Energy News

May 29 - OPEC, Russia bargain over oil cuts ahead of June meeting 
Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, agreed last month to cut output by 9.7 million barrels per day (bpd) in May and June.

May 29 - Russia's Rosneft finds extended oil cuts painful-sources 
Rosneft does not have enough crude to ship to buyers with which it has long-term supply deals, making it hard for the Russian company to continue with record oil cuts beyond June, four sources familiar with the matter told Reuters on Thursday. Rosneft has told the energy ministry it would be difficult to maintain cuts to the end of the year, as it has had to cut shipments to major buyers, such as Glencore and Trafigura, despite good demand, two sources close to the talks said on condition of anonymity.

May 29 - U.S. crude, diesel stocks pile up on lackluster fuel demand - EIA 
U.S. crude oil and distillate inventories rose sharply last week, the Energy Information Administration said on Thursday, while fuel demand remained slack even as various states eased movement restrictions that were put in place to stem the coronavirus pandemic. Crude inventories posted a gain of 7.9 million barrels in the week to May 22, largely due to imports. That brought overall U.S. stocks, excluding strategic reserves, to 534.4 million barrels, about 1 million barrels away from an all-time record. 

May 29 - China, India soak up oil from floating storage as demand recovers 
The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the past seven days, with China the top destination at 1.8 million tonnes and India second at 842,679 tonnes, according to oil analytics firm Vortexa.

May 29 - Fed's Kaplan sees global oil glut lasting well into 2021 
The global oil glut due to the coronavirus pandemic will likely last well into 2021, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, and longer, if the economic recovery is weaker than expected. "We think it will take probably until sometime in the second half of 2021, depending on economic growth, to work off all this excess inventory that we have globally," Kaplan told Reuters in an interview. "And if we grow more slowly, it will take into 2022." 

May 29 - U.N. delays crucial climate summit for a year, cites pandemic 
The coronavirus pandemic has prompted the United Nations to delay until late 2021 a crucial climate summit that had been scheduled for Britain this year, officials said on Thursday. This year's meeting, known as the COP26 summit, had been billed as the most important climate change summit since the 2015 talks that produced the Paris Agreement. Hundreds of world leaders had been expected to respond to public pressure for stronger global climate action by delivering pledges to slash greenhouse gas emissions more rapidly.

May 28 - Why U.S. energy CEOs will get big payouts despite oil meltdown 
National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion. Despite that performance, Chief Executive Clay Williams pocketed $3.3 million in stock in late February, solely because his company's total shareholder return over the three years ending in 2019 was not as bad as most of his beleaguered peers.

May 28 - Chevron to cut up to 15% of staff amid restructuring
Chevron Corp will cut 10% to 15% of its worldwide workforce as part of an ongoing restructuring at the second-largest U.S. oil producer. The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil and gas due to the COVID-19 pandemic.

May 28 - Putin, Saudi crown prince agree further coordination on oil output cuts - Kremlin
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed during a telephone call on further "close coordination" on oil output restrictions, the Kremlin said on Wednesday, just two weeks before an online oil conference. It said they also both noted the importance of joint efforts aimed at reaching the agreements within the OPEC+ group in April on oil production curbs.

May 28 - Exxon shareholders soundly reject splitting CEO/chairman roles 
Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive's roles at the oil major's shareholder meeting on Wednesday. Climate activists had swung behind efforts to split the roles of chief executive and chairman after prior defeats on resolutions seeking to make it more accountable to shareholders on climate change risk. This year's vote on an independent chair collected 32.7% of the vote, down from nearly 41% last year.

May 28 - OPEC+ must plan exit strategy: Kemp 
Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy. But an important part of being a successful market manager is about knowing when to increase production and capacity to forestall excessive investment by rivals and potential rivals.

May 28 - The spike before the slump? Australian coal exports to China soar in May: Russell 
Australia's coal exporters are bracing for a slump in shipments to China, making it somewhat ironic that May is likely to be the strongest month in nearly two years for Chinese imports from Down Under. Traders are expecting that China's coal imports may fall in coming months amid moves by Beijing to restrict cargoes to protect the domestic mining industry and prices.

May 28 - Japan's refinery runs fall to the lowest since at least 2005 
Japan's refineries operated at only 56.1% of their capacity in the week ending on May 23, data from the Petroleum Association of Japan (PAJ) showed on Wednesday, as the COVID-19 pandemic reduced fuel demand. Operating capacity was down 5.4 percentage points from the previous week and 16.1 percentage points from a year earlier, the PAJ data showed.

May 28 - Occidental is sued by shareholders, bondholders over Anadarko merger 
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.5 billion of Occidental bonds that helped fund the August 2019 merger.

May 27 - Global energy investment expected to tumble 20% in 2020 due to COVID crisis - IEA 
Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday. The Paris-based IEA said this could have serious repercussions for energy security and the transition to clean energy as the global economy recovers from the pandemic.

May 27 - Venezuela's PDVSA cuts crude blending, output as inventories rise - sources, documents 
Venezuela's state-run oil company Petroleos de Venezuela has cut crude production at several locations and its main crude blending plant has been operating intermittently this month due to mounting stockpiles, according to a half-dozen industry sources and documents seen by Reuters. Venezuela's oil industry has been squeezed by more than a year of sanctions from the United States, and in recent months the Trump administration has increased the pressure on some of the remaining buyers of Venezuelan crude. Washington sanctioned PDVSA early last year as part of the administration's efforts to oust President Nicolas Maduro. 

May 27 - Russian minister, oil majors discuss output cut extension - sources 
Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. The meeting is a further sign that Moscow is committed to supporting any future joint steps to stabilise oil markets for as long as may be required, after slashing its production to close to its quota under the global deal.  

May 27 - Coronavirus spreads in Brazil's oilfields, as 6 offshore operators register cases 
Norway's Equinor ASA, Brazil's Dommo Energia SA and Anglo-French firm Perenco are among at least six oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC and Brazil's Enauta Participacoes SA have registered one case each. Hundreds of cases have been recorded at oilfields operated by state-run Petrobras.

May 27 - Third Iranian fuel cargo reaches Venezuelan waters, others unloading - data 
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation's exclusive economic zone as the previous two were discharging at state run PDVSA's ports, Refinitiv Eikon data showed. The Iran-flagged tanker Petunia crossed the Caribbean Sea earlier on Tuesday, following the same route as vessels Fortune and Forest. The Fortune arrived on Monday at a port serving PDVSA's El Palito refinery. 

May 27 - Morgan Stanley sees tighter oil market, raises Brent forecast 
Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply. "We expect demand to rebound to about 97 million barrels per day (bpd) by Q4 as economies come out of lockdown - a significant improvement although still down about 4 million bpd year-on-year," the bank said.

May 27 - Pandemic forces virtual safety checks for oil tankers 
Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage. Oil tankers require rigorous inspections twice a year to reduce the risk of oil spills or mechanical collapse with polluting cargoes onboard. 

May 27 - Hedge funds build large bullish position in WTI: Kemp 
Hedge funds and other money managers continued to accumulate bullish positions in crude oil and its products last week but almost all buying remains concentrated in WTI, with little evidence of optimism in other futures contracts. Portfolio managers purchased the equivalent of 30 million barrels in the six most important futures and options contracts in the week to May 19, exchange and regulatory data shows.

May 26 - Russia leapfrogs Saudi Arabia as China's top crude oil supplier in April
Russia overtook Saudi Arabia as China's top crude oil supplier in April, customs data showed, with imports rising 18% from the same month a year earlier as refiners snapped up cheap raw materials amid a price war between the two producers. Russian shipments reached 7.2 million tonnes last month, equivalent to 1.75 million barrels per day (bpd), according to data from the General Administration of Customs released on Tuesday.

May 26 - 'This could be the one that gets me,' says oilfield service veteran 
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt. A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016. 

May 26 - Iranian tanker docks in Venezuelan port, domestic refining rises 
The first of five Iranian tankers carrying fuel to Venezuela has moored at a port serving the El Palito refinery, the oil minister said on Monday, and Refinitiv Eikon data showed a second vessel had entered its waters. Iran is providing Venezuela with 1.53 million barrels of gasoline and refining components in a move criticized by U.S. authorities as both countries are under U.S. sanctions, according to the governments, sources and calculations by 

May 26 - India's April crude processing in biggest drop in at least nearly two decades 
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production. Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed.

May 25 - Reminder : Ascension Day on Thursday, the end of Ramadan on Friday and a Bank Holiday on Monday (LDN & NY closed)

May 25 - China's "hermit" investors fill doubled oil storage with crude bet
Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them. Despite a more than doubling of storage capacity over the past six weeks to 57 million barrels, with tanks sourced from state and private refiners, nearly all existing storage is set to be filled by end-June, two industry sources with knowledge of deliveries said.

May 25 - Iraqi, Saudi energy ministers say committed to output cuts
Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Saudi state news agency SPA said. The comments came after Iraq's Finance Minister Ali Allawi, who is acting oil minister, visited Saudi Arabia to discuss the oil market with the Saudi energy minister, SPA said. 

May 25 - Iran fuel shipment nears Venezuelan shores, Maduro thanks Tehran
The lead vessel of a five-tanker flotilla carrying fuel supplied by Iran to gasoline-thirsty Venezuela neared one of state-run PDVSA's ports as President Nicolas Maduro thanked Tehran on Sunday. Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticized by U.S. authorities as both nations are under Washington's sanctions, according to the governments, sources and calculations by 

May 25 - Australia shows how policy can stifle renewable energy future: Russell
One of the themes emerging as the world looks to recover from the coronavirus pandemic is that this is a once-in-a-lifetime opportunity to reboot the global energy system and embrace a future of renewables. But the current debate in Australia over energy policy and emissions shows that in the absence of supportive, or even neutral, government policies, achieving the goal may be difficult.

May 25 - -BP's Looney halves top management roles under energy transition plan
BP is more than halving the size of its senior management team as part of Chief Executive Bernard Looney's drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy, company sources told Reuters. Under BP's new business structure the number of leadership roles will drop to about 120 from 250, with many veteran executives who held key positions under former Chief Executive Bob Dudley set to leave in the coming months, the sources said.

May 25 - U.S. shale bust slams rural economies as oil checks shrivel
Royalties from oil pumped on Paul Ruckman's land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight re-enactments. The worst oil bust in decades has slashed the bounty that flowed to millions of rural Americans like Ruckman, who said his royalty checks have plummeted 70% since January.

May 25 - N. American oil & gas rig count falls to record lows - Baker Hughes
The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. 

May 25 - Negative pricing seen spreading from oil to gas as European demand slumps
A month after U.S. crude oil prices collapsed into negative territory, European gas markets are facing the prospect of also slipping into the red after a slump in demand and surging inventories pushed prices into low single digits. Dutch and British gas prices have plunged due to weak demand amid coronavirus lockdowns and strong renewables output, compounding an already oversupplied market with little available storage space left.

May 22 - Beware: U.S. taps new tools to find fraud in volatile commodities market
When the U.S. Department of Justice charged a handful of JP Morgan Chase & Co JPM.N traders in 2018 and 2019 with alleged commodities futures manipulation, it wasn't the first time the government had probed the bank's metals trading activities. The Commodity Futures Trading Commission (CFTC) investigated the same business as part of a similar probe of the silver market years earlier, but it was not able to build a case with the data it had at the time, according to U.S. court filings and a person with knowledge of the aborted probe.

May 22 - Lockdown easing traffic upsurge drives gasoline higher
An easing of coronavirus lockdown measures has driven a strong recovery in gasoline demand as traffic congestion in some of the world's capitals returns to the levels of a year ago, data prepared for Reuters shows. Gasoline prices dropped by almost 75% in the first quarter after countries across the globe introduced travel restrictions to slow the spread of the novel coronavirus.

May 22 - Why bond investors are willing to bet on money-losing Pemex after oil price crash
Mexico's state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around. Despite all the risks of holding the world's largest fallen angel, the ignominious distinction for a company that loses its investment-grade rating, bondholders are betting on continued support from the government.

May 22 - U.S. cuts royalties for hard-hit oil, gas drillers
The Trump administration has lowered royalties for several drilling companies producing oil and gas on federal lands, according to a government database, as the industry seeks help weathering low energy prices. The move shows drillers are taking the government up on its offer to consider royalty cuts on a case-by-case basis after rejecting industry calls for blanket relief covering all federal leases. 

May 22 - Qatar Petroleum to slash spending by 30% - CEO
Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday. Speaking during a webcast organised by the U.S-Qatar Business Council, Saad al-Kaabi however said that plans to sharply expand Qatar Petroleum's liquefied natural gas (LNG) capacity by the middle of the decade remain on track.

May 22 - U.S. petroleum stocks stabilise as industry adapts to shock - Kemp
U.S. petroleum inventories show signs of stabilising as domestic crude production and imports slow while refinery processing gradually increases from last month’s crisis lows. Excess inventories are clearing from the crude side first in response to output cuts, while a reduction in refined fuel stocks will take longer as consumption is slower to return.

May 21 - OPEC chief says oil market responding well to record OPEC+ cut
OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market. The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per day (bpd) from May 1 to offset a slump in prices and demand caused by the coronavirus outbreak.

May 21 - Sellers beware: Price collapse triggers bartering over oil and gas deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking losing it altogether.

May 21 - China to receive rare U.S. ethanol shipment on Friday - sources
A rare ethanol shipment of U.S. origin is expected to arrive in China this month, according to three industry sources and shipping data, probably the first such cargo since the two countries struck an initial trade deal in January. The market has been watching closely for signs of renewed trade in biofuel after China waived some additional tariffs on 696 American products, ethanol among them, to support purchases of U.S. farm goods, after the signing of the Phase 1 trade deal. 

May 21 - China-Australia row to reshuffle trade in bulging barley market
A prohibitive Chinese import tariff on Australian barley will benefit other suppliers without changing the bleak global outlook caused by large stocks and depressed beer demand, analysts and traders said. Beijing said on Monday it would apply an 80.5% tariff on Australian barley imports for the next five years, a move expected to all but halt flows from its main supplier. 

May 21 - Total secures $14.4 billion funding for Mozambique LNG - sources
French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday. A source with knowledge of the matter said Total has reached a financing agreement with a group that includes around 20 lenders for the first phase of senior debt funding of $14.4 billion.

May 21 - U.S. crude stockpiles drop, fuel inventories rise - EIA
U.S. crude oil stockpiles fell last week, helping ease concerns about overflowing oil supply, though gasoline and distillate inventories both rose as refiners increased processing rates, the Energy Information Administration said on Wednesday. U.S. oil inventories have surged in 2020 as oil consumption dropped due to the coronavirus pandemic that has caused businesses to shutter and governments to restrict citizens' movements. 

May 21 - China's May gasoline exports seen at multi-months low - trade, analysts
Gasoline exports from China, Asia's top petrol exporter, could dive to multi-month lows in May as refiners turn to domestic markets, industry sources and analysts said on Wednesday. Consultancy FGE estimated that China's May exports could fall to around 300,000 to 350,000 barrels per day (bpd) while one of the sources who tracks such deals closely said the volume could be even lower at below 800,000 tonnes (218,000 bpd).

May 21 - Schlumberger names new top executives to oversee corporate overhaul
Schlumberger, the world's largest oilfield services firm, will reshuffle top executives and operations in coming months to deal with this year's historic decline in the oil industry, according to a memo to employees. The changes will be implemented in phases and are designed to forge "a leaner, simplified and more responsive organization," Chief Executive Olivier Le Peuch said in the memo dated on Wednesday and reviewed by Reuters. 

May 21 - China to slash H2 coal imports to back domestic miners, analysts say
China is expected to tighten coal import rules in the second half of 2020 to shore up its struggling domestic industry, after record arrivals in the first four months, just as demand tanked because of the coronavirus outbreak. Imports could drop as much as a quarter in the second half from the corresponding 2019 period, analysts estimate, which is likely to boost pressure on major coal exporters, such as Australia, Indonesia and Russia, which are already battling weak demand because of the virus.

May 21 - In the coming renewable energy boom, Australia is once again the "lucky country": Russell
Which commodities and countries are best placed to emerge as winners in the post-coronavirus world, especially if the anticipated boost to investment in renewables energies actually happens? One of the themes emerging for a post-coronavirus world is that investment should flow into renewable energies, both as economic stimulus and as a way of limiting the impact of climate change.

May 21 - Asian, European jet fuel margins rise on supply cuts, more flights
Asian refining margins for jet fuel turned positive for the first time in a month and European margins rose to the highest level in three weeks on Wednesday, bolstered by deep supply cuts and an uptick in flights in regional markets. The jet fuel refining margin in Singapore flipped to $1.83 per barrel above Dubai crude on Tuesday, in positive territory for the first time since April 20. 

May 21 - Physical oil market tightens as output cuts, economic recovery take hold - Kemp
Physical crude markets are signalling a rapid shift from an enormous over-supply at the height of the coronavirus lockdowns in April towards an expected under-supply in the second half of the year. Dated Brent's six-week calendar spread has shrunk to a contango of less than 70 cents per barrel from more than $6 per barrel in the first week of April.

May 21 - U.S. ethanol running out of recovery time to avoid more lost corn demand - Braun
Even before the coronavirus outbreak, most analysts believed U.S. corn supplies would swell to 30-year highs in 2021. But those prior stock expectations are now much too low considering the sharp loss in corn demand by way of ethanol, and inventory stands to bulge even further if ethanol output does not recover in a timely fashion.

May 20 - Exxon revives sale of stake in giant Azeri oilfield
Exxon Mobil has relaunched the sale of its stake in Azerbaijan's largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices. The top U.S. oil and gas company first tried to sell its 6.8% stake in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea in 2018, as rival Chevron launched the sale of its own 9.57% stake in the field.

May 20 - Angola's oil exploration evaporates as COVID-19 overshadows historic reforms
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa's second-largest oil producer. The consequences could be grave for a poor country that relies heavily on oil revenues and is saddled with debts that exceed its economic output.

May 20 - Past its peak? Battered oil demand faces threat from electric vehicles
Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but auto makers are betting the crisis will help accelerate an electric future. With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels. 

May 20 - Successful OPEC+ output deal fits a pattern: Kemp
Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks. Front-month Brent futures prices have risen by more than $15 per barrel (80%) since the second trimester of April, while the six-month calendar spread has tightened from more than $12 contango to less than $3.

May 20 - Global green energy growth to fall for first time in 20 years - IEA
Global growth in new renewable energy capacity will experience its first annual decline in 20 years this year amid the coronavirus pandemic but is expected to pick up next year, the International Energy Agency said on Wednesday. The world is set to build fewer wind turbines, solar plants and other installations that produce renewable electricity this year as energy demand has been reduced across commercial and industrial sectors and logistics issues delay projects.

May 20 - Few U.S. oil and gas firms return small-business COVID-19 loans
U.S. securities filings show that only four of 12 listed oil and gas companies that received emergency government aid made available for small businesses said they would return it ahead of a deadline for firms that do not need the funds to do so. The U.S. Treasury Department offered amnesty to public companies that return money they borrowed by May 18, saying it would deem they made the application in good faith due to economic uncertainty fueled by the coronavirus outbreak, before guidelines were clarified.

May 20 - Refiners pin hopes on gasoline for post-lockdown demand recovery
Global oil refiners, battling weak profit margins, are pinning their hopes on a recovery in gasoline demand as coronavirus lockdowns start to ease in many countries around the world. Gasoline was one of fuels the hardest hit by the lockdowns as restrictions on mobility cut demand for the motor fuel by more than 50% in several regions.

May 19 - Coronavirus creates repair headache for oil and gas industry
The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia's Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19, the flu-like infection caused by the virus, have snarled the supply of spare parts and have prevented maintenance workers from doing their job.

May 19 - OPEC+ cuts oil exports sharply so far in May – trackers
OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement. The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per day from May 1 to offset a slump in prices and demand caused by the coronavirus outbreak.

May 19 - Saudi Arabia crude exports rise to 7.391 mln bpd in March - JODI
Saudi Arabia's crude oil exports in March rose by 113,000 barrels per day (bpd)to 7.391 million barrels per day from 7.278 million bpd in February, official data showed on Monday. Saudi Arabia built up its crude stocks in March by more than 3.5 million barrels to 2,964 million barrels from minus 0.683 million barrels in the previous month.

May 19 - Wave of diesel heads to Europe, pressuring refiners
A record volume of diesel is set to reach Europe from the East in May after lockdown measures due to coronavirus left refiners in Asia and the Middle East with huge excess volumes of fuel. Refineries around the world have cut output in recent months in response to the unprecedented drop in demand due to movement restrictions imposed by governments to limit the spread of the coronavirus epidemic.

May 19 - India's fuel demand recovery gathers pace as lockdown eases
A recovery in fuel demand in India gathered momentum in the first half of May versus April as curbs on transport and industrial activity were partly lifted in areas that have contained the spread of coronavirus, data from industry sources showed. Demand for refined fuel is expected to get another boost from Monday as India has lifted more restrictions under its extended lockdown that runs until May 31. 

May 19 - U.S. oil output from major shale to drop in June to nearly 2-year low
U.S. crude production from seven major shale formations is expected to fall by a record 197,000 barrels per day in June to 7.822 million bpd, the U.S. Energy Information Administration said in a monthly report on Monday. The output from shale formations would be the lowest since August 2018, according to data from the agency. 

May 19 - Hedge fund petroleum buying falters after strong rise in prices: Kemp
Hedge funds stopped buying petroleum last week, as benchmark crude prices touched $30 per barrel, and evidence emerged of a persistent oversupply of middle distillates such as diesel and especially jet fuel. Hedge funds and other money managers sold the equivalent of 19 million barrels in the six most important petroleum futures and options contracts in the week ending on May 12.

May 18 - A month after negative oil prices, U.S. crude contract expiry looms
A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday - and so far there is little sign of a repeat of the historic plunge. The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTI contract plunged to minus $38 a barrel.

May 18 - Coronavirus widens climate rift between European and U.S. oil majors
Europe's top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like BP, Royal Dutch Shell and Total are in step with the European Union's efforts to transition to a lower-carbon economy and away from a century-old reliance on oil, and reflect the region's widening rift with the United States where both the government and the top drillers are largely staying committed to oil and gas.

May 18 - China refineries loom over Asia with record oil product exports: Russell
The rebound in China's crude oil processing in April looms large over Asia's refineries, which are already battling weak profit margins from the slump in fuel demand caused by lockdowns aimed at containing the coronavirus pandemic. China's refineries processed the equivalent of 13.1 million barrels per day (bpd) in April, up from a 15-month low of 11.78 million bpd in March, according to calculations based on official data released on May 15.  

May 18 - Oil majors slash output to help Kazakhstan comply with OPEC+ deal
International oil companies producing in Kazakhstan have started to make painful cuts in output, following government orders to help the country meet its commitments under a global deal to reduce supplies. The government signed a decree on Monday to cut output from May, having pledged to reduce output by 390,000 barrels per day (bpd) this month and next under a deal with the OPEC+ group of producers aimed at reviving global oil prices.  

May 18 - Petrobras looks to China's 'teapots' to keep oil exports flowing
Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy. On a Friday earnings call with analysts, executives credited the company's strong relationship with independent refineries in China's Shandong Province, known as "teapots,"' for allowing Petrobras to export a record amount of crude in recent months, even as some economies are effectively shut. 

May 18 - Iran news agency warns U.S. against any move on fuel shipment to Venezuela
An Iranian news agency close to the elite Revolutionary Guards said on Saturday there would be repercussions if the United States acted "just like pirates" against an Iranian fuel shipment to Venezuela. A senior official in President Donald Trump's administration told Reuters on Thursday the United States was considering measures it could take in response to Iran's shipment of fuel to crisis-stricken Venezuela. 

May 18 - U.S. oil & gas rig count plunges to record low for 2nd week - Baker Hughes
U.S. energy firms cut number of U.S. oil and natural gas rigs operating to an all-time low for a second week in a row as producers slash spending on new drilling after oil prices collapsed due to a slump in demand caused by global lockdowns to stop the coronavirus pandemic. The rig count, an early indicator of future output, fell by 35 to a record low of 339 in the week to May 15, according to data from energy services firm Baker Hughes Co going back to 1940. 

May 18 - Recovering oil demand could drive market into deficit by July: Kemp
U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle. Similar recoveries in fuel consumption are expected at varying rates across the other major economies as they gradually emerge from lockdown and are likely to push the oil market into supply deficit in the third quarter.

May 18 - Speculators raise bullish U.S. crude bets to most in a year - CFTC
Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options to the highest level in more than a year during the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 15,514 contracts to 356,984 during the period ended May 12, the most since April 2019.

May 15 - Global oil refining could rebound in June, but margins weak - IEA 
Global oil refining production could start rebounding in June, the International Energy Agency said on Thursday, but refiners' margins may be squeezed due to rising crude prices as producers slashed output much faster than expected. Refiners throttled back output globally as the coronavirus pandemic sent billions of people into lockdown and cut fuel demand by 30%. Crude prices crashed, prompting the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to cut oil output by 9.7 million barrels per day (bpd), while other nations have also reduced output.

May 15 - China crude oil runs rebound in April as fuel demand picks up 
China's daily crude oil throughput rebounded in April from a 15-month low in March as refiners cranked up operations to meet renewed fuel demand after lockdowns imposed to prevent the spread of the coronavirus outbreak were eased. The country processed a total of 53.85 million tonnes of crude oil last month, data from the National Bureau of Statistics (NBS) showed on Friday, equivalent to about 13.1 million barrels per day (bpd).

May 15 - Brent oil market structure, physical rally could draw oil from storage 
The oil futures market is pricing in tighter supplies due to OPEC-led production cuts and recovering demand as lockdowns to contain the coronavirus outbreak are eased, suggesting a huge inventory buildup could slow and start to be drawn down. Brent crude futures for July are trading at the smallest discount to the contract six months in the future since March. A price structure where oil for immediate delivery is cheaper is called contango. A narrowing contango usually points to supplies becoming more constrained.

May 15 - U.S. commodities regulator warns of more volatility, possible negative prices 
The top U.S. commodities markets regulator warned exchanges and brokerages on Thursday that they should be prepared for volatility and possible negative pricing for certain contracts, nearly one month after U.S. oil futures plunged into negative territory for the first time in history. Last month, the expiring U.S. West Texas Intermediate (WTI) futures contract slumped to a minus $37.63 a barrel as panicked investors bailed out of positions upon realizing that many would be forced to take physical delivery of oil without a place to put the barrels. 

May 15 - China's top energy firms to grow gas output despite spending cuts 
China's top energy producers will grow their natural gas output this year by twice as much as in the previous oil rout even as they slash spending due to collapsing oil prices, company officials and analysts said. The world's top energy consumer is forecast to expand its natural gas production by 5% or more in 2020 despite plans for deep spending cuts which will likely curb local oil production, they said.

May 15 - Saudi Aramco cuts June crude allocation to some Asian buyers - sources 
Saudi Aramco, the world's largest oil exporter, has cut the volume of crude it will supply to at least three buyers in Asia by 10%-30% for June, three sources with knowledge of the matter said on Thursday. The cuts were made against volumes that the buyers had nominated for June-loading supplies, the refining sources told Reuters.

May 15 - Saudi Arabia must keep cool and balance deep oil cuts with need for gas 
Saudi Arabia's sweltering summer may complicate the kingdom's pledge to deepen oil production cuts. Curbing crude output means lower production of associated gas, a byproduct of crude extraction, which Saudi Arabia uses to power air conditioners during the summer months and as feedstock for its petrochemical industry.

May 15 - U.S. weighs measures in response to Iran fuel shipment to Venezuela -source 
The United States is considering measures it could take in response to Iran's shipment of fuel to crisis-stricken Venezuela, a senior official in President Donald Trump's administration told Reuters on Thursday. The United States has a "high degree of certainty" that Venezuelan President Nicolas Maduro's government is paying Iran tons of gold for the fuel, the official said, speaking on condition of anonymity.

May 14 - Iraq agrees with oil majors to cut output, but short of OPEC+ target 
Iraq is cutting its oil output by around 700,000 barrels per day (bpd), a third less than required under an OPEC+ supply pact, after it failed to persuade international oil majors operating its giant fields to agree to deeper reductions. Iraq has agreed with oil majors operating its five giant southern oilfields to cut 300,000 bpd, Iraqi oil officials told Reuters on Wednesday. It will also lower production from other fields which it operates alone, bringing the total reductions to slightly below 700,000 bpd, they said. 

May 14 - OPEC slashes oil demand forecast again, sees biggest hit this quarter 
OPEC slashed its forecast on Wednesday for global oil demand this year and predicted this quarter would see the steepest decline even as some countries ease lockdown measures designed to stem the coronavirus outbreak. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 9.07 million barrels per day (bpd), or 9.1%, in 2020, it said in a monthly report. Last month, OPEC expected a contraction of 6.85 million bpd.

May 14 - FBI probes Mexican, European firms over Venezuela oil trading -sources 
The FBI is probing several Mexican and European companies allegedly involved in trading Venezuelan oil as it gathers information for a U.S. Treasury Department inquiry into possible sanctions busting, according to four people familiar with the matter. U.S. Secretary of State Mike Pompeo and special envoy for Venezuela Elliott Abrams told reporters late last month the State and Treasury departments were investigating whether several firms were violating sanctions imposed on Venezuela's state oil company PDVSA since January 2019.

May 14 - U.S. crude stockpiles unexpectedly drop for first time since January - EIA 
U.S. crude oil stockpiles surprisingly fell last week, including at the Cushing, Oklahoma, storage hub, the first time supply has dropped since the coronavirus pandemic choked off fuel demand in the United States. Crude inventories fell 745,000 barrels in the week to May 8 to 531.5 million barrels, the U.S. Energy Information Administration said, compared with expectations in a Reuters poll for a 4.1 million-barrel rise. That was the first decline after 15 weeks of builds.

May 14 - Oil crash pain drives potential gain for west Australian gas 
A slump in energy prices that has led to the deferral of liquefied natural gas (LNG) projects around the world is set to be an unexpected boon for some producers trying to kickstart new ventures in gas-rich western Australia. Offshore and onshore projects led by Woodside Petroleum, Chevron Corp and Japan's Mitsui are in the mix to plug a looming supply gap at North West Shelf, Australia's oldest and biggest gas export plant.

May 14 - Norway wealth fund blacklists Glencore, other commodity giants over coal 
Norway's $1 trillion wealth fund is excluding some of the world's biggest commodities firms from its portfolio for their use and production of coal, including Glencore and Anglo American. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and Dutch company AGL Energy over their use of coal.

May 14 - Climate activists up stakes at Exxon, backing calls for independent board chairman 
Shareholder activists prodding Exxon Mobil Corp on climate-change proposals are backing calls for an independent board chairman as the oil major steps up efforts to keep climate proposals off its ballot. Exxon's broad rejection of climate proposals, challenging sponsors and rebuffing ballot measures as either micromanaging or unneeded, has accelerated under Chairman and Chief Executive Darren Woods. This year, it blocked six climate resolution from appearing on the proxy ballot at its May 27 shareholder meeting.

May 14 - Oil traders shun WTI amid continuing concerns about delivery: Kemp 
Futures traders are avoiding the June and even July light sweet crude (WTI) futures contracts to avoid the extreme volatility that marked the run up to expiry of the May contract last month. At the close of business on Tuesday, with five more trading sessions before the June contract is due to expire, traders held contracts equivalent to just 155 million barrels for delivery.

May 13 - OPEC+ wants to maintain oil output cuts beyond June - sources 
OPEC and its allies want to maintain existing oil cuts beyond June when the OPEC+ group is next due to meet to shore up prices and demand, which has been hit by the coronavirus pandemic, four OPEC+ sources said on Tuesday. Global oil demand has slumped by about 30% as the crisis has curtailed travel and economic activity, building up oil inventories globally. Brent crude prices fell 65.6% in the first quarter, before the OPEC+ grouping agreed its deepest oil cuts.

May 13 - Saudi Aramco debt to climb as world's largest dividend weighs 
Saudi Aramco's debt is expected breach target levels as an oil price collapse triggered by the coronavirus forces it to borrow to meet the world's largest dividend pledge and buy a major stake in petrochemicals maker SABIC, analysts said. Compared with western oil companies, Saudi Arabia's national oil company appears in robust financial health.

May 13 - U.S. crude output to drop, oil demand to slump by 2.2 mln bpd in 2020 - EIA 
U.S. oil demand is set to crash by 2.2 million barrels per day (bpd) in 2020 to 18.3 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, as the coronavirus pandemic restricts movement across the world and erodes fuel demand. Meanwhile, U.S. crude production is expected to fall 540,000 barrels per day (bpd) from last year's record high to 11.7 million bpd in 2020, the agency said, compared with its previous forecast for a decline of 470,000 bpd.

May 13 - Aiming to thwart China, U.S. senator pushes rare earths funding bill 
U.S. Senator Ted Cruz introduced legislation on Tuesday to help revive the U.S. rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China's control over the strategic sector. China is the largest global processor of rare earths, a group of 17 minerals used to make electronics and military equipment. The country has threatened to stop exporting the specialized minerals to the United States amid the ongoing trade war, prompting efforts by Washington to help revive its domestic rare earths industry.

May 13 - Oil traders see market starting road to recovery: Kemp 
Crude oil traders expect the market to be closer to balance in the next few months as production cuts are implemented and the global transport system emerges from a coronavirus lockdown. Futures prices and swaps linked to physical prices show the market has now moved through the worst of the crisis caused by the volume war between Saudi Arabia and Russia and the pandemic-driven collapse in consumption.

May 13 - Occidental offering voluntary job buyouts, citing need for spending cuts -document 
Occidental Petroleum Corp is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on Tuesday, citing the sharp decline in oil prices and the coronavirus pandemic for "severe dislocations" in its business. Occidental bet heavily on the continued growth in U.S. shale oil, taking on heavy debts for its controversial purchase of Anadarko Petroleum last year for $38 billion. That bet has proved ill-timed following the coronavirus outbreak, which has cut fuel demand worldwide by about 30% and is responsible for the worst oil-and-gas-industry downturn in 40 years.

May 13 - Venezuela's PDVSA allocates oil cargoes to partner at Petrozamora - data, sources 
A joint venture partner of state oil company PDVSA, GPB Global Resources BV, has received at least two cargoes of Venezuelan crude in recent months as part of a deal to settle pending debt from their Petrozamora project, according to two sources and a shipping document seen by Reuters. Buyers and intermediaries in sales of Venezuelan oil are under growing pressure by the U.S. government, which since 2019 has imposed sanctions on PDVSA and some of its trading partners as part of a campaign top oust President Nicolas Maduro.

May 13 - Russia's top oil province braces for 15% output cut 
Output from Russia's top oil region in western Siberia is expected to fall by 15% this year in line with a producer pact to curb supply, a senior official told Reuters, adding the tax system meant it faced an unfairly heavy burden. Khanty-Mansiysk in western Siberia accounts for a little under half of all oil produced in Russia and stands to absorb the biggest cut under a producer pact to reduce output from May 1 to stabilise oil markets.

May 13 - As Canadian oil sands site fights infections, some want fewer fly-in workers 
A coronavirus outbreak at a Canadian oil sands site has spread across five provinces and sparked calls to limit the use of fly-in workers in the remote locations. Any restrictions would upend a labor model that the high-cost industry depends on. Projects that use fly-in workers represent more than half of the region's crude production capacity.

May 12 - Saudi Arabia deepens oil cuts as weak demand weighs on prices 
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic. The announcement by the kingdom to add 1 million barrels per day (bpd) - equal to 1% of global supply - to the previously announced cuts follows last week's phone conversation between U.S. President Donald Trump and Saudi Arabia's King Salman.

May 12 - U.S. refiners killed the golden goose: diesel margins 
U.S. refiners expected the spread of coronavirus to kill demand for gasoline and jet fuel, so they rushed to produce more diesel - but now they are sitting with a glut of that product, too. Overall U.S. fuel demand is down nearly 30% in the last several weeks as a result of the pandemic. Diesel demand is only down 20%, however.

May 12 - Asia's pandemic stimulus may slow the demise of coal 
Coal power plant construction will push ahead in Asia despite falling electricity demand and environmental concerns as policymakers prioritise boosting economies crippled by the coronavirus pandemic, analysts say. Fossil fuel demand will plummet this year as lockdowns sap electricity use, the International Energy Agency said in a report last month.

May 12 - Continental halted June oil sales while awaiting higher prices - CEO 
U.S. shale producers Continental Resources Inc and Callon Petroleum Co on Monday joined their peers in cutting production as the coronavirus crisis slashed oil prices and demand for fuel. The historic drop in prices last month has North American oil companies on course to cut roughly 1.7 million barrels per day, or 13%, by midyear, according to a Reuters analysis of U.S. state and company data.

May 12 - Shale pioneer Chesapeake considers bankruptcy filing after oil rout 
Chesapeake Energy Corp said on Monday it was unable to access financing and was considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don't recover from the sharp fall caused by the COVID-19 pandemic. The announcement follows last month's statement by the pioneering shale gas producer that it was in talks to line up bankruptcy financing and was in talks for a loan to run its operations through the court proceedings. 

May 12 - Shell, Eni lead oil majors' climate ambitions but still fall short - investors 
None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni, investors managing $19 trillion said on Tuesday. The Transition Pathway Initiative (TPI), which represents the investors and is co-chaired by the Church of England Pensions Board, called on all oil and gas producers to set both intensity-based and absolute emissions reductions targets so that the industry adheres to a common standard on 'net zero' emissions. 

May 12 - New hope or false dawn? Asian refining margins gain, but risks loom: Russell 
A recent strengthening in refinery margins in Asia is leading to a sense that the worst may be over for the embattled sector as more nations in the region start to emerge from coronavirus lockdowns. But the main risk now for both the crude oil and refined products industries is that the renewed optimism leads them to boost output to levels above the nascent recovery in demand.

May 12 - Hedge fund oil bulls switch to buying Brent: Kemp 
Hedge funds continued to buy petroleum last week, extending a six-week buying cycle on expectations that the oil industry has now moved through the worst point in the crisis brought on by the volume war and pandemic. Hedge funds and other money managers purchased a further 35 million barrels in the six most important petroleum futures and options contacts in the week to May 5, according to regulatory and exchange data.

May 11 - Investors search for bargains in energy sector minefield 
Investors are rummaging through battered energy stocks to play a potential rebound in oil prices, just weeks after crude futures traded below zero for the first time ever. It's a high-stakes game. The months-long plunge in oil has dragged valuations in the sector to their lowest levels in decades, according to some measures, raising companies' allure to bargain hunters. Yet bankruptcies in the oil patch are expected to grow, and choosing the wrong stock could leave a portfolio with outsized losses.

May 11 - Long-suffering Canadian oilpatch faces 'biggest existential crisis' yet 
Canada's oil patch has endured five years of existential threats that have pruned weaker companies, but now its strongest firms are trying to navigate the coronavirus pandemic, which has set off the worst crisis in the oil industry in 40 years. Economic shutdowns have ground travel to a halt, cutting fuel demand by roughly 30% worldwide. With consumption down, oil producers around the globe cut production sharply.

May 11 - Saudi Aramco seeking to review price of SABIC deal - sources 
Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC's value following a slump in oil prices in coronavirus pandemic, two sources told Reuters. Aramco last year agreed to buy a 70% stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF), the kingdom's wealth fund, for $69.1 billion, in one of the biggest deals in the global chemical industry.

May 11 - U.S. drillers cut oil & gas rigs to historic low - Baker Hughes 
The number of operating oil and natural gas rigs fell to an all-time low - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. The rig count, an early indicator of future output, fell by 34 to a record low of 374 in the week to May 8, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. 

May 11 - Falling diesel use makes U.S. oil industry 'like the snake biting its own tail' 
U.S. demand for diesel fuel has dropped nationwide, but one lesser-known user of diesel is particularly affected: the oil industry itself. Fuel demand has dropped worldwide by roughly 30% due to the coronavirus pandemic. This has prompted sharp cutbacks in U.S. drilling, which further diminishes demand for diesel to run the pumps, equipment and trucks that serve the sector.

May 11 - Not as bad as it looks? Pemex's $24 bln loss mostly accounting distortion 
More than 80% of state-owned Pemex's multibillion-dollar loss in the first quarter stemmed from its accounting of a beat-up peso, rather than evaporating cash, but real losses are set to mount unless it modifies pre-coronavirus output plans. This is because average Mexican oil prices will almost certainly be much lower in the second quarter than in the first, dipping in April to just above $12 per barrel, or less than half their first-quarter average of about $26.

May 11 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to May 5, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 2,009 contracts to 341,468 during the period. 

May 08 - North American oil producers slash output faster than OPEC skeptics expected
North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data. The Organization of the Petroleum Exporting Countries and allies led by Russia struck a deal last month to contain a worsening supply glut as the coronavirus pandemic cratered global fuel demand by about 30%, sending prices plunging.

May 08 - U.S. drillers expected to slash oil & gas rigs to lowest ever
The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. Last week, the U.S. rig count was just four units above the record low of 404 set in May 2016, according to energy service provider Baker Hughes Co, which has been tracking rig counts since 1940. Its data for this week is due after 1 p.m. (1700 GMT). 

May 08 - Saudi Arabia raises June Arab light crude price to Asia
Saudi Arabia's state oil giant Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday. The rise in the crude oil official prices (OSPs) to Asia are not in line with market expectations. Asian refiners were expecting Saudi Arabia to cut the prices of its crude for a fourth straight month in June after Middle East benchmarks slumped on poor refining margins as the coronavirus pandemic slammed demand, according to a Reuters survey.

May 08 - HSBC alleges Zenrock sought multiple loans for same oil cargo - court document
HSBC Holdings PLC has alleged that Singapore-based Zenrock Commodities Trading Pte Ltd engaged in a series of "highly dishonest transactions" which included using the same oil cargo to obtain loans from at least two different lenders, according to a court document seen by Reuters. Zenrock did not immediately respond to requests for comments.

May 08 - Top U.S. shale producer sees oil price recovery continuing
U.S. shale producer Pioneer Natural Resources expects oil prices to recover to at least $45 per barrel this year, its chief executive said on Thursday. Producers slashed output and energy companies cut tens of thousands of jobs as plummeting demand for fuels and a global supply glut sent prices below $20 a barrel last month. 

May 08 - Brazil's Petrobras puts brakes on massive oilfield sale -sources
Brazil's Petrobras has put the sale of a massive cluster of offshore oilfields on ice, three sources with knowledge of the matter told Reuters this week, underlining the challenges the state-run oil company faces in its bid to reduce debt amid the novel coronavirus pandemic. Petrobras began preparations earlier this year to sell a minority stake in the coveted Marlim cluster off the coast of Rio de Janeiro, said the sources, who requested anonymity to describe private conversations.

May 07 - China April crude oil imports rebound as fuel demand picks up, yet to reach year-ago level
China's crude oil imports rebounded in April from a month earlier as refiners ramped up output amid a recovery in fuel demand with the impact of the coronavirus outbreak easing while crude prices crashed on slumping consumption elsewhere. Crude oil arrivals were about 42.82 million tonnes last month, equivalent to 10.42 million barrels per day (bpd), according to Reuters calculation based on a statement released by General Administration of Customs on Thursday.

May 07 - From zero to hero: physical oil rally might be short-lived
From Kazakhstan to the North Sea and the United States, physical crude has jumped in value in recent days but the rally will likely be tactical and short-lived rather than signalling a proper recovery, according to traders and analysts. The market, which saw some physical grades selling at prices close to zero just a few weeks ago, is indeed being helped by production cuts by the Organization of the Petroleum Exporting Countries and its allies and in North America.

May 07 - Virus lockdowns pummel global gas demand, force LNG output cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. 

May 07 - Equinor suspends 2020 output guidance amid global oil cutbacks
Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back operations this year, the Norwegian energy firm said on Thursday. With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway, Brazil and others joined OPEC+ in ordering curtailments amid the COVID-19 pandemic.

May 07 - U.S. crude stockpiles rise less than expected, distillates jump sharply
U.S. crude oil stockpiles rose less than forecast and distillate inventories jumped but gasoline posted a drawdown for the second straight week, the Energy Information Administration said on Wednesday. The rate of increases in crude inventories has slowed since a record build of 19 million barrels in early April as refining output has rebounded modestly due to a slight recovery in gasoline demand. 

May 07 - PKN offers to sell Polish assets as seeks to win EU okay for Lotos deal – sources
Poland's biggest refiner PKN Orlen has offered to sell assets in its home market as part of a package of concessions aimed at allaying EU antitrust concerns over its Lotosbid, people familiar with the matter said on Wednesday. The offer came after the European Commission last month set out its concerns about the deal in a so-called statement of objections, making it near impossible for PKN to win approval without concessions. 

May 07 - European ethanol makers fear influx from U.S. and Brazil
An influx of cheap U.S. and Brazilian ethanol threatens Europe's producers as businesses resume operations, companies have told the European Commission, urging it to act to protect an industry reeling from depressed demand. Sharp falls in driving and air travel due to the coronavirus pandemic have hit the biofuel sector worldwide, forcing companies to dtastically cut output and prices, notably in top producers the United States and Brazil.

May 06 - Saudi Arabia's oil exports to drop in May as demand slides – sources
Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say. The world's top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related lockdowns.

May 06 - How does government have the power to curb U.S. oil output?
Texas regulators decided on Tuesday against reducing the state's oil output, a power available to U.S. state and federal authorities that has been put in the spotlight by spreading job losses during a sharp decline in energy prices. Crude oil prices are around $24 per barrel, down from $61 at the start of the year as more than 3 billion people worldwide went into a lockdown, slashing global demand by as much as a third. 

May 06 - BoC may compensate up to 20% of investments in oil products - sources
Bank of China (BoC) is considering compensating up to 20% of all investors' original investments in crude oil-linked products, and shouldering all losses recorded in negative territory, two sources told Reuters on Tuesday. The bank may shoulder a total of 6-7 billion yuan ($1.84 billion) in investors losses and compensation, said the sources, with investors' losses recorded in negative territory alone amounting up to nearly 6 billion yuan.

May 06 - Top trader Vitol says virus might bring peak oil demand much quicker
Oil markets are at the beginning of a fragile recovery as coronavirus lockdowns ease, though long-term peak demand may be permanently eroded, Vitol's chief executive told Reuters. Russell Hardy, CEO of the world's biggest oil trader, said global oil demand sank by 26-27 million barrels per day (bpd) in April and predicts a year-on-year drop of over 8 million bpd. 

May 06 - Aker BP cuts quarterly dividend by two-thirds as oil price drops
Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the fall in crude prices, the Norwegian oil firm said on Wednesday after reporting first-quarter profits that beat expectations. Earnings before interest, tax, depreciation and amortization (EBITDA) rose to $666 million in the quarter from $539 million a year ago, outperforming a $617 million forecast in a Refinitiv poll of analysts. 

May 06 - Argentina biodiesel exports fully halted due to pandemic – chamber head
Argentine biodiesel exports have ground to a complete halt due to the coronavirus pandemic hammering demand in Europe, the head of the local industry chamber told Reuters. Last year, biodiesel exports amounted to around 1 million tonnes worth $775 million. 

May 06 - HSBC seeks judicial management for Zenrock Commodities Trading – sources
HSBC Holdings PLC has filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, three people familiar with the matter said on Wednesday. Singapore-based Zenrock Commodities trades crude, oil products and petrochemicals.

May 05 - 'Like watching a train wreck': The coronavirus effect on North Dakota shale oilfields  Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter. It was also a business concern. "As we were sitting around the board room watching what was happening with prices, it was like watching a train wreck," said Kent, vice president of engineering and operations at Resource Energy, backed by private equity giant Apollo Global Management.

May 05 - Texas regulator drops plan to mandate oil output cuts 
The Texas energy regulator who pushed the state to consider cutting 20% of its oil output and promoted the idea with calls to Russia's energy minister and OPEC officials abandoned the proposal on Monday after failing to win his fellow commissioners' support. Global energy demand has tumbled amid coronavirus-related travel and business restrictions, a glut of oil from shale, and the end of an OPEC and allies production pact. 

May 05 - Coronavirus pushes oil majors to biggest output cuts in 17 years
Oil and gas output from some of the world's top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related movement restrictions that have led to a surge in supplies and a collapse in crude prices to levels not seen in more than two decades.

May 05 - Any renewed U.S.-China trade war will be more risky, less rewarding: Russell 

The rhetoric around the possible resumption of the U.S.-China trade war has been ramped up by both sides in recent days, but this time around the risks seem to be far greater for both countries, with the world economy as collateral damage. U.S. President Donald Trump has intensified threats of new tariffs to punish China as he seeks a winning issue for his campaign for re-election in November, just as Beijing tries to deflect growing criticism over its handling of the global pandemic caused by the new coronavirus.

May 05 - Venezuela crude output keeps sliding, fields shut due to fire damage 
Venezuela's oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop came as output in the country's Orinoco oil belt, home to the world's largest deposits of heavy crude, fell by nearly 100,000 bpd over three weeks to 307,000 bpd on Saturday, two internal documents from state oil company Petroleos de Venezuela showed. 

May 05 - Funds buy WTI in bet worst is over for oil: Kemp 
Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns. Money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week ending on April 28, exchange and regulatory records showed.

May 05 - Sempra delays big Texas LNG project as global energy demand slumps 
Sempra Energy on Monday said it was delaying a decision to go ahead with a large LNG export project in Texas until 2021, as the coronavirus pandemic cuts global demand for energy. Energy firms around the world have pushed back decisions on liquefied natural gas (LNG) terminals and other infrastructure projects as global demand for energy has collapsed due to the coronavirus outbreak. Investment demand in LNG has been running high for several years due to heavier consumption from mostly Asian countries diversifying their generation mix away from coal.

May 04 - Exxon, Chevron slam brakes on shale as oil demand tumbles
Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world's top oil producer and a net exporter for the first time in decades. 

May 04 - Time to decline? Asia's crude oil imports set to drop after record April: Russell
Asia imported a record amount of crude oil in April as refiners took advantage of low prices amid a price war between top exporters Saudi Arabia and Russia. But that's likely as good as it gets for a while as the economic slowdown caused by the new coronavirus and rapidly filling regional storages crimp demand in May, and likely for the next few months after that.

May 04 - Russian oil output jumped to 11.35 mln bpd in April, ahead of cuts
Russia raised oil and gas condensate output in April to 46.45 million tonnes, or 11.35 million barrels per day (bpd), from 11.29 million bpd in March, Interfax reported on Saturday, before it makes cuts this month under a global supply pact. The report, which cited Energy Ministry data, showed April's figure was the highest monthly average output since January 2019, when it was 11.38 million bpd.

May 04 - Oil futures markets need more transparency: Kemp
Recent turbulence in the price of light sweet crude oil futures has highlighted how little is known about the positions of traders and their impact on the formation of prices. Exchanges and regulators see the positions of all members and traders on a daily basis but the information is confidential and not available to researchers even many years afterwards.

May 04 - Hedge funds boost bullish bets on U.S. crude to highest in 1-1/2 years
Hedge funds and money managers raised bullish wagers on U.S. crude to the highest level since September 2018, data showed on Friday, as prices rose on signs of global production declines that could offset plunging demand due to the coronavirus pandemic. The speculator group raised its combined futures and options position in New York and London by 32,139 contracts to 339,461 in the week through April 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

May 04 - India doubles down on solar, gas at coal's expense as electricity use falls
India's solar and gas-fired electricity generation rose in April even as overall power demand fell at the steepest monthly rate in at least thirteen years, a Reuters analysis of provisional government data showed. Solar-powered electricity generation rose 16.9%, accounting for a record 5.6% of the country's total output, while gas-fired power output was 13.7% higher, an analysis of daily load despatch data from state-run power operator POSOCO showed. However, wind-powered electricity generation fell 11.4%.

May 04 - Goldman 'patiently bullish' on oil as fundamentals improve
Goldman Sachs Commodities Research on Friday raised its second-quarter and full-year forecasts for global oil benchmark Brent crude futures, citing signs of improvement in fundamentals with quickly declining supplies and improving demand as lockdown measures are eased gradually. The Wall Street bank raised its second-quarter 2020 Brent price forecast to $25 per barrel from $20 previously, while also slightly raising its full-year forecast for Brent to $35.8 per barrel from $35.2. 

May 04 - U.S. drillers cut oil rigs for seventh week in a row - Baker Hughes
U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic. Drillers cut 53 oil rigs in the week to May 1, bringing the total count down to 325, the lowest since June 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

May 04 - U.S. judge halts oil leases due to lack of federal study of water impacts
A U.S. judge on Friday halted nearly 300 oil and gas leases on a large section of federal land in Montana that had been approved by an agency of the Interior Department and ordered the agency to conduct a thorough environmental analysis of the impact of fracking on drinking water. District Court Judge Brian Morris said in his ruling that the Bureau of Land Management did not factor in the environmental risks to Montana's water supply before it made a blanket approval for oil and gas leasing on nearly 150,000 acres of federal land.

May 01 - Trump told Saudis: Cut oil supply or lose U.S. military support - sources 
As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters. The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic - scoring a diplomatic victory for the White House.

May 01 - OPEC April oil output surges to 13-month high before new cut deal 
OPEC oil output has jumped in April to a 13-month high as Saudi Arabia and its Gulf allies opened the taps following the collapse of an OPEC-led supply pact, offsetting further declines in Libya, Iran and Venezuela. On average, the 13-member Organization of the Petroleum Exporting Countries has pumped 30.25 million barrels per day (bpd) this month, according to the survey, up 1.61 million bpd from March's revised figure.

May 01 - Iraq faces problems cutting 1 mln bpd of crude output - sources 
Iraq will struggle to cut crude output a record 1 million barrels per day (bpd) or 23 % from May under OPEC's deal with Russia and other producers, and Baghdad has yet to agree with oil majors about where the cuts will come from, industry sources said. Majors such as BP, Exxon Mobil, Lukoil and Eni produce the lion’s share of Iraq’s output and have so far resisted calls for cuts, prompting Iraqi officials to review options such as asking the companies to bring forward field maintenance.

May 01 - Mexico's Pemex bleeds more red ink in nearly $24 bln quarterly loss 
Mexican state oil company Pemex, hammered by a collapse in crude prices and a sharp depreciation of the Mexican peso, on Thursday posted a multibillion-dollar quarterly loss that was far wider than losses a year earlier. Losses during the first quarter of 2020 totaled $23.6 billion (562.13 billion peso), likely the company's biggest ever quarterly loss as the COVID-19 pandemic cratered demand for crude oil globally.

May 01 - Glencore slashes spending and output guidance, says can ride out coronavirus 
Glencore cut its 2020 capital expenditure and output targets on Thursday to reflect the impact of the coronavirus on its operations, saying the belt-tightening left it well placed to weather the pandemic. The miner and trader, reporting first-quarter production data, said spending for the year would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion.

May 01 - U.S. crude output rises in February, Texas production eases - EIA 
U.S. crude oil output rose to 12.83 million barrels per day (bpd) in February from 12.75 million bpd in January, which was revised up by about 2,000 bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Thursday. Crude production hit a record high at 12.87 million bpd in November but production growth stalled as independent exploration and production (E&P) companies cut spending on new drilling to meet shareholder demand for better financial returns.

May 01 - Oil prices set for deeper fall in 2020, even as lockdowns ease - poll
Oil prices are headed for further falls this year even as countries ease restrictions related to the coronavirus crisis, while output cuts by top producers will do little to fix a supply glut, a Reuters poll showed on Thursday. The survey of 45 analysts forecast Brent crude would average $35.84 a barrel in 2020, 7.5% below the $38.76 consensus in a March survey. It has averaged $45 so far this year.

May 01 - Wells Fargo shifts energy bankers to focus on bankruptcies 
Wells Fargo & Co has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters. Sitting inside the credit-resolution group, where Wells Fargo handles struggling borrowers, the team includes many bankers who previously worked with the same oil and gas producers in its investment bank.

May 01 - Biggest U.S. oil ETF may not be able to reflect crude spot prices 
The United States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the country, said it may not be able to meet its investment objective of reflecting the spot prices of oil any longer, according to a filing on Thursday. USO's actions come as it looks to cushion the blow from a historic sell-off in oil markets hit by oversupply and a coronavirus-induced plunge in fuel demand.

May 01 - U.S. oil producers race to cut output as prices fall, storage fills: Kemp 
U.S. oil producers and refiners are starting to adapt to the massive shock caused by lockdowns imposed to contain the coronavirus, according to the latest weekly government data. Producers are racing to cut output before the remaining storage space at tank farms and offshore becomes full, with tumbling wellhead prices forcing a brutal pace of adjustment.

Apr 30 - Shell cuts dividend for first time since 1940s as oil demand collapses 
Royal Dutch Shell cut its dividend for the first time in 80 years and suspended the next tranche of its share buyback programme on Thursday following the collapse in global oil demand due to the coronavirus pandemic. "Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our resilience, underpin the strength of our balance sheet and support the long-term value creation of Shell," Chief Executive Ben van Beurden said in a statement.

Apr 30 - Coronavirus lockdowns set to slash energy demand, emissions by record amounts - IEA 
Economic lockdowns brought on by the coronavirus pandemic look set to cut global energy demand and carbon dioxide emissions by record amounts, the International Energy Agency (IEA) said on Thursday. Global energy demand could slump by 6% in 2020 due to the restrictions placed on homes and industry in what would be the largest contraction in absolute terms on record, according to Paris-based IEA, which advises industrialised nations on energy issues.

Apr 30 - Chesapeake Energy preparing bankruptcy filing -sources 
Chesapeake Energy Corp, the oil and gas exploration and production company that was at the forefront of the past decade's U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices, people familiar with the matter said on Wednesday. The Oklahoma City-based company, cofounded by late wildcatter and outspoken natural gas proponent Aubrey McClendon, has held discussions with creditors about a possible loan that would aid operations while it navigates bankruptcy proceedings, the sources said. The loan could total roughly $1 billion, though its size remains in flux, one of the sources added. 

Apr 30 - U.S. could store another 'several hundred million' barrels of oil  - Mnuchin 
President Donald Trump on Wednesday said his administration will soon release a plan to help U.S. oil companies, which Treasury Secretary Steven Mnuchin said could include adding millions of barrels of oil to already-teeming national reserves. Mnuchin did not provide details on where the government might find the storage capacity as the global coronavirus pandemic crushes demand for gas. 

Apr 30 - U.S. crude inventories rise less than expected, gasoline posts surprise draw 
U.S. crude oil stockpiles rose less than expected last week while gasoline inventories dropped for the first time in five weeks, the Energy Information Administration said on Wednesday, as the sharp decline in fuel demand due to the coronavirus pandemic is ebbing. Crude inventories rose by 9 million barrels in the week to April 24 to 527.6 million barrels, slightly less than analyst expectations for a 10.6 million-barrel increase. 

Apr 30 - Why all eyes will be on the expiry of Brent oil futures this week 
The expiry of the June contract for Brent oil futures in Europe on Thursday will possibly be the most watched event in oil markets for some time after the U.S. benchmark plummeted below zero for the first time in history last week. The coronavirus pandemic has killed oil demand as over four billion people are in lockdown and last week, ahead of its contract expiry, U.S. West Texas Intermediate (WTI) futures crashed deep into negative territory making it a liability for anyone holding it.

Apr 30 - OPEC+ should focus on market share as oil demand recovers - Moscow 
The alliance of OPEC, Russia and other oil producers, known as OPEC+, should focus on the global market share for the group's crude once demand starts recovering from the coronavirus crisis, Moscow said on Wednesday. OPEC+, set up in 2016, has worked to support prices by cutting output. But Russia and others have long complained that this has mainly benefited U.S. producers which have ramped up output and snatched market share.

Apr 30 - Venezuela asks Bank of England to sell its gold to UN for coronavirus relief - sources 
Venezuela is asking the Bank of England to sell part of the South American nation's gold reserves held in its coffers and send the proceeds to the United Nations to help with the country's coronavirus-fighting efforts, according to two sources with knowledge of the situation. Venezuela for decades stored gold that makes up part of its central bank reserves in the vaults of foreign financial institutions including the Bank of England, which provides gold custodian services to many developing countries.

Apr 30 - Norway to reduce oil output from June to December -oil ministry 
Norway, Western Europe's largest oil producer, will slash its output from June to December of 2020, the oil and energy ministry said on Wednesday, the first time in 18 years it has joined other major producers to shore up prices. "We will cut Norwegian production by 250,000 barrels per day (bpd) in June and by 134,000 barrels per day in the second half of 2020. In addition, the start-up of production of several fields will be delayed until 2021," Oil Minister Tina Bru said.

Apr 30 - U.S. ethanol demand spiked in latest week, but it's still far from normal: Braun 
U.S. fuel ethanol production hit another record low last week, but stocks came off their record highs, their first decline in five weeks, a sign that demand is slowly coming back and that production has either bottomed or is very close to doing so. Global fuel consumption has fallen sharply ever since the coronavirus pandemic escalated in mid-March, sending oil prices into a tailspin. This has delivered an unprecedented blow to U.S. corn demand, as fuel ethanol production accounts for roughly 40% of annual use.

Apr 29 - Oil majors, governments haggle over sharing pain of deepest cuts yet 
From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because of the coronavirus pandemic. Oil majors have traditionally escaped big cuts in OPEC nations, such as Nigeria, and have never experienced curbs in countries outside the OPEC club, such as Kazakhstan, where they are protected by special clauses agreed with governments.

Apr 29 - BP hikes debt, keeps dividend as coronavirus hammers profits 
BP's first-quarter profit tumbled by two thirds and its debt climbed to its highest on record as the coronavirus crisis hammered oil demand, but the energy major kept its dividend despite warning of exceptional uncertainty. London-based BP said it expected significantly lower refining margins in the second quarter when global restrictions on movement to halt the spread of the virus reached their peak, throttling consumption of gasoline, diesel and jet fuel.

Apr 29 - U.S. refinery earnings to detail troubled outlooks as fuel use slumps 
U.S. refiners are expected to report poor first-quarter results starting this week, but investors are more concerned about the outlook for coming months as various states ease movement restrictions designed to curb coronavirus infections. Fuel demand has dropped by roughly 25% in the United States and about 30% worldwide as the coronavirus pandemic has kept billions of people from traveling. U.S. refineries have throttled back production, operating at roughly two-thirds of capacity and global refineries have responded similarly to combat the steep drop in auto and jet fuel use. 

Apr 29 - China to issue first-ever VLSFO export quotas of 10 mln T for 2020 - sources 
China is set to release its first-ever quotas to export very low sulphur fuel oil (VLSFO) with total volumes of 10 million tonnes for this year, six industry officials with knowledge of the matter said on Tuesday. The quotas, which came in the wake of Beijing's policy in January to offer tax sweeteners to boost local production of the fuel, paves the way for Chinese refiners to almost fully cover the demand from its coastal bonded marine fuel market of 12-14 million tonnes annually.

Apr 29 - Coming U.S. shale results will test extent of oil hedges, output cuts 
As low crude oil prices leave U.S. producers struggling to eke out profits, investors will focus on production hedges and cost-cuts to determine winners from losers as first quarter earnings roll out in coming days. Global energy demand have tumbled by nearly a third due to coronavirus lockdowns, fueling an oil glut that halved U.S. crude prices in March. 

Apr 29 - Shale producer Oasis Petroleum to halt drilling in Bakken - sources 
Oasis Petroleum Inc has begun to wind down all drilling in the Bakken, three sources familiar with the matter said on Tuesday, as production cuts intensify across the United States the aftermath of a historic plunge in crude oil prices. The company has asked its frac crews in the region to take time off, known as a frac holiday, and will completely halt all drilling activity within weeks, two sources said. 

Apr 29 - Venezuela's PDVSA eyes restructuring that would elevate private partnerships 
Venezuela's state-owned oil company Petroleos de Venezuela is proposing a sweeping restructuring that would transfer a large portion of its current activities to private companies, according to a document seen by Reuters. If carried out, the plans would roll back a slew of reforms started by former leftist President Hugo Chavez nearly two decades ago to boost the state's role in the OPEC nation's oil industry. 

Apr 29 - Oil fund’s forced sales send WTI prices plunging again: Kemp 
Front-month U.S. light crude oil futures prices slumped almost 25% yesterday, the second sharp tumble in a week, after the exchange operator ordered a major commodity fund to sell some of its near-dated futures contracts. United States Oil Fund (USO) announced to investors it would roll its current positions forward over three days between Monday and Wednesday after intervention by the Chicago Mercantile Exchange (CME).

Apr 29 - U.S. court ruling could threaten pipeline projects with delays 
Several major U.S. oil and natural gas pipeline projects could be at risk of delays after a U.S. district judge in Montana this month said the Army Corps of Engineers had inappropriately used a national permit program, energy analysts said on Tuesday. Chief U.S. District Judge Brian Morris ruled on April 15 that the Army Corps violated federal law by issuing the so-called Nationwide Permit 12 that allows pipelines to cross water bodies because it did not adequately consult with other federal agencies on risks to endangered species and habitat. The ruling halted work on pipelines through streams and waterways, but allows other construction to continue. 

Apr 28 - Traders book Jones Act tankers for storage, foreign trips as U.S. fuel glut swells - sources 
Oil traders are hiring expensive U.S. vessels, normally only used for domestic shipments, to store gasoline or ship fuel overseas, five shipping sources said, in a sign of the energy industry's desperation for places to park petroleum amid a 30% drop in worldwide demand. Billions of people worldwide are living under confinement rules due to the coronavirus pandemic, destroying demand for gasoline and other fuels and creating a supply glut. Storage tanks onshore and floating storage in tankers on the water are rapidly filling, leaving fewer options for traders looking to sock away oil.

Apr 28 - Resilience of independent oil firms faces hedging, debt tests 
Independent international oil producers can cope with plunging oil prices better than higher-cost U.S. shale firms but persistent low prices may still leave them struggling to repay debts and renew hedging facilities needed to protect revenues. The drop in Brent crude to $20 a barrel and less, or the even deeper slide of U.S. crude into negative territory, has hammered U.S. shale producers, which typically need more than $40 to break even, forcing shut-ins and threatening insolvencies as the coronavirus crisis has thumped oil demand.

Apr 28 - BP revises $5.6 billion Alaska deal after oil price crash 
BP Plc said on Monday it had amended financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp Energy Co following the recent slump in oil prices, which may lead to a lower cash boost than initially planned. The new agreement retains the original sale price but provides for vendor financing, smaller payments in 2020 and for cash-flow sharing in the near term, the British oil major said.

Apr 28 - Russia's Tatneft cuts oil output ahead of OPEC+ amid lack of storage, poor demand - sources 
Russian oil producer Tatneft has cut its output by around a fifth this month, before a global supply deal takes effect in May, because storage capacity is full and European demand is weak, according to sources and data seen by Reuters. Facing an historic oversupply, Russia and a number of other leading oil producing nations, a group known as OPEC+, agreed to jointly cut production by nearly 10 million barrels per day (bpd). Moscow has ordered companies to reduce production by a fifth from May 1.

Apr 28 - China's ICBC closes commodity-linked products to new investment 
Industrial and Commercial Bank of China (ICBC) has suspended access for new investors to retail products linked to commodity futures due to extreme market volatility, including U.S. oil futures crashing below zero. Investors already holding ICBC's commodity-linked retail products will not be able to add to their positions from Tuesday, but existing positions can be traded as normal, the bank said on its website on Monday.

Apr 28 - Biggest U.S. oil ETF sells June holdings; shares plummet 
Shares of United States Oil Fund LP fell more than 16% on Monday after it said it would sell all of its front-month crude contracts to avoid a repeat of the heavy losses suffered last week after crude prices cratered. USO, the United States' largest crude exchange-traded product, declined 39% last week. Retail investors sold the ETF heavily in tandem with a dramatic decline in expiring May oil futures. Fuel demand has dropped 30% worldwide and supply is filling tankers rapidly, leaving production stranded.

Apr 28 - Singapore's Hin Leong placed under court-appointed supervisor - sources 
Singapore's Hin Leong Trading Pte Ltd, one of Asia's top oil traders, has been placed under the management of a court-appointed supervisor as it seeks to restructure billions of dollars of debt, three sources with knowledge of the matter said on Monday. Hin Leong had applied last week to be placed under interim judicial management and withdrew an application it had made to the Singapore High Court for legal protection for six months from creditors, two other sources said on Friday. 

Apr 28 - Hedge funds get bullish on WTI despite storage fears: Kemp 
Hedge funds were heavy buyers of petroleum last week, purchasing a record amount of WTI, as managers interpreted battered and even negative crude prices as an opportunity to position themselves for a future rally. Hedge funds and other money managers purchased the equivalent of 122 million barrels in the six most important futures and options contracts in the week to April 21, the largest one-week increase since before Christmas.

Apr 28 - Mexico's Pemex says to prioritize lower-cost production 
Mexico's state oil firm Pemex on Monday detailed measures aimed at mitigating the effects of a steep drop in oil prices, saying it would prioritize lower-cost production that would allow the government to comply with its "international commitments." Petroleos Mexicanos, as the firm is formally known, detailed measures it values at some 113.04 billion pesos ($4.57 billion) in a letter to investors, reviewed by Reuters. The steps are aimed at helping financial flows, it said, and include a cut to its 2020 investment budget of 40.5 billion pesos.

Apr 27 - When oil became waste: a week of turmoil for crude, and more pain to come 
The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.  In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do - leave the United States with so much oil there was nowhere to put it. 

Apr 27 - China's March crude imports from Saudi slip, Russia up 31% -customs 
China's March crude oil imports from top supplier Saudi Arabia fell 1.6% from a year earlier, while purchases from No.2 supplier Russia rose 31%, Reuters' calculations based on customs data showed on Sunday. China's March crude oil imports rose 4.5% year on year to 9.68 million barrels per day (bpd) as refiners stocked up on cheaper cargoes despite falling domestic fuel demand and cuts in refining rates due to the impact the COVID-19 pandemic. 

Apr 27 - Oil ETPs: the perils of trading crude like a stock 
A historic plunge in oil prices in the wake of the COVID-19 pandemic has highlighted the risks of oil-focused exchange-traded products (ETPs).  Market participants, especially individual investors, have piled into oil ETPs in recent weeks to bet that U.S. crude prices will rebound from its nearly 60% tumble since March 6. But many of these products - including the United States Oil Fund LP, the largest U.S. oil ETP - have the potential for steep losses as oil markets are roiled.

Apr 27 - How the U.S. could use taxpayer dollars to save oil and energy companies 
The U.S. federal government is looking at "a whole bunch of alternatives" to support oil and other energy companies, Treasury Secretary Steven Mnuchin said on Friday as the industry struggles with plummeting prices and demand as the coronavirus crushes economic activity. Taking equity stakes as part of a lending facility for the industry is among the alternatives, Mnuchin said at a White House event.

Apr 27 - Big Oil investors to look past earnings pain and focus on dividends 
Investors already braced for poor first-quarter earnings from major oil and gas companies will focus on how executives plan to save cash and whether they will cut dividends following the collapse in oil prices. The five biggest U.S. and European firms, known as the Oil Majors, have announced spending cuts averaging 23% in a rapid response to the precipitous fall in oil demand because of the coronavirus pandemic and a 65% slump in crude prices.

Apr 27 - Asian LNG prices take bigger coronavirus hit than Brent crude: Russell 
While the coronavirus-led plunge in crude oil prices has grabbed the bulk of the headlines, the collapse in spot liquefied natural gas (LNG) prices in Asia has been just as dramatic, and just as likely to have lasting consequences. Spot LNG prices for delivery to North Asia slipped to $1.95 per million British thermal units (mmBtu) in the week ended April 24 - the lowest on record and also the first time they have closed below the $2 mark.

Apr 27 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to April 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.  The speculator group raise its combined futures and options position in New York and London by 107,777 contracts to 307,321 during the period. 

Apr 27 - U.S. drillers cut most oil rigs in a month since 2015 - Baker Hughes 
U.S. energy firms cut the most oil rigs in a month in April since 2015 with oil prices down over 70% since the start of the year as steps to curb the coronavirus pandemic cut global crude demand faster than producers can shut wells, causing storage tanks to fill rapidly. Drillers cut 60 oil rigs in the week to April 24, bringing the total count down to 378, the lowest since July 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Apr 24 - How Africa risks reeling from a health crisis to a food crisis 
In Nigeria's Benue state, the food basket of the country, Mercy Yialase sits in front of her idle rice mill. Demand is high across the nation, but she already has mounds of paddy rice that are going nowhere amid the COVID-19 lockdown.  "I can't mill because the marketers are not coming," Yialase said, referring to wholesale buyers, as she sat at a market stall in the city of Makurdi with dozens of other millers.

Apr 24 - Drowning in crude, U.S. drillers say Trump strategic reserve plan is no lifeline 
President Donald Trump's plan to fill the U.S. emergency crude oil stockpile has become the centerpiece of his administration's strategy to shield drillers from a meltdown in energy demand - but company officials and industry groups say the program has been too slow and won't be enough to save them. Trump announced his intention to fill the U.S. Strategic Petroleum Reserve "to the top" on March 13 as global oil prices went into freefall amid the coronavirus outbreak as governments issued stay-at-home orders that have obliterated fuel demand. 

Apr 24 - Bankruptcy looms over U.S. energy industry, from oil fields to pipelines 
U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced.  Fuel demand has tumbled roughly 30% worldwide as the coronavirus pandemic destroys demand for transport, provoking a massive glut of oil that has hammered global prices and left energy companies with no choice but to pump hundreds of millions of barrels into storage. 

Apr 24 - With virus curbs lifted, analysts expect Q2 rebound in China fuel demand 
China's second quarter fuel demand is forecast to rebound from the first quarter, nearly matching year-ago levels, as Beijing lifts curbs to contain its coronavirus outbreak and resume the full output of the world's second-largest economy. Demand for refined fuel, including diesel, gasoline and jet fuel, in the second quarter may rise by 2.4 million barrels per day (bpd), or 23%, from the first quarter, said Michal Meidan, a director at the Oxford Institute for Energy Studies (OIES). 

Apr 24 - Losing appeal: OPEC's share in Indian imports lowest in nearly 2 decades - data 
OPEC's share of India's oil imports fell to 78.3% in 2019/20, its lowest in at least 19 years, data obtained from industry and trade sources show, as refiners in Asia's third biggest economy increased imports of U.S. and Mediterranean grades. India, which usually imports about 80% of its needs from members of the Organization of the Petroleum Exporting Countries (OPEC), has been diversifying its suppliers as local refiners have upgraded plants to process cheaper crude grades.

Apr 24 - Repair, abandon, burn: Russia explores options for historic oil cut 
In just a week, Russia has to find ways to cut a fifth of its oil output under a deal to tackle the market glut and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said.  Russia, along with other members of the global oil alliance between the Organization of Petroleum Exporting Countries and non-OPEC members, agreed to jointly remove nearly 10 million barrels per day (bpd) from world markets, a tenth of total supply, starting from May 1. 

Apr 24 - Argentina plans higher local oil price to protect sector amid rout - sources 
Argentina plans to issue a decree setting a higher local oil barrel price to protect the domestic industry from being further decimated by a collapse in global prices and slumping fuel demand due to the coronavirus pandemic, two industry sources told Reuters on Thursday. The locally-set oil price, known as the "criollo barrel" and used before to offset global price swings, would come as oil demand has collapsed around the world and domestically in Argentina due to a nationwide lockdown imposed in mid-March.

Apr 24 - U.S. oil consumption stabilises but stockpiles continue to swell: Kemp 
U.S. petroleum consumption has fallen by a third since the economy went into lockdown in March but showed signs of stabilising last week, according to the latest weekly figures from the U.S. Energy Information Administration. Lockdown has caused the biggest economic interruption since the depression of the 1930s and the largest interruption in oil consumption since the birth of the modern petroleum industry in the 1860s.

Apr 23 - Saudi Arabia may re-route tankers if U.S. imposes crude import ban - sources 
Saudi Arabia is exploring re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the United States and due to arrive in the coming weeks, piling more pressure on markets already struggling to absorb a glut of stocks, according to shipping data and sources.

Apr 23 - Bankruptcy looms over U.S. energy industry, from oil fields to pipelines 
U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced.  Fuel demand has tumbled roughly 30% worldwide due to the coronavirus pandemic, and just as the health crisis worsened a price war between Russia and Saudi Arabia flooded markets with crude. The industry was already struggling to satisfy investors unhappy with weak returns, even as the United States surged to become the world's largest oil producer in the last few years.

Apr 23 - Equinor cuts Q1 dividend by 67% amid oil price crash 
Norwegian oil firm Equinor will cut its quarterly dividend payment by two-thirds as part of an effort to preserve cash amid the collapse in crude prices, it said on Thursday. The first-quarter cash payout to shareholders will be $0.09 per share, down from $0.27 in the final quarter of last year, it added.

Apr 23 - Is the WTI crude fiasco relevant to Asia? Not yet, but risks loom: Russell 
The unprecedented collapse in U.S. oil futures into negative territory is an event that has little direct relevance for the industry in Asia, but still holds vast significance for the world's biggest crude-importing region. The immediate fallout from the dramatic plunge into negative pricing for the front-month West Texas Intermediate (WTI) futures was largely a result of the design of the contract, which requires physical delivery to the storage hub at Cushing, Oklahoma, that is already near full.

Apr 23 - Whether OPEC+ formally agrees, deeper oil cuts now look inevitable 
Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more. With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal to cut supply by a record 9.7 million barrels per day (bpd) from May 1.

Apr 23 - China's March gasoline exports rise as pandemic cuts domestic demand 
China's gasoline exports in March rose by 8.2% from a year earlier as refineries scrambled to increase sales to overseas markets amid tepid domestic demand from the disruptions of transport and industry caused by the coronavirus outbreak. Gasoline shipments were 1.82 million tonnes last month, data from the General Administration of Customs showed on Thursday. That compares to 1.69 million tonnes in March 2019. Exports were 2.72 million tonnes in January and February combined, customs said. 

Apr 23 - China's Sinopec in talks to buy stake in Hin Leong's Singapore terminal - sources 
Chinese state energy company Sinopec is in early-stage talks with Hin Leong Trading Pte Ltd to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, according to three sources with knowledge of the matter. The sale could provide much needed cash for family-owned Hin Leong, one of Asia's biggest independent traders. 

Apr 23 - U.S. crude and fuel stockpiles extend builds last week -EIA 
Stockpiles of crude, along with gasoline and distillate fuels rose sharply last week as more oil heads into storage due to weak demand induced by the coronavirus pandemic, the Energy Information Administration said on Wednesday. Crude inventories rose by 15 million barrels in the week to April 17 to 518.6 million barrels, putting them within striking distance of an all-time record of 535 million barrels set in 2017. 

Apr 23 - Buyers in Asia and Europe cancel around 20 U.S. LNG cargoes for June loading - sources 
Buyers in Asia and Europe have cancelled the loading of around 20 cargoes of liquefied natural gas (LNG) in the United States in June, four trade sources said on Wednesday. The cancellations came as the coronavirus pandemic dampened gas demand around the world, with gas and LNG prices tumbling to record lows.

Apr 23 - Bachelier or Black-76? Traders learn new lingo as oil falls below zero 
Oil trading entered new territory on Monday when U.S. WTI benchmark futures closed at a barely credible minus $37 per barrel. With the European Brent benchmark approaching the moment of peak volatility when it expires on April 30, traders wonder if there can be a repeat.

Apr 22 - Trump calls for U.S. oil industry bailout as prices plunge 
U.S. President Donald Trump said on Tuesday he has asked his cabinet to devise a plan to inject cash into the ailing U.S. oil-drilling industry to help it survive a historic collapse in crude prices. "We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!" Trump said on Twitter.

Apr 22 - No vacancy: Main U.S. oil storage in Cushing is all booked 
Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now.  Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars. 

Apr 22 - Saudi says ready to take extra steps with OPEC+ to stabilise oil market 
Saudi Arabia said on Tuesday it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers, state news agency SPA reported citing a cabinet statement. The comments by the cabinet of the world's largest oil exporter came a day after U.S. crude oil futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis. 

Apr 22 - Banks tighten credit on Asia oil traders as Hin Leong losses add to woes - sources 
Banks and trading companies are scaling down activities in Asia following the oil price collapse and financial problems at three companies including major Singapore trader Hin Leong, according to nine sources familiar with the matter. The problems are threatening commerce in Singapore, Asia's commodities trade hub, the banking and trading sources said. Billions of dollars of physical and derivative commodities change hands in the city-state in a supply chain that links financial institutions with traders and logistics companies that deliver fuel to the Asia-Pacific region and beyond.

Apr 22 - U.S. energy companies' quarterly reports to show depths of slump 
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices. Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt, layoffs and possible bankruptcies.

Apr 22 - Mexico, Ecuador and Venezuela particularly hit by oil slump among Latam producers 
Prices of key Latin American crude grades plunged this week following the crash in benchmark crude futures, aggravating an already-weak market that has seen very few spot sales throughout April, traders told Reuters on Tuesday. Brent crude futures plunged 25% on Tuesday to their lowest level in nearly two decades, a day after panicked traders sent U.S. West Texas Intermediate oil to minus-$40 per barrel because of a massive supply glut and a 30% collapse in demand due to the coronavirus pandemic. 

Apr 22 - Price plunge casts doubt over future of U.S. crude futures: Kemp 
The plunge in U.S. crude futures prices for May delivery the day before the contract’s expiry this week will revive questions about the contract’s design and whether it can continue to serve as a useful benchmark. The U.S. light sweet crude oil futures contract has already been relegated to a regional benchmark, with most pricing outside North America linked to Brent, which is more representative of prices in the seaborne global market.

Apr 22 - Oil giveaway spells doom, brings out market bears 
The crash in U.S. crude prices has turned a reliable commodity less than worthless and given fresh urgency to bearish voices, who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices. Markets are already unnerved at the spectre of traders paying to get rid of May futures contracts for West Texas Intermediate crude, as storage tanks at the delivery point in Oklahoma quickly fill with unused fuel.

Apr 22 - U.S. orders Chevron to 'wind down' Venezuela operations by Dec 1 
The Trump administration on Tuesday gave Chevron Corp, the last major U.S. oil company still operating in Venezuela, until Dec. 1 to "wind down" its business in the OPEC member-nation and will allow it to conduct only severely limited operations there until then. Seeking to ratchet up pressure on socialist President Nicolas Maduro, the U.S. Treasury Department imposed tight new restrictions on Chevron's joint ventures with Venezuelan state-run oil company PDVSA, which could pave the way for the California-based company's departure.

Apr 22 - Oil price plunge below zero sends 'oil tourists' on wild ride 
Jackson Ryder, a self-employed accountant based in Lubbock, Texas, first took up positions in a fund that tracks the oil futures market last week.  Since then it has been a wild ride. Prices plummeted on Monday far below $0 a barrel for the first time in history. While he is down now, Ryder believes prices are going to rebound to about $8 a barrel.

Apr 22 - Negative $40 oil reflects panic - and U.S. crude market economic reality 
Traders desperate to avoid owning oil fled the markets on Monday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present on U.S. soil. Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. When the trading stopped, crude oil had ended the day at a negative $37.63 a barrel, a decline of some 305%, or $55.90 a barrel.

Apr 22 - Trump to consider halting Saudi oil imports, says U.S. has 'plenty' 
President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. "Well, I'll look at it," Trump told reporters at a daily news conference after he was asked about requests by some Republican lawmakers to block the shipments under his executive authority. 

Apr 22 - What is a negative crude future and does it mean anything for consumers? 
The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. The contract for West Texas intermediate crude, or WTI, is the benchmark for U.S. crude oil prices. Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors. 

Apr 21 - Coronavirus havoc is drowning out China's failure to buy U.S. crude, LNG, coal: Russell 
Lost among the havoc being wreaked on crude oil markets by the new coronavirus crushing the world economy is the complete and utter failure so far of the deal for China to massively increase imports of U.S. energy. It may be tempting to think that the collapse in U.S. crude prices will be enough to bolster the trade, which has only spluttered since Washington and Beijing signed a deal aimed at helping efforts to balance trade between the two.

Apr 21 - A hunt for any storage space turns urgent as oil glut grows 
The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling - they want to use the tanks to store some of an oil glut that has overwhelmed the market and flipped U.S. crude prices negative for the first time.  Hundreds of millions of barrels of crude have gushed into storage worldwide in the past two months as the coronavirus-related lockdowns wiped out around a third of global oil demand.

Apr 21 - Saudi Arabia gets physical with Russia in underground oil bout 
Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. It is here, rather than in the world of futures prices, that a long-standing battle for market share carries on, particularly in Asia, shipping data analysed on Monday by Reuters shows.

Apr 21 - Russia orders companies to cut oil output by 20% from Feb levels - sources 
The Russian energy ministry has told domestic oil producers to reduce oil output by around 20% from their average February levels, two industry sources told Reuters on Monday, which would bring Moscow in line with its commitment under a global deal. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia, a group known as OPEC+, agreed to cut their combined oil output by 9.7 million barrels per day (bpd) in May and June in order to combat oversupply triggered by the coronavirus crisis. 

Apr 21 - Renewables agency charts path to zero-carbon energy system by 2050 
Governments could chart a path to a fully decarbonised energy system by the middle of the century and revive economies hit by the coronavirus if they tailor stimulus packages to boost clean energy technologies, according to a report published on Monday. With governments adopting massive stimulus packages to blunt the shock of the virus, calls are building for a "green recovery". A group of 180 European politicians, companies, lawmakers and campaigners last week urged the EU to align its economic rescue measures with climate goals. 

Apr 21 - Hedge funds sense crude at turning point but not fuels: Kemp 
Hedge funds were net purchasers of petroleum futures and options for the third week running last week as managers gambled that the market has already hit its trough. Hedge funds and other money managers purchased the equivalent of 29 million barrels in the six most important petroleum futures and options contracts in the week ending April 14.

Apr 20 - Head of oil trader Hin Leong didn't disclose $800 mln losses - court filing 
The founder and director of top Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT) directed the firm not to disclose hundreds of millions of dollars in losses over several years, he said in a court filing reviewed by Reuters. The affidavit signed by Lim Oon Kuin, a Singaporean in his 70s widely known as O.K. Lim, is part of a Friday filing to the Singapore High Court by HLT and subsidiary Ocean Tankers (Pte) Ltd, seeking a six-month moratorium on debts of $3.85 billion to 23 banks. 

Apr 20 - Refiners seek prompt oil cargoes as price uncertainty deters advanced orders 
Some oil refiners are picking up more crude cargoes at the last minute from locations nearby as uncertainty caused by the coronavirus outbreak discourages their more usual approach of making advanced orders, market sources said. With little clarity about how long national lockdowns to prevent the spread of the virus will last and whether prices have further to fall, refiners are wary of longer-term deals.

Apr 20 - China doubled crude oil storage inflows during coronavirus demand hit: Russell 
Rather than cutting back on imports, China pushed crude oil into storage tanks at almost double the rate in the first quarter of this year than it did in the same period in 2019 as the new coronavirus hit domestic consumption. China doesn't release official data on flows into strategic and commercial stockpiles, but an estimate can be made by subtracting the amount of crude processed by refineries from the total volume of oil available from both imports and domestic output.

Apr 20 - Couche-Tard shelves $5.6 bln Caltex Australia buyout as deal becomes latest virus victim 
Alimentation Couche-Tard Inc's buyout of petrol station operator Caltex Australia Ltd has become the latest victim of the coronavirus outbreak, as fuel demand plunges and as companies look inward to get through the crisis. The decision means the Canadian firm's proposed $8.8 billion ($5.6 billion) deal is the biggest buyout of an Australian company to be squashed by the impact of the virus, which has led to 69 deaths in Australia and 1,580 in Canada. 

Apr 20 - Half of announced N. American oil cuts come from just three companies 
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies - Chevron Corp, ConocoPhillips and Occidental Petroleum Corp - account for more than half of the cuts. Oil and gas producers are deep into crisis mode as a result of the worldwide slump in demand caused by coronavirus lockdowns. Fuel demand is down more than 30%, and the world's big producers cannot produce oil profitability at less than $30 per barrel.

Apr 20 - Crude oil held in sea storage hits new record at 160 mln bbls - sources 
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.  Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed a record cut in output from May of 9.7 million barrels per day, or almost 10% of global supply, to help support prices and curb oversupply. 

Apr 20 - Saudi Aramco to supply full May crude volumes to some in Asia -sources 
Saudi Arabia, the world's largest oil exporter, has notified some refiners in Asia that it will supply full contractual volumes of crude in May, four sources with direct knowledge of the matter said on Friday. State-run Saudi Aramco said on Friday it would supply customers in the kingdom and abroad with about 8.5 million barrels per day (bpd) of crude, reducing output in line with a global pact on reducing production to cope with falling demand. 

Apr 20 - U.S. crude oil storage is filling rapidly: Kemp 
U.S. crude storage facilities are filling rapidly, albeit from a low starting level, and tank space will become a problem if the global oil market remains heavily oversupplied in June and beyond. With global lockdowns already sharply reducing demand for oil, a lack of storage would weigh further on already depressed prices, leaving producers with few financial or physical alternatives but to turn off the taps. 

Apr 20 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to April 14, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 24,323 contracts to 199,543 during the period. The data below exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC this week.

Apr 20 - U.S. oil rigs see biggest decline in a week since Feb 2015 -Baker Hughes 
Oil rigs in the United States saw their steepest cuts since February 2015 as crude prices more than halved since the start of the year despite fresh global efforts by producers to cut output to counter a glut triggered by demand destruction from the coronavirus pandemic. Drillers cut 66 oil rigs in the week to April 17, bringing the total count down to 438, the lowest since October 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Apr 17 - China crude oil runs hit 15-mth low as virus cripples demand 
China's daily crude oil throughput in March sank to a 15-month low with state refiners maintaining deep output cuts as the coronavirus pandemic erodes demand, but there are some signs of recovery as the country begins to ease virus-related curbs. The steep drop in runs at the world's top energy consumer highlights not only the woes of the global oil sector but also that of the broader economy amid the health crisis that has upended lives, hobbled supply chains and roiled markets.

Apr 17 - Coronavirus spurs new clash between Big Oil and Big Corn over U.S. biofuels 
A fuel demand meltdown caused by the coronavirus outbreak in the United States has started up a new fight between the oil and agriculture industries over the nation's biofuel policy, this time over whether the policy should be suspended or expanded as a result of the crisis. The issue once again places Republican President Donald Trump in a tough spot between two important constituencies, both of which have been pushed to the brink of collapse by the coronavirus pandemic because of flagging consumption, disrupted supply chains and reduced workforces.

Apr 17 - Shell sets emission ambition of net zero by 2050, with customer help 
Royal Dutch Shell on Thursday laid out the oil and gas sector's most extensive strategy yet to reduce greenhouse gas emissions to net zero by 2050, stating its plans depended on its customers also mitigating emissions. Oil and gas producers have announced deep spending cuts as oil prices have touched 18-year lows and drastic restrictions on movement to slow the spread of the new coronavirus have destroyed demand.

Apr 17 - OPEC cuts oil demand view again as market faces 'historic shock' 
OPEC on Thursday again cut its forecast for 2020 global oil demand due to the "historic shock" delivered by the coronavirus outbreak, and said the reduction may not be the last. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9%, in 2020, it said in a monthly report. Last month, OPEC expected a small increase in demand of 60,000 bpd.

Apr 17 - ConocoPhillips cuts U.S. oil output by 30%, largest so far 
ConocoPhillips said on Thursday it would slash spending and cut U.S. oil output by about 30% of this year's target, the largest cut so far by a major shale producer to deal with an unprecedented drop in oil demand.  U.S. oil and gas producers have cut expenses, dismissed tens of thousands of workers, and shut-in wells as coronavirus-related lockdowns have curtailed travel and closed businesses, knocking down crude prices by 60% this year.

Apr 17 - Europe's energy giants turn greener, but paths and targets diverge 
Europe's top oil and gas companies, which account for roughly 7% of global crude consumption, have committed themselves to greenhouse gas emission reduction targets which vary in scope and detail, making them hard for investors to compare.  Many climate ambitions among oil majors relate to results three decades into the future and depend on carbon offsets, whose availability is finite, and carbon capture and storage, a technology not currently deployed at commercial scale. 

Apr 17 - Global oil consumption cut by up to a third: Kemp 
What happens next in the oil market depends on how quickly and completely the global economy emerges from lockdown, and whether the recessionary hit lingers through the rest of this year and into 2021. The OPEC+ deal, finalised on Sunday, envisages production cuts of 9.7 million bpd in May and June, with the cuts tapering through the rest of 2020, 2021 and the first quarter of 2022.

Apr 17 - Ethanol nightmare has become U.S. corn's 'trade war' -Braun 
China dropped an enormous bomb on the U.S. soybean market in 2018 when it all but shunned the American oilseed at the start of the trade war, creating an unprecedented demand shock. Unfortunately, the corn market is getting a taste of that torture now as the abrupt collapse in world oil demand has led to previously unimaginable cuts in U.S. ethanol production.

Apr 16 - OPEC+ or minus? Oil supply cut numbers puzzle markets 
Days after OPEC+ reached a record deal to cut oil output in an attempt to shore up a market reeling from the coronavirus crisis, their calculations are in question.  The Organization of the Petroleum Exporting Countries, along with Russia and other producing nations - known as OPEC+ - has partnered with other oil-pumping countries including the United States to cut supply by around 20 million barrels per day.

Apr 16 - Aramco offers struggling refiners sweeter terms for crude 
Saudi Aramco has offered oil refineries in Asia and Europe the option to defer payments for crude cargo deliveries by up to 90 days as plants struggle with shrinking demand, four refining industry sources said. The credit terms, which Saudi Arabia's national oil company has offered through unidentified Saudi banks, are also seen as part of the country's efforts to increase its market share, the sources told Reuters.

Apr 16 - U.S. crude stocks jump by a record 19 mln barrels as refiners cut back - EIA 
U.S. crude oil stockpiles rose by 19 million barrels last week, the biggest one-week increase in history, the U.S. Energy Information Administration said, as refiners throttled back activity due to slumping demand as a result of the coronavirus pandemic. The build for the week ended April 10 was much larger than the Reuters poll calling for a 11.7 million-barrel rise and offsets some of the optimism that had bloomed as a result of a worldwide pact between oil producers to cut output sharply. Crude futures slumped on the news.

Apr 16 - Oil in the age of coronavirus: a U.S. shale bust like no other 
Texas oilman Mike Shellman has kept his MCA Petroleum Corp going for four decades, drilling wells through booms and busts and always selling his crude to U.S. oil refiners. But now the second-generation oilman has abandoned drilling any new wells this year and postponed some maintenance amid a sharp drop in global oil prices and brimming storage tanks. He is considering shutting most of his production down, for the first time ever.

Apr 16 - Seaborne coal prices under pressure as demand softens in China, India: Russell  
Worrying signs are emerging for coal exporters to the world's biggest markets in Asia, as top buyers China and India move to favour domestic supplies over seaborne imports. The prices of higher-grade Australian thermal coal, lower-rank Indonesian thermal coal, and Australian coking coal used in steel-making have come under pressure in recent days, amid signs demand may be easing.

Apr 16 - Tankers pile up off Europe's coast as onshore storage sites hit limit 
Dozens of tankers holding jet fuel and gasoline are at anchor in sea lanes around Europe's main storage hubs, unable to discharge their cargoes as onshore tanks are full to capacity following the collapse in demand linked to the coronavirus crisis.  Nearly 1 million tonnes of refined products are parked on around 30 tankers off Europe's coast, Reuters calculations found.

Apr 16 - Oil futures point to long and deep recession: Kemp 
Oil traders have become increasingly sceptical about whether the global oil supply deal finalised on Sunday will be enough to prevent a large accumulation of excess petroleum for the rest of this year. Brent’s calendar spread for the fourth quarter of 2020 has widened to a contango of almost $2.50 a barrel in trading today, up from only $1.05 on April 3, when hopes for the forthcoming agreement were running high.

Apr 16 - Russian oil majors examine assets for cuts, some may be lost forever - sources 
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said.  The Organization of the Petroleum Exporting Countries and other oil nations including Russia, the group known as OPEC+, agreed to their deepest oil cut ever - 10 million barrels per day (bpd) - from May in the face of collapsing demand.

Apr 15 - Oil producers pin hopes for massive cuts on unprecedented stockpile purchases
An unprecedented deal by oil producers to curb supply to match demand hollowed out by the coronavirus pandemic is set to depend partly on purchases by consumer countries for their strategic stockpiles on a scale not before seen. The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries - a grouping known as OPEC+ - partnered with other oil-pumping powerhouses like the United States for an agreement set to remove a total of around 19.5 million barrels per day (bpd) from the market.

Apr 15 - Oil in the age of coronavirus: a U.S. shale bust like no other
Texas oilman Mike Shellman has kept his MCA Petroleum Corp going for four decades, drilling wells through booms and busts and always selling his crude to U.S. oil refiners. But now the second-generation oilman has abandoned drilling any new wells this year and postponed some maintenance amid a sharp drop in global oil prices and brimming storage tanks. He is considering shutting most of his production down, for the first time ever.

Apr 15 - Saudi Aramco in talks with banks to borrow about $10 billion - sources
Saudi Aramco, the world's largest oil producer, is in early talks with banks for a loan of about $10 billion to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), according to three banking sources. Aramco agreed last year to buy the controlling stake in SABIC from the kingdom's wealth fund for $69.1 billion, sealing one of the biggest-ever deals in the global chemical industry.

Apr 15 - India plans to fill strategic oil storage by the third week of May
India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country's SPR said on Tuesday. India is moving the oil to the SPR to help the country's refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia's third-largest economy. 

Apr 15 - Brazil battles dozens of coronavirus cases on offshore oil rigs
There have been 126 confirmed cases of the coronavirus among oil and gas workers in Brazil, including 74 people who were recently on offshore oil platforms, regulator ANP told Reuters on Tuesday, exposing an outbreak far worse than previously thought. The regulator said via email that as of Monday evening there were another 897 suspected cases of coronavirus in the industry, which employs tens of thousands of Brazilians and is a key bulwark of Latin America's largest economy.

Apr 15 - Trump oil deal raises question for Mexico: At what cost?
Mexico's president has incurred a debt with his U.S. counterpart Donald Trump by accepting U.S. help to end a standoff over global oil cuts, triggering concern the American will in return make the country pay on issues like migration and security. President Andres Manuel Lopez Obrador, a leftist oil nationalist, had balked at a demand by the OPEC+ group of oil producing nations to cut output by 400,000 barrels per day.

Apr 15 - As oil output deal neared, funds scaled back short bets: Kemp
Hedge funds accelerated their repurchases of petroleum short positions last week as Saudi Arabia, Russia and the United States made progress towards a production-cutting agreement. The production accord, finalised on April 12, will reduce the volume of oversupply in the oil market and should ease some of the downward pressure on prices.

Apr 15 - Coronavirus? What coronavirus? China's commodity imports remain robust: Russell
The new coronavirus caused barely a blip in China's imports of major commodities, but this likely underscores the ways China differs from the rest of the world, rather than providing a template for the globe's recovery from the pandemic. China's crude oil imports in March, the month when much of the world's second-largest economy was in lockdown, were equivalent to 9.68 million barrels per day (bpd), according to official customs data released on Tuesday. 

Apr 15 - Texas oil hearing stirs hornet's nest, as regulators offer no clue to decision
Texas energy regulators listened as top executives on Tuesday debated whether the state should cut oil output by 1 million barrels per day, but did not indicate how they might vote after more than 10 hours of sometimes dire testimony. Oil and gas companies are gushing red ink and cutting tens of thousands of workers as oil prices tumble, prompting regulators in the largest U.S. oil-producing state to wade into global oil politics and consider the calls for cuts. U.S. crude oil prices fell during the hearing to under $20 a barrel at one point, a nearly 18-year low.

Apr 14 - Record oil output cuts fail to make waves in coronavirus-hit market
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said. After several days of discussions, oil producing and consuming countries aim to remove nearly 20 million barrels per day (bpd) or 20% of global supply from the market, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday.

Apr 14 - Troll no more: Energy Twitter group's big short on shale comes good
Just like the street hustler turned commodities broker in the 1980s comedy "Trading Places" for which he named his twitter account, @WillRayValentin (BRV) is an outsider making waves in the world of energy stocks trading. A petroleum engineer by background, BRV is a member of the 'Energy Fintwit' (EFT) community on Twitter made of oil industry insiders - engineers, geologists and former traders - who have gained notoriety and thousands of followers for their unabashed bearish tweets about the U.S. shale industry.

Apr 14 - U.S. shale oil output to drop by record 194,000 bpd in April - EIA
U.S. shale oil output is expected to drop by 194,000 barrels per day (bpd) in April, most on record, to about 8.7 million bpd, according to the U.S. Energy Information Administration, as producers slash drilling activity after oil prices plunged. Shale production has been sliding for several months, but the declines are expected to accelerate as demand has fallen by roughly 30% worldwide due to the coronavirus pandemic. Numerous producers, including U.S. majors Exxon Mobil Corp and Chevron Corp, have announced plans to rein in spending and are forecasting reduced output in coming months. 

Apr 14 - Saudi Arabia cuts May oil prices to Asia, raises U.S. after OPEC+ deal
Saudi Arabia has announced its official crude pricing (OSP) for May, selling oil more cheaply to Asia while keeping prices flat for Europe and raising them for the United States, after OPEC and its allies agreed the biggest output cut deal in history. Saudi Arabia's state oil giant Aramco has set the May price for its Arab light crude oil to Asia at a discount of $7.3 to the Oman/Dubai average, down $4.2 a barrel from April, according to a document seen by Reuters on Monday. 

Apr 14 - Russia hails oil deal it says will save millions of U.S. jobs
The global oil production deal clinched at the weekend will help establish a price floor and save millions of jobs in the United States, senior Russian officials said on Monday. Having been in a stand-off with western nations - most notably the United States - from 2014 on everything from Crimea's annexation from Ukraine to allegations of election meddling, Moscow has sought to rebuild ties since the coronavirus outbreak. 

Apr 14 - Valero warns of up to $2.1 billion first quarter loss on demand drop
Independent U.S. refiner Valero Energy Corp warned of an up to $2.1 billion first quarter loss and withdrew its full-year outlook on Monday, as lockdowns to suppress the coronavirus hit demand for its gasoline, jet fuel and other products. Refiners have cut production and slashed expenses to confront a 30% drop in worldwide fuel demand as countries impose restrictions on airlines and businesses to reduce the spread of the virus. U.S. gasoline demand fell nearly 50% in the three weeks ended April 3. 

Apr 14 - Exxon raises $9.5 bln to load up on cash while debt market still open to new deals
Exxon Mobil Corp on Monday raised $9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt markets remain open to new deals. Exxon paid a lower price to borrow than it did in a similar debt deal almost four weeks ago, a sign of how investor confidence is gradually returning after a rout in energy prices and a stock market collapse fueled by the coronavirus outbreak. 

Apr 14 - Shell ditches Russian Arctic oil joint project
International energy major Shell has decided not to complete a deal on a Russian Arctic oil joint venture, Meretoyakha Neftegaz, it was expected to enter with Gazprom Neft, because of some "external" factors. Total resources at fields of Meretoyakha Neftegaz were valued by Gazprom Neft at 1.1 billion tonnes (over 8 billion barrels of oil).

Apr 13 - In oil market sunk by coronavirus, giant output cuts make ripple, not big waves
Muted oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks swell. The morning after the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed to reduce output by 9.7 million barrels per day (bpd) in May and June - equal to nearly 10% of global supply - prices gained less than 5% and are still 50-60% down for the year so far. 

Apr 13 - U.S. banks prepare to seize energy assets as shale boom goes bust
Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters. JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and gas assets, said three people who were not authorized to discuss the matter publicly. The banks are also looking to hire executives with relevant expertise to manage them, the sources said.

Apr 13 - Saudi Aramco likely to release May prices on Monday - source
Saudi Arabia is likely to announce its May official prices for crude oil on Monday, a source told Reuters, having delayed them until after talks held last week with global producers regarding output cuts. National oil company Saudi Aramco postponed the release pending the talks led by Riyadh held on Thursday which produced a tentative deal that faltered after Mexico balked at its share of the proposed output cut. 

Apr 13 - OPEC+ oil deal is short-term band aid, better long-term bet: Russell
The agreement to cut global crude oil output, reached amid high drama over the Easter weekend, appears effectively to be in two parts. A short-term agreement that's probably not enough, and a longer-term plan that has a much better chance of success. The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies agreed to cut output by a record 9.7 million barrels per day (bpd), after three days of intense diplomacy that had everything from a Mexican standoff to phone calls from U.S. President Donald Trump.  

Apr 13 - Mexican president's nationalist oil vision fuels standoff with Saudis
The biggest supply cut ever contemplated by the world's top oil producers is hanging in the balance as a refusal by Mexico's leftist leader to imperil his plans to rebuild state oil company Pemex has angered the Saudi prince who helped craft the deal. For the past three days, Mexico has kept the oil industry on tenterhooks by resisting Saudi pressure to sign up to global cuts worth nearly a quarter of output for participating countries, aimed at reviving prices from their lowest level in decades.

Apr 13 - Oil industry crisis starkly revealed in U.S. weekly data: Kemp
Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain. Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S. Energy Information Administration on Wednesday.

Apr 13 - Hedge funds raise U.S. crude, nat gas net longs - CFTC
Money managers raised their net long U.S. crude and natural gas futures and options positions in the week to April 7, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 4,089 contracts to 175,223 during the period. During that time, oil prices rebounded in anticipation of a deal between major oil producers to cut output globally.

Apr 13 - U.S. oil rig count drops to lowest since Dec. 2016 - Baker Hughes
U.S. energy firms cut oil rigs for a fourth week in a row to the lowest since December 2016 with oil futures down over 50% since the start of the year after Saudi Arabia and Russia cut prices and boosted output in a battle for market share. That price war came at the same time government steps to slow the spread of coronavirus have reduced global economic growth and energy demand.

Apr 09 - Russia, Saudi to debate oil output cuts as U.S. resists joining 
OPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action. Global fuel demand has plunged as much as 30% as lockdowns have grounded aircraft, reduced vehicle usage and curbed economic activity. Crude prices have slumped below the cost of production for many producers, including the booming U.S. shale oil industry.

Apr 09 - U.S. crude and fuel stocks soar as demand craters due to pandemic -EIA 
U.S. crude oil stockpiles soared while fuel demand slumped last week, each by their most in one week ever, government data showed on Wednesday, as the U.S. oil industry felt the full brunt of efforts to stem the spread of the coronavirus pandemic. The oil markets have crashed as the pandemic has sapped fuel demand, virtually shutting down commercial aviation worldwide and cutting off gasoline demand as people stay home and businesses remain shuttered. 

Apr 09 - Venezuela gasoline shortages worsen as U.S. tells firms to avoid supply - sources 
Gasoline shortages in Venezuela are worsening after U.S. officials have told foreign firms to refrain from supplying the fuel to the sanctioned South American nation and only provide diesel, according to five people familiar with the situation.  Since late 2019, U.S. officials have asked most of Venezuela's fuel suppliers to avoid sending gasoline to the crisis-stricken nation. In the latest round of calls in early March between U.S. officials and oil firms, they repeated the ban, despite worsening humanitarian conditions in the country, one of the sources said.

Apr 09 - India shuns Gulf producers, diverts refiners' oil to SPR 
India will divert 19 million barrels of Gulf oil from state-run firms to strategic petroleum reserves (SPRs) skipping direct purchases from producers to help refiners get rid of extra oil as their storage is full, three sources said. India's decision to divert cargoes meant for state refiners will not soak up excess oil from the market following the demand collapse caused by the coronavirus pandemic, but it will help local companies to avoid demurrage charges at a time of expensive freight.

Apr 09 - Asian LNG prices edge up from record low but demand still stale 
Asian spot liquefied natural gas (LNG) prices edged up this week from record lows in the previous week as Chinese buyers re-entered the market, but stale demand elsewhere capped the rise in prices.  The average LNG price for May delivery into northeast Asia rose by 10 cents to an estimated $2.40 per million British thermal units (mmBtu) this week, several traders said.

Apr 09 - Crude oil price slump not being shared with Asian motorists: Russell 
Motorists and transport operators in many Asian countries may be feeling either aggrieved, or puzzled, as to why the dramatic slump in crude and refinery prices for fuels hasn't been fully reflected in the price they pay at the pump. The commercial transport operators and private motorists are at the end of the crude oil and refined products supply chain and are often ignored when it comes to market analysis about the collapse in prices.

Apr 09 - Saudi Arabia buys stakes worth $1 bln in European oil companies - WSJ 
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes worth about $1 billion in four major European oil companies, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The four companies are Norway's Equinor ASA, Anglo-Dutch energy company Royal Dutch Shell, France's Total SA and Italy's Eni SPA, according to the newspaper. 

Apr 09 - U.S. oil output set to slump as prices plunge: Kemp 
U.S. oil production is set to slump from this month in response to the plunge in prices, according to the latest forecasts published by the Energy Information Administration on Tuesday. Price-driven output cuts will be presented by the U.S. government as its contribution to the need for lower global production when pressing Saudi Arabia and Russia to lower their own output.

Apr 08 - U.S. pushes back on call by OPEC+ to join big oil output cuts 
Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the U.S. Department of Energy noted in a statement on Tuesday that U.S. output is already falling without government action, in line with the White House's insistence that it would not intervene in the private markets. That decline, however, would take place slowly, over the course of the next two years.

Apr 08 - Chinese refiners try out cheap, exotic oil from Europe - sources 
Bargain-hunting Chinese buyers have snapped up very cheap and sometimes obscure crude oil grades, mostly from Europe, where the impact of lockdowns to halt the new coronavirus has devastated demand. Chinese purchases of Brent-linked grades jumped in April, including North Sea, Russian and Caspian oil, eight traders said.

Apr 08 - U.S. LNG cargoes heading to China after Beijing awards tax waivers 
Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, shipping and trade sources said.  This is the first time since March 2019 that shipments have resumed after a long-standing trade war in which China raised tariffs on LNG imports from the United States to 25% last year. 

Apr 08 - Coronavirus to squeeze LNG demand after 2019 record - industry group 
Global demand for liquefied natural gas (LNG) will be squeezed this year from record 2019 levels as the coronavirus crisis pressures economies in a market already awash with the fuel, the International Group of LNG Importers (GIIGNL) said on Wednesday. After rising 13% to 354.7 million tonnes last year, imports of LNG by consuming countries look set to be constrained by economic contraction in many leading markets, the GIIGNL said.

Apr 08 - China's CNOOC group to trim 2020 investment by up to 15% 
China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a statement on Wednesday.  CNOOC Ltd, a listed arm of the national offshore energy producer, said during a media briefing in late March the firm will "significantly" cut capital expenditure.  

Apr 08 - Side effects: Fuel demand crash shuts U.S. ethanol plants, meatpackers lack refrigerant 
A slew of U.S. ethanol plants have shut down as fuel demand has collapsed during the coronavirus outbreak, and meatpackers have been hit by a worrying side-effect: less carbon dioxide is now available to chill beef, poultry and pork. "We're headed for a train wreck in terms of the CO2 market," said Geoff Cooper, president of the Renewable Fuels Association industry group. The RFA said 29 of the 45 U.S. ethanol plants that sell carbon dioxide, or CO2, have idled or cut rates. The U.S. ethanol sector is the top supplier of commercial carbon dioxide to the food industry, accounting for around 40% of the market, according to the American Farm Bureau Federation.

Apr 08 - U.S. oil output to drop, demand to plunge more than 1 mln bpd in 2020 - EIA 
U.S. crude production is expected to slump by 470,000 barrels per day (bpd) and demand is set to plunge by about 1.3 million bpd in 2020, the U.S. Energy Information Administration (EIA) said on Tuesday, as the coronavirus pandemic slams global markets.  The EIA also cut its 2020 world oil demand growth forecast by 5.6 million bpd to 5.23 million bpd but forecast a rebound for both U.S. and global demand in 2021.

Apr 08 - India to continue prompt fuel exports for at least two more weeks 
Indian refiners are likely to continue prompt export of refined fuels for at least another two weeks to avoid a complete shutdown after the coronavirus lockdown hit local demand, company officials said. A three-week lockdown due to end in mid-April slashed state fuel retailers' local diesel sales by about 26% and petrol by about 17% in March, provisional data shows. 

Apr 08 - U.S. oil state senators to talk crude markets with Saudi officials Saturday - source 
Republican U.S. senators who have introduced a bill that would remove U.S. defense systems and troops in Saudi Arabia unless it cuts oil output will hold a call with the kingdom's officials on Saturday, a source familiar with the planning said on Tuesday.  Senators Kevin Cramer and Dan Sullivan will hold a call with the officials two days after a scheduled OPEC+ meeting in which Saudi Arabia and Russia are expected to agree an output cut. The two countries have been pumping oil flat out beginning last month in a race for market share. 

Apr 08 - Nearly half of global coal plants will be unprofitable this year -Carbon Tracker 
China and other countries could be planning to build more coal plants to stimulate their economies in the wake of the novel coronavirus pandemic but nearly half of global coal plants will run at a loss this year, research showed on Wednesday. China has over 1,000 gigawatts (GW) of coal-fired power, accounting for about 60% of the country’s total installed generation capacity and around 100 GW under construction.

Apr 07 - OPEC+ likely to agree to cut production if U.S. joins effort - sources 
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.  Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply. 

Apr 07 - Renewable energy wins over oil and gas in post-coronavirus world: Russell 
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.  Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change. 

Apr 07 - With oil industry in crisis, hedge funds sense turning point: Kemp 
Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low. Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.

Apr 07 - Qatar Petroleum: coronavirus turmoil will not stop LNG expansion abroad 
Qatar Petroleum (QP) is pressing ahead with foreign as well as domestic expansion despite the global market turmoil caused by the coronavirus pandemic, its chief executive told Reuters on Monday. Saad al-Kaabi, who heads the energy portfolio of the world's top liquefied natural gas (LNG) supplier, also said the company could seek to raise debt next year for its domestic North Field LNG expansion.

Apr 06 - Saudi Arabia delays setting May prices, looks to OPEC meeting to settle price war 
Saudi Arabia is taking unprecedented action in delaying the release of its international crude selling prices by five days, a senior Saudi source familiar with the matter said on Sunday, as the kingdom and other major producers seek to halt the free-fall in worldwide crude prices. But oil prices fell anew at the open of Asian trading as the weekend did not bring major producers Saudi Arabia, Russia and the United States any closer to resolving a growing supply glut that is overwhelming markets. 

Apr 06 - OPEC+ meeting delayed as Saudi Arabia and Russia row over oil price collapse - sources 
OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. The delay came amid pressure from U.S. President Donald Trump for the Organization of the Petroleum Exporting Countries led by Saudi Arabia and its allies, a group collectively known as OPEC+, to urgently stabilise global oil markets.

Apr 06 - Trump open to big oil tariffs, but doesn't expect to need them 
U.S. President Donald Trump said on Sunday he could slap "very substantial tariffs" on oil imports if prices stay low, but does not expect he will need to, since neither Russia nor Saudi Arabia, which are locked in an oil price war, would benefit from continued low prices. When asked at a White House press briefing under what conditions he would impose the levies, Trump said, "If the oil price stays the way it is...I would do that, yeah, very substantial tariffs." 

Apr 06 - Norway may cut its oil output if other big producers agree deal - minister 
Western Europe's largest oil and gas producer Norway said on Saturday it would consider cutting its oil production if a global deal to curb supply is agreed by the world's biggest producers. OPEC and its allies are working on a deal for an oil output cut equivalent to about 10% of world supply in what member states expect will be an unprecedented global effort including the United States.

Apr 06 - Oil product shipping rates in Asia at highest since 2008 - Refinitiv 
Freight rates for smaller long-range (LR) vessels to move naphtha and other clean oil products from the Middle East to Japan have hit near 12-year highs, Refinitiv data showed, driven by a demand surge for floating storage to combat oversupply.  The shipping index benchmark for LR vessels that can carry 55,000 tonnes, also known as TC5, rose to Worldscale (W) 205 as of April 2, the highest since late 2008, Refinitiv Eikon data showed. 

Apr 06 - Traders unable to deliver oil into Shanghai exchange as investors hog storage tanks - sources 
Oil traders seeking to take advantage of a price anomaly by delivering crude into Shanghai crude futures contracts are unable to do so as storage designated by the exchange is full, five sources with knowledge of the matter said on Friday. Shanghai crude futures have pulled ahead of ICE Brent, making it attractive for traders to deliver Middle East crude into China's only crude futures contract at the International Energy Exchange (INE).

Apr 06 - Oil crash 'not permanent,' Mexico sticks to output, investment plans 
Mexico will press ahead with oil investment and production plans, its energy minister told Reuters on Friday, arguing that a global crash in crude and fuel markets will be short lived and does not merit a change in strategy. In the coming days, the government will offer investment opportunities in more of its mature oilfields and network of refineries owned by national oil company Petroleos Mexicanos (Pemex), Energy Minister Rocio Nahle said in an interview.

Apr 06 - Crude oil's wild ride doesn't answer the serious questions: Russell 
Crude oil's rollercoaster ride resumed on Monday, with both Brent and West Texas Intermediate (WTI) futures falling sharply amid news of a delay to a meeting of oil producers. While news headlines are driving the short-term volatility in crude prices, it's perhaps a worthwhile exercise to take a stand back look at what is actually happening, what is likely to happen and what's unlikely.

Apr 03 - Trump touts 'great' Saudi-Russia oil deal to halt price rout, but details unclear 
U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply, and one that would require the participation of nations outside of OPEC and its allies. He said he did not make any concessions to Saudi Arabia and Russia, such as agreeing to a U.S. domestic production cut - a move forbidden by U.S. antitrust legislation.

Apr 03 - As oil sinks, some companies float idea of 'zero clause' in trades 
After the worst quarter for oil prices in history, some oil producers have begun to include protection in their contracts to avoid being forced to pay buyers for the oil they pump if prices slide below $0 a barrel. Crude prices in key physical markets - including the United States, Canada, Mexico and Europe - have fallen through $10 a barrel, far below comparable futures prices, as demand slumps and storage fills. Those discounts could widen even further, making it possible that outright physical prices could fall below $0 per barrel.

Apr 03 - Oil crash poses severe test for OPEC+ after Moscow, Riyadh miscalculate 
U.S. President Donald Trump says he has brokered a deal with Saudi Arabia and Russia that would see sweeping oil output cuts. Riyadh has called for emergency talks, and Moscow has said it no longer plans to hike production in a battle for market share. But the question remains: even if the world's top three producers reach an unprecedented pact to curb oil output, can any deal remove enough oil when the coronavirus has destroyed a third of global demand for crude? 

Apr 03 - Trump does not plan to ask U.S. oil producers for coordinated cuts - official 
The United States will not ask U.S. domestic oil companies for a coordinated cut in production to counter a historic meltdown in global prices and is still awaiting the details of planned cuts in Saudi Arabia and Russia, a senior administration official told Reuters on Thursday. Earlier, President Donald Trump said in a tweet that he expected Saudi Arabia and Russia to cut approximately 10 million barrels from daily production in a newly reached deal, a comment that sparked a jump in oil prices following weeks of steep declines that have threatened U.S. drillers. 

Apr 03 - Canadian province Alberta open to potential global oil cut deal - premier 
The Canadian province of Alberta, home to the world's third-largest oil reserves, is open to joining any potential global pact to reduce a glut of crude production, Premier Jason Kenney told Reuters on Thursday.  "We would certainly look at it, but really it's the Saudis and the Russians here who are the problem, not Canada," Kenney said in an interview. Alberta has limited its oil production since January 2019. "If we see an effort at a global reduction in production, we would be open to further measures on our part," Kenney said.

Apr 03 - China's top refiners to hike output 10% in April as domestic fuel demand rises - sources 
China's top fuel producers are set to raise April crude throughput by a combined 755,000 barrels per day (bpd), or 10% from March, as domestic fuel demand picks up after being hammered by the coronavirus outbreak. The increase, calculated by Reuters based on interviews with six industry sources, shows China bucking the global trend of refiners deepening output cuts to cope with slumping demand amid nationwide lockdowns in the global pandemic. 

Apr 03 - Bad weather weighs on Argentine soy crop estimate as pandemic dents exports 
Bad weather and coronavirus are walloping Argentina's key soy export industry, with a grains exchange cutting its harvest estimate on Thursday as a long line of cargo ships dropped anchor in the Parana River, delayed by health inspections. Argentina is the world's No. 3 corn and soybean exporter, as well as its top supplier of soymeal livestock feed. Disruptions in shipments from Argentina can throw off world trade flows and importers - particularly pork, poultry and beef producers in Europe and Southeast Asia - look to rival soymeal exporters Brazil and the United States to fill the supply gap.

Apr 03 - Oil majors rush to raise billions in debt as crude prices sink 
The world's top oil and gas companies are rushing to raise tens of billion of dollars in debt to help them weather one of the worst downturns in the sector's history while faced with high fixed costs and looming dividend payments.  Royal Dutch Shell, BP, France's Total, Norway's Equinor and Austria's OMV have all tapped bond markets this week, raising more than $10 billion according to Reuters calculations.

Apr 03 - Dated Brent benchmark's record $10 discount gives oil a reality check 
U.S. President Donald Trump's confidence he can get a deal to limit a global oil glut has driven world crude futures higher. But he cannot talk up the underlying physical market that shows the full extent of the demand destruction following the coronavirus outbreak. The dated Brent crude oil benchmark, used to price more than half the world's physical crude cargoes, has dropped to a record discount to Brent oil futures of about a $10 per barrel. 

Apr 03 - U.S. petroleum stocks surge as coronavirus stops consumption: Kemp 
U.S. gasoline consumption fell to its slowest rate for more than a quarter of a century last week as epidemic controls brought much of the economy and transportation system to a sudden stop. Estimates for the volume of gasoline and other petroleum products supplied to the domestic market, published on Wednesday, provide the first clue to the epidemic's impact on the oil market. Gasoline supplied fell to 6.66 million barrels per day (bpd), down from 9.70 million bpd two weeks earlier, and the slowest rate since 1994, data from the U.S. Energy Information Administration (EIA) showed.

Apr 02 - Putin calls for action on 'challenging' energy market, Trump laments cheap oil 
Russian President Vladimir Putin called on Wednesday for global oil producers and consumers to address "challenging" oil markets while U.S. President Donald Trump complained that oil cheaper "than water" was hurting the industry. Oil prices fell nearly 70% from January highs as lockdowns due to the coronavirus hammered demand and as Saudi Arabia and Russia have flooded the market in a race for market share after a deal they engineered on supply curbs broke down.

Apr 02 - Trump says expects Russia-Saudi oil deal soon, invites US oil chiefs to White House 
U.S. President Donald Trump said he has invited U.S. oil executives to the White House to discuss ways to help the industry "ravaged" by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia. Trump also said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a "few days" - lowering production and bringing prices back up.

Apr 02 - Oil refiners face reckoning as demand plummets 
The global oil refining industry is facing a reckoning from falling fuel demand that is the deepest and fastest ever. Within weeks, the industry will need to cut output by 30% or more as the coronavirus pandemic keeps much of the world at home with little need to drive or fly. Smaller and financially weak oil refiners may not emerge from the crisis, say refining consultants and traders. 

Apr 02 - Saudi oil supply hits record high despite U.S. pressure-sources 
Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the coronavirus outbreak and U.S. pressure on the kingdom to stop flooding the market. A producer pact to rein in oil production expired on Tuesday, removing restrictions on output by members of the Organization of the Petroleum Exporting Countries, as well as Russia and other producing nations. 

Apr 02 - BP cuts spending by quarter, lowers U.S. shale output 
BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the corononavirus outbreak. BP and other big oil and gas companies are having to rein in spending sharply following the collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

Apr 02 - Oil market shock to spill over into global supply chains - IEA 
The global crisis caused by the coronavirus pandemic will be felt throughout oil's global supply chains and ripple into other parts of the energy sector, the International Energy Agency (IEA) said in a report on Wednesday. Oil prices crumbled as the pandemic slashed global fuel consumption, with further pressure from a supply shock due to the end of production cuts from OPEC producers and Russia.

Apr 02 - U.S. shale company Whiting becomes first major bankruptcy of oil-price crash 
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite into record U.S. output. Whiting was once the largest oil producer in North Dakota, now the second-biggest oil-producing state in the country. It has agreed with creditors to cut its debt by about $2.2 billion through an exchange of some of its notes for 97% of new equity. Existing shareholders will own 3% of the reorganized company. Just days before filling for Chapter 11, Whiting Petroleum CEO got a $6.4 million bonus in cash, “paid immediately”. CFO and 3 others shared another ~$8 million in cash bonuses !

Apr 02 - LNG's plummeting price in Asia should drag down thermal coal: Russell  
There is an increasing disconnect between the price of thermal coal and liquefied natural gas (LNG) in Asia, with the dirtier fuel holding its value while LNG is dragged down by the collapse in crude oil. In theory, the crash in LNG prices, both spot and contract, should result in several Asian countries switching more electricity generation to LNG and away from coal, but as yet there is little evidence this is occurring.

Apr 02 - U.S. oil output set to plunge as storage fills: Kemp 
Ultra-low oil prices and full storage tanks and pipelines will force an unprecedentedly fast decline in U.S. output this year as producers are forced to choke or shut old wells and cut back new drilling. In normal times, it usually takes an average of 4-5 months for lower prices to filter through into a reduction in new drilling and 9-12 months to feed through into a decline in output.

Apr 02 - U.S. crude, gasoline stockpiles surge, fuel demand slumps on growing pandemic 
U.S. crude oil and gasoline inventories surged last week while gasoline demand suffered its biggest weekly drop ever in response to a sharp falloff in economic activity due to the coronavirus pandemic.  Crude inventories rose by 13.8 million barrels in the week to March 27 to 469.2 million barrels, the U.S. Energy Information Administration said Wednesday. That was the biggest one-week rise since 2016, and analysts expect stocks to keep rising as refineries curb output and gasoline demand falls.

Apr 01 - U.S.-Saudi oil alliance idea born at White House, put on back burner for now 
Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. That the concept was even considered at high levels reflects both the depth of the crisis facing the global oil industry as well as its growing importance to the U.S. economy. A few weeks ago, proposals for Washington to work together with oil producers to curb supply to the global market would have been dismissed for violating U.S. antitrust laws.

Apr 01 - U.S. farmers plan huge corn crop despite price drop, ethanol collapse 
U.S. farmers plan to plant their biggest corn acreage in eight years this spring, saying the grain is the best option in a tough farm economy despite weak demand from the biofuel industry as the coronavirus spreads.  The U.S. Agriculture Department in its annual prospective plantings report, which is based on a survey of about 80,000 farmers taken during the first two weeks of March, on Tuesday forecast corn plantings of 96.990 million acres, topping already robust market expectations. 

Apr 01 - OPEC rift widens as group fails to set date for emergency talks 
A rift in the Organization of the Petroleum Exporting Countries (OPEC) has widened after members failed to agree unanimously on an emergency low-level meeting to discuss a market collapse that has seen global oil prices hit 18-year lows.  OPEC president Algeria, which has been instrumental in organising the producer group's efforts to support the market, had been among the members pushing for a gathering of OPEC's Economic Commission Board (ECB) in April.

Apr 01 - US aims to lease space in emergency oil stockpile, after buying plan canceled 
The Trump administration plans to lease out space for energy companies to store oil in the nation's Strategic Petroleum Reserve, after a previous effort to buy millions of barrels for the emergency stockpile was canceled over a lack of funding, according to two people briefed on the matter. The new plan could help the United States deal with a growing glut of crude oil that risks overwhelming commercial storage tanks and sending world energy prices deeper into a tailspin as the coronavirus pandemic slashes demand for fuel. It could be announced as soon as Wednesday, the sources said.

Apr 01 - Traders scramble to unload cheap crude cargoes as glut grows 
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, with some U.S. oil valued at roughly $10 a barrel. The oil market is caught between a collapse in demand due to the coronavirus pandemic and a price war between Saudi Arabia and Russia. Both factors are expected to flood markets with oil.  Refineries worldwide have started to shut units, with some closing outright, while major operators like India's IOC have declared force majeure on crude purchases as they struggle with the sudden stoppage in demand. Key benchmarks in Canada and Mexico traded at less than $10 per barrel on Monday, less than the cost of production. 

Apr 01 - Glencore delays dividend payment decision as coronavirus risk mounts 
Glencore said on Tuesday it had deferred a decision on its proposed $2.6 billion dividend pay out for this year and said there could be material disruption to production due to the coronavirus epidemic. A decision would be made in August on the level of any dividend after considering the impact of the coronavirus on the economy and its business, the London-listed commodity miner and trader said. The decision would coincide with interim results.

Apr 01 - Traders book tankers for products as refineries slow, planes parked 
At least 12 tankers, among them a newly built supertanker, have been booked in recent days to store refined products, according to shipping data and traders, as onshore storage space quickly dwindles and contango dissuades sales. Lockdowns to restrict the spread of the coronavirus have effected some 3 billion people worldwide, slashing the outlook for demand.

Apr 01 - TC Energy Keystone XL pipeline moves forward after Alberta commits $1.1 bln, shares rise 
TC Energy Corp on Tuesday said it would proceed with its $8 billion Keystone XL pipeline with financial backing from the oil-rich province of Alberta, pushing the long-delayed project forward amid a global oil market collapse. Alberta's investment shows how Canadian governments are stepping up financial support for the industry despite a crash in oil prices and climate-change concerns.

Apr 01 - Russia's oil supplies via Druzhba pipeline set to shrink as EU refiners cut output 
European refiners have requested less Russian oil via the Druzhba pipeline for April as they cut output due to sharp falls in demand for fuel amid the coronavirus outbreak, four traders said. The Druzhba pipeline, which can pump 1 million barrels per day (bpd), connects Russian oil fields with refinery plants in Germany, Poland, Czech Republic, Hungary and Slovakia.

Mar 31 - U.S., Russia agree to oil market talks as Trump calls price war 'crazy' 
U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials discuss slumping global oil markets, the Kremlin said, as Trump called Russia's price war with Saudi Arabia "crazy." The agreement marks a new twist in global oil diplomacy since a failed deal earlier this month between the Organization of the Petroleum Exporting Countries and Russia to cut production ignited the price war between Russia and OPEC's de facto leader Saudi Arabia.

Mar 31 - Oil pipeline, producer standoff prompts new call for Texas shale curbs 
As a weekend standoff over oil shipments emerged between Texas pipeline operators and shale producers, a state energy regulator has renewed his controversial call for mandated cuts to address a growing crude glut.  Oil prices have fallen more than 60% this year as the coronavirus pandemic has destroyed fuel demand and Saudi Arabia and Russia kicked off a price war in a battle for market share. Oil in Midland, Texas, home of the biggest U.S. shale field, traded on Monday for under $10 a barrel, far below the cost of production. 

Mar 31 - Crude prices in key U.S., European markets scrape new lows as supply glut looms 
Physical crude prices slumped worldwide on Monday, falling faster than comparable benchmark futures as merchants offered big discounts on shipments and the market braced for a flood of oil from Saudi Arabia and Russia.  Key markets where producers and refiners trade oil were showing weak pricing for shipments not due to arrive until May, a signal that even as both U.S. and Brent crude benchmarks have slumped to the low $20s this month, the market may fall further. 

Mar 31 - Shell drops out of major U.S. LNG project, Energy Transfer delays decision 
Royal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer LP, delaying its final decision on whether to go ahead with the project to next year. The Lake Charles, Louisiana, facility is one of several LNG export projects worldwide that have been delayed in recent months by the collapse in global energy prices. Global LNG demand has been hitting record highs for years, thanks to big demand from Asian nations like China and India as they diversify away from dirtier coal power generation.

Mar 31 - Russian state gave up majority stake in Rosneft in Venezuela deal - source 
The Russian state has cut its holding in oil giant Rosneft to below a majority stake as part of its deal to buy the group's Venezuelan assets, announced over the weekend, a source familiar with the details told Reuters.  That will limit the risk of new U.S. sanctions on Rosneft, which pumps 4.7 million barrels of oil a day, at a time when the United States and Saudi Arabia are considering joint cuts to oil supply and will not want Moscow ramping up output, analysts say. 

Mar 31 - Brazil fuel distributors to cut ethanol buying amid lockdown 
Two of Brazil's largest fuel distributors said on Monday they are cutting the amount of ethanol they will buy from local suppliers to adjust to a slump in demand amid the coronavirus lockdown in Latin America's largest economy. Brazil's number 1 fuel distributor, BR Distribuidora, said it will reduce the amount of ethanol it buys from Brazilian mills to levels that are below the minimum defined in contracts, due to an "atypical situation" created by the COVID-19 pandemic.

Mar 31 - Bank cut to oil loans could push producers beyond the brink 
U.S. energy producers face the threat that banks will slash their credit as March's crash in oil prices means the asset backing their main loan facility - crude reserves - is worth less than half of what it was a month ago.  The oil price collapse has crushed U.S. energy companies, sending valuations spiraling and squeezing financing options, as they face a likely 20% drop in worldwide oil demand in coming quarters due to the coronavirus pandemic. 

Mar 31 - Free cooking gas for poor during lockdown set to push up India's imports 
India's liquefied petroleum gas (LPG) imports are set to surge in the June quarter as a move to provide free cooking gas coincides with lower crude processing by refiners hit by collapsing local fuel demand, company officials said. Indian refiners are processing less crude oil into fuels like LPG as industries close during a 21-day nationwide lockdown from March 25, aimed at preventing the spread of coronavirus. The outbreak has also hit overseas fuel demand.

Mar 30 - Oil crash puts Africa's cash-strapped producers in peril 
Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain. The continent's producers such as Nigeria, Angola and Algeria cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia, who are flooding the market with oil.

Mar 30 - Rosneft sells Venezuelan assets to Russia after U.S. sanctions ramp up 
Russia's largest oil producer, Rosneft, said on Saturday it had terminated operations in Venezuela and sold the assets linked to its operations in the South American nation to an unnamed company owned by the Russian government.  The impact of the move, announced at a time when oil prices are languishing at around $25 per barrel, on Rosneft's upstream joint ventures with Venezuelan state oil company Petroleos de Venezuela was not immediately clear. 

Mar 30 - Two Indian refiners declare force majeure to curb Mideast oil supply 
Two Indian refiners declared force majeure on crude purchases from the Middle East on Friday after fuel demand plummeted due to a nationwide lockdown to stem the spread of coronavirus and the companies' tanks are full, sources said. Prime Minister Narendra Modi has asked India's 1.3 billion people to stay indoors for three weeks in the world's biggest lockdown, shutting down Asia's third-largest economy and leaving millions of economically vulnerable people without work.

Mar 30 - Sinopec expects lowers 2020 refining runs as coronavirus hits demand 
Asia's top refiner China Petroleum Chemical Corp, or Sinopec, expects that its full-year 2020 refining runs will be lower than in 2019 because of a contraction in Chinese fuel demand caused by the coronavirus outbreak. The demand contraction will last for the first half of this year and lead to lower full-year demand but refined oil consumption is expected to return to normal in the third or fourth quarter, said Ling Yiqing, vice president of Sinopec, during an earnings call on Monday.

Mar 30 - India's Reliance seeks to sell Mideast crude cargoes in rare move 
India's Reliance Industries Ltd is seeking to sell some April-loading crude cargoes in a rare move as it plans to cut crude processing after the coronavirus pandemic hit global fuel demand, four sources said on Friday. The move comes as refiners across the world are considering deeper run cuts at their plants on mounting losses as measures taken by governments to prevent coronavirus from spreading have slashed fuel consumption. 

Mar 30 - Global oil refiners shut down as coronavirus destroys demand 
The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns. Italy's API said it would close operations temporarily at its Ancona refinery, which has capacity of 85,000 barrels per day (bpd). In India, top refiners Indian Oil Corp and Mangalore Refinery and Petrochemicals declared force majeure, with MRPL in the process of shutting down its entire plant. 

Mar 30 - Coronavirus demand hit renders OPEC+, Trump manoeuvres irrelevant: Russell 
Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference. While it was only three and half weeks ago, though it feels as long as a lifetime, the collapse of the deal between OPEC and allies, including Russia, to limit output is no longer relevant in a world devastated by coronavirus.

Mar 30 - LNG suppliers flood market with excess spot cargoes as demand shrinks 
Liquefied natural gas (LNG) suppliers are flooding the market with excess spot cargoes, generating fresh headwinds for prices, as demand dwindles globally because the coronavirus outbreak has disrupted industrial output and people's movement. The lockdowns and strict travel curbs to try to slow the virus have led to a big drop in demand in countries such as India in Asia, as well as Italy and Spain in southern Europe. 

Mar 30 - Global oil storage to fill rapidly as consumption plunges: Kemp 
Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output. No comprehensive data exists on total storage volumes available in the petroleum supply chain or the amount unfilled at the start of the year, but the International Energy Agency (IEA) has said consumption could have shrunk by 20 million barrels per day because of the pandemic and national lockdowns.

Mar 27 - In oil markets, it's back to 1998 crisis pricing 
Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s. Most are offloading their oil for below $20 a barrel as the coronavirus pandemic savages demand and global supply rises amid a battle between Saudi Arabia and Russia for market share, according to traders, state oil firms, major refiners and prices quoted in physical markets.

Mar 27 - Falling Latam fuel demand leaves U.S. refiners without favored export customers 
Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% to 20% globally in coming months. 

Mar 27 - IEA says global oil demand could drop 20% as 3 billion people in lockdown 
Global oil demand could dive by 20% as 3 billion people are in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency (IEA) said on Thursday as he called on OPEC leader Saudi Arabia to help stabilise oil markets. "Today, 3 billion people in the world are locked down. As a result of that we may well see sometime throughout this year demand to fall down, as some say, about 20 million barrels per day," Fatih Birol told an Atlantic Council conference call.

Mar 27 - Russia's RDIF: New OPEC+ deal possible to address demand if others join 
Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), believes a new OPEC+ deal to balance oil markets might be possible if other nations joined it and that countries should cooperate to mitigate the economic fallout from coronavirus. "Joint actions by countries are needed to restore the(global) economy... They (joint actions) are also possible in OPEC+ (group of the Organization of Petroleum Exporting Countries and non-OPEC members) deal's framework," Dmitriev told Reuters in a phone interview.

Mar 27 - Petrobras' divestment push in Brazil challenged by oil price war 
A move by Brazil's Petrobras on Thursday to slash output, capital spending and dividends brings the state-run oil firm into alignment with global rivals confronted with a global pandemic and a plunge in crude prices.  But a cloud remains over the company's ambitious divestment drive, which is a key element of the current management's strategy.

Mar 27 - Mitsui may book up to $642 mln impairment loss amid oil slump 
Japanese trading house Mitsui & Co Ltd said on Friday it may book an impairment loss of 50 billion to 70 billion yen ($458 million to $642 million) in the year ending March 31 due to falling commodity prices and coronavirus impact.  Mitsui said it is likely to book an impairment loss on its stakes in the Eagle Ford shale oil and gas project in the United States and the Tempa Rossa oil field in Italy among other oil and gas projects due to plunging oil prices.

Mar 27 - Saudi struggles to find buyers for extra crude as demand dives - sources 
Saudi Arabia is struggling to find customers for its extra oil as demand plummets due to the coronavirus and freight rates surge, industry sources said, undermining the kingdom's bid to seize market share from rivals by expanding production. Royal Dutch Shell and U.S. refiners were taking less Saudi crude, Finland's Neste was not taking any in April and Indian refiners had sought delayed deliveries, the sources said. Polish refiners were also easing up on purchases, they added.

Mar 27 - U.S. ditches tender to buy oil for reserve, looks to use Energy Dept money 
The U.S. Department of Energy said on Thursday it has ditched plans to purchase crude for the nation's emergency reserve due to a lack of funding from Congress, dealing a blow to President Donald Trump's plan to give relief to energy companies amid the global oil market collapse.  The purchases were seen as a way to absorb some of the glut in crude markets caused by a crash in demand due to the spreading coronavirus pandemic and a flood of supply from top-producing countries. Worldwide oil demand could drop as much as 20% in April, and U.S. producers are swiftly slashing expenses to try to survive the downturn.

Mar 26 - Ten signs the oil industry is bent out of shape 
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals. International crude oil prices have lost about 45% this month and fallen below the cost of much of the world's production, causing energy companies worldwide to slash spending by tens of billions of dollars. 

Mar 26 - Global oil storage fills to the brim despite leap in costs 
From Canada and the Caribbean to the Baltic and Singapore, oil tanks around the world are filling fast, despite a 50%-100% jump in lease costs, as oil companies and traders scramble to park unwanted crude and refined products. Millions of barrels are struggling to find buyers among industrial users and refiners, which have cut operations as the impact of the coronavirus has destroyed demand and a Saudi-Russia market share battle has led to a flood of supply. 

Mar 26 - Grid operators turn control centres into campsites to keep coronavirus at bay 
After a fortnight living in a mobile home compound built in just three days by his employer, Italian gas company Snam, Guido Debattisti is returning home. The 37-year-old is part of a team of engineers sealed off during two-week shifts to make sure gas taps stay open - and buildings warm - during a coronavirus epidemic that has killed more than 7,000 Italians and is sweeping Europe.

Mar 26 - Shares in Japan's traders sink on Marubeni loss warning as virus slams demand 
Shares in Japanese trading houses sank on Thursday after Marubeni Corp warned it will book a record annual loss as the coronavirus outbreak sends prices of oil and commodities tumbling. Shares in Marubeni plunged about 13% after it said it would have to write down massive impairment losses on its assets raging from oil, copper to grains. 

Mar 26 - Canadian oil companies ask government for cash, credit to survive 
Canadian oil and gas companies are urging Ottawa to free up credit and cash to help them survive the twin shocks of COVID-19 spread and a crude price war, pitching ideas ranging from tax deferrals to backstopping bank loans. The country's oil patch is on "life support" after the Saudi-Russian oil price war coincides with the spread of COVID-19 through the major oil-consuming regions of Asia, Europe and North America.  

Mar 26 - Asia's coal markets diverge on quality lines as coronavirus hits India: Russell 
Asia's seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economic shock being caused by the coronavirus, and lower-quality Indonesian fuel, which is losing ground. The price of Australian benchmark Newcastle thermal coal futures traded on the Intercontinental Exchange ended at $66.35 a tonne on Wednesday, down slightly from the prior day but up from the low so far this year of $65.15 on March 9.

Mar 26 - Indian LNG importers invoke force majeure as gas demand slumps - sources 
Indian liquefied natural gas (LNG) importers have issued force majeure notices to suppliers as domestic gas demand and port operations are hit by a nationwide lockdown to curb the spread of coronavirus, industry sources told Reuters.  Any reduction in purchases by India, Asia's third largest economy and the world's fourth-largest importer of the super-chilled fuel, is likely to further hit LNG prices, already cut by a drop in demand in China, where the virus emerged. 

Mar 25 - Big Oil may have to break dividend taboo as debt spirals - investors 
The world's biggest oil and gas firms should break an industry taboo and consider cutting dividends, rather than taking on any more debt to maintain payouts as they weather the fallout from the coronavirus pandemic, investors say. The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders.

Mar 25 - China oil imports in Jan-Feb from Saudi Arabia rise 26% from year ago 
China's crude oil imports in the first two months of 2020 from top supplier Saudi Arabia rose 26% from a year earlier, while purchases from No. 2 supplier Russia gained 11%, Reuters' calculations based on customs data showed on Wednesday.  China's total crude oil imports during January and February rose 5.2% from the previous year to 10.47 million barrels per day (bpd), according to preliminary data earlier this month. Refiners typically build up crude stockpiles ahead of the Lunar New Year holidays, which fell in late January this year. 

Mar 25 - Equinor slashes investment, spending in $3 bln coronavirus package 
Norwegian oil firm Equinor will cut investments, exploration drilling and operating costs as part of a $3 billion plan to help the company weather the coronavirus crisis and low oil prices, it said on Wednesday. Equinor will halt its onshore drilling in the United States, where the company has invested billions of dollars in recent years in producing oil and gas from shale formations, postponing the output to a later period, it added.

Mar 25 - Chevron leads another wave of massive oil-industry spending cuts 
Chevron Corp cut its capital spending budget by $4 billion on Tuesday, leading a wave of cost-cutting announcements across the oil-and-gas industry as it reels from declining demand in the face of the coronavirus pandemic and a dramatic slide in prices. Crude oil prices have crashed by 60% since January as Saudi Arabia and Russia pump full bore to grab share in a dwindling market, and gasoline and jet fuel use has slumped. Demand worldwide is expected to fall by more than 12 million barrels per day, more than 10% of daily demand.

Mar 25 - Latin America's oil producers sweat to cover costs as price war takes toll 
A price war between the world's oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months. Global oil price benchmarks have had their steepest declines in decades in a perfect storm of falling demand during the coronavirus epidemic and surging supplies after Russia and Saudi Arabia failed to reach a deal to extend output cuts.

Mar 25 - U.S. crude stockpiles seen up for ninth week, products likely drawn 
U.S. crude oil stockpiles likely built for the ninth successive week, while inventories of refined products were expected to have dropped last week with gasoline set to decline for the eighth straight week, an extended Reuters poll showed on Tuesday. Ten analysts polled by Reuters estimated, on average, that crude stocks rose by about 2.8 million barrels in the week to March 20.

Mar 24 - China's Jan-Feb gasoline exports surge 32% as virus dents domestic demand 

China's gasoline exports in the first two months of 2020 surged 31.5% from a year earlier as the coronavirus outbreak dented demand for fuels in the country. Gasoline shipments in January and February jumped to 2.72 million tonnes, data from the General Administration of Customs showed on Tuesday. Diesel exports rose 3.5% to 3.47 million tonnes. Customs did not separate out the data for January and February.

Mar 24 - U.S. to appoint Coates as special energy envoy to Saudi Arabia - Energy Dept 

The Trump administration will appoint Victoria Coates as special energy representative to Saudi Arabia as Washington struggles to deal with a global oil price crash dragging on the economy and threatening U.S. energy producers, an Energy Department official said on Monday. Coates, who was one of President Donald Trump's longest-serving security aides, moved from the White House in February to become a senior adviser to Energy Secretary Dan Brouillette. 

Mar 24 - Despite OPEC+ deal collapse, Saudi oil exports yet to rise - sources 

Top oil exporter Saudi Arabia has yet to boost crude shipments significantly, two industry sources who track the flows said, suggesting a lack of demand despite a deep slide in prices as major producers battle for market share. The kingdom plans to ship more than 10 million barrels per day (bpd) from May following the collapse of a supply-cut pact by the Organization of the Petroleum Exporting Countries and other producers led by Russia, known as OPEC+. 

Mar 24 - Barclays cuts 2020 crude forecasts by $12 on virus, OPEC+ deal collapse 

Barclays on Tuesday slashed its oil price forecasts for 2020, citing considerable downward pressure on the market from a Saudi-Russian price war and demand disruption because of the coronavirus. The bank lowered its 2020 price outlook for Brent and West Texas Intermediate by $12 each to $31 and $28 per barrel respectively.

Mar 24 - From Asia to America, fuel prices pummeled by coronavirus fallout 

Prices and profit margins for motor and aviation fuels globally are under severe pressure from a plunge in demand as countries enforce lockdowns and airlines ground planes, forcing more refineries to reduce output. U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to escape the poorer margins for other products harder hit by coronavirus fallout.

Mar 23 - Russia blames Gulf nations for oil crash - TASS 
Russia did not seek an end to cooperation with OPEC or a sharp drop in oil prices, a senior Russian official told the TASS news agency, saying the Gulf nations are to blame for the crisis on global oil markets. The Organization of the Petroleum Exporting Countries (OPEC) and Russia this month failed to agree how their deal to cut oil output should work. With global oil demand slumping because of the coronavirus, OPEC wanted to deepen supply cuts but Moscow said it would agree only to an extension to the existing pact.

Mar 23 - "Demand destruction" - analysts race to lower outlooks for oil 
Traders and analysts are struggling to revise down their forecasts for oil demand fast enough, as government lockdowns to contain the coronavirus outbreak have rapidly cut fuel consumption. At the start of the year, forecasters had expected demand to edge up or stay flat. But, in the space of a few months or even weeks, the most bearish outlooks seem hopelessly out of date. "Demand destruction this year depends on how many countries follow an Italian-style lockdown," said Giovanni Serio, head of research at Vitol, the world's biggest oil trader.

Mar 23 - Coronavirus, gas slump put brakes on Exxon's giant Mozambique LNG plan 
Exxon Mobil is likely to delay the greenlighting of its $30 billion liquefied natural gas (LNG) project in Mozambique as the coronavirus disrupts early works and a depressed gas market makes investors wary, six sources told Reuters. Top U.S. oil and gas company Exxon said on Tuesday it was evaluating "significant" cuts to capital spending and operating expenses. Energy firms worldwide have slashed spending this month as oil prices plummeted to 18-year lows after global travel curbs and reduced economic activity destroyed demand.  

Mar 23 - U.S. drillers this week cut most oil rigs since April - Baker Hughes 
U.S. energy firms cut the most oil rigs in a week in almost a year - mostly in the Permian basin, the country's biggest oilfield - as a meltdown in oil and natural gas prices due to the coronavirus outbreak has forced producers to deepen cuts in spending on new drilling. Drillers cut 19 oil rigs in the week to March 20, the deepest weekly cut since April 2019, bringing the total count down to 664, the lowest since January, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Mar 20 - Saudi Arabia, Iraq say they will not compensate for oil freight rate jump - documents 
Saudi Arabia and Iraq have said they are unable to provide freight rebates for crude oil shipments under default contract terms due to a record rise in tanker rates, documents seen by Reuters showed on Thursday. Changes in supply terms may lead to cancellations of April cargoes by buyers across the world as they were not expecting to bear transport costs in full, traders said.

Mar 20 - Trump says he will enter Saudi-Russia oil fray at appropriate time 
U.S. President Donald Trump on Thursday said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for U.S. consumers even as they were hurting the industry. Saudi Arabia and Russia have been fighting over oil market share after their three-year agreement to hold back production collapsed this month. Their pumping of crude oil flat out during a time of severely reduced global demand due to the spread of the coronavirus has pushed crude prices to near 20-year lows this week. 

Mar 20 - U.S. to buy initial 30 mln bbls of oil for emergency stockpile 
The U.S. Department of Energy said on Thursday it will buy up to 30 million barrels of crude oil for the Strategic Petroleum Reserve by the end of June as a first step in fulfilling President Donald Trump's directive to fill the emergency stockpile to help domestic crude producers.  The reserve, in caverns on the Texas and Louisiana coasts, has 77 million barrels of available capacity. The first 30 million barrel purchase will be for both sweet and sour crude oil and will focus on buying from small and midsize producers with less than 5,000 employees, the Energy Department said.

Mar 20 - OPEC supply curbs, U.S. measures could support oil prices near term - Goldman 
Supply restraint by core-OPEC producers could push second-quarter Brent oil prices up to $30 a barrel, while U.S. measures to support the market could underpin prices in the near term, Goldman Sachs said in a research note. Citing Wall Street Journal reports that the United States was considering intervening in the ongoing Saudi-Russian price war and Texas regulators may curb oil output, the U.S. investment bank said such action would reduce global and U.S. domestic supplies.

Mar 20 - How a Texas oil CEO's luxury land deals cost him his job 
In July 2018, oilfield service executive Dale Redman took out a loan to buy the Whitehead Ranch - a 20,000-acre cattle and hunting property in central Texas, featuring two luxury homes, livestock barns, and meadows stocked with deer and turkey. The indulgence fit the lifestyle of a Texas oil tycoon, but the way Redman secured the deal was among a series of missteps that cost him his job. The CEO pledged 230,000 shares of his ProPetro Holding Corp. stock as collateral on the $24.8 million ranch loan - without telling investors - a move the company said violated his agreement to safeguard shareholders as it disclosed Redman's resignation on Monday.

Mar 20 - China approves near simultaneous debut of Dalian LPG futures, options 
China has approved the launch of liquefied petroleum gas (LPG) futures and options on the Dalian Commodity Exchange, the first time the derivatives will debut nearly simultaneously on a Chinese commodities exchange. The China Securities Regulatory Commission announced the approvals on Thursday and said the LPG futures contract will be launched on March 30, with trading in LPG options to begin the following day.

Mar 20 - Britain's oil industry calls on public purse as first fields shut 
Britain's oil and gas sector called on the government on Thursday to help it survive, as an oil price crash triggered the first field shutdowns in the North Sea, home of the Brent crude stream that underpins global oil prices. As Saudi Arabia and other low cost producers including Russia are flooding the market with oil, higher cost energy producers worldwide, like those in the North Sea, are under pressure with prices falling below breakeven points.  

Mar 20 - Saudi Arabia should call a truce in oil price war: Kemp 
Saudi Arabia's carefully nurtured reputation for being a reliable oil producer and its aspiration to be seen as a responsible global leader will be in jeopardy if the kingdom continues to pursue its volume war. Pressing on with such a tactic in the midst of the worst global health emergency since the influenza pandemic of 1918 and one of the deepest global economic downturns in a century would be supremely dangerous.

Mar 19 - Glut of crude swells across Atlantic basin on coronavirus, OPEC+ hikes 
Crude oil traders from West Africa to the U.S. Gulf Coast are offering cargoes at deep discounts, desperately trying to attract buyers as global supplies swell and demand plunges. Oil prices have plummeted to 18-year lows as the global spread of the coronavirus has throttled back air and road travel at the same time as major producers are hiking production after Russia refused to back deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its allies. 

Mar 19 - Saudi Arabia keeps oil supply at 12.3 mln bpd, cuts state budget 
Saudi Arabia's Energy Ministry said on Wednesday it had directed national oil company Saudi Aramco to keep supplying crude oil at a record rate of 12.3 million barrels per day (bpd) over the coming months. Finance Minister Mohammed al-Jadaan later announced a nearly 5% cut in the state's 2020 budget, amounting to 50 billion riyals ($13 billion), and said expenditures would be reassessed as low oil prices and the coronavirus outbreak threaten growth.

Mar 19 - U.S. shale producers cut executive pay as oil prices crash 
After laying off thousands of workers and sidelining equipment, U.S. shale producers are moving to slash executive pay as they deal with a dramatic oil price collapse. Shale firms this month cut 25% to 50% of planned spending as falling demand from coronavirus and a price war between Saudi Arabia and Russia threw the oil market into a free fall. U.S. oil prices are down more than 60% this year to about $22 a barrel, from $61 a barrel in December.

Mar 19 - U.S. crude stockpiles rise, fuel draws down despite pandemic - EIA 
U.S. crude oil stockpiles rose last week while gasoline and distillate inventories fell last week, in a report on Tuesday that predates much of the oil industry's response to the worsening coronavirus outbreak and expected surge in supply from Saudi Arabia. Crude inventories rose by 2 million barrels in the week ended March 13 to 453.7 million barrels, the highest since July 2019, the U.S. Energy Information Administration said. Analysts in a Reuters poll forecast a 3.3 million-barrel rise. Gasoline and diesel stocks fell sharply, as refineries kept capacity use steady. 

Mar 19 - Majors look to store jet fuel at sea as air travel drastically curbed 
Major oil companies including BP and Shell are preparing to take the rare step of storing jet fuel at sea as the coronavirus outbreak disrupts airline activity globally, while refiners are shifting to diesel because of the poor margins associated with jet fuel production. Jet fuel demand has cratered as airlines suspend flights due to the coronavirus pandemic, which globally has infected more than 204,000 people and killed 8,700, prompting travel restrictions from governments around the world, including the United States. Market participants and refiners have had to scramble to adjust to incredibly low prices. 

Mar 19 - Oil industry may fill global storage in months as record glut builds 
The oil market could see a record supply surplus in April as coronavirus wipes out demand and big producers pump more, creating a global glut that threatens to overwhelm storage capacity within months and force widespread industry shutdowns, analysts said on Wednesday. Crude is already gushing into storage at land and sea worldwide as countries curb travel and economic activity falls due to coronavirus. Storage levels are rising even before a wave of supply hits the market from Saudi Arabia, Russia and other producers who are gearing up to fight a price war for market share.

Mar 19 - Crude oil freight rates ease after frantic week, but may rise again - sources 
After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said.  At least five very large crude oil carrier (VLCC) provisional charters failed this week along with another five for Suezmax tankers, most of which were related to Saudi crude oil loadings, ship broker sources said.

Mar 18 - As virus destroys fuel demand, global refiners prepare run cuts
Falling prices for crude oil are usually a good thing for global refiners - except when nobody is driving. Worldwide, refineries are slowing output and contemplating extensive maintenance due to travel restrictions put in place in response to the coronavirus pandemic.

Mar 18 - Oil plunge sets off search for tanks on land and at sea
Traders are scrambling to secure oil storage tanks on land and at sea to cope with slumping demand resulting from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war. Rates to store oil at the world's main trading hubs from Japan to South Africa and the United States are surging as millions of unconsumed barrels of oil hit the market daily.

Mar 18 - Iraq oil minister urges OPEC, non-OPEC emergency meeting - letter
Iraq's oil minister has urged for an emergency meeting between OPEC and non-OPEC members to be called to discuss immediate action to help balance the oil market, according to a letter he sent to OPEC on Tuesday. In the letter seen by Reuters, Thamer al-Ghadhban asked OPEC Secretary General Mohammad Barkindo to help "urgently achieve" extraordinary meetings of the OPEC+ group to "discuss all possible ways" to rebalance the oil market and mitigate current deteriorating conditions.

Mar 18 - Saudi Arabia's oil exports top 10 mln bpd from May -ministry
Saudi Arabia, the world's top oil exporter, plans to boost its crude oil exports to more than 10 million barrels per day from May while burning less crude for power generation, the energy ministry said on Tuesday. "Saudi Arabia will utilise the gas produced by the Fadhili gas plant to compensate for around 250,000 barrels per day (bpd) of domestic oil consumption," the ministry said in a statement.

Mar 18 - Virus-hit Gulf has little room to boost revenue after oil price shock
The coronavirus outbreak and plunging crude prices are a double blow that leaves Gulf Arab governments with few options to manage fiscal stability while trying to shield their economies and defend currency pegs. Even the largest Arab economy, Saudi Arabia, which launched a war for market share with Russia following the March 6 collapse of an output deal between OPEC and its allies that has wiped 30% off oil prices, will face strains. 

Mar 18 - Glencore charters world largest tanker to store crude at sea - sources
Trading house Glencore has chartered the 3 million barrel crude carrier 'Europe' to store oil at sea for at least 6 months, trading sources on Tuesday. The vessel is one of two so-called ultra large crude carriers (ULCC), the largest tankers in the world. Glencore booked the vessel at a rate of $37,000 a day for the first six months, according to the sources.

Mar 18 - Hess, Concho, Callon join Exxon in tightening budget amid oil crash
U.S. producers Hess Corp, Concho Resources Inc and Callon Petroleum Co on Tuesday followed oil major Exxon Mobil Corp in cutting their spending for the year, as oil prices continued to trade below $30 a barrel. Oil producers are trying to shore up cash as a double-whammy from the Saudi-Russia price war and dwindling demand because of the coronavirus outbreak threatens to hold oil prices hostage for an uncertain period of time.

Mar 17 - Oil plunge sets off search for tanks, revives dormant Cushing storage trade
Rates to store oil at one of the world's biggest trading hubs are surging, as traders globally scramble to secure space in tanks to cope with slumping demand from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war. The need for a place to park all that surplus crude is breathing new life into the market at Cushing, Oklahoma, the nation's hub for trading of billions of dollars of crude a day and the town that bills itself "the pipeline crossroads of the world."

Mar 17 - Asian refiner profits for transport fuels plunge on virus-fighting measures
Oil refiners' profits for transportation fuels fell further this week, with the margin for gasoline turning negative for the first time in more than a year, according to Refinitiv data. The margins plunged to new multi-year or multi-month lows this week after more countries globally imposed further travel restrictions and curbed domestic movements as part of measures to slow down spread of the coronavirus.

Mar 17 - Virus-hit Gulf has little room to boost revenue after oil price shock
The coronavirus outbreak and plunging crude prices are a double blow that leaves Gulf Arab governments with few options to manage fiscal stability while trying to shield their economies and defend currency pegs. Even the largest Arab economy, Saudi Arabia, which launched a war for market share with Russia following the March 6 collapse of an output deal between OPEC and its allies that has wiped 30% off oil prices, will face strains.

Mar 17 - Coal beats gold (and other commodities) amid coronavirus gloom: Russell
Amid carnage in the oil markets, and sharp losses for other commodities such as copper, you may be tempted to think gold is the best option for a positive return. But coal beats the metal. Coal's image is increasingly that of a pariah fuel, demonised by environmentalists and shunned by investors wary of its role in climate change.

Mar 17 - U.S. shale oil output to rise to record 9.08 mln bpd in April - EIA
U.S. oil output growth from the Permian basin is expected to offset declines in every other shale formation in April, helping push overall production up by about 18,000 barrels per day (bpd) to a record 9.08 million bpd, data showed on Monday. Output from the Permian basin of Texas and New Mexico, is expected to rise 38,000 bpd to a record 4.79 million bpd, data from the U.S. Energy Information Administration showed.

Mar 17 - U.S. gasoline refining profits slump to 2008 levels amid coronavirus fears
U.S. gasoline refining margins fell a whopping 95% on Monday - even briefly turning negative - with the cost of gasoline plunging faster than crude oil in anticipation that the coronavirus will keep people off the road and in their homes. The coronavirus pandemic has infected 180,000 people worldwide and caused over 7,000 deaths, prompting governments to order travel restrictions and business closures.

Mar 17 - More U.S. producers cut budgets as crude falls below $30 a barrel
EOG Resources Inc, Whiting Petroleum Corp and EQT Corp cut drilling activity and budgets on Monday, becoming the latest North American shale producers to be hit by lower oil prices, which fell below $30. Oil producers are trying to shore up cash as demand dwindles because of the global coronavirus outbreak and the double-whammy of a price war that threatens shale companies, which had budgeted for oil prices at $55 per barrel to $65 per barrel in 2020.

Mar 17 - Saudi Aramco likely to sustain high April oil output through May -CEO 
State oil giant Saudi Aramco said on Monday it was likely to sustain higher oil output planned for April through into May, and that it was "very comfortable" with a price of $30 a barrel. Aramco said last week it would be raising its output in April to a record 12.3 million barrels per day in a fight for market share with Russia that has helped to hammer global oil prices.

Mar 17 - Exxon pledges 'significant' spending cuts amid coronavirus, oil slide
Exxon Mobil on Monday said it will make "significant" cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak, which sent its shares to a 17-year low. It was a stunning reversal for the largest U.S. oil producer, which two weeks ago pledged to "lean in" to the market drop and maintain outlays in a belief oil demand would rise in the long run.

Mar 17 - Developing nations may lose up to 85% of oil and gas income this year - IEA, OPEC
Developing nations' oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday, citing recent IEA analysis. This is likely to have "major social and economic consequences", notably for public sector spending in vital areas like healthcare and education, the statement from IEA director Fatih Birol and OPEC secretary-general Mohammad Barkindo said.

Mar 17 - India plans to top up strategic tanks with cheap Saudi, UAE oil - sources
India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR), two sources familiar with the matter said on Monday. Global oil prices have fallen around 40% in March as the impact of the coronavirus pandemic has destroyed demand, while supplies are growing following Moscow's refusal to back deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its OPEC+ allies.

Mar 17 - Hedge funds turn ultra-bearish as volume war compounds pandemic: Kemp
Hedge funds continued selling petroleum in anticipation of a sharp downturn in oil consumption, even before major governments announced tougher travel restrictions late last week. Hedge funds and other money managers sold another 58 million barrels of petroleum futures and options in the six major contracts in the week to March 10, exchange and regulatory data showed.

Mar 17 - Surging demand to move flood of crude oil sends smaller tanker rates soaring
A surge in demand to ship the flood of crude oil unleashed by Saudi Arabia and its OPEC peers is sending freight rates surging and forcing buyers to seek out space on smaller tankers with the largest ones booked, shipping sources said. Freight charges to ship oil in Suezmax tankers, which can hold about 1 million barrels, have in some cases increased ten-fold amid a shortage of very large crude carriers (VLCCs) capable of carrying as much as 2 million barrels of oil, the sources said. 

Mar 17 - U.S. could start buying crude for Strategic Petroleum Reserve in 2 weeks
The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve as soon as two weeks from now, and fill it in several months, an Energy Department source said on Monday. President Donald Trump said late on Friday that he has ordered the Energy Department to fill the reserve "to the top." The move was aimed at helping domestic energy producers suffering from the plunge in oil prices brought about by the spread of coronavirus and a price war between Saudi Arabia and Russia.

Mar 16 - China's daily refinery output slides 4.8% in Jan-Feb, lowest since Dec 2018
China's daily refinery throughputs dropped 4.8% in the first two months of the year, sliding to the lowest level since December 2018, as the coronavirus outbreak cut deep into production in February. Output was 99.19 million tonnes in January and February, data from the National Bureau of Statistics showed on Monday. That was equivalent to 12.07 million barrels per day (bpd) on average, according to Reuters calculations, down 12% from December's record of 13.78 million bpd.

Mar 16 - Aramco to cut capital spending over coronavirus; 2019 profits plunge
Saudi Aramco on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, and also posted a plunge in profit for last year, missing forecasts in its first earnings announcement as a listed company. Saudi Arabia's decision last year to float shares in its state oil company - the most profitable company in the world - was one of the central elements in Crown Prince Mohammed bin Salman's program for economic and political reform.

Mar 16 - Few U.S. shale firms can withstand prolonged oil price war
For the last five years, U.S. shale oil producers have been battling suppliers for lower costs and running equipment and crews hard to drive drilling costs down by about $20 a barrel. The oil market rout last week, however, has left most shale firms facing prices below their costs of production. The Organization of the Petroleum Exporting Countries (OPEC) and major oil producers including Russia have turned on each other to launch a price war that threatens to sink shale companies burdened with higher costs.

Mar 16 - Oil giants set health checks for critical staff, work-from-home rules
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits. BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell told most office staff to work from home starting Monday. Federal regulators on Friday were pressed by companies to ease work rules for pipeline operators and to limit visits to some sites. Shell and Chevron began health checks of workers and visitors at some key U.S. facilities, spokesmen said.

Mar 16 - Saudi flood of crude about to crash into demand destroyed by coronavirus: Russell
Saudi Arabia's move to flood the crude oil market is on a collision course with global demand that is about to be pummelled by the coronavirus pandemic, especially in North America and Europe. As the outbreak intensifies and spreads across Europe and the United States, governments are trying to contain it by effectively shutting down many transport links and encouraging social distancing.

Mar 16 - U.S. oil rig count rises for second week in a row - Baker Hughes
The U.S. oil drilling rig count rose for a second week in a row despite a massive drop in both oil and natural gas prices this week and projections by many analysts that the number of rigs will fall as producers deepen their spending cuts on new drilling. Companies added one oil rig in the week to March 13, bringing the total count to 683, their highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Mar 16 - U.S. to fill strategic oil reserve 'to the top,' Trump says
President Donald Trump said on Friday that the United States would take advantage of low oil prices and fill the nation's emergency crude oil reserve, in a move aimed to help energy producers struggling from the price plunge. "Based on the prices of oil, I've ... instructed the secretary of energy to purchase, at a very good price, large quantities of crude oil for storage in the U.S. strategic reserve," Trump, a Republican, told reporters at the White House. "We're going to fill it right up to the top," he added without offering details.

Mar 16 - Hedge funds raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to March 10, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday, amid the eruption of a price war between Saudi Arabia and Russia. The speculator group raised its combined futures and options position in New York and London by 7,721 contracts to 125,254 during the period. In the five day period ended March 10, U.S. oil prices fell by 26%, including Monday's rout following Saudi Arabia's decision to ramp up supply. 

Mar 13 - U.S. shale companies hedges were inadequate for oil price crash
Oil prices have plunged so much that even U.S. shale producers who have paid for the industry's version of income insurance must deal with big holes in their budgets. Crude oil prices have crashed about 50% this year, hit by the coronavirus outbreak and the surprise price war that erupted last weekend between Saudi Arabia and Russia. The U.S. crude benchmark on Thursday closed at $31.50 a barrel, far below the $50-per-barrel price where many companies hedged.

Mar 13 - Saudi Arabia boosts effort to squeeze Russia's share of oil market -sources
Saudi Arabia has stepped up efforts to squeeze Russia's Urals oil grade out of its main markets by offering its own cheap barrels instead after their long-standing deal to support global oil prices fell apart, seven oil sources said. Cooperation between Moscow and Riyadh dramatically collapsed last week after Russia refused to support deeper oil output cuts desired by Saudi Arabia to fight falling oil demand as a result of the spread of the coronavirus outbreak. 

Mar 13 - U.S. blacklists second unit of Russia's Rosneft over Venezuela oil
The United States on Thursday imposed sanctions on another subsidiary of Rosneft, ramping up pressure on the Russian state oil giant that the Trump administration has said provides a financial lifeline to Venezuelan President Nicolas Maduro. The U.S. Treasury Department blacklisted TNK Trading International, a Swiss-based unit of Rosneft. Washington last month slapped sanctions on Rosneft Trading SA, another subsidiary of Rosneft, over accusations it had actively evaded U.S. sanctions and propped up the Venezuelan oil sector. 

Mar 13 - More U.S. oil producers slash budgets amid price rout
Devon Energy, Apache Corp and Murphy Oil Corp on Thursday became the latest North American oil producers to slash capital spending and drilling plans as crude prices tumble and pressure on businesses intensifies. Oil producers have been scaling back spending since the last crash in 2014, but the coronavirus outbreak and the launch this week of a price war between Saudi Arabia and Russia threatens to push U.S. crude to $30 a barrel and cripple U.S. players.

Mar 13 - U.S. shale urges service firms offer 'at least' 25% price cuts - executives, letter
U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry's desperate efforts to cope with a market dive. Oil companies that recently delivered 2020 spending plans based on $55 to $65 a barrel oil were confronted on Monday with sub-$35 prices after OPEC launched a price war amid slack demand from the ravages of coronavirus on the global economy.

Mar 13 - U.S. energy guru Yergin sees no easy way out of oil price collapse
U.S. energy historian Daniel Yergin said it could be a long time before pressure is eased on sinking oil markets as the coronavirus causes public events and schools to close while global oil producers flood markets with crude. "It’s a problem of an oil price war in the middle of a constricting market when the walls are closing in," Yergin, who is also vice chairman of IHS Markit, told reporters at the U.S. Department of Energy's headquarters. 

Mar 13 - U.S. ethanol industry 'bleeding' on oil collapse, coronavirus
U.S. ethanol producers are feeling the pain as margins on the corn-based fuel slumped this week to an eight-year low for this time of year, weighed by concerns over lower fuel demand from the coronavirus and the recent collapse in oil prices. The coronavirus outbreak, which has infected more than 126,000 people worldwide, is sapping demand for fuel as countries restrict travel and local governments try to prevent the spread of the outbreak.

Mar 13 - Crossing state lines? Oil firms flare Texas gas as investors vent on climate
Across the Permian Basin's high desert landscape, natural gas is going up in smoke even as oil majors including Exxon Mobil and BP pledge cuts in greenhouse gas emissions. Flaring, the deliberate burning of unwanted polluting gas, is rife during oil production in the biggest U.S. shale field, and an acute problem in Texas, home to most of the Permian reservoir, which sprawls 86,000 square miles (220,000 km2) across two states.

Mar 12 - UAE joins Saudi in opening oil taps as row with Russia slams crude prices
The United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices. The extra oil the two Gulf allies plan to add is equivalent to 3.6% of global supplies and will pour into a market at a time when global fuel demand in 2020 is forecast to contract for the first time in almost a decade due to the coronavirus outbreak.

Mar 12 - Russia to OPEC: deeper oil cuts won't work
This week's oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia's deputy energy minister said in an interview with Reuters on Wednesday. Last week, Saudi Arabia failed to secure Moscow's support for deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. 

Mar 12 - Saudi provisionally charters 19 supertankers, six to U.S. as global oil price war heats up
Saudi Arabia's national shipping firm, Bahri, has provisionally chartered up to 19 supertankers this week, with six set to take about 12 million barrels of Saudi crude to the United States, according to data and sources, as Riyadh ramps up shipments amid a price war with Russia. Saudi's state oil giant Aramco said on Tuesday it would boost oil supplies to a record 12.3 million barrels per day (bpd) in April, or 300,000 bpd above its maximum production capacity. 

Mar 12 - OPEC slashes 2020 oil demand view on coronavirus, sees more downside
OPEC slashed on Wednesday its forecast for global growth in oil demand this year due to the coronavirus outbreak and said more revisions might follow, underlining the deepening impact of the virus on the market days after a pact on output cuts collapsed. The Organization of the Petroleum Exporting Countries expects global demand to rise by just 60,000 barrels per day (bpd) in 2020, a reduction of 920,000 bpd from its previous forecast, it said in a monthly report.

Mar 12 - Mexico to invite oil and gas investment, no auctions for now
Mexico will soon invite private firms to invest in oil and gas projects to help a flagging economy hit by the fallout of coronavirus, Finance Minister Arturo Herrera said on Wednesday, but cautioned energy auctions were not on the cards for now. Herrera said a long-awaited energy plan will be unveiled soon that will detail where and how much private firms can invest.

Mar 12 - For richer or poorer: coronavirus, cheap oil test climate vows
Climate change commitments by banks, pension funds and asset managers face their first major test as markets reel from the twin shocks of coronavirus and a sliding oil price. The challenge looks formidable. When the 2008 financial crisis tipped the world into recession, carbon emissions fell. But as economies grew again, governments proved unable to halt an emissions rebound.

Mar 12 - U.S. crude stockpiles jump, product inventories fall - EIA
U.S. crude oil stockpiles rose more than expected last week, but gasoline and distillate inventories fell sharply amid low refinery rates, the Energy Information Administration said on Wednesday. Crude inventories rose 7.7 million barrels in the week to March 6, compared with analysts' expectations in a Reuters poll for an increase of 2.3 million barrels. 

Mar 12 - Nearly $640 bln coal investments undercut by cheap renewables - research
Nearly $640 billion of investment in coal power capacity worldwide is at risk because it is cheaper to generate electricity from new renewables, research by think tank Carbon Tracker Initiative showed on Thursday. Institutional investors are increasingly withdrawing from fossil fuel companies due to the risk their assets will become stranded as tougher emissions-cuts targets discourage their use and renewable energy becomes even cheaper.

Mar 12 - U.S. crude output growth to slow, oil prices to slump
U.S. oil production is expected to grow more slowly in 2020 and drop outright in 2021, forecasters said this week after U.S. shale producers cut investment plans further when OPEC and Russia refused to steepen output cuts and prices plunged. Forecasters and international agencies have warned that demand will grow more slowly due to the global coronavirus outbreak, and the International Energy Agency (IEA) said oil consumption would actually drop in 2020. The disease has been classified as a pandemic, and a Reuters tally showed more than 119,100 people infected around the world, with about 4,300 deaths.

Mar 12 - Second little-known Mexican firm emerges as lifter of Venezuelan oil
A second Mexican company with no experience in the oil industry is due to lift millions of barrels of Venezuelan crude this month despite U.S. sanctions, according to loading schedules. Schlager Business Group appeared this week on the loading programs of Venezuela's state-run oil company PDVSA as one of the few companies scheduled to take Venezuelan crude cargoes in March from the nation's main oil port of Jose.

Mar 12 - U.S. oil company workers make big, bad retirement bet: their own stock
Employees at the largest U.S. oil companies have lost around $5 billion in retirement savings since the end of 2018 because of outsized bets on their own slumping stock, according to a Reuters analysis of company disclosures, a trend exacerbated by the recent crash in oil prices. The losses spread across the 401(k) plans of some 66,000 workers underscore the dangers facing employees that do not diversify their retirement investments. The issue is most pronounced at big blue-chip corporations that have historically matched worker retirement contributions in shares and whose stocks have track records of stable growth.

Mar 11 - N.American oil companies slash spending to cope with $30/bbl crude
Occidental Petroleum Corp on Tuesday became the latest to join a growing list of hard-pressed North American oil producers slashing spending and drilling after crude prices slumped to their lowest levels in more than three years. Chevron Corp became the first global oil major to say it was also looking to cut spending that could lead to lower near-term oil production.

Mar 11 - Saudi Arabia, Russia raise stakes in oil production standoff
Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow's suggestion for new talks. The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday, triggering panic selling on Wall Street and other equity markets that have already been badly hit by the impact of the coronavirus outbreak.

Mar 11 - Sanctions-hit Venezuela offers big discounts as oil prices collapse - traders
Venezuela's oil company PDVSA is this week offering discounts of up to $23 per barrel on its flagship crude, traders said, as a collapse in global oil prices puts more pressure on the state-run firm, already reeling from tightening U.S. sanctions. Petroleos de Venezuela had already been pricing its Merey heavy oil this year at $16 to $18 below Brent crude, the sources said, to entice buyers wary of drawing scrutiny from the United States, which since 2019 has sanctioned PDVSA to try to oust socialist President Nicolas Maduro, who it calls a dictator.

Mar 11 - Tanker rates surge as traders hunt for ships to store cheap oil
Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia. Shipping rates from the Middle East to Asia, for instance, have risen by more than 25% since last Friday, while several traders are making enquiries to lease tankers to temporarily store oil offshore, traders and shipping sources told Reuters on Tuesday.

Mar 11 - Russia's ability to ramp up oil output curbed by export bottlenecks - traders
Russia's ability to quickly lift oil production following the collapse of a global agreement to cut is restrained by bottlenecks in exporting capacity, market sources said and Reuters calculations showed on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia failed last week to agree on further joint action to curb production after the current deal expires at the end of March.

Mar 11 - Mexico says hedge covers oil income, government should accelerate spending
Mexico's finance minister said on Tuesday a $1.4 billion hedge program completely covered 2020 national oil income following a steep drop in crude prices, adding the government needed to accelerate spending to help stimulate a flagging economy. The oil hedging program, the world's largest financial oil deal, is designed to protect Latin America's second-largest economy against oil price crashes.

Mar 11 - Premium of U.S. oil over natural gas falls to lowest in over a year
The collapse of U.S. oil prices earlier this week and a rise in natural gas futures cut the oil-to-gas ratio to its lowest since January 2019, as some analysts saw a silver lining in the oil price drop for gas output. Gas bucked the rest of the energy sector on Monday, jumping as much as 7%, even as oil prices suffered their worst day since the 1991 Gulf War due to a price war between Saudi Arabia and Russia that threatened to overwhelm markets with supply.

Mar 11 - Saudi Arabia tries shock tactics to bring oil war to swift end: Kemp
Saudi Arabia has escalated its oil market conflict with Russia in an attempt to force Russia back to negotiations or compel the United States to intervene and help broker a new agreement. Saudi Aramco has said it will lift the volume of oil supplied to the market to 12.3 million barrels per day (bpd) next month, which is more than 2.0 million bpd above its current output and 0.3 million bpd above its sustainable capacity.

Mar 11 - U.S. sanctions have idled a quarter of Iranian oil rigs
At least a quarter of Iran's oil rigs are out of action as U.S. sanctions strangle the Islamic Republic's vital oil industry, according to a Reuters review of financial documents and industry sources, dealing a potentially long-term blow to its oil industry. The lack of rig activity could damage the OPEC member’s capacity to produce oil from older fields, which require continuous pumping to maintain pressure and output. That would make it difficult for Iran to raise production back to pre-sanction levels if tensions ease with the United States.

Mar 10 - U.S. shale producers rush to cut spending, output as oil prices tank
U.S. shale producers on Monday rushed to deepen spending cuts and could reduce future production as oil prices tumbled after OPEC's decision to pump full bore into a global market hit by shrinking demand due to the coronavirus outbreak. Crude futures fell 20% on Monday, the largest one-day slide since the 1991 Gulf War, after the Organization of the Petroleum Exporting Countries and allies failed to agree on new output cuts and let production curbs lapse this month.

Mar 10 - Add oil to list of global central bank concerns, as prices plummet
An oil price war between Russia and Saudi Arabia is further confounding the world's central bankers, adding worry over rising currency values in Japan and Europe and a potential blow to investment in the United States to an economic outlook already soured by the fast-moving coronavirus outbreak. The decision by Saudi Arabia to raise oil production pushed prices down as much as a third overnight, a potential boon to consumers and companies with big energy bills, but a problem for central bankers worried inflation may fall even further below their targeted levels and add new stress in global financial markets.

Mar 10 - Resilience in China's commodity imports drowned out by coronavirus, oil price war: Russell
Amid the carnage of Monday's crude oil and equity markets routs, news of China's relatively robust imports of major commodities in the first two months of the year went under the radar but perhaps should have garnered attention. The strength in China's commodity imports came even as Beijing shut down large parts of the economy and quarantined millions of people in its battle to contain the coronavirus epidemic that has killed more than 3,100 people and infected more than 80,000 in the world's most populous nation.

Mar 10 - Trader Andurand goes short oil over coronavirus, after long-term bull bet
Hedge fund manager Pierre Andurand began betting against oil three weeks ago due to the coronavirus outbreak, he told Reuters on Monday, reversing his multi-year bullish view. "I spent a lot of time studying this virus ... In China they did a good job containing it," said Andurand, the manager of Andurand Capital Management. "In Europe and the U.S., I'm very worried that the measures they take are not drastic enough to stop or slow the spread."

Mar 10 - Big oil faces 'survival mode' payout strategies as prices dive
An oil price plunge means the world's top energy companies will have to review promises to return billions to investors, either by slowing down share buybacks or reintroducing non-cash dividends, analysts said on Monday. Brent crude dropped 24% on Monday to $34.36 a barrel as analysts lowered share price forecasts for top oil and gas producers.

Mar 10 - OPEC countries lose $500 million a day in oil price crash
With oil erasing over a third of its value overnight after a messy breakup of the OPEC+ alliance, OPEC members are bleeding over half a billion dollars a day in lost revenue, according to Reuters calculations. For the most part, oil is a top income source for members of the Organization of the Petroleum Exporting Countries and such a dramatic fall in prices will put strain on their economies, some of which such as Iran and Venezuela, are already on the brink.

Mar 10 - Russia vs Saudi: How much pain can they take in oil price war?
Oil titans Russia and Saudi Arabia have accumulated vast financial cushions that will help them weather a lengthy price war. It's a battle of nerves - so who will blink first? Global oil prices crashed by a third after Riyadh discounted its crude and signalled it would raise output. Shares in national oil champions Saudi Aramco and Rosneft tanked.

Mar 10 - Oil demand set for first contraction since 2009 due to coronavirus -IEA
Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped as much as third in their biggest one-day fall since the 1991 Gulf War after Saudi Arabia launched a bid for market share following the collapse of an output pact with Russia.

Mar 10 - Even before price plunge, hedge funds were abandoning oil: Kemp
Even before the OPEC+ output agreement broke down on Friday, sending oil prices into a tailspin, hedge funds had launched a second wave of oil-related selling and established one of the most bearish positions since the price crisis of 2014-2016. Hedge funds and other money managers sold the equivalent of 133 million barrels in the six most important petroleum futures and options contracts in the week ending on Tuesday.

Mar 09 - 'Crazy' Saudi oil price cuts seen reigniting market share war with Russia 
Asian oil traders are bracing for another round of hefty price falls on Monday in key benchmarks Brent and Dubai after the world's top exporter Saudi Arabia slashed prices, reigniting a market share battle among key producers. The world's top producers including Saudi Arabia, Russia and other Middle East producers were last locked in a market share war between 2014 and 2016 as they tried to squeeze out shale production from the United States by reducing prices and offering more supplies to Asia.

Mar 09 - China Jan-Feb crude oil imports rise 5.2% yr/yr on pre-virus restocking 
China's crude oil imports over the first two months of 2020 rose 5.2% from a year earlier despite the spread of the coronavirus, customs data showed on Saturday, as refiners built up inventories of feedstock ahead of the Lunar New Year holiday. Crude oil arrivals for the world's biggest oil importer were 86.09 million tonnes in January and February, equivalent to 10.47 million barrels per day (bpd).

Mar 09 - Saudi Arabia to hike oil output above 10 mln bpd in April after OPEC+ deal collapse
Saudi Arabia, the world's top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of OPEC's supply cut agreement with Russia, two sources told Reuters on Sunday. State oil giant Aramco will boost its crude output after the current deal to curb production between OPEC and Russia - together known as OPEC+ - expires at the end of March, the sources with knowledge of the matter said.

Mar 09 - US, Canada, European nations meet to discuss concern over Mexico energy policy
The United States, the European Union, Canada and six European nations have held joint talks on concerns over Mexico's energy policy, sources told Reuters, as President Andres Manuel Lopez Obrador pushes for a bigger role for the state in the sector. The unusually broad diplomatic encounter is a measure of how the leftist Lopez Obrador's break with the energy policy of the previous government is worrying economies that have traditionally been some of Mexico's biggest foreign investors.

Mar 09 - Money managers cut back on U.S. crude bets as virus worsened - CFTC
Money managers cut their net long U.S. crude futures and options positions in the week to March 3, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 31,051 contracts to 117,535 during the period. The period extended only through Tuesday, so it does not take the full measure of the recent declines in oil, which fell more than 10% on Friday.

Mar 09 - Goldman cuts Brent forecasts to $30 on price war, virus impact
Goldman Sachs cut its second- and third-quarter Brent price forecasts to $30 per barrel, citing the oil price war between Russia and Saudi Arabia and a signi´Čücant collapse in oil demand due to the coronavirus that has killed more than 3,500 globally. Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the virus outbreak.

Mar 09 - Saudi Aramco shares open 10% lower as oil price crash 
Shares in Saudi Aramco plunged 10% in opening trade on Monday, following a sharp drop in oil prices after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month. Aramco was trading at 27 riyals ($7.20), 15.6% below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world's biggest share offering. Saudi stocks also fell 9.11% in early trade.

Mar 09 - U.S. drillers add oil rigs for fourth week in five - Baker Hughes
U.S. energy firms added oil rigs for the fourth time in five weeks even though Exxon Mobil Corp said it would join other producers and reduce new drilling this year. Companies added 4 oil rigs in the week to March 6, bringing the total count to 682, their highest since December, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Mar 09 - Trump administration seeks more time to respond to court ruling on biofuel waivers
The Trump administration has requested an additional two weeks to respond to a federal court ruling that questioned the legitimacy of its controversial biofuel waiver program for oil refineries, according to a court filing. The request could prolong a period of uncertainty over the future of a program that has saved the refining industry tens of millions of dollars per year in regulatory costs, but which has infuriated biofuels companies and corn farmers who believe it undercuts demand for ethanol.

Mar 09 - Asia petchem makers maintain run cuts amid weak China demand, oil price uncertainty
Even after an explosion idled a massive Asian petrochemicals complex, most petchem makers in the region won't up output from current low levels because sluggish demand from China will mean there is no supply gap, industry sources said on Monday. While feedstock prices have dropped from January highs that prompted many Asia petchem producers to cut production runs, they said the combined impact of lower inputs and a six-month outage at the giant South Korean plant hit by the blast still won't be enough to stoke an uptick in production.

Mar 06 - OPEC raises stakes with Russia, seeks biggest oil cut since 2008 crisis
OPEC pushed on Thursday for a bigger-than-expected oil output cut to support prices that have been hit by the coronavirus outbreak, effectively presenting its non-OPEC partners with an ultimatum to back the move or face a price collapse. OPEC's proposal to curb supplies by an extra 1.5 million barrels per day (bpd) until the end of 2020 was a surprise, given the group was expected to propose cuts of 1 million bpd and, hours earlier on Thursday, had said curbs should be limited to the second quarter.

Mar 06 - Mexican firm takes millions of barrels of Venezuelan crude in oil-for-food swap
Venezuela has swapped millions of barrels of crude for supplies of corn and water trucks under an oil-for-food deal struck with a Mexican firm, in an effort to secure imports amid tightening U.S. sanctions, according to the company and export schedules. The privately owned Mexican firm, Libre Abordo SA, which has no previous experience in the oil sector, has emerged as a major lifter of Venezuela's crude as the state-run oil company PDVSA has seen its portfolio of customers dwindle due to sanctions aimed at ousting socialist President Nicolas Maduro.

Mar 06 - Exxon to push ahead with spending plans despite investor concerns
Two years into an ambitious growth plan to revive earnings at the largest U.S. oil company, Exxon Mobil Corp said on Thursday it would stick to its plans to "lean in" to spending even as its shares have lagged those of competitors, which are cutting costs. Oil prices have fallen more than 20% this year, natural gas is at its lowest price since the 1990s and the industry's long-term outlook is clouded by a push toward cleaner fuels. The entire oil industry has fallen out of favor with investors, but Exxon, once the industry’s cash flow and profit leader, has tumbled particularly hard. 

Mar 06 - U.S. oil boom vs Europe's renewables focus? Big Oil's gap widens -- in words
Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened - at least in words - between top American oil and gas companies and their European rivals over efforts to transition to clean energy and fight climate change. World crude oil and natural gas production is running at an all-time high, bolstered by big increases in recent years in the United States, Brazil and other nations. At the same time, a growing climate movement is pressuring governments and corporations to lower emissions as the world warms.

Mar 06 - Canadian Natural Resources urges Alberta to lift curbs on oil output in summer
Canadian Natural Resources Ltd, Canada's biggest oil producer, wants the province of Alberta to consider eliminating its restrictions on crude production during summer months, its president said on Thursday. Alberta has curtailed production for more than a year because of congested pipelines. Many producers reduce output anyway during summer to conduct maintenance.

Mar 06 - White House aims to appeal court decision that threatened refinery biofuel waivers -sources
The Trump administration plans to appeal a federal court decision that called into question a program exempting small oil refineries from the nation's biofuel blending laws, three sources familiar with the matter said on Thursday. The move comes after a major push from senators representing oil states, who said the program was essential for keeping refineries - and the jobs they provide - afloat. The administration had previously aimed to respond to the court decision by scaling back the waiver program. 

Mar 06 - Chinese private refiner buys U.S. crude after Beijing allows tariff waivers -sources
A Chinese independent refinery has bought U.S. Mars crude for delivery in May, a sign that American crude exports to the world's largest oil importer could pick up after the two countries closed a trade deal at the start of the year. China has pledged to buy at least $52.4 billion worth of U.S. energy products over the next two years. That commitment can only be met through substantial increases in crude imports from the United States, the top global oil producer, according to traders and analysts. 

Mar 06 - Canada's Supreme Court dismisses Trans Mountain oil pipeline appeals
Canada's Supreme Court said on Thursday it would not hear five separate appeals of a lower court's decision related to the Trans Mountain oil pipeline, clearing another hurdle for a project that has been stalled for years due to opposition over climate concerns. Environmental and indigenous groups had asked the Supreme Court to hear appeals of a September 2019 decision by the Federal Court of Appeal. That court had agreed to hear challenges by six indigenous groups of the Canadian government's approval for an expansion of the Trans Mountain Corp oil pipeline, but limited the scope of the challenges. 

Mar 06 - Kinder Morgan uncertain about proposed Texas Permian Pass natgas pipeline
U.S. energy company Kinder Morgan Inc said its proposed Permian Pass natural gas pipeline in Texas faced an uncertain future since no customers for the project have been lined up in the current low-price environment. In recent years, gas production associated with record oil output in the Permian basin in West Texas and eastern New Mexico has grown faster than energy firms could build new pipelines and other infrastructure needed to transport the fuel to market.


Mar 05 - OPEC struggles to win Russian backing for big oil cut amid coronavirus
Saudi Arabia and other OPEC members struggled on Wednesday to win support from Russia to join them in additional oil output cuts in a bid to prop up prices which have tumbled by a fifth this year because of the coronavirus outbreak. A panel of several ministers from OPEC, Russia and other producers failed to clinch a preliminary agreement for additional cuts, OPEC sources said.

Mar 05 - U.S. EPA mulls ways to stabilize biofuel costs for refiners, with waiver program at risk
The U.S. Environmental Protection Agency said on Wednesday it is mulling new measures to help oil refiners cope with the cost of complying with the nation's biofuel policy, as the agency faces a sweeping legal challenge to a waiver program worth a fortune to the industry. The EPA expects to respond soon to a court decision questioning the legitimacy of its waiver program for small refineries, that exempts them from biofuel blending requirements, EPA Administrator Andrew Wheeler said during a congressional hearing. 

Mar 05 - Mexican private sector pitches $92 bln in energy investment -document
Mexico's private sector has drawn up a broad package of proposed energy investments for the government worth almost $92 billion, according to a document seen by Reuters on Wednesday, providing a potential lift to the country's misfiring economy. With 275 projects from 2020 to 2024 encompassing everything from power generation, storage and transportation to exploration and production of natural gas, the 1.787 trillion peso ($91.5 billion) package could significantly influence the government's national energy plan, which is due to be presented soon.

Mar 05 - UN aviation agency weighs restrictions on carbon credits under fire by climate activists
The United Nations is weighing restrictions for a scheme designed to help airlines offset their carbon emissions, curbing industry funding for older projects whose environmental benefits have been disputed by climate activists. The move, if approved, would be a blow to operators of older projects in countries including Brazil and India who had hoped a global push by airlines to offset emissions would mop up a glut of carbon credits awarded under earlier climate initiatives.

Mar 05 - U.S. crude stocks rise modestly; exports crack 4 mln bpd
U.S. crude stocks rose modestly in the latest week, while U.S. oil exports surged to more than 4 million barrels a day for the first time since December, just four years after the nation ended a 40-year ban on the practice. Exports of crude oil rose to 4.2 million barrels per day (bpd), showing terminals were not yet constrained in terms of meeting overseas demand. 

Mar 04 - Oil traders hit by unexpected slump in gasoil
After strong profits in 2019, oil traders have been hit hard early in 2020, losing tens of millions of dollars on bets on gasoil price spreads due to an unexpected collapse in demand in January, sources familiar with the matter said. The global oil industry expected this year would bring a sharp increase in marine gasoil demand due to new regulations from the International Maritime Organization (IMO) that limited the use of high-sulfur fuel oils beginning in January. Traders expected gasoil demand would spike as it met those regulations, so it could be substituted for higher-sulfur fuels.

Mar 04 - OPEC, Russia moving closer to big oil cut as coronavirus hits demand
A panel of OPEC and its allies recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday signalling that Russia and Saudi Arabia were moving closer to a deal to prop up prices which have been hit by the coronavirus outbreak. Saudi Arabia and some other OPEC members have been pushing for deeper cuts as crude prices have plunged 20% since the start of the year but had struggled to persuade Russia to support the additional reduction.

Mar 04 - How an ill-timed bet on a U.S. oil refinery cost ICBCS millions
A team of ICBC Standard bankers celebrated in London last June after closing its first major U.S. refinery deal and gaining a foothold in the biggest energy market in the world. Just days later, the deal with refiner Philadelphia Energy Solutions went up in flames.

Mar 04 - China to ramp up gasoline exports amid virus, adding to regional glut
China is to ramp up gasoline exports in March and April as its refiners rid themselves of excess stock in the world's largest energy consumer after the coronavirus outbreak hit domestic fuel sales. The scale-up in Chinese exports could exert further downward pressure on gasoline margins in the region where supply is also on the rise. The virus could reduce demand by as much as 730,000 barrels per day (bpd) in the first quarter, according to energy consulting firm FGE, more than double the monthly imports by Asia's top gasoline importer, Indonesia.

Mar 04 - Fossil fuels for power at turning point as renewables surged in 2019 - data
The use of fossil fuels such as coal and oil for generating electricity fell in 2019 in the United States, the European Union and India, at the same time overall power output rose, a turning point for the global energy mix. Those countries and regions are three of the top four largest producers of power from fossil fuels.

Mar 04 - Morgan Stanley lowers 2020 oil demand growth outlook as coronavirus spreads
Morgan Stanley said on Tuesday it has lowered its oil demand growth forecast for this year, citing slowing demand for crude in China and outside China amid the rapid spread of the coronavirus epidemic. "We now expect China's oil demand growth in 2020 to be close to zero, from already low pre-Covid-19 growth expectations of 350 kb/d," the bank said in a note. "As Covid-19 has been spreading globally, demand outside China is likely to slow further."

Mar 04 - Jet fuel woes set to linger as coronavirus sickens global aviation
Already-battered jet fuel refining margins in Asia may come under further pressure in coming months as global airlines suspend more flights and more passengers cancel travel plans due to the widening spread of the coronavirus. The Asian jet fuel market has already suffered unprecedented losses this year due to the virus, which has caused dozens of airlines to suspend scores of flights, affecting the travel plans of millions of people.

Mar 03 - China oil refining profits plunge 42% in 2019 as overcapacity grows - industry
Profit margins in China's crude oil refining sector plunged 42% in 2019 from a year earlier, the steepest fall in 5 years, an industry body said on Tuesday, warning that overcapacity is a growing problem. Some small- and medium-sized refineries were also likely face financial pressure from a fall in sales and a rise in inventory amid the coronavirus outbreak, the China Petroleum and Chemical Industry Federation (CPCIF) said, but the impact would be mainly felt in the first quarter.

Mar 03 - OPEC February oil output sinks on Libyan unrest, cuts
OPEC oil output dropped in February to the lowest in over a decade as Libyan supply collapsed due to a blockade of ports and oilfields and Saudi Arabia and other Gulf members overdelivered on a new production-limiting accord, a Reuters survey found. On average, the 13-member Organization of the Petroleum Exporting Countries pumped 27.84 million barrels per day (bpd) last month, according to the survey, down 510,000 bpd from January's figure.

Mar 03 - Venezuela's oil exports rose 9% ahead of wind-down expiration date - data
Venezuela's oil exports rose 9% in February from the previous month, as some buyers rushed to take cargoes ahead of the expiration of a wind-down period as part of new U.S. sanctions on PDVSA and its trade partners, data from the state-run firm and Refinitiv Eikon showed. Washington imposed tough sanctions on PDVSA in 2019 and launched a strategy of "maximum pressure" this year to oust Venezuela's President, Nicolas Maduro, extending sanctions to PDVSA's main trade partner, Rosneft Trading, while making threats on other customers. Prior to sanctions, the United States was the biggest buyer of Venezuela's oil.

Mar 03 - Seaborne coal's struggles in Asia are more than just China coronavirus: Russell
Asia's seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weakness concentrated in other major importers of the polluting fuel. South Korea's imports of both thermal and coking coal were particularly hard hit, dropping to 6.9 million tonnes in February from 11.4 million in January and 9.4 million in February 2019, according to vessel-tracking and port data compiled by Refinitiv.

Mar 03 - Chevron offering U.S. workers buyouts to trim staffing - sources
Chevron Corp is offering buyouts to reduce its U.S. oil exploration and production workforce, three sources told Reuters, as the oil major moves to cut costs in the face of sharply lower oil and gas prices. The No. 2 U.S. oil producer decided to reduce staff after reviewing operations late last year as energy prices fell, the sources said. Chevron confirmed that it was offering buyouts to workers in its shale gas business in the eastern United States but did not comment on any other U.S. job cuts.

Mar 03 - UK advertising watchdog investigates Shell's 'drive carbon neutral' campaign
Britain's advertising watchdog has opened an investigation into claims by Shell that customers at its petrol stations can "drive carbon neutral", after receiving complaints from members of the public, the regulator said on Monday. The challenge to Shell's flagship promotion underscores the dilemmas oil and gas majors face as they seek to market their products despite increasing global concerns about the role of fossil fuels in driving climate change.

Mar 03 - Hedge funds paused oil sales, before virus fears prompted second wave of selling: Kemp 
Hedge funds hit pause on their petroleum sales in late February, at least until concerns about a coronavirus-driven recession intensified towards the end of last week. Hedge funds and other money managers purchased the equivalent of 11 million barrels in the six most important petroleum futures and options contracts over the week to Feb. 25, the most recent data available.

Mar 02 - OPEC could deepen oil supply cuts with or without Russia - sources
OPEC could agree on deeper oil supply cuts this week, with or without Russia's support, to halt the slide in crude prices triggered by the global spread of the coronavirus, said two sources familiar with the talks. Moscow is resisting further output curbs, arguing that reduced production by the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will not necessarily revive oil demand, the sources said.

Mar 02 - CERAWeek energy conference in Houston scrapped over coronavirus worries
Coronavirus concerns prompted organizers on Sunday to cancel one of the world's most prestigious gatherings of oil ministers and top executives from the energy and financial industries scheduled for this month in Houston. The fast-spreading virus has infected around 85,000 and killed almost 3,000 people around the world. About 70 cases have been diagnosed in the United States, which recorded its first fatality from the virus over the weekend.

Mar 02 - Oil traders price in coronavirus-driven recession: Kemp
Oil traders and other financial investors are anticipating a severe slowdown or recession in the global economy as efforts to contain the coronavirus fail and restrictions on business activity and transportation proliferate. U.S. Treasury notes maturing ten years from now are yielding less than 1.20%, a record low in a time series stretching back to the 1950s, as risk aversion intensifies and investors anticipate interest rate cuts.

Mar 02 - Speculators raise U.S. crude oil net longs - CFTC
Hedge Funds and other money managers raised their net long U.S. crude futures and options positions in the week to Feb. 25, according to a government report, as crude prices fell on worries about the coronavirus cutting demand. The speculator group raise its combined futures and options position in New York and London by 29,853 contracts to 148,585 during the period.

Mar 02 - U.S. drillers cut oil rigs for first week in four - Baker Hughes
U.S. energy firms reduced the number of oil rigs operating for the first time in four weeks as some companies expect output growth from shale formations to slow as producers cut spending on new drilling for a second consecutive year in 2020. Drillers cut 1 oil rig in the week to Feb. 28, bringing the total count down to 678, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Mar 02 - Norway wealth fund could blacklist four major climate culprits
Norway's $1 trillion wealth fund will exclude four companies for their vast emissions of greenhouse gases, or at least put them on probation to force them to change, the chairman of its ethics watchdog told Reuters. The fund's ethics body is, separately, opening a new front, said Johan H. Andresen: investigating whether technology companies' tools are being used for "improper surveillance", with their makers held to account regardless of their intent.

Mar 02 - Venezuela revamps PDVSA leadership after Maduro launches restructuring
Venezuela has named new vice presidents for four units of state oil company PDVSA, as well as a new president for the unit that handles joint ventures with private oil companies, PDVSA said on Saturday. The company asked several vice presidents to resign amid a shakeup announced earlier this month, when socialist President Nicolas Maduro named a commission led by Economy Vice President Tareck El Aissami to restructure the industry.

Feb 28 - Saudi cuts March oil volumes to China by at least 500,000 bpd - sources 
Saudi Arabia, the world’s top oil exporter, is reducing crude supplies to China in March by at least 500,000 barrels per day (bpd) due to slower refinery demand following the coronavirus outbreak, two sources with knowledge of the matter said. The scale of the reduction underlines the drop in consumption caused by the outbreak in the world's top oil importer. China normally takes 1.8 million bpd to 2 million bpd of Saudi crude, the sources said.

Feb 28 - Mexico's state-run Pemex posts steep 2019 loss in blow to president's revival plan
Petroleos Mexicanos posted a $18.3 billion net loss for 2019 on Thursday, nearly doubling the previous year's loss and dealing a major blow to the Mexican president's quest to revive the heavily-indebted state oil company. The company known as Pemex said it had racked up a $9 billion loss in the fourth quarter, or about half the year's total losses, as it struggled to reverse a 15-year streak of declining crude output.

Feb 28 - Coal's share of China energy mix falls in 2019 but consumption still rising
Coal accounted for 57.7% of China's primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage points from the previous year as Beijing achieved its goal of reducing coal's share to below 58% a year early. China's coal use was still up 1% year-on-year as the country's total energy consumption rose by 3.3% to 4.86 billion tonnes of standard coal equivalent (TCE), the bureau said in its annual National Social and Economic Development communique.

Feb 28 - Chinese oil trader Hontop Energy goes into receivership in Singapore - regulator 
Hontop Energy (Singapore) Pte Ltd, the trading arm of a Shandong-based refiner, has gone into receivership, according to its business profile on the website of Singapore's accounting and corporate regulator. Singapore bank DBS, one of Hontop's creditors, has appointed accounting firm KPMG as the receiver, a KPMG official told Reuters.

Feb 28 - Oil tanker caught in protracted PDVSA-Citgo dispute finally set to leave Venezuela
A tanker laden with $57 million in crude has discharged its cargo in Venezuela after sitting for more than a year off the country's coast due to a dispute between the state-run PDVSA oil company and its U.S. unit Citgo Petroleum, according to Refinitiv Eikon data and two shipping sources close to the case. The Gerd Knutsen, which had been stranded amid fallout over U.S. sanctions on PDVSA, arrived at the company's Jose oil terminal earlier this month under orders to discharge its crude.

Feb 28 - China's top container ports unclog backlog as virus curbs ease
China's top container ports are loosening the backlog of cargoes on their docks as workers return to their jobs after coronavirus travel curbs that kept them away and jammed up global supply chains have been eased. The flu-like epidemic, which originated in the city of Wuhan, an inland logistics hub in Hubei province, has killed more that 2,700 and infected over 78,000 in China alone, and caused massive port congestion due to labour shortages caused by city lockdowns across the country.

Feb 28 - Norway's mighty wealth fund backs European oil firms' climate plans
Norway's $1.1 trillion wealth fund, the world's biggest fund and a long-time advocate of companies being more transparent about their impact on the climate, on Thursday welcomed a shift among European oil and gas firms towards greener policies. Top energy firms including BP, Repsol, Royal Dutch Shell and Total - as well as Norway's Equinor - have in recent months pledged to cut carbon dioxide emissions and provide more information about their role in global warming.

Feb 28 - U.S. EPA has not decided on response to court ruling on refinery waivers
U.S. Environmental Protection Agency Administrator Andrew Wheeler said on Thursday the agency has not decided how it will respond to a federal court decision addressing exemptions to U.S. biofuel blending laws. His comments came a day after a Bloomberg News report said the administration had decided to pare the number of exemptions granted to small refineries from U.S. biofuel blending laws in response to the court decision.


Feb 27 - BP to quit main U.S. refining lobby over carbon
BP will leave the main U.S. refining lobby and two other trade groups as new Chief Executive Bernard Looney spurs some of the oil sector's most ambitious targets for curbing carbon emissions. The decision follows a review of its membership in over 30 associations around the world, which Looney said in a post on Instagram was aimed at boosting people's trust in the oil and gas company.

Feb 27 - Pressure mounts on Bayer CEO to fix legal problems as chairman quits
The departure of Bayer Chairman Werner Wenning will turn up the heat on CEO Werner Baumann to resolve the healthcare to agriculture group's legal problems, two of the firm's biggest German shareholders said on Wednesday. Bayer's shares have plunged about a quarter in value since August 2018, when the company lost a U.S. lawsuit claiming that weedkiller Roundup - acquired via its $63 billion takeover of Monsanto earlier in the year - causes cancer.

Feb 27 - China's Unipec snaps up over 6 mln bbls of gasoil in Feb - data
China's Unipec, an arm of Asia's top refiner Sinopec snapped up the lion's share of gasoil cargoes traded in Singapore this month, despite weaker domestic demand amid a coronavirus epidemic, according to trade data and industry sources. Unipec has bought about 6.4 million barrels of gasoil with a sulphur content of 10 parts per million (ppm) during the Platts Market on Close (MoC) process in Singapore this month, or 77.5% of the total volume of 8.3 million barrels traded in February, the data showed.

Feb 27 - China coronavirus roils oil markets, but China may ultimately rescue crude: Russell
The spread across the world of the Chinese coronavirus has probably wiped out global crude oil demand growth for 2020, but in something of an irony it's likely to be China that will be responsible if any increase is eked out. There is little doubt that the coronavirus, which started in the city of Wuhan and has killed more than 2,700 people so far, will hit Chinese crude consumption this month, and likely into March and April.

Feb 27 - Chinese commodity-backed loans crippling Africa and Latin America -report
Latin American and sub-Saharan African countries have taken out at least $152 billion in oil-, mineral- and metal-backed loans from China since 2004, easy money that has contributed to crippling debt levels, an NGO report said on Thursday. The Natural Resource Governance Institute (NRGI) calculated that, including loans from other countries such as Russia and global commodity traders, the total amounted to $164 billion. Two Chinese state banks, China Development Bank and Eximbank, alone accounted for 77% of the loans, NRGI said in its report.

Feb 27 - Canadian oil problems may force Trudeau and Alberta foe to cooperate
Cancellation of a massive Canadian oil sands project leaves Prime Minister Justin Trudeau and a fierce critic, Alberta Premier Jason Kenney, with the challenge of overcoming their differences to square economic growth with environmental concerns. They are the politicians with the most at stake in Teck Resources' decision Sunday to abandon its Frontier project, which would have created thousands of jobs in Alberta but spewed emissions that would hinder Trudeau's green goals.

Feb 27 - U.S. crude stocks edge higher, product inventories drop - EIA
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 452,000 barrels in the week ended Feb. 21 to 443.3 million barrels, compared with analysts' expectations in a Reuters poll for a 2 million-barrel rise.

Feb 27 - Tanker rates plunge over 80% as virus torpedoes shipping
Tanker charter rates have plunged more than 80% as the coronavirus outbreak slams the brakes on major economies, costing the sector hundreds of millions of dollars in lost business, a senior shipping industry official said. While some of the revenue is gone for good, a trade rebound could put the sector back into calmer waters later this year, International Chamber of Shipping (ICS) Secretary General Guy Platten told Reuters in an interview on Wednesday.

Feb 27 - Fire causes partial shutdown at Marathon's California refinery 
A portion of Marathon Petroleum Corp's 363,000 barrel-per-day Carson refinery in California has been shut following a fire, the company said on Wednesday. The fire, which began on Tuesday, has been contained and is under control, Marathon said in a statement, noting that no injuries were reported.

Feb 26 - U.S. shale oil output growth to slow in 2020 -Schlumberger CEO
Growth in U.S. shale oil production will slow sharply over the next two years, the chief executive officer of U.S. oilfield services giant Schlumberger said on Tuesday. Olivier Le Peuch told Reuters on the sidelines of a conference in Riyadh he expects growth to slow to 600,000 to 700,000 barrels per day in 2020 and to 200,000 bpd in 2021, down substantially from roughly 1 million bpd in 2019.

Feb 26 - Trump administration in talks about Chevron's operations in Venezuela-envoy 
The Trump administration is in discussions about whether to renew a license for Chevron Corp's operations in Venezuela as Washington looks to increase pressure on its socialist leader, the U.S. special envoy to the South American country said. U.S. Special Representative for Venezuela Elliott Abrams said in an interview on Monday that he would not talk about specific future activities on Chevron.

Feb 26 - Equinor's abandoned Australian oil plans a win for economics and greens: Russell
The decision by Norway's Equinor to pull the plug on plans to drill for crude off Australia's south coast raises two issues for future exploration projects, namely the economics must stack up and environmental concerns cannot be ignored. The majority state-owned oil major said on Tuesday that its exploration programme in the Great Australian Bight "is not commercially competitive compared with other exploration opportunities in the company."

Feb 26 - China opens fuel export taps as coronavirus slams domestic demand 
China has ramped up fuel exports to compensate for losses to domestic demand as it grapples with the coronavirus outbreak, having not been able to prevent a surplus in the world's second-largest oil consumer with cutbacks in its refining output. China's refined oil product exports have surged to well above year-ago levels, according to trade sources and industry analysts, adding to supplies in the rest of Asia, which is also dealing with lacklustre demand due to the coronavirus epidemic.

Feb 26 - Cheniere says canceled cargoes will have little impact on U.S. LNG production 
Cheniere Energy Inc, the biggest U.S. liquefied natural gas company, said on Tuesday it does not expect "significant or prolonged curtailment of U.S. LNG production" as low global gas prices cause some customers to cancel cargoes. The company said it was too early to gauge the potential impact of the outbreak of a new coronavirus on the near-term LNG market. Gas prices in Europe and Asia remain near the all-time lows of recent weeks hit after the coronavirus cut gas demand in China, epicenter of the outbreak.

Feb 25 - Private Chinese oil refiners' credit suspended, tightened on default fears - sources
Banks are suspending the credit lines for some Chinese independent oil refineries amid rising concerns about overall industrial defaults and as the coronavirus outbreak has eaten into the processors' fuel sales. At least three independent refiners have had $600 million in credit lines suspended by international banks, said three refinery and trading executives and two finance directors at the affected companies, requesting anonymity because of the sensitivity of the matter.

Feb 25 - PDVSA shifts oil cargoes to different Rosneft unit, U.S. threatens action
State-run PDVSA has shifted several oil cargoes from Rosneft Trading SA, which was hit by U.S. sanctions last week, to another affiliate of the Russian oil giant, internal documents from the Venezuelan company showed, prompting the U.S. special envoy to warn that more firms could be penalized if they "play games." According to PDVSA's trade reports seen by Reuters, four cargoes carrying some 6.7 million barrels of Venezuelan oil which had previously been allocated to Rosneft Trading for February loading were changed in recent days to another unit of the Russian firm, TNK Trading.
Feb 25 - S. Korea's thirst for U.S. crude to keep growing in 2020
South Korea is on track to overtake Canada as the top buyer of U.S. crude oil in 2020 as a mix of steep price discounts to alternative supplies, attractive refining economics and rebates on shipping charges prove too good to resist for big refiners. South Korean purchases more than doubled in the first 11 months of 2019 from a year earlier to 142.3 million barrels, Energy Information Agency (EIA) data showed. That was by far the fastest growth rate among top destinations for U.S. crude, and placed South Korea less than 10 million barrels behind top market Canada.

Feb 25 - Cancelled Teck oil sands project underscores global climate-energy policy tension 
Teck Resources Ltd's surprise decision to cancel a planned C$20.6 billion ($15.6 billion) oil sands mine in northern Alberta, citing uncertainty about Canada's climate policy, underscores a global struggle to balance energy growth with environmental concerns. The Frontier project became the latest casualty in oil-producing countries with robust environmental movements agitating to cut fossil-fuel development due to global warming. Pipeline and drilling projects in the United States and Canada, the largest and fourth-largest oil producers in the world, have been halted or delayed due to opposition to energy development. 

Feb 25 - Virus-hit China slowly recovers LNG appetite as imports rise 
China appears to be slowly recovering its appetite for natural gas after being hit by a coronavirus outbreak, with imports of liquefied natural gas (LNG) rising last week for the first time in five. Apart from the central province of Hubei, the epicentre of the outbreak that has killed more than 2,600 people, new infections elsewhere in China appear to be slowing. On Monday, four provinces eased back on emergency measures.

Feb 25 - Oil funds' first wave of virus-selling loses momentum: Kemp
Hedge funds again sold petroleum last week as fears about a coronavirus-driven recession intensified, but the rate of sales decelerated for the third week running. The slowing rate of sales indicated the wave of long liquidation and short-selling might have been nearing a conclusion, until further evidence of coronavirus transmission outside China emerged later in the week.

Feb 25 - Saudi Aramco launches largest shale gas development outside U.S.
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday. The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States, which in just a decade have developed capacity to pump millions of barrels per day of oil from rock formations that were previously too costly to tap.

Feb 25 - Platts says focus is on WTI as potential add to Brent benchmark
Oil pricing agency S&P Global Platts said on Monday the market focus was on WTI Midland crude as a potential addition to dated Brent, a move that would look beyond its North Sea home to ensure enough supply underpins the benchmark. A steady drop in crude production from the North Sea has led to concern that output could become too low and hence could be accumulated by just a few players, making the benchmark vulnerable to manipulation.

Feb 25 - U.S. Supreme Court leans toward $7.5 billion pipeline in trail dispute 
The U.S. Supreme Court on Monday appeared poised to rule against environmental groups and find that the federal government had authority to grant approval for a proposed $7.5 billion natural gas pipeline to cross under the popular Appalachian Trail in rural Virginia. The nine justices heard a one-hour argument in appeals by Dominion Energy Inc and President Donald Trump's administration of a lower court ruling that halted construction of the 600-mile (965-km) Atlantic Coast Pipeline, which would run from West Virginia to North Carolina. 

Feb 24 - Teck drops C$20.6 bln oil sands Frontier project, to take writedown 
Canadian miner Teck Resources Ltd has withdrawn an application to build its C$20.6 billion ($15.7 billion) Frontier oil sands mine in Alberta, days before the federal government was to decide on whether to approve a project opposed by environmentalists and indigenous groups. Teck said on Sunday it would write down the C$1.13 billion ($852.12 million) carrying value of the project. The news was first reported by the Globe and Mail newspaper.

Feb 24 - Shanghai crude, fuel oil futures tumble to lowest since Feb. 12 on virus spread 
China's energy futures tumbled over 4% to trade at more than one-week lows in early deals on Monday, as a jump in coronavirus cases and deaths outside China raised fears about the outlook for global growth and oil demand. Crude oil on the Shanghai Futures Exchange fell as much as 4.7% and was last down 4.4%. The fuel oil contract on the Shanghai exchange's International Energy Exchange slid 4.9% early on before paring some losses to trade 4% down.

Feb 24 - India refiners getting rare oil cheap as China demand slows
Refiners in India, the world's third-biggest oil importers, are spoilt for choice to buy new and rare crude grades amid ample supplies after the spread of the coronavirus curtailed crude processing and demand from China. Chinese refiners have slashed output by at least 1.5 million barrels a day in February after the virus outbreak hit China's fuel demand and its crude and fuel inventories swelled up. However, some Chinese refiners are snapping up cheap crude supplies.

Feb 24 - Hedge funds cut bullish bets on U.S. crude as virus fears linger
Hedge funds slashed bullish wagers on U.S. crude to the lowest level since October, data showed on Friday, as investors remained concerned about the impact of the coronavirus outbreak on global oil demand. Money managers cut their combined futures and options position in New York and London by 28,341 contracts to 118,732 in the week ended Feb. 18, according to data from the U.S. Commodity Futures Trading Commission (CFTC).

Feb 24 - U.S. oil rig count rises for third week in a row - Baker Hughes
The U.S. oil rig count rose for a third week in a row even though growth in the country's largest shale formation slows as producers cut spending on new drilling for a second consecutive year. Companies added one oil rig in the week to Feb. 21, bringing the total count to 679, their highest since the week of Dec. 20, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Feb 24 - China Resources Gas to start off-season prices 2-months earlier to cushion virus hit
China Resources Gas Group, the country's biggest city gas distributor, will bring forward the implementation of off-season natural gas prices by two months to February, following a rare instruction from Beijing to support the virus-hit economy. China's state planner for the first time urged natural gas suppliers and distributors to implement off-season prices earlier for industrial and commercial users, to help mitigate companies' losses from the coronavirus outbreak.

Feb 21 - Oil price structure signals demand surge as virus fears fade 
The oil market's pricing structure signals a potential tightening in supplies from a surge in demand as fears about the impact of the coronavirus subside and following tighter U.S. sanctions on Venezuelan exports. Brent crude futures for nearby delivery are trading at a premium to future months, a structure called backwardation, which usually points to supplies tightening up.

Feb 21 - U.S. crude stocks rise less than expected last 
U.S. crude stocks rose less than expected last week as refineries hiked output, while gasoline and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories rose by 414,000 barrels in the last week, compared with analysts' expectations for an increase of 2.5 million barrels.

Feb 21 - BP slammed for lofty climate change ambition, Rio ignored for small step: Russell 
Two major resource companies made two very different announcements recently, both on the theme of addressing climate change. The stark contrast between them shows the industry is still grappling with how to meet the challenges ahead. BP Plc's new Chief Executive Bernard Looney set out an ambitious plan for the oil and gas giant to achieve a zero net emissions goal by 2050, saying the company needed to "reinvent" itself. 

Feb 21 - Westinghouse set to sign pact with Indian firm for nuclear reactors during Trump visit
U.S. energy firm Westinghouse is expected to sign a new agreement with state-run Nuclear Power Corporation of India for the supply of six nuclear reactors during U.S. President Donald Trump's visit next week, officials said, aiming to kickstart a long-running project. The agreement will lay out timelines and the lead local constructor for the reactors to be built at Kovvada in southern India and also address lingering concerns over India's nuclear liability law.

Feb 21 - India set to import record LNG volumes as spot prices slump on virus impact 
India is set to import record volumes of liquefied natural gas (LNG) this month, data shows, taking advantage of the super-chilled fuel's price hitting all-time lows due to the coronavirus outbreak dampening demand in China. The South Asian nation is estimated to import about 2.36 million tonnes in February, shiptracking data from Refinitiv Eikon showed. That would exceed India's LNG imports in October of about 2.3 million tonnes, the previous highest monthly total.

Feb 21 - Shipping lines, ports count cost as coronavirus hits supply chains 
China is struggling to resume normal trade operations as fallout from the coronavirus outbreak hits container shipping lines and logistics chains, with goods stuck and costs mounting, industry officials say. The epidemic has upended global supply chains and caused widespread disruption to businesses and factory activity in China, prompting authorities to deliver a steady stream of policy measures over recent weeks to cushion the blow to growth. 

Feb 20 - Latest Rosneft sanctions ratchet up U.S. threats for foreign firms dealing with Venezuela
Washington's move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela's state-run PDVSA escalated threats facing non-U.S. firms and will likely spur "overcompliance" by companies, analysts and industry sources said. The U.S. government on Tuesday blacklisted Rosneft Trading, SA, the Geneva-based trading arm of Rosneft that has emerged as one of PDVSA's main intermediaries since previous rounds of sanctions targeted the Venezuelan company last year, in an effort to oust President Nicolas Maduro.

Feb 20 - Fires and climate fears rattle Australia's giant coal lobby
As bushfires and floods fuel public concerns in Australia about global warming, the country's powerful mining lobby is facing increasing pressure from investors to drop support for new coal mines, according to a dozen interviews with shareholders in global mining companies. Nearly a third of shareholders in BHP Group Ltd, the world's biggest miner, last year voted for resolutions to axe its membership in industry groups advocating policies counter to the Paris climate accord, which aims to limit global warming to "well below" 2 degrees Celsius.

Feb 20 - U.S. sanctions on Rosneft Trading seen shifting crude flows
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said. The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S. dealings with Rosneft Trading S.A., a subsidiary of Russia's state oil major Rosneft, which Washington said provides him a financial lifeline. Russia has called the sanctions illegal and said it plans to consider options in reaction.

Feb 20 - Argentina's energy bust spawns 'ghost town' in prized Vaca Muerta 
Just weeks into his young administration, Argentina's new president convened a meeting with executives from Chevron Corp, Royal Dutch Shell PLC and other oil companies in a bid to smooth things over with an industry which he had slammed as a candidate months before. Campaigning last year against the South American country's former market-friendly president, Alberto Fernandez had said there was no point in Argentina having oil riches if "you have to let multinationals come and take it away."

Feb 20 - Brazil's Petrobras hits all-time profit record in 2019
Brazilian state-run oil firm Petrobras missed fourth-quarter expectations, but posted a record profit for 2019, as the firm's strategy of focusing on deepwater production and exiting non-core activities shows signs off paying off. In a securities filing on Wednesday, Petroleo Brasileiro SA, as the company is formally known, said full-year 2019 profit came to 40.1 billion reais ($9.19 billion), the highest figure ever.

Feb 20 - Never mind electric cars, here's Australia's M&A hotspot: Petrol stations
Electric vehicles have charged up investments around the world, but Australia is revelling in a slew of deals involving old-school petrol stations, with a bidding battle developing for one of its top fuel retailers, Caltex Australia. A shake-up in the structure of the fuel industry over the past decade, sparked by refinery closures and oil major retreats, has produced deals worth $33 billion including offers for Caltex, according to Refinitiv data. That's made petrol stations a reliable earner for the country's dealmakers.

Feb 20 - Coal-fired power is losing 'unfair fight' in India to renewables: Russell
Coal-fired power in India is being increasingly priced out of the market by cheaper renewables such as solar, with the dirtier fuel abandoned by private capital, and only projects with government support being viable. If there was one major theme at this week's annual industry gathering, Coaltrans India, held in the resort state of Goa, it was that the domestic coal sector is under siege, and probably faces a future of limited growth and eventual disbandment.

Feb 20 - More parties pulled at London oil week due to coronavirus
The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus outbreak, trading sources said. IP Week is a key annual oil traders' gathering that takes place in February. Oil majors, national oil companies and trading firms host receptions for networking throughout the week, which is scheduled this year for Feb. 24-27.

Feb 19 - U.S. slaps sanctions on Russian oil firm in swipe at Venezuela's Maduro
The United States on Tuesday ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump's administration said provides a financial lifeline to President Nicolas Maduro's government. The U.S. Treasury Department imposed sanctions on Rosneft Trading SA, the Geneva-based trading unit of Rosneft, as Washington targeted Moscow over its backing of Maduro's government. 

Feb 19 - Aramco Trading locks in long-term deal for Kuwaiti oil supply
Aramco Trading Co (ATC) has sealed a new deal to secure long-term crude oil supplies from state-run Kuwait Petroleum Corp (KPC) that can be processed at refineries owned by Saudi Aramco in Asia, trade sources said. ATC inked its first contract to buy Kuwaiti Export Crude (KEC) from KPC this year, three sources with knowledge of the matter said. The company is the trading arm of Saudi Aramco, the state-owned oil company of Saudi Arabia, which is the world's largest oil exporter.

Feb 19 - U.S. shale oil output to rise to record, natgas output to drop in March - EIA
U.S. shale oil output is expected to rise by about 18,000 barrels per day (bpd) in March to a record 9.18 million bpd, driven by gains in the Permian Basin, data from the U.S. Energy Information Administration showed on Tuesday. Still, output is expected to remain flat or decline in six out of seven major shale formations. U.S. natural gas output in the big shale basins was projected to decrease for a third straight month in March, posting the biggest drop since January 2019, the data showed.

Feb 19 - London oil week suffers more party cancellations due to coronavirus 
The list of cocktail parties during London's International Petroleum Week has shrunk even further as hosts like ExxonMobil and Azerbaijan's SOCAR continue to cancel events due to the coronavirus, trading sources said. IP Week is a key oil traders' gathering that takes place every year in February. This year, it is scheduled for Feb. 24-27. Oil majors, national oil companies and trading firms host receptions throughout the week.

Feb 19 - U.S. gasoline prices rise as fire, outages hit six refineries
U.S. gasoline prices on Tuesday continued a week-long climb as unplanned weekend refinery outages compounded earlier shutdowns at major U.S. Gulf Coast and East Coast plants, gasoline traders said. Over the weekend, four refineries in Texas and Louisiana shut units directly making gasoline or portions of it, according to refinery sources and energy industry intelligence service Genscape.

Feb 19 - Glencore plans leadership shakeup this year, says CEO
Glencore will make more changes to its front bench this year, Chief Executive Ivan Glasenberg said on Tuesday, as the world's largest commodities trader hastens a transition to a new generation of leaders. The London-listed miner has faced mounting pressure to change its leadership after multiple corruption and bribery investigations. Falling commodity prices and a large exposure to out-of-favour coal have added to challenges facing the firm, whose shares lost a fifth of their value last year.

Feb 19 - Russian deputy energy minister confirms OPEC+ meeting expected on March 6 
Oil ministers of OPEC and non-OPEC countries, a group known as OPEC+, will next meet in Vienna on March 6 as initially planned, a senior Russian energy ministry official said on Tuesday. The Organization of the Petroleum Exporting Countries, Russia and other producers had been considering bringing forward their next meeting to February from the beginning of March after oil demand was hit by coronavirus outbreak in China.

Feb 18 - China to grant tariff exemptions on additional U.S. goods
China said on Tuesday it would accept applications for new tariff exemptions for 696 products imported from the United States including key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil. The exemptions, the third and the most substantial set to be granted to date by China since the start of the trade dispute with the United States, come a month after the signing of a Phase 1 trade deal between Washington and Beijing. China has committed to boosting its purchases of goods and services from the United States by $200 billion over two years.

Feb 18 - Italian government leaning towards third term for Eni CEO - sources
The Italian government is leaning towards reappointing Claudio Descalzi as CEO of state-controlled oil firm Eni, provided he will work with a new board to speed up efforts to cut carbon emissions, four senior political sources told Reuters. The largest member of the ruling coalition, the anti-establishment 5-Star Movement, has been highly critical of the veteran oilman in the past, not least because he is being tried in Italy for alleged corruption over a 2011 oil deal in Nigeria. Descalzi denies any wrongdoing.

Feb 18 - China's private refiners snap up crude bargains amid ample supplies-sources
Several Chinese independent refineries, or teapots, as the industry calls them, have snapped up crude supplies after prices slumped, betting that they are bottoming out and China's demand could recover from a coronavirus outbreak in coming months. The refineries were absent from the market for weeks since the Lunar New Year holiday of late January, eight sources familiar with the matter said.

Feb 18 - India's annual coal power output falls for first time in a decade
India's annual electricity generation from coal-fired utilities fell in 2019 for the first time in a decade, government data showed, amid a broader economic slowdown and increased use of renewable energy. India is the second largest consumer, importer and producer of coal behind China. The world's third largest greenhouse gas emitter consumed nearly 1 billion tonnes of the fuel in 2018/19, with utilities accounting for over three-quarters of the total demand.

Feb 18 - China thermal coal market faces 2-3 month coronavirus short squeeze 
China's domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more than demand, Noble Resources' chief coal analyst said on Tuesday. The new virus, which originated in China, has claimed over 1,800 lives in the country, and caused widespread disruption to domestic manufacturing and global supply chains.

Feb 17 - New York is closed this Monday (Presidents Day)

Feb 17 - Libya faces financial crisis due to oil blockade - PM
Libya will face a financial crisis and a budget deficit in 2020 because of a blockade of oil terminals and oil fields by groups loyal to eastern-based commander Khalifa Haftar, the head of Libya's internationally recognized government said on Saturday. The North African country's oil output has fallen sharply since Jan. 18 when the blockade started.

Feb 17 - U.S. drillers add oil rigs for second week in a row - Baker Hughes
U.S. energy firms added oil rigs for a second week in a row as crude prices, which have dropped about 15% this year, were set to rise this week as investor concerns began to ease over the long-term economic impact of the coronavirus. Companies added two oil rigs in the week to Feb. 14, bringing the total count to 678, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Feb 17 - Shell confirms coronavirus case at its Singapore refining site 
A contractor working at Shell's Pulau Bukom manufacturing site in Singapore has contracted the new coronavirus, the company said on Friday, as the city-state reported its biggest jump in new cases so far. The Bukom manufacturing site in Singapore houses Shell's biggest wholly-owned refinery. The company said earlier it had sent some staff home from its main office at Metropolis in western Singapore after discovering another employee had been in contact with a carrier.

Feb 14 - Stranded tankers, full storage tanks: coronavirus leads to crude glut in China 
The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations. More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.

Feb 14 - Oil demand set for first fall in a decade as virus takes toll -IEA
Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday. "The consequences of Covid-19 for global oil demand will be significant," the Paris-based IEA said in a monthly report, using the new scientific name for the virus.

Feb 14 - Electric shock: China power demand drops as coronavirus shutters plants
China's industrial power demand in 2020 may decline by as much as 73 billion kilowatt hours (kWh), according to IHS Markit, as the outbreak of the coronavirus has curtailed factory output and prevented some workers from returning to their jobs. The cut represents about 1.5% of industrial power consumption in China. But, as the country is the world's biggest electricity consumer, the loss is equal to the power used in the whole of Chile and it illustrates the scope of the disruption caused by the outbreak.

Feb 14 - Nigeria's oil output could fall 35% without reforms - Wood Mackenzie 
Cost increases and uncertainty in Nigeria's crucial energy sector could lead to a 35% decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in new research due to be published on Friday. In findings shared exclusively with Reuters, the company warned that three deep offshore fields, which would generate more than $2 billion a year for the government at peak production, are likely to be delayed as companies put their money in regions with better and clearer terms.

Feb 14 - Venezuela's PDVSA to unload $57 mln oil cargo disputed by rival Citgo boards
Venezuela's state-run oil company PDVSA this week plans to discharge nearly 1 million barrels of crude stranded for over a year at sea over U.S. sanctions against the company and an ownership dispute with its refining unit, Citgo Petroleum, according to internal documents viewed by Reuters. At one point last year there were about a dozen cargoes in similar straits, either unauthorized to set sail for exports or returned to PDVSA by their buyers after long waiting times for the ships' crews and operators.

Feb 14 - TC Energy eyes further hurdles, not ready to commit to Keystone XL pipeline
TC Energy Corp sees too much uncertainty to commit immediately to the long-delayed Keystone XL oil pipeline project, company executives said on Thursday, even as TC prepared for construction. The Canadian company has recently cleared some regulatory hurdles, including receiving a fresh environmental impact statement from the U.S. State Department. But it needs permits to access U.S. water crossings from the U.S. Army Corps of Engineers and resolution to a court challenge of the project's 2018 U.S. presidential permit before making a final investment decision, Executive Vice-President of Liquids Pipelines Paul Miller said on a quarterly conference call.

Feb 13 - BP boss Looney sets out to 'reinvent' oil giant with zero carbon goal
BP set one of the oil sector's most ambitious targets for curbing carbon emissions on Wednesday as new chief executive Bernard Looney began the biggest revamp in its 111-year history. While investor groups welcomed the 2050 targets set out by Looney, which put BP ahead of rivals Royal Dutch Shell, Total, Equinor and all of the U.S. oil majors, environmental campaigners criticised a lack of detail.

Feb 13 - ChemChina shuts 100,000 bpd refinery due to virus, cuts rates at 2 more plants -sources
State-run China National Chemical Corp, or ChemChina, was forced to shut down a 100,000 barrels per day crude oil refinery in east China and cut processing rates at other two plants due to the coronavirus, three sources told Reuters on Thursday. ChemChina switched off the 5 million tonnes per year crude oil unit at Zhenghe refinery in Shandong province on Wednesday, two of the sources said.

Feb 13 - OPEC says coronavirus to trim 2020 oil demand, weighs output cut 
OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the coronavirus outbreak and said its output fell sharply in January as producers implemented a new supply-limiting pact. In a report, OPEC said 2020 demand for its crude will average 29.30 million barrels per day (bpd), 200,000 bpd less than previously thought. OPEC pumped below that rate in January, suggesting a 2020 supply deficit.

Feb 13 - Plant a trillion trees: U.S. Republicans offer fossil fuel-friendly climate fix
Republican lawmakers on Wednesday proposed legislation setting a goal for the United States to plant a trillion trees by 2050 to fight global warming, a plan intended to address climate change by sucking carbon out of the air instead of by cutting emissions. The proposed legislation reflects an acknowledgement by some in the Republican Party of rising voter demand for action on climate change, even as it seeks to preserve the economic benefits of a historic drilling boom that has made the United States the world’s biggest oil and gas producer. 

Feb 13 - U.S. crude stocks jump more than anticipated - EIA
U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 435 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.

Feb 13 - Crude oil, iron ore, coal cargo offloading slows in virus-hit China: Russell
Calculating the exact impact on commodity markets from the coronavirus epidemic in China is still a fraught process, with too many unknown variables, but there are some early signs of the effect on physical shipments.
China's imports of crude oil and iron ore so far in February are running at levels well below the preceding months, and also from the same month last year, according to vessel-tracking and port data compiled by Refinitiv.

Feb 13 - Back to reality: low-sulphur fuel oil market falls from record highs
Asia's market for very low-sulphur fuel oil (VLSFO) has retreated from its record highs near the start of the year, as demand crumbles under seasonal factors and an epidemic in China, while supply expectations improve, analysts and traders said. Cooling VLSFO prices are also an early sign of stabilizing market fundamentals after months of volatility sparked by adoption of new global marine fuel rules in one of the biggest shake-ups in decades for the shipping and oil industries.

Feb 13 - Analysts cut China's gas demand estimates as virus outbreak weighs
Several analysts cut their gas demand forecasts for China, the world's top gas importer, as the fast-spreading coronavirus outbreak is expected to depress industrial, commercial and transportation appetite over the next few months. Estimates for the impact varied among five analysts who provided views for China's gas demand to Reuters. Two of them expected demand to expand by just 6% this year.

Feb 13 - Caltex Australia gets bumped up bid from Couche-Tard as EG circles 
Caltex Australia Ltd said Canada's Alimentation Couche-Tard Inc has raised its buyout offer to A$8.80 billion ($5.93 billion), in a final attempt to sway the oil refiner and convenience store firm after interest from Britain's EG Group. Couche-Tard bumped up its cash offer by 2% to A$35.25 per share, calling its third offer final in the absence of a competing proposal, Caltex said on Thursday.

Feb 12 - Saudi Arabia wary of costly slow response as virus knocks oil - sources 
Saudi Arabia wants global oil producers to agree a quick oil supply cut as China's coronavirus knocks demand, aware that delays in the past led to costly price collapses, sources familiar with the kingdom's thinking have told Reuters. Riyadh has been working to convince OPEC producers and allies led by Russia, a group known as OPEC+, that they need to act sooner rather than later.

Feb 12 - From wind power to cow manure: oil traders seek new profit recipe
The world's largest oil traders are pouring hundreds of millions of dollars into climate-friendly projects - including wind farms, cow manure plants and blue hydrogen - as they seek to match the profits they make from trading oil. The energy industry as a whole faces an existential threat from the shift to a lower carbon future and faces growing pressure from investors, governments, activists and financiers to find a sustainable business model.

Feb 12 - Biggest contango since 2018 could buoy floating oil storage 
The oil market this week took a turn that could prompt traders to consider storing oil offshore as a growing crude surplus threatens to worsen. The coronavirus outbreak in China, the world's biggest oil importer, has triggered a fall of more than $10 in Brent crude futures as China's state-owned and independent refiners reduce output in the face of tumbling fuel demand. 

Feb 12 - Total CEO says governments not oil firms must drive carbon curbs 
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from oil and gas production. Oil firms should not be seen as "villains" amid growing pressure from investors and climate activists, chief executive and chairman Patrick Pouyanne told Reuters at Total's headquarters in the Scottish oil hub of Aberdeen.

Feb 12 - EIA cuts global oil demand forecast after coronavirus outbreak
The U.S. Energy Information Administration on Tuesday cut its global oil demand growth forecast for this year by 310,000 barrels per day (bpd) as the coronavirus outbreak dents oil consumption in China, the world's No. 2 economy. The government agency reduced its estimate for global demand in 2020 to an increase of 1.03 million bpd to 101.74 million bpd.

Feb 12 - Chevron says oil output share at Venezuela joint ventures dropped 16% in 2019
Chevron Corp's share of oil output at its joint ventures in Venezuela with state oil company Petroleos de Venezuela SA dropped 16% in 2019 to 35,300 barrels per day (bpd), down from 42,000 bpd in 2018, a company spokesman said on Tuesday. The drop mirrored the decline in crude output across the South American country last year, according to data provided to OPEC, as it suffered from crippling blackouts in March and April and U.S. sanctions on PDVSA aimed at ousting socialist President Nicolas Maduro.

Feb 12 - U.S. shale gas investors brace for write-downs amid price plunge 
U.S. shale gas producers are ripe for further spending cuts and write-downs, investors and analysts said, with prices at four-year lows and China's rejection of some gas imports weighing on earnings. Natural gas production in the United States is at record levels, outpacing domestic consumption and leading to global supply glut. At the same time, China, the world's largest importer of gas, has turned away shipments with its demand forecast to rise at the slowest pace in four years amid the coronavirus outbreak.

Feb 11 - Coronavirus to hit Canadian oil sector as energy project hangs in balance
The spreading coronavirus outbreak will hit Canada's already struggling energy industry, Finance Minister Bill Morneau said on Monday, just as Ottawa is set to decide the fate of a major new oil sands project. Morneau told a business audience in Calgary that prices for crude - one of Canada's major exports - had dipped by 15% on lower demand since the outbreak started in China. Calgary, the energy capital of Canada, has been hard hit by low prices and limited pipeline capacity.

Feb 11 - Brazil's Petrobras hits new production record amid 'pre-salt' boom
Brazil's Petrobras hit a new production record in the fourth quarter, of over 3 million barrels of oil equivalent per day (boepd), thanks largely to the ramp-up of platforms in the prolific pre-salt formation, the state-run oil firm said on Monday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said it produced 3.025 million boepd, up 5.1% from the third quarter and 13.7% from the fourth quarter last year. In December, the company said, it hit 3.8 million boepd, an all-time monthly record for the firm.

Feb 11 - U.S. crude stocks seen up for third straight week - poll
U.S. crude oil inventories were seen rising for the third successive time last week, while distillate stocks probably fell for the fourth straight week, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated, on average, that crude stocks rose by about 2.9 million barrels in the week to Feb. 7. 

Feb 11 - Hedge funds sell oil as coronavirus stokes recession fear: Kemp 
Hedge funds were heavy sellers of petroleum last week for the third time in four weeks, amid mounting anxiety about the impact of a coronavirus outbreak on oil consumption in China. Hedge funds and other money managers sold the equivalent of 131 million barrels in the six most important futures and options contracts in the week ending Feb. 4.

Feb 11 - Trump's budget proposes sale from emergency oil reserve 
President Donald Trump's 2021 budget released on Monday proposed a sale of 15 million barrels of oil from the emergency petroleum reserve to help pay for projects overseen by the Department of Energy. Budget documents said a sale from the Strategic Petroleum Reserve, or SPR, which stores oil in a series of underground salt caverns on the Louisiana and Texas coast, would help raise funds for priorities including $242 million needed to fix a Naval Petroleum Reserve site in California.

Feb 10 - OPEC+ panel calls for more oil cuts on coronavirus impact - Algeria 
An OPEC, non-OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the coronavirus on oil demand, Algeria's oil minister said in a statement. Mohamed Arkab, who currently holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), also said that the OPEC+ Joint Technical Committee, known as the JTC, has recommended that "an additional reduction in production be made until the end of the second quarter of 2020".

Feb 10 - PetroChina to cut Feb crude runs by 320,000-bpd due to virus - company official 
PetroChina, China's second-biggest state refiner, plans to reduce its crude throughput by 320,000 barrels per day (bpd) this month versus its original plan as the Wuhan virus hits fuel demand, a company official told Reuters on Monday. PetroChina's planned February cut is equivalent to about 10% of the refiner's average production rate of around 3.32 million bpd. This would bring total production scalebacks by state refiners, include Sinopec Corp and China National Offshore Oil Company, to around 940,000 bpd for this month.

Feb 10 - Structurally cheaper LNG should displace coal from Japan, and broader Asia: Russell 
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may well end up having a longer-term impact, especially on thermal coal. The spot price dropped to $2.95 per million British thermal units (mmBtu) for the week ended Feb. 7, the lowest price in records stretching back to 2010.

Feb 10 - Hedge funds sharply cut U.S. crude oil net longs - CFTC 
Money managers sharply reduced their net long position in U.S. crude futures and options in the week to February 4, as oil prices fell sharply due to the spread of the coronavirus, 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 55,512 contracts to 162,518 during the period. For those trading days, U.S. crude futures fell by more than 7 percent as the outbreak intensified.

Feb 10 - Free-falling LNG prices wreak havoc on trade amid coronavirus fears 
Record low prices for liquefied natural gas (LNG) are roiling the global gas market, creating havoc as traders rush to find alternative locations for cargoes with Chinese buyers rejecting shipments amid the coronavirus epidemic. Asian spot prices for LNG have already tumbled to troughs of $3 per million British thermal units (mmBtu) - less than half of what they were at the same time last year. 

Feb 10 - U.S. drillers add oil rigs for third week in four - Baker Hughes 
U.S. energy firms added oil rigs for the third time in four weeks even though producers planned to continue reducing spending on new drilling for a second consecutive year in 2020. Companies added 1 oil rig in the week to Feb. 7, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Feb 09 - Industrial goods, oil, gas get slammed as China coronavirus slashes demand
Industrial goods from jet fuel and iron ore to rubber and sulphuric acid are sliding towards their lowest prices in weeks, months or even years as China's coronavirus epidemic hobbles movement and eats away demand in the world's no.2 economy. China's iron ore futures are headed for their biggest weekly loss in six months, oil prices hit their lowest since January, and Tokyo rubber futures have shed 15% since mid-January.

Feb 07 - Russia backs OPEC+ proposal to cut oil output - Lavrov 
Russia supports a recommendation to deepen OPEC+ global oil supply curbs to compensate for a drop in demand caused by the coronavirus, Foreign Minister Sergei Lavrov said on Thursday. A technical panel that advises the Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia proposed a provisional cut in output of 600,000 barrels per day (bpd), three sources told Reuters earlier.

Feb 07 - Reliance, Chevron defend against U.S. criticism of oil business with Venezuela
India's Reliance Industries and U.S.-based Chevron Corp on Thursday defended their business with Venezuela from White House criticism, noting that their marketing agreements and operations in the OPEC nation have been approved by Washington. The White House imposed sanctions early last year on state-run oil company PDVSA as part of efforts to oust President Nicolas Maduro. The socialist president remains in power despite deep unpopularity and a years-long economic crisis. 

Feb 07 - Shares of U.S. LNG firms tumble as China demand slumps 
Shares of U.S. liquefied natural gas companies tumbled on Thursday as China's biggest importer of the fuel suspended some purchases amid weaker demand and a global glut that has driven prices to record lows. China is the world's second-largest LNG importer but its spot purchases have nearly ground to a halt as the economic effects of business closings due to the spread of the coronavirus, as well as lower heating demand from a relatively warm winter.

Feb 07 - U.S. crude flows to Europe set to rise as coronavirus hits Asia demand 
U.S. crude flows to Europe are set to increase over the coming month as demand from Asia has plummeted due to the coronavirus outbreak, traders and shipbrokers said.  Activity to charter Aframax vessels, which can carry about 600,000 barrels of crude, are busy for the trans-Atlantic route, two shipbrokers familiar with the matter said. 

Feb 07 - France's Total rejects force majeure notice from Chinese LNG buyer 
French oil major Total has rejected a force majeure notice from a liquefied natural gas (LNG) buyer in China, the first global energy supplier to publicly push back against firms backing out of deals amid the coronavirus outbreak. Concerns that Chinese companies could back out of contracts because of the coronavirus epidemic have slowed down spot crude oil and LNG sales into China, the world's top energy consumer, increasing global supplies and depressing prices of energy products. 

Feb 07 - Shell to build its first solar farm in Australia 
Oil and gas major Royal Dutch Shell said on Friday it plans to build its first utility-scale solar farm in Australia, part of a global push into the power business and cleaner energy.  The 120 megawatt (MW) solar farm at Wandoan in the state of Queensland is expected to be completed in early 2021. Shell will be the anchor customer for power from the project, partly for its nearby QGC coal-seam gas operation that feeds its QCLNG plant on Curtis Island. 

Feb 06 - China to halve tariffs on some U.S. imports as virus risks escalate 
China on Thursday said it would halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 trade deal that brought a truce to a bruising trade war between the world's two largest economies. While the announcement comes about three weeks after the first phase of the trade pact was inked, it is also seen by analysts as a move by Beijing to boost confidence amid a virus outbreak that has disrupted businesses and hit investor sentiment.

Feb 06 - OPEC+ technical meeting drags on amid oil cut debate 
An OPEC+ committee extended its meeting into a third day on Wednesday and would debate again on Thursday the need to cut oil output in response to the coronavirus' impact on energy demand and global economic growth. Four sources familiar with the talks said the meeting on Wednesday ended with no concrete recommendation and one source said Russia was not supporting a deeper oil output cut and was suggesting an extension of the current pact.

Feb 06 - Strong cash flow keeps Total's Q4 net profit steady 
French energy major Total said on Thursday that its net adjusted profit for the fourth quarter of 2019 was steady at $3.2 billion compared with the same period a year ago, supported by strong cash flow, despite low oil prices.  "The group reported solid fourth quarter 2019 results with DACF (debt-adjusted cash flow) at $7.4 billion, an increase of more than 20% compared with the fourth quarter of 2018," Total's Chief Executive Officer Patrick Pouyanne said in a statement.

Feb 06 - Coronavirus paralyses short-term oil, gas sales into China 
Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as a coronavirus outbreak slowed economic activity and hurt demand, and buyers pondered legal action to avoid having to honor purchase agreements, trade sources said. Typically, trade would have revived after the Lunar New Year holiday at the end of January, but China has extended the break into February to try to contain the fast-spreading virus, which has claimed nearly 500 lives.

Feb 06 - U.S. crude stocks up, product demand weak - EIA 
U.S. crude stocks rose in the most recent week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.4 million barrels in the week to Jan. 31 to 435 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel rise.

Feb 06 - U.S. crude flows to Europe set to rise as virus hits Asia demand 
U.S. crude flows to Europe are set to increase over the coming month as demand from Asia has plummeted due to the coronavirus outbreak, traders and shipbrokers said. Activity to charter Aframax vessels, which can carry about 600,000 barrels of crude, are busy for the Transatlantic route, two shipbrokers familiar with the matter said. 

Feb 06 - BP eyes sale of Algerian gas plant after Rosneft talks fail - sources 
BP is seeking buyers for its stake in a major Algerian gas plant deep in the Sahara desert after recent talks on a sale to Russian oil giant Rosneft failed, three industry sources told Reuters.  BP hopes to raise around $2 billion from the sale of its 45.89% stake in the In Amenas natural gas plant that was the target of a deadly attack by Islamist militants in 2013. The sale is part of a $15 billion disposal programme BP is targeting by the middle of 2021, two of the sources said.

Feb 06 - Saudi Arabia cuts March Arab Light oil prices to Asia 
Saudi Arabia has cut the March official selling price (OSP) for its Arab Light grade for Asian customers by 80 cents a barrel, setting it at a premium of $2.90 versus the Oman/Dubai average, state oil company Saudi Aramco said on Wednesday.  The world's top oil exporter was expected to reduce prices for most of the crude grades it sells to Asia in March to track a weaker Middle East benchmark Dubai and lower refinery margins for light and middle distillates, according to a Reuters survey. 

Feb 06 - Virus-hit China may need more imports of coal. Now comes the tricky part - shipping it there: Russell 
China's domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That's a situation that may seem positive for seaborne exporters, but in reality it may be challenging for miners to take advantage. While there may be increased demand for imported coal in China in coming weeks, the problem for major exporters such as Indonesia, Australia and the United States is going to be one of logistics.

Feb 06 - U.S. warns energy cos like Rosneft, Chevron over ties to Venezuela's Maduro 
The Trump administration is ramping up pressure against Venezuelan President Nicolas Maduro's government, and energy companies with ties to it, from Russia's Rosneft to U.S.-based Chevron Corp, should "tread cautiously," a senior administration official said on Wednesday. The comments came in response to a question about possible sanctions against Rosneft on a call with reporters ahead of a White House meeting between Venezuelan opposition leader Juan Guaido and U.S. President Donald Trump.

Feb 05 - OPEC+ panel weighs impact on oil demand from virus
An OPEC+ committee weighed the impact on global oil demand and economic growth of the outbreak of the coronavirus at a meeting on Tuesday, hearing from China's envoy to the United Nations in Vienna and discussing how to respond. The envoy, Wang Qun, addressed the Joint Technical Committee (JTC) at its meeting in Vienna, an OPEC source said. The JTC advises the Organization of the Petroleum Exporting Countries and its allies led by Russia, a grouping known as OPEC+.

Feb 05 - BP boosts dividend as profit tops forecast and CEO bows out
BP raised its dividend and said it had completed a $1.5 billion share buyback programme in a sign of confidence in its growing oil and gas business on the last day in office for Chief Executive Bob Dudley. BP shares were trading 4.5% higher at 1115 GMT on Tuesday, on course for their biggest daily gain in over a year after the company's profit beat forecasts for a twelfth quarter in a row. 

Feb 05 - LNG tanker diverted from China in sign of weaker demand
A liquefied natural gas (LNG) tanker that had been heading to China has been diverted, data intelligence firm Kpler and two industry sources said on Tuesday, probably due to lower demand for the fuel as businesses are hit by the coronavirus outbreak. The Tangguh Foja tanker loaded a cargo at the Tangguh LNG plant in Indonesia last month and had been heading to China's Rudong terminal in Jiangsu province, Refinitiv shipping data shows. 

Feb 05 - Oil flips into contango, indicating months of surplus
The oil market looks set for at least four months of depressed demand because of China's coronavirus outbreak, with a large crude surplus not expected to clear at least until August, analysts and traders said. Fears of a virus-related slump in global energy demand have flipped the market into contango this week - a structure in which longer-dated oil futures trade at a premium that encourages traders to keep crude in storage for more profitable resale in the future.

Feb 05 - First Petrobras employee flips in Brazil commodity traders probe
A former trader at oil firm Petrobras has signed a plea bargain agreement with Brazilian prosecutors investigating bribery allegations, defense lawyers and prosecutors said, a potential breakthrough in a case involving some of the world's top commodity trading houses. Rodrigo Garcia Berkowitz, who was a trader at Petrobras' Houston office until he was charged with accepting bribes in late 2018, reached the deal in principle in December, the lawyers said. 

Feb 05 - Coronavirus and the impact on oil consumption: Kemp
Oil traders are struggling to estimate the severity and duration of the hit to global consumption from the outbreak of coronavirus in China, based on evidence from previous epidemics of coronaviruses and influenza. Medical researchers recognise three global pandemics of influenza in the course of the 20th century, in 1918/19 ("Spanish influenza"), 1957/58 ("Asian influenza") and 1968/69 ("Hong Kong influenza").

Feb 05 - Shale pioneer John Hess says key U.S. fields starting to plateau
Shale pioneer John Hess said on Tuesday that key U.S. shale fields are starting to plateau, calling shale "important but not the next Saudi Arabia." Over the past decade, the shale revolution turned the United States into the world's largest crude producer and a force in energy exports. Yet that did not translate to higher stock prices or returns for investors, with the S&P 500 Energy sector only gaining 6% in a decade, far less than the 180% return for the broader stock market.

Feb 05 - Court dismisses challenge to Canada approval of Trans Mountain oil pipeline expansion
Canada's Federal Court of Appeal on Tuesday dismissed a challenge to government approval of the Trans Mountain oil pipeline expansion (TMX), clearing some uncertainty from the project. The court said Prime Minister Justin Trudeau's government held "reasonable and meaningful" consultations with indigenous groups as required by law.

Feb 04 - China crude oil imports may not suffer as much as consumption: Russell
The crude oil market is increasingly pricing for a major hit to demand from the coronavirus epidemic in China, but there are still factors suggesting the worst case scenario may be avoided. To see that, it is important to distinguish between China's crude oil consumption and its level of imports. 

Feb 04 -  OPEC+ considering further 500,000 bpd oil output cut -sources
OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus, three OPEC+ sources and a industry source familiar with the discussions said. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, are considering holding a ministerial meeting on Feb. 14-15, one of the OPEC+ sources said, earlier than a current schedule for a meeting in March.

Feb 04 -  China gas demand seen crumbling as virus threat spreads
Buyers of liquefied natural gas (LNG) in China are bracing for demand to be shattered by a virus epidemic that has killed 361 people, wiped billions off the value of companies in the world's second largest importer of the fuel and threatens its growth. With demand already weakened in an economy slowed by a trade war with United States, several LNG buyers in China told Reuters they are considering either delaying cargoes or cancelling them by invoking force majeure, though nothing had been decided yet.

Feb 04 -  Funds dump oil as fears about coronavirus hit to demand grow: Kemp
Hedge funds were heavy sellers of crude oil and refined products last week as the worsening coronavirus outbreak stoked fears about a China-led slowdown in oil consumption in 2020. Sunny optimism at the start of the year about an acceleration in the global economy has evaporated, replaced instead by extreme concern that the coronavirus and quarantine measures will hit oil consumption hard.

Feb 04 -  U.S. oil fields flared and vented more natural gas again in 2019 - data
The U.S. drilling industry flared or vented more natural gas in 2019 for the third year in a row, as soaring production in Texas, New Mexico, and North Dakota overwhelmed regulatory efforts to curb the practice, according to state data and independent research estimates. Flaring, or deliberately burning gas produced as a byproduct to oil, can worsen climate change by releasing carbon dioxide. Venting releases unburned methane, which is many times more potent than carbon dioxide as a greenhouse gas. Oil drillers tend to flare or vent gas when they lack pipelines to move it to market, or prices are too low to make transporting it worthwhile.

Feb 04 -  Exxon says 2nd lift of Guyanese crude is under way, sold on open market
Exxon Mobil's second lift of Guyanese crude from the offshore Liza Destiny platform is underway and has been sold on the open market, the company said on Monday. The U.S. oil major, in a consortium with Hess Corp and China's CNOOC Ltd, has discovered more than 8 billion barrels of recoverable oil and gas off Guyana's coast, transforming the fortunes of a poor South American country with no history of oil production. 

Feb 03 - OPEC+ technical panel to meet Feb 4-5 to discuss coronavirus impact - sources
OPEC and non-OPEC's Joint Technical Committee (JTC) has scheduled a meeting over Feb. 4-5 in Vienna to assess the impact of China's new coronavirus on oil demand, OPEC+ sources told Reuters. The technical panel is likely to make a recommendation on whether to extend current oil supply curbs beyond March or to implement deeper output cuts, the sources said. 

Feb 03 - Russian oil output up to 11.28 mln bpd in Jan, highest since Aug
Russian oil and gas condensate output rose to 11.28 million barrels per day (bpd) in January, from 11.26 million bpd in December, Interfax news agency reported on Sunday, citing Energy Ministry's data. This is in line with what sources told Reuters last week and the highest since it reached 11.29 million bpd in August. 

Feb 03 - China's commodities got smashed as expected. Now what?: Russell
It's no surprise that commodity prices in China were hammered on Monday when the virus-hit country reopened its exchanges after a week-long Lunar New Year holiday. What will be more important is what happens on Tuesday. It was a sea of red ink as domestic investors got to trade for the first time since Jan. 23, with Dalian Commodity Exchange (DCE) iron ore dropping the maximum allowed 8% to 606.5 yuan ($86.64) a tonne at the opening bell. 

Feb 03 - Exxon, Chevron results augur tough year ahead, shares drop
Weaker crude oil and gas prices drove quarterly results sharply lower at Exxon Mobil Corp and Chevron Corp, pushing down shares at the two largest U.S. oil producers and signaling a weak start to the new year. While one-time asset sales or write downs were large factors, the two companies said earnings suffered from weaker margins in crude oil, natural gas, chemicals and fuel production. They gave tepid outlooks for the near term.

Feb 03 - Papua New Guinea LNG expansion plans in limbo after talks collapse
Plans to double gas exports from Papua New Guinea within the next four years are in doubt after the government walked away from talks with Exxon Mobil Corp on a key gas project needed for the $13 billion expansion. Papua New Guinea Prime Minister James Marape on Friday called off negotiations with Exxon on the P'nyang field, blaming the energy giant for failing to budge on a proposed deal that was "out of the money". 

Feb 03 - Investing to boost crude output rewards oil majors with glut, slim profits
The world's largest oil companies invested billions of dollars to boost crude production and their success has turned around and bit them -- and their shareholders. Oil majors Exxon Mobil Corp, Chevron Corp and Royal Dutch Shell all reported earnings on Thursday and Friday that showed key units significantly underperformed, particularly refining and chemicals. 

Feb 03 - China virus may cause delays of anti-pollution equipment retrofits on ships
Shipping companies may face delivery delays of vessels fitted with exhaust gas filtering equipment that complies with anti-pollution rules that kicked in this year due to the impact from the virus outbreak in China, shipping sources said on Friday. A Mitsui OSK Lines executive said many vessels were in Chinese docks to get so-called scrubbers installed to meet the new emissions rules but with four Chinese provinces asking companies to extend the Lunar New Year holiday by a week, to Feb. 10, workers may not be available to complete installations.

Jan 31 - China oil imports from top supplier Saudi Arabia rise 47% in 2019 - customs
China's crude oil imports from top supplier Saudi Arabia rose nearly 47% in 2019, with December shipments from the kingdom flat to a year earlier, customs data showed on Friday. The big annual boost in Saudi shipments followed a new marketing strategy by state-run Aramco, which signed at least two new supply pacts with private refiners in China that came into the market from late 2018. Previously, Saudi Aramco had only dealt with China's state refiners in long-term contracts. 

Jan 31 - U.S. refiners, chemical makers pare insurance coverage as accidents boost costs
U.S. refineries and petrochemical plants are cutting back on insurance because several years of severe accidents have driven up the cost of coverage, industry and insurance sources said. With less insurance coverage for physical damage and business interruption, energy companies could be liable for millions of dollars of costs in repairs and lost business in the case of an explosion or fire. In the worst-case outcome, entire refineries could close if insurance coverage is inadequate.

Jan 31 - U.S. to lift Iran-related sanctions on units of Chinese shipper COSCO - sources
The United States will likely lift sanctions within days on units of Chinese tanker company COSCO that Washington accused of transporting Iranian oil, two industry sources said. A source with a major Chinese oil company said they had received indications that COSCO had been taken off the U.S. sanctions list. The Chinese energy industry was waiting for official communications from Washington, the source said. 

Jan 31 - Saudi Arabia opens talks on possible Feb OPEC+ meeting after oil price slide
Saudi Arabia has opened talks with OPEC and allied oil producers about moving their upcoming OPEC+ policy meeting to early February from March, four OPEC+ sources said, after a swift slide in oil prices alarmed Riyadh. Worries over the economic impact of China's coronavirus have rattled global markets, helping send the price of crude down to around $58 a barrel from above $65 a barrel on Jan. 20. 

Jan 31 - December bump in oil prices not enough to salvage energy earnings
Investors hoping a late-2019 rise in oil prices will buoy energy stocks are likely to be disappointed when a raft of companies report results in coming weeks. Energy stocks were among the S&P 500's worst performers over the last decade, as concerns over an oversupply of oil hurt earnings and share prices. 

Jan 31 - Shell's oil and gas reserve life drops for sixth year in a row
The number of years of production left in Royal Dutch Shell's oil and gas reserves fell for the sixth year in a row in 2019 to below eight. But there was little reaction from investors to the steady decline in what was once considered a key metric for gauging the strength of the world's major oil and gas companies.

Jan 31 - U.S. LNG producers fear more price drops as they await China buys under Phase 1 deal 
China has restarted talks with U.S. liquefied natural gas marketers to buy more LNG, several industry executives told Reuters, but they are worried that any purchases may come too late to keep natural gas prices from falling further due to a glut of global supply. China pledged this month to buy an additional $18.5 billion in U.S. energy products this year, but the U.S.-China trade agreement left tariffs in place, including a 25% levy on LNG imports that puts U.S. LNG at a disadvantage, producers said. 

Jan 31 - Australia aims to boost east coast gas supply, clean energy in $1.4 bln deal
Australia's government began a push to boost natural gas supply and renewable energy as part of a A$2 billion ($1.4 billion) deal with its most populous state, looking to cut carbon emissions in the wake of devastating bushfires. As part of a joint funding agreement with the state of New South Wales (NSW), Australia will upgrade parts of the east coast power grid, help pay for two new interstate transmission links and back emissions reduction projects. 

Jan 31 - Europe's LNG imports expected to soar to 100 mln tonnes in 2020
After a record influx of liquefied natural gas (LNG) into Europe last year, the region is on track to raise imports close to 100 million tonnes this year, analysts said. With LNG demand falling in Japan and South Korea and rising more slowly than previously expected in China last year, Europe has become the major destination for cargoes unwanted in Asia.

Jan 30 - Yemen's Houthis say they fired at Aramco, other Saudi targets
Yemen's Iran-aligned Houthi movement said on Wednesday it had fired rocket and drone strikes at Saudi targets including Aramco oil facilities, the group's first claim of such attacks since it offered to halt them four months ago. Few details were given of the precise nature and timing of the attacks, and there was no immediate confirmation from the Saudi authorities of any strikes.

Jan 30 - U.S. crude stockpiles rise more than expected as refiners cut runs - EIA
U.S. crude oil stockpiles rose far more than anticipated last week as refiners cut runs on the back of weakened demand for fuel, with gasoline inventories building to a record high, the Energy Information Administration said on Wednesday. Crude inventories rose 3.5 million barrels in the week to Jan. 24 to 431.7 million barrels, compared with analysts' expectations in a Reuters poll for a 482,000-barrel rise.

Jan 30 - Marathon profit plunges on $1.2 billion pipeline unit writedown
Marathon Petroleum Corp's quarterly profit halved as the U.S. refiner was forced to write down $1.2 billion goodwill in its pipeline and transportation business that has failed to perform since Marathon acquired it two years ago. The company launched a review of the business in October, after its activist shareholder, Elliott Management, called for the company to be split into three, citing its laggard stock performance. 

Jan 30 - Petrobras halts travel to China amid suspicion of coronavirus in Brazil
Brazilian state-owned oil company Petroleo Brasileiro SA said on Wednesday it would suspend employee travel to China due to the coronavirus outbreak, as the number of suspected cases rises in Brazil. Brazil's health ministry on Wednesday said there were nine suspected cases of the new coronavirus in the country and advised Brazilians not to travel to China. But the ministry said Brazil would not block travelers coming from China.

Jan 30 - ADM Q4 profit beats estimates on biodiesel, consumer trends
U.S. grains trader Archer Daniels Midland Co's fourth quarter profit topped Wall Street expectations on Wednesday, driven by its nutrition business and refined products unit, which includes biodiesel and food oils. ADM released earnings results after the market closed and its stock rose 3.15%, to $45.06 a share, in after-hours trading. 

Jan 30 - Talos concerned that Pemex could delay first oil from Zama discovery
The chief executive of Talos Energy said on Wednesday it is "concerning" that the Zama oil discovery in the southern Gulf of Mexico could be delayed by what he described as "unrelated" exploration plans by national oil company Pemex. The Talos chief executive, Tim Duncan, said an objective analysis of the Zama find shows that 60% of the reservoir is within the block it and its partners won at an auction in 2015 and currently operates. 

Jan 30 - Algerian energy minister: Very possible OPEC+ meeting may be advanced to February
Algeria’s energy minister Mohamed Arkab said on Wednesday it was "very possible that Opec+ meeting could be advanced to February instead of scheduled meeting in March," state press agency reported. When asked about extending the Opec+ output-cutting deal, Arkab added: "everything is possible".

Jan 30 - Investors urge drillers, miners not to take advantage of Trump environmental rollbacks
A group of U.S. institutional investors urged energy, timber and mining companies on Wednesday not to take advantage of Trump administration rollbacks of environmental regulations, such as moving operations into public lands that are being opened up. The investors representing nearly $113 billion in assets sent a letter to 58 companies saying that firms seeking to make use of the rule changes put themselves and their investors at "significant risk of public backlash and stranded assets, should these actions be legally challenged or protections be restored by the courts or by future administrations.”

Jan 30 - Aiming to go green, German cabinet backs coal exit by 2038
The German cabinet on Wednesday backed plans to exit coal as an energy source by 2038 as part of efforts by Chancellor Angela Merkel's ruling coalition to protect the climate and restore its green credentials. The government is spurring a shift toward renewable energy sources such as wind and solar power with exits from nuclear power by 2022 and coal-fuelled power sources by 2038.

Jan 29 - OPEC aims to extend oil output cuts through June, alarmed by China virus
OPEC wants to extend current oil output cuts until at least June from March, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new coronavirus, OPEC sources said. The quick slide in oil prices over the past few days has alarmed OPEC officials, the sources say, as the new virus found in China and several other countries raised concerns about a hit to economic growth and oil demand.

Jan 29 - China flexes oil refining muscle, upping pain for Asian rivals 
China is set to further expand its massive oil refining capacity this year, offering support to global oil prices, and U.S. producers in particular, but its plans spell more gloom for Asia's hard-hit refining industry. Already the world's No.2 oil refiner after the United States, China added 800,000 barrels per day (bpd) of capacity last year - 80% of the United Kingdom's refinery throughput - and analysts expect a further 460,000 bpd to become operational in 2020.

Jan 29 - Court decision casts doubt on dozens of U.S. refinery biofuel waivers
A U.S. court decision last week striking down three biofuel waivers that the Environmental Protection Agency gave oil refineries in 2017 has cast doubt on the legitimacy of dozens of other EPA exemptions granted under similar circumstances, according to industry experts and agency data. That spells uncertainty for a handful of independent refiners that secured lucrative waivers from the Trump administration, and could fire up prices for the biofuel blending credits those facilities need to comply with the nation’s biofuel law. 

Jan 29 - A year after sanctions, Venezuela's embattled oil industry hangs on
Venezuela's oil exports have steadily risen in recent months, throwing a lifeline to President Nicolas Maduro, as Washington has failed to make good on threats to deal a death blow to its oil industry since sanctioning state oil company PDVSA a year ago. Following the Jan. 28, 2019 ban on U.S. firms importing Venezuelan crude, the United States has not followed through on threats to extend the sanctions to any foreign company doing business with PDVSA, as it seeks to oust socialist Maduro.

Jan 29 - At Exxon, CEO's promised turnaround sapped by chemicals, refining
At Exxon Mobil Corp, CEO Darren Woods' plan to revive earnings at the largest U.S. oil and gas company is being sidetracked by the two businesses he knows best: chemicals and refining. Another year of poor profit could require Exxon to re-evaluate its bold spending plans or weaken its ability to weather the next oil-price downturn, say oil analysts. Exxon already must borrow or sell assets to help cover shareholder dividends.

Jan 29 - LNG, the "champagne" of fuels, should enjoy its beer moment: Russell
It's been an extremely weak start to the new decade for liquefied natural gas (LNG) with spot prices in Asia falling to more than 10-year lows, but it's not all doom and gloom for an industry that sees itself as part of the solution to climate change. The average spot price for LNG delivered to north Asia for March dropped to $4 per million British thermal units in the week to Jan. 24, with some cargoes trading at just $3.95.

Jan 28 - Saudi Arabia, UAE caution oil market against gloom over China virus
Saudi Arabia, the world's top oil exporter, urged caution on Monday against "gloomy expectations" regarding the possible impact of the spread of the coronavirus on the global economy and oil demand. The death toll from the coronavirus outbreak in China rose to 81 with more than 2,700 infected, while health authorities around the world stepped up screening of passengers from China. 

Jan 28 - Libya's NOC issues warning over impact of oil blockade
The head of Libya's state oil firm warned on Monday that if the international community tolerates a blockade on the country's oil industry it would be complicit in ending the rule of law in the country. The 10-day old blockade is the most extensive for years, shutting down fields and ports in the east and south of Libya and causing production to plunge to 262,000 barrels per day (bpd) from around 1.2 million.

Jan 28 - Fear of China virus outstrips crude oil supply outages: Russell
A question for the crude oil market. Why is the potential loss of a few hundred thousand barrels per day of demand from the coronavirus in China more important than the actual loss of about 1 million bpd of supply from Libya? Benchmark Brent crude futures have slumped around 10% since Jan. 20, the last day prices rose before the current losing streak, with the contract ending at $59.32 a barrel on Monday, the weakest close in three months.

Jan 28 - Exxon's new discovery boosts Guyana oil estimate to over 8 bln bbls
Exxon Mobil Corp on Monday raised its Guyana oil estimates by 2 billion barrels with disclosure of a new discovery, as it continues to develop one of the world's most important new oil and gas blocks in the last decade. The new find continues an Exxon-led consortium's long string of discoveries in Latin America's newest crude producing nation and underscores the importance of Guyana to Exxon for increasing its future oil output.

Jan 28 - India wants to delink Qatar gas supply deals from crude; Qatar says no
India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel. Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals. 

Jan 28 - Colombia oil investment to rise 23% this year, output steady - trade group
Investment in Colombia's oil industry is set to grow by 23% in 2020, the private oil producers association said on Monday, although production will be effectively flat, increasing just 0.5% compared with the previous year. Investment in the Andean country's oil and gas industry this year will jump to $4.97 billion, up from $4.03 billion in 2019, the Colombian Petroleum Association (ACP) said in a report. 

Jan 28 - Barclays sees $2/bbl impact to oil prices as virus fears threaten demand
Barclays said on Tuesday oil prices will be impacted by $2 per barrel on the potential economic fallout from the coronavirus outbreak in China. More than 100 people have died and over 4,000 cases of the new virus have been confirmed in China, leading authorities to increase preventive measures, impose travel restrictions and also extend the Lunar New Year holidays to limit the spread of the virus.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jan 02 - Coal-fired plants around New Delhi running despite missing emissions deadline 
Coal-fired utilities around New Delhi were still operating on Wednesday despite threats from the Indian authorities to close them down if they had not installed equipment to cut emissions of sulphur oxides by the end of the year. Three senior executives at companies operating power plants around New Delhi and facing an end-2019 deadline said they had not received direction on whether they could continue to run the plants having not installed the kit