Energy News

Sep 30 - U.S. imposes new sanctions on Iran oil exports, targets Chinese firms
The United States on Thursday imposed sanctions on companies it accused of involvement in Iran's petrochemical and petroleum trade, including five based in China, pressuring Tehran as it seeks to revive the 2015 Iran nuclear deal. Washington has increasingly targeted Chinese companies over the export of Iran's petrochemicals as the prospects of reviving the nuclear pact have dimmed.  

Sep 30 - Europe braces for heavy oil refinery outages amid tight supplies
A heavy oil refinery turnaround season in Europe this autumn, plus French strike action, is set to push diesel prices higher and tighten supplies ahead of a European Union ban on Russian refined products which is due to come into force early next year. In October, around 1.5 million barrels per day (bpd) of crude refining capacity is expected to be offline in Europe for planned and unplanned maintenance, Energy Aspect estimated.

Sep 29 - China may extend refined fuel export quota into next year
China may tweak a proposed sharp increase in refined fuel export quotas for this year by extending the plan into next year, as it weighs the benefits to the economy of higher exports against low domestic stocks and operational challenges, four sources told Reuters. However, the four sources with direct knowledge of the matter - and three others - said the government was still reviewing the matter.

Sep 29 - U.S. crude, fuel stocks fall in most recent week
U.S. crude and fuels stocks posted surprising declines in the most recent week as fuel demand rose and refiners cut runs, the Energy Information Administration said on Wednesday. Crude inventories fell by 215,000 barrels in the week to Sept. 23 to 430.6 million barrels, compared with analysts' expectations in a Reuters poll for a 443,000-barrel rise.

Sep 28 - China's oil demand set to recover as COVID restrictions ease
China's economy is recovering from a trough hit in the second quarter, with oil demand expected to rebound next year as Beijing eases COVID-19 restrictions, senior Chinese refining executives said on Wednesday. The recovery will come on the back of an expected contraction in oil demand in the world's biggest energy consumer in 2022, the first in two decades, as China's zero-COVID policy ravaged its economy and restricted movements.

Sep 28 - Russia seen suggesting OPEC+ cuts oil output by 1 mln bpd
Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint said on Tuesday. The meeting will take place on October 5 against the backdrop of falling oil prices and months of severe market volatility which prompted another top OPEC+ producer, Saudi Arabia, to say the group could cut production.

Sep 27  - Oil stocks to rise on slower demand, OPEC cuts needed to bolster prices
Global oil stocks are set to rise next year amid weakening demand and a stronger U.S. dollar, executives at an oil conference said on Monday, adding that OPEC will have to cut output to reduce supply if they want prices to remain supported.

Sep 27  - U.S. official rules out secondary sanctions for Russian oil price cap
A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators.

Sep 26   - Vitol expects Russian oil to flow to Asia and Mideast
Russian oil is expected to come to Asia and the Middle East, while refined fuel produced in these regions will flow to the West as the global oil trade is disrupted by sanctions, Vitol's Chief Executive Officer Russell Hardy said on Monday.

Sep 26   - Ecopetrol sells more Colombian oil to Europe as competition in Asia grows
Colombian state energy company Ecopetrol is selling more of its oil production to Europe, replacing Russian supplies, while it sees growing competition for market share in Asia.

Sep 23 - India set to skip buying Russia's ESPO crude in Sept as freight costs jump
Indian refiners are set to skip purchases of Russia ESPO crude oil this month due to higher freight rates, turning to Africa and the Middle East instead, industry sources said. India, which rarely used to buy Russian oil, has emerged as Moscow's second biggest oil customer after China since Moscow's invasion of Ukraine in late February.

Sep 23 - Poland will only supply Germany's Schwedt refinery if Rosneft removed as shareholder
Poland will only help supply oil to Germany's PCK Schwedt refinery if Russia's Rosneft is completely removed as a shareholder, Poland's climate ministry said, raising pressure on Germany to completely nationalise the refiner. The German economy ministry is in talks with potential buyers, including a Polish company, two government sources in Berlin said.

Sep 22 - China's crude oil demand rebounds as refiners prepare to ramp up output
At least three Chinese state oil refineries and a privately run mega refiner are considering increasing runs by up to 10% in October from September, eyeing stronger demand and a possible surge in fourth-quarter fuel exports, people with knowledge of the matter said. Chinese refiners are expecting Beijing to release up to 15 million tonnes worth of oil products export quotas for the rest of the year to support the no. 2 economy's sagging exports.

Sep 22 - U.S. crude, fuel stocks rise, refining activity picks up - EIA
U.S. crude and fuel stocks rose in the most recent week, as refiners increased processing to rebuild low product inventories, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.1 million barrels in the week to Sept. 16 to 430.8 million barrels, compared with analysts' expectations in a Reuters poll for a 2.2 million-barrel rise.

Sep 21  - RUSSIA-UKRAINE WAR
- President Vladimir Putin ordered Russia's first mobilization since World War Two, warning the West that if it continued what he called its "nuclear blackmail" that Moscow would respond with the might of all its vast arsenal.
"If the territorial integrity of our country is threatened, we will use all available means to protect our people - this is not a bluff," Putin said in a televised address to the nation, adding Russia had "lots of weapons to reply".

- One-way flights out of Russia were selling out fast after Putin ordered the immediate call-up of 300,000 reservists, and Russia’s opposition called for protests.
- Residents of the Ukrainian capital Kyiv dismissed Putin's move as a mark of desperation and expressed confidence in their own armed forces to drive Russian troops from their country.
- The European Union's executive body told Putin to stop his "reckless" nuclear gamble, while Britain said the threats must be taken seriously.

Sep 21 - U.S. senators want secondary sanctions on Russian oil
Democratic and Republican senators on Tuesday proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen a price cap G7 countries plan to impose on Russian oil over Moscow's invasion of Ukraine. Democratic Senator Chris Van Hollen and Republican Senator Pat Toomey announced a framework for legislation to impose the secondary sanctions, which would target financial institutions involved in trade finance, insurance, reinsurance and brokerage of Russia oil and petroleum products sold at prices exceeding the cap.

Sep 21 - Europe pays up to grab Russian diesel ahead of difficult winter
European diesel buyers are willing to pay more for Russian cargoes than they were in May, as traders look to get their hands on supplies ahead of a difficult winter and global shortage of the fuel, industry sources said. The European Union will stop buying all Russian crude oil delivered by sea from early December and will ban all Russian refined products two months later, to curb Russia's oil-export revenue in response to Moscow's invasion of Ukraine.

Sep 20 - Exxon boosts Guyana oil output, undecided on future auction bid
Exxon Mobil Corp is uncertain whether it will bid for new offshore areas Guyana wants to explore, a person close to the matter said, as the oil major ramps up production faster than expected and the South American country wrestles with fixing terms of new oil leases. An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched first production in 2019 and now controls all output in the tiny nation.

Sep 20 - Investors see U.S. oil between $80 and $100/bbl next year
U.S. crude oil prices will average between $80 and $100 per barrel next year, investors attending a Barclays conference this month estimated, suggesting a stronger outlook than future prices suggest. Oil futures for October traded at $85 a barrel on Monday, with the outlook for 2023 at about $79 a barrel.

Sep 19 - China's August gasoline exports nearly double from a year ago
China's August gasoline exports rose 97.4% from a year earlier, customs data showed on Sunday, as refiners took advantage of fresh export quotas amid faltering domestic demand. Gasoline shipments were at 1.12 million tonnes last month, while volumes for the January to August period were 30.4% lower than the corresponding period last year, according to data from the General Administration of Customs.

Sep 19 - OPEC+ leaders like $100 oil, won't necessarily defend it
Saudi Arabia and Russia, the de facto leaders of the OPEC+ oil producer group, see $100 a barrel as a fair price that the global economy can absorb, sources familiar with government thinking in the two countries told Reuters. The Organization of the Petroleum Exporting Countries, Russia and other allies, known as OPEC+, pumps more than 40% of the 100 million barrels per day of global output.

Sep 16 - China August refinery output near 2-year lows on outages
China's refinery crude throughput remained near two-year lows in August due to outages at several state refiners and independent plants which curbed production amid thinning margins and tepid demand. Refiners processed 53.66 million tonnes of crude oil last month, 6.5% less than a year earlier, according to data from the National Bureau of Statistics.

Sep 16 - Germany puts Rosneft refinery unit under trusteeship
Germany put the German subsidiary of Russian oil giant Rosneft under trusteeship on Friday, handing control of the PCK refinery in Schwedt, a key source of fuel for Berlin, to the federal regulator. The refinery, until now majority-owned by Rosneft, has tested Germany's resolve to eliminate imports of oil from Russia by the end of the year, under European sanctions to punish Moscow for its invasion of Ukraine.

Sep 15 - Shell names insider Wael Sawan as new CEO
Shell named Wael Sawan, its head of integrated gas and renewables division, as the group's chief executive officer to replace Ben van Beurden, who will be stepping down at the end of this year. Wael's appointment is effective Jan. 1, Shell said, while Ben van Beurden will continue to work as an adviser to the board until June-end after which he will leave the group.

Sep 15 - Oil demand set to grow sharply next year, IEA says
Global oil demand growth will rebound strongly next year as China eases COVID lockdowns, the International Energy Agency (IEA) said on Wednesday, adding that an economic slowdown will pause growth only briefly at the end of this year. The outlook preserves a relatively bullish view for robust growth next year despite economic headwinds, built on the expectation that China will get back to work while growth in air travel will boost jet fuel demand.

Sep 14 - OPEC sticks to oil demand growth view, sees pre-pandemic demand in 2023
OPEC on Tuesday stuck to its forecasts for robust global oil demand growth in 2022 and 2023 citing signs that major economies were faring better than expected despite headwinds such as surging inflation. Oil demand will increase by 3.1 million barrels per day in 2022 and by 2.7 million bpd in 2023, unchanged from last month, OPEC said in a monthly report.

Sep 14 - How Norway's Equinor exited Russia: Move fast, sell cheap
Norway's Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals - but it also paid a price.  According to three industry sources, Russia's Rosneft paid just one euro ($1) for Equinor's main assets, while also allowing the state-controlled Norwegian group to forgo future liabilities and investment commitments.

Sep 13 -  Fuel for Thought: G7 price cap on Russian oil hangs on Asia’s ability to squeeze Russia (S&P Global)

China and India hold the key to the success, or failure, of a price cap on Russian oil proposed by the G7. Asia's largest oil consumers are expected to buy even more cheap Russian crude if the US-led coalition's attempt to starve President Vladimir Putin of oil earnings to fund its war in Ukraine plays out.

But the market remains divided over whether the latest efforts to hurt Russia financially will fall flat or even backfire, accelerating a potential global recession.

Far from expecting China and India to join the G7 price cap alliance, the US hopes the price cap will expand the discount for Russian crudes on the global market giving Asian refiners additional leverage to negotiate down prices in supply talks with Russia.

Cheapening the value of Russia's oil exports rather than stemming their flow to world markets has become the West's key priority.

Russian crude exports remain close to pre-war levels and the value of its oil has been recovering in recent weeks due to tight markets for physical barrels. At the start of the summer, Europe's remaining buyers of Urals crude enjoyed discounts of up to $40/b vs Dated Brent. Although still well below the pre-war discount for Russia's key export grade to Brent of $2.5/b in January, they have halved to a $20/b discount since early August, data from S&P Global Commodity Insights shows.

Supported by strong Chinese and Indian demand, Eastern Russia's ESPO crude blend has seen its discount to Dubai crude shrink from $25/b in July to around $5/b in early September, according to the IEA.

"Regardless of which options the countries take, the price cap helps us achieve our objectives by putting downward pressure on the cost of Russian oil exports," the US Treasury Department's Assistant Secretary for Economic Policy Ben Harris said Sept. 9. "Ultimately, we believe the price cap would be successful in our goal of substantially hurting Russia's main source of revenue."

As it stands, the cap mechanism requires two key elements to get it off the ground — coordinating a ban on providing insurance services needed to ship Russian oil above a certain price and setting that price ceiling below current market values but above the cost of production.

Too low and the price cap could trigger Russian retaliation by shutting in swathes of oil production that will boost global crude prices, further fuel inflation and deepen the world's energy crisis. Too high and Russia will continue to benefit from redirecting its oil away from Europe at current prices.

"The most critical issue is the level of the price cap," said Ehsan Khoman, MUFG's EMEA head of emerging markets research, "Set it at zero and it's akin to an embargo as Russia will not sell its oil for free but set it at market prices then its novelty is quite trivial."

Putin has already said he would halt all oil exports to countries imposing a price cap. That would mean Russia attempting to redirect even more oil exports to its key trading allies China, India and Turkey.

The G7 appears to be banking on Russia redirecting more oil flows to Asia rather than retaliating by shutting in production. With Russia's energy exports normally funding more than half of Russia's government budget, the US believes Putin will be loath to simply turning off the spigots and should opt to absorb a bigger discount for his oil.

Goldman Sachs estimates that the world can still expect to lose about 1 million b/d of Russian supply versus pre-war levels due to incomplete redirection to alternative non-NATO buyers under a price cap.

Done right, the price cap mechanism could drive down Russia's energy revenues and avoid a recession-triggering surge in global oil prices. If Russia decides to bite the bullet and shut in swathes of production in retaliation the additional pain will be shared globally.

Sep 12  - Russian barrels continue to impact Iranian trade (Petroleum Economist)

- Iranian crude and condensate exports have slowed this year amid stiff competition from sanctioned Russian barrels for both Chinese market share and access to those tankers willing to transport the illicit cargoes.
- Iran exported an average of 880,000bl/d in the second quarter, down from 980,000bl/d in the first three months of the year, according to data from cargo-tracking analytics firm Vortexa. Exports have declined in recent months, but logged a partial rebound in August to back up to more than 800,000bl/d.

- China remains the largest single buyer of Iranian crude, but the Middle Eastern country has seen its market share eroded by Russia. China imported an average of 500,000bl/d of crude from Iran between June and August, down from an average of 570,000bl/d over the previous three months. Russian shipments to China increased to an average of 1mn bl/d between June and August, up from an average of 850,000bl/d between March and May, Vortexa data shows. Both Iranian and Russian barrels “compete for the same [independent] refiners in Shandong”, emphasises Vortexa crude market analyst Armen Azizian.

Available tankers
- The nature of this sanctioned crude trade limits the potential pool of vessels available to transport Russian or Iranian barrels, since most shipowners are wary of falling foul of sanctions and the potential consequences, such as their vessels being barred by port authorities and dropped by maritime insurers.
880,000bl/d – Average Iranian Q2 exports
- Vortexa has identified “dark ship-to-ship [STS] transfers of Russian Urals [crude] in the Atlantic” involving “tankers which previously carried Iranian crude”.
- Maritime intelligence company Windward has also identified increased illicit tanker activity, stating in late August that “the number of oil tankers engaging in dark activity in the mid-North Atlantic Ocean has jumped substantially during the past two months”, and citing the region as a new hub for Russian crude transshipments. Windward says it has identified “more than 20” vessels “engaged in deceptive shipping practices” in recent months, while Vortexa highlights 23 tankers that have been loading Russian crude since March this year but previously engaged in Iranian trade. Vortexa suggests the fleet available for Iranian barrels has shrunk this year and "could even fall further”. But there are no definitive indications that tanker availability is constraining Iranian exports. Windward suggests the “usually quiet” mid-North Atlantic has become popular for Russian STS transfers because it is accessible “via major waterways, such as the Suez Canal and Gibraltar Strait” but beyond European jurisdiction. And after taking on illicit cargoes, vessels can go east via the Capes to avoid scrutiny. The intelligence firm also notes that “the mid-North Atlantic route was successfully used in the past to export Venezuelan sanctioned crude oil”, indicating again the established, experienced and interconnected nature of the sanction-busting oil market.

Negotiations continue
- Negotiations between Iran and the West have sparked speculation that sanctions could be relaxed, particularly given the tightness of the global energy markets. But a number of factors may limit how much—and how quickly—Iran might be able to react to any deal and raise exports. European buyers may be hesitant to buy Iranian crude once more, although there may be political support, "given Europe is trying to free itself from Russian [crude] and, historically, ties have been strong with Iran”, says Azizian.
- And while Iranian medium-sour barrels could displace Urals crude in Europe, the bloc is already buying from alternative sources, which might not leave much room for Iranian crude by the time a potential deal is sealed. Europe has already increased its imports of Basrah Medium, Arab Light and Kazakh-origin Urals, Vortexa notes, so competition is strong.
- And while Iran has a sizeable national tanker fleet—second only to Saudi Arabia in its number of supertankers—it is in poor condition, with vessels being on average 19 years old. That is an issue because “many Western companies are reluctant to trade with tankers over 15 years old”, for insurance and environmental reasons in particular, explains Vortexa. So even if sanctions were lifted, transport availability could remain an issue for Iranian barrels.

Sep 09 - U.S. says Russia price cap should take risk premium out of oil market
The price cap that G7 countries want to impose on Russian oil to punish Moscow should be set at a fair market value minus any risk premium resulting from its invasion of Ukraine, a U.S. Treasury Department official told reporters. The price should be set above the marginal production cost of Russia's oil and take into consideration historical prices, said Elizabeth Rosenberg, U.S. Treasury Assistant Secretary for Terrorist Financing and Financial Crimes.

Sep 09 - U.S. evaluating need for further SPR oil releases after October - Granholm
U.S. President Joe Biden's administration is weighing the need for further releases of crude oil from the nation's emergency stockpiles after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters on Thursday. A Department Of Energy official later said the White House was not considering new releases from the U.S. Strategic Petroleum Reserve (SPR) at this time beyond the 180 million barrels that the president announced months ago.

Sep 08 - UK Prime Minister Liz Truss to scrap fracking ban
Britain's new Prime Minister Liz Truss will on Thursday scrap the country's fracking ban and will seek to make more use of North Sea reserves, the Telegraph newspaper reported.  The reported moves are part of what her office said will be a "bold plan of action" to support households and businesses with soaring energy bills while also seeking to boost domestic energy supply.

Sep 08 - Top shale executive says U.S. oil output gains to disappoint
U.S. oil output this year is likely to disappoint, with even lower growth possible next year, said Scott Sheffield, chief executive of leading shale producer Pioneer Natural Resources. Oil supply has been thrust into the spotlight by Russia's invasion of Ukraine and sanctions on its oil exports. U.S. shale companies and the Organization of the Petroleum Exporting Countries have said they cannot pump more oil, pushing up prices.

Sep 07 - FUJAIRAH DATA: Oil products stockpiles drop to 10-week low in week to Sep 5 (S&P Global)

Oil products stockpiles at the UAE's Port of Fujairah dropped to a 10-week low in the week to Sept. 5, led by declines in light and middle distillates, according to Fujairah Oil Industry Zone data published Sept. 7.

Total inventories were at 21.739 million barrels as of Sept. 5, down 1.1% from a week earlier and the lowest since June 27, the FOIZ data showed. At this time last year, stockpiles were at a two-year low, erasing all of the buildup as demand recovered from COVID-19. Stockpiles were now 22.9% higher than a year earlier.

Stocks of light distillates like gasoline and naphtha fell 2.8% in the week to 7.07 million barrels -- a six-week low -- and middle distillates such as jet fuel and kerosene declined 12% to 2.672 million barrels -- the lowest in 13 weeks -- according to the data provided exclusively to S&P Global Commodity Insights.

Only heavy distillates used as fuel for power generation and marine bunkers climbed over the week, rising 2.8% to 11.997 million barrels -- the highest in three weeks.

Lackluster demand for low sulfur marine fuel has pressured premiums, market sources said.

"The LSFO [market] is completely quiet, which is why the suppliers are fighting [over limited demand]," a Fujairah-based bunker supplier said Sept. 7.

The Platts Fujairah-delivered marine fuel 0.5%S bunker premiums over the FOB Singapore Marine Fuel 0.5%S cargo assessments dropped to a more than a six-month low of $35.89/mt on Sept. 6, and have averaged $44.40/mt Sept. 1-6 compared with $93.94/mt in August, according to S&P Global data.

There is relatively stronger demand for high sulfur fuel oil in Fujairah, but terminal congestions have delayed barge refueling schedules, local traders said. This is likely to lead to higher inventories, they added.

"HSFO barges are spending more time queuing for berths lately, as more vessels, such as oil tankers, are calling for cargo works here," a bunker supplier said.

Russia was the biggest origin of fuel oil to Fujairah in August, at a record 157,000 b/d, according to Kpler shipping data. Fujairah has become a major destination for Russian products since Moscow's military invasion of Ukraine in February and subsequent sanctions caused some buyers to shun supplies from the country.

Naphtha exports have also been picking up, reaching 80,600 b/d on average in August, well above July's pace of 40,900 b/d, according to Kpler shipping data. Japan, South Korea, China and India were the primary destinations for the petrochemicals feedstock.

Sep 07 -  Price cap on Russian oil may lower discounts, widen buyer pool (S&P Global)

The G7 countries' agreement to finalize and impose a price cap on Russia's crude exports may diminish its current discounts against global benchmarks and widen the pool of buyers of its oil, the head of Vitol Asia said on Sept. 4

G7 countries agreed Sept. 2 to "urgently" finalize and implement a price cap on imports of Russian oil as part of efforts to hit Moscow's vital oil revenue and ability to fund the war against Ukraine.

"The markets where most Russian crude oil is flowing and will now flow once the sanctions take further effect later this year will be spread out more widely," Mike Muller told the Gulf Intelligence daily energy webcast.

"So, the discounts we are currently seeing in place for Russian crude oil and product exports will possibly diminish at the same time that more participants are brought into the fold."

Finance ministers from Canada, France, Germany, Italy, Japan, the UK and US said Sept. 2 they "commit to urgently work on the finalization and implementation" of the prohibition of maritime transportation of Russian-origin crude oil and petroleum products globally unless the oil is purchased at or below a price cap. The G7 announcement came a day after Russia's top OPEC+ negotiator, Alexander Novak, said the country will refuse to supply oil to countries or companies imposing proposed price caps, adding that none of its partners in the oil exporters group supported price restrictions on Russian crude.

World needs Russian oil

No detail of the price cap level or timing was given by the G7 ministers, who said they aimed to align the implementation of the cap with the timeline of measures in the EU's sixth sanctions package which bans most Russian oil imports by early 2023.

EU sanctions on Russian-related services such as the financing and tanker insurance also go into effect Dec. 5.

Currently Russian crude trades at a discount to global benchmarks, which has helped Moscow attract buyers in Asian countries including India and China.

The world cannot live without Russian oil and parallels between sanctions on Russia and Iran cannot be drawn due to Russia's ability to produce around 11% of the global oil supply.

"A way must be found to allow Russian oil to continue to flow into markets because unlike the inventory build of gas in Europe...that does not apply for oil," said Muller.

"We have to bear in mind that Russia's production is a much larger number than Iran's production, so we can't draw parallels about sanctions taking effect in Russia in the same way as Iran because Russia has capacity to produce 11 million b/d of oil."

Iran deal odds

However, oil markets and OPEC+ need to take heed of the potential lifting of US sanctions on Iran and the return of more barrels from Tehran amid the resurgence of talks since mid-August about a nuclear deal. The US administration of Donald Trump withdrew from the 2015 Joint Comprehensive Plan of Action, infuriating Iran and complicating efforts to export its crude without the threat of sanctions.

"The whole of the mindset around will there or will there not be Iranian oil in the market is extremely important for OPEC+ to take into account," said Muller.

"That absolutely matters as we come into the peak demand period for Asia in particular and in terms of the October period where in Asia large NOCs tend to sign up contracts for the next calendar year."

Odds of a nuclear deal reached this year are "a toss-up," according to Platts Analytics. Platts is part of S&P Global Commodity Insights.

"Our reference case still assumes an agreement remains out of reach through 2023, but a near-term deal to resuscitate the 2015 JCPOA could lift crude and condensate exports by 1.0 million b/d by March 2023," Platts Analytics said in a recent note.

Besides Iran, markets are watching for a potential oil output cut by OPEC+ after Saudi energy minister Abdulaziz bin Salman broached the topic in August, citing a disconnect between physical and futures markets.

Sep 07 - China's August crude oil imports drop on lower refinery runs
China's crude oil imports in August fell 9.4% from a year earlier, customs data showed on Wednesday, as outages at state-run refineries and lower operations at independent plants caused by weak margins capped buying. The world's largest crude importer brought in 40.35 million tonnes of crude oil last month, equivalent to about 9.5 million barrels per day, data from the General Administration of Customs showed.

Sep 07 - U.S. Treasury seeking simple Russian oil price cap compliance regime -Adeyemo
The U.S. Treasury is seeking to design a simple compliance regime for enforcing a price cap on Russian oil exports and hopes that China and India join the coalition or at least take advantage of it, Deputy Treasury Secretary Wally Adeyemo said on Tuesday. Adeyemo, speaking at a finance conference in New York, said the United States and its Western allies need financial services providers to help enforce the price cap aimed at shrinking revenues funding Russia's war in Ukraine while keeping Russian crude on the market to avoid price hikes.

Sep 06  - OPEC+ agrees small oil production cut
OPEC and its allies led by Russia on Monday agreed a small oil production cut to bolster prices that have slid on fears of an economic slowdown. The oil producers will cut output by 100,000 barrels per day (bpd), amounting to only 0.1% of global demand, for October.

Sep 06  - Surge in U.S. oil flows to China may curtail Middle East shipments
China's imports of U.S. oil are expected to rise to a 20-month high in September and may increase more in November as refiners take advantage of lower prices amid a surge in U.S. exports from rising output and stockpile releases. The United States is gaining market share in the world's biggest oil importer in another sign of how crude trade flows are shifting in the wake of Russia's invasion of Ukraine, which spurred the stockpile release and higher output.

Sep 05 - OPEC+ to weigh rollover or small cut at Monday meeting, sources say
OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds and supply could be boosted by returning Iranian crude if Tehran secures a deal with world powers on its nuclear work.

Sep 05 - Fuel oil, byproducts boosted Venezuela's oil exports in Aug
More shipments of fuel oil, methanol and petroleum coke boosted Venezuela's August oil exports to the second highest level this year, a recovery from weak volumes amid outages, documents and tanker tracking data showed on Friday. Venezuela's oil production and exports have ebbed and flowed this year as frequent power and gas disruptions have affected state-run oil firm PDVSA's facilities. U.S. sanctions also continue limiting the markets that can receive Venezuelan oil.

Sep 02 - G7 finance chiefs seen advancing Russian oil price cap plan
Group of Seven finance ministers are expected to firm up plans on Friday to impose a price cap on Russian oil aimed at slashing revenues for Moscow's war in Ukraine but keeping crude flowing to avoid price spikes, G7 officials said. The ministers from the club of wealthy industrial democracies are due to meet virtually and are seen as likely to issue a communique that lays out their implementation plans.

Sep 02 - Shell's CEO van Beurden prepares to step down next year
Shell has shortlisted four candidates to succeed Chief Executive Ben van Beurden who is preparing to step down next year after nearly a decade at the helm of the giant energy firm, two company sources told Reuters. During his tenure van Beurden oversaw Shell's biggest acquisition in decades and steered the company through two major downturns and a pivotal move to slash greenhouse emissions – a task which will only grow in importance for his successor.

Sep 01 - OPEC+ sees tighter market in 2022, risks to oil demand growth
The oil market will have a small surplus of just 0.4 million bpd in 2022, much less than forecast earlier, according to OPEC+, due to underproduction of its members, OPEC+ sources said.  The report comes days ahead of an OPEC+ policy meeting on Sept. 5 and over a week after OPEC leader Saudi Arabia said the group may cut oil output.  

Sep 01 - Exxon, Shell close to selling California oil and gas venture Aera
Exxon Mobil Corp has joined Shell Plc in seeking to divest their Aera joint venture, and the duo are in advanced talks with a buyer for the California oil and gas producer, three people with knowledge of the matter said. Demand for oil assets is rising with this year's surge in energy prices and as publicly traded companies shed older operations to reduce greenhouse gas emissions.

Aug 31 - This decade's oil boom is moving offshore - way offshore
Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canada's Atlantic coast. Surging oil prices are encouraging the investments, along with Europe's mounting energy demand as the Ukraine-Russia war drags on.

Aug 31 - Restoring Chevron operations in Venezuela depends on U.S.
Progress in relaunching oil major Chevron Corp's operations in Venezuela under U.S. sanctions on the country depends on licenses from Washington, Venezuelan oil minister Tareck El Aissami said on Tuesday. The U.S. Treasury Department in May renewed a license that allows Chevron to operate in Venezuela under very restrictive terms. The company had requested expanded privileges to relaunch joint ventures with state-run Petróleos de Venezuela SA, or PDVSA, and recover billions of dollars of outstanding debt by trading Venezuelan oil.

Aug 30  - Russia oil output exceeds expectation, but pressure looms, IEA chief says
Russia's oil output has exceeded expectations in the wake of the war in Ukraine but Moscow will find it increasingly difficult to uphold production as Western sanctions begin to bite, the head of the International Energy Agency (IEA) said on Monday. "In the absence of (western) companies, in the absence of the technology providers, in the absence of service companies, it will be much harder for Russia to maintain the production," IEA chief Fatih Birol told Reuters.

Aug 30  - Saudi Arabia may cut October crude prices for Asia

Top oil exporter Saudi Arabia could slash October prices for most crude grades it sells to Asia after a plunge in spot premiums as tepid fuel demand and increasing arbitrage cargoes put pressure on oil prices in the region. State oil giant Saudi Aramco could cut the official selling price (OSP) for its flagship Arab Light crude by about $4.50 a barrel in October, according to five refining sources surveyed by Reuters on August 29.

Aug 29  - Sinopec expects lower overall 2022 refining runs, plans first share buyback
China Petroleum and Chemical Corp, the world's biggest oil refiner by capacity, said on Monday that annual processing volumes for 2022 will fall by 6% from a year earlier after the country's COVID measures curtailed fuel demand at home. The firm, known as Sinopec, reported on Sunday record net profit for the first half of 2022. On Monday, Chairman Ma Yongsheng told an earnings call that the company will buy back its Hong Kong and Shanghai-listed shares for the first time since listing over 20 years ago, and will pick an "appropriate timing" to do so.

Aug 29  - Norway's Equinor eyes sale of stake in Statfjord field, presentation shows
Norway's Equinor is considering selling a 28% stake in Statfjord field, which straddles the Norwegian and British continental shelves, alongside minority stakes in several satellite fields, a presentation seen by Reuters showed. The company has hired U.S. investment bank Houlihan Lokey to advise on the sale, which could fetch up to $500 million, a source familiar with the sale told Reuters.

Aug 26  - Chinese defense firm has taken over lifting Venezuelan oil for debt offset - sources
China has entrusted a defense-focused state firm to ship millions of barrels of Venezuelan oil despite U.S. sanctions, part of a deal to offset Caracas' billions of dollars of debt to Beijing, according to three sources and tanker tracking data. China National Petroleum Corp (CNPC) stopped carrying Venezuelan oil in August 2019 after Washington tightened sanctions on the South American exporter. But it continued to find its way to China via traders who rebranded the fuel as Malaysian, Reuters has reported.

Aug 26  - Oil and gas producers to see record surplus cash from high prices

High energy prices could almost double oil producers' free cash from operations this year to $1.4 trillion, money that can be used to finance a shift to renewable fuels, pay down debt or reward investors, according to a study. The price trend should continue and the global energy business should generate another $1.5 trillion in surplus cash by 2030, consultants Deloitte said. That cash could potentially kick-start the low-carbon economy, raising the industry’s share of green capex from its current 5% to as much as 30%.

Aug 25 - German government sees problems with coal, oil supplies
Germany's government is concerned about possible problems with the coal supply for power plants in the autumn and winter due to low water levels on the river Rhine and the oil supply in eastern parts of the country, a document seen by Reuters said. Europe's biggest economy is trying to cut its dependence on Russian energy. However, weeks of critically low water levels on the Rhine river have disrupted logistics and added to Germany's energy headache as industry temporarily switches to more coal and oil due to a steep fall in Russian energy imports.

Aug 25 - Yemen's HSA pledges $1.2 mln to U.N. drive to avert tanker oil spill
Yemen's HSA Group on Thursday became the first private entity to pledge funds for a United Nations operation to avoid an oil spill from a tanker stranded off the coast of Yemen, as the U.N. urgently tries to secure an initial requirement of $80 million. The international organisation, which has so far raised over $60 million, has warned that the Safer, stranded since 2015 off a Red Sea oil terminal, could spill four times as much oil as the 1989 Exxon Valdez disaster near Alaska.

Aug 24 - Energy bonanza drives shareholder payouts to new record
Energy companies reaping record profits from soaring oil and gas prices have helped global dividend payments to shareholders soar above pre-pandemic levels and to a record quarterly high, data showed on Wednesday. Oil and gas firms, including state-controlled giants in Latin America, accounted for more than two-fifths of the growth in dividend payments in the three months to end-June, according to fund manager Janus Henderson's latest global dividend report.

Aug 24 - Peru's $4.5 bln lawsuit against Repsol over oil spill to go to court
A Peruvian judge on Tuesday admitted a $4.5 billion lawsuit against Spanish oil firm Repsol SA, eight months after an underwater oil pipeline owned by the company caused a spill of over 10,000 barrels into the Pacific Ocean. The civil lawsuit seeking $3 billion for environmental damage and $1.5 billion for damages to locals and consumers was filed by Peru's consumer protection agency Indecopi.

Aug 23 - Saudi says OPEC+ can cut output to address oil slump – report
OPEC stands ready to cut output to correct a recent oil price decline driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply, OPEC's leader Saudi Arabia said on Monday. Saudi state news agency SPA cited Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman as telling Bloomberg OPEC+ has the means and flexibility to deal with challenges.

Aug 23 - COLUMN-China's weak crude imports and pariah purchases ease global market
China is inadvertently helping ease tightness in the crude oil market through declining imports, and by favouring cargoes from exporters being shunned by much of the rest of the world. China, the world's largest oil importer, seems set for another soft outcome in August, with Refinitiv Oil Research estimating arrivals of 8.33 million barrels per day (bpd).

Aug 21  - Russia is China's top oil supplier for 3rd mth in July - customs data
Russia held its spot as China's top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 7.15 million tonnes, up 7.6% from a year ago, data from the Chinese General Administration of Customs showed.

Aug 21  - OPEC chief says blame policymakers, lawmakers for oil price rises
Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not OPEC, the producer group's new Secretary General Haitham Al Ghais told Reuters on Thursday. A lack of investment in the oil and gas sector following a price slump sparked by COVID-19 has significantly reduced OPEC's spare production capacity and limited the group's ability to respond quickly to further potential supply disruption.

Aug 19 - U.S. oil refiners aim to run full-bore, spurning recession fears
U.S. crude oil refineries plan to keep running near full throttle this quarter, according to executives and estimates, as refiners set aside worries about recession and sliding retail prices to deliver more fuel. The operating levels will keep U.S. gasoline prices below their spring highs while providing strong earnings to refiners, analysts said. Many aim to run at rates similar to the second quarter's 94% average utilization rate.

Aug 19 - OPEC chief says blame policymakers, lawmakers for oil price rises
Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not OPEC, the producer group's new Secretary General Haitham Al Ghais told Reuters on Thursday. A lack of investment in the oil and gas sector following a price slump sparked by COVID-19 has significantly reduced OPEC's spare production capacity and limited the group's ability to respond quickly to further potential supply disruption.

Aug 18 - Oil companies work around Jones Act to supply U.S. fuel markets
U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher. Traders are increasingly sending unfinished gasoline components from the Gulf Coast to Buckeye Partners LP’s terminal in the Bahamas, also known as Borco, where they are blended into finished gasoline to be sent to the U.S. East Coast.

Aug 18 - Iran oil exports could rise further after June-July increase
Iran increased its oil exports in June and July and could raise them further this month by offering a deeper discount to Russian crude for its main buyer China, firms tracking the flows said. Despite U.S. sanctions Iran has boosted oil exports, largely to China, during President Joe Biden's term, but shipments have recently slowed due to competition with Russian crude.

Aug 17 - UAE's Murban crude exports from Jebel Dhanna rise despite resumption of Fujairah loadings
ADNOC said Aug. 5 that it has diverted loadings to Jebel Dhanna amid ongoing work to restore operations at its oil terminal in Fujairah.

Aug 17 - Observers see shift from Mexico over fuel storage, but skepticism remains
The reopening of private refined products storage terminals in Mexico is sparking hope the government may be softening its stance towards private investments in that sector, but observers remain skeptical about the potential for substantial change.

Aug 17 - Oil prices turn more volatile as investors exit the market
Traders and fund managers have left crude oil markets in recent months, dropping activity to a seven-year low amid the worst global energy crisis in decades as investors become unwilling to deal with persistently high volatility. The exodus of participants, especially hedge funds and speculators, has made daily price swings far greater than in previous years, making it harder for companies to hedge against physical purchases of oil.

Aug 17 - More U.S. sour crude heads to Germany to replace Russia oil
A second shipment of crude from a U.S. Gulf of Mexico offshore field has sailed for Germany, according to vessel tracking data and trade sources on Tuesday, as European refiners test potential replacements for Russian oil. Europe is aiming to cut 90% of its Russian oil imports by the end of this year. Refiners are expected to look to Norway, the Middle East, the United States and West Africa for alternative supplies, according to analysts.

Aug 16 - Oil industry gears up to tap U.S. climate bill for carbon capture projects
Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Carbon capture and storage hubs that take gases from chemical, power and gas producers and oil refineries have become the energy industry's preferred way to combat climate warming. But large-scale development has snagged over costs and lack of guaranteed revenue.

Aug 16 - China stockpiled oil in July despite weak imports, refinery runs
China's refinery processing and crude imports were unambiguously weak in July, but the world's largest oil importer still added to stockpiles, maintaining a trend of building inventories. China added about 290,000 barrels per day (bpd) to either commercial or strategic crude inventories in July, according to calculations based on official data.

Aug 15  - China's July refinery output drops to over 2-year low on plant outages
China's refinery crude throughput fell last month to its lowest since March 2020 as several state refiners underwent unplanned shutdowns and their independent peers trimmed production in response to thinning margins. Refiners processed 53.21 million tonnes of crude oil in July, 8.8% less than a year earlier, according to data from the National Bureau of Statistics (NBS).

Aug 15  - PDVSA pauses oil-for-debt shipments to Europe, wants product swaps
Venezuela has suspended new crude shipments to Europe under an oil-for-debt deal and has asked Italy's Eni and Spain's Repsol to provide it with fuel in exchange for future cargoes, three people familiar with the matter said. Venezuela's oil company PDVSA no longer is interested in the oil-for-debt deals that the U.S. State Department authorized in May, the sources said, which allowed the state company to resume shipments to Europe after a two-year suspension caused by U.S. sanctions.

Aug 12  - OPEC, in contrast to IEA, sees lower 2022 oil demand growth
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic. The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, the adviser to industrialised countries, which earlier on Thursday raised its 2022 demand growth outlook.

Aug 12  - Switch from gas boosts oil demand, but economic headwinds loom
– IEA
Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency (IEA) said on Thursday, increasing demand but masking weakness in economies beset by recession fears. The Paris-based agency described the rise as a quirk of an energy market rattled by supply jitters wrought by sanctions on Russia's oil and decades-high inflation which is already starting to sap fuel use.

Aug 11  - Russian oil pipeline flows resume after Hungary's MOL settles transit bill
Russian oil pipeline flows resumed to Central Europe on Wednesday, ending a six-day halt, after Hungarian group MOL paid transit fees owed to Ukraine, providing a temporary solution to the latest disruption of Russian energy supplies. MOL said oil was again flowing through the southern branch of the Druzhba, or Friendship, pipeline, that it had reached Slovakia and should reach Hungary on Thursday. Oil flows, however, are not expected to resume to the Czech Republic.

Aug 11  - Global physical oil market weakens as recession jitters mount
Physical oil prices around the world have begun to sag alongside futures, reflecting less alarm over Russian-led supply disruptions along with heightened worries about a possible global economic slowdown. "The market is very bearish at this moment. No one is in a hurry to buy," a Singapore-based trader said.

Aug 10  - Ukraine halted oil flows to Europe over payment issue, Russia's Transneft says
Ukraine has suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from accepting transit fees from Moscow, Russian pipeline monopoly Transneft said on Tuesday. International benchmark Brent crude jumped by $2 per barrel to trade near $98 as the news added to energy supply concerns, but turned negative later in the day.

Aug 10  - U.S. oil refiners, pipeline companies expect strong demand for rest of 2022

U.S. oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, even though analysts and industry watchers have worried that demand could falter if the global economy enters a recession or high fuel prices deter travelers. The company outlooks suggest a stronger view than recent data showing weakness in U.S. fuel demand, particularly in gasoline, where consumption recently hit its lowest level since February even though this is the middle of the peak summer driving season.

Aug 09  - U.S. sour crude cargo sails to Germany as Russia sanctions bite
A tanker of U.S. sour crude was delivered at Germany's port of Rostock last week for the first time ever, according to sources, analysts and vessel tracking data, as local refiners test alternatives to Russian oil. The European Union plans an almost-complete embargo of Russian barrels by year-end, and is trying to wean itself off Russian crude imports, which have fed inland refineries in Germany, Poland and other central European nations via pipeline.

Aug 09  - Goldman sees strong case for higher oil prices despite negative shocks

Goldman Sachs said the case for higher oil prices was still strong with current supply shortfalls well above its expectations in recent months, despite a recent retreat led by factors including global recession concerns. The market will remain in unsustainable deficits at current prices and balancing it will still require "demand destruction on top of the ongoing economic slowdown," the investment bank said in a note dated Aug. 7.

Aug 08  - China crude imports near 4-year low as refiners draw on stocks amid thin margins
China's crude oil imports in July fell 9.5% from a year earlier, with daily volumes at the second lowest in four years, as refiners drew down inventories and domestic fuel demand recovered more slowly than expected. The world's top crude buyer took in 37.33 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.79 million barrels per day (bpd).

Aug 08  - Russian crude prices recover on strong India, China demand

Spot prices for Russia's key export crude grade ESPO Blend to Asia have rebounded from all-time lows amid strong demand from top buyers India and China and easing concerns about possible sanctions, several traders said. The crude exported from the Pacific port of Kozmino saw its spot differentials dive from premiums to a record discount of more than $20 a barrel in March as western sanctions were slapped on Russian financial and energy companies following the country's invasion to Ukraine.

Aug 05 - Russia ups stakes in Sakhalin energy standoff in sanctions retaliation
Russia increased pressure on investors in its two Pacific energy projects which once helped Moscow rebuild its economy, blaming ExxonMobil for falling oil output at Sakhalin-1 and giving shareholders of Sakhalin-2 a month to claim their stakes. Western countries and allies, including Japan, piled sanctions on Russia after it sent troops into Ukraine in late February. Moscow retaliated by creating obstacles for Western businesses and their allies leaving Russia, and in some rare cases seized their assets.

Aug 05 - Saudi, UAE save oil firepower in case of winter supply crisis

OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a "significant increase" in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Wednesday to raise oil output by a mere 100,000 barrels per day (bpd), it broke a taboo with a rare reference to the group's spare production capacity.

Aug 04  - OPEC+ agrees tiny output rise in setback for Biden
OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was a setback to U.S. President Joe Biden after his trip to Saudi Arabia to ask the producer group's leader to pump more to help the United States and the global economy. The increase, equivalent to 0.1% of global demand, follows weeks of speculation that Biden's trip to the Middle East and Washington's clearance of missile defence system sales to Riyadh and the United Arab Emirates will bring more oil to the world market.

Aug 04  - Big Oil offers big returns but keeps spending tight

The West's energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices. But the top five Western oil and gas companies have shied away from investing more of their combined record profits of nearly $60 billion in new production as they weigh the impact of recession and climate change on future fossil fuel demand.

Aug 03  - OPEC+ to consider 100,000 b/d crude oil production quota hike for Sep: delegates
The OPEC+ alliance, which include Russia, has restored its production quotas back to prepandemic levels as of August.

Aug 03  - European fuel oil volume traded in MOC down 12.12% on month in July
During July MOC, about 100,000 mt of 0.5%S marine fuel was traded, down 27.5% from June.

Aug 03  - India eyes more equity oil from overseas in strategic energy security push

BPRL is the exploration arm of state-run Bharat Petroleum Corp. In 2008, BPRL had bought a stake in the Brazil project. The Brazilian oil block is expected to go on stream from 2026-27, the oil ministry said.

Aug 03  - U.S. shale producers keep eyes on returns, even as inflation bites
Top U.S. shale oil producers say they remain laser focused on shareholder returns, limiting production expenditures largely to offset higher costs for equipment, supplies and services. The decision likely will hold down oil output increases while benefiting shareholders receiving higher payouts through dividends and share repurchases with U.S. crude prices above $95 per barrel.

Aug 03  - OPEC+ sees slightly smaller oil market surplus this year, sources say
OPEC+ sees this year's oil market as slightly less supplied than previously thought, a day ahead of a meeting at which the producer group is set to decide on its production policy for next month. New data showed that the OPEC+ Joint Technical Committee (JTC), meeting on Tuesday, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day (bpd) to 800,000 bpd, three OPEC+ delegates told Reuters.

Aug 02 - Oil outshines stocks and dollar in 2022
Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight market. The two major crude futures contracts are up about 30% so far this year, while the All Country World Index (ACWI) is down about 15%, Refinitiv Eikon data shows.

Aug 02 - U.S. targets Chinese, UAE firms in new Iran oil sanctions

The United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars' in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme. The U.S. Treasury and the U.S. State Departments imposed sanctions on a total of six companies, four based in Hong Kong, one in Singapore, and one in the United Arab Emirates (UAE) in actions that were announced in separate statements.

Aug 01  - OPEC secretary general says Russia's membership in OPEC+ is vital for success of agreement
OPEC's new secretary general said that Russia's membership in OPEC+ is vital for the success of the agreement, Kuwait's Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais. He said OPEC is not in competition with Russia, calling it "a big, main and highly influential player in the world energy map", Alrai reported.

Aug 01  - Exxon, Chevron post blowout earnings, oil majors bet on buybacks
The two largest U.S. oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier. The U.S. pair, along with UK-based Shell and France's TotalEnergies, combined to earn nearly $51 billion in the most recent quarter, almost double what the group brought in for the year-ago period.

Jul 29  - PetroChina explores South Asia market, supplies first gasoil cargo to Pakistan
PetroChina International delivered its first gasoil cargo to Pakistan recently, signaling the company's breakthrough in the South Asia product market, the company said on its WeChat account on late July 28.

Jul 29  - Petrobras to ramp up refinery maintenance in H2 as run rates soar:
director
Petrobras will carry out maintenance projects at four separate refineries in the second half of 2022, but will delay work at a fifth refinery until early 2023, the Brazilian company's director for refining and natural gas said July 29.

Jul 29  - Crude rallies as tight global supply overshadows rescission fears

Crude oil futures settled higher July 29 as tight supply outlooks and a weaker US dollar overshadowed economic uncertainty and recession fears.

Jul 29  - Petrobras maintains import-parity prices in Brazil despite new directive: execs
State-led oil company Petrobras reaffirmed its commitment to maintaining competitive fuel prices in Brazil, despite a move toward greater board oversight of pricing decisions amid an ongoing dispute over the company's import-parity policy, executives said July 29.

Jul 29  - Mexico energy regulator drafts new rules for refined products distributors

Mexico's Energy Regulatory Commission is considering new requirements for midstream companies that according to observers are only aimed at eroding competition to the state-owned Pemex.

Jul 29  - Phillips 66 sees strong diesel demand continuing as it approves Rodeo Renewed project in California
Phillips 66 reported strong second-quarter refining results, aided by its higher-than-average diesel yield, as the company made the final decision to convert its Rodeo, California, refinery into a renewables fuel plant, company executives said on the July 29 Q2 results call.

Jul 29  - OPEC+ delegates say increasing production no sure thing, despite US lobbying

In the two weeks since US President Joe Biden met with Gulf leaders in Saudi Arabia, White House officials have voiced their optimism expectations, even, that OPEC and its allies will deliver an increase in crude oil production when they meet Aug. 3.

Jul 29  - ARA fuel oil stocks drop 2.8% on week to 1.125 mil mt: Insights Global
This is the first week in two weeks that the stocks have dropped.

Jul 29  - Crude recovers as supply disruptions outweigh recessionary risks
The US economy contracted by an annual rate of 0.9% between April and June, against analysts' expectations of a modest 0.5% gain, data from the Commerce Department showed July 28. This marked two consecutive negative quarters of US growth.

Jul 29  - European VGO loadings down 38% in week to July 29
Russian loadings made up of 41% of the total in the latest week, amid continued self-sanctioning of Russian products, with market participants saying Asia was its main destination.

Jul 29  - Thailand June exports of heavy fuel oil, jet fuel rise on year
The country exported 44,640 b/d of heavy fuel oil in June, up 60.2% year on year, mainly to Singapore and South Korea.

Jul 29  - Japan Refiners halt Russian crude shipments, reliance on Middle East increases
The absence of shipment in June came as little surprise as Japanese refiners had been rapidly phasing out imports of Russian crude, with the country's top two refiners -- ENEOS and Idemitsu Kosan -- having already suspended new Russian crude oil import contracts, industry and trade sources in Tokyo and Chiba said.

Jul 29  - OPEC+ to weigh holding oil output steady or small hike, sources say
OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, will by August have fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020.

Jul 29  - Mexico's Pemex expects rare annual profit - CEO
Mexican state oil company Pemex expects to post a rare annual profit this year, with two consecutive quarters already in the black and a boost to crude output from new fields, Chief Executive Octavio Romero told Reuters. If achieved, it will be Pemex's first annual profit in more than a decade. A historically high tax bill and massive losses from its refining unit have kept it in the red for years.

Jul 28  - NYMEX crude settles lower but remains in well-worn range
US crude futures fell July 28 but remained within a well-worn range as recession concerns were met with continued supply tightness.

Jul 28  - South Korea S-Oil crude run rate averages 93.8% in Q2
S-Oil recently upgraded its No. 1 residue hydro-desulfurization unit, or RHDS, to expand its capacity to 40,000 b/d, from 34,000 b/d previously, putting its total RHDS capacity at 166,000 b/d.

Jul 28  - Oil Market  : What's in store for Asian oil markets in H2?

That said, some pockets in China are still facing lockdowns due to the COVID-19 pandemic and high oil prices are threatening to pull down demand in other consuming nations.

Jul 28  - Gasoil June exports fall 20% on month amid strong domestic demand

India's gasoil exports fell 19.82% month on month to 2.45 million mt (608,913 b/d) in June, and were down 13.48% year on year, Petroleum Planning and Analysis Cell data showed July 28, as refineries already running above nameplate capacity channeled more cargoes into the domestic market to meet increasing demand.

Jul 28  - Once an OPEC quota buster, Iraq struggles to raise oil output due to port limitations

Iraq's crude oil production has stagnated in recent months, despite a rising quota under the OPEC+ accord, largely constrained by its inability to export more volumes through its southern port on the Persian Gulf.

Jul 28  - Diesel stocks in California down week on week
California diesel stocks slipped last week despite stronger refiner output, according to state and federal government data.

Jul 28  - TotalEnergies inks deal to import 300,000 mt of diesel into France from ADNOC
TotalEnergies has signed a deal to import 300,000 mt of diesel from the UAE to cover potential supply shortages in France later this year, TotalEnergies CEO Patrick Pouyanne said July 28.

Jul 28  - Valero says strong Q2 earnings reflect tight product supply, growing demand
Valero Energy's Q2 earnings of $4.7 billion reflected growing demand and tight supply for refined products, which boosted margins to record levels, company executives said July 28.

Jul 28  - ARA diesel, gasoil stocks fall nearly 2% to 1.474 mil mt: Insights Global
Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp hub fell 1.93% to 1.474 million mt in the week to July 28, according to data from market research company Insights Global.

Jul 28  - Finland Neste reports strong Q2 results on high margins
Neste on April 29 condemned Moscow for its attack on Ukraine and said it was replacing Russian crude as a result.

Jul 28  - G7 aim to have price cap on Russian oil in place before Dec 5
The Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force, a senior G7 official said on Wednesday. "The goal here is to align with the timing that the EU has already put in place. We want to make sure that the price cap mechanism goes into effect at the same time," said the official, who asked not to be named.

Jul 28  - U.S. crude stockpiles drop as exports surge to record high - EIA
U.S. crude oil exports surged to an all-time high last week, contributing to another fall in stockpiles, driven by overseas demand due to the big discount for U.S. crude when compared with international benchmark Brent. Crude inventories dropped 4.5 million barrels to 422.1 million barrels in the week ended July 22, the U.S. Energy Information Administration said on Wednesday, compared with expectations for a 1 million-barrel drop.

Jul 27  - Crude rallies as US inventory draw, Europe gas shortage underscore global supply risks
Crude futures settled higher July 27 amid a focus on global supply concerns following a decline in US crude stocks.

Jul 27  - Indonesia launches B40 road trials to raise blending mandates
The country has already undertaken multiple measures such as removing export levy and relaxing domestic market obligation rules among other measures to counter falling prices and surging stockpiles, aiming to boost export sales.

Jul 27  - Petroecuador awards Freepoint 12-cargo fuel oil sell tender
Petroecuador sold Freepoint a total of 2.28 million barrels of fuel oil No. 6 in June and July, delivered in 12 cargoes of 190,000 barrels each (plus or minus 10%).

Jul 27  - Brazil Higher run rates boost refinery output 8.9% on year in June
Brazil registered an 8.9% year-on-year increase in refinery output in June as state-led oil company Petrobras boosted capacity utilization rates to meet growing demand for diesel and gasoline in Latin America's largest economy, the National Petroleum Agency, or ANP, said July 27.

Jul 27  - US Diesel stocks mostly stable except in Atlantic Coast
US diesel inventories were largely stable during the week ended July 22 as production and demand were little changed, data released by the US Energy Information Administration July 27 showed.

Jul 27  - US stable residual fuel oil stocks suggest balanced supply, demand
US ending residual fuel oil stocks in the week ended July 22 rose 0.3% to 29.3 million barrels, US Energy Information Administration data showed July 27.

Jul 27  - Vopak sees oil storage interest continuing into H2 2022 amid market volatility
High prices and low inventories mean the near future is murky for oil storage, but stocks started creeping up in the second quarter, albeit from a low base, and this should continue into the second half of the year, tank storage company Royal Vopak said July 27.

Jul 27  - U.S. to sell additional 20 mln barrels of oil from strategic reserve
The Biden administration on Tuesday said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previous plan to tap the facility to calm oil prices boosted by Russia’s invasion of Ukraine and as demand recovers from the pandemic. The administration said in late March it would release a record 1 million barrels of per day of oil for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas.

Jul 27  - Big oil firms set to post record profit despite gas outages

The world's largest energy traders, independents and majors, are poised to post record earnings for the first six months of the year due to volatility in markets caused by the Ukraine war and despite LNG supply problems, sources with the companies said. Vitol, Glencore, BP, Shell and TotalEnergies have yet to report first-half 2022 results, but sources familiar with the companies indicated very strong returns and some rivals have already reported sky-high earnings.

Jul 26  - Crude futures slide amid weakened US economic outlooks, stronger dollar
Crude futures settled lower July 26 as the market weighed a weakening US economic outlook and concerns about interest rate hikes against reduced Russian gas flows into Europe.

Jul 26  - US DOE announces next SPR sale, sheds light on plan to replenish reserve
The US Department of Energy announced July 26 its fifth sale as part of the largest-ever Strategic Petroleum Reserve drawdown aimed at reining in gasoline prices, and also shared details of its plan to replenish the SPR with a proposal that would afford DOE more buying power in the future.

Jul 26  - Crude moves higher amid limited Russian gas flows

Gazprom said July 25 it would reduce gas flows to Europe via its Nord Stream 1 pipeline starting July 27. Citing maintenance on a turbine, natural gas flows are set to drop to 20% of pipeline capacity.

Jul 26  - South Africa's Natref expects to restart by end July

The refinery declared force majeure on supplies of oil products on July 15 after it ran out of crude "following delays in crude oil shipments to Natref due to a force majeure at the loading port," it said.

Jul 26  - China July crude throughputs seen lower amid heavy maintenance

These refineries will process a combined 7.35 million b/d of feedstock in July against their combined capacity of 10 million b/d.

Jul 26  - ENEOS seeks to boost July-September fuel oil prices by 9%-17%

ENEOS is looking to raise the July-September high sulfur fuel oil price by 8.8% to Yen 102,620/kl ($120.69/b) from the April-June quarter, according to the documents.

Jul 26  - Singapore tumbles on rising stocks, increased export competition

Singapore margins weakened on rising inventories and increased competition as Singaporean refiners were overshadowed by other regional refiners, primarily in South Korea and China.

Jul 26  - Singapore front month gasoil backwardation slumps below $2/b for first time in 6 months
The easing in front-month backwardation comes after record high cracks for gasoil in June encouraged refineries to keep production levels high and tilt yields towards gasoil.

Jul 26  - Europe's diesel drivers bound for more Russian price pain
Diesel drivers in Europe, already contending with record high prices, are in for even more pain at the pumps compared with those who rely on gasoline. Restrictions on diesel imports from Russia following Moscow's invasion of Ukraine have undermined the fuel’s status in Europe as a cheaper alternative to petrol, amplifying a cost of living crisis across the region.

Jul 26  - Brent premium to U.S. crude hits widest in three years

The gap between the two leading crude oil benchmarks has widened to levels not seen since June 2019 as easing gasoline demand in the United States weighs on U.S. crude while tight supply supports the international Brent benchmark. Brent crude futures LCOc1 closed at an $8.50 per barrel (bbl) premium to U.S. West Texas Intermediate (WTI) CLc1 on Friday, the widest since June 2019 excluding spikes related to contract-expiry dates, Refinitiv data shows.

Jul 25  - Crude rallies amid weaker dollar, market focus on Fed rate hike decision
Crude futures settled higher July 25 as the market weighed lingering recession concerns against tight global supply outlooks and a weaker US dollar.

Jul 25  - US crude stocks likely see modest draw, continue to normalize amid tepid refinery demand
US crude oil inventories likely continued to normalize in the week ended July 22, as tepid refinery demand likely blunted an expected seasonal stock draw, an S&P Global Commodity Insights analysis showed July 25.

Jul 25  - Ekofisk Crude Tracker: Three Aframaxes arrive to load in week to July 24

Despite softening product cracks, refining demand for light sweet crude in Europe is holding firm.

Jul 25  - ICE LSGO futures net length falls 2,310 contracts on week
Open interest in the futures rose by 6,127 contracts to 483,524 over the reporting week.

Jul 25  - Crude rebounds amid interest rate concerns
While oil markets made gains during mid-morning trading, volatility continues to plague futures markets, as investors consider the impact of further interest rate hikes against limited economic growth and tightened supply.

Jul 25  - European refiners report strong Q2 results; some incidents
Essar, the owner of the UK's Stanlow refinery, said its domestic sales over April-June -- the company's first quarter -- amounted to 1.72 million mt, up 10% year on year, and were up 8% at 3.2 million mt in the first half of 2022.

Jul 25  - Shell to acquire Shell Midstream after upping offer to value of $6.2 billion
Shell said July 25 it will buy and consolidate its Shell Midstream Partners spinoff after agreeing to up the value of the US pipeline company to $6.2 billion from a previous February offer of $5.1 billion as oil prices rose throughout most of the year.

Jul 25  - Malaysian, Vietnamese sweet crude oil premiums rise to record high
Cash differentials for medium sweet crudes in Southeast Asia surged to record highs on the back of healthy refinery margins, while middle distillate product cracks remained at multi-year highs, market sources told S&P Global Commodity Insights July 25.

Jul 25  - Iran's Tehran oil refinery ends one-month basic overhaul
Basic overhaul completed on July 24, the plant's operation director Mostafa Seyed-Reza-Tehrani said.

Jul 25  - Russian plants enjoy good fortunes, for now
Refinery runs are increasing for now and most plants, apart from those undergoing maintenance, are ramping up gasoline and diesel production as Russians opt to head for domestic holiday destinations after many international airlines suspended flights to and from Russia following Moscow's invasion of Ukraine.

Jul 25  - South Korea : Russian crude imports fall 78% on year to 706,524 barrels in June
South Korea's crude imports from Russia fell 77.9% on the year to 706,524 barrels in June, marking the fourth consecutive month of year-on-year decline, latest data from Korea Customs Service showed.

Jul  25  - Russia will not supply oil to countries that impose price cap, c.bank says
Russia will not supply oil to countries that decide to impose a price cap on its oil, Russian Central Bank Governor Elvira Nabiullina told a briefing on Friday. Nabiullina added that the proposal by G7 nations, aimed at stripping Russia of energy revenues in a bid to limit Moscow's options for financing its military campaign in Ukraine, would also spur on global oil prices.

Jul  25  - Libya to increase oil production to 1.2 million bpd in two weeks
- NOC
Libya's National Oil Corporation (NOC) aims to bring back production to 1.2 million barrels per day (bpd) in two weeks, NOC said in a statement early on Saturday. Current oil production is at 860,000 bpd, compared with 560,000 bpd before resuming production, NOC added.

Jul 22  - Petrobras boosts Brazil Q2 refinery output 1.7% on higher utilization rates: company
Increased refined-product output came as Petrobras maintained refinery capacity utilization rates at elevated levels.

Jul 22  - NYMEX WTI hits three-month low as recession fears mount

Demand outlooks came under pressure as preliminary PMI data showed signs of economic contraction in both the US and Europe.

Jul 22  - ARA fuel oil stocks rise 4.42% on week to 1.157 million mt: Insights Global
Fuel oil accounted for 22.4% of total refined oil product stocks in the region, down from 21.8% a week earlier.

Jul 22  - European VGO loadings up 31% in week to July 22

European vacuum gasoil markets were better supplied in the week to July 22, sources said, as product cracks have started to trend lower, with the FOB ARA Eurobob 10 ppm barge crack at a 10-week low.

Jul 22  - European vacuum gasoil supply soars as distillate cracks soften:
sources
The European VGO market is historically dominated by Russian-origin product, but in the wake of Russia's invasion of Ukraine market participants have started to shun it, creating a very tight non-Russian VGO market in the months following the invasion.

Jul 22  - Russian-origin naphtha exports to Asia rebound in July despite sanctions
Prior to Russia's invasion of Ukraine in February, Asian buyers were mainly buying heavy full-range naphtha from Russia, with light naphtha suitable for cracker feed making up a small portion of the Russian inflows, sources said.

Jul 22  - Mexico denies energy policies unfair after Canada joins U.S. demand
Mexican President Andres Manuel Lopez Obrador on Thursday denied his energy policies breached a regional trade agreement after Canada challenged them, and said that he had reached agreement with a host of American investors in the sector. Speaking at a regular news conference, Lopez Obrador said Mexico would defend control of its oil as well as its power market policies, responding to news that Canada had joined a U.S. demand for dispute settlement talks over his energy agenda.

Jul 22  - Ukraine war rekindles Europe's demand for African oil and gas

Europe's thirst for oil and gas to replace sanctioned Russian supply is reviving interest in African energy projects that were shunned due to costs and climate change concerns, industry executives and African officials said.  Energy firms are considering projects worth a total of $100 billion on the continent, according to Reuters calculations based on public and private company estimates.

Jul 21  - NYMEX WTI falls back below $100 amid dimming demand outlooks, return of Libyan supply
Economic data released early July 21 pointed to a marked slowdown in the US economy.

Jul 21  - Saudi May fuel oil imports jump 84% on month to 1.15 million mt
The imports were up 12.5% from a year earlier, according to the data.

Jul 21  - France's Feyzin restarts, flaring possible:
reports
Operations at France's Feyzin, which have been halted since July 9, are restarting, according to local media reports.

Jul 21  - U.S. crude stockpiles dip, gasoline builds as demand slackens  - EIA
U.S. crude oil stockpiles edged lower last week but gasoline inventories posted a larger-than-expected build on weakened demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 446,000 barrels in the week to July 15 to 426.6 million barrels, compared with expectations in a Reuters poll for a 1.4 million-barrel rise.

Jul 21  - Kinder Morgan quarterly profit climbs 20% on high jet fuel demand

Kinder Morgan Inc reported a 20.3% rise in quarterly adjusted profit on Wednesday as the U.S pipeline operator received a boost from jet fuel demand, with the company also benefiting from re-contracting some natural gas pipelines at a higher rate. The pipeline operator cashed in on the pent-up travel demand, which resulted in a 19% rise in jet fuel volumes transported in the second quarter. It said adjusted earnings for its natural gas pipelines were up 6% at $1.13 billion.

Jul 20  - US crude, gasoline prices hold lower amid signs of lower demand
US crude prices fell to session lows in midmorning New York trading July 20 following a US Energy Information Administration report pointing to slowing US energy demand.

Jul 20  - Russian seaborne crude exports retreat from three-year highs:
shipping data
Shipped crude exports averaged 3.34 million b/d from July 1-18, according to preliminary data from vessel analytics provider Kpler, down 300,000 b/d from the 3.64 million b/d average in June and a recent peak of 3.89 million b/d in April.

Jul 20  - South Africa's Natref receives crude tanker, dispatching underway
South Africa's Natref refinery is in the course of getting crude supply as a "tanker has docked in Durban and dispatching processes are underway," the company said July 20.

Jul 20  - Large number of ships with refined products heading to South America, Caribbean

Diesel prices were the most elevated for refined products in Latin America.

Jul 20  - Russian June crude supplies fall 11% from May's record to 1.78 mil b/d
The Russian volumes volume represented a 9.5% year-on-year jump in June, despite declining from 1.99 million b/d in May, according to GAC data

Jul 20  - Bangladesh shuts all gasoil-fired power plants to cut fuel costs
Bangladesh has shut operations at all of its gasoil-fired power plants from July 19 under its latest austerity measure to reduce gasoil imports and save foreign reserves, after previously halting spot LNG imports.

Jul 20  - Saudi May gasoil outflows surge 10% on month amid attractive cracks
Saudi Arabia's gasoil outflows rose 10.2% month on month and 9.5% year on year to 2.92 million mt, or 700,781 b/d, in May, Joint Organizations Data Initiative data showed late July 19, as strong product cracks amid rebounding demand for the distillate in importing regions incentivized refiners to lift exports.

EIA reports diesel production declines for second week, drawing down inventories as demand strengthens
Diesel production declined across most regions of the US for a second week during the week ended July 15, US Energy Information Administration data showed July 20.

Jul 20  - Keystone oil pipeline capacity may be restored next week: company source
The Keystone oil pipeline could return to full capacity next week if the necessary repairs to an electric substation are completed without any major supply chain disruptions for replacement parts, according to a company source.

Jul 20 - Russia is China's top oil supplier for 2nd month, Saudi volumes tumble - data
Russia held its spot as China's top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia, data showed on Wednesday. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 7.29 million tonnes, up nearly 10% from a year ago, according to data from the Chinese General Administration of Customs.

Jul 20 - Halliburton profit jumps, sees strong oil drilling demand

Oilfield services provider Halliburton Co on Tuesday posted a 41% increase in second-quarter adjusted profit compared to the first quarter, and predicted years of growth in demand for drilling. Driven by high oil prices, the gain was in spite of a $344 million hit from the company winding down assets in Russia in response to its invasion of Ukraine.

Jul 19  - Low water levels disrupt distillates shipments along Rhine system
Lower water levels see more gasoline travelling into ARA due to lower freight, greater barge availability.

Jul 19  - Crude moves higher amid weaker US dollar, steep equity rally

NYMEX August RBOB settled 4.32 cents higher at $3.3075/gal while August ULSD declined 2.87 cents to $3.6268/gal.

Jul 19  - Japan adds pressure on Saudi Arabia for more crude supply

The US, Japan, India and the UK have been among the large oil consuming countries, along with the EU, pressuring OPEC and its allies to pump more crude to cool high oil prices and offset the impact of sanctions on Russia, though they have so far been met with a cold shoulder.

Jul 19  - IEA grants Ukraine 'association' membership, says invasion could be global energy 'turning point'
Alluding to the oil crises of the 1970s, however, Birol said Russian supply shortages could prove a stimulus, both for other sources of gas supply and low-carbon innovation.

Jul 19  - Nigeria losing 400,000 b/d oil output to pipeline attacks, theft:
NNPC
Crude and condensate production averaged 1.403 million boe/d in June, according to data from Nigerian Upstream Petroleum Regulatory Commission.

Jul 19  - Libya's NOC says five tankers to export crude after lifting force majeure
A tanker is scheduled to arrive at the Zueitina terminal to load 1 million barrels of Abu Attifel crude July 20, while a tanker will stop at the Es Sider terminal over July 19-20, the statement said. Two other tankers will arrive at the Ras Lanuf terminal over July 20-21, while another tanker will load 600,000 barrels of Brega crude during the period.

Jul 19  - Hong Kong May fuel oil imports rise 53% on month to 2.51 mil barrels

Although the tightness in high sulfur fuel oil bunkers peaked during the first half of May, the progressive easing of supply situation weighed on bunker premiums since the second half of May, as sellers were able to secure more cargoes to meet downstream demand, market sources said.

Jul 19  - Oil market sees support from physical tightness
Benchmark oil prices have dropped by about $15 a barrel in the past 10 days as the threat of recession clouds the demand outlook, but the physical oil trade and the futures market structure tell a quite different story. Growing concern about the economic outlook pushed Brent crude below $100 a barrel last week for the first time since April.

Jul 19  - Russia seeking oil payments from India in dirhams
- sources, document
Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from the United States and its allies over its invasion of Ukraine in late February, which it terms a "special military operation".

Jul 18  - Keystone Pipeline down to reduced crude capacity after power outage: operator
Pipeline runs from Hardisty, Alberta, through North Dakota, South Dakota and Nebraska.

Jul 18  - Crude settles higher as Nord Stream uncertainty feeds global supply concerns
OPEC+ to next convene on Aug. 3.

Jul 18  - IEA calls on EU to boost oil, coal-fired power to avoid gas supply crunch
The proposal to switch to oil- and coal-fired power marks a significant shift from the IEA's previous 10-point plan to cut the EU's dependence on Russian gas.

Jul 18 - Top U.S. energy envoy expects further steps from OPEC producers on supplies
Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden's visit to the Middle East, a senior U.S. energy envoy said on Sunday.  Speaking on CBS' "Face the Nation," Amos Hochstein, senior U.S. State Department adviser for energy security, said: "Based on what we heard on the trip, I'm pretty confident that we'll see a few more steps in the coming weeks."

Jul 18 - EU could ban some Russian fuel oil imports six months ahead of deadline
The European Union could ban the import and transit of some fuel oil from Russia around six months ahead of the planned deadline, an EU official and four traders told Reuters. The EU has been reducing imports of Russian oil products since March, after Moscow sent thousands of troops into Ukraine, and agreed a full ban from February 2023.

Jul 16 - Magellan extends open season for Texas refined products pipeline network expansion
Magellan extends open season for Texas refined products pipeline network expansion

Jul 16 - Biden hints at higher oil supply from US, OPEC+ after meeting Saudi leaders
Biden hints at higher oil supply from US, OPEC+ after meeting Saudi leaders

Jul 16 - Crude ends week higher amid US economic optimism, global supply risks
Crude oil futures settled higher July 15, as recession fears eased after a fresh round of US data painted a still-robust picture of the economy.

Jul 15 - Crude edges lower as hot inflation, rising unemployment prompt recession fears
Crude edges lower as hot inflation, rising unemployment prompt recession fears

Jul 15 - US, EU could waive some Russia sanctions if oil price cap approved: Yellen
US, EU could waive some Russia sanctions if oil price cap approved: Yellen

Jul 15 - Saudi Arabia doubles Q2 Russian fuel oil imports for power generation
Saudi Arabia, the world's largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said. Russia has been selling fuel at discounted prices after international sanctions over its invasion of Ukraine left it with fewer buyers. Moscow calls the war in Ukraine a "special military operation".

Jul 15 - China's H1 refinery output in first annual decline since at least 2011
China's refinery throughput in June shrank nearly 10% from a year earlier, with output for the first half of the year down 6% in the first annual decline for the period since at least 2011, data showed on Friday.  Crude throughput last month was 54.94 million tonnes, according to data from the National Bureau of Statistics (NBS), equivalent to 13.37 million barrels per day (bpd).

Jul 14 - Residual fuel oil stocks build for third consecutive week
Residual fuel oil stocks build for third consecutive week

Jul 14 - EIA says West Coast gasoline stocks, production, imports fall
EIA says West Coast gasoline stocks, production, imports fall

Jul 14 - Total US crude stocks plummet to 18-year low: EIA
Total US crude stocks plummet to 18-year low: EIA

Jul 14 - NYMEX RBOB retreats as post-July 4 demand slump sends US gasoline stocks higher
NYMEX RBOB retreats as post-July 4 demand slump sends US gasoline stocks higher

Jul 14 - IEA says oil market walking tightrope due to economic, supply risks
The global oil market is "walking a tightrope" between scarce supply and the possibility of a recession, the International Energy Agency (IEA) said on Wednesday, with higher prices and worsening economic conditions already taking a toll on demand. The cloudy outlook is reflected in volatile trading, with Brent crude falling 7% to below $100 a barrel on Tuesday as futures traders worried over an economic contraction but high physical oil prices still indicate strong demand for now.

Jul 14 - U.S. crude, fuel stockpiles rise as demand slackens - EIA
U.S. crude oil and fuel stockpiles rose last week, bolstered by another big release from strategic reserves, while demand slackened, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the week to July 8 to 423.8 million barrels, compared with analysts' expectations in a Reuters poll for a 154,000-barrel drop. Stocks in the Strategic Petroleum Reserve fell nearly 7 million barrels to their lowest since August 1985.

Jul 13  - US Energy Secretary pushes clean energy as solution to high energy prices, energy security woes
US Energy Secretary pushes clean energy as solution to high energy prices, energy security woes.

Jul 13  - CE Brent falls below $100/b amid global recession fears, China lockdown concerns
ICE Brent falls below $100/b amid global recession fears.

Jul 13  - Brazil plans to buy 'cheap' diesel from Russia amid price concerns:
Bolsonaro
Brazilian President Jair Bolsonaro indicated the country is close to buying cheap diesel cargoes from Russia.

Jul 13  - EIA lowers oil price outlook but warns of continued risks to global markets

EIA lowers oil price outlook but warns of continued risks to global markets.

Jul 13 - OPEC forecasts slower oil demand growth in 2023
OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still robust economic growth and progress in containing COVID-19 in China. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects demand to rise by 2.7 million barrels per day (bpd), or 2.7%, in 2023. It left this year's growth forecast unchanged at 3.36 million bpd.

Jul 13 - Brazil wants to buy as much diesel as it can from Russia, talks ongoing
Brazil is looking to buy as much diesel as it can from Russia and some of the deals were being closed "as recently as yesterday," Brazilian Foreign Minister Carlos Franca said on Tuesday, without giving further details on the transactions. "We have to make sure that we have enough diesel to the Brazilian agribusiness and, of course, for Brazilian drivers," Franca told reporters during a visit to the United Nations in New York. "So that's why we were looking for safe and very reliable suppliers of diesel - Russia is one of them."

Jul 12 - Aker BP makes Norwegian Sea gas discovery close to Skarv field
Aker BP makes Norwegian Sea gas discovery close to Skarv field

Jul 12 - US crude oil inventory builds likely extend amid slow exports, tepid refinery demand
US crude oil inventory builds likely extend amid slow exports

Jul 12 - Global refining margins fall on inflation-fueled demand destruction, rising refinery rates
Global refining margins weakened on lower demand and rising available refining capacity

Jul 12 - Crude wavers as market eyes China lockdowns, stronger US dollar
Crude oil futures finish a volatile session mixed July 11

Jul 12 - UK lawmakers approve windfall tax on oil and gas producers
British lawmakers approved a 25% windfall tax on oil and gas producers in the British North Sea on Monday, which the government says will raise 5 billion pounds ($5.95 billion) in one year to help people struggling with soaring energy bills.  The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia-Ukraine conflict started.

Jul 12 - Russia's share of India's June oil imports surges to record
India's oil imports from Russia surged to a record of around 950,000 barrels per day (bpd) in June, accounting for nearly a fifth of overall imports by the world's third largest oil consumer, data provided by trade sources showed. Indian refiners have been snapping up Russian oil sold at hefty discounts to Brent and Middle East staples after some Western companies and countries shunned purchases from Moscow following its invasion of Ukraine on Feb. 24.

Jul 11  - With world in energy shock, Saudi oil cushion gets very thin
When French President Emmanuel Macron whispered in Joe Biden's ear last month that top global oil exporter Saudi Arabia has very little additional capacity to increase output, the U.S. President looked surprised. Biden is due to land in Riyadh later this month, and he will likely hear the same sobering message – don't count much on Saudi Arabia to help replace Russian oil.

Jul 11  - India's June fuel demand rises 17.9% year-on-year
India's fuel consumption in June rose by 17.9% from a year earlier, government data showed on Friday, as demand in the world's No.3 oil consumer headed back towards pre-pandemic levels.  Global oil prices have surged in response to concerns about tight supplies and disruption linked to oil producer Russia's invasion of Ukraine, but Indian consumers have to an extent been sheltered as Indian refiners have bought cheaper Russian fuel the West has shunned.

Jul 11  - Indonesia to implement B35 biodiesel from July 20 - official
Indonesia plans to increase the content of palm oil-based fuel in its biodiesel to 35%, known as B35, from 30%, starting on July 20, senior energy ministry official Dadan Kusdiana said late on Friday. The world's biggest palm oil producer is struggling to cut palm oil inventories after a three-week export ban ending in May aimed at controlling domestic cooking oil prices boosted stocks.

Jul 08  - ARA fuel oil stocks drop 9.86% on week to 1.125 million mt: Insights Global
This is the fourth consecutive week stocks have declined.

Jul 08 - Russia to take Sakhalin-1 project under its control - lawmaker
A senior Russian lawmaker said on Thursday that Moscow would take control of the Sakhalin-1 oil and gas project in which ExxonMobil, Japan's SODECO and India's ONGC Videsh are partners, a week after taking over the neighbouring Sakhalin-2. Pavel Zavalny, head of the energy committee in Russia's lower house of parliament, said the move was an obvious next step.

Jul 08 - U.S. crude inventories soar, fuel stocks dip - EIA
U.S. crude oil stockpiles rose sharply last week, driven by an increase in inventories and as refiners cut output, the Energy Information Administration said on Thursday. Crude inventories rose by 8.2 million barrels in the week to July 1, compared with analysts' expectations for a draw of 1 million barrels. Much of that inventory came from another release of barrels from the U.S. Strategic Petroleum Reserve (SPR), which fell by 5.8 million barrels.

Jul 07  - Russian court orders halt to Caspian oil pipeline but exports still flow
Caspian Pipeline Consortium (CPC), which takes oil from Kazakhstan to the Black Sea via one of the world's largest pipelines, has been told by a Russian court to suspend activity for 30 days, although exports were still flowing. Tengizchevroil, the operator of Kazakhstan's largest oilfield Tengiz, said oil supplies via the CPC pipeline have not been interrupted.

Jul 07  - China issues new refined fuel, LSFO export quotas  - sources
China has issued a third round of petroleum-product export quotas, covering 5 million tonnes of refined fuel and 2.5 million tonnes of low-sulphur fuel oil (LSFO), allowing refiners to cash out solid export margins and help ease tight global fuel supply. The quotas, issued earlier than expected, will bring this year's total refined fuel export quotas to 22.5 million tonnes, 39% less than the first three allotments last year, and total LSFO to 12.25 million tonnes, up 11%.

Jul 06 - Japan's INPEX eyes US, UAE midstream LNG; to accelerate Ichthys expansion: CEO
Japan's INPEX is exploring midstream LNG project participation in the US and the UAE as it sees robust LNG demand growth in Asia at least for the midterm, and it also intends to accelerate its consideration to expand its operated Ichthys project in Australia, President and CEO Takayuki Ueda told S&P Global Commodity Insights.

Jul 06 - Crude Prices drop sharply as recession fears eclipse global supply concerns
Crude prices moved sharply lower July 5, with ICE Brent dropping 9.5%, as recession fears fueled demand growth concerns, overshadowing continued global supply tightness.

Jul 06 - Tight marine fuel 0.5%S supply in June, refiners focus on gasoline, distillates output
The Asian marine fuel 0.5%S market is unlikely to weaken in July despite a drop in Singapore 10 ppm gasoil crack spread, traders said.

Jul 06 - REFINERY NEWS ROUNDUP: Incidents, strikes at plants in Europe
Italy's Sarroch refinery was operating normally after a fire late June 25 on equipment taking solid sulfur to silos at the complex, the company said June 27.

Jul 06 - Tuapse VGO exports back to pre-war levels for July
In February 120,000 mt of VGO was scheduled to load, climbing to 150,000 mt in March, according to loading programs seen by S&P Global.

Jul 06 - OIL FUTURES: Crude drops over 7% as recession fears mount
Crude oil futures plunged more than 7% during midmorning New York trading July 5 with NYMEX WTI falling below $100/b as recession fears flooded the market amid the return of US traders following a long holiday weekend.  

Jul 06 - Southeast gas markets pull incremental supply from Freeport LNG eastbound
Over the past 10 days, basis prices at Houston Ship Channel have rebounded sharply to trade just 20 cents behind the US benchmark.  

Jul 06 - Global airline capacity breaks 100 million seats mark: OAG
Scheduled global airline capacity rose about 1.5 million seats, or 1.5%, to 101.4 million seats for the week started July 4, with many regions registering small increases, aviation data company OAG said, indicating rising jet fuel demand.

Jul 06 - Exxon profit set to soar again; White House wants more oil
Wall Street analysts sharply increased their Exxon Mobil Corp second-quarter profit estimates on Tuesday, after the largest U.S. oil producer projected it could almost double its first-quarter earnings. Exxon's preview, released on Friday, signaled strong results ahead by oil companies and refiners and brought renewed criticism from the White House and fresh calls for a windfall profit tax by U.S. lawmakers under pressure from voters feeling pain at the pump.

Jul 06 - Oil from U.S. reserves sent overseas as gasoline prices stay high
More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs. The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos.

Jul 05  - Prices drop sharply as recession fears eclipse global supply concerns
Crude prices moved sharply lower July 5, with ICE Brent dropping 9.5%, as recession fears fueled demand growth concerns, overshadowing continued global supply tightness.

Jul 05  - Refinery Incidents, strikes at plants in Europe
Italy's Sarroch refinery was operating normally after a fire late June 25 on equipment taking solid sulfur to silos at the complex, the company said June 27.

Jul 05  - Crude drops over 7% as recession fears mount
Crude oil futures plunged more than 7% during midmorning New York trading July 5 with NYMEX WTI falling below $100/b as recession fears flooded the market amid the return of US traders following a long holiday weekend.

Jul 05  - Global airline capacity breaks 100 million seats mark: OAG
Scheduled global airline capacity rose about 1.5 million seats, or 1.5%, to 101.4 million seats for the week started July 4, with many regions registering small increases, aviation data company OAG said, indicating rising jet fuel demand.

Jul 05 - Norwegian oil and gas workers start strike, cutting output
Norwegian offshore workers began a strike on Tuesday that will reduce oil and gas output, the union leading the industrial action told Reuters.  The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes amid high oil and gas prices, with supplies of natural gas to Europe especially tight after Russian export cutbacks.

Jul 05 - Oil bulls retreat as economic outlook darkens: Kemp
Investors continued to liquidate bullish long positions in petroleum last week as the economic outlook deteriorated though the rate of selling was much slower after heavy selling the week before. Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important futures and options contracts in the week to June 28, following on from sales of 71 million in the week to June 21.

Jul 04 - Exxon signals operating profits could double over the first quarter
Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing. Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the United States. The enormous earnings are likely to ignite new calls for windfall profit taxes.

Jul 04 - Production at Venezuela's largest refinery hit by blackout
Production at Venezuela's largest refinery, which can process about 645,000 barrels of oil per day (bpd), was halted late on Saturday by an electrical fault that caused a blackout, according to five people familiar with the matter. Amuay is the only refinery producing gasoline at the Paraguana Refinery Center (CRP) following a halt in some operations at the neighboring Cardon refinery while a reformer fault is fixed.

Jul 01  - European middle distillate liquidity plummets amid extreme price volatility
Increased costs of hedging and executing swap trades has also caused a major blow to liquidity, as exchanges such as Europe's Intercontinental Exchange hiked margin calls.

Jul 01  - European VGO loadings fall 46% in week to July 1
Increased loadings from Russian ports has coincided with higher VGO output from Russia as Tuapse came back online in the middle of June.

Jul 01  - US turns to Fujairah for fuel oil as Russian flows to Middle East surge
Russian oil flows have changed dramatically since the Kremlin's invasion of Ukraine, and this has particularly affected Moscow's fuel oil exports.

Jul 01  - Russia will replace Sakhalin-2 project operator with new firm
Russia will create a firm which will take over all rights and obligations of the Sakhalin Energy Investment Company amid Western sanctions imposed on Moscow, a decree signed by President Vladimir Putin said on Thursday. The 5-page decree indicates that it is up to the government of sanctions-hit Russia to decide whether foreign shareholders are to remain in the Sakhalin Energy Investment Company, a consortium for developing the Sakhalin-2 oil and gas project in Russia's far east.

Jul 01  - Some Norwegian oil workers to strike from July 5, hitting 4% of oil output

Seventy-four Norwegian offshore oil workers at Equinor's Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely shutting about 4% of Norway's oil production. The announcement by Lederne, the smallest of Norway's three oil workers' unions and which mostly represents senior staff considered crucial to operations, follows a vote by its members to reject a wage deal negotiated with oil companies.

Jun 30  - Biden administration oil, gas auctions kick off with thin industry response
The Biden administration's first sale of oil and gas drilling rights on federal land garnered thin industry interest on Wednesday while environmental groups filed two separate lawsuits seeking to invalidate the results. The sales, which will continue on Thursday and cover eight states, were viewed as a test of oil industry demand for federal acreage amid soaring fuel prices and calls from President Joe Biden to increase domestic output.

Jun 30  - Saudi Arabia may raise Aug crude prices to Asia to near record levels
Top oil exporter Saudi Arabia may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month. The official selling price (OSP) for Saudi's flagship Arab Light crude could rise by about $2.4 a barrel from the previous month, according to nine refining sources surveyed by Reuters on June 28-29.

Jun 29  - Russia boosts crude output by nearly 5% in June, exports dip slightly: report
Production remains below January-February levels of around 11 million b/d, prior to the invasion of Ukraine and subsequent sanctions, with the steepest drop seen in April, to 1.37 million mt/d (10.04 million b/d), Kommersant said, citing an unnamed source "familiar with production statistics."

Jun 29  - Oil production test looms for OPEC heavyweights Saudi Arabia, UAE

But much of it is from untested fields, and as the core OPEC members face increasing pressure to tame the oil price rally, ahead of a key trip by US President Joe Biden to Saudi Arabia in mid-July, their ability to ramp up production will be critical.

Jun 29  - G7 agrees to explore cap on Russian oil price
The Group of Seven economic powers have agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain price, they said on Tuesday, aiming to deplete Moscow's war chest. The war in Ukraine and its dramatic economic fallout, in particular soaring food and energy inflation, dominated this year's summit of the group of rich democracies at a castle resort in the Bavarian Alps.

Jun 29  - Norway helping plug Europe oil gap as Russian barrels head east

As Europe searches the world for oil to replace Russian barrels, one oilfield closer to home is helping plug the gap. Norway's Equinor is sending crude from the giant Johan Sverdrup field in the North Sea to the European market instead of Asia, where it exported about 100 million barrels last year.

Jun 28  - Global interest in Saudi Arabia's mineral auctions surprises to upside
Political considerations over Saudi Arabia have not impeded investor interest, the minister said in an interview after the London leg of a roadshow to highlight the kingdom's mineral wealth to analysts and potential investors.

Jun 28  - G7 cautiously backs Russian oil price cap, pledges to boost energy security, stability

The G7 pledged to consider a ban on services enabling transportation of Russian seaborne crude and oil products, unless the oil is purchased at or below a price to be agreed in consultation with international partners.

Jun 28  - Crude rises amid Libyan supply fears

Libya's state-owned National Oil Corp. was nearing the point of declaring force majeure on oil exports from its main oil terminals on the back of an increasingly worrying political situation in the country, NOC chairman Mustafa Sanalla said June 27.

Jun 28  - Macron tells Biden that UAE, Saudi can barely raise oil output
Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE's president. Saudi Arabia and the UAE have been perceived as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to boost global deliveries that could reduce prices.

Jun 28  - Russia exporting lighter and sweeter Urals oil as taps Asia demand - sources
Russia has been improving the quality of its flagship Urals crude oil export, making the heavily-discounted grade even more attractive to buyers in Asia who have been snapping it up, data obtained by two industry sources and seen by Reuters showed. Russian oil exports have been strong despite Western sanctions as China and India ramped up purchases and U.S. officials have said Moscow was now earning more money than before the conflict in Ukraine because of higher oil and gas prices.

Jun 27  - Crude stable as market awaits G7 price cap agreement on Russian oil
The G7 leaders met at a summit in the Bavarian Alps, to discuss methods of mitigating the military and financial strength of Russia.

Jun 27  - Russian naphtha supplies still continuing to Northwest Europe: sources
Although Russian naphtha barrels are flowing at a lower volume into Europe, compared with the pre-Russia-Ukraine war period, about 643,000 mt of naphtha is expected to reach Northwest Europe from the country in June, according to a forecast by Kpler shipping data.

Jun 27  - G7 considering ways of capping Russian oil price  - German official
Leaders of the Group of Seven rich democracies are having "very constructive" discussions on a possible cap on Russian oil imports, a German government official said on Saturday shortly before the start of the annual three-day G7 summit. The proposal is part of broader G7 discussions on how to further crank up the pressure on the Kremlin over its invasion of Ukraine without stoking global inflationary pressures.

Jun 27  - A shale booster shot: 'Re-fracs' rise as cheap way to lift U.S. oil output

U.S. shale oil producers are returning to existing wells and giving them a second, high-pressure blast to lift output for a fraction of the cost of a finishing a new well.  These "re-fracs" are taking hold as shale oil producers look to take advantage of $100 a barrel crude without making big investments in new wells and fields.

Jun 27  - Russia Defaults on Foreign Debt for First Time Since 1918 (Bloomberg)

- Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors.  For months, the country found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about $100 million of snared interest payments due May 27 expired, a deadline considered an event of default if missed.

- It’s a grim marker in the country’s rapid transformation into an economic, financial and political outcast. The nation’s eurobonds have traded at distressed levels since the start of March, the central bank’s foreign reserves remain frozen, and the biggest banks are severed from the global financial system. But given the damage already done to the economy and markets, the default is also mostly symbolic for now, and matters little to Russians dealing with double-digit inflation and the worst economic contraction in years.
Russian sovereign bonds have been trading at distressed levels since March

- Russia has pushed back against the default designation, saying it has the funds to cover any bills and has been forced into non-payment. As it tried to twist its way out, it announced last week that it would switch to servicing its $40 billion of outstanding sovereign debt in rubles, criticizing a “force-majeure” situation it said was artificially manufactured by the West.
“It’s a very, very rare thing, where a government that otherwise has the means is forced by an external government into default,” said Hassan Malik, senior sovereign analyst at Loomis Sayles & Company LP. “It’s going to be one of the big watershed defaults in history.”

- A formal declaration would usually come from ratings firms, but European sanctions led to them withdrawing ratings on Russian entities. According to the documents for the notes whose grace period expired Sunday, holders can call one themselves if owners of 25% of the outstanding bonds agree that an “Event of Default” has occurred.

Jun 24  - Primorsk ULSD exports drop 14.6% on month to around 900,000 mt in June
Exports of ultra low sulfur diesel from the Russian Baltic port of Primorsk are expected to total around 899,685 mt in June, down from previous market expectations of around 1.1 million mt and down from around 1.05 million mt in May.

Jun 24  - White House tensions with oil industry remain high after "productive" meeting with refiners
Heated rhetoric from the White House and oil industry prompted an in-person meeting June 23 between US Energy Secretary Jennifer Granholm and top oil executives, with few details being made public beyond assurances from both sides that the conversation was productive and would be ongoing.

Jun 24  - Crude rallies, but finishes week lower amid recession uncertainty, tight supply
Crude prices settled higher June 24, fueled by a weaker US dollar and a steep rise in equity markets, but lingering recession fears held prices US lower on the week.

Jun 24  - U.S. meets with refiners on high pump prices; no plan yet - sources
U.S. Energy Secretary Jennifer Granholm expressed interest in potentially lifting smog-fighting gasoline rules to fight high pump prices and backed off a plan to ban fuel exports during a wide-ranging meeting with refiners, two industry sources said on Thursday. With tensions high between U.S. President Joe Biden and Big Oil, the two sides entered the meeting with a promise to work together in good faith. They left still far apart on long-term solutions, the industry sources familiar with the talks said. But both the Energy Department and the sources said talks will continue.

Jun 24  - OPEC+ to stick to oil supply rise plan as Biden heads to Saudi
- sources
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East. At its last meeting on June 2, the group known as OPEC+ agreed to boost output by 648,000 barrels per day (bpd) in July - or 0.7% of global demand - and by the same amount in August, up from the initial plan to add 432,000 bpd a month over three months until September.

Jun 23  - Crude rout extends as recession fears weigh on demand outlooks
Crude oil futures fell for a third straight session June 23, dropping to five-week lows as growing recession fears overshadowed tight fundamental outlooks.

Jun 23  - Platts opens consultation on European crude oil assessments that reflect Russian crude, exports from Russian ports
It will also impose a ban on EU operators insuring and financing the shipping of oil from Russia to third countries.

Jun 23  - Crude slides on recession worries, demand concern
Increasing recession fears appear to be prompting a culling of heavy speculative long positioning in both crude contracts, even as energy tightness is as real as ever, OANDA Senior Market Analyst Jeffrey Halley said in a June 23 note.

Jun 23  - South Korea GS Caltex sells 10 ppm sulfur gasoil for July loading

Price: Discount of around $1-$1.50/b to the July Mean of Platts Singapore 10 ppm sulfur gasoil assessments, FOB

Jun 23  - One-day strike to go ahead at TotalEnergies refineries June 24: union
Industrial action over pay demands was expected to go ahead as planned at TotalEnergies' French refineries June 24, a source from the CGT labor union said June 23.

Jun 23  - Indian Gasoil exports rise 14% on month to 3.06 mil mt in May
India's gasoil exports rose 13.55% month on month and 3.84% on the year to 3.06 million mt (735,387 b/d) in May, according to the latest Petroleum Planning and Analysis Cell data. The gains came amid tight global supplies for the middle distillate and on sustained expectations of a recovery in demand as more countries ease COVID-19-related restrictions.

Jun 23  - ARA diesel, gasoil stocks rise 6.86% on week to 1.51 mil mt: Insights Global
The stocks of diesel and gasoil in the Northwest European Amsterdam-Rotterdam-Antwerp hub rose 6.86% on the week to 1.51 million mt in the seven days to June 23, according to Insights Global data.

Jun 23  - Russian oil tankers get India safety cover via Dubai company
India is providing safety certification for dozens of ships managed by a subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil exports to India and elsewhere after Western certifiers withdrew their services due to global sanctions against Moscow. Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.

Jun 23  - Russia seeks new fuel markets in Africa, Middle East as Europe turns away
Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said. The development is likely to increase competition for Asian customers between Russia and other big fuel exporters – Saudi Arabia and the United States – which are the top three suppliers to Asia.

Jun 22  - Crude tests five-week lows as recession fears, policy uncertainty cloud outlooks
Crude futures retreated to five-week lows June 22 as recession fears and policy uncertainty weighed on demand outlooks.

Jun 22  - Iraq mulls boost in European oil deliveries amid declining Russian volumes:
SOMO
Iraq supplied over 1 million b/d to India in 2021, more than a third of its total exports last year, according to Kpler. Iraq supplied China with 953,000 b/d in 2021, its second-biggest oil customer last year, data showed. Europe received 15% of Iraq crude exports in 2021.

Jun 22  - Fujaira Oil products stocks rise 8.4% on week, led by middle distillates

The Asian gasoil market is witnessing demand recovery that coincides with growing regional supply.

Jun 22  - Bahrain eyes potential trading unit for refined products
Future plans could include a petrochemical project that would use naphtha as feedstock, though that would depend on how the refinery modernization progresses, Thomas said.

Jun 22  - Operations at Russia Novoshakhtinsky refinery suspended after two drone strikes
There has been significant damage to refining and oil storage infrastructure in the region as a result of active fighting since Russia invaded Ukraine Feb. 24.

Jun 22  - Singapore gasoil swap crack crosses $70/b for first time on rising demand
The Platts FOB Singapore Platts 10 ppm sulfur gasoil derivative crack spread against Dubai crude swaps -- a measure of the product's relative strength to crude oil -- breached $70/b for the first time at the Asian close June 21, S&P Global Commodity Insights data showed, as growing regional demand bolstered sentiment.

Jun 22  - China Jan-May fuel oil exports slip 6% on year to 7.64 mil mt
China's fuel oil exports over January-May inched 5.7% lower year on year to 7.68 million mt (322,967 b/d) as the country relied more on domestically produced barrels after Beijing increased quota allocations, General Administration of Customs data showed June 22.

Jun 22  - Saudi April gasoil exports dip 5% on month
Saudi Arabia's gasoil outflows fell 4.5% month on month to 2.65 million mt (658,083 b/d) in April, reversing the uptrend seen in the preceding month, the latest Joint Organizations Data Initiative data showed, as rising freight rates and a steep backwardation dampened cross-regional flows.

Jun 22  - Brazil government resubmits list of Petrobras board candidates: company
Brazil's government submitted a new list of eight nominees to state-led oil producer and refiner Petrobras' board of directors ahead of an expected call for a special shareholders meeting as part of the company's latest management shakeup.

Jun 22  - Brazil's ANP reaches deals on local content commitments with 24 oil companies
Brazil's National Petroleum Agency, or ANP, reached deals with 24 individual oil companies to renew pledges to use locally produced goods and services in oil field development rather than pay fines for failing to meet requirements established under the original exploration and production concessions, the regulator said June 21.

Jun 22  - Biden urges Congress to waive federal taxes on gasoline, diesel through September
US President Joe Biden is calling on Congress to waive federal taxes on gasoline and diesel through September to ease the burden of soaring prices that have supercharged inflation and increased political pressure on Democrats ahead of the US midterm elections.

Jun 22  - Chevron CEO urges Biden to stop criticizing Big Oil, take new approach
Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials' criticism of the oil industry over energy costs, saying reducing fuel prices will require "a change in approach" by the government. The letter is the latest in a series of acrimonious exchanges between the U.S. oil industry and President Joe Biden over who is to blame for high fuel prices that have helped drive inflation to 40-year highs.

Jun 22  - U.S. oil refining capacity down in 2021 for second year
- EIA
Capacity for U.S. oil refiners fell in 2021 for the second year in a row, the most recent government data showed on Tuesday, as plant shutdowns kept whittling away on their ability to produce gasoline and diesel. Pump prices are near $5 a gallon nationwide as soaring demand for motor fuels collides with the loss of about 1 million barrels of processing capacity in the last three years due largely to closings to plants that were unprofitable when fuel demand cratered at the height of the COVID-19 pandemic.

Jun 21  - China Key product exports slump to 4-month low of 1.77 million mt in May
China's gasoil, gasoline and jet fuel exports in May dropped to a four-month low of 1.77 million mt or 465.580 b/d, data released by the General Administration of Customs June 18 showed, due to tight availability of export quotas during the same month.

Jun 21  - US crude oil inventories expected lower amid strong refinery, export demand
US crude oil inventories likely declined in the week ended June 17, analysts surveyed by S&P Global Commodity Insights said June 21, amid stronger exports and an uptick in refinery demand.

Jun 21  - Curaçao refinery could start processing crude early 2023, say sources
The Curaçao refinery could start processing crude oil in the first quarter of 2023 as per the reactivation schedule currently being discussed by the Refineria di Korsou N.V. (RdK), the state-owned company that owns the oil facilities, and Caribbean Petroleum Refinery Holding, the local company created by the group of investors led by Venezuelan Luis Giusti to sign the lease contract, among other commercial contracts, said a source privy to the negotiations and documents.

Jun 21  - Brazil's government cannot interfere in Petrobras pricing: Energy minister
Brazil's laws and regulations prohibit government interference in state-led oil company Petrobras' fuel prices, but greater competition in Latin America's largest economy will result in prices that more closely track markets, Mines and Energy Minister Adolfo Sachsida said June 21.

Jun 21  - US refining capacity falls to lowest mark in 8 years amid record prices: EIA
The nation's capacity to refine crude oil into fuel and other products fell below 18 million b/d at the beginning of 2022 and hit its lowest level since 2014, according to the federal government's annual refinery capacity report released June 21.

Jun 21  - VLCC arrives in Southwold to supply NWE with non-Russian diesel
A diesel-laden Very Large Crude Carrier, or VLCC, arriving in Europe June 21 brought some relief to supplies in the region after months of tightness as importers have looked for replacements for Russian-origin products.

Jun 21  - Crude prices climb as near-term supply, demand focus offsets recession fears
Crude futures settled higher June 21 as tight near-term supply outlooks and continued demand recovery overshadowed longer-term recession fears.

Jun 21  - Crude rebounds as demand recovery offsets recession fears
Market analysts warned that the supply disruptions will continue to persist and result in tighter supply heading into the Northern Hemisphere winter season.

Jun 21  - Petrobras CEO resigns under pressure over fuel price hikes
Fernando Borges, the company exploration and production director, will take over as acting CEO, Petrobras said.

Jun 21  - Iraq Basrah crude faces competition from cheaper alternatives
S&P Global last assessed Urals at $79.515/b on June 20, compared with $119.74/b for Dated Brent.

Jun 21  - Biden says decision on pause on federal gasoline tax could come by end of week
U.S. President Joe Biden said on Monday that a decision on whether to pause a federal gasoline tax could come by the end of this week, as the United States struggles to tackle soaring gasoline prices and inflation, now at its highest in 40 years. Speaking a day after Energy Secretary Jennifer Granholm said the president was evaluating pausing the tax temporarily, Biden told reporters: "Yes, I am considering it. I hope I have a decision based on data I am looking for by the end of the week."

Jun 21  - U.S. in talks with allies on Russian oil price cap,
says Yellen
The United States is in talks with Canada and other allies to further restrict Moscow's energy revenue by imposing a price cap on Russian oil, Treasury Secretary Janet Yellen said on Monday. "We are talking about price caps or a price exception that would enhance and strengthen recent and proposed energy restrictions by Europe, the United States, the UK and others, that would push down the price of Russian oil and depress Putin's revenues, while allowing more oil supply to reach the global market," Yellen told reporters in Toronto.

Jun 20  - China's May oil imports from Russia soar 55% to a record, surpass Saudi supply
China's crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs.

Jun 20  - Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel
The government of Panama and energy companies, including SGP BioEnergy, plan to develop a major, advanced biorefinery to increase supply of lower-carbon aviation fuel, the companies said Wednesday. The move comes as the airline industry seeks to achieve a goal of zero net carbon emissions by 2050 and as governments worldwide are pressing companies to increase clean energy investment.

Jun 17  - NYMEX WTI plunges below $110/b threshold amid recession fears, supply strengthening

Jun 17  - ULSD hits record highs for USGC, IPP prices as Latin America cargo demand surges

Jun 17  - Mexico's fuel demand hits new all-time high in late-April
Mexico's fuel demand hit a new all-time high late April, Energy Secretariat, or SENER, data showed June 17

Jun 17  - Chevron confirms date for US DOE meeting over refinery issues to ease gasoline prices

Jun 17  - U.S. energy chief to discuss record pump prices with refiners next week
U.S. Energy Secretary Jennifer Granholm called an emergency meeting with refining executives for next week, a department spokesperson said on Thursday, as tensions between the Biden administration and Big Oil mount over soaring gasoline prices. The planned talks come as President Joe Biden, under pressure over record gasoline prices with inflation a top issue for voters ahead of the hotly contested November elections, has demanded that oil refining companies explain why they are not putting more fuel on the market as they reap windfall profits

Jun 17  - Russia could continue OPEC+ cooperation beyond 2022  - deputy PM
Russia could continue cooperating within the OPEC+ oil production agreement beyond 2022, Deputy Prime Minister Alexander Novak said, after a surprise meeting with Saudi Arabia's energy minister on Thursday. Prince Abdulaziz bin Salman made a surprise appearance at the St Petersburg International Economic Forum while not being listed on an official schedule and as many other guests avoided the flagship annual event.

Jun 16  - Crude prices rebound amid ongoing global supply woes

Jun 16  - US oil refiners lay out their realities ahead of DOE meeting

Jun 16  - Treasury sanctions China, Hong Kong, UAE entities tied to Iran petrochemicals sales

Jun 16  - Petrobras to maintain import-parity pricing in Brazil as fuel tax cuts pass

Jun 16  - US biofuel group praises passage of bill allowing year-round E15 use

- A US biofuel group has welcomed the passage by the House of Representatives of a bill that will allow E15 gasoline - gasoline that uses a 15 percent ethanol blend - to be sold all year round in a move that seems to permanently end attempts at reimposing a seasonal summer break on the sale of the grade. The bill will also fund additional infrastructure to support the sale of higher blend biofuels.

- The Renewable Fuels Association (RFA) welcomed the passing of the Lower Food and Fuel Costs Act that will extend a waiver allowing the sale of the E15 blend during the summer months, and also the inclusion of $200 million in additional funding for higher blends infrastructure.
“By expanding the availability of cleaner, more-affordable ethanol blends, this legislation will help deliver immediate economic relief to American families who are feeling unprecedented pain at the pump,” RFA President and CEO, Geoff Cooper, said in a press release.

- Extending the Reid Vapor Pressure (RVP) waiver that currently applies to E10 during the summer months to E15 is expected to boost ethanol demand. On April 29, the US Environmental Protection Agency (EPA) issued an emergency waiver allowing the sale of E15 gasoline during the summer driving season this year.

- Cooper said that the use of E15 is approved for use in more than 97 percent of cars and trucks on the road today, and added that “investment in updated dispensers, tanks, pumps, and components that carry E15 and higher blends” will bring benefit to more consumers.

Jun 16  - Biden blasts oil refiners for record profits on pain at the pump
U.S. President Joe Biden, under pressure over sky-high gasoline prices, on Wednesday demanded oil refining companies explain why they are not putting more fuel on the market as they reap windfall profits. Biden wrote to executives from Marathon Petroleum Corp, Valero Energy Corp and Exxon Mobil Corp, and complained they had cut back on oil refining to pad profits, according to a copy of the letter seen by Reuters.

Jun 16  - U.S. crude, distillate inventories rise as SPR inventories fall by most on record

U.S. crude stocks and distillate inventories rose while gasoline inventories fell in the week through June 10, the Energy Information Administration said on Wednesday. Crude inventories rose by 2 million barrels in the last week to 418.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.

Jun 15  - Biden seeks helps from US refiners to increase gasoline, diesel supply .

Jun 15  - Crude tests two-week lows after Fed announces largest rate hike in 28 years
Crude oil futures settled near two-week lows.

Jun 15  - US Crude exports jump on week, SPR barrels exported to Asia, Europe
US crude exports were reported sharply higher over the week ended June 10 .

Jun 15  - China's May refinery output posts steepest annual fall in over a decade
China's refinery throughput in May fell 10.9% from the same month a year earlier in the steepest year-on-year drop in at least a decade, data showed on Wednesday, as strict COVID-19 lockdowns slammed fuel demand. Crude throughput last month was 53.92 million tonnes, or about 12.7 million barrels per day (bpd), according to data from the National Bureau of Statistics (NBS).

Jun 15  - Founder Harold Hamm offers to take Continental private at $25-bln value
Continental Resources Inc said on Tuesday it received an all-cash offer from billionaire-founder Harold Hamm's family trust, a deal which could take the U.S. shale producer private at a valuation of $25.41 billion. If both sides reach an agreement, it would result in the most significant deal in the U.S. shale sector since the surge in oil and natural gas prices this year caused by tightened supply, as the world emerges from the coronavirus pandemic and the dislocation of energy markets caused by Russia's invasion of Ukraine.

Jun 14  - Russia becomes India's second biggest oil exporter, trade sources
Russia rose to become India's second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed. In May Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed.

Jun 14  - Russia's Sakhalin 1 oil project disruptions to last couple of months - ONGC
Operations at Russia's Sakhalin 1 oil project will continue to face disruptions for 'a couple of months' as Western sanctions have hit insurance cover for ships to transport crude, according to India's ONGC Videsh, a stakeholder. ONGC Videsh, the overseas investment arm of India's top oil explorer Oil and Natural Gas Corp, has a 20% stake in Sakhalin 1, which produces a Russian grade known as Sokol off the coast of Sakhalin Island in the Russian Far East.

Jun 13  - Turkey revisits TMO tender buying remit amid surging prices (AgriCensus)
- A decision to allow Turkey’s state-backed grain importing agency, TMO, to buy directly from governments or other state-backed companies – rather than via a public tender – is intended to lower import prices, trade sources have told Agricensus Monday. The change was announced in the public gazette on Friday and allows a change to the tender rules that will allow the agency to contract directly via import product purchases via direct purchasing from other governments or from an approved list of companies.
“The thinking is that they wish to buy (imports) cheaper,” one Turkey-based contact told Agricensus.

- For major importers, like Turkey or Egypt, the act of issuing a buy tender – often for hundreds of thousands of tonnes – will often result in a jump in prices as traders anticipate new demand entering the market. However, the trade source highlighted that any heavy buying from any major importer is likely to firm prices.
“Any time TMO asks for offers, the market will jump up anyway… I’m also hearing that TMO is asking for offers already,” the trade source said.

- The tender process – which was typically a two-tier process where best offers from the first round would be scrutinised before the agency pressed for discounts in a second round – could deny the association that cost-cutting step.
“It seems to me like buying without the reverse auction, just on a bid basis. TMO always benefitted from the reverse auction phase, i.e., the second round in their tenders,” the trader said.

- Turkey has tweaked its import mechanism in recent months – a response in part to surging international prices and the collapse of the lira against the US dollar on international currency markets. That dynamic has driven domestic inflationary pressures and led the agency to adopt a split process – often tendering for delivered corn separately from its efforts to tempt volumes away from domestic stocks. The move also comes as two of the country's main suppliers – Ukraine and Russia – have seen supply profoundly interrupted after Russia invaded its neighbour on February 24.  That has affected trade flows in the region, posing problems for every importing country across the region, amid physical blockades at major Ukrainian ports and sanctions affecting international trade. Turkey last tendered to buy corn at the tail end of May, picking up 175,000 mt of corn on a deliver CFR basis, and 150,000 mt of corn on an ex works domestic basis, but the country also buys wheat, sunoil and other agriculture commodities via tender. According to the Agricensus Tender Dashboard, the country issued at least 26 tenders in 2021, securing at least 209 cargoes and 5.7 million mt of produce at an average price of $327.32/mt.

- To date, the country has issued 16 tenders in 2022, securing 162 cargoes and just over 3 million mt of product at $454.14/mt – a near 40% increase on the previous year.

Jun 13  - Drilling vs returns. U.S. oil producers' tradeoff as windfall tax threatens
U.S. oil producers profiting from sky-high prices are doling out billions to shareholders and building cash reserves, a strategy irking lawmakers and voters struggling with record fuel prices while winning over Wall Street. Soaring fuel prices have boosted inflation to a 40-year record and are expected to drive up U.S. gasoline by more than a dollar to $6 a gallon by August. That prospect has some officials arguing the industry's focus on returns is benefiting a few at the expense of consumers.

Jun 13  - Russia's state-owned RNRC to reinsure Russian oil shipments, sources say
State-controlled Russian National Reinsurance Company (RNRC) is now the main reinsurer of Russian ships, including Sovcomflot's fleet, after Western insurance firms withdrew cover for Russian shipowners, three people familiar with the matter told Reuters. Insurance is essential for maritime transport, particularly oil cargoes that require the highest safety standards due to the risk of spills and shipping flammable material on the high seas.

Jun 10  - Oversupply, weak China demand depress Asia naphtha margins to 2008 lows
An oversupply of naphtha at a time of poor demand has squeezed the product's Asian margins to their weakest levels since the 2008 global financial crisis, traders and analysts said. As Asian refiners boost output of more lucrative products - gasoline and diesel - to overcome global shortages, they are pumping out more naphtha, which is used in many consumer goods, especially plastics.

Jun 10  - Russia's energy revenue higher now than just before Ukraine war, U.S. official says
Russia may be getting more revenue from its fossil fuels now than shortly before its invasion of Ukraine, as global price increases offset the impact of Western efforts to restrict its sales, U.S. energy security envoy Amos Hochstein told lawmakers during a hearing on Thursday. "I can't deny that," Hochstein told the Senate Subcommittee on Europe and Regional Security Cooperation in response to a question about whether Moscow was making more money now off its crude oil and gas sales than a couple of months before the war started.

Jun 09  - Russia has no extra oil to sign deals with two Indian buyers  - sources
Russia's Rosneft is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales to other customers. Indian refiners have been snapping up cheap Russian oil, shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on Feb. 24, which Russia calls a "special military operation".

Jun 09  - Pipelines unclogged, but Canadian crude now faces U.S. Gulf Coast glut

After long being deeply discounted for years because of a lack of pipelines, Canadian heavy crude is finally trading like a "North American" grade, moving in tandem with U.S. sour crudes sold on the Gulf Coast after Enbridge Inc expanded its Line 3 pipeline late last year. Unfortunately for Canadian producers, the Gulf is awash in sour crude thanks to Washington's largest-ever release from the Strategic Petroleum Reserve (SPR) that will amount to 180 million barrels over a six-month period, in an attempt to tame high fuel prices after Russia's invasion of Ukraine.

Jun 08  - Oil, gasoline prices to pare gains but remain high through 2022, 2023: EIA
Already-high crude oil prices rose further as Shanghai and Beijing began easing COVID-19 restrictions end-May and the EU announced plans to cut its Russian oil imports by 90% by the year's end.

Jun 08  - Mercuria CEO sees higher long-term oil prices despite growing recession risk
Platts Analytics currently forecasts Dated Brent crude slipping to just below $100/b by the end of 2022 and averaging about $90/b in 2023.

Jun 08  - Europe refiners struggling to maintain high runs despite strong margins

Gasoline and diesel cracks have soared over $30/b and $60/b, respectively, while jet fuel cracks led the barrel at close to $70/b, over the past month, according to S&P Global data.

Jun 08  - Russia hikes oil exports from major Eastern port to help offset EU ban
Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth, aiming to meet surging demand from Asian buyers and offset the impact of European Union sanctions, three sources familiar with the matter told Reuters. Moscow has said it hopes to reroute energy exports from the West to Asia, but doing so via long tanker voyages from European sea ports is expensive and complicated by Western sanctions over the conflict in Ukraine, such as on shipping.

Jun 08  - Brazil mulls measures to ensure tax cut is passed on to consumers - sources
Brazil's government is mulling measures to ensure that a plan to slash a state fuel tax is reflected in prices at the pump, two sources close to the matter told Reuters, in the latest prong of its effort to ease consumers fuel costs. One of the measures being studied is a policy to monitor prices at fuel distributors, the sources said.

Jun 07  - Sinopec Fuel Oil Singapore targets 50% increase in bunker sales  - exec
Sinopec Fuel Oil (Singapore) Pte Ltd aims to raise its monthly bunker sales volumes by more than 50% after it received a licence from the Singapore government this month, the company’s general manager said on Monday. Chinese refiners are expanding their foothold in the global marine fuels sector by increasing sales and output of 0.5% low sulphur fuel oil at key ports in Zhoushan, in China, and Singapore in recent years.

Jun 07  - Impact Oil & Gas prepares to sell stake in Namibian offshore block - sources
Impact Oil & Gas is considering selling its 20% stake in a large block in deep water off the coast of Namibia where TotalEnergies made a significant oil discovery this year, four industry sources told Reuters. Impact, which is privately owned and focused on exploration in Africa, has hired investment bank Jefferies to prepare a sale process for its stake in Block 2913B, which is estimated to be worth $500 million to $1 billion, the sources said.

Jun 06  - Saudi Arabia hikes July crude prices surprisingly high for Asia buyers
Saudi Arabia, the world's top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer. The official selling price (OSP) for July-loading Arab Light to Asia was hiked by $2.1 a barrel from June to $6.5 a barrel over Oman/Dubai quotes, just off an all-time-high recorded in May.

Jun 06  - U.S. to let Eni, Repsol ship Venezuela oil to Europe for debt - sources
Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, five people familiar with the matter said, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. The volume of oil Eni and Repsol are expected to receive is not large, one of the people said, and any impact on global oil prices will be modest. But Washington's greenlight to resume Venezuela's long-frozen oil flows to Europe could provide a symbolic boost for Venezuelan President Nicolas Maduro.

Jun 03 - OPEC+ decides to speed up oil production hikes to offset sanctions on Russia
OPEC+ ministers will meet again June 30 to monitor the agreement and reassess market conditions, the coalition said in a statement.

Jun 03 - Beijing focus on energy security to undermine Chinese fuel outflows, refiners' export earnings
Surging Asian middle distillate cracks have encouraged major refiners in South Korea and India to ramp up fuel exports, but Chinese refiners have been unable to capture the lucrative margins, the strategist said.

Jun 03 - OPEC+ brings forward oil output rises as Biden's Saudi visit looms
Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden. OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd) in July - or 0.7% of global demand - and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.

Jun 03 - White House weighs oil profits tax to fund consumer rebate
The White House is considering congressional proposals that could tax oil and gas producers' profits in order to provide a benefit to consumers struggling with higher energy prices, a U.S. official said on Thursday. "There are a variety of interesting proposals and design choices on a windfall profits tax," Bharat Ramamurti, the deputy director of President Joe Biden's National Economic Council, said during a panel discussion sponsored by the Roosevelt Institute think tank.

Jun 02 - Russian domestic crude for June trades lower on the month
Prices for pipeline volumes basis Western Siberia for loading and delivery in June were in a Rb28,500-30,000/mt range.

Jun 02 - OPEC+ to stick to oil rise plan despite EU sanctions - sources
OPEC+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five OPEC+ sources said on Wednesday as the group fast approaches its maximum production capacity. Oil prices rallied above $124 per barrel this week following new EU sanctions against Russia over its invasion of Ukraine and China's recovery from the latest COVID-19 lockdown.

Jun 02 - U.S. light, heavy oil-price spreads widen as gasoline demand grows
Price differences between U.S. light and heavy crude oil grades have been widening, pricing data showed, as refiners around the world have been snapping up less-dense crude grades for more gasoline production.  As summer begins, sky-high demand and profits from motor fuels production has encouraged global refiners to buy lighter barrels. Since Russia's invasion of Ukraine, more Russian Urals crude has been moving to Asia as more U.S. light-sweet heads to Europe.

Jun 01  - Russian domestic crude for June trades lower on the month
Prices for pipeline volumes basis Western Siberia for loading and delivery in June were in a Rb28,500-30,000/mt range.

Jun 01 - Shortage of oil refineries haunts Africa as fuel prices rocket
A shortage of oil refineries across sub-Saharan Africa coupled with soaring crude prices because of the war in Ukraine has left countries dangerously short of fuel supplies, disrupting airlines and causing queues at filling stations. The surge in prices comes in tandem with a spike in the cost of food after Russia sent troops into Ukraine, hitting tens of millions of people already living in precarious conditions, as well as government and aid agency budgets.

Jun 01 - Sizzling U.S. energy stock rally confronts global growth worries
A scorching rally in U.S. energy shares has left investors facing a tough decision: hold on despite growing worries that global growth will slow or lock in profits in one of the few areas of the stock market that has thrived this year. The S&P 500 energy sector has surged 55.7% year-to-date on the back of soaring oil prices, making it a welcome counterweight in portfolios during a year in which the broader S&P 500 has declined by 13.3%.

May 31 - EU, resolving a deadlock, in deal to cut most Russia oil imports
European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, resolving a deadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago. Diplomats said the agreement would clear the way for other elements of a sixth package of EU sanctions on Russia to take effect, including cutting Russia's biggest bank, Sberbank, from the SWIFT messaging system.

May 31 - Global refiners falter in efforts to keep up with demand
Refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the United States and Brazil to smaller countries like war-ravaged Ukraine and Sri Lanka. World fuel demand has rebounded to pre-pandemic levels, but the combination of pandemic closures, sanctions on Russia and export quotas in China are straining refiners' ability to meet demand. China and Russia are two of the three biggest refining countries, after the United States. All three are below peak processing levels, undermining the effort by world governments to lower prices by releasing crude oil from reserves.

May 30 - How the Ukraine conflict is reshaping global oil markets
Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia. The reroutings mark the biggest supply-side shakeup of the global oil trade since the U.S. shale revolution altered the shape of the market around a decade ago and suggest Russia will be able to navigate a European Union (EU) oil ban, provided Asia and China continue to buy its crude.

May 30 - U.S., European thirst for fuel sends physical oil prices soaring
Sky-high refining margins for diesel and gasoline in Europe and the United States, driven by a cutoff in Russian supply, has sent prices for some types of physical crude oil to all-time records according to traders. The dearth of fuel in the major consuming countries just as the summer driving season in the United States kicks off has lifted asking prices near and above historic peaks for lighter and medium oil types from West Africa to the North Sea.

May 27 - OPEC+ set to stick to modest output hike for July, sources say
OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters, rebuffing Western calls for a faster increase to lower surging prices. Western nations, grappling with record inflation rates that are threatening economic growth, have repeatedly asked the group to accelerate its output hikes.

May 27 - GRAPHIC-Oil snaps inverse dollar link leaving little to check its bull run
Oil's bull run is taking little notice of the strong U.S. dollar, breaking crude's historical inverse link to the greenback and giving analysts confidence it has further to go based on current market fundamentals. A strong dollar typically weighs on oil prices because it makes the commodity more expensive for holders of other currencies, potentially hurting demand for crude.

May 27  - Saudi Jet fuel exports fall 22% on month to 349,000 mt in March
The month-on-month dip in outflows came amid a closed arbitrage to send jet fuel cargoes from the East of Suez to Europe in March, S&P Global Commodity Insights reported in early April.

May 27  - Brent crude prices climb further on supply concerns
Across the Atlantic, crude oil stocks fell 1.02 million barrels to 419.8 million barrels in the week ended May 20, showed EIA data released late-May 25.

May 27  - Sinopec Hainan resumes operations after 2-month maintenance

State-owned Sinopec's Hainan Petrochemical refinery in southern China has gradually resumed operations after a scheduled maintenance which started on March 15, a source with the refinery said May 26.

May 27  - Russia expects 5-8% drop in 2022 oil output following Ukraine invasion

Novak said that he estimates 2022 production will be 480 million mt to 500 million mt, equivalent to 9.64 million b/d to 10 million b/d.

May 26 - Eight VLGCs delivered in January-April, out of total 25 LPG ships: Bancosta
Other vessels delivered over January-April included three large gas carries, one medium-sized carrier and 13 small-sized carriers, the report said.
 
May 26 - Equinor exits all Russian joint ventures
Equinor announced plans to exit its Russian projects Feb. 28, four days after Russia launched the invasion.  

May 26 - ADNOC's Fujairah crude oil storage caverns set to open in 2023: sources
When complete, it will boost Fujairah's status as a regional trading center, as the caverns will be able to store three different grades of crude oil, providing ADNOC with more flexibility to export crude through the port.

May 26  - Russian oil's Achilles' heel: insurance
Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. Insurers from Europe and the United States, which dominate the international marine market, are curtailing coverage for Russian oil tankers, industry sources say, to avoid breaching sanctions imposed in the wake of Moscow's invasion of Ukraine.

May 26  - U.S. crude stocks down, refining activity surges 
- EIA
U.S. crude stocks fell modestly in the most recent week, the government said on Wednesday, as refiners picked up the pace of activity, boosting overall capacity use to the highest levels since before the pandemic. Crude inventories fell by 1 million barrels in the week to May 20 to 419.8 million barrels, not far from analysts' expectations in a Reuters poll for a 737,000-barrel drop, the U.S. Energy Information Administration said.

May 26  - Equinor exits all Russian joint ventures
Equinor announced plans to exit its Russian projects Feb. 28, four days after Russia launched the invasion.

May 26  - ADNO's Fujairah crude oil storage caverns set to open in 2023: sources
When complete, it will boost Fujairah's status as a regional trading center, as the caverns will be able to store three different grades of crude oil, providing ADNOC with more flexibility to export crude through the port.

May 25 - U.S. prepares renewal of Chevron's Venezuela license without broader terms - sources
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said. The last U.S. energy producer in Venezuela asked President Joe Biden's government in March for a license that would allow it a greater say in its joint ventures with Venezuela's state-run PDVSA, a first step to reviving output and controlling where oil is sent.

May 25 - Glencore prepares to pay up to $1.5 bln to settle U.S., UK, Brazil probes
Glencore Plc said on Tuesday it anticipates paying up to $1.5 billion to settle accusations of bribery and market manipulation, as authorities in the United States, Britain and Brazil announced that three of the company's subsidiaries were pleading guilty to crimes. The miner and commodity trading giant agreed to pay more than $1 billion in the United States and Brazil, with Glencore representatives also appearing in courts in the United States and Britain on Tuesday.

May 24 - EU hopes energy funds can unlock deal on Russian oil sanctions
A European Union proposal last week to support oil infrastructure in states heavily dependent on Russian crude should provide a chance for countries to agree sanctions on Russian oil, the EU's energy policy chief said on Monday. The EU executive European Commission this month proposed new sanctions, including an embargo on Russian oil, but Hungary's opposition has so far thwarted the unanimous approval from all 27 member countries needed to pass them.

May 24 - Aramco CEO warns of global oil crunch due to lack of investment
The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised. Amin Nasser, head of the world's largest oil producer, said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster.

May 23  - China's April Saudi oil imports soar 38% on yr, Russian oil up 4%
China's crude oil imports from top supplier Saudi Arabia soared 38% in April from a year earlier, hitting the highest monthly volume since May 2020, according to Reuters' calculations based on official Chinese customs data. Saudi shipments amounted to 8.93 million tonnes last month, equivalent to 2.17 million barrels per day (bpd), according to data from the Chinese General Administration of Customs.

May 23  - China quietly increases purchases of low-priced Russian oil
China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world's biggest oil importer comes a month after it initially cut back on Russian supplies, for fear of appearing to openly support Moscow and potentially expose its state oil giants to sanctions.

May 21  - Crude rally extends as supply risks overshadow global growth concerns
Crude futures settled higher May 20 as near-term global supply risks overshadowed renewed selling pressure in equity markets and overall weakened economic sentiment.

May 21  - China exports gasoline to Bangladesh for second straight month in April
Bangladesh has been frequently importing gasoil from China over the past years but purchasing gasoline has been uncommon.

May 21 - German mobility returns to pre-pandemic levels despite soaring pump prices
Mobility in Germany, Europe's biggest oil market, averaged 0.5% below pre-coronavirus levels in the week to May 16, according to adjusted Google data, after returning to pre-pandemic levels for the first time on May 12.

May 21 - China's crude imports from Russia set to rise further after April increase: sources
Imports from Russia rose 6% from 1.51 million b/d in March, when it rebounded from a the nine-month-low of 1.42 million b/d in February, data from General Administration of Customs showed May 20.

May 21 - Japan's Taiyo Oil shuts No.1 Kikuma CDU, RFCC for maintenance
Taiyo Oil shut its 106,000 b/d No.1 crude distillation unit and its 32,000 b/d RFCC at its sole 138,000 b/d Kikuma refinery at Shikoku in western Japan May 20, a company spokesperson said.

May 21 - Crude steady as traders cautious over demand-supply dynamics
On the supply side, all eyes remain on the EU, as the economic bloc continues to debate regarding the imposition of an embargo on Russian oil products.

May 21 - ARA fuel oil stocks drop 1.26% on week at 1.022 million mt: Insights Global
Fuel oil stocks in the region represented 21.5% of total refined oil product stocks in the region, which is higher than last wee's percentage share at 20.6%.

May 21 - European VGO loadings crash 70% in week to May 20
The VGO market remains tight across Europe, with traders noting a lack of liquidity across markets.

May 20 - Crude rallies as equity markets steady following steep declines
NYMEX June WTI settled $2.62 higher at $112.21/b and ICE July Brent climbed $2.93 to $112.04/b.

May 20 - Russian oil output up 200,000-300,000 b/d in May, recovery to continue in June
Following its invasion of Ukraine and harsh sanctions imposed by the West on Russian oil producers and exporters, the country's oil output has been significantly affected.

May 20 - Iran starts engineering studies for Lavan refinery
Iran has started engineering studies and financial talks with banks to build a refinery on the island of Lavan in the Persian Gulf, oil ministry news service Shana reported on May 19.

May 20 - Novatek no longer considering changing Arctic LNG 2 timeframes
In mid-April Mikhelson said that the company was considering some changes to the project's development plans after sanctions were imposed on Russia in response to its invasion of Ukraine.

May 20 - More Russian oil going east squeezes Iranian crude sales to China
Iran's crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. U.S. and European sanctions imposed over Moscow's invasion of Ukraine on Feb. 24 have pushed more Russian crude east, where China has snapped it up, cutting demand for oil from Iran and Venezuela, which are also both under Western sanctions.

May 20 - U.S imports of Latam oil soar as refiners replace Russian barrels
U.S. refiners imported about 1.3 million barrels per day (bpd) of crude and fuel oil from Latin America in April, the highest in seven months according to U.S. Customs data, as buyers began replacing Russian supplies. The United States in March banned imports of Russian crude and refined products over its invasion of Ukraine, setting April 22 as end date for purchases. Treasury Secretary Janet Yellen urged companies to adopt "friend-shoring" supply networks, or buying from trusted countries.

May 19 - Crude prices slide as weak earnings, China COVID-19 spike dent demand outlooks
Crude futures settled lower May 18 as a cross-asset selloff sparked by economic growth concerns overshadowed a larger-than-expected US inventory draw.  

May 19 - Biden administration mum on plans to ease Venezuelan oil restrictions; lawmakers speak out
Details remained scant May 18 on a US policy shift that could chart a path for US companies to again invest in and operate Venezuelan oil projects as the Biden administration has reportedly begun to ease oil sanctions on the country.  

May 19 - Latin America fields diesel buy tenders again as gasoline prices push past ULSD
Argentina, the Dominican Republic, Peru and Chile have started buying distillates again and Colombia may have even switched from buying to selling ULSD, market sources said May 17, noting that the gasoline market has now picked up problems that had plagued diesel since the Russian invasion of Ukraine.  

May 19 - Diesel leak causes fire at RPBC refinery in Sao Paulo state: Petrobras
A fire broke out at the Refinaria Presidente Bernardes, or RPBC, in Sao Paulo state after a diesel leak, according to state-led oil company and refinery operator Petrobras. "The location was immediately isolated, and the refinery's firefighters controlled the outbreak," Petrobras said May 17.  

May 19 - UK downstream oil sector hits back at minister's claim of unfair pricing
UK downstream oil industry leaders on May 18 hit back at criticism of the sector from energy secretary Kwasi Kwarteng over high fuel prices, insisting the fuels sector remains "highly competitive" and is actively involved in implementing energy transition plans, such as waste-to-fuel recycling.  

May 19 - Atlantic Coast diesel stocks show small build, US exports fall
Diesel inventories in the Atlantic Coast were reported higher for the week ended May 13 after setting a seven-year-record low level the week before, US Energy Information Administration data showed May 18.  

May 19 - Enbridge CEO says world is 'woefully underinvested' to solve ongoing energy shortfall
Russia's invasion of Ukraine represented a "major inflection point" in global energy markets for years to come, and North America must do much more to fill the void in exporting oil and LNG, Enbridge CEO Al Monaco said May 18.

May 19 - Japan May 8-14 oil products output rises 0.7% on week
Production of low sulfur fuel oil fell 16.7% week on week to 0.74 million barrels in the week to May 14.  

May 19 - Japan May 14 oil products stocks rise 0.5% on week to 58.70 mil barrels
Middle distillate stocks increased 3.3% week on week to 28.24 million barrels.

May 19 - EU unveils 210 bln euro plan to ditch Russian fossil fuels
The European Commission on Wednesday unveiled a 210 billion euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy. The invasion of Ukraine by Russia, Europe's top gas supplier, has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks. Russia supplies 40% of the bloc's gas and 27% of its imported oil, and EU countries are struggling to agree sanctions on the latter.

May 19 - Europe fuel shipments to U.S. ramp up as Russia supply shock eases
Record high gasoline and diesel prices in the United States are drawing a growing flow of tankers from Europe, where pump prices are lingering near record highs. So far in May, Europe has exported around 540,000 barrels per day of gasoline on the transatlantic route, close to the highest level since July 2019, data from oil analytics firm Vortexa show.

May 18 - EU to map out escape route from Russian fossil fuels
The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away from Moscow to quicken its shift to green energy. The invasion of Ukraine by Russia, Europe's top gas supplier, has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks.

May 18 - Russian crude production plunges by nearly 9% in April, OPEC+ data shows
Russian crude output in April fell by nearly 9% from the previous month, an internal OPEC+ report showed on Tuesday, as Western sanctions on Moscow following its invasion of Ukraine hit the top oil producer. Russia's oil output stood at 9.16 million barrels per day (bpd) in April, according to data from secondary sources collated by OPEC+, down about 860,000 bpd from March and nearly 1.2 million bpd below its OPEC+ ally Saudi Arabia's output.

May 18  - Biofuels consumption set to surge in Europe
Consumption of biofuels in the EU among three key sectors -- road, marine and aviation -- is set to surge further with major industry players advocating for long-term mandates and more ambitious targets in a bid to secure investment in infrastructure as well as energy independence.

May 18  - Crude prices slide amid signs EU could avoid full Russian oil embargo
Crude oil futures settled lower May 17 as supply concerns eased following reports the EU could move away from a full embargo on Russian oil imports.

May 18  - Repsol likely to confront fight for control of refinery amid Peru oil spill lawsuit
Repsol faces a battle for control of its 117,000 b/d La Pampilla refinery after the Peruvian government filed a $4.5 billion lawsuit over a January oil spill.

May 18  - Russian refiners start raising runs as works end, bitumen output starts
With fuel oil exports having tumbled since Russia's invasion of Ukraine, refineries in the country opted to cut processing in March and April.

May 18  - European ULSD swap differentials jump on future exclusion of Russian-origin diesel

The change in methodology follows feedback gathered that shows the market has moved away from Russian origin being traded on the same basis as other origins.

May 18  - Iran to take stake in Venezuelan refinery: report
Tehran and Caracas have agreed that Iran will take a share in a Venezuelan refinery, the Iranian oil ministry's news service Shana was cited as saying in a report on state television May 17.

May 18  - India April gasoil demand down as retail prices rise
India's gasoil demand fell 6.53% month on month to 7.2 million mt in April, latest preliminary data from the Petroleum Planning and Analysis Cell showed, as retail customers lowered consumption amid increasing pump prices for the fuel.

May 18  - Argentina March use of oil refining capacity fell on year
Argentina's refinery utilization rate fell to 71.9% in March from 73.8% a year earlier, as a decline in diesel and gasoline demand led to a drop in crude runs, state statistics department Indec said May 17.

May 18  - Libya's oil supply under threat as rival governments jostle for power in Tripoli: sources
Libya's oil sector is on tenterhooks after clashes in Tripoli May 17 following the failed attempt by the Government of National Stability's Prime Minister Fathi Bashagha to take control of the country's capital, industry sources told S&P Global Commodity Insights.

May 18  - Crude rises on potential China lockdown relaxation, supply tightness
Shanghai has reported no new COVID-19 cases for three days in row, prompting Chinese authorities to move the city of 25 million inhabitants closer to a reopening at the beginning of June. This reopening is contingent on the city reporting no new cases until May 21.

May 18  - No longer possible to do business under old oil market model: Putin
Russia's key crude grade Urals has been trading at record low values. Urals was assessed by Platts at $77.78/b on May 16, compared to Dated Brent at $113.135/b, S&P Global Commodity Insights data showed.

May 18  - Spain's Bilbao restarting FCC, boiler
The Bilbao refinery is restarting its halted fluid catalytic cracker and boiler unit in Plant 3, which were halted May 14 and May 15 respectively for maintenance.

May 17 - EU ministers fail to persuade Hungary to sign up to Russian oil embargo
EU foreign ministers failed on Monday in their effort to pressure Hungary to lift its veto of a proposed oil embargo on Russia, with Lithuania saying the bloc was being "held hostage by one member state". The ban on crude imports proposed by the European Commission in early May would be its harshest sanction yet in response to Moscow's Feb. 24 invasion of Ukraine and includes carve-outs for EU states most dependent on Russian oil.

May 17 - Iraq balks at greater Chinese control of its oilfields
Iraq's oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Baghdad wants to invest in its creaking economy. Since the start of 2021, plans by Russia's Lukoil and U.S. oil major Exxon Mobil to sell stakes in major fields to Chinese state-backed firms have hit the buffers after interventions from Iraq's oil ministry, according to Iraqi oil officials and industry executives.

May 17 - Crude pushes higher as supply tightness offsets China demand concerns
Crude prices rose midday, shaking off early-session selling pressure as the market weighed tighter global supply outlooks against uncertain Chinese demand.  

May 17 - Petrobras reaffirms fuel-pricing policy amid Bolsonaro criticism, shakeup
State-led oil company Petrobras reaffirmed its commitment to keeping Brazil's domestic fuel prices at parity with international imports, despite renewed criticism of the company and an energy industry shakeup by President Jair Bolsonaro.  

May 17 - Bearish factors steadily gripping oil market: analysts
The oil market is gradually being weighed down by bearish factors on both the demand and supply side, even as prices remain supported above $100/b amid the geopolitical ructions stemming from the Russia-Ukraine war, industry analysts said May 16.

May 17 - US product draws likely extend amid continued strong export demand
US refined product inventories likely declined in the week ended May 13, analysts surveyed by S&P Global Commodity Insights said May 16, with distillate stocks expected to test 17-year-lows amid continued strong export demand.

May 17 - REFINERY NEWS ROUNDUP: Plants in Europe look for alternative supplies
Finland's Neste has "mostly replaced" Russian crude, while its remaining supply contracts will end in July.  

May 17 - MARKET MOVERS EUROPE: Oil demand outlook unclear as ban on Russian oil looms
*Russian war intensifies oil supply issues *Environment committee set to vote in Brussels on reforms *Disruption concerns in the gas market *EC to opine on power market interventions

May 17 - Iran's biggest oil company eyes more production capacity with eye on sanctions relief
Talks over the nuclear deal between western powers and Iran have run into a roadblock after a year of start-stop negotiations, and analysts say there is no guarantee an agreement can be reached.

May 17 - CHINA DATA: April crude throughput hits two-year low of 12.66 mil b/d
The crude throughput was the lowest since March 2020 when it was at 11.81 million b/d, following lockdowns after the initial COVID-19 wave.

May 17 - Saudi Arabian crude production capacity to reach 13.3 mil-13.4 mil b/d by 2026-27
Riyadh has traditionally maintained a 2 million b/d spare capacity buffer, which it has used on request to help maintain global market stability during supply shocks such as the Gulf War in the early-1990s or the US invasion of Iraq in 2003.

May 16 - China's April oil refinery output plunges to 2-year low as COVID curbs bite
China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns. Crude throughput last month was 51.81 million tonnes, equivalent to 12.61 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday.

May 16 - Saudi Aramco net profit soars 82% in Q1 on high oil prices
State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world's most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier.

May 14 - RBOB leads petroleum rally on tight inventories
ULSD crack against Brent has eased in recent days

May 14 - Iraq feels pull of European demand for Russian crude alternatives
This is a slight change in policy for Iraq, which in recent years had earmarked around 70% of its oil for Asian buyers, underpinning the push by OPEC's second-largest producer to prioritize sales to its most lucrative market.  

May 14 - Russian oil demand, export revenues take hit from escalating sanctions: IEA
Commercial flights from major Russian airports fell 31% in March, according to FlightRadar24 data, but the IEA estimated that jet fuel demand by the Russian military almost trebled from 30,000 b/d in January to almost 90,000 b/d in early April.  

May 14 - INTERVIEW: India's refiners need to diversify to de-risk in changing energy landscape - FIPI chief
Singh said a lot of research in alternative energy had resulted in the development of technologies for production of biodiesel and 2G-ethanol, which would support the initiatives of the government to move to cleaner fuels and help cut dependence on crude oil imports.

May 14 - ARA gasoline stocks up 1.2%, naphtha down 26%: Insights Global
The rise in gasoline inventory brought the stock level 18% above the May 2021 average.  

May 14 - Rising prospect of EU-wide embargo fails to stem Russian Urals flows
Looking closer at the trade flows, Indian refiners took 804,000 b/d of Urals crude in April, more than a third of the total exported volume. Urals flows to European refineries look to have plateaued after falling sharply following Russia invasion of Ukraine.

May 14 - ARA fuel oil stocks drop 4.6% on week to 1.033 million mt: Insights Global
Availability of non-Russian HSFO at Amsterdam-Rotterdam-Antwerp hub was improving amid signs of improving supply, sources said May 12.
 
May 14 - ARA jet, kerosene stocks fall 6.2% on week: Insights Global
Market still remained tight, with air travel demand looking bullish, according to a middle distillates trader.

May 13 - Crude flat despite tight refined products stocks, demand concerns
US gasoline stocks fall, distillate stocks edge lower.

May 13 - OPEC cuts 2022 world oil demand forecast again on Ukraine war
OPEC on Thursday cut its forecast for growth in world oil demand in 2022 for a second straight month, citing the impact of Russia's invasion of Ukraine, rising inflation and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.36 million barrels per day (bpd) in 2022, down 310,000 bpd from its previous forecast.

May 13 - In U-turn, IEA sees world weathering lost Russian oil supply
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible "global supply shock" in March. The IEA, after warning on March 16 that 3 million barrels per day (bpd) could be shut in from April, lowered that figure for a second time as it noted only 1 million bpd had gone offline.

May 12 - Hungary says its backing of EU's Russia oil ban hinges on hundreds of millions of dollars
Hungary upped the stakes in talks about European Union oil sanctions on Wednesday, saying a deal was out of reach until Brussels offers a "solution" measured in hundreds of millions of dollars to replace Russian oil in the Hungarian economy. Foreign Minister Peter Szijjarto said on his Facebook page that there was still no acceptable proposal in sight. He also said Russian shipments via pipelines should be exempted from any oil embargo that should only apply to deliveries by sea.

May 12 - U.S. crude stocks jump on big release from strategic reserves - EIA
U.S. commercial crude stocks rose last week due to a record release of oil from U.S. strategic reserves, but that could not prevent another drawdown of gasoline supply headed into driving season, the Energy Information Administration said on Wednesday. Crude inventories rose by 8.5 million barrels in the week to May 6 to 424.2 million barrels, compared with analysts' expectations in a Reuters poll for a decline of 457,000 barrels.

May 11 - China's Shandong port trader secures rare Russian oil deal - trade, statement
China's Shandong Port International Trade Group, a provincial government backed commodities and oil trader, has secured a rare shipment of Russian crude oil for arrival into east China this month, according to traders and a company statement. This marks the first such deal under which a Chinese firm other than Beijing's national oil giants has directly bought oil from a Russian supplier, as global oil majors and traders phase out dealing in Russian oil to pressure Moscow over its invasion of Ukraine, which Moscow has called a "special operation".

May 11 - Hungary digs heels in over EU embargo on Russian oil
The European Union's executive is looking to support Hungary in beefing up the eastern European state's oil pipelines, storage and refining capacity, a spokesman said on Tuesday, as Budapest dug its heels in over a Russian oil embargo. Most other EU countries support banning Russian oil under a new sixth package of sanctions designed to punish Moscow for waging war on Ukraine. Unanimity is required for such a decision, however, with Hungary the most vocal critic. Over dinner in Budapest on Monday, Hungarian Prime Minister Viktor Orban and European Commission President Ursula von der Leyen discussed investment in upgrading Hungarian oil infrastructure, a spokesman for the latter said on Tuesday.

May 11  - Hi-5 spread shrinks as EU's Russian oil embargo plan threatens HFSO supply
Current Hi-5 level is still well above 2021 average of $110/mt.

May 11  - Crude declines on EU embargo holdups, while diesel soars
NYMEX front-month crude settled at $99.76/b, down $3.33.

May 11  - Lithuania's Orlen Lietuva refinery starts maintenance: media report
The refinery had previously said it planned to suspend operations in May for a major maintenance, which would last from May 22 to June 14, S&P Global Commodity Insights reported.

May 11  - Saudi, UAE energy ministers say NOPEC bill risks destabilizing the oil market

OPEC and its allies are being blamed unfairly for the energy crisis, when other commodities are also seeing high prices, Saudi energy minister Prince Abdulaziz bin Salman said.

May 10 - Japan to decide Russia oil embargo timing while weighing impact on economy
Japan will decide the timing and method of a Russian oil embargo while considering the possible economic impact, its industry minister said on Tuesday, after Tokyo agreed on a ban with other Group of Seven nations over Moscow's invasion of Ukraine. "We would like to consider a method of phasing out over time in a way that minimizes adverse effects on people's lives and business activities," Japanese industry minister Koichi Hagiuda told a news conference.

May 10 - Poland, Ukraine work on shipping more oil products to Ukraine - officials
Poland and Ukraine are working out ways to ship more oil products to Ukraine and ease fuel shortages there caused by the Russian invasion, officials from both countries said after a joint meeting on Monday. "Poland can act as a major fuel transporter for Ukraine, ensuring the arrival of more than 200,000 tons of product monthly," Ukraine's Economy Minister Yulia Svyrydenko said in a Facebook post.

May 10 - Singapore April fuel oil paper MOC trades rise 6.3% on month
Singapore high sulfur fuel oil derivative trades jumped 19.8% month on month to 7.08 million barrels in April, the data showed.

May 10 - FERC extends construction deadlines for two US LNG projects despite protests
Applicants also cite pandemic-related disruptions to global LNG market as source of delay.  

May 10 - Crude prices plunge on EU embargo holdouts, demand destruction fears
NYMEX June WTI falls $6.68 to settle at $103.09/b.

May 10 - Saudi energy minister blames lack of investment for price gap between crude, fuels
Benchmark Gulf Coast CBOB rose 11.28 cents to $3.5515/gal, beating the previous high of $3.4956/gal reached May 9, 2011.  

May 10 - Japan to ban 'in principle' Russian oil imports following G7 pledge: Prime Minister
Russia supplied 4% of Japan's total crude imports of 2.48 million b/d in 2021, while the Middle East contributed to 92% of inflows, according to data by the Ministry of Finance.

May 10 - Spanish April fuel supply volume up 30% on year
Iberian refiners reported earlier this month that refining margins have nearly trebled from Q1 towards $20/b in April amid a tightness in VGO supply and diesel availability in the region.

May 09  - Crude prices plunge on EU embargo holdouts, demand destruction fears
NYMEX June WTI falls $6.68 to settle at $103.09/b.

May 09  - How to squeeze Russia's oil revenue without threatening a supply shock
As Europe aims to phase out Russian oil imports within months, attention is starting to shift to whether the US will impose secondary sanctions on Russian oil customers.

May 09  - Fuel oil loadings from Russia's Novorossiisk seen at 173,500 mt in May
The expected uptick in loadings out of the Black Sea comes amid a notable drop in fuel oil swaps trading last month. The volume of European fuel oil swaps traded during the Platts Market on Close assessment process by S&P Global in April was 80,000 mt, down 35,000 mt from March to the lowest volume since January.

May 09  - Saudi energy minister blames lack of investment for price gap between crude, fuels
Benchmark Gulf Coast CBOB rose 11.28 cents to $3.5515/gal, beating the previous high of $3.4956/gal reached May 9, 2011.

May 09  -  Spanish April fuel supply volume up 30% on year

Iberian refiners reported earlier this month that refining margins have nearly trebled from Q1 towards $20/b in April amid a tightness in VGO supply and diesel availability in the region.

May 09  - Japan to ban 'in principle' Russian oil imports following G7 pledge: Prime Minister
Russia supplied 4% of Japan's total crude imports of 2.48 million b/d in 2021, while the Middle East contributed to 92% of inflows, according to data by the Ministry of Finance.

May 09  - China oil imports rebound in April, but weak fuel demand weighs on refiners
China's crude oil imports grew nearly 7% in April from the same month a year earlier, its first rise in three months, although weakening fuel demand due to COVID-19 lockdowns has dampened throughput at Chinese refineries. The world's top crude oil buyer imported 43.03 million tonnes last month, data from the General Administration of Customs showed on Monday, equivalent to 10.5 million barrels per day (bpd).

May 09  - Japan will take time to phase out Russian oil imports after agreeing on a ban with other Group of Seven (G7) nations to counter Moscow's invasion of Ukraine, Prime Minister Fumio Kishida said on Monday. The G7 nations committed to the move "in a timely and orderly fashion" at an online meeting on Sunday to put further pressure on President Vladimir Putin, although members such as resource-poor Japan depend heavily on Russian fuel.

May 07  - Crude settles at five-week high on tight supply outlooks
Crude oil futures settled at five-week high on tight supply outlooks.

May 07  - Calumet Specialty Products plans SAF production at Montana Renewables plant

Calumet Specialty Products plans SAF production at Montana Renewables plant.

May 06 - US Atlantic Coast gasoline stocks tick up week to Apr 29, still near seven-year low
US Atlantic Coast gasoline rose off seven-year lows for the week ended April 29.

May 06 - Crude edges higher as market weighs tighter supply outlook, global growth concerns
Crude oil futures finished higher May 5 as market weighs tighter supply outlook.

May 06 - Still seeing a balanced oil market, OPEC+ ratifies another small production increase

OPEC+ approved another modest increase in production quotas for June, May 5.

May 06 - Latin America jet fuel demand steady as airline traffic rises, planes fly full

Latin America jet fuel demand steady as airline traffic rises.

May 06 - U.S. Senate committee passes antitrust bill pressuring OPEC
A U.S. Senate committee passed a bill on Thursday that could expose the Organization of the Petroleum Exporting Countries and partners to lawsuits for collusion on boosting crude oil prices. The No Oil Producing or Exporting Cartels (NOPEC) bill sponsored by senators, including Republican Chuck Grassley and Democrat Amy Klobuchar, passed 17-4 in the Senate Judiciary Committee.

May 06 - U.S. unveils plan to buy back 60 mln barrels for emergency oil stockpile
The United States will take bids this fall to buy back 60 million barrels of crude oil for the U.S. Strategic Petroleum Reserve, the first step in replenishing the stockpile after a record-sized release this spring, the Department of Energy said. The administration of U.S. President Joe Biden had announced on March 31 a release of a record 180 million barrels from the stockpile to help tame runaway energy prices, soaring since the Russian invasion of Ukraine.

May 05 - US crude exports remain elevated, SPR cargo enroute to Italy
US crude exports remained elevated through April.

May 05 - Crude futures hit two-week highs as EU reveals draft embargo of Russian oil
Crude futures rose to two-week highs on May 4.

May 05 - European weekly fuel oil exports to Asia drop: Kpler
European fuel oil exports to Asia to drop in the week starting May 2 according to Kpler shipping data.

May 05 - Low inventories drive US diesel prices to record highs
US diesel prices rise to record highs due to low intentories.

May 05 - EU's toughest Russia sanctions yet snag on worries over oil ban
The European Union's executive on Wednesday proposed the toughest package of sanctions yet against Moscow for its war in Ukraine, but several countries worried about the impact of cutting off Russia oil imports stood in the way of agreement. The new punishments, announced by European Commission President Ursula von der Leyen, included sanctions on Russia's top bank and a ban on Russian broadcasters from European airwaves, as well as the embargo on crude oil in six months.

May 05 - Japan says difficult to immediately follow Russia oil embargo
Japan would face "difficulty" to immediately follow a move to cut off Russian oil imports over the invasion of Ukraine, its minister of economy, trade, and industry Koichi Hagiuda said on Thursday. Hagiuda made the remark during a visit to Washington, after the European Union's executive on Wednesday proposed the toughest package of sanctions yet against Moscow, including the embargo on crude oil.

May 04 - US Gulf Coast diesel outright price sets record high
The US Gulf Coast benchmark outright price sets record high  

May 04 - Crude slides as market weighs China lookdowns, stronger dollar against new EU sanctions ; Crude oil futures fell May 3

May 04 - Texas seeks regulatory authority from EPA over CO2 injection wells
The Texas Railroad Commission approved a measure May 3 to seek regulatory authority from EPA over CO2 injection wells  

May 04 - Record highs for jet fuel on Gulf and West coasts
US Gulf and West coasts set record highs for jet fuel May 2

May 04 - Norway's Equinor posts record Q1 profit as gas price soars
Norway's Equinor posted record pretax profits for the first quarter on Wednesday as the war in Ukraine triggered an energy supply crunch that sent the price of natural gas soaring to all-time highs. Adjusted earnings before tax rose to $18 billion in the January-March quarter, up from $5.5 billion a year earlier, beating the $17.1 billion predicted in a poll of 25 analysts compiled by Equinor.

May 04 - Total's German Leuna refinery to continue Russian crude imports in May -sources
TotalEnergies' 240,000 barrels per day Leuna refinery in Germany is set to continue to import Russian crude oil via the Druzhba pipeline at least throughout May, according to two sources with knowledge of the matter. Germany is trying to wean itself off Russian crude oil, which feeds not only Leuna but also the 233,000 bpd PCK Schwedt refinery, majority-owned by Russia's Rosneft, with one option being the expropriation of Schwedt.

May 03 - NYMEX ULSD surges as EU moves closer to Russian oil embargo
NYMEX ULSD rose sharply midday May 2

May 03 - Pemex Q1 fuel production rises on higher crude processing
Fuel production of refined products by Pemex rose in Q1

May 03 - EU prepares Russian oil sanctions, warns against rouble gas payments
The European Union was preparing sanctions on Russian oil on Monday, with possible exemptions for wary countries, and warned that complying in full with Moscow's proposed scheme to receive gas payments in roubles would breach existing EU sanctions. The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over its invasion of Ukraine, including a potential embargo on buying Russian oil - a measure that would deprive Moscow of a large revenue stream, but that has so far divided EU countries.

May 03 - BP to ramp up oil output, inaugurate U.S. Gulf platform in 2022
Oil major BP expects to double crude output from its Thunder Horse project in the U.S. Gulf of Mexico and inaugurate its latest production platform by the end of this year, a company executive said on Monday. The company, which is betting on "lower carbon, more economical" offshore oil and gas exploration and production in the U.S. Gulf of Mexico, said a lack of oil investment worldwide could lead to oil scarcity.

May 02 - EU leans towards Russian oil ban by year-end, diplomats say
The European Union is leaning toward a ban on imports of Russian oil by the end of the year, two EU diplomats said, after talks between the European Commission and EU member states this weekend. The European Union is preparing a sixth package of sanctions against Russia in response to the invasion just over two months ago of Ukraine that Moscow calls a special military operation.

May 02 - Indian refiners seeking 6-mth Russian oil import deal - sources
Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month, multiple sources with knowledge of the matter said, as the world's third largest importer seeks more Russian crude despite Western sanctions. India has already bought more than twice as much crude from Russia in the two months since its invasion of Ukraine on Feb. 24 as it did in the whole of 2021, according to Reuters calculations.