC members cover most of Iran oil loss - Reuters survey 

OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump. The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016. Click here to read full stories.

Dec 03 - Slowing demand and a supply glut to drain oil's gains in 2019 - poll

Oil analysts are increasingly pessimistic about the prospect of a price rally next year, when the outlook for demand is uncertain and supply is growing at breakneck speed, even though the market expects OPEC to cut output, a Reuters poll showed. A survey of 38 economists and analysts forecast Brent crude to average $74.50 a barrel in 2019, lower than the $76.88 outlook last month. The poll predicted Brent would average $73.20 in 2018, mostly in line with the $73 average for the global benchmark so far this year. Click here to read full stories.

Dec 03 - Why is Canada's Alberta forcing oil production cuts?  

Alberta Premier Rachel Notley said on Sunday that the Western Canadian province would mandate temporary oil output cuts to deal with a pipeline bottleneck that has led to a glut of crude in storage and driven down Canadian crude prices. The production caps are the latest effort by the province's left-leaning New Democratic Party government to deal with historically low crude prices that are hurting producers and dragging on government revenues. Click here to read full stories.

Dec 03 - Russian oil production down from post-Soviet high in November 

Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday. In tonnes, oil output reached 46.532 million versus 48.262 million in October. Reuters uses a tonne/barrel conversion ratio of 7.33. Click here to read full stories.

Dec 03 - U.S. drillers add oil rigs for 5th straight month - Baker Hughes 

U.S. energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth consecutive month, even though oil prices this week fell to their lowest since October 2017. Drillers added two oil rigs in the week to Nov. 30, bringing the total count to 887, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Dec 03 - Russia's Putin says no hard figures on possible oil output cuts 

Russian President Vladimir Putin said on Saturday he had no concrete figures on possible oil output cuts, though his country would continue with its contribution to reducing global production. Russia, one of the world's major crude producing nations, has been bargaining with OPEC's leader, Saudi Arabia, over the timing and volume of any reduction. OPEC and non-OPEC oil producers will hold a ministerial meeting Dec. 6-7. Click here to read full stories.

Nov 30 - Saudi energy minister goes to OPEC with a weak hand: Kemp 

Saudi Arabia’s energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week’s meeting of OPEC and non-OPEC oil producers in Vienna. Falih’s challenge is to get other countries on board with output cuts to avert another crash in oil prices next year while disguising the kingdom’s diminishing leverage in the oil market. Click here to read full stories.

Nov 30 - EPA lifts advanced biofuel mandate for 2019 - document 

The U.S. Environmental Protection Agency lifted its annual blending mandate for advanced biofuels by 15 percent for 2019, while keeping steady the requirement for conventional biofuels like corn-based ethanol, according to an agency document seen by Reuters on Thursday. The mandate includes 4.92 billion gallons for advanced biofuels that can be made from plant and animal waste, an increase from the EPA's initial proposal in June of 4.88 billion and above the 4.29 billion that had been set for 2018, according to the document. Click here to read full stories.

Nov 30 - Russia accepts need for oil cuts, bargains with Saudi on details - sources 

Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC but is still bargaining with the producer group's leader, Saudi Arabia, over the timing and volume of any reduction, two industry sources told Reuters. The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, ahead of a gathering in Vienna of the Organization of the Petroleum Exporting Countries and its allies on Dec. 6-7. Click here to read full stories.

Nov 30 - U.S. crude, natgas proved reserves hit record highs in 2017 - EIA 

U.S. crude oil and natural gas proved reserves rose to record highs in 2017, driven by stronger energy prices and the continuing development of shale formations, the U.S. Energy Information Administration (EIA) said on Thursday. Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970. Click here to read full stories.

Nov 29 - Saudi Arabia wants united front on oil output; Russia and Nigeria hold out 

Saudi Arabia will not cut oil output on its own to stabilise the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russia said it is too early to signal whether they would join any production curbs. Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output. Click here to read full stories.

Nov 29 - Pressure mounts to bury carbon emissions, but who will pay?  

When countries gather on Sunday to hammer out how they will enact pledges to cut carbon emissions, a Norwegian-led oil consortium will offer a solution: pump some of your excess carbon dioxide to us and we could store it for you. Environmentalists worry the costly technology, known as carbon capture and storage (CCS), will perpetuate the fossil fuel status quo when rapid and deep cuts energy use are needed to limit global warming. Click here to read full stories.

Nov 29 - U.S. crude stockpiles build for 10th straight week - EIA 

U.S. crude oil stockpiles rose for a 10th week in a row last week even as refineries boosted output and exports increased, the Energy Information Administration said on Wednesday. Crude inventories rose 3.6 million barrels in the week to Nov. 23, compared with analysts' expectations for an increase of 769,000 barrels. Click here to read full stories.

Nov 29 - Two U.S. pipelines rack up violations, threaten industry growth 

Energy Transfer LP and its Sunoco pipeline subsidiary have racked up more than 800 state and federal permit violations while racing to build two of the nation's largest natural gas pipelines, according to a Reuters analysis of government data and regulatory records. The pipelines, known as Energy Transfer Rover and Sunoco Mariner East 2, will carry natural gas and gas liquids from Pennsylvania, Ohio and West Virginia, an area that now accounts for more than a third of U.S. gas production. Click here to read full stories.

Nov 29 - Crude oil focuses on Trump, Putin, Bin Salman nexus, but China looms: Russell 

The crude oil market is likely to be fixated in coming days on the interactions of U.S. President Donald Trump, his Russian counterpart Vladimir Putin and Saudi Arabia's embattled Crown Prince Mohammed bin Salman at this weekend's G20 meeting. Throw in a dash of U.S.-China trade politics at a much anticipated dinner on Saturday between Trump and President Xi Jingping and the G20 gathering in Buenos Aires is potentially going to deliver a smorgasbord of juicy headlines to drive crude prices. Click here to read full stories.

Nov 29 - EPA refinery biofuel waiver program on hold pending review - sources 

The Trump Administration has temporarily frozen a program meant to exempt small oil refineries in financial distress from the U.S. biofuels law, as it reviews the scoring system to evaluate applications, according to two sources familiar with the matter. The review means changes are likely to the program, which has become a lightning rod of controversy between the rival oil and corn industries since the Environmental Protection Agency vastly increased the number of waivers for last year. Click here to read full stories.

Nov 29 - Canada's Alberta province to buy rail cars to reduce oil glut 

Canada's Alberta province is in talks to buy rail cars to transport 120,000 barrels per day of crude oil and expects a deal to be concluded within weeks, Premier Rachel Notley said on Wednesday, as the oil-rich province tries to move oil stuck in the region because of a lack of pipeline capacity. Notley, who said the cars were needed to help deal with a glut that has slashed the price of Alberta oil, told a business audience she was disappointed the federal government was not helping fund the purchase. Click here to read full stories.

Nov 28 - Oil investors still on edge, waiting on OPEC's word 

Global oil markets are nervously eyeing OPEC's upcoming meeting for clarity on future supply as the dust settles after a full-fledged rout in crude markets over the last several weeks. So far, there is no clear view if production will be cut or remain steady, and that uncertainty raises the risk of more volatile trading after mass selling caused oil to drop by more than 30 percent in little over a month. Click here to read full stories.

Nov 28 - Three North Sea Forties oil cargoes dropped as Buzzard field shut 

The shutdown of Britain's largest oilfield for repairs is reducing supply of a North Sea crude that helps to set global prices, as trade sources said on Tuesday three cargoes due to load in December had been cancelled. The Buzzard oilfield, which pumps about 150,000 barrels per day and is the largest contributor to the Forties crude stream, has closed temporarily after the discovery of pipe corrosion. A smaller field linked to Forties, Total's Elgin-Franklin, is also shut for maintenance. Click here to read full stories.

Nov 28 - U.S. crude oil stocks rise 3.5 mln bbls, larger build than expected in week - API 

U.S. crude stocks rose last week, while gasoline inventories decreased and distillate stocks built, industry group the American Petroleum Institute said on Tuesday. Crude inventories rose by 3.5 million barrels in the week to Nov. 23 to 442.7 million, compared with analysts' expectations for an increase of 769,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels, API said. Click here to read full stories.

Nov 28 - Asian gasoil refining margins skid to 4-mth low as China opens export taps 

Asian refining margins for gasoil slid to their lowest in four months on Wednesday, squeezed as traders brace for a flood of extra Chinese fuel hitting a region already awash in supplies at a time of unexpectedly lacklustre demand. Refining margins - known as 'cracks' - for gasoil with 10 parts per million (ppm) sulphur content fell to $14.52 a barrel over Dubai crude on Wednesday, their weakest since Aug. 2. Click here to read full stories.

Nov 28 - EPA will not reallocate waived biofuel volumes to 2019 mandate - official 

The U.S. Environmental Protection Agency (EPA) has rejected requests from the corn lobby to reallocate biofuel volumes waived under its small refinery exemption program into its 2019 mandate, an agency official told Reuters on Tuesday. The official also said the 2019 biofuel mandate figures, due to be released this week, would be largely in line with the agency's June proposal of 19.88 billion gallons, which includes 15 billion gallons of convention biofuels like ethanol. Click here to read full stories.

Nov 28 - Oil prices steady as funds near end of liquidation: Kemp 

Hedge fund managers continued to exit from their former bullish positions in crude oil and fuels last week but the worst of the selling may be over, which has helped steady futures prices. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 54 million barrels in the week to Nov. 20. Click here to read full stories.

Nov 27 - Dismantling the oil industry: rough North Sea waters test new ideas 

Scottish marine salvage group Ardent is adapting the tanks it used to refloat the Costa Concordia, the cruise ship wrecked off the Italian coast in 2012, to decommission North Sea oil platforms. It is one of several companies trying new ideas to win business in the market for dismantling disused oil platforms. Click here to read full stories.

Nov 27 - Oil market power ebbs from OPEC to the troika: Kemp 

The Organization of the Petroleum Exporting Countries has been marginalised as critical decisions about the oil market are taken by a troika of the United States, Russia and Saudi Arabia. The rise and subsequent fall in oil prices this year has been almost entirely driven by production decisions in these three countries and their policies towards managing the impact of renewed sanctions on Iran. Click here to read full stories.

Nov 27 - G20 meeting could trigger rebound in commodities prices - Goldman 

Goldman Sachs said on Monday the G20 meeting this week could be a catalyst for a rebound in commodities prices, possibly prompting a thaw in U.S.-China trade tensions and offering greater clarity on a potential OPEC oil curb. "Given the size of dislocations in commodity pricing relative to fundamentals, with oil now having joined metals in pricing below cost support, we believe commodities offer an extremely attractive entry point for longs in oil, gold and base (metals)," the bank said in a note. Click here to read full stories.

Nov 27 - Hedge funds raise U.S. crude oil net longs first time since Sept - CFTC 

Hedge funds and other money managers raised their bullish position on U.S. crude for the first time in 8 weeks, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group increased its combined futures and options position in New York and London by 3,606 contracts to 168,726 in the week that ended Nov. 20, the CFTC said in a report delayed by the U.S. Thanksgiving holiday on Nov. 22. Click here to read full stories

Nov 27 - Venezuela rejected BP bid to buy Total's stake in gas block - sources 

Venezuela's oil ministry last month turned down a proposal by BP to buy Total's stake in a promising but inactive natural gas project along the maritime border with Trinidad and Tobago, five people briefed on the matter said. BP owns the rights to the Trinidadian side of the gas play. It could have used the output from the neighboring area, the Deltana Platform's fourth block off Venezuela's eastern coast, to feed its growing operations on the island, said the people, who were not authorized to speak publicly. Click here to read full stories.

Nov 26 - Seeing the bigger picture: oil price slump is part of broader Asian pullback 

The steep plunge in crude futures in the last few weeks was triggered by a nascent glut as supply-growth started to outpace demand, but it was also part of a broader pullback from risky emerging market assets such as Asian currencies and stocks. Those assets had done well in recent years, boosted by economic growth in nations such as China, India and Indonesia. Click here to read full stories.

Nov 26 - Venezuela settles $1.2 bln creditor claim to protect Citgo 

Cash-strapped Venezuela settled a $1.2 billion arbitration claim that will prevent a creditor from stripping away its crown jewel foreign asset, the U.S.-based Citgo Petroleum Corp refining business, according to Canadian court documents. The deal with Crystallex International Corp suspends the Canadian mining company's push for a court-ordered auction of control of Citgo as a way of collecting on an arbitration award against Venezuela that has grown to more than $1.4 billion with interest. Citgo is based in Houston, Texas. Click here to read full stories.

Nov 26 - A slippery trade: oil slump proves bears right 

The latest collapse in oil prices has proved some investors right in their lack of confidence in energy stocks this year. Crude prices surged to a four-year high early in 2018 as tensions with Iran and OPEC supply cuts raised concerns that global oil supply was dwindling. Click here to read full stories.

Nov 26 - Asia's motorists aren't getting the full joy of crude's slump: Russell 

U.S. President Donald Trump has boasted that falling crude prices are like a tax cut for the world, however, motorists in much of Asia have yet to pocket substantial savings from the recent rout in oil markets. Since its 2018 closing peak of $86.29 a barrel on Oct. 3, Brent crude has tumbled 32 percent to end at $58.50 on Nov. 23. Click here to read full stories.

Nov 26 - Rosneft's Sechin flies to Venezuela, rebukes Maduro over oil shipments 

The head of Russian oil company Rosneft, Igor Sechin, flew to Caracas this week to meet Venezuelan President Nicolas Maduro and complain over delayed oil shipments designed to repay loans, two sources briefed on the conversation said on Saturday. The visit, which was not publicly disclosed, is one of the clearest signs of strain between crisis-stricken Venezuela and its key financier Russia. Click here to read full stories.

Nov 26 - China says work far from complete on national CO2 scheme 

China still needs to do a lot of work before it can fully launch its long-awaited nationwide carbon emissions trading scheme and will gradually phase in the system that is already running behind schedule, a senior government official said on Monday. China began launching pilot regional trading platforms in 2013 in line with its efforts to curb surging greenhouse gas emissions, compelling firms in industries like power, steel and cement to cut emissions or buy carbon permits to cover their annual allocations. Click here to read full stories.

Nov 26 - Oil's Black Friday drop could hit drilling budgets for 2019 

North American oil producers that have been increasing spending to take advantage of this year's higher prices will dial back as November's reversal fuels worries about a 2019 surplus, energy executives say. U.S. light sweet crude settled on Friday at $50.42 a barrel, down nearly 23 percent since October and the lowest in more than a year over worries about oversupply and the Sino-U.S. trade war. The drop comes as many oil producers are assembling drilling budgets for 2019. Click here to read full stories.

Nov 26 - Malaysia to fully implement new biodiesel programme from Feb 2019 

Malaysia on Monday said it will start to phase in a higher biodiesel mandate from next month, with the new rule coming into full force from February in an effort to bolster the palm oil industry. The so-called B10 biodiesel programme, which will raise the minimum bio-content that local producers must put in biodiesel to 10 percent from the current 7 percent, will be implemented for the transportation sector in phases beginning Dec. 1, primary industries minister Teresa Kok said. Click here to read full stories.

Nov 26 - Egypt says U.S. oil firms showing appetite for offshore projects 

Egypt sees increasing interest from U.S. energy companies in developing its offshore oil and natural gas resources and expects them to participate in two bidding rounds due before year-end, Petroleum Minister Tarek El Molla said. Egypt has emerged as an attractive destination for foreign energy firms following a string of major discoveries in recent years including the giant Zohr offshore field, which holds an estimated 30 trillion cubic feet of gas. Click here to read full stories.

Nov 23 - Trafigura, BP increase loans to Russia-backed Indian refiner to $3 bln 

Russian-backed Indian refiner Nayara Energy is set to secure its biggest fuel-backed loan, a $1.5 billion advance from Trafigura, BP and some banks, according to industry and banking sources familiar with the matter. It takes the total size of Nayara's pre-payment deals to nearly $3 billion despite concerns over U.S. sanctions. Click here to read full stories.

Nov 23 - Saudi Arabia will respond to weak oil demand, energy minister Falih says 

Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he sees weak oil demand in January and said the kingdom would respond accordingly to cool the global market’s anxiety. The world’s top oil exporter’s crude output in November is above October levels, he said, adding that it was in no one’s interest to create a supply glut. Click here to read full stories.

Nov 23 - Big Oil digs North Sea's 'final frontier' 

"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea. That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.  The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea, one of the oldest offshore basins, which was once predicted to run dry by the 2020s. Click here to read full stories.

Nov 23 - Iran's oil exports drop sharply on sanctions - Petro-Logistics 

Iran's oil exports have dropped by several hundred thousand barrels per day (bpd) this month, a leading tanker-tracking company said on Thursday, suggesting U.S. sanctions that kicked in this month have scared off many buyers. Geneva-based Petro-Logistics, which tracks oil supply from OPEC members and other major exporters, said shipments dropped steeply in early November as customers awaited clarity on whether the U.S. administration would issue waivers. Click here to read full stories.

Nov 23 - Trump presses home his Saudi oil advantage after Khashoggi affair: Kemp 

U.S. President Donald Trump has in effect agreed to overlook the killing of journalist Jamal Khashoggi in return for Saudi Arabia’s help to contain oil prices and for its assistance in other areas. The United States and Britain have seized on the vulnerability of the kingdom and its de facto ruler Crown Prince Mohamed bin Salman to push harder for a partial ceasefire in Yemen and improve relations with Qatar. Click here to read full stories.

Nov 23 - PDVSA in talks over second sea-borne oil-transfer operation - sources 

Venezuela's state-run oil firm PDVSA has begun talks with shipping firms to set up a second ship-to-ship (STS) operation off the country's eastern coast in an effort to increase sagging crude exports, according to three people familiar with the matter. PDVSA this year began sea-borne oil transfers off its western coast, mainly to move crude and fuel oil to Asia, after its ports clogged with tankers waiting to load and its Caribbean terminals faced seizure. Click here to read full stories.

Nov 22 - U.S. crude stockpiles rise more than forecast in ninth weekly build - EIA 

U.S. crude oil stockpiles rose more than expected last week, building for the ninth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose 4.9 million barrels in the week to Nov. 16, compared with analysts' expectations for an increase of 2.9 million barrels. Total inventories were 446.91 million barrels, the highest level since December 2017. Click here to read full stories.

Nov 22 - Trump praises Saudi Arabia amid pressure over ally 

U.S. President Donald Trump on Wednesday praised Saudi Arabia for helping to lower oil prices as pressure intensified for the United States to impose tougher sanctions on its Middle East ally over dissident Saudi journalist Jamal Khashoggi's murder. In a tweet, Trump thanked Riyadh for the recent drop in oil prices and called for prices to go even lower to boost the U.S. and global economies. Click here to read full stories.

Nov 22 - Canada considering proposal to buy rail cars to move stranded crude - sources 

Canada's federal government is considering a proposal from its main oil producing province of Alberta to share the cost of buying rail cars to move oil stuck in the region because of a lack of pipeline capacity, said two sources with direct knowledge of the matter. The lack of pipelines has caused Western Canadian oil producers to struggle to move oil to refineries in the United States, resulting in record low prices for Canadian crude. Click here to read full stories.

Nov 22 - U.S. oil drillers cut rigs for first week in three - Baker Hughes 

U.S. energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year. Drillers cut three oil rigs in the week to Nov. 21, bringing the total count down to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Wednesday. Click here to read full stories.

Nov 21 - Goldman Sachs expects volatile oil prices in coming weeks 

Goldman Sachs said in a note on Wednesday that it expects oil markets to remain highly volatile in the coming weeks. Oil markets clawed back some ground on Wednesday after tumbling more than 6 percent the day previous day in heavy trading volumes.  Click here to read full stories.

Nov 21 - India's crude oil imports rise to highest level in at least 7 years 

India's crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday. Crude imports in October climbed 10.5 percent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011. Click here to read full stories.

Nov 21 - U.S. targets Iran-Russia network over oil sent to Syria 

The United States said on Tuesday it had moved to disrupt an Iranian-Russian network that sent millions of barrels of oil to Syria and hundreds of millions of dollars to indirectly fund militant groups Hamas and Hezbollah. The complicated arrangement, described by the U.S. Treasury in a statement, involved a Syrian citizen using his Russia-based company to ship Iranian oil to Syria with the aid of a Russian state-owned company. Click here to read full stories.

Nov 21 - Chevron granted waiver from U.S. biofuel laws at Utah plant -source 

The U.S. Environmental Protection Agency granted oil major Chevron Corp a 2017 hardship waiver from U.S. biofuel laws for its Utah refinery earlier this year, according to a source familiar with the company's operations. Chevron, which reported a net income of $9.2 billion in 2017, becomes the largest known company to be awarded a hardship waiver from the Renewable Fuel Standard (RFS), which requires refiners to blend biofuels like ethanol into their fuel pool or buy compliance credits from competitors that do. Click here to read full stories.

Nov 21 - U.S. crude oil stocks unexpectedly fall 1.5 mln bbls - API

U.S. crude stocks fell unexpectedly last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Tuesday. Crude inventories fell by 1.5 million barrels in the week to Nov. 16 to 439.2 million, compared with analysts' expectations for an increase of 2.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 398,000 barrels, API said. Click here to read full stories.

Nov 21 - Oil market readies for new IMO regulations: Kemp 

Global oil markets are adjusting to relatively strong demand for diesel and jet fuel compared to gasoline, coupled with the introduction of new bunker fuel regulations at the start of 2020. Rising diesel and jet fuel prices, at least relative to crude and gasoline, are forcing adjustments that should lessen the chance of a severe shortage at the end of next year. Click here to read full stories.

Nov 21 - Noble Group hit by regulatory probe, days before closing $3.5 bln restructuring deal 

Singapore authorities are investigating Noble Group Ltd for suspected false and misleading statements, just days before the Singapore-listed company was to complete its $3.5 billion debt restructuring deal to prevent its collapse. Noble, once Asia's top commodity trader, has seen its market value all but wiped out from $6 billion in February 2015 after its accounting was questioned by Iceberg Research. To rescue itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting. Click here to read full stories.

Nov 20 - IEA's Birol appeals for "common sense" as oil producers weigh supply cut 

Oil supply cuts by key producers could have negative implications for markets, the head of the International Energy Agency said on Monday, appealing to market players to use "common sense". IEA chief Fatih Birol, speaking at a news conference with central European energy ministers in Bratislava, said markets were currently well supplied but spare capacity in Saudi Arabia was thin and cuts by key players could tighten markets. Click here to read full stories.

Nov 20 - Oil market shows investors don't quite buy OPEC's output plan 

The oil price has recovered from last week's battering, ostensibly soothed by the possibility that OPEC and its partners could cut production to prevent another global surplus from forming. But the futures market shows investors remain unconvinced that such a plan will work. The January Brent futures contract is trading at a discount to the February contract, a pricing structure known as contango that reflects a perception among traders and investors that oil supply will be greater than demand. Click here to read full stories.

Nov 20 - Refiners get taste of post-IMO world with gasoline/diesel imbalance 

Refineries around the world are squeezing out every last drop of diesel while drowning in gasoline, in what could well become the new normal for the next few years. The imbalance is a confluence of major shifts in oil markets - surging production of light U.S. shale oil, plummeting exports of heavier Venezuelan and Iranian crude, weakening gasoline demand and rising diesel consumption. Click here to read full stories.

Nov 20 - Oil market bull run ends as hedge funds square up positions: Kemp 

Hedge fund managers have exited from all the bullish positions in crude oil and fuels they accumulated in the second half of 2017 as the bull market has unwound. Upside price potential from Iran sanctions and prospective production cuts by OPEC is matched by downside risks from rapidly rising U.S. shale production and a deteriorating economic outlook. Click here to read full stories.

Nov 20 - New Petrobras CEO rules out privatization, wants non-core asset sales 

A University of Chicago-trained economist named on Monday to head Brazil's Petrobras will not privatize the state-run company, but wants to push ahead with selling non-core assets and to focus on oil exploration and production. Brazil's incoming far-right government announced Roberto Castello Branco as the next chief executive of Petroleo Brasileiro SA, amid a debate over how far to pursue asset sales at the indebted company, Latin America's largest by market capitalization. Click here to read full stories.

Nov 20 - Japan, S.Korea plan to resume Iran oil imports from January - sources 

Refiners in Japan and South Korea are looking to resume Iranian oil imports from January after receiving waivers from U.S. sanctions on Tehran, sources familiar with the matter said. The unexpected resurgence in Iranian oil imports due to the waivers has helped push spot prices for Middle East crude and condensate to their lowest in more than a year. Click here to read full stories.

Nov 19 - Iraq restarts some Kirkuk oil exports after year-long halt 

Iraq on Friday restarted exports of Kirkuk oil, halted a year ago due to a standoff between the central government and Kurdistan's semi-autonomous region, after a new government in Baghdad agreed a tentative deal with Erbil. The development is a win for the U.S. government, which has been urging both sides to settle the dispute and resume flows to help address a shortage of Iranian crude in the region after Washington imposed new sanctions on Tehran. Click here to read full stories.

Nov 19 - New Mediterranean refining capacity to dislocate fuel markets 

Three major centres for oil demand in the Mediterranean are expanding refinery capacity, squeezing traders and exporters including India and the Middle East out of traditionally busy markets for petroleum products such as diesel and gasoline. A new refinery in Turkey, plant upgrades in Algeria and Egypt and the Algerian purchase of an Italian refinery stand to dislocate petroleum product trading in the Mediterranean next year and beyond. Click here to read full stories.

Nov 19 - U.S. shale firms offer $100 million to aid Texas, New Mexico 

More than a dozen top U.S. energy companies have pledged $100 million toward easing stresses on health care, education and civic infrastructure from the shale oil and gas boom in West Texas and New Mexico, the group said on Sunday. Chevron, EOG Resources, Exxon Mobil and Royal Dutch Shell are among 17 companies backing the Permian Strategic Partnership, as the consortium is called, Don Evans, a former U.S. government official and energy executive helping launch the group, told Reuters on Saturday. Click here to read full stories.

Nov 19 - Oil market roiled by too much gasoline, not enough diesel: Kemp 

Global oil markets are increasingly over-supplied with light distillates, such as gasoline, while there are not enough middle distillates, such as diesel, which has opened a big price differential between the two fuels. To keep meeting healthy demand for mid-distillates, refiners are processing high volumes of crude and creating a glut of gasoline. Click here to read full stories.

Nov 19 - Hedge funds cut bullish crude bets to lowest since June 2017 

Hedge funds and other money managers cut their bullish wagers on crude futures and options to the lowest level since June 2017 as prices tumbled in the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position on U.S. crude in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017. Click here to read full stories.

Nov 19 - Asia condensate prices plunge on weak naphtha, more Iran supplies 

Spot prices in Asia for condensate, an ultra light crude oil, have plunged this week, dragged down by weak naphtha margins and the prospect of more supplies coming out from Iran, several trade sources said on Friday. Australian condensate has sold at the deepest discount in five years, while cargoes from Qatar are selling at discounts for the first time in more than a year, according to the sources and data from Reuters and Refinitiv Eikon. Click here to read full stories.

Nov 19 - Technocrat with a deft touch, Petrobras' placeholder CEO may cling on 

Brazil's right-wing President-elect Jair Bolsonaro has thrilled investors with pledges to transform the state's role in Latin America's largest country. But when it comes to state-run oil firm Petroleo Brasileiro SA, or Petrobras, the radical new approach could start with the new president doing nothing at all. Click here to read full stories.

Nov 16 - Upset by Trump's Iran waivers, Saudis push for deep oil output cut

When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh's arch-rival down to zero, OPEC and industry sources say. Click here to read full stories.

Nov 16 - U.S. shale surge boosts industry finances, puts deals in spotlight

If OPEC thought the 26 percent drop in oil prices since October might rein in U.S. shale production like the last sharp drop did four years ago, it might have to think again. U.S. shale firms are more profitable than ever after a strong third quarter, according to a Reuters analysis of results for 32 independent producers. These companies are producing more efficiently, generating more cash flow and consolidating in a wave of mergers, the data show. Click here to read full stories.

Nov 16 - Russia wants to steer clear of any OPEC-led oil production cut – sources

Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters. Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting Countries is talking about a policy U-turn just months after increasing production. Click here to read full stories.

Nov 16 - India's 2017/18 palm oil imports drop on weak rupee, liquidity crunch

India's 2018/2019 palm oil imports dropped 6.4 percent from a year ago to 8.7 million tonnes as rupee depreciation and a credit crunch dented refiners' ability to buy overseas, a leading trade body said on Thursday. India, the world's biggest importer of edible oils, buys palm oil from Indonesia and Malaysia, soyoil mainly from Argentina and Brazil, and sunflower oil from Ukraine. Click here to read full stories.

Nov 16 - U.S. crude stocks build the most in a week since Feb 2017 - EIA

U.S. crude oil stocks posted the biggest weekly build in nearly two years last week as production hit a new record high and the government released more barrels from its reserve, the Energy Information Administration said on Thursday. Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017, compared with analysts' expectations for an increase of 3.2 million barrels. That was the biggest weekly increase since February 2017. Click here to read full stories.

Nov 16 - U.S. envoy for Iran warns EU banks, firms against non-dollar Iran trade

European banks and firms who engage in a special European Union initiative to protect trade with Iran will be at risk from newly reimposed U.S. sanctions, the U.S. special envoy for Iran warned on Thursday. It is "no surprise" that EU efforts to establish a so-called Special Purpose Vehicle (SPV) for non-dollar trade with Iran were floundering over fear in EU capitals that hosting it would incur U.S. punishment, Special Representative Brian Hook said. Click here to read full stories.

Nov 15 - Oversupply fears cloud outlook for U.S. crude in 2019

The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019. U.S. crude futures plunged 7 percent on Tuesday, to settle at $55.69, their lowest level this year, down from a four-year high only a month ago. Tuesday marked a 12th straight session of declines, which is the longest losing streak on record, shaking a market that was bracing for supply shortfalls just a month ago. Click here to read full stories

Nov 15 - Worried by oil slump, OPEC and partners discuss larger supply curbs - sources

OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction. Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting Countries is talking about a U-turn just months after increasing production. Click here to read full stories

Nov 15 - Global oil market faces surplus throughout 2019 as demand growth slows

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. Click here to read full stories

Nov 15 - EU plan unravelling for non-dollar Iran trade, oil sales - diplomats

A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment, EU diplomats said. The main European powers - Germany, France and Britain - will raise pressure on Luxembourg to host the so-called Special Purpose Vehicle (SPV) after Austria refused to manage the plan, threatening its viability. Click here to read full stories

Nov 15 - Urals at premium to Brent in Baltic for first time since 2013 - traders

Urals crude oil traded at a premium to dated Brent in the Baltic on Wednesday for the first time since 2013, according to trade sources and Eikon Refinitiv terminal data. In the Platts window, Total purchased 100,000 tonnes of Urals crude oil for loading from Baltic ports on Dec. 5-9 at a premium of $0.10 a barrel to BFOE, traders said. Click here to read full stories

Nov 15 - Dried up - Europe's diesel hub roils as Rhine recedes

Diesel stocks in northwest Europe's refining hub are drying up as inbound tankers are turned away and exports soar in response to the receding Rhine river that has cut off key inland markets. Water levels along the Rhine, the main artery between the Amsterdam-Rotterdam-Antwerp (ARA) coastal hub and demand centres in Germany, France and Switzerland, have held near record lows for months and are not expected to materially improve until the end of the year, according to forecasts Click here to read full stories

Nov 14 - Asia's weakening economies, record supply threaten to create oil glut

Oil traders' worries over record supplies arriving in Asia just as the outlook for its key growth economies weakens have pulled down global crude benchmarks by a quarter since early October. Ship-tracking data shows a record of more than 22 million barrels per day (bpd) of crude oil hitting Asia's main markets in November, up around 15 percent since January 2017, and an increase of nearly 5 percent since the start of this year. Click here to read full stories

Nov 14 - Risking Trump ire, OPEC builds case for oil supply cut

OPEC built a case on Tuesday for cutting oil output when it meets next month, warning that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected. Worried by a drop in oil prices and rising supplies, OPEC is talking again of reducing production just months after increasing it. Such a shift would anger U.S. President Donald Trump, who on Monday urged OPEC not to cut supply.  Click here to read full stories

Nov 14 - Oil prices tumble as traders look beyond Iran: Kemp

Oil prices have fallen sharply since passing a cyclical peak at the start of October, amid surging production and mounting concerns about the state of the global economy and the outlook for consumption growth in 2019. Front-month Brent futures prices have dropped by more than $17 per barrel (20 percent) over the last five weeks while WTI futures prices have declined for a record 11 days in a row. Click here to read full stories

Nov 14 - China's Oct refinery output 2nd highest on record, gas output at 7-mth high

China's October refinery runs rose to the second highest on record for any month on a daily basis, official data showed on Wednesday, as refiners ramped up production amid strong margins for gasoline and diesel. The crude processing rate rose 4.6 percent from a year ago to 52.78 million tonnes, or 12.43 million barrels per day (bpd), just a touch off September's record of 12.49 million bpd. The strong production echoed record crude oil imports in October. Click here to read full stories

Nov 14 - U.S. shale oil output to hit record high 7.9 mln bpd in Dec - EIA

U.S. crude oil output from seven major shale basins was expected to hit a record of 7.94 million barrels per day (bpd) in December, according to a monthly government forecast released on Tuesday. The total oil output from the basins was expected to rise 113,000 bpd, driven largely by increases in the Permian Basin of Texas and New Mexico, where output was forecast to climb by 63,000 bpd to about 3.7 million bpd in December, the U.S. Department of Energy's Energy Information Administration (EIA) said. Click here to read full stories

Nov 14 - Fuel shortages the new normal in Venezuela as oil industry unravels

With chronic shortages of basic goods afflicting her native Venezuela, Veronica Perez used to drive from supermarket to supermarket in her grey Chevrolet Aveo searching for food. But the 54-year-old engineer has abandoned the practice because of shortages of something that should be abundant in a country with the world's largest oil reserves: gasoline. Click here to read full stories

Nov 14 - Oil majors spending 'sweet spot' to last to 2020 -BlackRock

Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday. Oil and gas giants such as Royal Dutch Shell, Chevron and BP are generating as much cash at today's oil prices of around $70 a barrel as they did in 2014, before crude spiralled down from over $100 a barrel to lows of below $30 a barrel. Click here to read full stories

Nov 13 - Global oil demand under growing threat from electric cars, cleaner fuel

Electric vehicles and more efficient fuel technology will cut transportation demand for oil by 2040 more than previously expected, but the world may still face a supply crunch without enough investment in new production, the International Energy Agency (IEA) said on Tuesday. Oil demand is not expected to peak before 2040, the Paris-based IEA said in its 2018 World Energy Outlook. Click here to read full stories

Nov 13 - Hedge funds enforce correction to oil market's course: Kemp

Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran. Hedge funds and other money managers cut their combined net long position in the six major petroleum futures and options contracts by another 108 million barrels in the week to Nov. 6. Click here to read full stories

Nov 13 - Saudi's Falih says analysis shows need for 1 mln bpd cut in oil output

Saudi Energy Minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to balance the market. Speaking at an industry event in Abu Dhabi, he said demand from Saudi Arabia's customers in December would fall by more than half a million bpd compared with November and there was a consensus not to allow oil inventory to build up. Click here to read full stories

Nov 13 - Rocket fuel: Australia targets hydrogen as next big energy export

Australia, the world's biggest coal exporter and second-biggest liquefied natural gas (LNG) exporter, wants to build its next big energy industry around exploiting solar and wind power along with brown coal to produce hydrogen. The same fuel used to power rockets into space, hydrogen has untapped energy potential without the downside of the carbon emissions from natural gas and coal. Click here to read full stories

Nov 13 - Oil pucks and pellets; Canada eyes new ways to move stranded crude

Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport. Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S. benchmark light oil price. Click here to read full stories

Nov 13 - Iranian military is ready to protect oil tankers against threats-deputy commander

Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock. The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May. Click here to read full stories

Nov 13 - Digitalisation can save oil upstream business $73 bln a year - Woodmac

Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said. Exploration and production, known as the upstream industry, requires energy firms to analyse huge amounts of seismic and geological data and to monitor and maintain offshore platforms and other complex assets, often in high-risk environments. Click here to read full stories

Nov 12 - Saudi Arabia to ship less oil in Dec as it floats cut talks possibility 

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent. Click here to read full stories.

Nov 12 - Iran sells more oil to private exporters to bypass U.S. curbs 

Iran sold 700,000 barrels of crude oil to private companies for export on Sunday in a second round of sales aimed at countering U.S. sanctions on the country's exports, oil ministry news website SHANA reported. Three unnamed companies paid $64.97 per barrel for two crude shipments of 245,000 barrels each and one shipment of 210,000 barrels, which were traded on Iran's energy bourse, SHANA reported. Click here to read full stories.

Nov 12 - Russian state bank secretly financed Rosneft sale after foreign buyers baulked 

It was billed as the deal that proved Russia remained open for business. "I want to congratulate you", Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016. Sechin had just announced the sale to Qatar's sovereign wealth fund and giant commodity trader Glencore of a 19.5 percent stake in Rosneft, the state oil giant that he runs. Click here to read full stories.

Nov 12 - U.S. postpones sanctions deadline on Russian tycoon's firms 

The United States on Friday said it was postponing the enforcement of sanctions on Russian companies EN+, Rusal and Gaz PAO for nearly four weeks as their top shareholder works on a plan to cut his stakes. The U.S. Treasury Department had given Russian tycoon Oleg Deripaska until Dec. 12 to reduce his holdings in the three companies but said in a statement that the deadline had been moved to Jan. 7, 2019. Click here to read full stories.

Nov 12 - Big Oil spent 1 percent on green energy in 2018 

Top oil and gas companies jointly spent around 1 percent of their 2018 budgets on clean energy, but investments by Europe's giants vastly outpaced their U.S. and Asian rivals, a study showed. Companies such as Royal Dutch Shell, Total and BP have in recent years accelerated spending on wind and solar power as well as battery technologies, seeking a larger role in global efforts to slash carbon emissions to battle global warming. Click here to read full stories.

Nov 12 - Hedge funds cut bullish oil bets to lowest since Aug. 2017 

Hedge funds and other money managers cut their bullish wagers on U.S. crude in the latest week to the lowest level in more than a year as prices tumbled, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 41,211 contracts to 173,379 during the week ending Nov. 6. That level was the lowest since Aug. 29, 2017. Click here to read full stories.

Nov 12 - Crude oil market completes U-turn as Saudis signal price discontent: Russell 

What a difference a month can make. The crude oil market has gone from worrying about not having enough supply to fretting that prices are being overwhelmed by a glut. The main news from Sunday's meeting of producers in Abu Dhabi is that Saudi Arabia is planning to cut the amount it supplies in December by 500,000 barrels per day (bpd) from November levels. Click here to read full stories.

Nov 12 - Iraq and Saudi Arabia agree to work together to stabilise oil markets 

Iraq and Saudi Arabia agreed on Saturday to work together to stabilise oil markets, Iraq's Oil Ministry spokesman Asim Jihad said, without giving further details. During a meeting in Baghdad, Iraq and Saudi Arabia's oil ministers also discussed an electricity grid connection between the two countries to meet Iraq's power needs, he said. Click here to read full stories.

Nov 12 - U.S. drillers add oil rigs for fourth week in five - Baker Hughes 

U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February. Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Nov 12 - Tale of two products: U.S. gasoline supply grows, diesel stocks dip

U.S. refined product margins have diverged, with the refining margin for making gasoline hitting a seasonal eight-year low, while big demand for distillates like diesel and heating oil have pushed those margins to multiyear highs. Demand for distillates has been strong this year, particularly with winter approaching, sending inventories to seasonal four-year lows. Click here to read full stories.

Nov 09 - Russia clashes with Western oil buyers over new deals as sanctions loom 

Russian energy majors are putting pressure on Western oil buyers to use euros instead of dollars for payments and introducing penalty clauses in contracts as Moscow seeks protection against possible new U.S. sanctions. Seven industry sources told Reuters that Western oil majors and trading houses have clashed with Russia's third and fourth biggest producers, Gazprom Neft and Surgutneftegaz, over 2019 oil sales contract terms during unusually tough annual renegotiation in recent weeks. Click here to read full stories.

Nov 09 - Butterfly effect: Low EU river stirs market 10,000 km away in Singapore 

Low water levels on the Rhine river have caused a fuel supply deficit in parts of Europe's industrial heartlands that is sucking up cargoes from more than 10,000 km away in Singapore. Following a long, scorching summer, water levels on the Rhine - a key commodity shipping lane connecting industrial centres in Switzerland, Germany, France and the Netherlands to major seaports - fell to record lows, limiting the transport of coal, steel, grains and fuel. Click here to read full stories.

Nov 09 - China's record crude oil imports built on robust fundamentals, temporary boosts: Russell 

China's record imports of crude oil in October are without a doubt a bullish outcome, but within the broader pattern of growing demand there were some temporary factors lifting purchases. China imported 40.8 million tonnes of crude in October, equivalent to 9.61 million barrels per day (bpd), a figure that beat the previous record of 9.60 million bpd from April. Click here to read full stories.

Nov 09 - U.S. judge halts construction of Keystone XL oil pipeline 

A federal judge in Montana halted construction of the Keystone XL oil pipeline on Thursday on the grounds that the U.S. government did not complete a full analysis of the environmental impact of the TransCanada Corp project. The ruling deals a major setback for TransCanada Corp and could possibly delay the construction of the $8 billion, 1,180 mile (1,900 km) pipeline. Click here to read full stories.

Nov 09 - Norwegian oil, gas plants restart after tanker and frigate collision

An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields. The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship. Click here to read full stories.

Nov 09 - Fuel providers warn about heating supplies on cold weather outlook

Headed into the winter, temperatures have been colder than usual in the United States, and the cost of heating has been higher - a trend likely to be extended in the next couple of months. That has fuel companies already warning about supply. Some heating oil service companies have rushed to deliver fuel earlier this season, while natural gas utilities are firing up emergency plans in case demand skyrockets and as more people look to switch to the cheaper fuel. Click here to read full stories.

Nov 09 - Iran's economy to suffer but likely ride out US sanctions storm 

Iran is likely to ride out the storm from U.S. oil sanctions, suffering recession but no economic meltdown, thanks to rising crude prices and deepening divisions between the United States and other major powers, officials and analysts say. "Iran's situation is better than pre-2016 because of high oil prices and the fact that the U.S. is isolated this time," said a European diplomat who asked not to be further identified. Click here to read full stories.

Nov 08 - Return to oil production cuts in 2019 cannot be ruled out - OPEC sources 

A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that could weigh on prices. The sources were responding to a report by Russia's TASS news agency that Russia and Saudi Arabia had started bilateral discussions over possible curbs to output in 2019.  Click here to read full stories.

Nov 08 - China Oct crude imports rise to all-time high on record teapot buying 

China's crude oil imports rose to all-time high on a daily basis in October, supported by record demand from private refiners and healthy margins, customs data showed Thursday. Imports in October surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed, climbing from 9.05 million bpd in September. The previous daily record of 9.60 million bpd was touched in April 2018. Click here to read full stories.

Nov 08 - U.S. crude inventories increase, diesel stocks down - EIA 

U.S. crude inventories rose last week, boosted by another jump in production to a new record, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Oil prices fell after the EIA reported that crude inventories rose by 5.8 million barrels in the week to Nov. 2, more than double analysts' expectations for an increase of 2.4 million barrels. Click here to read full stories.

Nov 08 - U.S. envoy aims to end Iran oil exports without price spike 

The United States is determined to push Iranian oil exports to zero, U.S. Special Representative Brian Hook said on Wednesday, through a 'calibrated' approach using maximum economic pressure without lifting oil prices. The United States resumed sanctions on Iran's oil, shipping and banking industries on Monday after President Donald Trump pulled out of a 2015 nuclear deal earlier this year.  Click here to read full stories.

Nov 08 - Russia and Saudi Arabia's oil-market management challenge: Kemp 

Russia and Saudi Arabia have started to discuss cutting production next year following steep falls in oil prices in the last month, according to a report by Russia's TASS news agency. The report has not been confirmed but has arrested the rapid decline in prices, at least temporarily, and should not come as a surprise given the altered dynamics in the oil market. Click here to read full stories.

Nov 08 - Imperial Oil, Teck double down on Canadian oil sands after others flee 

Two Canadian-based crude producers are looking to double down on their oil sands investments, betting that new pipelines and cutting-edge technology can improve profitability and reduce environmental damage. The moves by Imperial Oil Ltd and Teck Resources Ltd run counter to an exodus of foreign companies from the oil sands last year. Click here to read full stories.

Nov 08 - China's Sinopec signs 2019 annual crude oil supply deal with Kuwait 

Chinese oil major Sinopec on Thursday signed a 2019 annual deal to purchase crude oil from Kuwait Petroleum Corp at a public ceremony during a trade conference in Shanghai. Volumes agreed in the contract were not made public, but two Sinopec executives with knowledge of the terms said Kuwait would supply the same amount of crude as in 2018. Click here to read full stories.

Nov 07 - Iraq to increase oil output and exports, waits on Iran sanctions - minister 

Iraq plans to increase its oil output and export capacity in 2019, with a focus on its southern oilfields, and is close to reaching a deal with international companies, Oil Minister Thamer Ghadhban said on Tuesday. The new minister also said the shortfall in oil supply caused by new U.S. sanctions on Iran had yet to be gauged before Iraq and other OPEC members could decide what action to take ahead of their policy meeting next month. Click here to read full stories.

Nov 07 - Trump's Iran crude oil waivers may just delay day of reckoning: Russell 

In the end, President Donald Trump kicked the Iran crude oil sanctions can six months down the road, raising questions as to how the various players in the dispute will use the time. The U.S. government granted waivers to eight buyers of Iranian crude, exempting them from the sanctions that came into effect this week that are aimed at reducing exports from the Islamic Republic to zero.  Click here to read full stories.

Nov 07 - U.S. crude output to surpass 12 mln bpd by mid 2019 - EIA 

U.S. crude oil production is expected to average 12.06 million barrels per day (bpd) in 2019, passing the 12 million bpd milestone sooner than expected on surging domestic shale output,the U.S. Energy Information Administration said on Tuesday. For 2019, production is expected to rise 1.16 million bpd from the prior year, more than EIA's previous forecast for a 1.02-million bpd rise. Click here to read full stories.

Nov 07 - Rosneft in stand-off with oil buyers as it seeks sanctions protection 

Rosneft wants its Western oil buyers to accept new terms and pay penalties from 2019 if they fail to pay for supplies in the event that new U.S. sanctions on the Russian energy major disrupt its oil sales, according to trading sources and Rosneft's draft contracts. The buyers - including some of the world's biggest oil companies and traders such as BP, Royal Dutch Shell, Total, Vitol and Gunvor - are fiercely opposing the move, according to trading sources. Click here to read full stories.

Nov 06 - Iran oil exports to plummet in Nov, but rebound on way as buyers use waivers 

Iran's oil exports have fallen sharply since U.S. President Donald Trump said at mid-year he would re-impose sanctions on Tehran, but with waivers in hand, the Middle Eastern nation's major buyers could scale up orders as soon as next month. The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programmes, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon. Click here to read full stories. 

Nov 06 - Oil sanctions already costing Iran billions since May, U.S. official says 

Sanctions have already cost Iran billions of dollars in oil revenue since May when U.S. President Donald Trump pulled out of the nuclear deal, U.S. Special Representative for Iran Brian Hook told reporters on a call on Monday. "Our oil sanctions have taken off 1 million barrels of Iranian oil off the market, and that alone has reduced the regime's revenues by more than $2 billion," he said. Click here to read full stories. 

Nov 06 - Saudi Arabia cuts December Arab Light crude oil price to Asia 

Saudi Arabia has cut its December price for its Arab Light grade for Asian customers by 10 cents per barrel versus November to a premium of $1.60 a barrel to the Oman/Dubai average, state oil company Saudi Aramco said on Monday. The top oil exporter is expected to cut prices for light crude grades it sells to Asia in December to track falling Middle East oil benchmarks and lower margins for gasoline and naphtha, according to a Reuters survey.  Click here to read full stories. 

Nov 06 - Hedge funds turn negative on oil: Kemp

Hedge fund managers were net sellers of petroleum-linked futures and options for a fifth week running last week as concerns about sanctions on Iran evaporated and investors refocused on economic worries. The net long position in the six most important petroleum-linked futures and options contracts was cut by a further 73 million barrels in the week to Oct. 30. Click here to read full stories. 

Nov 05 - U.S. allows eight importers to keep buying Iran oil for now 

The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as "jurisdictions," a term that might include importers such as Taiwan which the United States does not regard as a country. Click here to read full stories.

Nov 05 - Oil rally faces tidal wave of supply 

The oil market's two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide. After topping out at more than $75 and $85 a barrel just a month ago, both U.S. crude and Brent benchmark futures have grappled with near-relentless selling. For a time, prices had some support on hopes that renewed U.S. sanctions on Iran would force barrels off the market. Click here to read full stories.

Nov 05 - Hedge funds cut bullish crude wagers to lowest in a year 

Hedge funds and other money managers cut their bullish wagers on crude in the latest week to a one-year low, the fifth consecutive cut during a month when prices posted their largest drop since July 2016, data showed on Friday. The speculator group cut its combined futures and options position in New York and London by 2,142 contracts to 214,590 during the week to Oct. 30, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. That was the lowest level since Sept. 12, 2017. Click here to read full stories.

Nov 05 - Exxon, Chevron earnings soar on rising U.S. crude prices, output 

Earnings for the two largest U.S. oil companies on Friday jumped on higher crude prices and the nation's shale boom, joining big oil rivals in posting sharply higher quarterly profit. Exxon Mobil Corp posted a 57-percent increase on prices there were up 44 percent over a year ago helped by a lower tax rate while Chevron Corp's earnings doubled on surging output from the Permian Basin of West Texas and New Mexico. Click here to read full stories.

Nov 05 - China hopes trade expo will highlight import clout as U.S. dispute rages 

China, dubbed 'the workshop of the world' for its sprawling supply chains and huge export capacity, is hoping to manufacture something new next week at a huge trade fair in Shanghai next week: import orders. The Nov. 5-10 China International Import Expo, or CIIE, is an attempt by Beijing to counter mounting criticism of its trade and business practices by bringing thousands of foreign companies together with Chinese buyers to demonstrate the importing potential of the world's no.2 economy. Click here to read full stories.

Nov 05 - Oil market passes cyclical peak: John Kemp 

The recovery in oil prices since the downturn of 2014/15 looks a lot like the upward adjustments that followed the slumps of 2008/09 and 1997/98, which could provide clues about what happens next. The oil market is strongly cyclical, and although no two cycles are the same, they often show similar characteristics (“Cyclical behaviour of oil prices”, Reuters, June 4, 2018). Click here to read full stories.

Nov 05 - No bull territory: Trading houses see lower oil prices in 2019 

Oil prices won't rally and may fall further in 2019 as a slowing global economy and booming U.S. output help offset the loss of Iranian barrels, the world's biggest oil traders told the Reuters Global Commodities Summit. Oil prices briefly spiked in early October to a four-year high above $85 per barrel buoyed by concerns about whether the market would be able to handle U.S. sanctions on Iranian oil that kick in next week. Click here to read full stories.

Nov 05 - U.S. oil drillers cut rigs for first week in four - Baker Hughes 

The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year. Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Nov 05 - Big oil traders set to cash in on shipping fuel overhaul 

The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules. International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020. Click here to read full stories.

Nov 05 - Iranian oil: 40 years of revolution, war, sanctions and bans 

Nearly 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation. Washington will reapply sanctions to Iran's oil sector on Nov. 4, after ending its participation in an international deal governing Iran's nuclear sector. Click here to read full stories.

Nov 02 - Mercuria predicts new wave of consolidation in global oil trading

Global energy trading businesses are set for a new wave of consolidation as rising interest rates and high oil prices compress already thin profit margins, said Mercuria, one of the world's biggest oil traders. "The overall industry is oversized," chief executive Marco Dunand told the Reuters Global Commodities Summit. Click here to read full stories.

Nov 02 - Canada's Encana widens N. America reach with $5.5 bln Newfield deal

Canada's Encana Corp will buy Newfield Exploration Co for $5.5 billion, giving the natural gas producer greater access to North America's biggest oilfields, and potentially spurring further deals. Thursday's all-stock deal will give Encana more acreage in the fast-growing Anadarko basin in Oklahoma, along with its holdings in the U.S. Permian and Eagle Ford basins and Canadian Montney and Duvernay regions. Click here to read full stories.

Nov 02 - GGGI sees 'positive outlook' for renewable energy, but more efforts needed

The outlook for renewable energy is "very positive" with more new investments in renewable than fossil fuel but further efforts and money are needed to tackle climate change, the head of the Global Green Growth Institute (GGGI) said. Renewable energy will keep growing out to 2023 led by growth in bioenergy consumption as countries seek to reduce green house gas emissions as a way to keep the planet from getting warmer, according to the latest report by the International Energy Agency.  Click here to read full stories.

Nov 02 - U.S. oil output surges but growth likely to moderate in 2019: John Kemp

U.S. crude oil production is rising at the fastest rate on record as the increase in prices over the last year boosts drilling and completion activity and energy firms employ more horsepower to fracture larger wells. Crude and condensates output hit a record 11.35 million barrels per day in August, up from 10.93 million bpd in July, according to the U.S. Energy Information Administration ("Petroleum Supply Monthly", EIA, Oct. 31). Click here to read full stories.

Nov 01 - Black gold, white knuckles: Oil refiners face rollercoaster ride as fuel margins seesaw 

Oil product margins have been tossed around on a wild rollercoaster ride in October, as factors like impending Iran sanctions, the China-U.S. trade war and upcoming shipping regulations yank fuel profits up, down and back again. Some profit margins, known as crack spreads in the industry, including for Asian fuel oil and gasoil have boomed, while others, such as Asian and European gasoline cracks, have plunged. Click here to read full stories.

Nov 01 - OPEC oil output rises to highest since 2016 despite Iran - Reuters survey 

OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions. The 15-member Organization of the Petroleum Exporting Countries has pumped 33.31 million barrels per day this month, the survey on Wednesday found, up 390,000 bpd from September and the highest by OPEC as a group since December 2016. Click here to read full stories.

Nov 01 - Asia's Iran oil imports hit 32-month low in Sept 

Imports of Iranian crude oil by major buyers in Asia hit a 32-month low in September, as China, South Korea and Japan sharply cut their purchases ahead of upcoming U.S. sanctions on Tehran, government and ship-tracking data showed. China, India, Japan and South Korea last month imported 1.13 million barrels per day (bpd) from Iran, according to the data, down 40.9 percent from a year earlier.  Click here to read full stories.

Nov 01 - U.S. crude output jumps to record 11.35 mln bpd in Aug - EIA 

U.S. crude oil production surged by 416,000 barrels per day (bpd) to a record 11.346 million bpd in August, the U.S. Energy Information Administration said in a monthly report on Wednesday as production in Texas and North Dakota climbed to fresh peaks. Texas output jumped by 126,000 bpd to a high of 4.58 million and production in North Dakota edged higher by 22,000 bpd to 1.28 million, the data showed. Click here to read full stories.

Nov 01 - PDVSA ships $35 mln oil cargo to pay dividends to ONGC - sources 

Venezuela's state-run PDVSA has shipped a crude cargo valued at $35 million as partial payment to Indian oil company ONGC Videsh Ltd for overdue dividends from a joint venture, according to two people familiar with the matter. The payment is based on an agreement signed in 2016 by PDVSA and ONGC Videsh, the overseas investment arm of India's Oil and Natural Gas Corp, to repatriate about $530 million in dividends due from their San Cristobal oil project in Venezuela. Click here to read full stories.

Nov 01 - Gunvor sees major producers capping oil price rises in 2019 

Oil prices will likely stay near current levels of $75 per barrel next year in the absence of any supply disruptions as most producers reckon that higher prices would destroy demand and create a new glut, one of the world's biggest traders said. "Except for a few nations which are perhaps less important than Russia and Saudi Arabia volume-wise, I don't see anybody wanting $85 oil," Gunvor Chief Executive Torbjorn Tornqvist told the Reuters Global Commodities Summit on Wednesday. Click here to read full stories.

Oct 31 - CoreCommodity's De Chiara says bull cycle in commods starting 

Commodities from energy to metals and agriculture are in the early stages of a strong upward move, CoreCommodity LLC portfolio manager Adam De Chiara said on Tuesday, as interest rates start to rise and long-standing supply gluts start to dwindle. De Chiara, co-founder of the $4.2 billion CoreCommodity Management LLC, a privately owned investment manager, said global economic growth is the main reason he expects a sustained rally in energy markets including crude oil and natural gas, along with soft commodities like coffee and sugar. Click here to read full stories.

Oct 31 - Vitol sees oil prices falling as demand growth falters 

Oil prices will likely fall next year as demand is curbed by trade wars and weakness in emerging market economies, the world's biggest oil trader Vitol predicted on Tuesday. Chief executive Russell Hardy told the Reuters Commodities Summit that Vitol had revised down its forecast for oil demand growth next year to 1.3 million barrels per day (bpd) from 1.5 million previously. It also cut this year's forecast to 1.3 million from 1.7 million. Click here to read full stories.

Oct 31 - BP's profits thunder to 5-year high 

BP's profits thundered to a five-year high, boosted by stronger oil prices with production set to rise further thanks to the $10.5 billion acquisition of BHP Billiton's U.S. shale business this week. The results further underscore a striking shift in BP over the past year as it shakes off the legacy of the deadly 2010 Deepwater Horizon disaster with new projects and the BHP deal, its largest acquisition in 20 years. Click here to read full stories.

Oct 31 - Oil prices fall as economic outlook deteriorates: Kemp 

Global economic momentum is decelerating, according to a broad range of financial and real-economy indicators, which is weighing on worldwide equity markets and oil prices. The depth and duration of the slowdown is impossible to gauge at this point, whether it turns out to be simply a mild and short-lived “soft patch”, a longer but still positive “growth recession” with output falling relative to trend, or an “outright recession” with activity falling in absolute terms. Click here to read full stories.

Oct 31 - Rising U.S. crude output sparks race to build export terminals 

A high-stakes competition is emerging among energy exporters proposing multi-million-dollar crude terminals along the U.S. Gulf Coast to handle a gusher of shale oil coming from West Texas oilfields. On Monday, private equity firm Carlyle Group became the latest to place a bet, proposing with the Port of Corpus Christi what it said would be the first onshore U.S. export facility able to load the world's largest crude tankers. Click here to read full stories.

Oct 30 - High oil prices hurt consumers, dent fuel demand - IEA chief 

High oil prices are hurting consumers and could also have adverse implications for producers, the executive director of the International Energy Agency (IEA) said on Tuesday. Major emerging Asian economies such as India and Indonesia have been hit hard this year by rising crude oil prices, which despite falls this month are up by around 15 percent since the start of 2018.  Click here to read full stories.

Oct 30 - Under the radar: Iran's oil exports harder to track as sanctions loom 

According to Saudi Energy Minister Khalid al-Falih, no one has any idea how much oil Iran will be able to export after new U.S. sanctions against the Islamic Republic kick in on Nov. 4. But more precisely, Iran's shipment figures - crucial to oil markets - are already a mystery. Iran's oil exports are becoming harder to measure as ships switch off tracking systems, oil industry sources say, adding uncertainty over how far U.S. sanctions are scaring off buyers. The prospect of more oil heading into storage could make number-crunching even tougher. Click here to read full stories.

Oct 30 - Hedge fund BBL goes bullish on diesel, bearish on oil for 2019 

The market has underestimated the impact of a change in marine fuel oil rules that will turn diesel into 2019's big winner, while crude prices will cool down to around $65 a barrel, a top hedge fund manager told Reuters. Growing concerns over global economic growth and trade wars are expected to weigh on oil prices next year, New York-based BBL Commodities founder Jonathan Goldberg told the Reuters Global Commodities Summit. Click here to read full stories.

Oct 30 - U.S. crude inventories seen up for sixth straight week - poll

U.S. crude inventories were expected to have risen for the sixth consecutive week, while refined products stockpiles were seen down last week, a preliminary Reuters poll showed on Monday. Five analysts polled ahead of reports from the American Petroleum Institute (API), an industry group, and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks rose about 3.7 million barrels in the week ended Oct. 26. Click here to read full stories.

Oct 30 - Hedge funds cut bullish bets on oil to lowest for over a year: Kemp 

Hedge fund managers continued to liquidate former bullish positions in oil last week and for the first time in more than a year clear signs of fresh short-selling emerged. Rising oil production from Saudi Arabia, the United Arab Emirates, Kuwait and Russia has eased concerns about the availability of supplies once U.S. sanctions on Iran are re-imposed in November. At the same time, intensifying fears about a possible global economic slowdown have hit oil prices and equity markets hard over the last three weeks. Click here to read full stories.

Oct 30 - After years of global success, India's Reliance Industries faces oil shock at home 

Reliance Industries, currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market. Reliance's refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan. Click here to read full stories.

Oct 29 - Trump’s Iran sanctions resolve faces test from oil-thirsty China, India 

Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran's oil-dependent economy and force Tehran to quash not only its nuclear ambitions, but this time, its ballistic missile program and its influence in Syria. Click here to read full stories.

Oct 29 - Chinese traders play down impact of new animal feed guidelines on soy demand 

Oilseed traders in China on Monday played down the potential impact on soy consumption of new government guidelines to lower the protein content of animal feed, saying that rising soymeal and soybean prices would be a far bigger curb on appetite. The nation has been pursuing multiple ways to reduce its consumption of feed ingredient soymeal, made from soybeans, amid a festering trade war with the United States, its No.2 supplier of beans. Click here to read full stories.

Oct 29 - Trump plays a part as Asia's diesel profits surge, gasoline plummets: Russell 

It may be stretching the bow too far to blame Donald Trump for the collapse in the profits Asian refiners get for making gasoline, or indeed for the surge in diesel profits, but the policies of the U.S. president are certainly playing a role. The profit margin on producing 92-octane gasoline at a typical Singapore refinery dropped to $2.37 per barrel of Brent crude on Oct. 26, the lowest in 27 months, according to Refinitiv data. Click here to read full stories.

Oct 29 - Russian energy minister Novak: No need to freeze or cut oil output levels 

Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit. OPEC and its partners led by Saudi Arabia and non-OPEC member Russia agreed in June to lift oil supplies, but OPEC then signalled last week that it may have to reimpose output cuts as global inventories rise. Click here to read full stories.

Oct 29 - Iraq to halt Kirkuk oil exports to Iran, may resume them to Turkey 

Iraq will stop trucking crude from its northern Kirkuk oilfield to Iran in November to comply with sanctions imposed on its neighbour by the United States, five sources familiar with Iraqi oil export operations said on Friday. Kirkuk is one of the biggest and oldest oilfields in the Middle East. Last year Iraq began to ship crude from Kirkuk to Iran for use in its refineries, and Iran agreed to deliver the same amount of oil to Iraq's southern ports. Click here to read full stories.

Oct 29 - Hedge funds slash bullish bets on U.S. crude to lowest in a year 

Hedge funds slashed their bullish wagers on U.S. crude in the latest week to the lowest level in more than a year, data showed on Friday, as equity markets slid, sparking worries about the energy demand outlook. The speculator group cut its combined futures and options position in New York and London by 42,644 contracts to 216,733 in the week to Oct. 23, the lowest level since September 2017, the U.S. Commodity Futures Trading Commission said. Click here to read full stories.

Oct 29 - Venezuela, Mexico divert crude to U.S. as Canadian barrels get stuck 

Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil, said traders and analysts. Click here to read full stories.

Oct 24 - As U.S. sanctions loom, China's Bank of Kunlun to stop receiving Iran payments - sources 

Bank of Kunlun Co, the key Chinese conduit for transactions with Iran, is set to halt handling payments from the Islamic Republic under pressure of imminent U.S. sanctions against the country, four sources familiar with the matter told Reuters. Kunlun, the main official channel for money flows between China and Iran, has verbally informed clients that it will stop accepting yuan-denominated Iranian payments to China from Nov. 1, said the sources, who include external loan agents and business officials who trade with Iran. Click here to read full stories.

Oct 24 - Saudi Arabia reassures on oil supply, says will meet demand 

Saudi Arabia said on Tuesday it would continue to meet customer demand for crude despite looming U.S. sanctions that are expected to reduce oil exports from Iran. Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh that the oil market was in a "good place" and he hoped oil producers would sign a deal in December to extend cooperation to monitor and stabilise prices. Click here to read full stories.

Oct 24 - Iran's oil minister says U.S. sanctions cannot stop crude exports

The United States cannot stop Iranian oil exports by imposing sanctions on Tehran, Iran's oil minister said on Tuesday, warning that such restrictions will ensure the market remains volatile. Washington plans new sanctions targeting Iran's oil sector from Nov. 4 with the aim of stopping the country's involvement in conflicts in Syria and Iraq, and bringing Tehran to the negotiating table over its ballistic missile programme. Click here to read full stories.

Oct 24 - U.S. Justice Dept demands details from Glencore on intermediary firms - sources 

The U.S. Department of Justice is seeking documents from Glencore about intermediary companies that the commodities firm has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, sources familiar with the matter said. The investigation is not directed at Glencore's own activities or its senior executives, two sources told Reuters, giving no further detail about the type of information sought. Click here to read full stories.

Oct 23 - Zanganeh advises Trump to forgo reimposing sanctions on Iranian oil - SHANA 

Iranian oil output cannot be replaced by other oil producing countries if Tehran is hit by U.S. sanctions in November, Iranian Oil Minister Bijan Zanganeh told the Ministry's website SHANA on Monday. "As I have repeatedly said there is no replacement for Iranian oil in the market. Saudi Arabia and Russia's output is near their highest level ever and they have no spare capacity to pump more to replace Iran's oil," he told SHANA. Click here to read full stories.

Oct 23 - Oil market can see past Khashoggi killing, but not Iran: Clyde Russell 

Saudi Arabia's killing of a journalist and the ramping up of U.S. sanctions against Iran have added a layer of uncertainty to crude oil markets, creating a dilemma as to whether these events are real price drivers or just temporary noise. The death of Saudi journalist Jamal Khashoggi at the kingdom's consulate in Istanbul has generated a constant stream of headlines, often with contradictory messages for the outlook for oil supply and prices.  Click here to read full stories.

Oct 23 - Hedge funds quit oil as rally reverses: John Kemp 

Hedge fund managers accelerated their profit-taking in crude oil and refined fuels last week, as confidence in the previous price rally faltered and the market fell. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 133 million barrels in the week to Oct. 16. Click here to read full stories.

Oct 22 - Saudi Arabia has "no intention" of 1973 oil embargo replay – TASS 

Saudi Arabia has no intention of unleashing a 1973-style oil embargo on Western consumers and will isolate oil from politics, the Saudi energy minister said on Monday amid a worsening crisis over the killing of Saudi journalist Jamal Khashoggi. "There is no intention," Khalid al-Falih told Russia's TASS news agency when asked if there could be a repetition of the 1973-style oil embargo. Click here to read full stories.

Oct 22 - US's Mnuchin says it will be harder for Iran oil importers to get waivers 

U.S. Treasury Secretary Steven Mnuchin said on Sunday it will be harder for countries to get waivers on Iran oil sanctions than during the Obama administration and dismissed concerns that oil prices could rise, saying the market had already factored in the losses. In an interview with Reuters in Jerusalem at the start of a Middle East trip, Mnuchin said countries would have to reduce their purchases of Iranian oil by more than the roughly 20 percent level they did from 2013 to 2015 to get waivers. Click here to read full stories.

Oct 22 - IEA chief Birol not worried about Saudi oil supply cuts over journalist's death 

International Energy Agency (IEA) chief Fatih Birol said on Monday he is not worried Saudi Arabia will cut oil supply in response to any potential sanctions over the killing of journalist Jamal Khashoggi, but urged common sense as political developments may impact energy markets. "There are many geopolitical, non-energy related issues, which could also have further impact on the oil markets," Birol told Reuters, when asked about concerns in oil markets over whether Saudi Arabia, the world's biggest crude oil exporter, might retaliate against any punitive measures by global powers over Khashoggi's death in the Saudi consulate in Istanbul. Click here to read full stories.

Oct 22 - ICE's new Houston crude futures contract begins trading 

Intercontinental Exchange Inc said its new Permian West Texas Intermediate (WTI) crude oil futures contract deliverable in Houston, Texas, will begin trading on Monday. The trade month will be December and the contract will be deliverable at Magellan Midstream Partners LP's East Houston terminal, ICE said in a statement. Click here to read full stories.

Oct 22 - New trade pact leaves most U.S. industry at mercy of Mexico's courts 

The new North American trade agreement ends key legal protections for many U.S. businesses operating in Mexico, leaving their operations exposed to a risk they had avoided under the old trade deal: Mexico's court system. For thousands of U.S. firms, the change could add complications and uncertainty to doing business south of the border. Mexico is the third-largest U.S. trading partner. Click here to read full stories.

Oct 22 - U.S. Midwest refiners look like earnings winners in Q3 

U.S. refiners are expected to post strong earnings for the third quarter, with Midwest producers leading the way thanks to cheaper prices for Canadian crude that pushed down input costs. Independent refiners benefited from a steep discount for U.S. crude oil below the price of global benchmark Brent. A further discount on oil out of Midland, Texas, may have also helped, though that discount declined in the most recent quarter. Click here to read full stories.

Oct 22 - Asia gasoline buckles under supplies; crack at over 2-year low 

Asia's gasoline margin fell to more than a two-year low late last week due to ample supplies, and the October average is now expected to be the worst for the month since 2013, based on Thomson Reuters data. Gasoline margins against Brent crude fell 63 percent from the start of the month to $3.04 a barrel on Thursday, the lowest since Aug. 1, 2016, before recovering to $3.55 a barrel on Friday. Click here to read full stories.

Oct 22 - Hedge funds slash bullish bets on U.S. crude to one-year low 

Hedge funds cut bullish wagers on U.S. crude to the lowest level in over a year, CFTC data showed on Friday, as oil prices slumped, weighed down by global stock markets and inventory builds at a key storage hub. Money managers cut their net long U.S. crude futures and options positions in New York and London by 37,080 contracts to 259,375 in the week to Oct.16, the U.S. Commodity Futures Trading Commission (CFTC) said - the lowest level since Sept. 19, 2017. Click here to read full stories.

Oct 19 - China's Sept refinery output hits record daily high

China's refinery throughput hit a record daily high in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories amid better fuel demand and robust margins, data showed on Friday. China's crude oil throughout rose to 12.49 million barrels per day (bpd) in September, up from 11.85 million bpd in August, according to Reuters calculations based on National Bureau of Statistics data. Click here to read full stories.

Oct 19 - Rising U.S. shale exports turn WTI into 24-hour benchmark - CME

Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said. Owain Johnson, managing director for energy research and development at CME, said the shift has also led CME to introduce the first change to the quality of WTI crude since 1983, coming into force from January next year. Click here to read full stories.

Oct 19 - With few buyers, Iranian oil armada heads to China ahead of U.S. sanctions

An unprecedented volume of Iranian crude oil is set to arrive at China's northeast Dalian port this month and in early November before U.S. sanctions on Iran take effect, according to an Iranian shipping source and data on Refinitiv Eikon. A source from the National Iranian Tanker Company said the company is shipping more than 20 million barrels of oil to Dalian. Click here to read full stories.

Oct 19 - EPA chief says agency can expand ethanol sales without Congress

The Environmental Protection Agency can allow sales of higher-ethanol blends of gasoline year-round without Congress, its acting administrator said on Thursday, adding that the oil industry should drop its threat of a lawsuit to halt the move. President Donald Trump announced last week he was directing the EPA to lift the summertime ban on sales of so-called E15 to help farmers suffering from slumping commodity prices. Click here to read full stories.

Oct 19 - Nasdaq Commodities quits oil contracts, to list new products in France and Germany

The Nasdaq Commodities exchange will delist its remaining fuel oil contracts that are expiring in 2019 and launch a new natural gas monthly future contract in France and options for the German only electricity market in November, it said on Thursday. The planned delisting is the last step in the complete closure of the current fuel oil product offering at Nasdaq Commodities, the exchange said. Click here to read full stories.

Oct 18 - Exxon Mobil bets big on China LNG, sidesteps trade war

In the middle of a Sino-U.S. trade war, the world's largest publicly traded oil and gas company is turning toward Beijing for business at a time when most of Corporate America is looking elsewhere to avoid the threat of tariffs. Exxon Mobil Corp is placing big bets on China's soaring liquefied natural gas (LNG) demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet. Click here to read full stories.

Oct 18 - U.S. energy exports to China plummet as Trump trade war bites: Russell

It's probably not the kind of success U.S. President Donald Trump had in mind, but his trade dispute with China has effectively killed off the burgeoning energy trade between the world's two biggest economies. China's imports of U.S. crude oil, liquefied natural gas (LNG) and coal have slowed to a trickle amid the escalating tit-for-tat tariff war. Click here to read full stories.

Oct 18 - India's Reliance Industries halts Iranian oil imports

India's Reliance Industries Ltd, owner of the world's biggest refining complex, has halted imports of Iranian crude ahead of U.S. sanctions against Tehran's oil sector, its joint chief financial officer said. The United States plans to impose new sanctions on Iran's oil sector from Nov. 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme. Click here to read full stories.

Oct 18 - Oil weapon has proved a double-edged sword: Kemp

The oil shocks of 1973/74 and 1979/80 are now mainly remembered for the disruption and hardship they caused in the major oil-consuming countries. But they marked a lasting inflection point in the development of the oil market and almost all the changes were adverse to OPEC in the long run. Click here to read full stories.

Oct 18 - With oil above $80/bl, trader Trafigura still holds bullish view

Trafigura executives expect more upward pressure on global oil prices next year as rising U.S. shale output will not be able to fill a gap in supply once U.S. sanctions on Iranian oil come into force in early November. The commodity trader's chief economist Saad Rahim, speaking at the Argus Global Crude Conference in Geneva, forecast 2018 crude oil demand growth at around 1.6 to 1.7 million barrels per day. Click here to read full stories.

Oct 18 - U.S. crude stockpiles rise for fourth straight week - EIA

U.S. crude oil stockpiles rose last week for the fourth straight week, led by a notable increase in inventories at the Cushing, Oklahoma, hub, while gasoline and distillate stocks fell, the Energy Information Administration said on Wednesday. Crude inventories rose 6.5 million barrels in the week to Oct. 12, nearly three times analysts' expectations for an increase of 2.2 million barrels. Click here to read full stories.

Oct 18 - Oil output from Saudi, Kuwait shared zone on hold as relations sour

Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields any time soon due to operational differences and souring political ties between the previously close Gulf OPEC allies, sources familiar with the matter said. The two countries halted output from the jointly run oilfields - Khafji and Wafra - in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply. Click here to read full stories.

Oct 18 - U.S. eyes more Venezuelan sanctions, but oil on backburner - U.S. official

The United States plans to turn up sanctions pressure on Venezuela but sees less need to immediately target its energy sector, given sagging production from the OPEC member's state-run oil company, a senior U.S. administration official said on Wednesday. The U.S. government has imposed several rounds of sanctions on Venezuelan military and political figures close to socialist President Nicolas Maduro, who it blames for trampling on human rights and triggering the country's economic collapse. Click here to read full stories.

Oct 18 - Global carbon emissions to hit new record in 2018 - IEA's Birol

Global carbon emissions will rise to a new record level in 2018, making the chances of reaching a target to keep temperature increases to 1.5 or 2 degrees Celsius remote, the head of the International Energy Agency (IEA) said on Wednesday. IEA's Fatih Birol told a conference in Paris that data for the first nine months of the years was already pointing to a record increase in carbon emissions. Click here to read full stories.

Oct 17 - OPEC urges producers to ramp up investment amid shrinking spare oil capacity

OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer.  Click here to read full stories.

Oct 17 - Physical crude market seems more relaxed than paper over Saudi tensions: Russell

The crude oil price appears firmly in the hands of geopolitical concerns, with veiled Saudi threats over the disappearance of a journalist and the ramping up of U.S. sanctions against Iran getting most of the attention. However, it's always worth looking at what is happening in the real world of physical oil flows and pricing, as this can often tell a somewhat different narrative to what is driving the paper market. Click here to read full stories.

Oct 17 - U.S. oil service firms face tough quarter despite high crude prices

Even as crude prices hover near four-year highs, U.S. oilfield service firms' third-quarter results due out in coming days will reflect a shaky recovery, as their customers face drilling constraints and pressure to hold down spending. Oil producers are holding off finishing new wells, and cost pressures from tight labor markets and U.S. tariffs on imported steel are driving up service firms' costs. Click here to read full stories.

Oct 17 - China's Zhoushan city woos Exxon Mobil for a $7 bln ethylene plant

The Chinese city of Zhoushan is in talks with oil major Exxon Mobil Corp to build a $7 billion ethylene plant in the city south of Shanghai, it said in a statement released on Wednesday. The facility would have annual production capacity of 1.5 million to 1.8 million tonnes, the statement said, making it larger than the 1.2 million-tonnes-per-year plant Exxon plans in the city of Huizhou in the southern province of Guangdong. Click here to read full stories.

Oct 17 - Mexico's next government faces bind in Pemex ethane deal

Mexico's incoming government will soon inherit a costly dilemma over an ethane supply contract between national oil company Pemex and a consortium led by a unit of Brazilian builder Odebrecht. Under the contract's terms, Pemex has had to supply ethane well below current market prices. Click here to read full stories.

Oct 17 - Malaysia's biodiesel output, exports set to hit records - industry body

Malaysian biodiesel production is likely to hit record levels this year and next, with 2018 exports on track to double from 2017, pushed up as higher oil prices boost the appeal of biofuels, the head of an industry association said on Wednesday. The Southeast Asian nation is the world's No.2 producer of palm oil, which can be used as feedstock to make the bio components of biodiesel. Click here to read full stories.

Oct 17 - Shippers scramble to install sulphur filters ahead of rule change

Ship owners accelerated installations of engine cleaning systems this year ahead of stringent new rules in 2020 which sharply reduce the amount of sulphur ships can emit from the 3.5 percent in current bunker fuel to 0.5 percent, according to a report. Vessel operators can either switch to cleaner, but more expensive, marine gasoil or install scrubbers to filter sulphur from dirtier fuel oil. Click here to read full stories.

Oct 16 - OPEC says India oil demand to rise by 5.8 mln bpd by 2040

India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40 percent of the overall increase in global demand during the period, OPEC's secretary general said on Friday. "India is projected to see the largest additional oil demand (3.7 percent per annum) and the fastest growth in the period to 2040," said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries. Click here to read full stories.

Oct 16 - Mexico's Lopez Obrador pushes Big Oil to hurry, but offers little 

At his first meeting with foreign oil majors, Mexico's leftist president-elect pushed the companies to prove themselves by quickly pumping oil from recent finds, sources say, but gave no sign of offering up new fields to reverse dwindling output. President-elect Andres Manuel Lopez Obrador repeated a promise to respect more than 100 existing contracts awarded following a sweeping five-year-old energy overhaul as long as a review by his team finds no corruption. Click here to read full stories.

Oct 16 - U.S. shale oil output to rise to record 7.7 mln bpd in Nov - EIA

Oil production from seven major shale basins in the United States is expected to rise by 98,000 barrels per day (bpd) in November to a record of 7.71 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a fresh peak of 3.55 million bpd. Click here to read full stories.

Oct 16 - Oil prices ease as funds continue profit-taking: Kemp

Hedge fund managers have continued to take profits on their bullish positions in crude oil as the late summer rally has faded and fears about oil consumption and the state of the economy have replaced concerns over sanctions on Iran. Fund managers cut their combined net long position in the six most important petroleum futures and options contracts by 36 million barrels in the week to Oct. 9 after trimming it by 19 million barrels the week before. Click here to read full stories.

Oct 16 - Expanding ethanol sales would have limited U.S. market impact - analysts

The Trump administration's plan to allow year-round sales of higher-grade corn ethanol would have limited impact on the depressed U.S. ethanol market, with record supplies and prices for the fuel hovering near the lowest in a decade, analysts said. President Donald Trump announced the decision last week ahead of a campaign trip to Iowa, the top producer of corn and ethanol. Click here to read full stories.

Oct 15 - S.Korea's Sept imports of Iran oil fall to zero ahead of U.S. sanctions

South Korea did not import any oil from Iran in September for the first time in six years, before U.S. sanctions against the Middle East country take effect in November, customs data showed on Monday. The last time South Korea did not import oil from Iran was September 2012, according to customs data. Click here to read full stories.

Oct 15 - China's resilient commodity imports show trade war yet to factor: Russell

It's tempting to look at the relative resilience of China's imports of major commodities in September and conclude that the world's second-biggest economy is weathering the trade dispute with the United States quite well. The problem with this view is that while the trade conflict certainly looms as an issue in China's commodity trade, it's not yet the driving factor and any strength, or weakness, in various imports is largely a result of different dynamics. Click here to read full stories.

Oct 15 - Libya may suspend Zawiya refinery unless security improves

Libya's state oil firm NOC warned on Sunday it would have to suspend operations at its 120,000 barrels per day (bpd) Zawiya refinery unless security improved after two recent attacks. The refinery west of the capital Tripoli supplies western and southern Libya with fuel. Its port also exports crude from the southern El Sharara oilfield. Gunmen attacked the site on Wednesday, trying to break into the oil mixing operation and stealing a company car, NOC said in a statement. Click here to read full stories.

Oct 15 - Trump's ethanol plan: Hype now, legal fights later

President Donald Trump's hyping of a plan to boost ethanol demand drew cheers at an Iowa rally on Tuesday, but the oil refining industry has promised a lawsuit to block the move, so victory for Midwest farmers is far from certain. Trump on Tuesday indicated that the U.S. Environmental Protection Agency should allow for a waiver for higher-ethanol gasoline, known as E15, to be sold all year, which has been prohibited due to smog concerns. He did not mention the threatened lawsuit and was not asked about it. Click here to read full stories.

Oct 15 - Speculators cut U.S. crude oil longs to one-year low - CFTC

Money managers cut their net long U.S. crude futures and options positions in the latest week to lows not seen in a year as oil fell in tandem with a pullback in bets on stocks and other assets, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 36,652 contracts to 296,456 for the period ending Oct. 9.  Click here to read full stories.

Oct 15 - European gasoline cracks sink to five-year low

Benchmark gasoline refining margins in Europe turned negative on Friday for the first time in nearly five years amid bloated stocks and weaker demand in the Atlantic basin. Gasoline stocks in the Amsterdam-Rotterdam-Antwerp hub remain at a record high for this time of the year, according to data from PJK International, with disappointing demand for the fuel in the United States, a key export market.  Click here to read full stories.

Oct 15 - U.S. drillers add oil rigs, Permian count near 4-yr high - Baker Hughes

The U.S. oil drilling rig count rose this week for the first time in four weeks, boosting the number of rigs in the nation's biggest oil field to the most in nearly four years. Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Oct 12 - China's September crude imports mark highest in 4 months

China's daily crude oil imports in September hit their highest level since May, customs data showed on Friday, as independent refiners looked to shore up their inventory ahead of winter. Shipments into the country last month stood at 37.12 million tonnes, or 9.05 million barrels per day (bpd), up from 9.04 million bpd in August and marking their third straight monthly rise, according to numbers from the General Administration of Customs. Click here to read full stories.

Oct 12 - Big Oil still reluctant to open spending taps - Goldman

Energy companies and investors are focused on profits and reluctant to boost spending even after crude prices surged to four-year highs, a senior Goldman Sachs banker said on Thursday. Rattled by the recent downturn in the sector and long-term concerns over oil demand and the switch to renewables, Big Oil is facing an unprecedented challenge. Click here to read full stories.

Oct 12 - OPEC says oil market well supplied, wary of 2019 surplus

OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer. Brent crude last week reached $86.74, the highest since 2014. Click here to read full stories.

Oct 12 - India's oil imports from Iran edged up in September due to loading delays

India's oil imports from Iran edged up in September from the previous month as refiners pushed back loading of some August cargoes due to a delay in obtaining government approval to use Iranian ships and insurance, data obtained from sources showed. Last month, India shipped in about 528,000 barrels per day (bpd) oil from Iran, about 1 percent more than the 523,000 bpd of August and about 27 percent more than a year earlier, tanker arrival data obtained from shipping and industry sources showed. Click here to read full stories.

Oct 12 - U.S. crude stocks rise as refining slows, gasoline builds unexpectedly - EIA

U.S. crude oil stockpiles rose last week for the third consecutive weekly build as refineries continued to reduce output for seasonal maintenance, while gasoline inventories grew unexpectedly, the Energy Information Administration said on Thursday. Crude inventories rose 6 million barrels in the week to Oct. 5, compared with analysts' expectations for an increase of 2.6 million barrels. The build was in part due to a 2.4 million-barrel increase in stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures. Click here to read full stories.

Oct 12 - U.S. oil firms restore operations in storm-tossed Gulf of Mexico

Major oil producers and drillers, including Exxon Mobil Corp, Chevron Corp and BP Plc, on Thursday began returning workers and restoring output at U.S. Gulf of Mexico facilities shut as Hurricane Michael blew through. The U.S. offshore safety regulator's daily update showed that 40 percent of Gulf oil output and 29 percent of natural gas production was locked in, slightly less than a day earlier. Click here to read full stories.

Oct 12 - Russia to suspend light, heavy oil product exports to Belarus from Nov

Russia plans to halt exports of light and heavy oil products to Belarus from next month until the end of next year, with restrictions also applying to shipments of liquefied petroleum gas (LPG), two Russian government sources told Reuters. Russia, Belarus and Kazakhstan have a duty-free arrangement under which Moscow has been sending crude oil and oil products to Minsk with no export fee. Belarusss then re-exports some of those goods, pocketing the associated charges. Click here to read full stories.

Oct 12 - Shell seeks to sell Venezuela JV stake to France's Maurel & Prom - sources

Royal Dutch Shell Plc is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris-based Maurel & Prom , three sources said this week, a move to scale down its crude business in the ailing OPEC-member country to focus on gas. The Anglo-Dutch company is seeking to sell its 40 percent stake in Petroregional del Lago, a joint venture with Venezuela's state-run oil company PDVSA in the western state of Zulia near Colombia. Click here to read full stories.

Oct 11 - World's top traders divided on oil outlook as Iran sanctions loom

The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading. Click here to read full stories.

Oct 11 - Fat profits: Asian traders cash in as Europe thirsts for waste oils

Once surreptitiously dumped down drains in the dead of night, Asia's used cooking oil is fast becoming one of the most sought-after commodities in Europe - as a feedstock for biodiesel. Aggressive green energy targets in the European Union that were bolstered further this year are pushing fuel makers to churn out biodiesel containing recycled cooking oils and fats, phasing out the use of fresh vegetable oils in the process by 2030. Click here to read full stories.

Oct 11 - Hurricane knocks out 42 percent of U.S. Gulf of Mexico oil output

Hurricane Michael on Wednesday cut 42 percent of U.S. Gulf of Mexico daily crude oil production and nearly a third of natural gas output, the largest reductions in a year, after companies evacuated staff and shut-in platforms as a precaution. Michael slammed into the Florida Panhandle on Wednesday as a fast-moving, Category 4 storm bringing heavy rains and winds of 155 miles per hour (249 kph) to the U.S. southeast. Click here to read full stories.

Oct 11 - U.S. oil output to grow faster than expected to record in 2018 - EIA

U.S. crude oil output in 2018 is expected to grow more quickly than previously forecast to a record high, according to a monthly U.S. government forecast on Wednesday. Crude production was expected to rise 1.39 million barrels per day to 10.74 million bpd this year, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO). Click here to read full stories.

Oct 11 - Governments must change tack to contain global warming, says Big Oil

Governments not energy firms need to take the lead in achieve U.N. targets to contain global warming, with policies that will change fuel and other energy consumption habits, oil and gas companies said. A U.N. panel called this week for "unprecedented" changes in how the world consumes energy and a dramatic rise in the use of renewable power to contain global warming at lower levels and protect the planet from heatwaves, floods and rising sea levels. Click here to read full stories.

Oct 10 - Michael shuts nearly 40 percent of U.S. Gulf of Mexico oil output

Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael. Oil producers - including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp  - have since Monday evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.  Click here to read full stories.

Oct 10 - Trump raises ethanol use in gasoline, appeases farmers ahead of elections

U.S. President Donald Trump launched an effort on Tuesday to increase ethanol use in the nation's gasoline pool, delivering a long-sought political victory to the country's Farm Belt and angering oil refiners ahead of November's congressional elections. Trump announced the lifting of a ban on summer sales of gasoline blended with 15 percent ethanol, known as E15, at a closed-door meeting at the White House, Republican senators told reporters after the meeting. Click here to read full stories.

Oct 10 - Natural gas here to stay beyond energy transition, Big Oil says

Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy. Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation. Click here to read full stories.

Oct 10 - Unions accuse Chevron of "massive" tax avoidance via the Netherlands

International and Dutch unions filed a complaint with a global trade body on Tuesday accusing Chevron Corp. of funnelling billions of euros through letter box companies in the Netherlands to avoid taxation. In a rare step, the federation of Dutch trade unions, the International Transport Workers' Federation and Public Services International lodged the complaint with the Organisation for Economic Co-operation and Development (OECD) in The Hague. Click here to read full stories.

Oct 9 - Trump to lift ban on higher-ethanol gasoline ahead of Nov. elections

U.S. President Donald Trump will seek to lift a federal ban on summer sales of higher-ethanol blends of gasoline on Tuesday, a senior White House official said, delivering on a move long-sought by anxious Midwest farmers ahead of November's elections. The move will be coupled with restrictions on biofuel credit trading sought by merchant refiners like Valero Energy Corp and PBF Energy Inc. Those rules would be aimed at retailers and oil majors accused by merchant refiners of driving up cost of complying with biofuels blending laws. Click here to read full stories.

Oct 9 - Britain's oil watchdog sees North Sea costs, spending rise in 2018

The costs and operating expenditure needed to produce oil and gas in the British North Sea are set to rise both in overall and in per-barrel terms this year compared with 2017, the country's regulator for the sector said on Tuesday. Overall operating spending in the mature North Sea oil and gas basin this year is estimated to rise almost 9 percent to 7.5 billion pounds ($9.8 billion), according to the Oil and Gas Authority.  Click here to read full stories.

Oct 9 - Rocked by Trump's sanctions, Iranian oil exports drop further

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from U.S. sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall. The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. Click here to read full stories.

Oct 9 - Gulf of Mexico offshore platforms evacuated ahead of hurricane

Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 13 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. Gulf. Offshore producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp  evacuated workers from oil and gas platforms in the Gulf. Click here to read full stories.

Oct 9 - Eni to acquire half of BP's Libya oil and gas assets

Italy's Eni  has agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday. Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, the companies said in a statement. Click here to read full stories.

Oct 9 - Brent falls as fund managers take profits after rally: John Kemp

Hedge fund managers started to take some profits after the strong rally in crude oil prices, even before details emerged last week of output increases from Saudi Arabia and sanctions waivers by the United States. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 19 million barrels to 1.081 billion barrels in the week to Oct. 2. Click here to read full stories.

Oct 8 - China's credit loosening may not do much for commodity demand: Russell 

China's commodity imports may get a shot in the arm from Beijing's decision to ease credit conditions in the world's second-largest economy, but it may not be as big a boost as followed prior monetary loosening. The People's Bank of China on Sunday announced a steep 100 basis point cut in the level of cash that banks must hold as reserves, matching a similar move in April.  Click here to read full stories.

Oct 8 - U.S. actively considering waivers on Iran oil sanctions 

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday. The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on Nov. 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile program. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States. Click here to read full stories.

Oct 8 - Two Indian companies to buy Iranian oil in November - oil minister 

Two Indian companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from U.S. sanctions on Iran. India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.  Click here to read full stories.

Oct 8 - Speculators cut bullish bets on U.S. crude to near 1-year low - CFTC 

Hedge funds cut their bullish wagers on U.S. crude in the latest week to the lowest level in nearly a year, data showed on Friday, as U.S. inventories rise and the market grapples with uncertainty ahead of U.S. sanctions on Iran. The speculator group cut its combined futures and options position in New York and London by 13,459 contracts to 333,109 in the week to Oct. 2, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Oct 8 - Massive societal changes needed to meet lower global warming target world needs - U.N. 

Society would have to carry out "unprecedented" changes to the way it operates to keep global temperatures from rising by less than targeted or it risks increases in heat waves and flood-causing storms and the chances of drought in some regions, a U.N. report said on Monday. Keeping the Earth's temperature rise to only 1.5 degrees Celsius (2.7 degrees Fahrenheit) rather than the 2C target agreed to at the Paris Agreement talks in 2015, would have "clear benefits to people and natural ecosystems," the U.N. Intergovernmental Panel on Climate Change (IPCC) said on Monday in a statement announcing the report's release. Click here to read full stories.

Oct 5 - U.S. oil exports fall as India turns to Iran ahead of sanctions

Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler. U.S. oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 percent from a record high of 347,000 bpd in June, Kpler data showed. India accounted for 12 percent of U.S. crude exports in June. Click here to read full stories.

Oct 5 - Rising use of plastics to drive oil demand to 2050 - IEA

Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday. Despite government efforts to cut pollution and carbon emissions from oil and gas, the Vienna-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products. Click here to read full stories.

Oct 5 - Oil prices enter the danger zone for consumers: Kemp

Crude oil prices continue to climb despite attempts by oil producers to reassure the market about availability and the existence of enough spare capacity to offset oil lost as a result of U.S. sanctions on Iran. Recent price moves bear a strong resemblance to previous price spikes in 2007-2008 and 2010-2012, especially if prices are expressed in euros or yen to eliminate the impact of a stronger dollar this time around. Click here to read full stories.

Oct 5 - Saudi Arabia to invest $20 bln in spare oil production capacity

Saudi Arabia will invest $20 billion in the next few years to maintain and possibly expand its spare oil production capacity, Saudi Energy Minister Khalid al-Falih said on Thursday. Saudi Arabia is the only oil producer with significant spare capacity on hand to supply the market if needed. The kingdom has a maximum sustainable capacity of 12 million barrels per day (bpd). Click here to read full stories.

Oct 4 - Traders bet on oil at $100 as Iran sanctions loom

Oil traders have piled into wagers that U.S. crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record U.S. production growth and relatively flat global demand. But the imminent return of U.S. sanctions on Iran and bottlenecks keeping U.S. oil from getting to market have fueled a rally that has taken benchmark oil prices to four-year highs. Click here to read full stories.

Oct 4 - Saudi Arabia, Russia agreed in Sept to lift oil output, told U.S.

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. U.S. President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the U.S. congressional elections on Nov. 6. Click here to read full stories.

Oct 4 - U.S. crude oil stocks jump 8 million barrels last week

U.S. crude oil stockpiles rose by their most in a week since March 2017, driven in part by a build at the Cushing, Oklahoma, hub and a drop in exports, the Energy Information Administration said on Wednesday. Crude inventories jumped by 8 million barrels in the week to Sept. 28, four times analysts' expectations. Click here to read full stories.

Oct 4 - India allows oil firms hit by rising costs to raise $10 bln overseas

India said on Wednesday it will allow state oil marketing firms to raise $10 billion in overseas loans to help them deal with a sharp rise in crude oil prices and a falling rupee currency. The Reserve Bank of India said it will relax the external commercial borrowings (ECB) policy to allow the oil companies to raise external debt for working capital purposes and lifted the individual borrowing limit which was set at $750 million. Click here to read full stories.

Oct 3 - After lean years, Big Oil is under pressure to spend

Executives at the world's biggest oil and gas companies are under growing pressure to loosen the purse strings to replenish reserves, halt output declines and take advantage of a crude price rally after years of austerity. With oil at a four-year high of $85 a barrel, exploration departments are urging company boards to drill more, wages are creeping higher, service companies say rates will have to rise and some investors say Big Oil must start growing again soon. Click here to read full stories.

Oct 3 - Asia scrambles for West African oil before U.S. sanctions hit Iran

Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before U.S. sanctions take effect on Nov. 4. Loadings for Asia will rise to 2.52 million barrels per day (bpd) in October, equivalent to 75 percent of total output from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data. Click here to read full stories.

Oct 3 - Exxon explores sale of U.S. Gulf of Mexico assets - sources

Exxon Mobil Corp is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher prices prompt the world's largest publicly traded oil company to review its portfolio, people familiar with the matter said on Tuesday. Major oil companies have been looking to concentrate development operations in a few key areas. Irving, Texas-based Exxon is focusing on promising acreage in offshore areas such as Guyana and Brazil and onshore in the Permian basin of Texas. Click here to read full stories.

Oct 3 - OPEC and traders in standoff over oil outlook: Kemp

OPEC and oil traders are now in fundamental disagreement about the market outlook and the standoff is fuelling a sharp rise in prices that could spell trouble for the global economy over the next 18 months. The overall balance between supply and demand is "healthy" according to a statement from the Joint Ministerial Monitoring Committee of OPEC and non-OPEC producers last month. Click here to read full stories.

Oct 3 - Venezuelan oil port repairs delayed, crude exports fall - sources

Repairs to a dock at Venezuela's main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the OPEC member nation's crude exports, according to sources and shipping data. A minor incident in late August forced state-run oil company PDVSA to shut the Jose port's South dock, one of three used to ship heavy and upgraded oil to customers including Russia's Rosneft  and U.S.-based Chevron Corp, and to receive diluents needed for the exports. Click here to read full stories.

Oct 2 - Boom, bust or both? The challenge of predicting 2019's oil market balance

In the oil market, balance is a difficult game. Calculating whether the 100 million barrel per day world market is likely in the months ahead to have a surplus or deficit of supply, or be balanced, where supply equals demand, is never simple. Projections must take into account a host of factors -- from world economic growth, refinery operations and changing fuel use patterns on the demand side, to investment patterns, rates of mature oilfield decline, weather, politics, war and OPEC on the supply side. Click here to read full stories.

Oct 2 - Bill allowing U.S. to sue OPEC drawing renewed interest

With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law. A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action. Click here to read full stories.

Oct 2 - OPEC oil output boost in September limited by Iran losses - Reuters survey

OPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola. The 15-member Organization of the Petroleum Exporting Countries pumped 32.85 million barrels per day in September, the survey on Monday found, up 90,000 bpd from August's revised level and the highest this year. Click here to read full stories.

Oct 2 - Crude oil, natural gas may be about to repeat coal's hubris: Russell

The crude oil and natural gas industries believe they have got their mojo back, with the overwhelming impression gained at two recent conferences that the future is indeed bullish. It was hard to find any downbeat delegates at last week's Asia Pacific Petroleum Conference, the region's largest annual event, or at the well-attended GasTech in Barcelona the prior week. Click here to read full stories.

Oct 2 - Hedge funds doubt Saudi Arabia will replace Iranian oil:Kemp

Hedge fund managers are increasingly betting Saudi Arabia and its allies cannot or will not replace all the crude lost from the market when U.S. sanctions on Iran go into effect fully from November. Hedge funds and other money managers increased their combined net long position in the six major petroleum contracts by another 50 million barrels in the week to Sept. 25. Click here to read full stories.

Oct 2 - Australia expects resource exports to hit record $182 bln in 2018-2019

Australia's government expects the nation's resource and energy exports to hit a record of A$252 billion ($182 billion) in 2018-2019, buoyed by climbing prices for commodities such as natural gas and by a weaker Australian dollar. However, the country's Department of Industry also said in a report that the value of such exports would edge back to around A$238 billion in 2019-2020 even as volumes rise again, pulled down as growing global supply and concerns over demand pressure prices. The figure for 2017-18 was A$227 billion. Click here to read full stories.

Oct 2 - Crop Watch: Wet, cool weather slows activity in all eight states -Braun

Harvest activity and crop progress were slow for the Crop Watch corn and soybean fields last week as wet and/or cool weather plagued all eight producers in some way or another. That theme is likely to continue in many areas as the forecast for the next two weeks is much wetter than normal across the U.S. Midwest. Click here to read full stories.

Oct 1 - Saudi Crown Prince to discuss Neutral Zone oil output during Kuwait trip - source

Saudi Arabia's Crown Prince Mohammad bin Salman is expected to discuss the resumption of oil output from the Neutral Zone, which the kingdom's shares with Kuwait, during a trip to the Gulf Arab state on Sunday, a source familiar with the matter told Reuters. Prince Mohammad will be accompanied by Energy Minister Khalid al-Falih during his trip to Kuwait, two separate sources said. Click here to read full stories

Oct 1 - How the world's oil refiners plan to grapple with their fuel oil output after 2020 

High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed. Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output. Click here to read full stories

Oct 1 - Oman crude surges at just the wrong time for Saudi Arabia: Russell 

Talk about inconvenient timing. Just as Saudi Arabia is about to switch the way it prices its oil exports, the new benchmark throws a spanner in the works by surging inexplicably. Oman crude futures traded on the Dubai Mercantile Exchange (DME) rushed to their highest level in four years last week, trading as high as $90.90 a barrel on Sept. 26. Click here to read full stories

Oct 1 - Asia's troubled emerging markets to shave oil demand next year

Asia's emerging markets, the key driver for global oil demand growth, are being hit hard by soaring crude prices and sliding currencies, raising red flags over expectations of further increases in consumption. Import-reliant economies are already aching under oil prices that have risen above $80 per barrel this week, the most since late 2014. Click here to read full stories

Oct 1 - China hikes 2019 non-state oil import quota as private refiners expand

China has hiked its 2019 crude oil import quota for "non-state trade", generally meaning independent refiners, by 42 percent to 202 million tonnes, as two private companies prepare to launch commercial production at major new plants. It is the second consecutive year that Beijing has increased the quota, which is equivalent to 4.04 million barrels per day (bpd). Click here to read full stories

Oct 1 - U.S. crude output reaches record 10.96 mln bpd in July - EIA

U.S. crude oil production rose 269,000 barrels per day (bpd) to a record 10.964 million bpd in July, led by record output from Texas and North Dakota, the U.S. Energy Information Administration said in a monthly report on Friday. The agency revised its June production figure slightly higher to 10.695 million bpd in June. Click here to read full stories

Oct 1 - Hedge funds raise bullish bets on U.S. crude on supply worries

Hedge funds slightly increased their bullish wagers on U.S. crude in the week to Sept. 25, data showed on Friday, as Saudi Arabia and Russia ruled out any immediate increase in production, raising concerns about supply shortages. The speculator group raised its combined futures and options position in New York and London by 3,728 contracts to 346,566 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories

Oct 1 - U.S. oil drillers add fewest rigs in quarter since 2017 -Baker Hughes

U.S. energy companies cut oil rigs for a second consecutive week as new drilling stalled in the third quarter with the fewest additions in a quarter since 2017 due to pipeline constraints in the nation's largest oil field. Drillers cut three oil rigs in the week to Sept. 28, bringing the total count down to 863, General Electric Co's  Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories