Energy News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jan 18  - Big Oil's good times set to roll on after record 2022 profits

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dec 23 - Russia may cut oil output in response to price caps
Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude and oil products by halting sales to the countries that support them, Deputy Prime Minister Alexander Novak told state television on Friday. Detailing for the first time the Russian response to the price caps introduced by the West over Moscow's invasion of Ukraine, Novak said the cuts could amount to 500,000-700,000 barrels per day. 

Dec 23 - U.S. drillers add oil and gas rigs for first time in four weeks
U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes Co said in its closely-followed report on Thursday. The oil and gas rig count, an early indicator of future output, rose by three to 779 in the week to Dec. 22.

Dec 22 - Equinor injects $3.7 bln into its energy trading business
Energy trader Danske Commodities has received a 3.5 billion euro ($3.7 billion) capital injection from parent company Equinor to boost liquidity and fund growth as it contends with highly volatile energy markets. Soaring energy prices and extreme market volatility have forced multiple European utilities and traders to secure extra funds to cover margin call requirements. 

Dec 22 - Environmentalists sue to stop U.S. oil and gas auction off Alaska coast
Environmental groups sued the Biden administration on Wednesday to block a sale of oil and gas drilling rights off the coast of Alaska that is scheduled for next week. The legal action, filed in federal court in Alaska, comes as the Interior Department is preparing to offer nearly 1 million acres in the Cook Inlet on Dec. 30. The sale was among the concessions to the oil and gas sector included in President Joe Biden's climate change law, the Inflation Reduction Act (IRA).

Dec 21 - Russia overtakes Saudi Arabia as China's top crude supplier in November
China's crude oil imports from Russia rose 17% in November from a year earlier, as Chinese refiners rushed to secure more cargoes ahead of a price cap imposed by the Group of Seven nations on Dec. 5. The jump made Russia the top oil supplier for China ahead of Saudi Arabia. 

Dec 21 - Asia jet fuel set for bumpy ride in 2023 despite some China recovery
The resumption of flights in China, Asia's top jet fuel consumer, should provide a tail wind for a recovery in demand for aviation fuel across Asia in 2023 although the journey could be a bumpy one. Among oil products, jet fuel is expected to be the last to return to pre-COVID demand levels in Asia as countries have various rules on reopening borders and quarantine measures that may deter travellers. A full recovery in jet fuel consumption will boost Asian refiners' margins and crude demand further, lifting global prices.

Dec 20 - U.S. poised to become net exporter of crude oil in 2023
The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million bpd of refined products like gasoline and diesel fuel. The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years. 

Dec 20 - China's independent refiners boost profits on low-priced Russian oil
China's independent refiners are boosting their profits from processing low-priced Russian oil as western sanctions on Moscow give them leverage to negotiate for steeper discounts, industry sources and analysts said. The Group of Seven (G7) nations introduced a ceiling price of $60 a barrel for Russian oil from Dec. 5 and the European Union banned Russian seaborne imports to limit Moscow's ability to finance its war in Ukraine.

Dec 19  - Investors ramp up pressure on Big Oil firms to set 2030 climate targets
A group of investors has tabled resolutions urging four of the world's top oil and gas companies to set broad climate targets for 2030, reviving pressure on the sector after a year that saw governments shift their focus to energy security. Activist group Follow This said it had co-filed the resolutions with six major institutional investors managing $1.3 trillion in assets ahead of the annual general meetings of BP, Chevron, Exxon Mobil and Shell next year. 

Dec 19  - U.S. begins buying back oil for strategic petroleum reserve - official
The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile. The department will buy up to 3 million barrels for delivery in February, a senior official told reporters.

Dec 16 - Keystone pipeline break spilled diluted bitumen, complicating cleanup
The oil spilled from TC Energy Corp's ruptured Keystone pipeline was diluted bitumen, the U.S. Environmental Protection Agency (EPA) said on Thursday, adding complications to the cleanup. The 622,000 barrels per day (bpd) pipeline was shut last week after it spilled 14,000 barrels of oil in rural Kansas, including into a creek. Bitumen tends to sink in water, making it harder to collect than oils that float. 

Dec 16 - Germany's Schwedt refinery no longer needs Russian oil after Polish supply deal
Germany's Schwedt refinery will no longer need Russian oil after Poland committed to provide enough supply for it to run at a capacity of 70% from January, an economy ministry official in Berlin said on Thursday. Berlin aims to eliminate Russian oil imports by the end of the year as per European Union sanctions and has for months been working with Poland to try to secure supply for Schwedt, which provides 90% of Berlin's fuel.

Dec 15  - Oil demand growth set to slow but stay robust in 2023 - IEA
Global oil demand growth will slow next year but will still be at a robust 1.7% as China recovers from COVID-related economic doldrums, the International Energy Agency (IEA) said on Wednesday. This year China is still headed for a contraction in oil demand of 400,000 barrels per day (bpd) to 15.4 million bpd, the IEA added, before recovering by almost one million bpd in 2023.  

Dec 15  - TC Energy restarts segment of Keystone pipeline unaffected by oil spill
Canada's TC Energy Corp is resuming operations in a section of its Keystone pipeline a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe's shutdown. The company said in a statement on Wednesday that it had given notice to regulators and customers about the restart of pipeline sections unaffected by the incident. The segment of the pipeline where the incident occurred remains sealed off.

Dec 14 - OPEC sees robust global oil demand growth in 2023 after 2022 Chinese contraction
OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will rise by 2.25 million barrels per day (bpd), or about 2.3%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report. The forecast was steady from November, after a series of downgrades. 

Dec 14 - Keystone oil spill cleanup expected to last weeks
Cleanup of the biggest U.S. oil spill in nearly a decade will take at least weeks more, local officials in Kansas said on Tuesday, citing a recent meeting with Keystone pipeline owner TC Energy Corp. There is still no official timeline for a restart of the key Canada-U.S. pipeline, which was closed after the spill of roughly 14,000 barrels of crude was discovered on Wednesday in Washington County in Kansas.

Dec 13 - Keystone operator recovers about 2,600 barrels of oil from Kansas creek
Canada's TC Energy Corp said it had cleaned up almost 2,600 barrels of oil from the largest U.S. crude spill in nearly a decade, but the timetable to restart the Keystone Pipeline following its rupture last week remained unclear. TC Energy shut the pipeline after the spill of roughly 14,000 barrels of crude was discovered on Wednesday in Kansas. The company told officials in Washington County on Monday that it has not yet determined the cause and it started excavating around the pipeline. 

Dec 13 - U.S. shale oil output to keep growing, at snail's pace
Oil output from the Permian shale basin in January is set to touch a record 5.6 million barrels per day (bpd), the U.S. forecast on Monday, but the increase is a third of September's pace. Output in the biggest U.S. shale oil basin is set to rise by about 37,000 bpd, the smallest gain in seven months, based on projections from the U.S. Energy Information Administration (EIA) in its monthly drilling productivity report.

Dec 12  - Saudi energy minister sees no clear results yet from Russia price cap
Saudi energy minister Prince Abdulaziz bin Salman said on Sunday the impact of European sanctions on Russian crude oil and price cap measures "did not bring clear results yet" and its implementation was still unclear. The Group of 7 price cap on Russian seaborne oil came into effect Dec. 5 as the West tries to limit Moscow's ability to finance its war in the Ukraine.  

Dec 12  - TC Energy says has not found cause of Keystone oil pipeline leak
Canada's TC Energy  said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shut the pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas on Wednesday, making it one of the largest U.S. crude spills in nearly a decade.

Dec 09 - Keystone pipeline shut after 14,000-barrel oil spill in Kansas
Canada's TC Energy shut its Keystone pipeline in the United States after more than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. The cause of the leak, which occurred in Kansas about 20 miles (32 km) south of a key junction in Steele City, Nebraska, is unknown. It is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010.  

Dec 09 - Exxon, Chevron to spend billions more on oil projects next year
The two largest U.S. oil companies - Exxon Mobil Corp and Chevron Corp - disclosed plans to increase outlays on energy projects next year amid high oil demand and prices. While spending more, it will be less than half the combined $84 billion they spent in 2013, when oil prices often traded above $100 per barrel as it has this year. The two are awash in cash from those prices and past cost-cuts, and have sharply raised shareholder payouts.

Dec 08  - US weekly ethanol production boosted by higher w-o-w Midwest output (AgriCensus)

- Weekly US ethanol production rose by 59,000 barrels per day in the week ending December 2, data published by the US Energy Information Administration showed on Wednesday. Total ethanol production amounted to 1.08 million barrels per day (b/d) in the reporting week, the data showed, while analysts had polled for a week-on-week dip of 1,000 b/d. The week-on-week rise came primarily on the back of higher output in the Midwest - home to the majority of the country's ethanol production capacity - where production rose above the million barrel mark for the first time since the week ending May 27.

- According to the EIA, ethanol production in the Midwest rose by 52,000 b/d to 1.01 b/d in the week ending December 2. Over the week, full production equated to the consumption of 2.77 million mt of corn, up from 2.62 million mt a week earlier. Ethanol stockpiles continued to climb, advancing by 323,000 barrels week-on-week to 23.2 million barrels in the period covered by the report. Prior to the release of the EIA data, analysts had polled for a week-on-week stockpile decline of 50,000 barrels.

- Margins calculated through a model from Iowa State University showed that the estimated return over operating costs for the average Midwest-based plant rose by around $0.07/gallon in the week ending December 2 to $0.24/gallon.

- Corn prices for the week rose by around 32 cents week-on-week to average $6.60/bu.

- Finished ethanol prices edged down by approximately 2 cents week-on-week to $2.31/gallon. Also in the reporting period, the US Environmental Protection Agency proposed its Renewable Volume Obligations (RVOs), which were released on December 1 after being delayed several times and called for an increased overall blending mandate of 20.82 billion gallons for 2023, 21.87 billion gallons for 2024 and 22.68 billion gallons for 2025.

- Ethanol lobby Growth Energy called the EPA's decision to add a 250-million-gallon supplemental for volumes of conventional biofuels including corn-based ethanol to be set at 15 billion gallons or higher (specifically 15 billion in 2023 and 15.25 billion each in 2024 and 2025) "a long-overdue fix that began with 2022 volumes."

Dec 08 - Western officials in talks with Turkey over oil tanker delays
Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. "The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters. 

Dec 08 - Chevron raises 2023 project spending budget to $17 bln
Chevron Corp on Wednesday said it increased its 2023 capital spending budget by a double-digit percentage from this year to $17 billion, as inflation drives up energy production costs and the firm pours cash into low-carbon fuel projects. Like other U.S. energy companies that profited from this year's rise in fuel prices, Chevron faces mounting pressure from the White House to invest more in fossil fuel supplies. The company is also preparing to expand operations in Venezuela.

Dec 07 - Oil tankers queuing to transit Turkish straits face more delays
At least 20 oil tankers queuing off Turkey face more delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to new Turkish insurance rules added ahead of a G7 price cap on Russian oil, industry sources said. Turkish maritime authorities issued a notice seen by Reuters last month asking for additional guarantees from insurers that the transit through the Bosphorus would be covered starting from the beginning of this month. 

Dec 07 - China Nov crude oil imports hit 10-mth high on stock build, new plants
China's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed on Wednesday, as companies replenished stocks with cheaper oil and as new plants started up. The world's largest crude importer brought in 46.74 million tonnes of crude oil last month, equivalent to 11.37 million barrels per day (bpd), according to data from the General Administration of Customs.

Dec 06  - Tankers seen heading to Russia as oil price cap goes into effect on exports (CNBC)

    On Friday, the European Union agreed to cap Russian seaborne oil prices at $60 a barrel, aiming to limit Moscow’s revenue and curb its ability to finance its invasion of Ukraine.
    Russia has potentially found substitute markets for their crude with both India and China increasing seaborne oil imports.
    Two empty tankers were on route to Russia on Monday expected to be filled with Russian oil.
    The exact level of a Russian oil production decline caused by the price cap could be the difference between a global oil shortfall or surplus in Q1 2023.

- Two tankers were heading to Russia on Monday expecting to be filled with Russian crude as a price cap on its oil exports from a coalition of Western countries went into affect.

- On Friday, the European Union agreed to cap Russian seaborne oil prices at $60 a barrel, aiming to limit Moscow’s revenues and curb its ability to finance its invasion of Ukraine.

- Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said that they will not supply oil to countries that implement the price cap. In comments published on Telegram following the cap being agreed upon, Russia’s embassy in the United States criticized what it said was the “reshaping” of free market principles and reiterated that its oil would continue to be in demand despite the measures. But while Russia is moving forward on its vow to not sell its oil to countries that implement the price cap, it is not being deterred in finding buyers for its oil. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it has to be sold for less than the price cap.

- Trade intelligence firm VesselsValue, which tracks the trade of Russian oil, told CNBC that there has been a substantial decrease in Russian crude as European imports with alternative markets instead being sought out.

Dec 06 - Saudi Arabia sets Jan Arab Light prices to Asia at 10-mth low
Saudi Arabia, the world's top oil exporter, cut the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over faltering demand and a potential increase in Russian competition.  The OSP for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December to $3.25 a barrel over Oman/Dubai quotes, state oil producer Saudi Aramco said on Monday.  

Dec 06 - Oil tankers queue up off Turkey as price cap on Russian crude kicks in
Oil tankers formed a traffic jam off the coast of Turkey on day one of the West's price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday. Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, citing ship brokers, oil traders and satellite tracking services.

Dec 05 - G7 price cap on Russian oil kicks in, Russia will only sell at market price
The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. The price cap, to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. 

Dec 05 - OPEC+ keeps steady policy amid weakening economy, Russian oil cap
OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil.

Dec 02 - EU tentatively agrees $60 price cap on Russian seaborne oil
European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters. The agreement still needs approval from all EU governments in a written procedure by Friday. Poland, which had pushed for the cap to be as low as possible, had as of Thursday evening not confirmed if it would support the deal, an EU diplomat said. 

Dec 02 - U.S. diesel use slows as manufacturing, freight falterU.S. consumption of diesel, heating oil and other distillate fuel oils has started to fall in response to high prices and a slowdown in manufacturing activity and freight transport. The volume of distillate supplied to the domestic market (a proxy for consumption) was 4.01 million barrels per day (bpd) in September, down from 4.03 million bpd in the same month a year earlier. 

Dec 01 - OPEC oil output drops in November after cut pledged
OPEC oil output has fallen in November, led by top exporter Saudi Arabia and other Gulf members, after the wider OPEC+ alliance pledged steep output cuts to support the market amid a worsening economic outlook, a Reuters survey found on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC)pumped 29.01 million barrels per day (bpd) this month, the survey found, down 710,000 bpd from October. In September, OPEC output had been the highest since 2020.  

Dec 01 - U.S. urges caution on low-quoted Russian oil prices as EU debates price cap
The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution. A U.S. official told Reuters that recently quoted Urals prices in the $52-a-barrel range do not represent broader pricing in a very opaque market.

Nov 30 - OPEC+ decision to hold virtual meeting signals little likelihood of policy change, cap on Russian oil awaited
The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter told Reuters on Wednesday. A virtual meeting also puts the focus on the pending European Union deal on a price cap on Russian oil ahead of a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude. 

Nov 30 - U.S. senators introduce bill to expand E15 gasoline sales, with support from oil group
U.S. senators from Nebraska and Minnesota introduced legislation on Tuesday that would expand nationwide sales of E15, a gasoline with a higher blend of ethanol, after gaining support for the bill from an oil industry trade group for the first time, Senator Deb Fischer from Nebraska told Reuters. The legislation, introduced by Fischer and Senator Amy Klobuchar from Minnesota and supported by the American Petroleum Institute (API), would mark a huge win for the ethanol industry and corn farmers who have repeatedly tried to expand sales of E15 but have faced hurdles.

Nov 29 - EU fails to agree on Russian oil price cap, say diplomats
European Union governments failed to agree on Monday on a price cap on Russian seaborne crude oil, as Poland insisted that the cap had to be set lower than proposed by the G7 to cut Moscow's ability to finance its invasion of Ukraine, diplomats said. "There is no deal. The legal texts have now been agreed, but Poland still can't agree to the price," one diplomat said. No new date for talks has been set yet, diplomats said, even though the price cap mechanism is to enter into force on Dec. 5. 

Nov 29 - Saudi Arabia may cut Jan Arab Light price for Asia to 10-month low
Top oil exporter Saudi Arabia may cut crude prices for Asia in January following a bearish trading cycle in the Middle East spot market, on concerns over sluggish demand in China and an increase of Russian crude in Asia after Dec. 5. The official selling price (OSP) for flagship Arab Light crude may be trimmed by about $2 a barrel from the previous month, tracking a similar loss in the Dubai benchmark, according to seven respondents surveyed by Reuters.

Nov 28 - Global oil market signals short-term weakness ahead of EU ban on Russian oil
The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation. 

Nov 28 - Chevron can resume key role in Venezuela's oil output, exports
Chevron Corp on Saturday received a U.S. license allowing the second-largest U.S. oil company to expand its production in Venezuela and bring the South American country's crude oil to the United States. The decision grants broader rights for the last big U.S. oil company still operating in U.S.-sanctioned Venezuela. However, it restricts any cash payments to Venezuela, which could reduce the oil available to export.

Nov 25 - EU struggles with Russian oil price cap, talks to resume when positions converge
European Union governments remained split on Thursday over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. The EU states failed to reach a deal on the price level for Russian sea-borne oil on Wednesday because a Group of Seven nations (G7) proposal for a cap of $65-70 per barrel was seen as far to high by some and too low by others. 

Nov 25 - Tunisia to South Korea: A new trade route for Russian naphtha
South Korea has started importing naphtha from Tunisia, which in turn has seen a jump in supplies from Russia, highlighting the unusual trading routes that are emerging following Western sanctions against Moscow over its war in Ukraine.  South Korea, the world's largest importer of naphtha, last year bought 590,000 tonnes of the fuel used in petrochemicals from Russia, or nearly a quarter of its total naphtha imports, according to trade flow data from Refinitiv.

Nov 24 - U.S. prepared to authorize Chevron to boost Venezuela's oil output
Chevron Corp could soon win U.S. approval to expand operations in Venezuela and resume trading its oil once the Venezuelan government and its opposition resume political talks, four people familiar with the matter said on Wednesday. A U.S. authorization for Chevron to help rebuild the country's sagging oil production was one of the biggest plums for bringing about talks between the Venezuelan government and its opposition. 

Nov 24 - China's CNOOC steps up Western retreat with launch of U.S. sale
Chinese oil and gas major CNOOC has sounded out potential buyers of its interests in U.S. oilfields, two sources said, stepping up its retreat from Western nations amid sanctions concerns and calls for domestic investment. Reuters reported in April that CNOOC was considering an exit from its operations in Britain, Canada and the United States, because of concerns in Beijing that those assets could become subject to Western sanctions, owing to China's refusal to condemn Russia's invasion of Ukraine.

Nov 23  - U.S says G7 should soon unveil price cap level on Russian oil, adjust regularly
The Group of Seven nations should soon announce the price cap on Russian oil exports and the coalition will probably adjust the level a few times a year rather than monthly, a senior U.S. Treasury official said on Tuesday. The G7, including the United States, along with the EU and Australia are slated to implement the price cap on sea-borne exports of Russian oil on Dec. 5, as part of sanctions intended to punish Moscow for its invasion of Ukraine.

Nov 23  - Britain's windfall tax risks North Sea cash flight, output drop, industry warns

North Sea oil and gas producers hit back after Britain's decision to raise a windfall tax on the sector, warning the move risked jeopardizing investment in the ageing basin and could cut output just as Britain seeks to boost domestic production. Energy giants Shell and Equinor said they were evaluating their investment plans after last week's decision to raise tax to 35% from 25% to help plug Britain's fiscal hole.

Nov 22 - Saudi denies oil output hike discussion, says OPEC+ may cut if needed
Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA. The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. 

Nov 22 - Shell to 'evaluate' 25 bln pound British investments after windfall tax
Shell said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers. "We're going to have to evaluate each project on a case by case basis," said Shell's UK country chair David Bunch told the Confederation of British Industry's annual conference in Birmingham.

Nov 21 - Europe rushes to fill up on Russian diesel before ban begins
European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited. The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by Feb. 5. That will follow a ban on Russian crude taking effect in December.  

Nov 21 - Russian Oct oil supplies to China up 16% on yr, just behind Saudi's
China's oil imports from Russia jumped 16% in October from the same month last year to just behind top supplier Saudi Arabia, as state-run firms stocked up before a European embargo over Russia's invasion of Ukraine kicked in. Supplies from Russia, including oil pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 7.72 million tonnes, data from the Chinese General Administration of Customs showed on Sunday.

Nov 18 - U.S. to issue more guidance on Russian oil price cap in coming days
The U.S. government plans to issue guidance in coming days on a Russian oil price cap taking effect on Dec. 5 and is ready for some "hiccups" in its implementation, a State Department official said on Thursday. Jim Mullinax, director of the Office of Sanctions Policy and Implementation, told a panel hosted by Thomson Reuters that the government was in close touch with industry and international partners about the oil price cap, and was approaching it with a "spirit of flexibility." 

Nov 18 - UK hits power firms with windfall tax, hikes oil company levy
British finance minister Jeremy Hunt on Thursday unveiled plans to increase a windfall tax on oil and gas companies and extend it to power generation firms in an effort to raise tens of billions of pounds to plug a major hole in public finances. The measures were among a string of tax increases and tighter public spending in a tough budget plan announced by Hunt in parliament.

Nov 17 - Indian refiners becoming wary of buying Russian oil as EU sanctions loom
Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price cap mechanism, according to sources familiar with the refiners' crude purchase plans. Chinese refiners have already begun slowing down Russian oil imports from next month. 

Nov 17 - China boosting crude inventories even as refining, fuel exports gain
China's refineries added to crude oil stockpiles in October even as they increased their processing rates and boosted fuel exports to take advantage of high prices for refined products in Asian markets. China's refineries processed the equivalent of 13.8 million barrels per day (bpd) in October, just below the 13.82 million bpd recorded in September, which was the highest in nine months.

Nov 16 - Oil flows on Druzhba pipeline suspended in parts of Eastern Europe
Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. The extent of the disruption was not immediately clear, and came concurrent with an explosion in a village in eastern Poland near the Ukrainian border that raised alarm among NATO countries.

Nov 16 - Oil investors set for supply fall to offset weak economy
Investors expect a planned U.S. and EU price cap to disrupt Russia's crude exports by enough to offset the impact of an economic slowdown on oil consumption, boosting prices. Hedge funds and other money managers bought the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week ending on Nov. 8.

Nov 15 - China October refinery output edges up; 2nd straight month of growth on year
China's crude oil throughput rose 0.8% in October from a year earlier for a second straight month in year-on-year growth, data showed on Tuesday, as refiners ramped up processing to export more refined fuel and a greenfield refinery began test runs. October refinery output stood at 58.62 million tonnes, according to the National Bureau of Statistics (NBS), equivalent to 13.8 million barrels per day (bpd), just below 13.82 million bpd in September. 

Nov 15 - U.S. Permian oil output to hit record in December, but gains are slow
Oil output in the Permian Basin is set to hit another record of 5.499 million barrels per day in December, but production is rising very slowly in the biggest U.S. shale oil basin even though U.S. prices have surged in 2022. Overall U.S. crude oil output in shale regions is due to rise by a mere 91,000 bpd to 9.191 million bpd in December, the highest since March 2020, the U.S. Energy Information Administration (EIA) said in its monthly productivity report on Monday.

Nov 14 - India can buy as much Russian oil as it wants, outside price cap, Yellen says
The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, U.S. Treasury Secretary Janet Yellen said on Friday. The cap would still drive global oil prices lower while curbing Russia's revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening U.S.-Indian economic ties. Russia will not be able to sell as much oil as it does now once the European Union halts imports without resorting to the capped price or significant discounts from current prices, Yellen added.  

Nov 14 - Global recession a bigger risk to Russia’s oil revenue than price cap: Kemp
Russia's oil export revenues are at much greater risk from a global economic recession than the price cap being planned by the United States and the European Union. Recession is a sure-fire way to reduce Russia’s earnings from the export of crude, diesel and other refined products.

Nov 11  - Brazil's new government plans biodiesel mandate increase: (AgriCensus sources)
- Representatives of Brazil’s new government have signalled that it plans to return to the original planned schedule and ramp up the country’s biodiesel mandate in a move that will likely lead to the adoption of higher blend requirements in 2023, sources familiar with the matter have told Agricensus. - The biodiesel mandate defines the share of biodiesel that must go into the diesel mixture in the country and is a major outlet for soybean oil that accounts for about 70% of the feedstock used to produce biodiesel in Brazil.

- According to sources in contact with members of the new government’s transition team, the goal is to increase the mandate to 14% (B14) from January to March, and to 15% (B15) from March onwards. This timetable is in accordance with the original schedule set out in 2018 by the National Energy Policy Council (CNPE) and would reverse a decision made by outgoing president, Jair Bolsonaro. Brazil’s biodiesel blend mandate was reduced from 13% to 10% in May 2021 and remained at that level throughout 2022.

- The move reinforces suggestions last week, from ministers of Bolsonaro’s outgoing government, that the country would return to the original planned programme in the new year. The president of the FPBio, the biodiesel parliament caucus, Pedro Lupion, said last week that Bolsonaro’s Minister of Mines and Energy, Adolfo Sachsida, had also indicated that this was the outgoing government’s intention.
“The consensus is that the schedule should be adhered to,” Lupion said.

- Now that the government transition has officially started, ahead of the arrival of new president Luiz Inacio Lula da Silva, it looks as though the new administration also intends to ramp up mandates in line with the original timetable. That said, while rumours about the restoration of B14 and B15 mandates in 2023 have been circulating for several weeks, there are market concerns as to whether ramping up the mandates to B14 in January - effectively in six weeks’ time - will even be feasible.
“I believe [B15 from March onwards] can be enforced without major issues, especially if we have a good 2022/23 soybean crop,” Daniele Siqueira, senior market analyst for Brazil-based consultancy Agrural told Agricensus.
“The big question is for January and February: Will it be B10 as it is now, B14 or B12, which would be a middle ground?” Siqueira asked.

Time
- Part of the concerns regarding a potential mandate increase for the first months of 2023 has to do with the time industries need to adjust for an improved demand outlook.
“An immediate definition would be interesting so that the industry can organise itself for the first couple of months of 2023,” Siqueira said.

- In this regard, the vice president of the Brazilian Union of Biodiesel, Ubrabio, and president of the Oleoplan group, Irineu Boff, told Agricensus that the sector expects a final decision soon.
“We have to know as soon as possible so that the industry can organise itself to supply the required volumes. To be able to meet the new mixture in January we need to know what it will be today,” Boff said.

- He pointed out that the industry has enough installed capacity to meet demand from a B20 mandate but that it is currently working with a higher-than-usual spare capacity considering the current B10 and poor margins over the past few months. However, following the original timetable for the mandate increases may be difficult even if a decision is announced in the coming days.

“Getting to B14 [in the beginning of 2023] may prove really challenging considering the good pace of exports in the end of 2022 and harvest delays that can never be ruled out,” Siqueira said.
In 2022, Brazil is forecast to export a record volume of soyoil and soymeal, taking advantage of a combination of reduced domestic demand for biodiesel and a favourable outlook for exports.

- Brazil's national food agency Conab forecasts 2.5 million mt of soyoil will be exported in 2022, a figure that will be reduced to 1.8 million mt in 2023, according to its latest report released Wednesday.
"Talking to the industries I think the consensus is that the mandate will be extended to B14 in April, and we could start with B12 in February, since there won't be enough soy in January to increase the blend," Eduardo Vanin of Brazil's Agrinvest Commodities told Agricensus.

- While some analysts take a more cautious look at the potential pace of mandate increases through the coming months, other market participants remain optimistic about the possibility to meet a higher demand from the domestic industry without losing much export market share.
"If B14 becomes a reality, these extra volumes shipped in 2022 will be used for biodiesel production, but we also believe that crushing will increase allowing more exports," projects Boff.

- Conab estimates that soybean crushing will reach 48.9 million mt in 2022 and increase to 51.4 million mt in 2023 considering an all-time high soybean output projected at 153.5 million mt for 2022/23.
“I believe that we can maintain soyoil exports at this level, even if we have to meet B15, since the new soybean crop should be abundant,” Ubrabio's managing director Donizete Tokarsk said.

Nov 11 - Russian oil cap doubts spur insurer fears of ships left at sea
Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven (G7), which includes the United States, Britain, Germany and France, agreed in September to enforce a low price on sales of Russian oil.  

Nov 11 - India's Iraqi oil imports fall to lowest in 20 months
India's oil imports from Iraq plunged to a 20-month low in October as refiners continued to buy discounted Russian barrels and boosted purchases of West African crude, preliminary tanker arrival data obtained from trade sources showed. The world's third-biggest oil importer and consumer bought 907,500 barrels per day (bpd) of oil in October from its top supplier Iraq, a decline of 9.6% from a year earlier and the lowest since February 2021, the data showed.
 

Nov 10 - Saudi Aramco to ship full oil contract volumes to Asia in Dec
Saudi Aramco has told at least four refinery customers in North Asia they will receive full contract volumes of crude oil in December, several sources with knowledge of the matter said on Thursday. The producer is maintaining a steady supply to Asia despite the decision by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, to lower the group's output target by 2 million barrels per day (bpd) starting this month. 

Nov 10 - U.S. crude stockpiles rise, fuel inventories fall
U.S. crude stocks rose as domestic oil production gained, while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.9 million barrels in the last week to 440.8 million barrels, the highest since July 2021. Analysts in a Reuters poll had expected a 1.4 million-barrel rise.

Nov 09 - Fire breaks out at Chevron's El Segundo, California refinery
Chevron said fire crews responded to an isolated fire inside its 269,000-barrel-per-day El Segundo refinery in California on Tuesday, with no injuries due to the incident. The time of dispatch was 6:13 p.m. (0213 GMT) with a response at the two-alarm level from El Segundo, Manhattan Beach, Redondo Beach and Los Angeles County fire departments, El Segundo fire chief Deena Lee said.  

Nov 09 - U.S. allows transactions to free sanctioned oil tanker stranded in Indonesia
The U.S. government has allowed some transactions to take place with a sanctioned oil supertanker in efforts to free the vessel stranded in Indonesian waters, a U.S. embassy spokesperson in Singapore said. The Indonesian navy has been trying to free the Djibouti-registered ship, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26 near a gas pipeline.

Nov 08 - India's October fuel demand rises on festive season boost
India's fuel consumption, a proxy for oil demand, rose to its highest in four months in the festival month of October, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday. Consumption in October was 6.7% higher than the previous month, while also up 3.4% year-on-year at 18.37 million tonnes, the data showed.  

Nov 08 - Rebound in China crude oil imports less impressive than it looks
China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests. The world's largest crude buyer imported 10.16 million barrels per day (bpd) in October, the highest since May and a 14% leap from the same month in 2021, according to data released on Monday by China customs.

Nov 07 - China's Oct crude oil imports rebound amid new refinery rollouts
China's crude oil imports in October rebounded to the highest level since May, up 14% from a low base a year earlier in their first annual growth in five months, data showed on Monday, as two greenfield refineries prepared to start operations. The world's largest crude importer brought in 43.14 million tonnes of crude oil last month, equivalent to 10.16 million barrels per day (bpd), according to data from the General Administration of Customs. 

Nov 07 - Exxon faces $2 bln loss on sale of troubled California oil properties
Exxon Mobil Corp will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill. The sale comes after a failed bid this year to restart production at the site and as Exxon culls poor performing businesses. Santa Barbara officials in March rejected an Exxon plan to restart operations and ship oil via dozens of tanker trucks each day to inland refineries.

Nov 04 - G7 coalition has agreed to set fixed price for Russian oil
The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5 - to ensure EU and U.S. sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market. 

Nov 04 - Booming Guyana sets offshore oil auction under revamped fiscal terms
Guyana, one of the world's hottest oil drilling zones, will offer 14 offshore exploration blocks under terms that "significantly" increase its share of oil revenue, the South American nation's vice president said on Thursday. Officials this week approved an oil lease auction with timing details to be disclosed by the Ministry of Natural Resources.

Nov 03 - OPEC oil output slips in October after cut pledge
OPEC oil output fell in October for the first time since June on lower exports from African members and lower output from some Gulf producers after the wider OPEC+ alliance pledged a small output cut, a Reuters survey found on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC)pumped 29.71 million barrels per day (bpd) last month, the survey found, down 20,000 bpd from September which was the highest output since April 2020.  

Nov 03 - Venezuela's October oil exports tumble on weaker production
Falling production knocked Venezuela's October oil exports to the fourth lowest monthly average this year, according to vessel monitoring data and documents from state-run oil firm PDVSA. Oil production and exports by PDVSA and its joint ventures have fluctuated this year due to outages, a lack of sustained investment and a shrinking pool of partners willing to continue operating in the U.S-sanctioned South American nation.

Nov 02 - Russia set to reroute most of its oil under new price cap
New G7 and European Union sanctions on Russian oil exports will have a muted impact on flows and global prices according to analysts polled by Reuters, as Russia is set to largely succeed in rerouting its trade eastward. The market is set to be deprived of a maximum of 2 million barrels per day (bpd) of Russian oil in the short term once the measures take effect on Dec. 5, and possibly none at all - a range not seen moving prices much upward. 

Nov 02 - OPEC Sec Gen: Oil investment lag sowing seeds for future energy crises
The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, OPEC Secretary General Haitham Al Ghais said on Tuesday. "If we don't get it right this time we are sowing the seeds for future energy crises - not just one, but multiple," he told Reuters in an interview.

Nov 01 - Biden calls on oil, gas companies to stop 'war profiteering,' threatens windfall tax
U.S. President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week. In remarks at the White House, Biden criticized major oil companies who are bringing in big profits while Americans, weary of inflation, pay a tidy sum to fill up their cars.  

Nov 01 - OPEC raises long-term oil demand view, calls for investment
OPEC raised its forecasts for world oil demand in the medium and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that of other forecasters which see oil demand reaching a plateau before 2030 due to the rise of renewable energy and electric cars.

Oct 31 - Exxon's record-smashing Q3 profit nearly matches Apple's
Exxon Mobil Corp on Friday smashed expectations as soaring energy prices fueled a record-breaking quarterly profit, nearly matching that of tech giant Apple. Its $19.66 billion third-quarter net profit far exceeded recently raised Wall Street forecasts as skyrocketing natural gas and high oil prices put its earnings within reach of Apple's $20.7 billion net for the same period.  

Oct 31 - OPEC expected to stick to view of long-term oil demand rise
OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said. The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31.

Oct 28 - India's Russian oil binge sends Middle East imports to 19-mth low
India's oil imports from the Middle East fell to a 19-month low in September while Russian imports rebounded although refining outages hit overall crude imports, data from trade and shipping sources showed. Iraq remained the top supplier while Russia overtook Saudi Arabia as the second biggest after a gap of a month, the data showed. 

Oct 28 - Venezuela's oil partners head for the exit, forgoing unpaid debt
Venezuela is allowing partners in state oil company PDVSA's joint ventures to leave - by selling their shares to others or returning them - so long as they forgo payment for past debts and unpaid dividends, four people close to the matter said. Having to take a loss or relinquish unpaid debt has not stopped companies like France's TotalEnergies, Norway's Equinor, and Japan's Inpex from leaving.

Oct 27 - Western officials finalizing plans for Russia oil-price cap
U.S. and Western officials are finalizing plans to impose a cap on Russian oil prices amid a warning from the World Bank that any plan will need active participation of emerging market economies to be effective. Officials said no price range has been decided yet, however one person familiar with the process said the cap will be determined in line with the historical average of $63-64 a barrel - a level that could form a natural upper limit. 

Oct 27 - U.S. crude exports surge to record, stocks up again
U.S. crude oil stockpiles rose in the most recent week, even as the volume of exports hit an all-time record, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.6 million barrels in the week to Oct. 21 to 439.9 million barrels, nearly triple h analysts' forecasts in a Reuters poll for a 1 million-barrel rise.

Oct 26 - Saudi Arabia 'maturer guys' in spat with U.S., says energy minister
Saudi Arabia decided to be the "maturer guys" in a spat with the United States over oil supplies, the kingdom's energy minister Prince Abdulaziz bin Salman said on Tuesday. The decision by the OPEC+ oil producer group led by Saudi Arabia this month to cut oil output targets unleashed a war of words between the White House and Riyadh ahead of the kingdom's Future Investment Initiative (FII) forum, which drew top U.S. business executives. 

Oct 26 - Halliburton profit tops Wall Street estimates as oil activity booms
Halliburton Co posted a rise in profit for the third quarter on Tuesday that beat forecasts and sent its shares higher, the latest oilfield services firm to report better-than-expected results amid a global surge in drilling activity. Brent crude averaged $98.96 a barrel during the quarter, up about 33% from a year earlier as sanctions on major oil producer Russia for its invasion of Ukraine upended global supply routes.

Oct 25 - World still needs Russian oil to flow even with price cap
The world will still need Russian oil to flow to the market despite a price cap, with between 80% to 90% an "encouraging level" to meet demand, the head of the International Energy Agency Fatih Birol said on Tuesday. Details of a price cap on Russian oil still has many details to iron out, Birol said during the Singapore International Energy Week.  

Oct 25 - U.S. oil companies' cash flow to rise by 68% per barrel in 2022
U.S. upstream oil companies are expected to bank 68% higher free cash flows per barrel produced in 2022 as surging prices fuel profits, while output growth lingers at 4.5% year to date, Deloitte consultancy said on Monday. The study illustrates the clash between the White House and oil companies over how skyrocketing profits from high energy prices should be allocated.

Oct 24  - China's Sept crude oil imports fall, fuel exports hit 15-mth high
China's crude oil imports in September were 2% below their level a year earlier, data showed on Monday, as independent refiners curbed throughput amid thin margins and lacklustre demand. However, state-run refiners lifted fuel exports to the highest monthly volume since June 2021 to cash in on robust export margins, according to data from the General Administration of Customs that was released a week behind schedule. 

Oct 24  - Russia poised to largely skirt new G7 oil price cap
Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap, industry players and a U.S. official told Reuters, underscoring the limits of the most ambitious plan yet to curb Moscow's wartime revenue. The Group of Seven countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but faced consternation from main players in the global oil industry who feared the move could paralyse the trade worldwide.

Oct 21  - French refinery strikes lose steam, less petrol stations out of fuel
The number of TotalEnergies' French refineries still on strike fell to two on Thursday from a peak of five and the country's petrol stations are being filled up again, as a near-month-long wave of industrial action over pay appeared to run out of steam. Staff at the La Mede refinery and Cote d'Opal depot in Dunkirk had voted to resume working, CGT union representative Eric Sellini said, though strikes continued at the 240,000 barrel per day Gonfreville refinery and 119,000 bpd Feyzin site.

Oct 21  - India's September refinery crude processing rises 7.4% yr/yr
Indian refiners' crude oil processing in September rose about 7.4% on the year, provisional government data showed on Thursday. Throughput was about 4.78 million barrels per day (bpd) (19.55 million tonnes) last month, higher than 4.62 million bpd reported in August, the data showed.

Oct 20  - U.S. says Russia oil price cap will not be aimed at OPEC
New steps from Group of Seven countries to cap Russian oil sales at an enforced low price will not be replicated against OPEC producers, whose plans to cut output have irked consumer countries, a United States Treasury official told Reuters. Washington has communicated to representatives of the Organization of the Petroleum Exporting Countries (OPEC) to reassure them of those limits to its plans and has maintained from the beginning that the cap would not target other oil producers, the official added.

Oct 20  - Strikes end at some of TotalEnergies' French refineries

Workers voted to end a strike at TotalEnergies' Donges refinery on Wednesday, bolstering the government's hopes the supply situation at petrol stations around the country will rapidly improve. Strikes were suspended at two other refineries in the North and Bouches-du-Rhone regions, but were being maintained at a site at Gonfreville, a CGT union representative told AFP.

Oct 19  - China's October fuel exports may touch 16-mth high, ease tight global diesel supply
China is likely this month to export the highest volume of diesel, aviation fuel and gasoline since June 2021 at more than 4 million tonnes, after Beijing's surprise release of a big batch of quotas, analysts and trading sources said. These exports, led by China's state oil giants, could help ease a tight global gasoil market - where inventories ahead of the northern hemisphere winter are at multi-year lows - and add to already rising gasoline stockpiles.

Oct 19  - U.S. oil service firms' results to show impact of demand, inflation
Oilfield service firms are poised to deliver the strongest third quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts. Schlumberger, Halliburton and others have struggled to regain pricing power after a 2016 price drop.

Oct 18 - Rosneft moves into tanker chartering as EU ban looms
Russia's biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the matter said. Previously, state-controlled Rosneft, which produces more than 40% of Russian oil, would sell its oil at the port of loading, meaning the buyer would have to find tankers and handle freight and insurance costs for the voyage.

Oct 18 - Exxon exits Russia empty-handed with oil project 'unilaterally terminated'
Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project. Exxon did not say if it received any compensation for the assets, which it had valued at more than $4 billion. An Exxon spokesperson declined to comment on whether it will proceed to contest the seizure through an international arbitration process, a possibility flagged in August.

Oct 17 - OPEC+ members line up to endorse output cut after U.S. coercion claim
OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move. The United States noted on Thursday that the cut would boost Russia's foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine.

Oct 17 - Traders divert Europe-bound diesel to U.S. in race to re-stock

Traders are diverting Europe-bound tankers carrying diesel to the U.S. East Coast as the two regions battle for supplies amid an acute shortage and soaring prices. At least two tankers carrying 90,000 tonnes of diesel and jet fuel are heading from Europe to the U.S. East Coast, according to traders and Refinitiv ship tracking data.

Oct 14 - Saudi Arabia, United States clash over reason for OPEC+ oil cut
Saudi Arabia rejected as "not based on facts" criticism of an OPEC+ decision last week to cut its oil production target despite U.S. objections, and said on Thursday that Washington's request to delay the cut by a month would have had negative economic consequences. The White House pushed back against that on Thursday, saying it presented the Saudis with an analysis that showed the cuts could hurt the world economy, and alleging the Saudis pressured other OPEC members on a vote.

Oct 14  - U.S. crude stockpiles surge on reserve releases; distillates draw down - EIA
U.S. crude stocks rose by nearly 10 million barrels last week after another big release from government reserves, while distillate inventories fell sharply, the Energy Information Administration said on Thursday. Crude inventories USOILC=ECI rose by 9.9 million barrels in the week to Oct. 7 to 439.1 million barrels, data showed, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel rise.

Oct 13  - Saudi Arabia says OPEC+ oil cut 'purely economic'
Saudi Arabia rejected as "not based on facts" statements criticising the kingdom after an OPEC+ decision last week to cut its oil production target despite U.S. objections, saying it serves the interests of both consumers and producers. The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

Oct 13  - Druzhba pipeline leak reduces Russian oil flows to Germany
Germany said on Wednesday it was receiving less oil but still had adequate supplies, after Poland found a leak in the Druzhba pipeline that delivers crude from Russia to Europe that Warsaw said showed no sign of being caused by sabotage. The discovery of the leak in the main route carrying oil to Germany, which operator PERN said it found on Tuesday evening, comes as Europe is on high alert over its energy security in the aftermath of Moscow's invasion of Ukraine which has cut supplies of gas.

Oct 12 - France orders some fuel staff back to work to tackle refineries strike
The French government on Tuesday said it would requisition staff at some petrol depots as it battles to secure petrol supplies following weeks-long strikes, putting it on a collision course with the hardline CGT union as social tensions rise. After shying away at first from interfering in labour disputes pitting the hardline CGT union against oil majors TotalEnergies and Exxon Mobil, the government on Tuesday tried to win back control of the situation, as the first French regions needed to start rationing fuel.  

Oct 12 - Atlantic basin diesel refining margins hit record as French strikes drag on
Diesel refining margins in both Europe and the United States have surged to all-time highs as strikes at French refineries exacerbate a global shortage of distillate fuels. Prices for diesel, heating oil and other refined products were already elevated after Russia's invasion of Ukraine and worldwide capacity to produce fuel reduced by the closure of numerous refineries over the last two years.

Oct 11 - OPEC cut spurs U.S. hedging - but against lower oil prices
The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market - but with more U.S. bettors opting for a bearish stance, data from CME Group showed. OPEC+, as the group is known, decided on Wednesday to cut its target by 2 million barrels per day (bpd), including voluntary production curbs by Saudi Arabia and other nations.  

Oct 11 - French union rejects wage talk 'blackmail' as refinery strikes grind on
France's CGT trade union denounced TotalEnergies' conditional offer for early wage talks as "blackmail", saying strikes that have left a third of the country's fuel stations running short would continue until at least Tuesday. The industrial action at TotalEnergies, which coincides with strikes at two Exxon Mobil refineries in France, comes as workers across Europe demand higher salaries to cope with surging inflation and a cost-of-living crisis.

Oct 10 - TotalEnergies accelerates refinery wage talks as fuel supply shrinks
TotalEnergies on Sunday offered to bring forward wage talks, in response to union demands, as it sought to end a strike that has disrupted supplies to almost a third of French petrol stations and led the government to tap strategic reserves. "Provided the blockades will end and all labour representatives agree, the company proposes to advance to October the start of mandatory annual wage talks," it said in a statement. 

Oct 10 - Asia's crude oil imports recover on European winter demand hopes
Asia's imports of crude oil recovered in September, but the increase is likely more a reflection of expectations of improved product demand from Europe over the coming winter rather than a sign of economic strength. The world's top-importing region brought in 26.58 million barrels per day (bpd) of crude in September, up from 24.90 million bpd in August, according to data compiled by Refinitiv Oil Research.

Oct 7 - U.S. bill pressuring OPEC+ after oil production cut gains momentum
Top U.S. senators from both parties on Thursday gave momentum to a bill pressuring OPEC+ after the group this week announced a deep cut in oil production despite lobbying by President Joe Biden's administration to keep the taps open. The so-called No Oil Producing and Exporting Cartels (NOPEC) bill gained interest after OPEC+, a group led by Saudi Arabia and Russia, decided on Wednesday to cut oil production by 2 million barrels per day. OPEC+ made the move despite tight oil global supplies worsened by Russia's war in Ukraine.  

Oct 7 - Saudi Arabia leaves November Arab Light crude OSP to Asia unchanged
Saudi Aramco on Thursday kept the November official selling price (OSP) for its Arab Light grade for Asian customers unchanged from October, against expectations of a small price hike. The move took traders by surprise as the world's top exporter had been expected to track gains in Middle East price benchmarks last month.

Oct 6 - OPEC+ agrees deep oil production cuts, Biden calls it shortsighted
OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted. OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.  

Oct 6 - U.S. crude and fuel stockpiles down last week
U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.4 million barrels in the week ended Sept. 30 to 429.2 million barrels. Analysts in a Reuters poll had expected a 2.1 million-barrel rise.

Oct 5 - OPEC+ heads for deep supply cuts, clash with U.S.
OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and other consuming countries to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising U.S. interest rates and a stronger dollar. 

Oct 5 - Indian refiners scout for oil deals ahead of EU ban on Russian crude
Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on Russia, including from the EU, could curb future supplies in already tight markets, sources at state refiners said.Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp are seeking term deals with countries, including the United States, industry sources said.

Oct 04 - Goldman says reported OPEC+ output cuts reinforce its bullish oil view
Goldman Sachs said a production cut under consideration by the Organization of the Petroleum Exporting Countries (OPEC) and its allies was justified by the sharp decline in oil prices from recent highs and supported its bullish view. OPEC+ is discussing output cuts of more than 1 million barrels per day (bpd), sources told Reuters, and voluntary cuts by individual members could come on top of that, making the reduction the largest since the start of the COVID-19 pandemic.  

Oct 04 - Oil investors ready for recession
Portfolio investors continued to flee from the oil market last week amid multiplying signs of an imminent recession that would cut petroleum consumption. Hedge funds and other money managers sold the equivalent of 34 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 27.

Oct 3 - OPEC+ to consider oil cut of over than 1 mln bpd
OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness. The meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production. 

Oct 3 - China sets oil products export quotas at about 15 mln T
China has set the size of its latest batch of oil products export quotas for 2022 at about 15 million tonnes, trade sources with knowledge of the matter said on Friday, a shift in fuel export policy as Beijing seeks ways to boost trade. The quotas, widely expected by the market for the last two weeks, include 13.25 million tonnes of refined products - normally gasoline, diesel and aviation fuel - and 1.75 million tonnes of low-sulphur marine fuel, two of the sources said.