Energy News

Oct 21 - Carlyle Group quits $1 billion U.S. oil export project 
Carlyle Group said on Friday it had dropped out as a stakeholder in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas. Sean Strawbridge, chief executive of the Port of Corpus Christi, said Carlyle notified the port on Oct. 8 it would no longer proceed with its investment. That left construction company Berry Group as the sole backer. 

 
Oct 21 - Aramco makes relatively little from foreign refining-documents 
Documents from Saudi Aramco show that the world's largest oil firm earns only a limited proportion of its profit from foreign refining ventures, an area in which the company plans huge investment. The news comes as Aramco, according to two sources familiar with the matter, has delayed the planned launch of its initial public offering in hopes that pending third-quarter results will bolster investor confidence. 

Oct 21 - In oil-rich region, Venezuelans fear catastrophe if Trump forces Chevron to leave 
With the $2 he earns in wages each week working as a cargo driver for Venezuelan state oil company PDVSA, 56-year-old Freddy Brito cannot even afford to buy one kilogram (2.2 lb) of cheese. To feed himself and his wife as the once-prosperous OPEC nation suffers a hyperinflationary economic collapse, Brito depends on a monthly basket of rice, canned tuna, beans and other products valued at $200 given to him by California-based Chevron Corp, PDVSA's minority partner at the Petroboscan field in western Zulia state where he works.

Oct 21 - Russia says it missed oil-deal target due to rise in gas condensate output 
Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Sunday. Russian oil output edged down to 11.25 million barrels per day (bpd) last month from August's 11.29 million bpd but remained above the cap set under the global production deal.

Oct 21 - Schlumberger takes $12 bln charge as CEO charts new course 
Schlumberger NV's new chief executive wielded an axe to the company's asset-heavy businesses, taking a $12.7 billion charge in the face of weaker shale drilling and sliding profits. The move, by Olivier Le Peuch, writes down his predecessors' big investments that took the world's largest oilfield services company deeper into shale and oilfield operations and shows that he intends to shift the company toward more asset-light software and services-driven businesses.

Oct 21 - Trump says he will nominate deputy to be new U.S. energy secretary 
U.S. President Donald Trump said on Friday he would nominate Deputy Energy Secretary Dan Brouillette, a former vice president of Ford Motor Co and Louisiana state energy regulator, to head the department. "I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy," Trump wrote in a post on Twitter. "Dan's experience in the sector is unparalleled. A total professional, I have no doubt that Dan will do a great job!" 

Oct 21 - 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 Oct. 15, 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 11,377 contracts to 102,974 during the period. 

Oct 21 - U.S. drillers add oil rigs for second week in a row - Baker Hughes 
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row for the first time since June even as producers follow through on plans to reduce spending on new drilling this year. Companies added 1 oil rigs in the week to Oct. 18, bringing the total count to 713, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  

Oct 18 - China Sept crude runs hit record high as new refineries ramp up 
China's crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed on Friday, led by increases from new refineries and as some independent plants returned from maintenance. Refinery runs hit 56.49 million tonnes, or about 13.75 million barrels per day (bpd), according to figures from the National Bureau of Statistics (NBS).

 
Oct 18 - Saudi Aramco delays planned IPO until after earnings update - sources 
Saudi Aramco has delayed the planned launch of its initial public offering in hopes that pending third-quarter results will bolster investor confidence in the world's largest oil firm, two sources familiar with the matter said on Thursday. Aramco had been expected to announce plans next week to float a 1% to 2% stake on the kingdom's Tadawul market, in what could have been one of the largest ever public offerings, worth upwards of $20 billion.

Oct 18 - Exxon, Trafigura tap lower shipping rates as U.S.-Asia arb reopens
U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia's ESPO Blend oil sent buyers back to U.S. grades, according to market sources. Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of more vessels becoming available. Nearly 300 oil tankers globally were placed off limits due to U.S. sanctions on Iran and Venezuela. 

Oct 18 - Trump says U.S. Energy Secretary Perry to step down at end of the year 
U.S. Energy Secretary Rick Perry will step down by the end of the year, President Donald Trump said on Thursday, a day before a deadline set by congressional Democrats for Perry to turn over documents in the impeachment probe. Trump told an event in Texas that he had known for months that Perry would resign.

Oct 18 - OPEC+ technical committee finds Sept compliance with oil cuts at 236% - sources 
The joint technical committee monitoring a global deal between the Organization of the Petroleum Exporting Countries and its allies led by Russia found that compliance with oil cuts for September stood at 236%, four OPEC sources said. The committee, which met via video conferencing on Thursday, discussed weak compliance with the cuts from OPEC members Nigeria and Iraq, sources said.

Oct 18 - BHP's London AGM rejects call to quit 'pro-coal' associations 
BHP shareholders are poised to reject a motion urging the world's biggest listed miner to suspend membership of some industry bodies judged to be at odds with goals to tackle climate change, initial voting in London suggested on Thursday. Ethical investors have called for the suspension, arguing BHP's membership of some industry organisations funds pro-coal lobbying.

Oct 18 - Crude stocks jump by 9 million barrels as refining activity drops -EIA
U.S. crude stocks rose last week as refinery output dropped to a two-year low, while gasoline and distillate inventories fell, the Energy Information Administration said on Thursday. Refining use dropped in all five districts of the United States, with steep declines on the U.S. Gulf and West Coasts.

Oct 18 - Angola hopes key reforms will aid efforts to sell oil assets 
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises. Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.

Oct 17 - Big U.S. liquified natgas players move fast, the small race to keep up 
A gap is emerging in the U.S. liquefied natural gas (LNG) industry as big players such as Exxon Mobil Corp and Cheniere Energy Inc race ahead to build export terminals without new long-term contracts, while smaller developers struggle to find financing for their first plants. LNG trade has traditionally been underpinned by long-term purchasing deals which finance multi-billion dollar terminals that liquefy natural gas by chilling it to -260 degrees Fahrenheit (-160 Celsius), load it onto ships, and regasify it when delivered.

 
Oct 17 - U.S. crude exports from Corpus Christi to slow in 2nd half of November - traders 
U.S. crude exports from the Corpus Christi area are expected to slow in the second half of November from record levels due to high freight rates and reduced crude flows into the region via a key pipeline, market sources said on Wednesday. Crude loadings at Corpus Christi averaged about 480,000 barrels per day (bpd) this year through Sept. 20, hitting a record 1.6 million bpd in the week ended Sept. 27, according to data from Genscape.

Oct 17 - Old, corroded pipe led to Philadelphia refinery fire -Chemical Safety Board 
An old, degraded piece of metal pipe that had not been tested for corrosion led to the June fire and explosions at the Philadelphia Energy Solutions oil refinery, the U.S. Chemical Safety and Hazard Investigation Board said on Wednesday. The pipe fitting gave way around 4:00 a.m. ET (0800 GMT) on June 21, releasing propane containing more than 3,200 pounds of highly toxic chemical hydrofluoric acid (HF) that escaped into the atmosphere, the CSB said in its first update on its investigation. 

Oct 17 - U.S. shipping sanctions deal European refiners an unexpected boost
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said. Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.

Oct 17 - Australia's Woodside aims to hit go on $11 bln gas project in early 2020
Woodside Petroleum Ltd has pushed out the final approval date for its mammoth Browse gas project but slightly brought forward plans to sign off on its smaller Scarborough project as it races to fill an anticipated global supply gap. Woodside, Australia's top independent gas producer, said on Thursday it is now targeting a final investment decision on the $20.5 billion Browse project in the first half of 2021 as it continues to wrangle with its partners. It had previously expected approval in late 2020.

Oct 17 - Controversial Mexican oil union boss resigns amid graft charges 
The longtime head of Mexico's powerful oil workers union, Carlos Romero Deschamps resigned on Wednesday, a day after the president hinted he should step down to face allegations of wrongdoing. The departure of Romero Deschamps could allow President Andres Manuel Lopez Obrador to take a firmer grip of the future of national oil company Pemex, the world's most indebted.

Oct 16 - U.S.-Asia oil shipping rates slip from record highs as tanker fears ease
Freight rates to ship U.S. crude to Asia eased on Tuesday from record levels as the shock of a global tanker shortage due to U.S. sanctions on a Chinese firm began to fade, according to market sources. Shipping U.S. crude to some of the largest Asian customers became unprofitable after costs rose as high as $11 a barrel in the past two weeks, threatening to crimp November shipments.

Oct 16 - Trump administration proposes plan to raise U.S. biofuels use - EPA 
The Trump administration, in an effort to mend fences with the powerful corn lobby, proposed a new formula on Tuesday to boost biofuels demand, but the proposal instead only provoked more consternation from the industry. Corn and soybean farmers have been angered by the U.S. Environmental Protection Agency's decision to greatly expand the number of exemptions given to smaller refiners from blending biofuels into the nation's gasoline pool. They argue the expansion undercuts demand.

Oct 16 - India's Nayara supplying fuel to Rosneft in exchange for Venezuelan oil 
India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said. The United States in January prohibited U.S.-dollar transactions for oil sales from Venezuela's PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro, whose 2018 re-election has been dismissed as a sham by Washington.

Oct 16 - U.S. oil and gas jobs fall as drilling declines: Kemp 
U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new high-paying jobs in oil and gas drilling as well as associated services such as site preparation, cementing, casing and pressure-pumping.

Oct 16 - U.S. oil output from 7 shale plays expected at 8.97 million bpd in Nov - EIA 
U.S. oil output from seven major shale formations is expected to rise 58,000 barrels per day in November to a record 8.971 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Tuesday. The largest formation, the Permian Basin of Texas and New Mexico, is expected to add 63,000 bpd to 4.547 million bpd, the tenth consecutive increase. Production declines are forecast in the Eagle Ford and Anadarko basins.

Oct 16 - Coal India's woes should boost imports, but steel softness drags: Russell 
India's coal imports are on track to decline for a third straight month in October, a drop that seems out of kilter with the ongoing struggles of state miner Coal India to boost domestic output. India's seaborne imports of both thermal and coking coal are on track to be around 13.3 million tonnes this month, according to vessel-tracking and port data compiled by Refinitiv.

Oct 15 - No choice but to invest in oil, Shell CEO says
Royal Dutch Shell still sees abundant opportunity to make money from oil and gas in coming decades even as investors and governments increase pressure on energy companies over climate change, its chief executive said. But in an interview with Reuters, Ben van Beurden expressed concern that some shareholders could abandon the world's second-largest listed energy company due partly to what he called the "demonisation" of oil and gas and "unjustified" worries that its business model was unsustainable.
 
 
Oct 15 - Hedge funds turn bearish on oil as economy slows: Kemp 
By early last week, hedge funds had become the most bearish towards petroleum prices since the start of the year, as traders grew increasingly pessimistic about the global economy. Hedge funds and other money managers sold the equivalent of 95 million barrels in the six most important futures and options contracts tied to petroleum prices in the week to Oct. 8.

Oct 15 - China's gas demand growth to slow to 10% this year, Sinopec official says 
China's natural gas demand is expected to reach 307 billion cubic metres (bcm) this year, an increase of just 10% from 2018, an official of state-run Sinopec Gas Co said on Tuesday, as a slowing economy hits consumption.  China is the world's second largest importer of liquefied natural gas after Japan, producing 160.2 bcm of gas last year and importing 124.8 bcm, of which 74.3 bcm was LNG, with pipeline gas making up the rest.

Oct 15 - China's commodity imports stay robust, but caution warranted: Russell 
On the surface China's imports of major commodities appeared to continue their resilience in September, even as the country's total exports and imports laboured under the strain of the trade dispute with the United States. But while volumes held up in September for imports of crude oil, natural gas, iron ore, coal and copper, it's worth sounding a note of caution given the timing of the week-long national holidays in the first week of October.

Oct 15 - Exxon Mobil, India's ONGC sign expertise-sharing deal 
Global energy giant Exxon Mobil Corp will offer its expertise and technology to India's biggest state-owned explorer Oil and Natural Gas Corp Ltd to help develop its resources in offshore blocks, according to two sources directly privy to the development. The memorandum of understanding (MoU), signed late Monday, will be later signed as a definitive deal after Exxon studies the blocks of the company, one of the sources told Reuters.

Oct 15 - Whiting Petroleum in deal talks with smaller rival Abraxas Petroleum 
Whiting Petroleum Corp, an oil and gas producer with operations in North Dakota and Colorado, is in deal talks with San Antonio-based Abraxas Petroleum Corp, two people familiar with the matter told Reuters.  A deal would increase Whiting's acreage in the second-largest U.S. shale field by output and spread its overhead costs over greater production, according to one of the people, who spoke on the condition of anonymity as the talks are not yet public.

Oct 14 - China Sept crude oil imports rise on strong seasonal demand
China's crude oil imports in September rose 10.8% from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand. China, the world's top oil importer, brought in 41.24 million tonnes of crude, equivalent to 10.04 million barrels per day (bpd), according to data released by the General Administration of Customs on Monday.
 
 
Oct 14 - Iran decries 'cowardly attack' on oil tanker
An Iranian government spokesman on Saturday described as a "cowardly attack" an incident that Iranian media have called the apparent targeting by missiles of an Iranian-owned oil tanker, and said Iran would respond after the facts had been studied. The tanker Sabiti was hit in Red Sea waters off Saudi Arabia on Friday, Iranian media have reported, an incident that could stoke friction in a region rattled by attacks on tankers and oil installations since May.

Oct 14 - 'Broken system' starves U.S. oil boom of immigrant workers
New Mexico oil man Johnny Vega laid out his predicament as his crew hoisted pipes from a well during the biggest oil boom in U.S. history. The son of a Mexican guestworker, Vega cannot find enough legal workers to meet demand for his oil well service rigs.

Oct 14 - Speculators cut U.S. crude oil net longs-CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to October 8, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 33,738 contracts to 114,352 during the period.

Oct 14 - Aramco hopes to repair remaining damage from attacks by end-Nov
Oil major Saudi Aramco hopes to fix by the end of November the last four key pieces of equipment damaged during attacks last month, in a move to allow it to fully regain production capacity, company officials said on Saturday. The mid-September attacks on the Abqaiq and the Khurais plants caused damage that halved the crude output of the world's top oil exporter by shutting down 5.7 million bpd of production, driving a spike in oil prices.

Oct 14 - Asian oil buyers grapple with rising costs as global freight rates jump 
Asian oil refiners are grappling with a jump in global freight rates that shows no sign of abating, driving up costs of crude imports from all regions in the fourth quarter, industry officials said. The cost of shipping crude from the Americas, Europe, Africa and the Middle East to Asia has surged over the past two weeks as companies shunned nearly 300 tankers on fears of violating sanctions against OPEC members Iran and Venezuela.

Oct 14 - ConocoPhillips quits northern Australia in $1.4 bln sale to Santos 
ConocoPhillips has agreed to sell its northern Australian business to partner Santos Ltd for $1.39 billion, in a deal that will hike the Australian group's output by 25% and boost its position in the global gas market. The deal, which was not unexpected, marks the second major acquisition by Santos in less than a year, following a sharp turnaround in its fortunes under Managing Director Kevin Gallagher, and pushed its shares up 7% in early trade on Monday.

Oct 14 - Turnaround specialist behind Noble Group's rescue replaced as chairman 
Noble Group Holdings said Paul Brough, who rescued the once mighty commodity trader from near-collapse, had stepped down as executive chairman.  It named James Dubow, the Asia head of turnaround firm Alvarez & Marsal, as its non-executive chairman. Dubow has been an independent non-executive director at Noble since January, the company said in a statement on Friday.

Oct 11 - OPEC chief says deeper oil cut an option amid weaker 2020 outlook
A deeper cut in oil supplies is among options for OPEC and its allies to consider in December, its secretary general said on Thursday as the producer group's forecasts pointed to slower global growth and lower demand next year.  OPEC, Russia and other producers, an alliance known as OPEC+, have since January implemented a deal to cut oil output by 1.2 million barrels per day to support the market.

 
Oct 11 - Explosion sets Iran-owned oil tanker on fire near Saudi port city - ISNA 
An explosion has set an Iranian oil tanker on fire near the Saudi port city of Jeddah, Iran's Students News Agency ISNA reported on Friday, adding that experts believed it was a "terrorist attack".  An explosion in an oil tanker that belongs to National Iranian Oil Company has set the vessel on fire 60 miles from the Saudi port city of Jeddah. The explosion has caused heavy damages and oil is spilling in the Red Sea, unnamed sources told ISNA.

Oct 11 - Nigeria seeks $62 billion from oil companies - attorney general
Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum sales if crude prices exceed $20 a barrel, the attorney general told Reuters on Thursday. The government in Africa's largest oil exporter relies on oil for some 90% of foreign exchange. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria, leaving the government struggling to fund its budgets.

Oct 11 - Phillips 66 books supertanker to ship U.S. crude to South Korea for record $14 mln
Phillips 66 tentatively chartered a supertanker to ship U.S. crude from the U.S. Gulf Coast to South Korea for a record $14 million this week, sources said Thursday, as tanker rates continued to soar after U.S. sanctions on units of Chinese giant COSCO. Phillips 66 provisionally chartered the Very Large Crude Carrier (VLCC) Olympic Laurel for $14 million and is expected to load in mid-November, according to Refinitiv Eikon data.

Oct 11 - U.S. diesel prices hit 3-year low as farmers fear further harvest delays
Diesel prices in the U.S. Midwest have sunk to a three-year seasonal low as farmers in the region face adverse weather conditions, further complicating an already delayed harvest season, traders and farmers said. Diesel demand typically rises during harvest season because farming equipment and trucks transporting product use the fuel. Average distillate product supplied, which includes diesel, in the United States for the past four weeks was down 7 percent, according to U.S. Energy Department data.

Oct 11 - Brazil raises $2.2 bln in oil auction; Total, Petronas invest big 
Ten companies on Thursday agreed to pay more than $2 billion for the exploration and production rights in 12 offshore oil blocks in Brazil, in what could be a promising sign for even bigger upcoming oil auctions. The most heavily sought after areas in the Thursday auction directly border Brazil's so-called pre-salt area, a coveted zone in which billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor. 

Oct 11 - COSCO unit's tanker delivers oil to Exxon in Singapore 
A supertanker owned by a subsidiary of COSCO Shipping Tanker (Dalian), under U.S. sanctions for allegedly transporting Iranian oil, has docked in Singapore to discharge Middle East crude, shipping data on Refinitiv Eikon showed on Thursday. The Coswisdom Lake, a very large crude carrier (VLCC) capable of holding 2 million barrels of oil, docked at Exxon Mobil Corp's terminal on Jurong Island late on Wednesday.

Oct 11 - U.S. industrial energy use falls as manufacturers struggle: Kemp 
U.S. industrial energy consumption is falling as manufacturing activity and freight movements decline, contributing to the surplus of natural gas and diesel, and intensifying downward pressure on prices. Total energy consumption by the industrial sector fell for the first time since the slowdown of 2015/2016, after growing rapidly last year, data from the U.S. Energy Information Administration show.

Oct 10 - Nigeria lands higher oil output target in OPEC+ cut deal
OPEC has granted Nigeria a higher oil output target under an OPEC-led deal to limit oil supply in a move unannounced by the group, following efforts by Africa's largest exporter to tweak the agreement to accommodate its expanding oil industry. The country's allocation was increased to 1.774 million barrels per day (bpd) from 1.685 million bpd at the last OPEC meeting in July, three OPEC delegates with knowledge of the matter said.

 
Oct 10 - Trump's fast-tracking of oil pipelines hits legal roadblocks
The Trump administration's effort to cut red tape and speed up major energy projects has backfired in the case of the three biggest U.S. pipelines now planned or under construction. All three have been stalled by successful legal challenges by environmental groups alleging the administration failed to apply the regulatory scrutiny required under the law.

Oct 10 - U.S. crude stocks climb as production hits record, refineries cut output 
U.S. crude stocks rose last week as refineries cut output to the lowest level in nearly two years and production edged higher to a record of 12.6 million barrels per day (bpd), the Energy Information Administration said on Wednesday. Crude inventories rose by 2.9 million barrels in the last week, compared with analysts' expectations for an increase of 1.4 million barrels.

Oct 10 - Several Asian refiners to get full Saudi oil supplies in November - sources
At least seven Asian refiners will receive the full crude volumes they requested from Saudi Arabia for November loading, a sign that Saudi production has stabilized after disruptions last month, multiple sources with knowledge of the matter said. Most of the refiners are getting the crude grades that they want, the sources said on Thursday, adding that there was no request from state-owned oil company Saudi Aramco for them to change grades.

Oct 10 - Asia crude oil refiners pay the price for U.S. sanctions on China ships: Russell 
Asian refiners are once again paying the price for the ongoing battle between the United States and Iran, with the effective price of crude oil being kicked higher by a sharp rise in tanker freight costs. And the bad news for refiners is that the rise in the price of delivered crude may be more sticky than previous spikes caused by factors that proved temporary, such as the strikes on Saudi Arabia's oil installations and attacks on tankers in the Middle East.

Oct 10 - India's Reliance to resume Venezuela oil loadings after 4-month pause 
Indian refiner Reliance Industries Ltd is scheduled to resume loading Venezuelan crude in October after a four-month pause, according to sources and internal documents from PDVSA seen by Reuters, a move that could help Venezuela's state-run company drain its large oil inventories. The United States in January imposed the toughest sanctions yet on Venezuela's oil industry, depriving the OPEC member of the main destination for its crude exports.

Oct 09 - U.S. oil output seen rising to record 12.26 mln bpd in 2019 - EIA 
U.S. crude production is expected to rise by 1.27 million barrels per day (bpd) in 2019 to a record 12.26 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, slightly above its previous forecast for a rise of 1.25 million bpd. Output in 2020 is forecast to rise by 910,000 bpd to 13.17 million bpd, according to the EIA, lower than its previous estimate of a rise of 990,000 bpd to 13.23 million bpd.

 
Oct 09 - Saudi central bank vets local lenders ahead of Aramco IPO – sources 
The Saudi central bank is vetting local lenders' exposure to Saudi Aramco ahead of an initial public offering (IPO) of the state-oil giant that will likely see large numbers of Saudi investors seek loans to buy its stock, three sources familiar with the matter said. The Saudi Arabian Monetary Authority, or SAMA, contacted Saudi banks last week, asking them a series of questions about their lending exposure to Aramco, two of the sources said.

Oct 09 - Finland's Fortum to gain control of Uniper in $2.5 bln deal
Finnish utility Fortum is set to gain control of Germany's Uniper by acquiring the stakes of activist funds Elliott and Knight Vinke, potentially ending a long-running deadlock over ownership of the group. State-controlled Fortum has been seeking control of the energy firm since 2017, but Uniper's top management had opposed a full takeover, warning it could result in a break-up and threaten the firm's credit rating.

Oct 09 - Brazil president sees crime behind mystery oil slicks 
Brazilian President Jair Bolsonaro said on Tuesday that mysterious oil slicks polluting northeastern beaches likely had criminal origins, without explaining further. Bolsonaro also appeared to row back comments from Monday, when he suggested the oil could be from a shipwrecked vessel, suggesting the evidence did not suggest such a cause.

Oct 09 - Asia gets more European naphtha but Saudi factor supports prices 
Naphtha arrivals in Asia this month from the West including Europe and the Mediterranean are seen recovering from a three-month low in September to a two-month high of about 1.3 million tonnes, industry sources said on Tuesday. But this lags the monthly average of 1.5 million tonnes for the first nine months of this year, data from Reuters and Refinitiv Oil Research showed.

Oct 08 - Disruptions in the global shipping industry
Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers.  The cost of chartering a supertanker to send crude oil from one country to another is rising sharply. A South Korean importer paid more than $12 million in shipping costs for one crude shipment from the U.S. Gulf Coast. This was followed by Friday's tentative charter of another crude vessel by Occidental Petroleum Corp for $13.25 million to ship in November.

 
Oct 08 - Russia should reform oil taxes to sustain output - Energy Minister Novak 
Russia's energy minister has told Reuters his country should reform oil taxation to bring into production some 10 billion tonnes of currently uneconomic reserves and boost producers' margins to compete better with rivals such as U.S. shale firms. Alexander Novak said oil production in Russia, which has enough reserves of crude to sustain current production for over 50 years, could decline if the tax system remained unchanged.

Oct 08 - Hedge funds sell more oil as economic outlook worsens: Kemp 
Hedge funds sold petroleum futures and options for the second week running as the post-attack bounce in oil prices evaporated and attention shifted to the deteriorating condition of the global economy. Hedge funds and other money managers sold the equivalent of 96 million barrels in the six most important futures and options contracts linked to oil prices in the week to Oct. 1, the largest reduction in nearly four months.

Oct 08 - Trump says ethanol deal will be around 16 billion gallons
U.S. President Donald Trump said on Monday his administration's proposal to boost the biofuels market next year would bring the amount of corn-based ethanol mixed into the nation's fuel to about 16 billion gallons (60.6 billion liters). "We’ve come to an agreement and its going to be, I guess, about, getting close to 16 billion ... that’s a lot of gallons. So they should like me out in Iowa," he told a news conference.

Oct 08 - Some $71 bln of Japanese coal assets at risk from cheaper renewables 
As much as $71 billion of Japanese coal assets could be at risk as the economic viability of plants is undermined by cheaper renewable energy, research by the University of Tokyo, Carbon Tracker and the Carbon Disclosure Project showed on Sunday. The report, called Land of the Rising Sun and Offshore Wind, used project financial models to analyse the economics of new and existing coal plants in Japan.

Oct 07 - Trump administration promises biofuel boost to farmers, angering Big Oil 
The Trump administration on Friday unveiled a plan to boost U.S. biofuels consumption starting next year to help struggling farmers, a move that cheered the agriculture industry but triggered a backlash from Big Oil. The plan would require an unspecified increase in the amount of ethanol that oil refiners must add to their fuel in 2020, and would also aim to remove further barriers to the sale of higher ethanol blends of gasoline like E15, the Environmental Protection Agency said in a statement.

 
Oct 07 - Oil tanker rates surpass $12 mln after U.S. sanctions on Chinese firm 
Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.  South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said. 

Oct 07 - Iran will use every means possible to export its oil - SHANA 
Iran will not succumb to U.S. pressure and will use every possible way to export its oil, Iranian Oil Ministry's website SHANA quoted Oil Minister Bijan Zanganeh as saying on Sunday. Iran’s crude oil exports were reduced by more than 80% when the United States re-imposed sanctions on the country last November after President Donald Trump pulled out of Iran’s 2015 nuclear deal with world powers.

Oct 07 - Some $71 bln of Japanese coal assets at risk from cheaper renewables 
As much as $71 billion of Japanese coal assets could be at risk as the economic viability of plants is undermined by cheaper renewable energy, research by the University of Tokyo, Carbon Tracker and the Carbon Disclosure Project showed on Sunday. The report, called Land of the Rising Sun and Offshore Wind, used project financial models to analyse the economics of new and existing coal plants in Japan.

Oct 07 - Russia's deputy PM returns to idea of grain OPEC creation - Interfax 
A Russian Deputy Prime Minister in charge of agriculture has proposed the creation of a grain organisation along the lines of the Organization of the Petroleum Exporting Countries (OPEC), Interfax news agency reported on Saturday, citing his office. Russia, the world's largest wheat exporter, is one of the world's largest oil producers, but is not a member of OPEC.

Oct 07 - Oman crude at a premium to Brent shows lingering impact of Saudi attacks: Russell 
With the price of Brent crude back below where it was before last month's attacks on Saudi Arabia's oil infrastructure, it's tempting to think normal service has been resumed and the market can once again focus on concerns about the outlook for demand. However, while Brent futures are signalling that the investor market has moved on from the heightened geopolitical risks in the wake of the Sept. 14 attacks, there are still some lingering effects in the pricing of Middle Eastern crudes.

Oct 07 - Equinor starts production at giant Johan Sverdrup oilfield 
Oil and gas firm Equinor has started production at its giant Johan Sverdrup oilfield in the North Sea, the largest offshore development in Norway since the 1980s, the Norwegian company said on Saturday. The Phase 1 development of the 2.7 billion barrels of oil equivalents field is expected to reach plateau production of 440,000 barrels of oil equivalents per day (boepd) during the summer of 2020, the company added in a statement.

Oct 07 - Hedge funds cut bullish U.S. crude bets last week - CFTC 
Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Oct. 1, 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 64,471 contracts to 148,090 during the period.

Oct 07 - U.S. oil drillers cut rigs for seventh week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year. Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. 

Oct 04 - Saudi Arabia restores full oil output after attacks, focused on Aramco IPO 
Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focused on the listing of state oil giant Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said on Thursday. The kingdom's crude oil production capacity is now 11.3 million barrels per day, he said, adding that the attacks, which halved the crude output of the world's top exporter, were an attempt to ruin Saudi Arabia's reputation as "a reliable, secure and dependable oil supplier".

Oct 04 - U.S. Energy Secretary Perry expected to announce resignation next month - Politico 
U.S. Energy Secretary Rick Perry is expected to announce his resignation in November, Politico reported on Thursday, citing three unidentified people familiar with his plans. A spokeswoman for the Energy Department said Perry remains a "proud member" of President Donald Trump's Cabinet, in a statement that stopped short of denying the Politico report.

 
Oct 04 - Trump administration likely to announce details of biofuels deal by Friday - sources 
The Trump administration is expected to announce by Friday details of a U.S. biofuels policy deal to help farmers angry over waivers granted to refiners exempting them from using corn-based ethanol and other biofuels, four sources familiar with the matter said. The White House has held weeks of discussions with farm- and oil-state senators and executives at oil refiners and officials at biofuels producers.

Oct 04 - Russia's Rosneft seeks euros for all new export deals - documents 
Russia's Rosneft has set the euro as the default currency for all its new export contracts including for crude oil, oil products, petrochemicals and liquefied petroleum gas, tender documents showed. The switch from U.S. dollars, which happened in September according to the tender documents published on Rosneft's website, is set to reduce the state-controlled firm's vulnerability to potential fresh U.S. sanctions.

Oct 04 - In blow to U.S., EU pledges quick move on tax for polluting firms 
The European Commission will quickly start work on a tax on foreign polluting firms, the nominee for the EU's economic and tax commissioner said on Thursday, a move that could hit U.S. companies and deepen a trade war with Washington. In his confirmation hearing before EU lawmakers, Italy's Paolo Gentiloni also pledged "adequate" fiscal efforts to counter an economic slowdown in the euro zone that he said could be longer than currently expected.

Oct 04 - Ecuador sees oil output of 590,000 bpd in 2020 after OPEC exit 
Ecuador expects crude production to rise to 590,000 barrels-per-day (bpd) in 2020 after its planned withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), the energy minister said on Thursday. The Andean producer is pulling out of OPEC to free itself from quota restrictions and hike output amid a cash squeeze. 

Oct 03 - Chevron's shale allies are its secret weapon in Exxon race 
U.S. oil company Chevron Corp is turning to joint ventures and drilling alliances in its bid to dominate the Permian Basin after abandoning a takeover that would have made it the leading producer in the world's biggest shale field. It is now in a race with Exxon Mobil to be the first to pump a million barrels of shale oil a day from the field in the U.S. southwest, using a strategy that depends on a host of partners sharing their expertise and their output.

 
Oct 03 - Saudi oil prices for Asia expected to jump in Nov after attack 
Top oil exporter Saudi Arabia is expected to hike its prices for all crude grades it sells to Asia in November after an attack on its oil facilities led to a spike in Middle East benchmarks last month, industry sources said. The official selling price (OSP) for flagship Arab Light crude in November is expected to rise by at least 50 cents a barrel from the previous month to the highest since July, a Reuters survey of sources at five Asian refineries showed.

Oct 03 - U.S. crude stockpiles build as refineries cut back runs 
U.S. crude oil stockpiles rose last week as refineries reduced output amid seasonal maintenance, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.1 million barrels in the week ended Sept. 27, compared with analyst expectations for an increase of 1.6 million barrels.

Oct 03 - Trump's EPA may use partial refinery waivers under biofuel deal - sources 
The U.S. Environmental Protection Agency may use partial small refinery exemptions under the Trump administration's biofuels deal to help farmers and boost ethanol consumption, two sources familiar with the matter said on Wednesday. The move would be aimed at reducing the impact of the waivers, which free refineries from their obligations under the Renewable Fuel Standard - a law requiring ethanol and other biofuels be blended into the nation's gasoline.

Oct 03 - U.S. oil drilling slowdown hits wider economy: Kemp
A downturn in oil and gas drilling is making a small but significant contribution to the overall slowdown in U.S. business investment and economic growth, intensifying the much bigger problems caused by the trade war with China. As domestic oil and gas production grows and becomes increasingly important to the U.S. economy, the fortunes of the industry increasingly have macroeconomic as well as microeconomic implications.

Oct 03 - Citgo seeks U.S. help to keep Venezuela bondholders at bay 
U.S. President Donald Trump must act to prevent holders of Venezuelan state-run oil company PDVSA's bonds from taking control of U.S.-based Citgo Petroleum, the refiner's chairwoman said on Wednesday. Venezuelan congress chief Juan Guaido this year took control of Citgo and appointed a board of directors after the United States and dozens of other countries recognized him as the nation's elected leader, calling President Nicolas Maduro's 2018 re-election a sham.

Oct 03 - Supply surge and easing China growth kill LNG's seasonal swings: Russell 
Liquefied natural gas (LNG) won't enjoy its customary winter boost in Asia this year, and the seasonal swings in prices may well be a thing of the past as new supply and a steadier China demand profile dampen volatility. The forward curve for LNG futures isn't quite as flat as a pancake, but it certainly suggests that the northern winter price spike seen in seven of the last eight northern winters will be absent this year.

Oct 02 - Oil shipping rates from U.S. to Asia hit 3-year high, quieting Nov trade - sources 
Freight rates for U.S. crude tankers bound for Asia were bid up to a more than three-year peak this week as U.S. sanctions on a Chinese transport giant cut vessel availability, traders and ship brokers said. The United States last week imposed sanctions on two units of China's COSCO, which operates more than 50 supertankers, alleging the units violated U.S. sanctions on Iran. That action prompted U.S. Gulf Coast exporters to hold back chartering COSCO-owned vessels, traders and shipbrokers said.

 
Oct 02 - Ecuador to quit OPEC in 2020 in search of bigger export revenue 
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems. The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC.

Oct 02 - Trump administration close to finalizing biofuel deal - sources 
The Trump administration is close to finalizing a deal that would boost U.S. biofuels consumption and is aiming to get it signed by President Donald Trump on Friday, two sources familiar with the matter said on Tuesday. The policy change is intended to assuage anger in U.S. farm country, a key political constituency for Trump, after the administration exempted 31 oil refineries in August from their obligations under the U.S. Renewable Fuel Standard - a law requiring that corn-based ethanol and other biofuels be blended into the nation's fuel.

Oct 02 - Norway sovereign wealth fund to divest oil explorers, keep refiners 
Norway's $1.1 trillion sovereign fund will divest from companies that are solely dedicated to oil and gas exploration and production, while maintaining stakes in refiners and other downstream firms, the country's Finance Ministry said on Tuesday. Norway's Parliament earlier this year endorsed a plan to cut some oil firms from the fund's portfolio, but it was left to the government to define the scope of the exclusion.

Oct 02 - U.S. shale oil boom ends as lower prices take toll: Kemp 
U.S. oil production growth is decelerating gradually in response to lower prices, which should reduce predicted over-supply in 2020 and force the global oil market back towards balance. Domestic crude production fell 276,000 barrels per day to 11.806 million bpd in July, according to data published by the U.S. Energy Information Administration on Monday.

Oct 01 - Saudi Aramco restored oil output to pre-attack level - trading unit chief 
Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the chief executive officer of its trading arm, Ibrahim Al-Buainain, said on Monday. Oil output capacity was restored on Sept. 25, he told a conference in the United Arab Emirates' city of Fujairah. Oil production was restored to its pre-attack level of about 9.7 million barrels per day or even "a little higher" to replenish inventories, he said.

 
Oct 01 - OPEC oil output sinks to lowest since 2011 after Saudi attacks - Reuters survey 
OPEC oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and U.S. sanctions on Iran and Venezuela, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.9 million barrels per day (bpd) this month, the survey showed, down 750,000 bpd from August's revised figure and the lowest monthly total since 2011.

Oct 01 - Mexico's Pemex seeks control of U.S. oil firm's billion-barrel find 
When U.S. oil firm Talos Energy found nearly a billion barrels off Mexico's southern Gulf coast two years ago, it marked the first discovery by a foreign firm since the oil industry was nationalized eight decades earlier. Now Mexico's state-run oil firm Pemex wants to take over the lucrative project, according to two former Mexican energy officials and two company executives with knowledge of internal Pemex discussions.

Oct 01 - China's imports of major commodities stayed resilient in September: Russell 
China's imports of major commodities, including crude oil, iron ore, liquefied natural gas (LNG) and coal, appeared to have once again shown resilience in September, challenging the prevailing narrative that the world's second-largest economy is weakening. While official customs data for the month will only be published next week after the national day holidays, vessel-tracking and port data compiled by Refinitiv suggest that imports held up in September.

Oct 01 - U.S. sanctions on COSCO hit LNG tankers in Russia's Arctic 
U.S. sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas (LNG) tanker industry on Monday as U.S.-listed Teekay LNG said its shipping joint venture in Russia had been "blocked" because of its ties to COSCO. The United States imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co for allegedly carrying Iranian crude oil.

Oct 01 - U.S. oil output slides below 12 mln bpd in July - EIA 
U.S. crude oil output fell 276,000 barrels per day (bpd) in July to 11.81 million bpd, its third monthly decline from its record high in April at 12.12 million bpd, according to a U.S. Energy Information Administration monthly report released on Monday. A majority of the drop in production came as federal offshore Gulf of Mexico production slid about 332,000 bpd to 1.58 million bpd, the data showed.

Oct 01 - Oil price seen holding steady on Mideast tension, global downturn 
Oil prices are likely to remain steady this year as supply shocks from Saudi Arabia fail to lift prices in a market grappling with flagging demand, a Reuters survey showed on Monday, as warnings of a global economic deceleration mount. The survey of 53 economists and analysts forecast Brent crude would average $65.19 a barrel in 2019, little changed from $65.02 forecast last month. This was however, slightly higher than the $64.76 average for the global benchmark so far this year.

Sep 30 - British tanker docks in Dubai after detention by Iran
A British-flagged tanker that was detained by Iran for 10 weeks, docked in Dubai on Saturday, after a standoff that has stoked tensions along a vital global shipping route for oil. The Stena Impero, which sailed out of Iranian waters on Friday, was seized by Iran's Revolutionary Guards on July 19, shortly after British forces detained an Iranian tanker off the territory of Gibraltar. The Iranian ship was released in August.

 
Sep 30 - Speculators reduce U.S. crude oil net longs - CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to Sept. 24, 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 8,199 contracts to 212,561 during the period.

Sep 30 - Canada regulator orders Enbridge to halt pipeline overhaul plan due to 'perception of abuse' 
The Canada Energy Regulator on Friday stopped Enbridge Inc from auctioning the right to send crude oil through its Mainline pipeline system due to the "perception of abuse of Enbridge's market power." Major producers in Canada, including Suncor Energy, have been protesting Enbridge's plans to switch to longer-term contracts from monthly agreements.

Sep 30 - Marathon's board backs CEO amid calls for his ouster 
Marathon Petroleum Corp said on Friday the top U.S. refiner's board supported Gary Heminger staying on as chief executive officer amid calls for his ouster from two top 10 shareholders. The demand from shareholders Paul Foster and Jeff Stevens comes when Marathon is already under pressure after activist investor Elliott Management Corp revived its call for the company to be split into three. 

Sep 27 - Global oil freight rates rocket as U.S. sanctions tanker units of Chinese giant COSCO 
Key oil freight rates from the Middle East to Asia jumped nearly a fifth on Friday, with the global oil shipping market spooked by fresh United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran. In what the State Department called "one of the largest sanctions actions the U.S. has taken" since curbs were re-imposed on Iran in November last year, two units of COSCO were named alongside other companies in claims of involvement in sanctions-busting shipments of Iranian oil. 

 
Sep 27 - Drones, sanctions, contamination: supply surprises leave oil unfazed 
They should have started a bull run, but supply shocks that have rocked the oil industry this year have failed to deliver a sustained rise in crude prices. Drone attacks crippled Saudi Aramco's oil plants, U.S. oil sanctions knocked out exports from Iran and Venezuela, and massive contamination tainted Russian oil flows. Yet, instead of sky-high prices, the market has been kept in check by a flood of oil from the U.S. fracking boom and worries about a global recession weighing on the demand outlook.

Sep 27 - UK tanker held in Iran leaves Bandar Abbas port - Refinitiv data 
The British-flagged Stena Impero tanker, detained by Iran in July, has started moving and exited the Bandar Abbas port on Friday, according to Refinitiv ship-tracking data. The Stena Impero was detained by Iran's Revolutionary Guards in the Strait of Hormuz waterway for alleged marine violations two weeks after Britain seized an Iranian tanker off the territory of Gibraltar. That vessel was released in August.

Sep 27 - Saudi Aramco lures sovereign funds to hit $2 trln IPO valuation - sources 
State-owned Saudi Aramco has approached Abu Dhabi Investment Authority (ADIA), Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of the oil giant's listing at it seeks to achieve a $2 trillion valuation, sources said. After initial conversations in recent months between Saudi Arabia and governments in the Gulf and Asia, approaches to their sovereign wealth funds have started via the banks appointed to handle Aramco's initial public offering (IPO), the sources said.

Sep 27 - Trump's impeachment battle could delay biofuels deal - industry sources 
U.S. biofuel industry sources said on Thursday they were concerned that an impeachment inquiry against President Donald Trump could delay a pending deal on biofuels policy that is meant to boost demand for corn-based ethanol and biodiesel. Two weeks ago, Trump met with biofuel officials, farm- and oil-state senators and oil refining executives to hash out the details of a "giant package" related to ethanol that he had promised in August. While the groups seemed to be on the cusp of an agreement, Trump now finds himself mired in an intensifying partisan fight that could monopolize his attention for weeks, if not months. 

Sep 27 - Exxon to sell Norway assets to Eni's Var Energi for $4.5 bln 
Exxon Mobil Corp has agreed to sell its Norwegian oil and gas assets to Var Energi AS for $4.5 billion, ending its production in a country where it started operations more than a century ago. The deal includes ownership interests in more than 20 producing fields mostly operated by local producer Equinor with a combined production of about 150,000 barrels of oil equivalent per day in 2019.

Sep 26 - OPEC's Barkindo says quick Saudi response was key to curbing volatility 
Saudi Arabia's quick moves to restore output have been crucial to curbing oil price volatility after the global oil market had been shaken up following the attacks on some of its facilities, OPEC Secretary General Mohammed Barkindo said on Thursday. Barkindo said an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was "behind us".

Sep 26 - Murban crude oil futures are coming. Are they needed?: Russell 
The pricing of Middle East crude oil is poised for another shake-up, with Abu Dhabi seeking to establish a futures contract for its Murban grade that flows at 1.6 million barrels per day. State-owned Abu Dhabi National Oil Co (Adnoc) has chosen Intercontinental Exchange (ICE), the operators of the global benchmark Brent futures, for its new contract, slated to be launched in the first half of next year, S&P Global Platts reported earlier this month.

Sep 26 - Elliott revives call to split Marathon Petroleum into three 
Elliott Management Corp on Wednesday urged Marathon Petroleum Corp to split into three companies, saying it would boost shareholder value by as much as $40 billion, three years after the activist hedge fund asked the refiner to consider spinning off businesses. Shares of Marathon, which has a market capitalization of about $36 billion, were up 8.1% at $59.97.

Sep 26 - LNG investments hit record of $50 bln in 2019 - IEA chief 
Record investments of $50 billion have turned 2019 into a banner year for liquefied natural gas, with Canada and the United States being the main drivers, the chief of the International Energy Agency said on Thursday. The industrial sector is Asia's biggest driver of LNG, with China expected to overtake Japan as the world's top importer of the fuel in five years, said Fatih Birol, the agency's executive director.

Sep 26 - U.S. crude stocks build unexpectedly as refining rates slow - EIA 
U.S. crude oil stockpiles rose unexpectedly last week as refineries trimmed production heading into the less active autumn season, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.4 million barrels in the week to Sept. 20, compared with analyst expectations in a Reuters poll for a 249,000-barrel decline. Overall inventories fell to 419.5 million barrels.

Sep 26 - Chevron says no arbitration for now over Thai energy dispute
U.S. energy major Chevron Corp has decided to continue negotiations with Thailand rather than seek arbitration to resolve a dispute over who should pay the bill for removing offshore oil and gas platforms, the company told Reuters on Wednesday. Thailand wants Chevron to pay the full decommissioning costs for the energy infrastructure, estimated by one local newspaper at up to $2.5 billion.

Sep 25 - After attacks, Saudi Aramco trading arm seeks oil to meet deliveries - sources 
Saudi Aramco is buying oil originating in neighbouring countries to meet its supply obligations to foreign refineries, sources familiar with the matter told Reuters, after crippling attacks on the company's installations 10 days ago. The state firm's trading arm is arranging for crude from the United Arab Emirates and Kuwait to cover its commitments to refineries outside the kingdom such as in neighbouring Bahrain as well as Malaysia and South Korea, the sources said.

 
Sep 25 - U.S. slaps sanctions on firms moving Venezuelan oil to Cuba 
The U.S. Treasury Department on Tuesday imposed sanctions on four maritime firms and vessels transporting Venezuelan oil to Cuba, amid an acute fuel scarcity in the island that is forcing people to line up for gasoline and public transport. Despite tough U.S. measures against Venezuela's state-owned oil company PDVSA in January, Cuba's state-run oil import and export company Cubametales and other Cuba-based entities "have continued to circumvent sanctions by receiving oil shipments from Venezuela," the Treasury said in a statement.

Sep 25 - French oil company Total joins rivals in pledging higher returns 
French oil and gas company Total pledged on Tuesday to increase dividends and consider buying back shares, echoing moves by rivals to woo investors worried about the impact of climate change on fossil fuel stocks. Total said it would increase its dividend by 5% to 6% a year, higher than its previous goal of raising dividends by 3%, which would result in a third interim dividend of 0.68 euros ($0.75) per share for 2019.

Sep 25 - U.S. EPA granted full biofuel waivers to refineries despite Energy Dept advice - memo 
The U.S. Environmental Protection Agency granted some refineries full waivers from biofuels regulation for the 2018 compliance year, even though the Department of Energy had recommended partial exemptions, according to an EPA memo seen by Reuters. The decision upset the powerful U.S. corn lobby, already angry at the Trump administration's move in August to grant 31 full exemptions to refineries, freeing them from an at-times costly obligation to use biofuels such as corn-based ethanol.

Sep 25 - Oil prices struggle amid economic despond: Kemp 
Oil prices are sinking again as concerns about the health of the global economy and petroleum consumption replace fears about the vulnerability of Saudi Arabia’s infrastructure as the main focus for traders. Recent economic data has painted a mixed picture about whether the global economy is flatlining or pulling out of the slowdown that hit during the second half of 2018 and the first half of this year.

Sep 24 - Saudi Arabia to restore full oil output by next week - source 
Saudi Arabia has restored more than 75% of crude output lost after attacks on its facilities and will return to full volumes by early next week, a source briefed on the latest developments told Reuters on Monday. Saudi oil production from its Khurais plant is now at more than 1.3 million barrels per day, while current production from its Abqaiq plant is at about 3 million bpd, the source said.

 
Sep 24 - Under pressure on climate, Big Oil pitches to the young 
Facing rising anger from young people for their role in accelerating climate change, chief executives of major oil companies launched an effort on Monday to burnish their image on the sidelines of the United Nations Climate Action Summit. The Oil and Gas Climate Initiative, representing 13 major global oil companies, held meetings with around 20 students and young professionals aimed at laying the groundwork for a long-term plan to engage with young people.

 
Sep 24 - Saudi oil attacks leave hedge funds unmoved despite battle of the bots: Kemp 
Hedge fund managers remain cautious about the outlook for oil prices despite a short-term surge following the recent attacks on Saudi Arabia’s oil installations. Amid record trading volumes, oil prices posted a record one-day rise on Sept. 16, the first trading day after the attacks. However, most of this was probably attributable to short-term computerised market-making programmes ("bots") taking intra-day positions rather than fund managers shifting their strategic view.

Sep 24 - Australian mining lobby launches ad blitz urging reforms after coal projects blocked 
An influential lobby group for Australia's multi-billion dollar coal mining industry has launched an advertising blitz to rally public support for an overhaul of state planning laws after a commission blocked new projects citing climate change concerns. Funded by the mining industry including global giant BHP Group, the New South Wales Minerals Council said on Tuesday it would draw on a multi-million dollar "fighting fund" in promoting the campaign "to protect NSW jobs and the economy".

Sep 24 - British tanker Stena Impero free to leave - Iran ambassador to UK 
The detained British-flagged tanker Stena Impero is "free to leave," Iran's ambassador to the United Kingdom, Hamid Baeidinejad, said on Twitter on Monday. "The British-flagged tanker 'Stena Impero', pursuant to the completion of the judicial and legal process, is now free to leave," he wrote.

Sep 23 - Like fine whisky, Texan oil exporters tout unblended crude 
Decades ago, a distiller in Scotland discovered the marketing power of "single malt" whisky, untouched by blending - a technique now being embraced by sellers of Texas crude oil. The United States is selling more oil overseas than ever, and refiners in Europe and Asia are scrutinizing the quality of that oil after some shipments of U.S. crude contained impurities or contaminants that made it difficult for overseas refiners to process. Two U.S. shipments were even refused by South Korea last year. 

Sep 23 - Saudi Aramco sees full oil production from attacked sites by end September
Saudi state oil company Aramco said it will bring back by end September full crude output at Abqaiq and Khurais, the two oil facilities damaged by attacks that U.S. officials have blamed on Iran. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Fahad Abdulkarim, Aramco's general manager for the southern area oil operation, told reporters on a tour organised by the company to the two sites east of the capital Riyadh. 

 
Sep 23 - Trafigura joins others to lend $1 bln to independent Chinese oil refiner 
Commodities trader Trafigura has joined a group of lenders to provide a $1 billion loan backed by future oil sales to Chinese independent refiner, Shandong Qingyuan, in a deal which underscores the opening up of China to trading houses. Chinese banks have scaled down lending due to an economic slowdown, creating an opportunity for trading houses to step in, just as they had after the 2008-2009 financial crisis when risk appetite fell as bank regulation increased.

Sep 23 - China's Aug gasoline exports off peaks, LNG imports at 7-month high 
China's gasoline exports in August eased from near-record highs posted in the previous month, while diesel exports came in lower than July, customs data showed on Monday, but analysts expect refined oil exports to grow significantly in the coming months. Imports of liquefied natural gas (LNG) in August came in at 5.19 million tonnes, 10.7% higher than a year-ago period, and the highest monthly import since January, customs data showed.

Sep 23 - Inside Saudi Arabia's response to a raid on the heart of the oil kingdom 
Saudi Arabia's newly appointed energy minister was in London when he learned in the middle of the night of the largest-ever attack on the kingdom’s oil infrastructure. Prince Abdulaziz bin Salman, a veteran oil official and senior member of the Al Saud ruling family, hurried back to the kingdom, flying by private jet to Aramco’s headquarters in Dhahran to assess the damage and manage the fallout from the attack on the world’s largest oil exporter, three sources close to the matter said. Officials at state-run oil company Saudi Aramco, meanwhile, gathered in what was referred to internally as the “emergency management room” at the company’s headquarters.

Sep 23 - Iranian maritime official says UK tanker Stena Impero to be released soon - Fars news 
Stena Impero, the British-flagged tanker detained by Iran on July 19, will be released soon, an Iranian maritime official said on Sunday, according to the semi-official Fars news agency. The Stena Impero was detained by Iran's Revolutionary Guards in the Strait of Hormuz waterway for alleged marine violations, two weeks after Britain seized an Iranian tanker off Gibraltar. That vessel was released in August.

Sep 23 - Oil CEOs push carbon-capture efforts ahead of climate talks 
A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York. Oil chiefs grappling with growing demand for climate change action have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp CEO Vicki Hollub, say could make drilling carbon neutral. 

Sep 23 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to Sept. 17, 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 11,209 contracts to 220,758 during the period. The period included Monday, when markets were roiled following attacks on state-run Saudi Aramco facilities that shut down more than 5 million barrels of daily production.

Sep 20 - Real crunch from Saudi Arabia's oil outage has yet to be felt 
Saudi Arabia's ability to avert a global oil supply crunch will only become clear in a few weeks, because for now its crude held in storage can fill the gap and mask the scale of damage to its facilities, traders and analysts say. Riyadh says production will be back to normal levels in two to three weeks, which means restoring output to about 10 million barrels per day (bpd), after Saturday's attacks on two sites that usually process and clean up about 5.7 million bpd.

Sep 20 - Storm disrupts U.S. Gulf Coast energy operations from refineries to terminals 
Energy infrastructure on the U.S. Gulf Coast was hit hard by Tropical Storm Imelda on Thursday, as flooding forced a major refinery to cut production and a key oil pipeline, terminals and a ship channel in Texas were shut, according to sources familiar with operations. Torrential rain has inundated the Gulf Coast from Houston to western Louisiana for a second straight day. The National Hurricane Center forecast the storm could drop up to 40 inches (102 cm) of rain along the southeastern coast of Texas through Thursday night.

 
Sep 20 - Saudi attacks rattle shippers' plan to switch fuels 
Refinery outages in Saudi Arabia following weekend attacks on its oil facilities could deal a blow to the shipping industry's preparations for the biggest switch in fuel standards in decades. Saudi Aramco, the state-run oil company, shut an estimated 40% of its refining capacity, roughly 1 million barrels per day (bpd), following Saturday's missile and drone strikes on a major oilfield and the country's largest processing plant.

Sep 20 - Ukraine, Russia fail to reach gas deal for Europe but agree to meet again 
Russia and Ukraine failed to reach a new gas transit deal on Thursday, but said talks were "constructive" and they would meet again to try to find an agreement before the current one ends. There are a number of obstacles to a deal, such as a political row between Kiev and Moscow, a pro-Russian insurgency in eastern Ukraine, and litigation between Russian gas supplier Gazprom and Ukraine energy company Naftogaz.

Sep 20 - 'Very engaged' Trump talks biofuels policy with U.S. oil-state senators 
President Donald Trump on Thursday discussed biofuels policy with senators from U.S. oil states, including Louisiana Senator Bill Cassidy, who said the president was engaged on the issue that has pitted Big Oil and Big Corn against each other. The oil industry is opposed to the Trump administration's tentative plan to boost annual ethanol usage mandates.

Sep 20 - Oil traders reassess interruption of Saudi output: Kemp 
Brent oil futures prices have gyrated wildly as traders have tried to assess the impact of last week's attacks on Saudi Arabia's oil infrastructure on the actual availability of crude. Brent's six-month calendar spread surged to a backwardation of more than $5.50 per barrel on the first trading day after the attacks, the highest for six years, showing oil traders were anticipating severe shortages in the very short term.

Sep 19 - Trump sees many options short of war with Iran after attacks on Saudis 
U.S. President Donald Trump said on Wednesday there were many options short of war with Iran after U.S. ally Saudi Arabia displayed remnants of drones and missiles it said were used in a crippling attack on its oil sites that was "unquestionably sponsored" by Tehran. "There are many options. There's the ultimate option and there are options that are a lot less than that. And we'll see," Trump told reporters in Los Angeles. "I'm saying the ultimate option meaning go in -- war."

 
Sep 19 - Saudi attacks roil physical crude market more than paper futures: Russell 
As the dust continues to settle from the weekend attacks on Saudi Arabia's main oil processing facility, it's worth noting the price reaction for physical crude told a somewhat different story to that of the futures market. Commentary and analysis in the wake of the weekend strikes that knocked some 5.7 million barrels per day of production offline was concentrated on the 15% surge in global benchmark Brent futures, the biggest jump in more than 30 years.

Sep 19 - U.S. crude stockpiles rise unexpectedly, Cushing draws down for 11th week - EIA 
U.S. crude oil stockpiles rose unexpectedly last week as refineries cut production and imports grew, but inventories at the key Cushing hub declined for an 11th week in a row, the Energy Information Administration said on Wednesday. After four weeks of drawdowns, crude inventories rose 1.1 million barrels in the week to Sept. 13. Analysts in Reuters poll had forecast for a decrease of 2.5 million barrels.

Sep 19 - Trump to meet with U.S. senators Thursday over biofuels policy 
President Donald Trump will meet on Thursday with U.S. senators to discuss biofuels policy, Senator Bill Cassidy's office said, as Trump attempts to find a compromise between Big Oil and Big Corn on an issue that pits two constituencies that are important to Trump's quest for a second term against each other. The meeting will continue a marathon of discussions the White House has held since last week with biofuel and oil refining advocates - including senators from key farm states and refining executives - to negotiate a deal over how much ethanol should be blended into the nation's gasoline. Thursday's meeting will likely focus on the demands of the oil industry.

Sep 19 - Saudi Arabia draws down oil stocks to maintain supply after attack: Kemp 
Saudi Arabia will try to maintain oil supplies to its major customers by drawing down crude stored at tank farms in the kingdom and in its global network while repairing and replacing installations damaged in the recent attacks. Saudi Arabia reported domestic crude stocks of 180 million barrels at the end of July, government data supplied to the Joint Organisations Data Initiative showed.

Sep 18 - Saudi oil attacks came from southwest Iran, U.S. official says, raising tensions 
The United States believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran, a U.S. official told Reuters, an assessment that further increases tension in the Middle East. Three officials, speaking to Reuters on condition of anonymity, said the attacks involved cruise missiles and drones, indicating that they involved a higher degree of complexity and sophistication than initially thought.

 
Sep 18 - China's Unipec accelerates U.S. crude purchases after Saudi oil attacks 
China's Unipec, the trading arm of Asia's top oil refiner Sinopec, chartered at least four crude tankers this week from the United States, ramping up shipments after attacks on Saudi Arabia's oil facilities and as trade tensions between the world's two largest economies cool, sources said on Tuesday. Three Aframax vessels that can carry about 750,000 barrels, and one supertanker that can hold about 2 million barrels of crude, have been chartered by Unipec tentatively, according to a shipping source and Refinitiv Eikon data.

Sep 18 - Venezuela slows oil output, blending as stocks mount - sources, data 
Venezuela's state-run oil company PDVSA has suspended some crude blending and cut back production as inventories have swelled due to U.S. sanctions scaring off buyers and shippers, according to internal documents, sources and data. Washington this year imposed several rounds of sanctions on PDVSA in an attempt to oust socialist President Nicolas Maduro, whose 2018 re-election was dismissed by the opposition and most Western democracies as a sham. 

Sep 18 - Investors turn heat on Big Oil ahead of U.N. climate summit 
Investors managing $15 trillion in assets turned up the heat on oil and gas sector on Wednesday ahead of a United Nations summit in New York aimed at accelerating efforts to fight climate change. Energy companies are on the front line of the global transition to a low-carbon economy, with investors potentially on the hook for hefty losses if the companies do not overhaul their business models in time.

Sep 18 - Minnesota court rejects challenges to Enbridge Line 3 pipeline approval 
The Minnesota Supreme Court declined on Tuesday to hear environmental and tribal challenges to Enbridge Inc's Line 3 oil pipeline, a decision that removes one potential obstacle for the already-delayed project. The ruling means the Minnesota Public Utilities Commission (MPUC), the state regulator that approved the Line 3 project last year, will not have to consider additional environmental issues.

Sep 18 - Hedge funds turned bullish on oil before Saudi attacks: Kemp 
Before the attacks on Saudi Arabia's oil installations on Sept. 14, hedge fund managers had started to become more bullish, or at least less bearish, about the prospects for oil prices amid hope for a trade truce between the United States and China. Hedge funds and other money managers purchased the equivalent of 122 million barrels of crude and fuels in the six most important futures and options contracts in the week to Sept. 10, the largest one-week increase for more than a year.

Sep 17 - Trump says he does not want war after attack on Saudi oil facilities 
U.S. President Donald Trump said on Monday said it looked like Iran was behind attacks on oil plants in Saudi Arabia but stressed he did not want to go to war, as the attacks sent oil prices soaring and raised fears of a new Middle East conflict. Iran has rejected U.S. charges it was behind the strikes on Saturday that damaged the world's biggest crude-processing plant and triggered the largest jump in crude prices in decades.

 
Sep 17 - Buyers of Saudi oil scramble for alternatives, U.S. exports ramp up 
The oil markets were in turmoil on Monday after the weekend's attack on Saudi facilities, as refiners in top consumer Asia looked for alternative supplies, U.S. crude producers ramped up efforts to export crude and Saudi Arabia tried to secure refined products. Crude prices surged by nearly 20% on Monday, the biggest jump in almost 30 years, after Saturday's attack cut output at processing facilities at Abqaiq and Khurais by a total 5.7 million barrels per day (bpd), knocking out half the kingdom's production.

Sep 17 - U.S. shale oil output to rise to record 8.8 mln bpd in Oct - EIA 
U.S. oil output from seven major shale formations is expected to rise by 74,000 barrels per day (bpd) in October to a record high 8.843 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen climbing around 71,000 bpd to a record high 4.485 million bpd in October. That would be the ninth consecutive month of increases in the basin, its longest streak since December 2018.

Sep 17 - Saudi Aramco trading arm wants refined products after attacks - sources 
Saudi Aramco's trading arm is looking for oil products for prompt delivery after Saturday's attacks on Saudi oil facilities, several trade sources said this week. Saudi Arabia is set to become a significant buyer of refined products after the attacks forced it to shut down more than half of its crude oil output and some of its gas, consultancy Energy Aspects said in a note on Sunday. 

Sep 17 - OPEC says too early for any action on oil after Saudi attacks 
OPEC is assessing the impact on the oil market from attacks on Saudi Arabian facilities and says it is too early for members to take any action on raising output or holding a meeting, the UAE energy minister and other sources said. Oil surged on Monday to almost $72 a barrel, posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saturday shut more than 5 million barrels per day (bpd) of output, or over 5% of global supply.  

Sep 17 - Trump backs plan that would boost biofuel quotas 10% in 2020
U.S. President Donald Trump has tentatively approved a plan to increase the amount of biofuels that oil refiners are required to blend each year to compensate for exemptions handed out to small refiners by the Environmental Protection Agency, two sources familiar with the matter said. The plan is intended to address a major source of anger in U.S. farm country as Trump seeks to hold favor in the Midwest ahead of next year’s election, but it is likely to upset the oil industry, another important political constituency, underscoring the pitfalls of U.S. biofuel policy.

Sep 16 - U.S. blames Iran for Saudi oil attack, Trump says 'locked and loaded' 
U.S. President Donald Trump said on Sunday the United States was "locked and loaded" for a potential response to the attack on Saudi Arabia's oil facilities, after a senior U.S. administration official said Iran was to blame. Trump also authorized the use of the U.S. emergency oil stockpile to ensure stable supplies after the attack, which shut 5% of world production and sent crude prices soaring more than 19% in early trade on Monday, before moderating to show a 10% gain.

 
Sep 16 - Attack on Saudi leaves world without spare oil capacity 
The strike on the heartland of Saudi Arabia's oil industry, including damage to the world's biggest petroleum-processing facility, has driven oil prices to their highest level in nearly four months. The attack on Saudi oil facilities on Saturday not only knocked out over half of the country's production, it also removed almost all the spare capacity available to compensate for any major disruption in oil supplies worldwide.

Sep 16 - China's Aug crude throughput rises to monthly record on higher margins 
Crude oil throughput at China's refineries in August rose 6.9% from a year earlier to a record high on monthly basis, data showed on Monday, driven by a rebound in refining margins and a ramp-up in production at new plants. Refinery runs climbed to 54 million tonnes last month, or about 12.72 million barrels per day (bpd), according to figures from the National Bureau of Statistics (NBS).

Sep 16 - U.S. shale seen unlikely to quickly replace barrels lost in attack on Saudi facilities 
U.S. shale producers have added millions of barrels to global crude supply in recent years, but that does not mean they can quickly replace barrels lost from weekend attacks on Saudi Aramco facilities, energy experts said on Sunday. Shale producers this year have been cutting budgets and workers and trimming production goals after years of heavy spending. They remain under intense pressure from investors to restrain spending and return money to shareholders through buybacks and dividends rather than expand drilling.

Sep 16 - Will the hard lessons of the Saudi oil attack be learned?: Russell 
The attacks on Saudi Arabia's oil facilities have done more than knock out some 5% of global crude supplies, they have provided a myriad of lessons for all involved. There is still a high level of uncertainty as to who, what and how exactly Saturday's attacks were carried out on Saudi Aramco's facilities, including the massive crude processing plant at Abqaiq.

Sep 16 - Hedge funds extend bullish crude bets in week 
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to Sept. 10, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 30,249 contracts to 209,549 during the period.

Sep 13 - OPEC members Iraq, Nigeria agree to cut oil output 
OPEC agreed on Thursday to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets as the group strives to prevent a glut amid soaring U.S. production and a slowing global economy. Oil prices have dropped below $60 per barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela.

 
Sep 13 - U.S. briefly overtakes Saudi Arabia as top oil exporter - IEA
Gloal oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world's top exporter. "With oil prices currently about 20% lower than a year ago, there will be support for consumers," the IEA said in its monthly report.

Sep 13 - Low-cost fracking offers boon to oil producers, headaches for suppliers 
At a dusty drilling site east of San Antonio, shale producer EOG Resources Inc recently completed its latest well using a new technology developed by a small services firm that promises to slash the cost of each by $200,000. The technology, called electric fracking and powered by natural gas from EOG's own wells instead of costly diesel fuel, shows how shale producers keep finding new ways to cut costs in the face of pressures to improve their returns.

Sep 13 - U.S. says it has evidence Adrian Darya 1 oil transferred to Syria 
The United States has evidence that the Iranian tanker Adrian Darya 1 has transferred its crude oil to the Syrian government, breaking assurances it gave not to sell crude to the country, the U.S. State Department said on Thursday. British commandos on July 4 seized the vessel, formerly named the Grace 1, on suspicion that it was en route to Syria in breach of European Union sanctions. 

Sep 13 - Climate protesters arrested at Texas port during U.S. presidential debate 
Police have arrested the Greenpeace climate protesters who closed part of a key oil export waterway for 18 hours by tying themselves to a bridge and dangling over the water. The closure of one portion of the Houston Ship Channel, which stretches 53 miles (85 km) from its entrance in the Gulf of Mexico to the Port of Houston, blocked tanker ship traffic to and from five major oil refineries as well as chemical and oil-export terminals.

Sep 13 - Norway's Equinor sells two new crude grades from North Sea fields
Norway's Equinor has started selling crude from two new oilfields in the British North Sea where the combined production is expected to reach nearly half a million barrels per day in 2020, senior company executives said. The company started production from the Mariner field in mid-August while output from Johan Sverdrup, the largest North Sea discovery in more than three decades, is expected to start in October. 

Sep 13 - IEA lowers shipping fuel demand outlook as global trade slows 
Slowing global trade will lead to weaker growth than previously expected in oil demand from the shipping sector next year despite a shift to cleaner fuel, the International Energy Agency said on Thursday. The international energy watchdog's monthly report said it expects overall demand for shipping fuel, known as bunker fuel, to grow by only 0.4% in 2019 and 3.7% in 2020.

Sep 12 - OPEC cuts 2020 oil demand forecast, urges effort to avert new glut 
OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 bpd less than previously estimated, and indicated the market would be in surplus.

 
Sep 12 - Saudi Aramco gives nine banks top roles on world's biggest IPO -sources
Saudi Aramco has hired nine banks as joint global coordinators to lead its planned initial public offering (IPO), slated to be the world's largest, two sources familiar with the matter told Reuters on Wednesday. The mandates have been heavily sought by the world's biggest investment banks for a transaction which, according to Saudi Crown Prince Mohammed bin Salman's initial plans, could generate around $100 billion for Saudi Arabia's state coffers.

Sep 12 - Downbeat: Oil traders dwell on weaker demand growth at industry meets 
Oil executives and traders attending major industry gatherings in Singapore and Abu Dhabi this week have flagged deteriorating demand growth in key markets such as China and India for downbeat expectations on crude oil heading into 2020. Disappointing data releases across key economies, including historically weak car sales in China and India and a contraction in China's factory activity, have helped to fuel the gloom. 

Sep 12 - U.S. crude inventories drop to lowest in nearly a year 
U.S. crude oil stockpiles fell last week to the lowest in nearly a year, with Cushing inventories falling for the tenth straight week, as refineries raised output and imports fell, the Energy Information Administration said on Wednesday. Crude inventories fell for a fourth straight week, decreasing 6.9 million barrels in the week to Sept. 6, more than double analysts' expectations for a 2.7 million-barrel drawdown.

Sep 12 - White House pushes biofuel deal to biofuel producers, oil refiners -sources  
White House officials on Wednesday urged U.S. biofuel producers and oil refiners to accept a deal to lift biofuel blending mandates in 2020, saying overlong negotiations could make it hard to enact the change in time for next year, sources familiar with the discussions said. The White House is trying to soothe farmers infuriated by the Trump administration's decision in August to exempt 31 oil refineries from their requirement to blend biofuels under the U.S. 

Sep 12 - U.S. oil and gas jobs fall as shale boom cools: Kemp 
U.S. oil and gas employment has started to fall as producers and service companies respond to the sharp decline in prices since the fourth quarter of 2018. The number of jobs in "mining support activities", a category that includes oil and gas drilling, as well as site preparation and well completion services, has been drifting gently lower since October 2018.

Sep 11 - Saudi Aramco prepared for foreign float alongside main domestic listing 
Saudi Aramco is primed to float on international markets to complement a planned primary listing at home, the Saudi Arabian oil giant's chief executive said on Tuesday. Aramco's initial public offering (IPO) would happen "very soon", Amin Nasser cited Saudi Arabia's new energy minister Prince Abdulaziz bin Salman as saying, adding that the final decision on the venue and timing rested with the government.

 
Sep 11 - Oil demand to peak in three years, says energy adviser DNV GL
Global oil demand will peak in three years, plateau until around 2030 and then decline sharply, energy adviser DNV GL said in one of the most aggressive forecasts yet for peak oil. Most oil companies expect demand to peak between the late 2020s and the 2040s. 

Sep 11 - Policy options for Saudi Arabia’s new energy minister: Kemp
Prince Abdulaziz bin Salman is the first member of the Saudi royal family to be appointed to the all-important role of energy minister but he faces the same constraints as the commoners who held the position before him. The new minister needs higher oil prices to increase export earnings and help pay for the government’s ambitious social and economic transformation programme, known as Vision 2030.

Sep 11 - Asian oil refiners' light, sweet tooth drives changes in purchases 
Asian refiners are buying more light crude and trimming purchases of heavy oil, as they tweak production to meet rising demand for low-sulphur fuels in the shipping sector. Asia's demand for light, low sulphur crude grades, known as sweet crude, produced by countries such as the United States, the United Arab Emirates, Brazil and Nigeria has strengthened after the price gap between light and heavy crude narrowed this year amid record U.S. shale production and tighter availability of heavy oil.

Sep 11 - 'We need to talk about Donald' - The elephant in crude oil's uncertain world: Russell
"Uncertainty" was the buzzword at the crude oil industry's annual gathering in Asia, but virtually everybody was reluctant to talk about the root cause behind the sector's discomfort - U.S. President Donald Trump. Speaker after speaker at this week's Asia Pacific Petroleum Conference (APPEC) highlighted the challenges to the crude oil industry, from supply issues around Iran and Venezuela to the mounting risk of global economic slowdown amid ongoing and escalating trade disputes.

Sep 11 - U.S. crude output to grow slower-than-expected to record - EIA 
U.S. crude oil production is expected to rise by 1.25 million barrels per day (bpd) in 2019 to a record of 12.24 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, slightly lower than its previous forecast for a rise of 1.28 million bpd. The output in 2020 is forecast to rise by 990,000 bpd to 13.23 million bpd, according to the EIA.

Sep 11 - Mexico's new oil sales formula includes U.S. crude delivered to Houston -sources 
Mexico's new formula for its oil hedging program and to price its oil export sales now includes U.S. West Texas Intermediate crude delivered to East Houston, a popular U.S. export grade, three sources familiar with the matter said. Mexico recently launched its annual oil hedging program, Reuters reported last week, to lock in the coming year's oil-sales revenues against price volatility, in a program that usually costs more than $1 billion annually. 

Sep 10 - New Saudi energy minister says OPEC+ alliance staying for long term
Saudi Arabia's new energy minister said on Monday the world's top oil exporter would keep working with other producers to achieve market balance and that an OPEC-led supply-curbing deal would survive "with the will of everybody". Prince Abdulaziz bin Salman, who took over as energy minister from Khalid al-Falih on Sunday, told reporters there would be "no radical" change in the oil policy of Saudi Arabia, OPEC's de facto leader, which he said was based on strategic considerations such as reserves and energy consumption.

Sep 10 - Saudi Aramco pursues IPO with local listing plan as lines up banks - sources 
Saudi Arabia plans a gradual listing of Aramco on its domestic market, sources familiar with the matter said on Monday, as it finalises the roles banks will play in the initial public offering (IPO) of the world's biggest oil company. The kingdom intends to list 1% of the state oil giant on the Riyadh stock exchange before the end of this year and another 1% in 2020, the sources said, as initial steps ahead of a public sale of around 5% of Aramco. 

Sep 10 - China CNPC skips Venezuelan oil loading for 2nd month - sources 
China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said. CNPC made a surprise halt last month in loading Venezuelan oil after the Trump administration in early August froze Venezuelan government assets in the U.S. and officials warned companies against dealing with Venezuela's state-run oil company, Petróleos de Venezuela, S.A., or PDVSA. 

Sep 10 - Go West: Nigerian oil skirts U.S. shale boom in journey to California 
Nigeria's oil, displaced by U.S. shale, has found an unlikely new outlet this year: the coast of the continental United States that is farthest from the African country's shores. The shale boom has upended the global market, turning the United States from a keen buyer of Nigerian oil to an aggressive competitor.

Sep 10 - Qatar shortlists partners for North Field expansion, but says it may go it alone
Qatar has shortlisted international oil firms for a stake in its expanded North Field megaproject, Qatar Petroleum's chief executive told Reuters, but may still choose to go it alone unless majors offer it significant value. The expansion of tiny but gas-rich Qatar's liquefied natural gas (LNG) facilities, already the world's largest, is one of the energy sector's most lucrative projects, and the world's top oil and gas majors have been racing to secure a stake.

Sep 10 - Trade war, global economic uncertainty cloud oil outlook at Asia conference

Uncertainties surrounding the global economy, a prolonged trade war between the United States and China and increasing U.S. supplies are expected to weigh on oil prices this year, executives at a key industry conference said on Monday. Their comments at the Asia Pacific Petroleum Conference (APPEC), an annual gathering of top energy executives, were more tempered compared with last year, when merchants were forecasting oil at $100 per barrel by the start of 2019.

Sep 10 - Hedge funds sell oil as global economy deteriorates: Kemp 
Hedge funds are becoming more pessimistic about the outlook for oil prices as trade tensions between the United States and China remain unresolved and global economic growth grinds to a halt. Hedge funds and other money managers were net sellers of petroleum futures and options last week for the fifth time in seven weeks, according to an analysis of data published by regulators and exchanges.

Sep 10 - Repsol in advanced talks to buy Exxon assets in Gulf of Mexico - sources 
Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday. The deal would be a boon to Exxon's plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets. 

Sep 10 - U.S. says it is concerned about China's purchases of Iranian oil
The United States is "very concerned" about China's purchases of Iranian oil, Dan Brouillette, deputy secretary of the U.S. Department of Energy, said on Monday. "We are very concerned about the purchases that the Chinese people have made, the government in particular," he said on the sidelines of an energy conference in the United Arab Emirates, adding that U.S. officials would discuss the issue with the Chinese government.

 

Sep 09 - Saudi Arabia names veteran prince as energy minister 
Saudi Arabia's king appointed his son, Prince Abdulaziz bin Salman, as energy minister on Sunday, replacing Khalid al-Falih and for the first time handing the portfolio in the world's top oil exporter to a member of the royal family. Prince Abdulaziz, a longstanding member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), has decades of experience in the oil sector and is not expected to change the kingdom's oil and OPEC policies, Saudi officials and analysts say. 

Sep 09 - China's August crude imports rise on margin rebound, but fuel surplus persists 
China's crude oil imports gained about 3% in August from a month earlier, customs data showed on Sunday, buoyed by a recovery in refining margins desite a persistent surplus of oil products and tepid demand. Shipments of crude oil last month were recorded at 42.17 million tonnes, compared with 41.04 million tonnes in July, data from the General Administration of Customs showed on Sunday. Arrivals were 9.9% higher than 38.38 million tonnes in August last year.

Sep 09 - China plans subsidies for large pig farms to boost output 
China's state planner said on Monday it will issue subsidies of up to 5 million yuan ($700,000) to support the construction of large-scale pig farms in the latest measure to promote pig farming after a devastating disease ravaged the hog herd. The subsidies - to be at least 500,000 yuan but no more than 30% of the total project investment - must be issued by the end of 2020, the National Development and Reform Commission (NDRC) said in a statement on its website.

Sep 09 - U.S. will sanction whoever purchases Iran's oil - official 
The United States will continue to impose sanctions on whoever purchases Iran's oil or conducts business with Iran's Revolutionary Guards and no oil waivers will be re-issued, a U.S. official said on Sunday. Iran's crude oil exports were slashed by more than 80% due to re-imposed sanctions by the United States after President Donald Trump exited last year Iran's 2015 nuclear deal with world powers.

Sep 09 - Oil Search woes in Papua New Guinea throw spotlight on Alaska -
With a giant gas project expansion in the tropical highlands of remote Papua New Guinea bogged down by politics, the country's biggest company, Oil Search, is turning for growth to the other side of the world in Alaska's frozen wilderness. Australia-listed but headquartered in Port Moresby, the A$10.7 billion ($7.2 billion) oil and gas producer has shaped the industry in Papua New Guinea over the past 90 years, helping drive development in the impoverished nation.

Sep 09 - Saudi Aramco likely to give IPO roles to Citi, Goldman, HSBC and Samba -source 
Saudi Aramco is likely to give roles to Citi, Goldman Sachs, HSBC and Samba Financial Bank for its planned initial public offering (IPO), a source familiar with the transaction said on Sunday. The four banks would likely get these roles in addition to Morgan Stanley and JP Morgan Chase & Co. who were chosen to play a leading role in the transaction before the process was halted last year, the source said.

Sep 09 - U.S. oil drillers cut rigs for third week in a row - Baker Hughes 
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year. Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  

Sep 09 - U.S. shale firms cut budgets, staff as oil-price outlook dims 
Oil producers and their suppliers are cutting budgets, staffs and production goals amid a growing consensus of forecasts that oil and gas prices will stay low for several years. The U.S. has 904 working rigs, down 14% from a year ago, and even that is probably too many, estimated Harold Hamm, chief executive of shale producer Continental Resources, which has reduced the number of rigs at work. 

Sep 09 - Speculators cut U.S. crude oil net longs - CFTC
Money managers cut their net long U.S. crude futures and options positions in the week to September 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 17,753 contracts to 179,301 during the period.

Sep 09 - Libyan state oil firm cuts back fuel supplies to east amid battle over capital
Libya's state oil firm has restricted kerosene supplies to areas controlled by eastern commander Khalifa Haftar in what diplomats and oil officials said was an attempt to prevent his troops using them in their five-month-old battle to take the capital. The company said it took no side in the conflict and there was more than enough fuel in the east for civilian purposes.

Sep 06 - Exxon agrees $4 bln sale of Norway oil and gas assets - sources 
Exxon Mobil has agreed to sell its Norwegian oil and gas assets for up to $4 billion, ending its production in a country where it started operations more than a century ago, three sources familiar with the matter told Reuters on Thursday. U.S. oil major Exxon said in June it was looking to sell its Norwegian upstream portfolio, which comprises minority stakes in more than 20 fields, operated by local producer Equinor and Anglo-Dutch oil major Royal Dutch Shell.

Sep 06 - Big Oil undermines U.N. climate goals with $50 bln of new projects - report
Major oil companies have approved $50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday. The analysis found that investment plans by Royal Dutch Shell, BP and ExxonMobil among other companies will not be compatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius.

Sep 06 - Cheaper compliant fuel oil stalks gasoil's lead in IMO 2020 switch
When new global rules limiting the amount of sulphur in shipping fuels were announced, marine gasoil (MGO), a type of diesel fuel used on ships, was declared the early winner since most types readily met the new 0.5% limit on sulphur content. But with only about 100 days before the International Maritime Organization's (IMO) rules start, analysts and traders agree that the scale of the MGO demand swing will not be as great as expected.

Sep 06 - U.S. oil inventories fall across the board, crude for a 3rd week - EIA
U.S. oil inventories fell across the board last week, with crude drawing down for a third consecutive week despite a jump in imports, the Energy Information Administration said on Thursday. Crude inventories dropped by 4.8 million barrels in the week ended Aug. 30, nearly double analysts' expectations for a decrease of 2.5 million barrels.

Sep 06 - Mexico moves to launch world's largest oil hedge program - sources 
Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with the giant trade. A Wall Street source and a Mexican congressional source familiar with the program, both of whom declined to be identified because of the sensitive nature of the deal, told Reuters on Wednesday that banks have been submitting offers for the hedge and that Mexico had requested these quotes.

Sep 06 - Russian exports to Turkey, southeast Europe squeezed by LNG, Azeri gas
Russian gas exports to Turkey and eight other southeast European nations fell by more than a quarter in the first half of 2019 as cheaper liquefied natural gas (LNG) and new Azeri supplies helped the region reduce reliance on Russia. Russian exports to Turkey, the biggest regional market, fell 36% compared to the first half of 2018, while exports to Greece and Bulgaria dropped 12.7% and 17.4% respectively, data published by Russia's Gazprom showed.


Sep 06 - Bayer says Monsanto's list of influential people was not illegal 
Bayer said a law firm it commissioned to investigate lists compiled by Monsanto of European journalists, politicians and researchers had found no evidence of illegal behaviour. French prosecutors in May opened an inquiry after newspaper Le Monde filed a complaint alleging Monsanto, which was bought by Bayer for $63 billion, had kept files of influential people in a bid to sway public opinion on its pesticides. 

Sep 06 - Sluggish oil consumption to keep pressure on prices: Kemp
Global oil consumption is likely to increase by less than 1 million barrels per day this year, according to a downbeat but realistic assessment from BP's finance chief on Wednesday. Growth of less than 1 million barrels per day (bpd) would represent an increase of less than 1% in consumption and be the slowest growth since 2014 and before that 2012.

Sep 05 - Saudi's Rumayyan takes control of Aramco IPO executive committee - sources
The head of Saudi Arabia's sovereign wealth fund was made head of an executive committee overseeing plans to float shares in Saudi Aramco before he was named new chairman of the state oil giant this week, five sources familiar with the matter said. Yassir al-Rumayyan took over control of the committee from Finance Minister Mohammed al-Jadaan in July, the sources told Reuters, as preparations for the listing speed up.

Sep 05 - U.S. blacklists 'oil for terror' ship network as it raises pressure on IRGC 
The United States on Wednesday blacklisted an "oil for terror" network of firms, ships and individuals allegedly directed by Iran's Islamic Revolutionary Guard Corps (IRGC) for supplying Syria with oil worth hundreds of millions of dollars in breach of U.S. sanctions. Washington also issued a new international shipping advisory about IRGC's use of "deceptive practices" to violate U.S. sanctions on Iranian oil sales and warned that those doing business with blacklisted entities "are now exposed to U.S. sanctions," said State Department official Brian Hook, who oversees Iran policy.

Sep 05 - Russia, OPEC sources say Saudi shake-up won't affect oil pact 
Leadership changes in Saudi Arabia's oil industry will have no effect on cooperation between Moscow and Riyadh, two top Russian officials said, indicating the shake-up won't derail a global pact to support oil prices by curbing output. Separately, senior sources from OPEC and the oil industry said they expected Saudi Arabia to stick to its policy of restraining oil output as long as Riyadh wants to sell a stake in state oil firm Aramco.

Sep 05 - U.S. biodiesel industry leaders urge Trump's EPA to lift biodiesel mandate
U.S. biodiesel industry leaders told an Environmental Protection Agency regional administrator in Houston on Wednesday that they want the Trump administration to boost the volume of biodiesel that oil refiners must blend into their fuel each year, two sources familiar with the matter said. The request came days after President Donald Trump promised to deliver a "giant package" to U.S. farmers related to ethanol, in response to pressure from the corn lobby over the administration's expanded use of waivers freeing small refineries from their obligation to blend biofuels.

Sep 05 - Exxon, Chevron see consolidation in top U.S. shale field 
The two largest U.S. oil and gas companies on Tuesday left the door open for more acquisitions in the country's top shale field. Exxon Mobil Corp expects to see industry consolidation to happen "over some period of time," in the Permian Basin in west Texas and New Mexico, Chief Executive Darren Woods told investors at a Barclays energy conference in New York.

Sep 05 - Canadian court allows new challenges to Trans Mountain oil pipeline expansion 
Canada's Federal Court of Appeal on Wednesday agreed to hear challenges by six indigenous groups of the Canadian government's approval for an expansion of the Trans Mountain oil pipeline. In a ruling posted on its website, the court said the challenges relate to the adequacy of the government's consultations with indigenous groups, and that they must proceed on strict, short deadlines.

Sep 04 - Hedge funds cautious on oil, wait for economy: Kemp 
Hedge funds are becoming slightly more pessimistic about the outlook for oil and the economy, though position changes remain small owing to the holiday season in North America and Europe. Hedge funds and other money managers were small net sellers of petroleum futures and options last week for the third time in the last four weeks, according to an analysis of data published by regulators and exchanges.

Sep 04 - Saudi energy minister Falih loses seat on Aramco board 
Saudi Arabian Energy Minister Khalid al-Falih is no longer on the board of directors of state oil giant Aramco, according to the company's website. Saudi Arabia's transport minister, Nabeel al-Amudi, has been appointed to the board of Aramco, state news agency SPA reported on Tuesday.

Sep 04 - Papua New Guinea sticks to gas deal with Total for $13 bln project 
Papua New Guinea said on Tuesday it will honour a gas deal that Total SA signed with a previous government for a $13 billion plan to expand gas exports, after securing minor concessions from the French company. The decision removes uncertainty over the plan to double liquefied natural gas (LNG) exports from the Pacific nation that arose after new Prime Minister James Marape came to power in May promising to win more benefits for the impoverished country.

Sep 04 - GE's Baker Hughes sees range-bound oil prices for foreseeable future  
Oil prices are likely to remain range-bound for the "foreseeable future" and there will be little spending growth in North American oil and gas fields in the near to medium term, Lorenzo Simonelli, chief executive of General Electric Co's Baker Hughes said on Tuesday. The oil services company has begun re-evaluating its business portfolio to adjust to current market conditions and prepare for a lower carbon energy future, Simonelli told investors at a Barclays energy conference in New York. GE's Baker Hughes is a major supplier to liquefied natural gas (LNG) projects, and Simonelli said natural gas will play a key role in that transition.

Sep 04 - Venezuelan oil exports fall to lowest level in 2019 as U.S. sanctions bite -data
Venezuela's oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation's second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of crude and refined products by state-run oil company Petroleos de Venezuela (PDVSA) and its joint ventures declined last month to some 770,000 barrels per day (bpd) from 992,565 bpd in July and 1.13 million bpd in June, according to revised data.

Sep 04 - U.S. crude inventories seen falling for third straight week - poll
U.S. crude oil stockpiles likely declined for a third consecutive week, while distillate inventories were seen rising last week, a preliminary Reuters poll showed on Tuesday. Five analysts polled by Reuters estimated, on average, that crude stocks fell 2.6 million barrels in the week to Aug. 30.

Sep 03 - Sanctions choke Iran's crude sales, but oil product exports booming  
While U.S. sanctions on Iran's oil industry have slashed the OPEC member's crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show. Sanctions have barely affected Iran's exports of oil products, primarily fuel oil used for power generation and shipping as well as liquefied petroleum gas (LPG) used as cooking gas and petrochemical feed.

Sep 03 - Saudi Arabia names head of PIF as Aramco chairman
Saudi Arabia has named Yasir al-Rumayyan, head of the kingdom's sovereign wealth fund, known as the PIF, as chairman of Aramco, replacing Energy Minister Khalid al-Falih, as the state oil giant prepares to go public. Bloomberg reported the news first on Monday, citing an unnamed Saudi official.

Sep 03 - Saudi Arabia may raise light crude prices for Asia in Oct
Top oil exporter Saudi Arabia is expected to raise prices for light crude grades it sells to Asia in October on stronger Middle East benchmarks and gasoil margins, several trade sources said on Monday. The official selling price (OSP) for Arab Light crude in October is expected to rise by 40-50 cents a barrel, according to five of the six respondents in a Reuters survey.

Sep 03 - Russian oil output highest since March, tops cap target
Russian oil production in August rose to 11.294 million barrels per day (bpd), topping the rate Moscow has pledged to cap output at under a pact with other producers and hitting its highest since March, a data showed on Monday. Energy ministry data showed oil output rose to 47.763 million tonnes in August from 47.149 million in July.

Sep 03 - Europe set to buy more Asian gasoil as shippers switch to cleaner fuels 
More Asian gasoil is expected to head to Europe as buyers take advantage of the biggest seasonal price gap between the two regions in at least seven years to build up stocks ahead of a switch to cleaner marine fuels, traders and ship brokers said. Asian supplies are also expected to swell further in coming months as new refining capacities and the completion of refinery maintenance season add more barrels, especially from China and India, they said.

Sep 03 - China aims to rev up shale gas drive, wean itself off imports amid U.S. trade row
China aims to slash its growing dependence on gas imports by boosting domestic projects like shale fields as the security of its energy supply comes under the spotlight amid a festering trade war with the United States. The row with Washington has overshadowed China's economy, likely slowing gas demand growth considerably this year, a new government research report shows. But Beijing is funding new efforts to boost domestic production, particularly from so-called unconventional sources like shale gas, as weaning China off its import reliance takes on new importance.

Sep 02 - OPEC posts first 2019 oil-output rise despite Saudi cuts - Reuters survey
OPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries has pumped 29.61 million barrels per day (bpd) this month, the survey showed, up 80,000 bpd from July's revised figure which was the lowest OPEC total since 2014.

Sep 02 - Saudi Aramco board sees too many risks for New York IPO - sources
The board of Saudi Aramco has determined that listing the state energy giant in New York would carry too many legal risks to make it a realistic option, five sources said, although they said a final decision lay with Saudi Arabia's crown prince. New York was the exchange favoured by Crown Prince Mohammed bin Salman before plans for the initial public offering were put on hold last year, the sources said, even after Aramco's lawyers and some government advisers had raised legal concerns.

Sep 02 - Analysts slash oil price forecasts due to fears over economy, trade - poll
Analysts have slashed their oil price forecasts to the lowest in more than 16 months, citing softening global demand as an economic slowdown looms and uncertainty prevails on the U.S.-China trade front, a Reuters poll showed on Friday. The survey of 51 economists and analysts forecast Brent crude would average $65.02 a barrel in 2019, down about 4% from the previous month's $67.47 projection and compared with the $65.08 average for the global benchmark so far this year.

Sep 02 - Iranian oil tanker no longer has Turkish destination - ship tracking data
An Iranian oil tanker at the centre of a dispute between Washington and Tehran is no longer heading towards Turkey's Iskenderun port and now has no specified destination, Refinitiv ship tracking data showed on Saturday. The U.S. Treasury Department on Friday blacklisted the tanker, Adrian Darya 1, which was detained by Britain off Gibraltar in July due to British suspicion it was carrying Iranian oil to Syria in violation of European Union sanctions. 

Sep 02 - U.S. oil output falls for 2nd month to 12.08 mln bpd in June - EIA
U.S. crude oil output fell for a second straight month in June, dropping by 33,000 barrels per day (bpd) to 12.08 million bpd, the U.S. Energy Information Administration said in a monthly report released on Friday. Still, weekly U.S. crude production jumped to a new weekly record at 12.5 million bpd last week, based on separate EIA data.  

Sep 02 - U.S. oil drillers cut rigs for ninth month to least since Jan 2018 - Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating, with the rig count declining for the ninth straight month to its lowest since January last year as most producers cut spending on new drilling this year. Drillers cut 12 oil rigs in the week to Aug. 30, bringing the total count down to 742, the lowest since early January 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  

Sep 02 - Hedge funds cut bullish bets on U.S. crude last week - CFTC
Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Aug. 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 20,049 contracts to 197,055 during the period.

Sep 02 - Brazil's Petrobras extends period for companies to flag interest in buying its refineries 
Brazil's state-owned oil company Petroleo Brasileiro SA said on Friday that it would extend the deadline for parties to state their interest in buying four refineries it has put up for sale, based on high investor interest. Petrobras, as the firm is known, extended the deadline to Sept. 16 for firms to enter the first phase of the sales process, it said in a securities filing. Investors then have until Sept. 27 to sign confidentiality and other agreements required to advance in the sales process.

Sep 02 - Toxic chemical at PES refinery mostly cleared, aiding probe of June blaze 
Most of a highly toxic chemical stored at a fire-damaged Philadelphia oil refinery has been rendered inert, clearing the way for closer inspections of the site following a June blaze that led to the plant's closure, officials said on Friday. About 340,000 pounds of hydrofluoric acid (HF) stored at Philadelphia Energy Solutions' refinery was chemically neutralized, Philadelphia Fire Commissioner Adam Thiel said in a briefing. HF can burn the skin and form a potentially deadly fog at room temperature.

Aug 30 - U.S. Gulf Coast refinery operators keep an eye on Hurricane Dorian
Chevron Corp's 356,440 barrel-per-day Pascagoula, Mississippi, refinery is closely monitoring the progress of Hurricane Dorian, a company spokesman said on Thursday. Dorian is churning across the Atlantic Ocean toward landfall on the Atlantic coast of Florida over the weekend and may enter into the eastern Gulf of Mexico next week, according to some computer models.

Aug 30 - China's Xi sees bigger role for joint energy exploration with Philippines 
Chinese President Xi Jinping said China and the Philippines could take a "bigger step" in the joint development of oil and gas resources in the South China Sea if they can properly handle their dispute over sovereignty. Xi made the remarks on Thursday in a meeting in Beijing with Philippine President Rodrigo Duterte, whose largely pro-China foreign policy and reluctance to challenge its maritime assertiveness has drawn widespread domestic criticism. 

Aug 30 - Japan imports first LNG cargo from China as utilities try to cut costs 
Japan imported its first cargo of liquefied natural gas (LNG) from China in July as utilities from the world's biggest buyer of the fuel seek out new suppliers and try to lower costs amid tough competition at home. The shipment illustrates the increasing flexibility of the Asian LNG market. China has become the world's second-largest LNG buyer amid a surge in domestic gas usage. 

Aug 30 - Trump EPA proposes scrapping methane limits at oil and gas operations
The Trump administration on Thursday proposed rescinding Obama-era limits on oil and gas industry emissions of methane, one of the main pollutants scientists link to climate change, a move that drew backlash from environmentalists and institutional investors. The Environmental Protection Agency, or EPA, estimated that easing a 2016 regulation targeting methane emissions from oil and gas wells, pipelines and storage would save energy companies up to $123 million through 2025. 

Aug 30 - T. Rowe Price held talks with Guaido team on Venezuela PDVSA 2020 payment 
T. Rowe Price has held informal talks with advisors of Venezuelan opposition leader Juan Guaido about financing a $913 million payment on state oil firm PDVSA's 2020 bond, an executive at the U.S. fund manager told Reuters, adding the plan would only work if Washington alters sanctions on Venezuela. Guaido, who assumed an interim presidency in January after declaring President Nicolas Maduro's 2018 re-election a fraud, is seeking to ensure payment on the PDVSA 2020 because it is backed by shares in U.S. refiner Citgo that could be seized by creditors in the event of a default.

Aug 30 - U.S. sour crude prices slide ahead of low-sulfur fuel mandate -traders 
U.S. sour crude prices this week tumbled to the lowest in a year alongside a drop in high-sulfur fuel oil as marine shippers gear up to meet environmental rules aimed at curbing emissions from ocean-going vessels, traders said. The International Maritime Organization's (IMO) mandate for vessels to shift to cleaner burning marine fuels effective Jan. 1 will reduce demand for sour crudes, weakening demand for U.S. Gulf Coast grades such as Mars crude, traders said.

Aug 29 - Trump to announce plan to boost biofuel demand soon - U.S. agriculture 
U.S. President Donald Trump will announce a plan to boost demand for biofuels within weeks, his secretary of agriculture said on Wednesday, as the administration seeks to assuage farmers angered by its expanded use of oil refinery waivers. The spat over the waivers has left the White House caught between the oil industry, which wants its refineries freed from obligations to blend ethanol into the fuel supply, and farmers in key election states who grow the corn used to make the ethanol.

Aug 29 - U.S. crude stocks drop 10 mln barrels as imports slow - EIA 
U.S. crude oil inventories fell sharply last week to their lowest since October last year as imports slowed, while gasoline and distillate stockpiles also declined, the Energy Information Administration said on Wednesday. Crude inventories fell 10 million barrels in the week to Aug. 23, compared with analysts' expectations for a decrease of 2.1 million barrels. At 427.8 million barrels, U.S. crude oil inventories were at the five year average for this time of year.

Aug 29 - Morgan Stanley cuts 2019 oil prices outlook on demand, growth concerns 
Morgan Stanley has lowered its oil price forecasts for the rest of the year citing a weaker economic outlook, faltering demand and higher shale growth that could offset OPEC's efforts to support the market. "The slowdown in oil demand growth that started in early 2019 has not come to an end yet," the bank said in a note published on Tuesday. "Demand growth has softened as global economic growth has slowed."

Aug 29 - Privatize Petrobras? Lofty ambition, higher hurdles 
Brazil's influential finance minister has convinced President Jair Bolsonaro to consider the once-unthinkable step of privatizing state-owned oil company Petrobras, but stiff political opposition could stifle any effort to sell the country's corporate crown jewel. Petrobras, or Petroleo Brasileiro SA, was founded in 1953 by former president Getulio Vargas following a nationalist campaign that began in the 1940s with the anthem "The oil is ours".

Aug 29 - Former CEO of shut Philadelphia refinery seeks to buy the plant
The former chief executive officer of Philadelphia Energy Solutions is seeking to buy and restart the 335,000 barrel-per-day PES refinery, which closed after a June fire, the former CEO and backers of the plan said in a statement on Wednesday. Philip Rinaldi, who retired from PES in 2016, formed Philadelphia Energy Industries (PEI) as a vehicle to pursue the purchase, the statement said.

Aug 29 - Icahn opposes new directors chosen by Occidental CEO 
Activist investor Carl Icahn, who has launched a proxy fight to win seats on Occidental Petroleum's board, said on Wednesday he opposed efforts by the Houston-based company to name new directors without picking from his slate. Icahn cited a Bank of America Merrill Lynch analyst's report published on Monday that quoted CEO Vicki Hollub as saying the oil producer's board planned to make governance changes, including the appointment of two "qualified" directors.

Aug 28 - BP to quit Alaska after 60 years with $5.6 bln sale to Hilcorp 
British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years. The deal, which includes interests in the most prolific oil field in U.S. history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP's plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet, it said. 

Aug 28 - Texas storage operator jumps into race to produce low-sulfur marine fuels
A U.S. Gulf Coast fuel storage operator is launching its own crude processing facility to make 50,000 barrels per day (bpd) of low-sulfur fuels to comply with new environmental rules beginning in 2020, executives told Reuters on Tuesday. Texas International Terminals plans to operate its own crude distillation unit (CDU) at a site in Galveston, Texas, producing bunker and gas oil for affiliate GCC Bunkers, which will supply crude and market the resulting fuels.

Aug 28 - Oil funds sidelined by economic uncertainty: Kemp 
Hedge fund managers cut short positions in petroleum last week amid slow vacation trading and continued conflicting signals about the health of the economy and the outlook for oil supply. They and other money managers increased their net long position in the six most important petroleum futures and options contracts by 8 million barrels in the week to Aug. 20.

Aug 28 - Canada's energy regulator to consider delay to Enbridge pipeline plan
Canada's energy regulator on Tuesday responded to shipper complaints about Enbridge Inc's plan to switch to fixed contracts on its Mainline pipeline network by announcing a fast-track process to gather comment on the proposal that could lead to its being delayed. The unusual move from the Canadian Energy Regulator (CER), which was until this week known as the National Energy Board (NEB), comes after a slew of letters from companies including Canadian Natural Resources Ltd and Suncor Energy asking the regulator to intervene.

Aug 28 - Asia's demand for low-sulphur fuel drives hydrogen gas consumption - Linde 
Asia's hydrogen gas demand will rise as the region's oil refineries use the gas to produce low-sulphur fuel to meet new environmental regulations, the head of the world's largest industrial gas producer said on Tuesday. "The demand for hydrogen has grown steadily over the years at a much faster rate than GDP growth," Linde Plc's Chief Executive Officer Steve Angel told Reuters ahead of the groundbreaking ceremony for Linde's $1.4-billion gas project on Singapore's Jurong Island.

Aug 28 - Iran could restore oil output to pre-sanctions level within 3 days - minister
Iran would need three days to lift its oil production back to the level it was at before U.S. sanctions were imposed, the semi-official Mehr news agency quoted Iranian Oil Minister Bijan Zanganeh as saying on Tuesday. "Three days are needed to return production to the levels before the reduction," Zanganeh said, according to the report.

Aug 28 - Mexico's truck makers delay investment amid doubts on new clean diesel rules 
Mexico's truck manufacturers have not started making the investments they need to assemble and import vehicles that use clean diesel ahead of new rules that will restrict the use of high-sulfur diesel, an industry association said on Tuesday. Mexico's government has ordered gas stations, which are mostly operated by state-run Pemex, to distribute and sell the replacement ultra-low sulfur diesel (ULSD) from July, while truck manufacturers will from January 2021 only be allowed to import, make and sell ULSD-run trucks.

Aug 27 - Caught in tariff war, Sinopec seeks waiver for imported U.S. oil - sources 
China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude at Tianjin in September and October, according to the sources, data from analytics companies Refinitiv and Kpler.

Aug 27 - Iran says it has sold oil from tanker released by Gibraltar 
Iran has sold the oil from a tanker released by Gibraltar after weeks in the custody of British Royal Marines and the vessel's owner will decide on its next destination, IRIB news agency quoted an Iranian government spokesman as saying on Monday. Separately, Tehran - embroiled in a spiralling confrontation with Washington over U.S. sanctions meant to strangle Iranian oil exports - announced that it had deployed a naval destroyer with cruise missiles to help secure Iranian ships.

Aug 27 - Brazil's Petrobras refineries sale lures trading cos, PetroChina, Saudi Aramco - sources 
Brazil's planned privatization of eight Petroleo Brasileiro SA refineries has lured several of the world's largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. Around 20 companies have signed non-disclosure agreements granting them access to the refineries' data and signaling that they are considering a bid, the sources added, speaking on condition of anonymity to disclose private details of the sale.

Aug 27 - Are coal exports to India an opportunity or lost cause?: Russell 
The Australian government thinks there are opportunities to boost coal exports to India. The Indian government wants to cut imports by half by boosting domestic output. Funny thing is, both could turn out to be correct. India is already the world's third-biggest energy consumer and with plans to grow the economy rapidly, it's likely to move up the ranking in coming years.


Aug 27 - Biofuel credit surplus could blunt RIN price impact from Trump moves - sources
A big surplus of U.S. biofuel blending credits would likely blunt potential price increases in the market if the Trump administration follows through on its proposal to boost blending volumes mandates, four industry sources said. Prices for the credits known as Renewable Identification Numbers, or RINs, tanked this month after the Environmental Protection Agency decided to grant 31 biofuel waivers to oil refiners, exempting them from their obligation to blend ethanol into their gasoline.

Aug 27 - Suncor and Shell urge Canadian regulator to review contentious Enbridge pipeline plan 
Two major oil companies have asked Canada's energy regulator to urgently review Enbridge Inc's proposal to switch to fixed contracts on its Mainline pipeline system, arguing the changes would be an abuse of Enbridge's market power. Suncor Energy Inc, Canada's second-largest oil producer, and Shell Canada Ltd, a unit of Royal Dutch Shell PLC wrote to the National Energy Board (NEB) on Friday opposing Enbridge's plans.

Aug 27 - Kenya's first crude oil export sparks demands over revenue sharing 
Kenya exported its first crude oil on Monday, amid pointed speeches by local leaders asking the government to stick to its commitment to share revenues from future shipments equitably. Although commercial production is years away, the discovery of oil has heightened expectations that citizens, especially those living adjacent to the deposits, will benefit.

Aug 26 - Oil spills into U.S.-China trade war, prices slump 
China said on Friday it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand. Beijing said crude would be among the U.S. products hit by tariffs of 5% as of Sept. 1. U.S. President Donald Trump responded later in the day saying starting on Oct. 1, the 25-percent tariffs on $250 billion worth of Chinese goods will rise to 30%. Tariffs on remaining $300 billion due to begin on Sept. 1 will now be set at 15%, versus 10%.

Aug 26 - Asian refiner profits hammered by free-fall in fuel oil margins 
Asian refining margins have tumbled more than 50% since mid-July on anticipation of plummeting demand for high sulphur fuel oil (HSFO) ahead of a shift to cleaner marine fuels next year. Complex refining margins for a typical Singapore refinery, an Asian benchmark, had dropped to $4.31 a barrel by the close of markets on Thursday, down from $7.39 at the start of August and a near two-year high of $9.37 on July 11.  

Aug 26 - No ready spark seen for lagging U.S. energy shares 
There may be little relief on the horizon for investors in U.S. energy companies, whose shares moved from darlings to dismal performers during Wall Street's record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market skepticism. Energy  has been the worst performing of the 11 S&P 500 sectors this year, the worst performer since U.S. President Donald Trump's 2016 election and the worst performer since the U.S. bull stock market began more than a decade ago.

Aug 26 - China's July Venezuela oil imports fall over U.S. sanctions 
China's crude oil imports from Venezuela plunged 62% in July from the previous month, Chinese customs data showed on Sunday, as growing tension between Washington and the Maduro government made buyers wary of taking oil from the South American exporter. Arrivals of crude oil from Venezuela were 703,742 tonnes last month, or 165,720 barrels per day (bpd), data from the General Administration of Customs showed. That is down from 275,646 bpd in June.

Aug 26 - Recession may be the key to ending Trump's trade war with China: Russell
Trump reacted to China's imposition of new tariffs on $75 billion in annual imports from the United States by ratcheting up his own tariffs to 30% on $250 billion of Chinese goods, and to 15% on the remaining $300 billion in annual imports.  Up until recently many investors and corporates had clung to the view that a deal would eventually be agreed between Washington and Beijing, as it was logical that the two powers would rather compromise than risk lasting damage to their own, and by extension, the global economies.

Aug 26 - U.S. oil rig count at Jan 2018 low in deepest cut since April -Baker Hughes 
U.S. energy firms this week cut the most oil rigs in about four months, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions. Drillers cut 16 oil rigs in the week to Aug. 23, the deepest cut since the week of April 26 and the seventh weekly decline in the past eight weeks, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  

Aug 26 - Speculators raise bullish U.S. crude bets to three-month high 
Hedge funds and other money managers raised their bullish wagers on U.S. crude to a three-month high in the latest week as oil prices rose on expectations that U.S.-China trade tensions will ease, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 17,541 contracts to 217,104 during the week ended Aug. 20.

Aug 23 - Rosneft becomes top Venezuelan oil trader, helping offset U.S. pressure
Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to buyers in China and India and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching U.S. sanctions. Trading sources and Refinitiv Eikon data showed Rosneft became the biggest buyer of Venezuelan crude in July and the first half of August.

Aug 23 - China's coal demand to peak around 2025, global usage to follow - report 
China's coal demand will start to fall in 2025 once consumption at utilities and other industrial sectors reaches its peak, a state-owned think tank said in a new report, easing pressure on Beijing to impose tougher curbs on fossil fuels. The world's biggest coal consumer is expected to see total consumption fall 18% from 2018 to 2035, and by 39% from 2018 to 2050, the CNPC Economics and Technology Research Institute, run by the state-owned China National Petroleum Corp (CNPC), forecast in a report on Thursday.

Aug 23 - Asian petrochemical profits slammed by trade war crossfire, oversupply
Profits from making petrochemicals in Asia have plunged to their lowest in months as the unrelenting trade conflict between Beijing and Washington stifles Chinese demand for chemicals and plastics just as waves of new production start to come on line. The global output capacity for polyethylene, a key ingredient for plastics used in everything from piping to toys, is expected to exceed demand by 3 million tonnes by the end of 2020, compared to overcapacity of 545,000 tonnes in 2019, data from commodity consultancy Wood Mackenzie showed.

Aug 23 - U.S. will aggressively enforce sanctions over Iran tanker - State Dept official
The United States will aggressively enforce its sanctions to prevent the private sector from assisting an Iranian oil tanker that is traveling through the Mediterranean and that Washington wants seized, a State Department official said on Thursday. "The shipping sector is on notice that we will aggressively enforce U.S. sanctions," the official told Reuters days after warning countries not to allow the tanker to dock.

Aug 23 - U.S. refiners limit crude processing amid slack fuel demand: Kemp
U.S. refineries have cut the volume of crude processed so far this year, but stocks of gasoline and distillates remain ample, highlighting the slack demand for transportation fuels. Fuel consumption has stalled, part of a worldwide slowdown in oil demand associated with the slackening of manufacturing and freight activity.

Aug 23 - Biofuels company proposes to buy fire-damaged Philadelphia refinery
A biofuels producer said on Thursday it is proposing to acquire the fire-damaged Philadelphia Energy Solutions refinery and convert it to make renewable diesel and jet fuels. S.G. Preston Co is the first company to identify itself as a potential buyer of the refinery, the oldest and largest on the East Coast. PES's owners halted production at the 335,000 barrel-per-day refinery and put the 1,300-acre (526-hectare) facility up for sale after a June fire damaged one of its gasoline-producing units.

Aug 22 - Russia's Rosneft to switch to euros in oil products tenders - traders
Russia's Rosneft, one of the world's top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars, five trading sources told Reuters. The move, which could come as soon as this year, is likely to be seen as an attempt to offset any potential negative impact of U.S. sanctions on Russia.

Aug 22 - Traders exit complex bearish U.S. oil options as Cushing supplies tighten
Oil traders raced to abandon complex, bearish options trades in U.S. crude this week, after the market rapidly shifted to reflect tighter supplies at the key Oklahoma storage hub over the past month, leading to a surge of activity in a typically illiquid corner of the market. Because of new pipelines flowing out of the Permian basin, the biggest U.S. shale field, to the Gulf Coast, shipments to Cushing, Oklahoma, the delivery point for U.S. crude futures, are expected to dry up. Inventories have already dropped for seven straight weeks at the vital storage hub - at a faster-than-expected rate, traders said. 

Aug 22 - Humbled Noble Group seeks to rebuild LNG, energy businesses -sources
Noble Group Holdings (Noble Holdings) plans to rebuild its liquefied natural gas (LNG) and core energy businesses and develop rare earths as it seeks new life as a niche, Asia-focused commodity trader, sources aware of the matter said. "We have enough credit lines to expand the LNG business. In our restructuring, we made sure we had ample credit facilities, so we could build the business that we lost," said one senior executive with the company, which took over assets of the under-liquidation Noble Group Ltd.

Aug 22 - Texas shale towns grapple with growth as oil-bust fears fade
In west Texas, the center of the U.S. oil boom, about 3,800 students at Permian High School are crammed into a campus designed for 2,500, with 20 portable buildings to help with the overflow. School officials had expected enrollment to fall after the last oil price crash, starting in 2014, but it kept rising - one sign of a growing resilience in the region's oil economy as Exxon Mobil, Chevron and other majors continue pouring billions of dollars into long-term investments here.

Aug 22 - U.S. farmers, lawmakers dial up pressure on Trump over biofuel policy 
The agriculture and biofuel industries and their U.S. congressional allies ramped up pressure on the Trump administration on Wednesday over the relief he has given oil refiners from rules requiring use of biofuels. Long-suffering American farmers, a constituency President Donald Trump is counting on in his campaign for re-election in 2020, have seen prices for crops hit hard by his trade war with China. This month, farmers also complained that a government crop report did not reflect damage from historic flooding this spring. 

Aug 22 - U.S. crude stockpiles fall, with Cushing down for a seventh week - EIA
U.S. crude oil stockpiles fell more than expected last week with supplies at the Cushing, Oklahoma hub dropping for a seventh week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.7 million barrels in the week to Aug. 16, compared with analysts' expectations for a decrease of 1.9 million barrels.

Aug 22 - Alberta's smaller oil producers eye output boost after curbs lifted
Small and mid-sized Alberta oil producers are looking to increase drilling as early as this autumn after the Canadian province exempted a dozen of them from government-mandated oil production cuts, boosting the struggling industry. Alberta's previous New Democratic Party government imposed production limits in January to drain an oil glut that built up due to congested pipelines.

Aug 22 - Canada's Pembina Pipeline makes storage play with $3.3 bln Kinder Morgan deal
Canada's Pembina Pipeline Corp has agreed to buy Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for C$4.35 billion ($3.28 billion), bulking up its storage resources in Canada. Years of delay in building new pipelines have led to Western Canada's oil production outpacing takeaway capacity and driven up demand for storage tanks.

Aug 22 - Iran says top waterways won't be as safe if its oil exports cut to zero
If Iran's oil exports are cut to zero, international waterways will not have the same security as before, its president said on Wednesday, cautioning Washington against raising pressure on Tehran in an angry confrontation between the longtime foes. The comment by President Hassan Rouhani coincided with a remark by Iranian Foreign Minister Mohammad Javad Zarif that Tehran might act "unpredictably" in response to "unpredictable" U.S. policies under President Donald Trump.

Aug 21 - Glencore, BP stuck with tainted Russian crude 
BP and Glencore are struggling to sell around 600,000 tonnes of tainted Russian oil more than three months after the contamination was discovered, according to six trading sources. Russia's oil industry was plunged into a crisis in April after about 5 million tonnes of oil for export was found to be contaminated with organic chloride, a chemical used to help boost oil extraction but which can damage refining equipment.

Aug 21 - Trump White House seeks to assuage farmer unrest over biofuel policy - sources
President Donald Trump's administration has been scrambling to stem the tide of rising anger in Farm Belt states after its decision this month to allow numerous oil refiners to mix less ethanol into their gasoline, sources told Reuters on Tuesday. Trump held a two-hour meeting on Monday with members of his Cabinet after hearing blowback from farmers after the decision to grant exemptions from the nation's biofuel laws to 31 refineries, two sources familiar with the discussions said. Trump's re-election campaign team also took notice of Democratic presidential candidates seizing on the unrest, the sources said.

Aug 21 - China's petrochemical expansion to overwhelm Japan, S.Korea producers 
A massive surge in China's manufacturing capacity for paraxylene, a petrochemical used to make textile fibres and bottles, could force leading exporters in Japan and South Korea to cut production as early as the second quarter of 2020. China will add about 10 million tones of paraxylene manufacturing capacity from March 2019 to March 2020, according to company reports and officials, that is enough for making 22 trillion 500-millilitre plastic bottles.

Aug 21 - First U.S. crude cargo offered on Platts trade platform for Asia - sources 
Oil major Royal Dutch Shell has offered a U.S. West Texas Intermediate (WTI) Midland crude cargo for delivery in October in S&P Global Platts' widely used trading platform for Asian buyers, several traders said on Tuesday. The 1 million-barrel cargo was offered from oil tanker Mt Phoenix Jamnagar at a premium of $4.55 a barrel to Dubai quotes on an ex-ship basis to Singapore, Linggi in Malaysia or Nipah in Indonesia, the traders said, but it attracted no interest.

Aug 21 - U.S. will act if Iranian tanker tries to deliver oil to Syria - Pompeo
The United States will take every action it can to prevent an Iranian tanker sailing in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions, Secretary of State Mike Pompeo warned on Tuesday. Greece said earlier in the day that it had not had a request from the Adrian Darya 1, the vessel at the centre of a dispute between Iran and the United States, to dock at one of its ports, as Washington warned Greece against helping the vessel.

Aug 21 - Oil market starts to rebalance at lower prices: Kemp
Global oil consumption is falling at the fastest rate for almost five years as manufacturing activity and trade flows slip around the world and vehicle production tumbles. Demand in the top 18 consuming countries, each using more than 1 million barrels per day (bpd), fell by almost 0.2% in the three months between March and May compared with the same period a year earlier.

Aug 21 - U.S. oil firms challenge pipeline surcharge for steel tariff 
Two U.S. shale producers have challenged an energy pipeline operator's proposed surcharge for the Trump administration's 25% tariff on imported steel, raising the stakes for pipeline builders facing higher construction costs. The United States imposed tariffs on imported steel and aluminum last year to shield U.S. producers from overseas competition. U.S. energy industry trade groups have warned the tariffs could raise costs for companies and consumers.

Aug 20 - Climate change could rain on Saudi Aramco's IPO parade
Saudi Aramco's biggest asset could also be a liability. The state energy giant's vast oil reserves – it can sustain current production levels for the next 50 years – make it more exposed than any other company to a rising tide of environmental activism and shift away from fossil fuels.

Aug 20 - China CNPC suspends Venezuelan oil loading, worried about U.S. sanctions - sources
China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest U.S. sanctions on the South American exporter, three sources with direct knowledge of the matter told Reuters on Monday. The Trump administration in early August froze all Venezuelan government assets in the United States and U.S. officials ratcheted up threats against companies that do business with Venezuela's state-run oil company, Petróleos de Venezuela, S.A., or PDVSA. 

Aug 20 - U.S. crude export window slams shut as new pipelines start
Two long-awaited pipelines out of the busiest U.S. shale patch started shipping oil to Gulf Coast export hubs last week - just as U.S. crude barrels suddenly do not look all that attractive to buyers around the world. The two lines, which run from Texas' Permian region to the U.S. Gulf Coast, alleviate bottlenecks that prevented oil from getting to the coast amid a surge in U.S. exports. 

Aug 20 - Iran tanker heads to Greece, U.S. warns against helping vessel
An Iranian tanker at the centre of an angry confrontation between Iran and Washington sailed for Greece on Monday after it was freed from detention off Gibraltar, as Washington called the release unfortunate and warned Greece and Mediterranean ports against helping the vessel. Tehran said any U.S. move to seize the vessel again would have "heavy consequences". 

Aug 20 - Hedge funds sell oil as global economy slows: Kemp
Hedge funds cut their bullish positions in petroleum last week for the second week running as anxiety about the slowing global economy and oil consumption trumped optimism over production restraint by OPEC and its allies. Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts by 35 million barrels in the week to Aug. 13, having cut it by 25 million barrels the previous week.

Aug 20 - Equinor, Gazprom lose European gas market share as LNG surges
Europe's two biggest suppliers of pipeline gas, Norway's Equinor and Russia's Gazprom, have lost market share for the first time in at least four years amid a tripling in liquefied natural gas (LNG) imports into the region over the past 10 months. LNG imports into Europe have jumped amid lower than expected spot demand from Asia, which has helped to send European gas prices to 10-year lows and filled European storages to multi-year highs.

Aug 19 - Iranian tanker caught in a standoff with the West heads to Greece, shipping data shows
The Iranian tanker caught in a standoff between Tehran and the West was sailing to Greece on Monday after leaving Gibraltar, shipping data showed, hours after the British territory rejected a U.S. request to detain the vessel further. British Royal Marines seized the tanker near Gibraltar in July on suspicion it was carrying oil to Syria, a close ally of Iran, in violation of European Union sanctions.

Aug 19 - China CNPC suspends Venezuelan oil loading, worried about U.S. sanctions - sources
China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest set of U.S. sanctions on the South American exporter, two Beijing-based senior sources with direct knowledge of the matter told Reuters on Monday. The Trump administration in early August froze all Venezuelan government assets in the United States and U.S. officials ratcheted up threats against companies that do business with Venezuela.

Aug 19 - OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020.

Aug 19 - Trump intervention triggered EPA's surprise biofuel waiver decision - sources
A phone call from U.S. President Donald Trump last week ended a nearly two-month-long review of the nation's biofuels program, three sources familiar with the matter said, with the White House siding in favor of oil refiners over corn growers. Trump gave Andrew Wheeler, head of the U.S. Environmental Protection Agency, the green light for the regulator to announce it had granted 31 small refinery exemptions out of the 40 applications, saying he wanted the issue off his desk, the sources said.

Aug 19 - Weak spot LNG prices don't help Asia much, but boost Europe: Russell
The price of spot cargoes of liquefied natural gas (LNG) has ticked up recently in Asia amid tentative signs of some peak summer demand, but the problem remains that for many buyers the cost is still too high. While the market focuses on the spot price as a way of assessing the extent of oversupply, or the strength of demand, it's worth noting that the market for short-term cargoes is dwarfed by the far greater volumes procured under long-term, mainly crude oil-linked contracts.

Aug 19 - Hedge funds raise bullish bets on U.S. crude - CFTC
Hedge funds and other money managers raised their bullish wagers on U.S. crude in the latest week as oil futures soared on improved demand outlook after the U.S. delayed tariffs on Chinese goods, a weekly government report showed on Friday. The speculator group raised its combined futures and options position in New York and London by 29,981 contracts to 199,563 during the week ended August 13, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Aug 19 - PES up against the clock to sell Philadelphia refinery in cash crunch
Finding a buyer for Philadelphia Energy Solutions' oil refinery has grown urgent as the bankrupt company's funds dwindle and no signs emerge that it is winning a fight for insurance payouts after a June blaze at the plant, according to court documents and bankruptcy experts. Without access to the more than $1 billion in insurance coverage, selling the refinery has become one of the company's only options to raise cash before being forced to liquidate.

Aug 19 - Dirty shipping fuel margins plunge as cleaner fuel rules loom
Margins for European high sulphur fuel oil (HSFO), used to power ships, sank this week as preparations for a global shift to cleaner maritime fuel next year start to weigh on prices. High sulphur fuel oil is one of the dirtiest and cheapest products to come out of a refinery. It is used in power generation but has been the fuel of choice in global shipping for decades.

Aug 19 - Bid for Inter Pipeline highlights Canada's oil sector bright spot
A recent unsolicited bid for Inter Pipeline Ltd has highlighted the potential of Canada's midstream companies to offer insulation from volatile oil prices. Inter Pipeline, Pembina Pipeline Corp and Keyera Corp own key infrastructure such as gathering pipelines, gas-processing plants and storage tanks that are in high demand, and reported record second quarter profits.

Aug 16 - Iran tanker can leave when ready, U.S. legal block still looms - Gibraltar 
An Iranian tanker detained in Gibraltar for breaching EU sanctions could be allowed to leave on Friday, though a last minute U.S. legal bid to halt it could yet end up back in court, the territory's first minister said. Gibraltar decided on Thursday to free the tanker, but did not immediately indicate when or if the ship would set sail after the United States launched a last-minute legal bid to hold it.

Aug 16 - Venezuela's congress to consider new, scaled-back oil reform 
Venezuela's opposition-controlled congress is considering reforms to the country's oil law that would open up the sector to private investment but are scaled back from the sweeping changes outlined in a past proposal, according to a draft of the bill seen by Reuters. The proposal would allow private companies to hold majority stakes in upstream joint ventures with state oil company PDVSA, with the ability to directly export crude. The changes address issues that have limited companies' profitability since late President Hugo Chavez created the joint venture model in 2007.

Aug 16 - EPIC Midstream ships first crude on new Permian line to Gulf Coast 
EPIC Midstream Holdings LLC on Thursday began shipping crude oil on its 400,000 barrel per day (bpd) pipeline from the Permian Basin to the U.S. Gulf Coast, pushing Midland crude prices to the highest in six months, traders said. Terminal operator Moda Midstream LLC confirmed it would be accepting the Permian crude from the EPIC line at its export facility in Ingleside, Texas, by Friday. Oil prices in Midland, the heart of the Permian shale field, rallied to 60 cents per barrel over U.S. crude futures.

Aug 16 - BP publishes LNG contract templates to push industry standardization 
Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas (LNG) trading business and says it is the first of its peers to do so. BP, which has a global LNG portfolio made up of volumes it has produced or bought, said on its website it expects that publishing its LNG master sales and purchase agreement (MSPA) templates will "contribute to the broader discussion around standardisation and liquidity for LNG transactions."

Aug 15 - Saudi, Trump 'jawboning' suggests $75 top for oil market 
Ask Saudi Arabia about its preferred oil price and the kingdom will say it has no target. But a look at the pronouncements on the oil market by the world's top oil exporter this year points to an oil price aspiration of around $70 per barrel. OPEC's de facto leader probably would not mind oil prices rising to $75 per barrel and beyond. But it has a problem. As soon as prices surge, U.S. President Donald Trump pops up, often on Twitter, to urge Saudi Arabia to lower prices.

Aug 15 - U.S. crude stocks build unexpectedly; gasoline demand at record high - EIA 
U.S. crude oil stockpiles rose unexpectedly for a second week in row as refineries cut output last week, while fuel inventories posted surprise drawdowns with gasoline demand hitting a record high, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week to Aug. 9, compared with analysts' expectations in a Reuters poll for a decrease of 2.8 million barrels. At 440.5 million barrels, inventories were about 3% above the five-year average for this time of year, the EIA said in its weekly report.

Aug 15 - Coal may be dying, but growth in the seaborne market says not yet: Russell 
The prevailing market view on coal is that the industry is now facing terminal decline, as renewables and natural gas displace the polluting fuel. The problem is the facts don't quite fit the narrative. The coal industry can be split into two broad sectors, namely coal mined and burnt domestically, and the seaborne market, where coal is mined and exported to countries that need to import energy.

Aug 15 - PDVSA partners fear reach of latest U.S. sanctions on Venezuela - sources
Foreign joint venture partners with Venezuelan state-owned oil company PDVSA are concerned the latest set of U.S. sanctions on the South American country could disrupt their operations, three industry sources said. The Trump administration last week froze all Venezuelan government assets in the United States and U.S. officials ratcheted up threats against companies that do business with Venezuela. 

Aug 15 - Gibraltar to release Iranian oil tanker on Thursday - Sun newspaper 
The British territory of Gibraltar will on Thursday release an Iranian oil tanker seized by Royal Marines in the Mediterranean in July, the Sun newspaper reported, citing sources close to Gibraltar Chief Minister Fabian Picardo. Picardo would not apply to renew an order to detain Grace 1, the report said, adding that he is now satisfied that the oil tanker is no longer heading to Syria.

Aug 15 - Sanctions-hit Rosneft requests payment in euros in naphtha tender 
Russian state oil company Rosneft has for the first time asked buyers to use the euro as the default currency in a spot tender to sell naphtha, an official Rosneft document shows. The tender, for naphtha loading from ports in Russia's Far East, is the first time Rosneft has requested euros in an oil product tender and reflects the company's attempts to offset any potential negative impact of U.S. sanctions on Russia, three traders said.

Aug 14 - After 50 years in UK North Sea, Exxon eyes the exit - sources 
Exxon Mobil is considering a sale of its assets in the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects. The world's largest publicly traded energy company has held talks with a number of North Sea operators in recent weeks to gauge interest in some or all of its assets, which could fetch up to $2 billion, according to three industry sources with knowledge of the matter.

Aug 14 - Iran says Britain might release oil tanker soon, Gibraltar says not yet  
The British territory of Gibraltar will not yet release an Iranian oil tanker seized by Royal Marines in the Mediterranean despite an Iranian report that it could do so on Tuesday, an official Gibraltar source said. The commandeering of the Grace 1 on July 4 exacerbated frictions between Tehran and the West and led to retaliatory moves in Gulf waterways used to ship oil.

Aug 14 - China July crude throughput climbs on-yr, but off record as glut weighs 
China's July crude oil throughput rose 4% from a year earlier, official data showed on Wednesday, buoyed by improved refinery profit-margins and as new plants started production. Refinery runs reached 52.6 million tonnes last month, or about 12.39 million barrels per day (bpd), according to figures from the National Bureau of Statistics (NBS).

Aug 14 - Trump avoids becoming the Grinch, but weakens trade hand with China: Russell 
President Donald Trump has inadvertently admitted that the United States no longer holds the whip hand in the ongoing trade dispute with China, after backtracking on his latest escalation of the tariff war. Tariffs of 10% were due to be imposed on the remaining $300 billion of annual imports from China on Sept. 1, but some will now only come into effect on Dec. 15, the U.S. Trade Representative's Office announced on Wednesday. 

Aug 14 - Commerzbank cuts end-2019 Brent forecast by $5 on trade, demand woes 
Commerzbank cut its end-2019 Brent oil price forecast by $5 to $65 a barrel on Tuesday, citing a gloomy demand outlook amid heightened trade tensions between the United States and China. "There are growing fears among market participants that an escalating trade war could put the brakes on oil demand in both countries," analysts at the bank said in a note.

Aug 14 - Trafigura in ship fuel venture with Frontline, Golden Ocean 
Commodities trader Trafigura is joining forces with shipping firms Frontline and Golden Ocean to supply marine fuel ahead of a shake up in regulation which could disrupt delivery and cause prices to spike. The three companies said on Tuesday the joint venture is expected to start operating in the third quarter, subject to agreement on final terms.

Aug 14 - Trump promises more big energy projects at Pennsylvania plant 
President Donald Trump told workers on Tuesday at a $6 billion petrochemicals plant being built in western Pennsylvania that more big U.S. energy projects were coming as his administration rolls back environmental regulations. "This is just the beginning," Trump told workers wearing hard hats at Shell's ethylene cracker plant in Beaver County, Pennsylvania. "My administration is clearing the way for other massive, multibillion-dollar investments."

Aug 13 - U.S. shale oil output to rise to record 8.77 mln bpd in Sept - EIA 
U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen climbing 75,000 bpd to 4.42 million bpd in September, also an all-time high. That is the biggest increase forecast for the basin since April.

Aug 13 - Citgo chooses new CEO to navigate political, legal turmoil - sources 
Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President Donald Trump's administration sanctioned the state-run company and recognized Juan Guaido, Venezuela's congress chief, as the nation's legitimate leader. Citgo officials loyal to President Nicolas Maduro were ousted and new boards for PDVSA and Citgo were named by the Venezuelan congress in February.

Aug 13 - Saudi Aramco aims to buy Reliance stake, reports lower earnings 
Saudi Aramco is planning a multibillion dollar investment in India's Reliance Industries as the energy giant diversifies its oil business, where weaker prices cut its first-half profit by 12%. In preparation for what could be the world's largest initial public offering (IPO), state-run Aramco began publishing its results this year and also started issuing international bonds. The world's top oil producer plans to launch an IPO by 2020-2021, having postponed its flotation from last year.

Aug 13 - Trafigura starts shipping Permian crude on new Cactus II pipeline 
Global commodities trader Trafigura AG said on Monday it has started shipments of Permian basin crude to the Corpus Christi oil hub in Texas via the new Cactus II pipeline system. Trafigura signed a long-term agreement with pipeline operator Plains All American Pipeline LP last year to transport a total of 300,000 barrels per day (bpd) of crude and condensate on the pipeline.

Aug 13 - India's crude oil imports are lacklustre, joining coal, LNG: Russell 
India's imports of crude oil have stalled in recent months, but the malaise in the country's energy sector is deeper, with both coal and liquefied natural gas (LNG) also soft. India, Asia's second-biggest crude importer behind China, brought in 3.99 million barrels per day in July, according to vessel and port data compiled by Refinitiv. This was weaker than June's 4.03 million bpd and only just ahead of May's 3.91 million bpd.

Aug 13 - Hedge funds polarised on oil by economy and supply threats: Kemp 
Hedge fund managers remain deeply divided about what matters more for the future direction of oil – intensifying fears about a global recession or Saudi Arabia’s production cuts and other supply disruptions. Hedge funds and other money managers sold futures and options equivalent to 25 million barrels in the six most important contracts linked to petroleum prices in the week to Aug. 6.

Aug 12 - IEA says oil demand growth at lowest since 2008 
Mounting signs of an economic slowdown and a ratcheting up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday. "The situation is becoming even more uncertain ... global oil demand growth has been very sluggish in the first half of 2019," the IEA said in its monthly report.

Aug 12 - Trump's EPA grants 31 small refinery waivers from biofuel laws, angering corn lobby
The U.S. Environmental Protection Agency (EPA) has granted 31 small refinery biofuel waivers for 2018 on Friday, infuriating the ethanol and corn producers who blamed the Trump administration for bailing out the oil industry when U.S. farmers were suffering due to trade tariffs and low prices. The waivers from the country's biofuel laws were fewer than previous year's and marked an increase in the number of petitions rejected, but the EPA's decision was still unlikely to satisfy the powerful U.S. corn lobby which wants a broad retrenchment of the biofuel waiver program it blames for undercutting ethanol demand.

Aug 12 - Trump administration moves to limit state powers to block pipelines, terminals
The Trump administration on Friday unveiled a proposal that would curb state powers to block pipelines and other energy projects, drawing praise from the oil industry but criticism from progressive states and Democratic lawmakers who said it would jeopardize water quality. The U.S. Environmental Protection Agency move comes four months after President Donald Trump ordered the EPA to change a section of the U.S. Clean Water Act that states like New York and Washington have used to delay pipelines and terminals.

Aug 12 - U.S. oil drillers cut rigs for sixth week in a row - Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a sixth week in a row as producers cut spending on new drilling and completions leading to lower production growth forecasts. Drillers cut six oil rigs in the week to Aug. 9, bringing the total count down to 764, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. 

Aug 12 - Speculators raise U.S. crude oil net longs - CFTC 
Hedge funds raised their net long U.S. crude futures and options positions in the week to Aug. 6, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group boosted its combined futures and options position in New York and London by 8,660 contracts to 169,582 during the period, after it fell the prior week to its lowest since June 18.

Aug 12 - Canada's Inter Pipeline confirms it received takeover bid, but not in talks to sell 
Canada's Inter Pipeline Ltd confirmed on Friday it received an unsolicited takeover bid, but said it was not in talks to sell. Inter Pipeline's shares were halted on Friday, after a two-day rally sparked by a report of an offer for the oil pipeline and storage company.

Aug 09 - Iraq close to pipeline deal with BP and Eni, rather than Exxon - sources
Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeline project that was initially planned as part of a mega-deal with U.S. energy giant ExxonMobil, according to five senior Iraqi oil officials involved in the negotiations. Under the proposed $400 million agreement, British company BP and Italy's Eni would run the scheme to build two seabed oil pipelines for Iraq's southern exports through the Gulf, the sources told Reuters, declining to be named as the discussions have not been made public.

Aug 09 - New U.S. pipelines poised to start price war for shale shippers
The operators of two new pipelines in West Texas shale fields are offering discounted prices to attract shippers accustomed to high fees to move oil to export hubs, according to the pipeline companies and federal filings. These bargain rates, in one case half the initial published rate, will aid strapped oil producers that once had to sell their oil for about $10 less per barrel because of transport constraints to move their oil from the largest shale oil field in the country.

Aug 09 - Anadarko shareholders go for the cash in $38 bln Occidental buyout
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another. Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the world’s top oil producer at more than 12 million barrels per day.

Aug 09 - U.S. natural gas demand is at a record - and prices keep dropping
U.S. natural gas demand is at an all-time high and expected to keep rising - and yet, prices are falling. U.S. gas futures this week collapsed to a three-year low, while spot prices were on track to post their weakest summer in over 20 years. In other markets, such lackluster pricing would cause investment to retrench and supply to contract. But gas production is at a record high and expected to keep growing. Demand is rising as power generators shut coal plants and burn more gas for electricity and as rapidly expanding liquefied natural gas (LNG) terminals turn more of the fuel into super-cooled liquid for export.

Aug 09 - Glencore and the perils of riding the electric vehicle tiger: Andy Home
Glencore has "a key role to play in enabling the transition to a low-carbon economy," according to Chief Executive Officer Ivan Glasenberg, writing in the company's 2018 annual report. Glencore's "well-positioned portfolio" includes metals at the heart of the electric vehicle (EV) revolution such as copper, cobalt and nickel. But the global metals and marketing powerhouse has just found out that riding the EV tiger can be perilous as well.

Aug 09 - Denmark's Nord Stream 2 route request could cause 8-month delay, cost 660 mln euros - operator
A Russian-led gas pipeline project across the Baltic Sea to Europe could be delayed by up to eight months and cost an extra 660 million euros ($740 million) due to hurdles in securing the necessary permits from Denmark, the pipeline operator has said. The 1,230-km (765-mile) Nord Stream 2 pipeline, now under construction, has come under fire from the United States and several eastern European, Nordic and Baltic countries, which say the conduit will increase Europe's reliance on Russian gas.

Aug 08 - China's July crude oil imports rise as refiners ramp up output
China's crude oil imports in July rose 14% from a year earlier while exports of refined fuel surged 20% as recovering profit margins prompted refiners to ramp up production that at the same time contributed to a growing fuel glut. Arrivals of crude oil last month were 41.04 million tonnes, equivalent to 9.66 million barrels per day (bpd), according to data released by the General Administration of Customs on Thursday.

Aug 08 - U.S. crude stockpiles rise unexpectedly as imports soar - EIA
U.S. crude oil stockpiles rose last week after nearly two months of declines as imports jumped to their highest since January, while gasoline and distillate inventories also grew as refiners ramped up production to their highest rate this year so far, the Energy Information Administration said on Wednesday. Crude inventories rose 2.4 million barrels in the week to Aug. 2, compared with analysts' expectations for a decrease of 2.8 million barrels.

Aug 08 - Saudi Aramco valuation gap persists as IPO talks resume – sources
Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this week and will probably hold a discussion about the company's value, a source close to the company said. 

Aug 08 - U.S. Northeast fuel sellers brace for uncertain winter for heating oil supply
Fuel distributors in the U.S. Northeast are preparing for an uncertain heating oil season this winter, with some locking in additional contracts, as upcoming global sulfur regulations are due to pull on distillate fuel demand, market participants said. The East Coast region has become vulnerable to price increases this winter, traders said, citing new shipping rules limiting sulfur content in refined fuels, along with the shutdown of Philadelphia Energy Solutions' 335,000 barrels-per-day (bpd) refinery complex, a key supplier for the region.

Aug 08 - Western Canadian crude inventories fall to smallest level in nearly two years
Western Canadian crude oil inventories fell in July to their lowest level in nearly two years, energy information provider Genscape said on Wednesday, as crude-by-rail shipments accelerated. Total stocks were 27.7 million barrels as of July 26, down sharply from the record high of 37.1 million barrels set in April. The inventories were the lowest since November 2017.

Aug 08 - Nigeria's new oil czar wants to open books, turn into fuel exporter
Nigeria's state oil company plans to partner with a private refinery under construction on the shores of Lagos to turn the oil-producing country into a fuel supplier for the region, the new boss said in an interview with Reuters. The aim to ink a contract with the Dangote refinery, with a capacity of 650,000 barrels per day (bpd), is part of new Managing Director Mele Kolo Kyari's blueprint for transforming the Nigerian National Petroleum Corporation (NNPC) into a world-class state oil company. 

Aug 08 - China's commodity imports surge, confound trade war fears: Russell
Forget the drop in the dollar value of China's imports in July, the important numbers were the bumper purchases of major commodities including crude oil, coal, iron ore and copper. The 5.6% drop in the dollar value of July imports is almost irrelevant and most likely a reflection of lower commodity prices rather than any weakness in the Chinese economy.

Aug 07 - U.S. Gulf oil output slowdown in July cuts 2019 output growth - EIA
U.S. oil output is expected to rise 1.28 million barrels per day to 12.27 million bpd this year, the U.S. Energy Information Administration said in a monthly report, slightly lowering its annual growth forecast from 1.40 million bpd last month. The reduction in the EIA's growth forecast came after Hurricane Barry disrupted Gulf of Mexico output in July, the agency said.

Aug 07 - Brazil's Petrobras studies sale of power plants, CEO tells brokerage 
Brazil's state-controlled oil company Petroleo Brasileiro SA is studying the creation of a subsidiary comprised of around 15 power plants, which could then be sold through an initial public offering, analysts at XP Investimentos said in a report sent to clients on Tuesday. Analysts at the Sao Paulo brokerage led by Gabriel Fonseca wrote the report to clients after a breakfast with Chief Executive Officer Roberto Castello Branco.

Aug 07 - Oil's post-crash bounce fades as buy-the-dip proves a bust: Kemp 
Oil prices have continued to drift lower after plunging last week, highlighting the risk for traders trying to exploit mean-reversion strategies by buying futures contracts after a sharp fall in prices. Front-month Brent futures prices tumbled by more than 7% on Thursday, a percentage change equivalent to more than three standard deviations for all daily price moves since 1990.

Aug 07 - New Venezuela sanctions protect Citgo, encourage debt talks - opposition
Venezuela's opposition on Tuesday celebrated a sweeping U.S. sanctions order against the government of President Nicolas Maduro, saying the measure would protect Venezuela-owned U.S.-based refiner Citgo from seizure by creditors. Three allies of opposition leader Juan Guaido also said the measure allowed for restructuring negotiations with bondholders, which had been prohibited under previous sanctions. That could be key to protecting Citgo, since half of state oil company PDVSA's shares in the refiner were put up as collateral for its 2020 bond.

Aug 06 - Petrobras LPG unit seen attracting Mubadala, SHV, Itausa bids - sources
Bidding groups led by Brazilian investment firm Itausa Investimentos SA, Abu Dhabi state investor Mubadala and SHV Energy of the Netherlands are expected to submit binding proposals to acquire state-controlled oil company Petroleo Brasileiro SA's LPG unit, two sources with knowledge of the matter said on Monday. Private equity firms CVC Capital Partners and Advent International have decided not to bid, the sources said ahead of a Wednesday deadline, after deciding the deal would be a better fit for strategic buyers. CVC and Advent declined to comment.

Aug 06 - Asia jet fuel premiums at highest seasonal peak since 2013, but may soon fade
Asian jet fuel buyers are paying the highest cash premiums for this time of year since 2013 amid a short-term supply shortage, but the values are likely to fade as late summer travel demand slumps in coming weeks and refiners ramp production back up. The premium for jet fuel cargoes in the Asian trading hub of Singapore rose to as high as 38 cents a barrel above benchmark quotes last week, taking the differentials to their strongest levels for July-August since 2013. The premiums were at 23 cents a barrel on Tuesday.

Aug 06 - Hedge funds were divided on oil, until Trump tweeted: Kemp
Hedge fund managers were deeply divided over the future direction for oil prices, until the United States announced fresh tariffs on China and sent prices plunging late last week. Hedge funds and other money managers increased their net long position in the six major petroleum futures and options contracts by 20 million barrels over the seven days ending on July 30.

Aug 06 - Iran says will not tolerate "maritime offences" in Gulf
Iran runs security in the Strait of Hormuz and will no longer tolerate "maritime offences" there, its foreign minister said on Monday, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel. Tanker traffic through the Strait has become a focus for an increasingly tense standoff between Washington and Tehran, into which Britain has also been dragged, and the United States has beefed up its military presence in the Gulf since May.

Aug 05 - Iran seizes Iraqi oil tanker smuggling fuel in Gulf -TV
Iranian Revolutionary Guards seized an Iraqi oil tanker in the Gulf which they said was smuggling fuel and detained seven crewmen, Iran's state media reported on Sunday, in a show of power amid heightened tension with the West. The vessel was intercepted near Iran's Farsi Island in the Gulf, Iran's semi-official Fars news agency said. The elite Revolutionary Guards Corps (IRGC) has a navy base on Farsi Island which is located north of the Strait of Hormuz.

Aug 05 - Exxon Mobil profit sinks, Chevron rises as both boost output
Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp and Chevron Corp, the two reported on Friday. Exxon's topped analysts' reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling in Permian shale oil output.

Aug 05 - PES may report toxic chemical release in June refinery blast -sources 
Philadelphia Energy Solutions was expected to report to government officials on Friday that the toxic chemical hydrofluoric acid may have been released from its refinery in June, when a series of blasts and fire damaged the plant, two sources familiar with the plan said. It was unclear how much of the chemical might have been released from the refinery or if the PES report would be made public, the sources said. PES officials were not immediately available for comment.

Aug 05 - Electric ambition: BHP eyes EV market with speciality chemicals 
BHP Group will face a test of its ability to move beyond bulk mining over the coming year with a foray into specialty chemicals for the battery industry at its once struggling Nickel West division. The global miner said on Friday it plans to start production of nickel sulphate in the second quarter of next year, a higher value, higher purity product for sale to customers throughout the electric vehicle (EV) supply chain.

Aug 05 - U.S. shale shippers will pay surcharge for Trump steel tariffs
Plains All American Pipeline LP said on Friday it will tack on a fee for users of a new oil pipeline to pay for the cost of the Trump administration's tariffs on imported steel, with analysts and traders calling it the first U.S. energy pipeline operator to do so. In addition to the steel levies announced last year, President Donald Trump on Thursday said he plans to expand U.S. tariffs to $300 billion in Chinese imports, escalating a trade dispute that has increased costs for American consumers of everything from steel to electronics to shoes.

Aug 05 - Hedge funds cut bullish bets on U.S crude - CFTC
Hedge funds and money managers cut bullish wagers on U.S. crude in the week to July 30, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday, as oil prices were pressured by persistent worries about demand. The speculator group cut its combined futures and options position in New York and London by 11,204 contracts to 160,922 during the period, the lowest level since June 18.

Aug 05 - U.S. crude exports rise to monthly record of 3.16 mln bpd in June -U.S. Census 
U.S. crude oil exports surged 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd as South Korea bought record volumes and China resumed purchases, data from the U.S. Census Bureau showed on Friday. South Korea surpassed Canada to become the biggest purchaser of U.S. crude at about 605,000 bpd. China purchased about 292,000 bpd, the most since June last year and was the third-largest buyer of U.S. crude in June, the data showed.

Aug 02 - Saudi Arabia may cut crude oil prices to Asia in Sept 
Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened. The official selling price (OSP) for flagship Arab Light crude could drop by at least 50 cents a barrel, falling below a premium of $2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.

Aug 02 - European gas price slump yet to find a floor as inventories burst 
A protracted decline in European gas prices, which has hurt some energy firms but may prove a boon to buyers, has yet to find a floor as low summer demand could boost gas storage tanks close to chock-full amid soaring global supply. British and Dutch prices, benchmarks for Europe-wide gas sales as wesll as some liquefied natural gas (LNG) markets, have lost half of their value since last September. They hit 10-year lows in June, weighed down by an influx of LNG and gas supplies from Russia, the United States and others.

Aug 02 - Venezuela oil exports slid 17.5% in July as client portfolio shrank - data 
Venezuela's oil exports fell 17.5% in July to their second-lowest level since Washington imposed sanctions on the nation as state-run PDVSA finds fewer customers to take its oil, according to internal data from the company and Refinitiv Eikon. PDVSA and its partners exported a total of 932,887 barrels per day (bpd) of crude and refined products last month in 35 cargoes mostly sent to Asian destinations, compared with 40 cargoes shipped in June, the data showed.

Aug 02 - Brazil's Petrobras studies downsizing logistics unit
Brazilian state-run oil firm Petrobras is studying a mass transfer of employees out of its Transpetro logistics unit, according to a document seen by Reuters, in a sign the company may be gearing up to privatize additional assets. The human resources departments of Petroleo Brasileiro SA, as the company is formally known, and Transpetro are developing an "action plan for the evaluation and possible return of (employees) ceded to Transpetro from the parent company," according to the document, dated July 24.

Aug 02 - Texas county sues Exxon over air pollution from petrochemical fire - official 
Harris County, Texas sued Exxon Mobil Corp on Thursday over pollution from a fire a day earlier at the company's Baytown Olefins Plant, according to an attorney for the county. The fire was being investigated by federal and state agencies. The U.S. Occupational Safety and Health Administration (OSHA) and the Texas Commission on Environmental Quality (TCEQ) were at the scene to determine the cause of a blaze that raged for hours and raised a column of black smoke over the area.

Aug 02 - Occidental Petroleum plans to close Anadarko deal soon after Aug. 8 vote 
Occidental Petroleum Corp plans to quickly complete its $38 billion purchase of Anadarko Petroleum after the latter's Aug. 8 shareholder vote, the company said on Thursday. The earlier-than-expected closing will give the company a head start to evaluate assets that it plans to sell to pay off debt supporting the acquisition, Occidental Chief Executive Vicki Hollub said on a conference call following release of the company's second-quarter results.

Aug 01 - OPEC oil output hits lowest since 2011 on Saudi cut, sanctions - Reuters survey 
OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down 280,000 bpd from June's revised figure and the lowest OPEC total since 2011.

Aug 01 - Fire under control at Exxon petrochemical plant; some workers suffer minor burns 
Exxon Mobil Corp brought under control a fire that erupted on Wednesday at its Baytown, Texas, refining and chemical plant complex, injuring 37 workers, none seriously. Emergency crews worked to extinguish the fire into the evening, the company said in a statement. The cause of the blaze was not disclosed, but an investigation was under way and Exxon said it was cooperating with authorities.

Aug 01 - U.S. crude stocks slump 8.5 mln bbls in seventh straight weekly fall - EIA 
U.S. crude oil stockpiles fell for the seventh straight week, falling to their lowest levels since November even as production rebounded and net imports increased, the Energy Information Administration said on Wednesday. Crude inventories fell 8.5 million barrels in the week ended July 26, far exceeding analysts' expectations for a decrease of 2.6 million barrels. At 436.5 million

Aug 01 - U.S. sanctions on PDVSA block Crystallex from seizing Citgo shares - Guaido advisers 
U.S. sanctions on Venezuelan state oil company PDVSA prevent Canadian gold mining company Crystallex from seizing shares in PDVSA's U.S. subsidiary, Citgo, two advisers to Venezuelan opposition leader Juan Guaido said on Wednesday. On Monday, a U.S. court ruled that Crystallex International Corp could attach Citgo shares to collect on a $1.4 billion arbitration award as compensation for Venezuela's expropriation of its mining assets in the country. 

Aug 01 - GE's Baker Hughes beats estimates on international demand, LNG drilling 
General Electric Co's oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company's operations, rose 14% to $3.26 billion in the second quarter, led by growth in the Middle East, North Sea and Europe.

Aug 01 - Libya's biggest oilfield shut, NOC declares force majeure  
Libya's Sharara oilfield, the country's largest, was forced to shut down after a valve on the pipeline linking it to the Zawiya oil terminal was closed late Tuesday evening, state-owned National Oil Corp (NOC) said on Wednesday. The shutdown prompted NOC to declare force majeure on loadings of the crude grade on Wednesday, a document seen by Reuters showed.

Jul 31 - Hit by sanctions and rising tensions, Iran's oil exports slide in July 
Iranian oil exports have dropped in July to as low as 100,000 barrels per day (bpd) due to sanctions and rising tension with the United States and Britain, according to an industry source and tanker data, deepening global supply losses. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Aiming to cut Iran's sales to zero, Washington in May ended sanction waivers given to importers of Iranian oil.

Jul 31 - Libya's key Sharara oilfield shutting down - source 
Libya's Sharara oilfield, the country's largest, was shutting down on Tuesday after a valve on the pipeline linking it to the Zawiya oil terminal was shut, a source with knowledge of the matter told Reuters. It was not immediately clear where the valve was located. The field, which produces 290,000 barrels per day, was shut down earlier this month after an unknown group blocked a valve on the pipeline to Zawiya. 

Jul 31 - BP profit again outstrips forecasts, lifted by higher oil output 
A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP's second quarter contrasts with Total and Norway's Equinor, which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn, project start-ups and last year's $10.5 billion purchase of BHP's U.S. shale assets. 

Jul 31 - Texas shale pioneers struggle to appease investors, compete with majors 
Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter's strategy - borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback is the 7th largest producer in the top U.S. oil region, according to researcher Wood Mackenzie.

Jul 31 - For China, U.S. soybeans are small fry; crude, LNG, coal are the main game: Russell 
China's purchase of some U.S. soybeans is being viewed as a tentative sign of a little détente in the dispute between the world's two largest economies, but real progress would be a resumption of what had been a burgeoning energy trade. U.S. and Chinese negotiators are meeting for two days of talks in Shanghai starting on Tuesday amid modest expectations for progress to resolve the trade imbroglio that has resulted in tit-for-tat tariffs being imposed on billions of dollars worth of imports and exports.

Jul 30 - Protests over worker deaths paralyse production at some Coal India mines 
Members of Indian Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) have mounted protests that have paralysed production at one of India's biggest coalfields following a deadly accident last week. The BJP workers have been staging sit-down protests and waving flags at state-run Coal India Ltd's mines in the eastern state of Odisha, demanding a safety audit of all mines in the region.

Jul 30 - Hedge funds dump oil as fragile calm settles on Mideast: Kemp 
Hedge funds sold oil last week, reversing most of the purchases made the week before, as tensions in the Middle East reached a fragile equilibrium and prospect of armed conflict receded. Hedge fund and other money managers were net sellers of 65 million barrels of futures and options linked to petroleum prices in the week to July 23, after buying 84 million barrels in the week to July 16.

Jul 30 - Court ruling against Venezuela in Crystallex case puts Citgo at risk 
A U.S. federal appeals court on Monday rejected an appeal by Venezuela's state-owned oil company to set aside an order allowing a Canadian gold mining company to seize shares in its U.S. refining unit, Citgo Petroleum Corp. Crystallex International Corp had won the $1.4 billion judgment as compensation for the expropriation of its assets in Venezuela under late leftist President Hugo Chavez. The 3rd U.S. Circuit Court of Appeals in Philadelphia said a lower court was right to attach Petroleos de Venezuela's shares of its U.S. unit, which owns Citgo.

Jul 30 - U.S. wants ships to keep their tracking devices on - senior official 
The United States wants all ships to keep their tracking transponders on to cut down on illicit activity and smuggling, and to increase transparency with movements of ships around the world, a senior State Department official told Reuters. Automatic identification systems trackers are the most accessible way of observing where ships are located.

Jul 29 - U.S. renews Chevron license in Venezuela for 3 months as Trump officials compromise  
The Trump administration on Friday renewed Chevron Corp's license for three months to drill for oil in Venezuela despite sanctions, a compromise between officials seeking maximum pressure to oust socialist President Nicolas Maduro and those favoring a longer renewal for the company. The Treasury Department renewed the license through Oct. 25 for Chevron, the last U.S. oil company operating in OPEC member Venezuela.

Jul 29 - U.S. ethanol industry nearing breaking point -Green Plains CEO 
The U.S. ethanol industry is about to break under the weight of the Trump Administration's trade war with China and the surge in the number of small refineries exempted from the nation's biofuel laws, said Todd Becker, CEO of Green Plains. The U.S. ethanol industry was preparing for growth in recent years, but the momentum has stalled in the face of President Donald Trump's trade war with China, a major buyer, and his administration's decision to align itself with the oil industry on demand-cutting waivers from biofuel laws, Becker said.

Jul 29 - First big U.S. offshore wind project hits snag due to fishing-industry concerns 
Trump administration infighting is holding up approval of the first major U.S. offshore wind energy project, with agencies sparring over whether the proposal does enough to protect the fishing industry, according to interviews and agency documents. The delays are a setback to President Donald Trump's efforts to fast-track big energy infrastructure projects and could threaten the administration's plans to launch a promising new domestic industry.

Jul 29 - China's Iran oil imports plunge as U.S. sanctions bite 
China's crude oil imports from Iran sank almost 60% in June from a year earlier, Chinese customs data showed on Saturday, following the end of a waiver on U.S. sanctions at the start of May. Crude shipment from Iran were 855,638 tonnes last month, or 208,205 barrels per day (bpd), data from the General Administration of Customs showed. That compared with 254,016 bpd in May.

Jul 29 - India's Venezuelan June oil imports highest in 7 quarters - trade 
India's oil imports from Venezuela surged to about 475,200 barrels per day (bpd) in June, more than double the previous month and highest in 21 months, data from shipping and industry sources showed. Washington imposed sanctions on Venezuela's state oil company PDVSA in January to put pressure on socialist President Nicolas Maduro. These sanctions have driven away many customers of Venezuelan oil, leaving supplies for some refiners.

Jul 29 - South Korea to send naval unit to Strait of Hormuz - newspaper
South Korea plans to join a U.S.-led maritime force in the Middle East by sending a naval unit, which includes a destroyer, to help guard oil tankers sailing through the Strait of Hormuz, a South Korean newspaper reported on Monday. Tensions between Iran and the United States have increased since Washington pulled out of the Iranian nuclear deal last year and reimposed sanctions on Tehran. 

Jul 29 - Hedge funds cut bullish U.S. crude wagers - CFTC 
Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to July 23, 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 33,232 contracts to 172,126 during the period.

Jul 26 - Canada oil companies hopeful on deal with Alberta government to boost production
Two of Canada's biggest energy producers on Thursday said they were looking to the Alberta government to agree to a deal that would allow companies to boost their oil output in the face of curtailments in Canada's main crude-producing province. Crude production in Alberta has been limited since Jan. 1 2019 when the provincial government imposed curtailments to ease congestion on export pipelines that pushed the discount on Canadian crude to record lows. 

Jul 26 - Saudi Arabia aims to expand pipeline to reduce oil exports via Gulf
Saudi Arabia aims to raise the capacity of its east-west pipeline by 40% in two years so more of its oil exports can avoid passing through the Strait of Hormuz, the energy minister said on Thursday. Khalid al-Falih also told Reuters that importers should, as a first immediate step, secure shipments through the strategic waterway at the mouth of Gulf, after attacks on oil tankers in the area and the seizure of a British-flagged ship by Iran.

Jul 26 - Flags of inconvenience - noose tightens around Iranian shipping
Somewhere on its journey from the waters off Iran, around Africa's southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines off Gibraltar, raising tensions in the Gulf where Iran detained a UK-flagged ship in retaliation.

Jul 26 - Britain begins escorting all UK vessels through Hormuz Strait
Britain has started sending a warship to accompany all British-flagged vessels through the Strait of Hormuz, a change in policy announced on Thursday after the government previously said it did not have resources to do so. Tensions have spiked between Iran and Britain since last Friday when Iranian commandos seized a British-flagged tanker in the world's most important waterway for oil shipments. That came two weeks after British forces captured an Iranian oil tanker near Gibraltar, accused of violating sanctions on Syria.

Jul 26 - Chevron 'hopeful' of U.S. approval to continue operating in Venezuela
Chevron Corp, the last U.S. oil company operating in Venezuela, said on Thursday it hopes to be able to remain in the Latin American nation as the Trump administration mulls whether to renew its license, expiring on Saturday, to do business there. The administration said a decision will be made soon on the renewal of Chevron's six-month U.S. Treasury Department license to operate in Venezuela, with billions of dollars in the company's investments at stake. The administration in January imposed sanctions on PDVSA, Venezuela's state-run oil company, intended to starve the country of oil revenue and force out President Nicolas Maduro. 

Jul 26 - China exports gasoline to Mexico, Nigeria amid overflowing output
China will ramp up gasoline exports in July and August to near record levels with cargoes moving to Mexico and Nigeria as refiners seek outlets for their fuel amid a wave of new production and slowing domestic demand. The surge in Chinese shipments will fill a supply gap caused by refinery outages in the United States and the Middle East but are likely to accelerate a plunge in Asian gasoline margins, which have dropped 50% since July 12, when they clawed back to a three-month high.

Jul 25 - Total plans $5 billion in asset sales, Q2 net profit falls
French energy giant Total said on Thursday it will sell assets worth around $5 billion mostly from its upstream exploration and production business as it seeks to focus on low breakeven projects that can withstand low oil prices. The company reported a 19% drop in adjusted net profit in the second quarter at 2.9 billion compared with the same period last year which it attributed to a combination of unfavourable market factors.

Jul 25 - Putin allies' oil feud spills into public view
The blame game over a contamination scandal in Russia’s oil industry has breached President Vladimir Putin’s inner circle. Igor Sechin, head of Rosneft, the world’s biggest publicly-traded oil company, and Nikolai Tokarev, the boss of Transneft, the world’s largest pipeline network, are embroiled in an unusually public and rancorous dispute over their companies' responses to the contamination of Russia’s Druzhba (“Friendship”) pipeline, an episode that disrupted exports and tarnished Moscow’s image as a reliable energy supplier.

Jul 25 - Counting down to 2020, Singapore's Ocean Tankers tests IMO-compliant fuel
Off the coast of Singapore, the world's largest ship refuelling centre, a bunker barge sidled next to the supertanker Pu Tuo San to fill the giant vessel with a new type of fuel that will meet global standards that start up in January. With a little over five months left until stricter marine fuel rules come into effect, shippers such as Singapore's Ocean Tankers that own the very large crude carrier (VLCC) Pu Tuo San have started testing out lower sulphur fuel to prepare their fleet for the transition.

Jul 25 - Old habits die hard: Saudi Arabia struggles to end oil addiction
When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi. Chief executive Amin Nasser arrived unannounced early on April 11, 2018, finalised the agreement and signed it later that day. Negotiators had just finished hammering out the details.

Jul 25 - China fuel exports cast shadow over Asian refining outlook: Russell
Higher fuel exports from China loom as the major threat to an otherwise fairly positive outlook for crude oil refiners across Asia, who have seen margins recover ahead of significant changes to the shipping industry. China has raised quotas for the export of refined products for 2019, allocating a third batch totalling 6 million tonnes, three traders told Reuters on Wednesday. 

Jul 25 - Stena Bulk says it spoke to seized tanker's crew, all safe and well
All 23 crew on a British oil tanker seized last week by Iran in the Strait of Hormuz are safe and well, the vessel's Swedish operator Stena Bulk said on Wednesday after speaking to them. The Stena Impero had been heading to a port in Saudi Arabia when it suddenly changed course after passing through the strait at the mouth of the Gulf and headed towards Iran, captured by Iran's Revolutionary Guards.

Jul 25 - U.S. crude stocks drop by nearly 11 mln bbls - EIA
U.S. crude stocks fell by nearly 11 million barrels last week even as refineries cut output, following a similar report from a key industry group, the Energy Information Administration said on Wednesday. Crude inventories fell by 10.8 million barrels in the week to July 19, compared with analysts' expectations for a decrease of 4 million barrels. That followed an 11-million-barrel draw reported by the American Petroleum Institute, which releases its data on Tuesdays.

Jul 25 - Global oil market in glut, but not a big enough one for OPEC
OPEC has shifted the goalposts for assessing an overhang in oil inventories, giving the group more room to prolong production cuts, while analysts warn the move will offer a distorted view of market conditions. Ever since the Organization of the Petroleum Exporting Countries and allies led by Russia - a grouping known as OPEC+ - started curbing oil output two and a half years ago, they have targeted bringing oil in storage in the industrialised world in line with the five-year average.

Jul 25 - China raises 2019 oil product export quota volumes from last year
China issued its third batch of export quotas for refined oil products for 2019, totalling 6 million tonnes, three traders told Reuters on Wednesday. The new batch raises the total export quotas for refined oil products to 48.15 million tonnes in 2019. That compares to 43 million tonnes through the same period last year.

Jul 25 - Wisconsin tribe sues Canada's Enbridge to shut down crude oil pipeline
A Native American tribe in Wisconsin is suing Enbridge Inc in a bid to shut down an aging oil pipeline that runs across its tribal land, the latest in a string of challenges against the Canadian company's pipelines in the U.S. Midwest. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin, asking for the section of Line 5 that runs across its reservation to be decommissioned and removed because of the risk of a leak.

Jul 24 - Britain wins early European support for Hormuz naval mission
France, Italy and Denmark gave initial support for a British plan for a European-led naval mission to ensure safe shipping through the Strait of Hormuz, proposed after Iran's seizure of a British-flagged tanker, three senior EU diplomats said on Tuesday. The cautious backing at a meeting of EU envoys in Brussels contrasts sharply with the lukewarm response shown by European allies to a similar American call first voiced at NATO in late June, when countries feared they could make U.S.-Iranian tensions worse.

Jul 24 - Global oil consumption stagnates leaving prices under pressure: Kemp
Global oil consumption has stalled since the middle of 2018, making lower oil prices inevitable despite the best efforts of Saudi Arabia and its allies to reduce production. The world’s top 18 oil-consuming countries, each using more than 1 million barrels per day (bpd) of petroleum products, account for almost two-thirds of world consumption, so they make a useful proxy for global demand.

Jul 24 - Trump administration split on renewing Chevron's Venezuela license
The Trump administration is split over whether to renew a license this week for energy company Chevron Corp's operations in Venezuela, with Secretary of State Mike Pompeo supporting a renewal and others opposing it, three sources with knowledge of the matter said on Tuesday. At issue is a six-month U.S. Treasury Department license that expires on July 27 that has allowed Chevron to keep operating its four joint ventures in Venezuela despite U.S. sanctions on the OPEC nation's oil sector.

Jul 24 - Bank drops objection to financing request by bankrupt Philadelphia Energy Solutions
A bank dropped its objection on Tuesday to Philadelphia Energy Solutions Inc's initial bankruptcy requests after the two sides struck an agreement over the terms of new financing. PES filed for Chapter 11 bankruptcy protection on Sunday after a fire last month prompted it to close the largest refinery on the U.S. East Coast.

Jul 23 - Britain calls for European naval mission to counter Iran's 'piracy'
Britain called on Monday for a European-led naval mission to ensure safe shipping through the Strait of Hormuz, days after Iran seized a British-flagged tanker in what London described as an act of "state piracy" in the strategic waterway. Foreign Secretary Jeremy Hunt outlined the plans to parliament after a meeting of COBR, the government's emergency committee, which discussed London's response to Friday's capture of the Stena Impero tanker by Iranian commandos at sea.

Jul 23 - U.S. sanctions Chinese oil buyer over alleged Iran violations
The United States has sanctioned the China's state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector, U.S. Secretary of State Mike Pompeo said in a speech on Monday. "We've said that we will sanction any sanctionable behavior, and we mean it," Pompeo said in remarks in Florida.

Jul 23 - Hedge funds buy oil as price risks shift to the upside: Kemp
Hedge funds purchased oil last week at the fastest rate for almost a year, as escalating tensions in the Middle East and hopes for a cut in U.S. interest rates outweighed concerns about flagging global growth. Hedge funds and other money managers bought the equivalent of 84 million barrels in the six most important petroleum futures and options contracts in the week to July 16, the largest weekly increase since August 2018.

Jul 23 - Bunge and BP team up in Brazil bioenergy venture, create No. 3 sugarcane processor
U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor. The joint venture is the largest deal in Brazil's bioenergy sector since Royal Dutch Shell joined forces with Cosan to form industry leader Raízen in 2011.

Jul 23 - Curacao says PM, Venezuela oil minister discussed PDVSA remaining as refinery operator
Curacao's prime minister and Venezuela's oil minister discussed the possibility of Venezuelan state oil company PDVSA remaining as the operator of the Caribbean nation's 335,000 barrel-per-day (bpd) Isla refinery, Curacao's government said on Monday. PDVSA's contract will expire at year-end, and the government-owned refinery has been searching for a business partner to replace it. A lack of crude shipments has left the facility largely idle.

Jul 22 - Britain weighs response to Iran Gulf crisis with few good options
Britain was weighing its next moves in the Gulf tanker crisis on Sunday, with few good options apparent as a recording emerged showing that the Iranian military defied a British warship when it boarded and seized a ship three days ago. Prime Minister Theresa May's office said she would chair a meeting of Britain's COBR emergency response committee on Monday morning to discuss the crisis.

Jul 22 - Oil outlook sours as sanctions, global tensions fail to bring out bulls
Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand. The oil market has struggled to sustain a rally despite supply restrictions that generally would be considered bullish. U.S. sanctions on Venezuela and Iran have removed more than 1.5 million barrels of daily supply from the market, OPEC extended a supply-cut deal into 2020 and tensions between the United States and Iran are rising.

Jul 22 - Market braces for Mexico's annual oil hedge, trading surges -sources 
Trading in crude oil options and futures surged last week as market participants prepared for Mexico's annual oil hedging program, in which the country buys as much as $1 billion in contracts to protect its oil revenues. The global oil derivatives market braces itself every year in late spring and summer for the hedge, the market's largest and most secretive financial oil deal. This year, Mexico has faced several challenges in executing the hedge and timing has become a crucial factor.

Jul 22 - Libya's NOC declares force majeure at key Sharara oilfield after valve closure
Libya's state oil company National Oil Corporation (NOC) declared force majeure late on Saturday at the country's largest oilfield, El Sharara, after it was shut down the previous day due to a suspected valve closure. The strategic oilfield has been the target of numerous shutdowns by both protesters and armed groups in recent years.

Jul 22 - IEA does not expect "huge increase" in crude prices - executive director
The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday. "Prices are determined by the markets...If we see the market today we see that the demand is slowing down considerably," said IEA's Fatih Birol, in public comments made during a two-day energy conference in New Delhi.

Jul 22 - Singapore stocks up on low-sulphur fuel ahead of new shipping rules
Oil traders are chartering more ships and snapping up fuel oil storage tanks in and around Singapore, the world's top bunkering port, to stock up cleaner fuel that will meet new shipping rules coming into force next year, industry sources said. The move has pushed up lease rates for tank storage in Singapore and increased the number of supertankers floating in Singapore and Malaysian waters as traders store fuel months ahead, betting on a spike in prices for low-sulphur fuel oil (LSFO).

Jul 22 - U.S. oil drillers cut rigs for third week in a row - Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as drillers follow through on plans to cut spending with oil prices declining amid a global supply glut. Drillers cut five oil rigs in the week to July 19, bringing the total count down to 779, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  

Jul 22 - Hedge funds raise bullish crude bets for second week - CFTC
Hedge funds and other money managers raised their bullish wagers on U.S. crude in 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 28,577 contracts to 205,356 during the week ended July 16. It was the second consecutive increase.

Jul 19 - U.S. says Navy ship 'destroyed' Iranian drone in Gulf 
The United States said on Thursday that a U.S. Navy ship had "destroyed" an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone. In the latest episode to stir tensions in the Gulf, U.S. President Donald Trump told an event at the White House that the drone had flown to within 1,000 yards (metres) of the USS Boxer and had ignored "multiple calls to stand down."

Jul 19 - IEA revising oil demand growth forecast down on slowing economy 
The International Energy Agency (IEA) is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.-China trade spat, its executive director said on Thursday. The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Fatih Birol said.

Jul 19 - Russian oil output back to OPEC deal levels -Novak 
Russia has restored its oil output to levels agreed under a deal between OPEC and non-OPEC oil exporters and production in the last half of July will rise from the first half, Energy Minister Alexander Novak said on Thursday. Russia's production plunged to almost a three-year low in early July due high organic chloride content found in oil in April, which disrupted pipeline exports.

Jul 19 - U.S. ethanol plants expected to cut output on poor margins, oversupply 
U.S. ethanol plants are expected to sharply curtail production in the weeks ahead as steep Midwest corn prices and the U.S.-China trade war have led to weak margins and oversupply, industry sources said. Margins to produce ethanol in the Corn Belt - where most U.S. production takes place - have fallen to a four-year seasonal low, while ethanol inventories are at the highest seasonally since at least 2010. Production hit its highest seasonal level since 2010, the earliest data available.

Jul 19 - Expiring US solar subsidy spurs rush for panels
America’s biggest solar power developers are stockpiling panels to lock in a 30% federal tax credit set to start phasing out next year, a strategy that could backfire if projects do not materialize or panel prices slide substantially. Duke Energy, 8minute Solar Energy and Shell-backed Silicon Ranch are among those working to claim the full subsidy, which is available to firms that either start construction or spend 5% of a project’s capital cost by the end of 2019. Consumers who purchase residential solar this year are eligible for the full tax credit, but the rules that allow the subsidy to be locked in now for systems installed much later apply only to companies.

Jul 19 - China's refiners want tax cuts before making cleaner shipping fuel- sources 
Chinese oil refiners want changes to tax laws on the consumption and sale of fuel oil in order to start producing low-sulphur marine fuel when new global clean fuel rules start in 2020, four executives at Chinese oil companies said this week. China's central government must waive a 1,218 yuan ($177.11) per tonne consumption tax and offer rebates of the 13% value-added tax currently levied on fuel oil to allow the country's refiners to economically produce the very low-sulphur fuel oil (VLSFO) needed to meet the rules, officials at China Chemical and Petroleum Corp, PetroChina and China National Offshore Oil Co said.

Jul 19 - Icahn launches proxy fight after stalled talks with Occidental CEO 
Activist investor Carl Icahn formally launched on Thursday a proxy fight against Occidental Petroleum to win control of four board seats, a regulatory filing showed, after talks with the oil company's CEO failed to reach an agreement. Icahn, who owns 4.4% of Occidental shares, said last month he planned to launch a proxy fight to oust and replace four Occidental directors. Icahn has blasted the Houston-based oil and gas producer for failing to give owners a say on its proposed $38 billion acquisition of Anadarko Petroleum, which he has called "misguided and hugely overpriced". 

Jul 19 - Total sells tainted Russian oil to PKN Orlen's Lithuania refinery - sources 
France's Total has sold a cargo of contaminated Russian Urals oil to Poland's PKN Orlen for its refinery in Lithuania, three sources familiar with the shipment said. PKN Orlen said it had agreed a deal in April to buy a cargo of Russian oil before any contamination was found. It said the crude was being diluted with clean oil so it could be processed in its Lithuanian refinery. The firm did not name the seller.

Jul 19 - Bulging fuel stocks put spotlight on slack oil consumption: Kemp 
Sluggish consumption growth is depressing oil prices even as Saudi Arabia and its allies try to prop up the market by cutting their production. U.S. refineries have so far this year processed 48 million barrels of crude and other liquids, less than at the same point in 2018, according to an analysis of weekly data from the U.S. Energy Information Administration.

Jul 18 - Oil service firms eye new survival tactics amid weak U.S. market 
Packers Plus Energy Services, a company built on the North American shale oil boom, is turning to the Middle East to weather a new round of spending cuts by producers amid warnings of a looming oil glut. Oil production has outpaced demand by 900,000 barrels per day (bpd) this year, according to the International Energy Agency, which expects increases to add a net 136 million barrels to the global surplus by March. Spending cuts by producers also have sharply cut service providers' margins, a June survey of 60 providers by the Dallas Federal Reserve Bank revealed. 

Jul 18 - U.S. crude oil stockpiles drop amid Barry, fuel posts large builds - EIA  
U.S. crude oil stockpiles fell more than expected last week, while gasoline and distillate inventories rose sharply, the Energy Information Administration said on Wednesday, due to the impact of the first major hurricane to hit the U.S. Gulf of Mexico this season. Crude and gasoline futures turned lower after the report. U.S. crude fell 39 cents per barrel to trade at $57.24 a barrel by 11:09 a.m. EDT [1509 GMT], while gasoline futures traded down 0.45 cent to $1.8867 a gallon.

Jul 18 - Does renewables pioneer Germany risk running out of power?  
Germany, a poster child for responsible energy, is renouncing nuclear and coal. The problem is, say many power producers and grid operators, it may struggle to keep the lights on. The country, the biggest electricity market in the European Union, is abandoning nuclear power by 2022 due to safety concerns compounded by the Fukushima disaster and phasing out coal plants over the next 19 years to combat climate change.

Jul 18 - Russia's Transneft, oil firms clash over pipeline system clean-up 
Major Russian oil companies have challenged a plan by Transneft that aims to resolve a problem of tainted oil stuck in Russia's pipeline and storage system by diluting it with clean crude, four company sources said on Wednesday. They said mixing the crude would undermine the quality and price of Russian exports for longer, as it might take until mid-2020 to fully flush out Transneft's pipeline network, rather than emptying it now and selling the tainted crude at a big discount.

Jul 18 - Eni files fraud complaint, rejigs trading arm over oil tanker fiasco 
Eni has filed a fraud complaint against its former head of oil trading over a suspect Iraqi crude oil shipment, amid concerns inside the Italian oil major that the failed delivery may have included Iranian crude targeted by U.S. sanctions. In the filing to the Milan prosecutor's office Eni accused its former head of trading and operations, Alessandro Des Dorides, of misleading all parties to the deal and hiding the role of a small Italian oil trading firm, Napag.

Jul 18 - Seeking to avoid escalation, ships deploy unarmed guards to navigate Gulf 
Shipping companies are hiring unarmed security guards for voyages through the Middle East Gulf as an extra safeguard after a wave of attacks in the region, security companies involved said. Relations between Iran and the West are increasingly strained after Britain seized an Iranian tanker in Gibraltar this month. Britain also said last week that one of its warships had to fend off Iranian vessels seeking to block a UK-owned tanker from passing through the Strait of Hormuz.

Jul 18 - Small U.S. refiners vow to sue EPA if it fails to issue 2018 waiver rulings in 60 days 
Small U.S. refineries plan to sue Environmental Protection Agency (EPA) in 60 days, if the agency by then fails to issue its decisions on 2018 petitions for waivers from the nation's biofuel laws, refiners said in a letter on Wednesday. The waiver program, which exempts small refiners in financial turmoil from their obligation to blend ethanol into gasoline, have been a source of contention between the rivaling corn and oil industries since U.S. President Donald Trump ordered a review of it after hearing complaints from farmers.

Jul 17 - Asia refiners test the waters with exports of IMO 2020-compliant fuel 
Refineries in Taiwan and South Korea are testing the market for fuels that meet new rules for low-sulphur ship fuel starting next year, exporting some cargoes of very low-sulphur fuel oil (VLSFO) this month. Oil market participants are uncertain what kind of fuel product shipping companies will use to meet the International Maritime Organization's (IMO) 0.5% sulphur standard for ship fuels starting in 2020. The VLSFO shipments demonstrate that this type of fuel is a viable option that refineries could readily market.

Jul 17 - U.S., China will be world's biggest LNG exporter and importer in 2024 -IEA 
The United States and China will become the world's biggest liquefied natural gas (LNG) exporters and importers, respectively, in five years, according to projections by the International Energy Agency (IEA). U.S. LNG exports are expected to rocket to over 100 billion cubic meters (bcm) in 2024, dislodging current market leaders Australia and Qatar, Peter Fraser, Head of the Gas, Coal and Power Markets Division at IEA, said on Tuesday.

Jul 17 - U.S. offshore oil production remains cut by 58% -U.S. government 
More than half the daily crude production in the U.S. Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, the U.S. drilling regulator said, as most oil companies were re-staffing facilities to resume production. Bureau of Safety and Environmental Enforcement (BSEE) said 1.1 million barrels per day (bpd) of oil, or 58% of the region's total, and 1.4 billion cubic feet per day (cfd) of natural gas output remained shut.

Jul 17 - UAE plans oil trade overhaul to boost Middle Eastern clout 
The United Arab Emirates' state-run ADNOC, long seen as one of the most conservative oil firms in the Middle East, plans an overhaul for its trading operations as it seeks to emulate the success of rival oil majors and bolster its regional influence. The company has splurged on hiring former employees of private-sector peers and wants to launch a regional oil benchmark, possibly this year, similar to international markers Brent and WTI, four sources familiar with the plans said.

Jul 17 - Mexico unveils Pemex business plan, but banks underwhelmed  
Mexico on Tuesday unveiled parts of a keenly awaited business plan meant to bring the world's most indebted oil company back from the abyss, but its vow of $7.2 billion in government support failed to dispel worries of a ratings downgrade. Octavio Romero, CEO of Petroleos Mexicanos, or Pemex, presented the broad outlines of the 200-page plan at a news conference, saying a complete version would be published later on Tuesday.

Jul 17 - Freight fuel prices subdued as economy outweighs IMO: Kemp 
Refining margins for diesel and gasoil delivered next year are wilting as concerns about a recession-driven drop in consumption replace earlier fears about a shortage in fuel availability caused by new maritime regulations. Until recently, distillate consumption was expected to rise substantially from the start of next year as a result of new marine pollution rules introduced by the International Maritime Organization (IMO).

Jul 16 - Changing habits: China's pig farms clean up to beat swine fever 
A devastating outbreak of African swine fever that has killed millions of pigs in China is changing attitudes in a country where farm hygiene has often been seen as lax by international standards. From farms to feed mills to transport, people involved in the pork industry say biosecurity has been tightened, with sales of disinfectants and truck cleaning washes booming as farmers try to fend off the virus.

Jul 16 - U.S. Gulf of Mexico oil, gas producers begin restarting after Barry 
U.S. oil companies on Monday began restoring some of the nearly 74% of production that was shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, the U.S. offshore drilling regulator said. There were 1.3 million barrels per day (bpd) of oil production offline in the U.S.-regulated areas of the Gulf of Mexico on Monday, about 80,000 barrels fewer than on Sunday, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE).

Jul 16 - U.S. shale oil output forecast to hit record 8.55 million bpd in August 
U.S. oil output from seven major shale formations is expected to rise by about 49,000 barrels per day (bpd) in August, to a record 8.55 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 34,000 bpd, to a fresh peak of about 4.21 million bpd in August. That was however, the smallest increase since production declined in January.

Jul 16 - Japan shows coal's dilemma: More needed now, less in future: Russell 
The dilemma facing thermal coal miners is neatly encapsulated by the current dynamics of Japan, where robust short-term demand contrasts with a diminishing long-term outlook. Japan, the world's third-biggest coal importer behind China and India, is planning on returning coal-fired power plants with a combined capacity of more than 10 gigawatts (GW) in the next few weeks in order to meet peak summer demand. 

Jul 16 - European gas prices exceed Asian spot LNG, shuts arbitrage 
European gas hub prices have risen above the price of liquefied natural gas (LNG) on the Asian spot market in a rare occurrence that largely rules out arbitrage of LNG cargoes from the Atlantic to the Pacific basins. Dutch and British month-ahead gas prices exceeded Asian spot LNG in April for the first time in four years. Asian LNG prices tend to be higher due to the huge demand there with few alternative supplies.

Jul 16 - Hedge funds stick to the sidelines in oil: Kemp 
Hedge funds and other money managers left their petroleum positions essentially unchanged last week as the poor outlook for consumption offset production concerns stemming from tensions in the Middle East. The net long position in petroleum futures and options remained at 563 million barrels in the week to July 9, according to records published by regulators and exchanges.

Jul 15 - China June coal output hits record high as miners ramp up ahead of summer 
China's coal output rose in June from the previous month to a record high, official data showed on Monday, as miners ramped up production to ensure supply ahead of peak summer demand for electricity. The world's top coal producer churned out 333.35 million tonnes of coal in June, up 6.7% from May and up 10.4% year-on-year, data from the National Bureau of Statistics showed.

Jul 15 - China June crude oil throughput rises to record on new plants 
China's crude oil throughput rose to a record in June, up 7.7% from a year earlier, following the start-up of two new, large refineries, official data showed on Monday. Crude processing volumes last month reached 53.7 million tonnes, or about 13.07 million barrels per day (bpd), beating the previous record in April of 12.68 million bpd, according to figures from the National Bureau of Statistics (NBS).

Jul 15 - Louisiana refinery preps for restart as Storm Barry blows over 
Phillips 66 was preparing on Sunday to begin a restart on Monday of its southeast Louisiana refinery, which was shut because of the threat of Tropical Storm Barry, the company said. Barry has shut in 73%, or 1.38 million barrels per day (bpd), of crude oil production in the U.S.-regulated areas of the Gulf of Mexico, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday. That is a 3 percentage point increase from Saturday.

Jul 15 - S.Korea imports no oil from Iran in June; H1 imports fall 37% 
South Korea imported no crude oil from Iran for a second month in June following the end of a U.S. sanctions wavier, with Iranian imports for the first half dropping 36.9% from a year earlier, customs data showed on Monday. South Korea, the world's fifth-largest crude oil importer and one of Iran's major oil customers, stopped importing Iranian crude from May after waivers on U.S. sanctions against Iran ended at the start of that month.

Jul 15 - UK to facilitate release of Iranian tanker if it gets Syria guarantees-Hunt 
British foreign minister Jeremy Hunt told his Iranian counterpart on Saturday that Britain would facilitate the release of the detained Grace 1 oil tanker if Tehran gave guarantees it would not go to Syria. The tanker was seized last week by British Royal Marines off the coast of the British Mediterranean territory of Gibraltar on suspicion of violating sanctions against Syria.

Jul 12 - Storm Barry cuts half U.S. Gulf Coast oil output, flooding fears close coastal refinery
An intensifying tropical storm in the U.S. Gulf of Mexico on Thursday cut more than half the region's oil output, with energy companies evacuating staff from nearly 200 offshore facilities and a coastal refinery. Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico's output, and 1.2 billion cubic feet per day of natural gas production, according to a U.S. regulator.

Jul 12 - Britain says it fended off Iranian attempt to block oil tanker
Three Iranian vessels tried to block a British-owned tanker passing through the strait that controls the flow of Middle East oil to the world, but backed off when confronted by a Royal Navy warship, Britain said on Thursday. A week after Britain seized an Iranian tanker accused of violating sanctions on Syria, London said the British Heritage, operated by oil company BP, had been approached in the Strait of Hormuz between Iran and the Arabian peninsula.

Jul 12 - OPEC sees lower 2020 demand for its oil, points to surplus
OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies. The drop in demand for OPEC crude highlights the sustained boost that OPEC's policy to support oil prices by supply cuts is giving to U.S. shale and other rival supply. 

Jul 12 - Cargill quarterly profit dives 41% on trade tensions, U.S. floods
Global commodities trader Cargill Inc reported a 41% drop in adjusted quarterly profit on Thursday, citing supply disruptions stemming from the U.S.-China trade war and also flooding in the central United States that hit marketing and transportation of grains and livestock. Cargill, the largest privately held U.S. company, said adjusted operating profit fell to $476 million in the fiscal fourth quarter ended May 31, from $809 million a year earlier, as three of its four business units posted lower year-on-year results. 

Jul 12 - King coal rules in Japan as power utilities in thrall to low-cost fuel
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting the country's dependence on the more polluting fuel instead of natural gas. Coal-power stations capable of producing 10,437 megawatts (MW) of electricity will be fired up in the next few weeks, a Reuters survey of the companies shows. 

Jul 12 - U.S. oil makes it to Ukraine in another blow to Moscow
U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil. Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data, as the tanker Wisdom Venture unloaded 80,000 tonnes of Bakken crude in Odessa on July 6 for the Kremenchug refinery, the port said.

Jul 12 - Egypt's arrears to foreign oil firms fall to $900 mln at end of June - minister
Egypt's arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon. The Egyptian government had told the International Monetary Fund in a letter in January it intended to "eliminate" arrears by the end of June.

Jul 11 - U.S. oil companies slash Gulf of Mexico production as storm bears down
U.S. oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output as what could be one of the first major storms of the Atlantic hurricane season threatened offshore oil production and began soaking Louisiana with heavy rains. Fifteen production platforms and four rigs were evacuated in the north central Gulf of Mexico, according to a U.S. regulator as oil firms moved workers to safety ahead of a storm expected to become a hurricane by Friday.

Jul 11 - U.S. crude stocks fall nearly 10 mln barrels - EIA
U.S. crude oil stockpiles fell by nearly 10 million barrels last week, far more than expected, as refineries processed the most crude oil since January, the Energy Information Administration said on Wednesday. Crude inventories fell by 9.5 million barrels in the week to July 5, compared with analysts' expectations for a decrease of 3.1 million barrels.

Jul 11 - Enbridge eases oil volume terms for Mainline pipeline in response to small producers' fears
Enbridge Inc has lowered oil-shipping requirements on its Mainline pipeline by nearly two-thirds, the company confirmed on Wednesday, a move likely to satisfy smaller producers that feared they would be elbowed out by the company's initial requirements. Enbridge now requires minimum volume commitments of 2,200 barrels per day (bpd), down from the 6,000 bpd commitment it previously sought, Enbridge spokesman Jesse Semko told Reuters. 

Jul 11 - Iranian boats 'harass' British tanker in the Gulf - U.S. officials
Five boats believed to belong to Iranian Revolutionary Guards approached a British oil tanker in the Gulf on Wednesday and asked it to stop in Iranian waters close by, but withdrew after a British warship warned them, U.S. officials said. Britain's Ministry of Defence had no immediate comment.

Jul 11 - Asia's spot LNG benchmark goes digital with launch of electronic platform
Price agency S&P Global Platts and clearing house Intercontinental Exchange Inc said on Thursday they are launching an electronic platform known as eWindow to the liquefied natural gas (LNG) market. Unlike oil, which has several liquid financial and physical trading platforms and exchanges, LNG markets are still evolving, with companies jostling to lead the space.

Jul 11 - Trump intervention delaying EPA biofuel waiver action, sources say
U.S. President Donald Trump’s request for a review of the administration’s expanded use of biofuel waivers for oil refiners is holding up its decisions on 2018 applications, according to three sources familiar with the matter, two of whom said Trump may soon host a meeting on the issue. Trump had ordered members of his Cabinet to review the controversial waiver program, which exempts small refiners in financial turmoil from their obligation to blend ethanol into gasoline, last month after hearing from farmers angry about the issue during his recent Midwest tour.

Jul 10 - U.S. crude oil output seen rising to record high in 2019 - EIA
U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day (bpd) in 2019 from a record high of 10.96 million bpd last year, the Energy Information Administration's Short Term Energy Outlook (STEO) said on Tuesday. The latest July output projection for 2019 was up from EIA's 12.32 million bpd forecast in June.

Jul 10 - Oil majors evacuate U.S. Gulf platform staff before storm
Major U.S. oil producers on Tuesday began evacuating and shutting in production at their deepwater Gulf of Mexico platforms in advance of a tropical disturbance expected to become a storm this week. A tropical depression is expected to form late on Wednesday or Thursday, according to the National Hurricane Center, and move westward across the northern Gulf of Mexico, home to dozens of oil- and gas-producing facilities.

Jul 10 - Russian output falls to three-year low as oil rivals clash
Russian oil production fell close to a three-year low in early July, as output was undermined by a row between Russian oil pipeline monopoly Transneft and the country's biggest producer Rosneft. Transneft curbed oil intake from Yuganskneftegaz, Rosneft's main upstream unit, the oil producer said, hurting production that has already been depressed by an oil contamination crisis.

Jul 10 - Canadian oil companies see output cuts easing as rail capacity grows
Major Canadian oil companies, which publicly disagreed over the Alberta government’s forced curtailments this year, are in lockstep over how to end the production limits and reinvigorate the battered industry. Senior executives from Suncor Energy, Canadian Natural Resources, Imperial Oil Ltd and Cenovus Energy said at a TD Securities investor conference in Calgary on Tuesday that they are in talks with Premier Jason Kenney’s Alberta government. 

Jul 10 - Aramco awards $18 bln in contracts to boost capacity at Marjan, Berri oilfields
Saudi Aramco has awarded 34 contracts with a total value of $18 billion for engineering, procurement and construction projects at its Marjan and Berri oilfields, the company said. Aramco plans to boost production capacity at the two fields by 550,000 barrels per day of Arabian crude oil and 2.5 billion standard cubic feet a day of gas, the company said in a statement.

Jul 10 - Chevron Phillips, Qatar Petroleum sign $8 bln petrochemical deal
Chevron Phillips Chemical and Qatar Petroleum signed an agreement on Tuesday to develop an $8 billion petrochemical plant along the U.S. Gulf Coast, the second pact between the companies to build such plants in the last few weeks. The U.S. Gulf Coast II Petrochemical Project will include a 2,000 kilotons per year (KTA) ethylene cracker and two 1,000 KTA polyethylene units. 

Jul 10 - Dry freight rates to ride high on ship fuel refits - Cargill
With the world's largest dry cargo ships coming out of service for refits to comply with tougher rules on emissions, charter rates are expected to remain strong, a top Cargill executive said, after posting 7-fold gains already this year. "There are a lot of ships - especially on the capesizes - that will go into scrubber fitting which basically means they will be out of service for at least 25 days each to do so," Jan Dieleman, president of trading firm Cargill's ocean transportation business, told Reuters.

Jul 10 - U.S. refiners urge EPA to keep biofuel waiver requests secret from USDA
A law firm representing small U.S. refineries has urged the Environmental Protection Agency to keep refiners' applications for waivers from the nation's biofuel policy secret from the Department of Agriculture, arguing that the petitions include confidential business information. The request, made by Perkins Coie in a letter to the EPA dated July 8, adds to mounting pressure from representatives of the refining industry for the Trump administration to box the USDA out of the controversial waiver program.

Jul 10 - Any disruption to oil exports through Hormuz will be "major obstacle" to Iraq's economy - PM
Iraqi Prime Minister Adel Abdul Mahdi said on Tuesday any disruption to oil exports through the Strait of Hormuz will be a "major obstacle" for his country's economy which has too few oil export outlets. His government was studying contingency plans to deal with possible disruption, including looking at alternative routes for oil exports, Abdul Mahdi said.

Jul 09 - Squeezed by sanctions, Venezuela sells oil to tiny Turkish firm
With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro's government, according to internal documents and a PDVSA source. Until recently, some of the world's largest petroleum and refining firms, including U.S. companies Chevron and Valero Energy, lined up to take Venezuelan oil cargoes and PDVSA had a rigorous vetting process to ensure potential buyers had the capacity to pay.

Jul 09 - Seized supertanker was full to capacity with crude - Gibraltar
Tests have shown a supertanker seized in Gibraltar last week was fully loaded with crude oil, the government of the British territory said on Monday. British Royal Marines boarded the ship, Grace 1, off the coast of Gibraltar on Thursday and seized it for trying to take oil to Syria in violation of European Union sanctions. 

Jul 09 - Hedge funds sell crude as economy fears trump OPEC cuts: Kemp
Hedge funds sold more Brent futures and options last week as concerns about the global economy trumped the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend output cuts. Hedge funds and other money managers sold another 7 million barrels of Brent derivatives in the week to July 2, according to position data published by ICE Futures Europe.

Jul 09 - China's war on pollution could boost solar power - study
China's efforts to reduce chronic air pollution could increase its ability to generate solar power by up to 13% by allowing more sunlight to reach the earth, according to a new study published on Tuesday. China's so-called photovoltaic potential fell by an average of up to 15% between 1960 and 2015 as a result of pollution, climate researchers from Switzerland, the Netherlands and China said in a report published by the Nature Energy journal.

Jul 09 - U.S. oil output gains to outpace global demand growth until 2020 -Goldman
Goldman Sachs said growth in U.S. shale production is likely to outpace that of global demand at least through 2020 and limit gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries. The Wall Street bank forecast U.S. oil output growth at 1.3 million barrels per day (bpd) and 1.2 million bpd in 2019 and 2020 respectively, which compared with its global demand growth expectations of 0.8 million bpd and 1.6 million bpd respectively for the same periods.

Jul 08 - UK-flagged tanker reported 'safe and well' after stop in Gulf
The UK-flagged supertanker Pacific Voyager that halted in the Gulf on Saturday is "safe and well," a British official told Reuters, after Iran dismissed reports its Revolutionary Guards had seized the vessel. A Revolutionary Guards commander on Friday had threatened to seize a British ship in retaliation for the capture by Royal Marines of Iranian supertanker Grace 1 in Gibraltar. 

Jul 08 - Hedge funds chart course through 'IMO 2020' storm 
Shipping companies, refineries, freight derivatives or diesel cracks? Investment funds are placing their bets as the shipping sector prepares for new rules limiting sulphur emissions from ocean-going vessels. Ever since the International Maritime Organization said the maximum sulphur content in marine fuel must drop to 0.5% from 3.5% from 2020, shipping companies have been wrestling with how to comply without driving up costs at an uncertain time for global trade.

 Jul 08 - OPEC output hits new low on Trump's sanctions, supply pact - Reuters survey
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May's revised figure and the lowest OPEC total since 2014, the survey showed.

Jul 08 - Oil Minister Zanganeh says hopeful Iran's oil exports will improve - TV
Iran's Oil Minister Bijan Zanganeh said on Sunday that he was very hopeful of an improvement in the country's crude exports, state TV reported, in spite of tightened U.S. sanctions on Tehran's main source of income. His comments came as Iran faces further U.S. sanctions after announcing on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal. 

Jul 08 - Philadelphia refinery closing reverses two years of U.S. capacity gains
The planned closing of an oil refinery in Philadelphia damaged by a massive fire last month will reverse nearly two years of capacity gains at U.S. refineries, according to a Reuters analysis of government data. Philadelphia Energy Solutions has said it will shut its 335,000 barrels per day (bpd) refinery this summer after a June 21 fire tore through a portion of the plant, destroying an alkylation unit. 

Jul 08 - U.S. EPA proposes hike in 2020 biofuel mandate but waiver volumes draw ire
The U.S. Environmental Protection Agency (EPA) on Friday proposed refiners increase the volume of biofuels blended into their annual fuel output but did not reallocate the waived amounts under the hardship program, drawing ire from powerful corn and biofuel groups as well as Republican senators. The EPA is charged with setting biofuel blending requirements for the refining industry as part of the Renewable Fuel Standard (RFS), a more than decade-old regulation that is aimed at helping farmers and reducing U.S. dependence on oil. 

Jul 08 - North Sea oil producer Siccar Point eyes sale - sources
Private equity-backed oil and gas producer Siccar Point is testing the waters for its potential sale later this year, hoping to attract interest for its mostly untapped North Sea resources, industry and banking sources said. Siccar Point has in recent days invited over a dozen companies to review data on its Corona Ridge area in the west of Shetlands area with the aim of selling down part of its 70% stake in the Cambo field, according to sources close to the process.

Jul 08 - German refinery halts Russian oil imports over contamination - Handelsblatt
The PCK refinery in eastern Germany has halted imports of Russian oil via the Druzhba pipeline after once again finding "slightly elevated" levels of organic chlorides, the refinery's owner Shell told Handelsblatt newspaper on Friday. The pipeline, which brings oil from deep inside Russia to much of eastern and central Europe, has been plagued by a contamination crisis that disrupted flows from the world's second-largest exporter of crude.

Jul 05 - Tehran fumes as Britain seizes Iranian oil tanker over Syria sanctions
British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West. The Grace 1 tanker was impounded in the British territory on the southern tip of Spain after sailing around Africa, the long route from the Middle East to the mouth of the Mediterranean.

Jul 05 - Saudi Arabia lowers August Arab Light crude OSP to Asia
Saudi Aramco has set the August official selling price (OSP) for Arab Light crude for sale to Asia at $2.45 a barrel above Oman-Dubai quotes, Aramco said in a statement on Thursday. The price is 25 cents a barrel lower than the previous month. The August OSP for Arab Super Light crude was set at a premium of $4.45 a barrel while the OSP for Arab Extra Light crude was at a premium of $2.65 a barrel.

Jul 05 - Poland's PKN faces uphill battle to win EU nod for Lotos bid - sources
Poland's biggest oil refiner PKN Orlen is expected to face a full-scale EU antitrust investigation into its planned takeover of rival Lotos and may even face a veto due to their combined market share, people familiar with the matter said. State-run PKN said last year that it plans to buy at least a 53% stake in its nearest rival Lotos which has a market capitalisation of 15.9 billion zlotys ($4.23 billion), from the government.

Jul 05 - Asia feels pinch from higher Middle East oil shipping costs
Asian oil refiners are being squeezed by rising freight rates and insurance costs for shipping crude from the Middle East after attacks on ships in the Gulf last month, industry officials and analysts said. The Middle East accounts for more than two-thirds of Asia's oil supply and the attacks on tankers in the Gulf of Oman on June 13 have heightened security concerns among oil companies and shippers operating in the region.

Jul 05 - U.S. diesel consumption hit by economic slowdown: Kemp
U.S. consumption of diesel and other middle distillate fuels is decelerating in line with the wider slowdown in manufacturing and construction activity. Consumption of distillate fuel oil was up by 3% in the three months from February to April compared with the same period a year earlier, according to data from the U.S. Energy Information Administration.

Jul 04 - Europe boosts gasoline exports to U.S. after PES refinery fire
Gasoline exports from Europe to the U.S. East Coast rose sharply in early July after a fire at a major refinery in Philadelphia left a supply shortage in the densely populated region. Philadelphia Energy Solutions' (PES) 335,000 barrel-per-day (bpd) oil refining complex, the largest and oldest on the U.S. East Coast, is set to permanently shut down after it was hit by a devastating fire on June 21. 

Jul 04 - Crude and gasoline stockpiles down less than expected in week - EIA
U.S. crude and gasoline stockpiles fell less than forecast last week, while distillate inventories rose unexpectedly, the Energy Information Administration said on Wednesday. Crude pared gains after the report. U.S. crude was up 11 cents at $56.35 a barrel by 11:44 a.m. EDT (1544 GMT). Brent crude was up 60 cents at $63 a barrel.

Jul 04 - Future tense: Fastest-growing market Asia rethinks coal's prospects
After riding China's demand train for nearly two decades, Asia's coal industry is looking to a future of smaller markets and slimmer pickings, as buying declines in the world's second-biggest economy and climate change concerns blunt demand. By far the biggest user of coal-fired power, China is buying less thermal coal from global markets, said delegates to Asia's premier coal conference last month in Bali, both as renewables gain market share and as it digs up more of its own supply.

Jul 04 - Kazakhstan to divert some oil flows from Europe to China
Kazakhstan plans to increase oil exports to China to 6-7 million tonnes a year from just 1 million tonnes at the expense of shipments to Europe, starting from the second half of 2020, Deputy Energy Minister Aset Magauov told Reuters. In order to do this, the Central Asian nation will reverse the domestic Kenkiyak-Atyrau pipeline that is currently used to ship crude in a westerly direction. The move will reduce transit shipments through Russia's Transneft.

Jul 04 - U.S. oil drillers cut rigs for first week in three - Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year. Drillers cut five oil rigs in the week to July 3, bringing the total count down to 788, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Wednesday.  

Jul 04 - Mexico's Pemex quietly pursues deepwater project amid pressure for tie-ups
Mexican state oil company Pemex is pursuing a risky Gulf of Mexico deepwater project despite vowing as recently as two weeks ago it would focus its limited resources elsewhere, according to a filing with the country's oil regulator. Pemex sought and won approval from the regulator in late May to drill a well under more than 10,000 feet (3,000 meters) of water that the company won at auction months before President Andres Manuel Lopez Obrador was elected in a landslide victory last year.

Jul 03 - OPEC and allies extend oil supply cut in bid to boost prices
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars. The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world's top producer.

Jul 03 - Banks scramble to re-pitch for Aramco IPO roles - sources
Investment banks are scrambling to re-pitch to advise Saudi Aramco on a possible initial public offering, sources familiar with the matter said, with Saudi Arabia's energy minister confirming plans for the listing to proceed in 2020 or 2021. "Bankers previously involved in the IPO are pushing for meetings with Aramco," one of the sources said.

Jul 03 - Morgan Stanley cuts long-term Brent price view after OPEC supply cuts
Morgan Stanley lowered its long-term Brent price forecast on Tuesday and said the oil market is broadly balanced in 2019 after OPEC and its allies including Russia agreed to extend their production cuts by even longer than expected. The bank lowered its long-term Brent price forecast to $60 per barrel from $65 per barrel, while it expects prices for the global benchmark to fluctuate around $65 per barrel, from $67.5 per barrel previously, in the next three quarters.

Jul 03 - Under pressure from Trump, OPEC embraces Putin
When Vladimir Putin announced at the weekend that OPEC would extend oil production cuts, broadcasting a deal before the group had even met to approve it, the move angered some member nations. They were dismayed at the leading role non-OPEC Russia, once seen as an enemy in oil markets, was playing in shaping the group's policies.

Jul 03 - Occidental urges shareholders to reject activist Icahn's proposal
Occidental Petroleum Corp on Tuesday called on its shareholders to reject activist investor Carl Icahn's moves to launch a proxy fight for four seats on the company's board. The oil and gas producer, in a regulatory filing, said fixing a record date for the planned consent solicitation and the proposals of the Icahn Group "are not in the best interests of Occidental or its stockholders".

Jul 03 - China issues more crude import quotas for mostly private refiners - document
China has issued more crude oil import quotas for mostly private refiners that will allow them to bring in an additional 56.85 million tonnes for the remainder of 2019, a document reviewed by Reuters showed on Tuesday. This will bring the total quotas issued this year to 151 million tonnes of crude oil, or roughly 3.02 million barrels per day (bpd).

Jul 03 - U.S. oil production growth slows but OPEC+ should be wary: Kemp 
The once booming expansion rate of U.S. oil production has begun to slow in response to the downturn in prices since the end of the third quarter of 2018, government production figures show. U.S. crude and condensates production rose to a record 12.16 million barrels per day (bpd) in April, an increase of 1.69 million bpd or 16% compared with the same month a year earlier.

Jul 03 - U.S. crude to trickle onto new Gulf Coast lines as connections, storage opens -sources
A year-old bottleneck of crude in West Texas is shifting east as new pipelines prepare to begin operations without enough connections or storage for the smooth movement of shale oil to a U.S. Gulf Coast export hub, according to traders and analysts. The United States exported a record 3.8 million bpd of crude in late June after Congress lifted a 40-year export ban in late 2015.

Jul 02 - OPEC extends oil cut to prop up prices as economy weakens
OPEC agreed on Monday to extend oil supply cuts until March 2020 as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production. The move will likely anger U.S. President Donald Trump, who has demanded OPEC leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants U.S. military support in its standoff with arch-rival Iran.

Jul 02 - Russia cut June oil output by more than required in global pact
Russia reduced oil production in June by more than the amount agreed in a global deal to cut output, the energy minister and industry sources said on Monday, as the sector still felt the impact of a contaminated crude crisis that crippled exports. Russian Energy Minister Alexander Novak said that Russian oil output last month fell by 278,000 barrels per day (bpd) from an October 2018 baseline of 11.41 mln bpd, Russian news agencies reported, indicating output in June of about 11.13 million bpd.

Jul 02 - The Trump who tweeted wolf: commodities wary of U.S.-China trade news: Russell 
Have commodity markets reached the point where they are ignoring the tweets and rhetoric on U.S.-China trade talks, and are instead waiting for some concrete developments? Certainly the initial price action on Monday morning after U.S. President Donald Trump's latest comments hailing a resumption of trade talks with Beijing was subdued.

Jul 02 - Oil prices get a lift from short-covering: Kemp
Hedge fund managers have started to cover some of the bearish short positions in oil they established since late April, amid hopes for interest rate cuts and a trade truce between China and the United States. Hedge funds and other money managers increased their net long position in the six major petroleum futures and options contracts by 19 million barrels in the week to June 25.

Jul 02 - EPIC sets rates, terms for interim crude service on Permian to Corpus Christi pipeline
EPIC Crude Pipeline LP said it would charge shippers $5 per barrel for interim crude service on its converted natural gas liquids (NGL) pipeline from the Permian basin to the Corpus Christi, Texas, area, according to a regulatory filing on Monday. EPIC Crude will offer up to 400,000 barrels per day (bpd) of interim service capacity and will offer only uncommitted service during the interim service period, according to the filing with the Federal Energy Regulatory Commission (FERC).

Jul 02 - Exxon quarterly profit to feel pinch of weaker natural gas, chemical earnings
Exxon Mobil Corp said on Monday lower natural gas and chemical margins in its second quarter would offset improved crude and refining operations, pointing to flat profits sequentially and down from a year-earlier. The U.S. oil major said in a securities filing it expected improved crude prices to boost second-quarter profit by $400 million to $600 million.

Jul 01 - OPEC set for oil cut extension if Iran endorses pact
OPEC and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy. Iran is the only major OPEC nation yet to have spoken publicly about a need to extend production cuts. 

Jul 01 - Russia agrees with Saudi Arabia to extend OPEC+ oil output deal
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output, Russian President Vladimir Putin said, as oil prices come under renewed pressure from rising U.S. supplies and a slowing global economy. Saudi Energy Minister Khalid al-Falih said on Sunday that the deal would most likely be extended by nine months and no deeper reductions were needed.

Jul 01 - The Trump who tweeted wolf: commodities wary of U.S.-China trade news: Russell
Have commodity markets reached the point where they are ignoring the tweets and rhetoric on U.S.-China trade talks, and are instead waiting for some concrete developments? Certainly the initial price action on Monday morning after U.S. President Donald Trump's latest comments hailing a resumption of trade talks with Beijing was subdued.

Jul 01 - U.S. shale's growth rate peaked last year, slower gains ahead
The U.S. shale industry’s sizzling growth rate likely peaked last year, according to a survey of major forecasters, cooled by investors demanding financial returns over increased oil output. Around 1.3 million barrels per day (bpd) of new U.S. shale oil production should hit the market this year, down from around 1.5 million new bpd that arrived in 2018, according to the average of recent forecasts from four energy research firms and the U.S. government.

Jul 01 - Venezuela reshuffles oil output to favor Asia exports amid sanctions - documents
Venezuelan state oil firm PDVSA is revamping one of its major processing operations geared to supplying U.S. buyers to produce instead a crude grade favored by Asian refiners, according to internal documents seen by Reuters. Sweeping U.S. sanctions on the government of President Nicolas Maduro since January have effectively halted its oil sales to U.S. refiners, historically among the largest receivers of Venezuelan crude.

Jul 01 - U.S. issues mixed report on Alaska Gasline's LNG export plant
U.S. energy regulators issued a report on Friday for Alaska Gasline Development Corp's proposed $43.4 billion Alaska liquefied natural gas (LNG) project that found it would provide economic benefits to the state but could hurt the environment. In the report, known as an environmental impact statement, staff at the Federal Energy Regulatory Commission (FERC) concluded construction and operation of the project would result in "temporary, long-term, and permanent impacts on the environment."

New Saudi energy minister says OPEC+ alliance staying for long term
Saudi Arabia's new energy minister said on Monday the world's top oil exporter would keep working with other producers to achieve market balance and that an OPEC-led supply-curbing deal would survive "with the will of everybody". Prince Abdulaziz bin Salman, who took over as energy minister from Khalid al-Falih on Sunday, told reporters there would be "no radical" change in the oil policy of Saudi Arabia, OPEC's de facto leader, which he said was based on strategic considerations such as reserves and energy consumption.

Saudi Aramco pursues IPO with local listing plan as lines up banks -sources 
Saudi Arabia plans a gradual listing of Aramco on its domestic market, sources familiar with the matter said on Monday, as it finalises the roles banks will play in the initial public offering (IPO) of the world's biggest oil company. The kingdom intends to list 1% of the state oil giant on the Riyadh stock exchange before the end of this year and another 1% in 2020, the sources said, as initial steps ahead of a public sale of around 5% of Aramco. 

China clears 25 Brazil meat plants for export, lifting shares 
China granted export licenses to 25 Brazilian meatpacking plants, Brazil's Agriculture Ministry said on Monday, allowing the country's fast-growing protein industry to feed more people in the Asian nation where disease has hurt local supply. The news drove up the stocks of licensed-plant owners BRF SA, Minerva SA and Marfrig Global Foods SA.

China CNPC skips Venezuelan oil loading for 2nd month -sources 
China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said. CNPC made a surprise halt last month in loading Venezuelan oil after the Trump administration in early August froze Venezuelan government assets in the U.S. and officials warned companies against dealing with Venezuela's state-run oil company, Petróleos de Venezuela, S.A., or PDVSA. 

Big Ag wants a cut of booming fake-meat market 
Bunge Ltd, one the world's biggest grain traders, recently disclosed the 1.6% stake it had purchased in the fast-growing fake-meat startup Beyond Meat. The play looked smart after the stock surged more than 250% since the faux burger and sausage maker's initial public offering in May. Indeed, Beyond Meat's market capitalization of $9.9 billion is now larger than Bunge's, a 201-year-old firm with 31,000 employees.

GRAPHIC-Go West: Nigerian oil skirts U.S. shale boom in journey to California 
Nigeria's oil, displaced by U.S. shale, has found an unlikely new outlet this year: the coast of the continental United States that is farthest from the African country's shores. The shale boom has upended the global market, turning the United States from a keen buyer of Nigerian oil to an aggressive competitor.

EXCLUSIVE-Qatar shortlists partners for North Field expansion, but says it may go it alone
Qatar has shortlisted international oil firms for a stake in its expanded North Field megaproject, Qatar Petroleum's chief executive told Reuters, but may still choose to go it alone unless majors offer it significant value. The expansion of tiny but gas-rich Qatar's liquefied natural gas (LNG) facilities, already the world's largest, is one of the energy sector's most lucrative projects, and the world's top oil and gas majors have been racing to secure a stake.

Philippines H1 nickel ore output rises 3% despite mine shutdowns 
Nickel ore output in the Philippines, one of the world's two biggest producers of the material for stainless steel and batteries, rose 3% in the first half despite zero production at more than half the country's mines, government data showed. The Southeast Asian country, which sells most of its nickel ore to top buyer China, produced 11.31 million dry metric tonnes of the material between January and June, compared with 11.01 million tonnes in the same period last year, the Mines and Geosciences Bureau (MGB) said on Tuesday.


Trade war, global economic uncertainty cloud oil outlook at Asia conference
Uncertainties surrounding the global economy, a prolonged trade war between the United States and China and increasing U.S. supplies are expected to weigh on oil prices this year, executives at a key industry conference said on Monday. Their comments at the Asia Pacific Petroleum Conference (APPEC), an annual gathering of top energy executives, were more tempered compared with last year, when merchants were forecasting oil at $100 per barrel by the start of 2019.

COLUMN-Hedge funds sell oil as global economy deteriorates: Kemp 
Hedge funds are becoming more pessimistic about the outlook for oil prices as trade tensions between the United States and China remain unresolved and global economic growth grinds to a halt. Hedge funds and other money managers were net sellers of petroleum futures and options last week for the fifth time in seven weeks, according to an analysis of data published by regulators and exchanges.

COLUMN-Copper finely poised between negative macro and robust micro: Andy Home
Copper last week hit a year-to-date low of $5,518 per tonne in the London market as the macroeconomic picture becomes ever gloomier. Funds remain heavily short, betting that copper demand is set to worsen amid what is looking like a synchronised downturn in the global manufacturing sector.

EXCLUSIVE-Repsol in advanced talks to buy Exxon assets in Gulf of Mexico -sources 
Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday. The deal would be a boon to Exxon's plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets. 

U.S. says it is concerned about China's purchases of Iranian oil
The United States is "very concerned" about China's purchases of Iranian oil, Dan Brouillette, deputy secretary of the U.S. Department of Energy, said on Monday. "We are very concerned about the purchases that the Chinese people have made, the government in particular," he said on the sidelines of an energy conference in the United Arab Emirates, adding that U.S. officials would discuss the issue with the Chinese government.