Actualités des Marchés Energétiques

Apr 19 - Oil surges as reports of Israeli strike on Iran roil markets
Oil prices jumped as reports that Israel had attacked Iran roiled markets and sparked concerns that Middle East oil supply could be disrupted. Israel launched an attack on Iranian soil, sources told Reuters, the latest tit-for-tat exchange between the two countries that threatens to drag the region deeper into conflict. The benchmark contracts surged more than $3 before easing slightly. At 0615 GMT, Brent futures were up $1.40, or 1.61%, at $88.51 a barrel. The most active U.S. West Texas Intermediate contract climbed $1.38, or 1.68%, to $83.48 per barrel.

Apr 19 - Russia squeezes Mideast, OPEC shares in India's oil market to historic lows
Russia became the top oil supplier to India during the fiscal year 2023/24 for a second year in a row, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed. New Delhi has been gorging on Russian oil sold at a discount after Western nations shunned purchases and imposed sanctions on Moscow over its invasion of Ukraine. As a result Russia is now the top supplier to the world's third-largest oil importer.

Apr 18 - Venezuela oil sector hit by loss of its widest US license
Venezuela's loss of a key U.S. license that allowed it to export oil to markets around the world and secure investment is expected to hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations. U.S. officials had warned that absent progress by President Nicolas Maduro's administration on implementing an electoral roadmap agreed last year, the U.S. would not renew license 44, which since October has eased oil sanctions in place for the last five years.

Apr 18 - US crude stockpiles rise, products draw down as refining falls - EIA
U.S. crude oil stockpiles rose and gasoline and distillate inventories fell more than forecast last week as refining slowed down for a third week in a row, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the EIA said, nearly double analysts' expectations in a Reuters poll for a 1.4 million-barrel build.

Apr 17 - Biden unlikely to cut Iran's oil lifeline after Israel attack
Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts. Shortly after Tehran launched its weekend attack - retaliation for Israel's suspected April 1 strike on the Iranian consulate in Damascus - House Republican leaders accused President Joe Biden of failing to enforce existing measures and said they would take up this week a series of bills to sharpen sanctions on Iran.

Apr 17 - US could release more SPR oil to keep gas prices low, senior White House adviser says
U.S. President Joe Biden will do what he can to ensure affordable gasoline prices, White House senior adviser John Podesta said at an industry conference on Tuesday, when asked about future releases of crude oil from the Strategic Petroleum Reserve. The Biden administration in 2022 sold 180 million barrels of oil in about six months from the reserve, the largest ever SPR sale, in an attempt to lower gasoline prices after Russia invaded Ukraine.

Apr 16 - China crude throughput up 1.3% in March on stronger economic backdrop
China's oil refinery throughput rose in March as refiners stepped up runs amid signs of a tentative economic recovery in the world's second largest consumer of crude. Total refinery throughput was 63.78 million metric tons, data from the National Bureau of Statistics showed. That was equivalent to 15.09 million barrels per day, up from 14.45 million in the January-February period.

Apr 16 - US oil output from top shale regions to rise in May, EIA says
U.S. oil output from top shale-producing regions will rise in May to the highest level in five months, the U.S. Energy Information Administration said in its monthly Drilling Productivity Report on Monday. Production from the top basins will climb by more than 16,000 barrels per day to 9.86 million bpd, the strongest output since December, the EIA said.

Apr 15 - Iranian attacks on Israel sees only muted crude oil reaction: Russell
Crude oil's initial reaction to Iran's drone and missile attacks on Israel was muffled, with prices of the major contracts barely shifting. There were fears that the barrage of weapons fired at Israel signalled a major escalation of conflict in the Middle East, and the oil price would shift higher in response to heightened fears of possible supply disruptions.

Apr 15 - Kazakhstan to compensate for exceeding OPEC+ quota in March
Kazakhstan will compensate for exceeding its oil production quota under the OPEC+ agreement in March, the country's energy ministry said in a statement on Sunday. The ministry said that according to "secondary sources", Kazakhstan produced 131,000 barrels per day above its quota in March due to weather conditions and heating requirements.

Apr 12 - UAE's ADNOC recently eyed BP as takeover target, sources say
The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters. Abu Dhabi National Oil Company ultimately decided BP would not be the right fit for its strategy, three people said. Political considerations also weighed on the potential move, one of the people said.

Apr 12 - OPEC sees robust summer oil demand, economic upside potential
OPEC predicted robust fuel use in the summer months on Thursday and stuck to its forecast for relatively strong growth in global oil demand in 2024, highlighting an unusually large gap between predictions of oil demand strength. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day in 2024 and by 1.85 million bpd in 2025.

Apr 11 - Russia considers easing gasoline environmental requirements, sources say
Russia's government is looking at the possibility of introducing some easing of rigorous fuel environmental standards in order to allow the usage of low-quality gasoline in the face of possible fuel shortages, three industry sources told Reuters. According to sources' calculations, it could bring in additional 10%, or between 300,000 metric tons and 350,000 tons a month, of gasoline to the domestic market, enough to meet rising seasonal demand.

Apr 11 - US oil inventories rise across the board on low exports, weak demand – EIA
U.S. crude oil, gasoline and distillate inventories rose last week mainly driven by low crude exports and as implied demand for refined products declined, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.4 million-barrel rise.

Apr 10 - US EIA raises oil output, price forecasts for 2024
U.S. crude oil output is set to grow slightly more than earlier estimates for this year and next, the U.S. Energy Information Administration said on Tuesday, while also hiking its global and domestic oil price forecasts. U.S. crude production will rise by around 280,000 barrels per day this year to 13.21 million bpd, and by 510,000 bpd to 13.72 million bpd in 2025, the EIA forecast.

Apr 10 - BP expects rise in first-quarter upstream energy output
BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months. The London-listed oil major also expects strong results in oil and gas trading, along with a $100 million-$200 million boost from improved oil refining margins.

Apr 09 - Mexico to cut at least 330,000 bpd of crude exports in May, sources say
Mexico's state energy company, Pemex, is planning to cut at least 330,000 barrels per day (bpd) of crude exports in May, leaving customers in the United States, Europe and Asia with a third less supply, two sources said. The plan follows the withdrawal of 436,000 bpd of Maya, Isthmus and Olmeca crudes this month, ordered by Pemex to its trading arm PMI Comercio Internacional because it needs to supply more to its domestic refineries as it targets energy self-sufficiency.

Apr 09 - Despite $90 crude, US oil output capped by weak natgas prices
U.S. crude oil prices last week climbed to their highest this year, but a weak natural gas market, steeper costs and a focus on shareholder returns over new production are keeping shale drillers from big output increases in the world's top oil and gas producer. The global Brent oil benchmark last week was trading above $91 a barrel, while in the U.S., West Texas Intermediate (WTI) futures were over $86 a barrel, their highest since October.

Apr 08 - One dead, two seriously injured after fire hit Pemex oil platform in Mexico
At least one contractor was killed after a fire struck an offshore platform operated by Mexico's national oil company Pemex, the firm said in a statement on Sunday, adding that two others were in "grave" condition. A total of nine workers suffered injuries in the blaze on Saturday afternoon that struck the company's Akal-B platform, located in the southern Gulf of Mexico, where most of Pemex oil output originates.

Apr 08 - Russia's Orsk oil refinery suspends work after dam bursts amid flooding
Russia's Orsk oil refinery suspended work on Sunday, after the city's dam burst on Friday night amid flooding in the surrounding Orenburg region, Russian news agency cited the plant's press service as saying.The refinery, located around 1800km (1100 miles) east of Moscow, close to Russia's border with Kazakhstan, has an annual capacity of six million tons of oil.

Apr 04 - OPEC+ keeps output policy steady as oil nears $90 a barrel
A meeting of top OPEC+ ministers kept oil supply policy unchanged and pressed some countries to increase compliance with output cuts, a decision that spurred international crude prices to their highest in five months at nearly $90 a barrel. A ministerial committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, met online on Wednesday to review the market and members' implementation of output cuts.

Apr 04 - Exxon Mobil signals weaker oil and gas prices to hit first-quarter profit
Exxon Mobil on Wednesday signaled first-quarter operating results would drop over the prior quarter on weaker oil, gas prices and a big loss in fuel derivatives, a securities filing showed. The drop follows two years of strong oil and fuel prices that turned the largest U.S. oil company into one of the most profitable energy companies globally. Last year, it posted a record profit for a first quarter at $11.4 billion.

Apr 03 - OPEC+ unlikely to change output policy at April 3 meeting
An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices hit their highest this year. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on April 3 to review the market and members' implementation of output cuts they have already agreed to extend.

Apr 03 - Ukrainian drone hits Russia's third-biggest refinery, damage not critical
A Ukrainian drone struck Russia's third-largest oil refinery on Tuesday about 1,300 km (800 miles) from the front lines, hitting a unit that processes about 155,000 barrels of crude per day, though an industry source said strike caused no critical damage. A Ukrainian intelligence source said Ukraine hit the primary refining unit at the oil refinery in Russia's highly industrialised Tatarstan region and caused a fire.

Apr 02 - OPEC oil output falls in March, led by Iraq - Reuters survey
OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from February, the survey, based on shipping data and information from industry sources, found.

Apr 02 - China's oil majors face uphill climb to adapt to EV future
Tucked away on a side road in suburban Beijing, the Xiaowuji battery charging station opened by Sinopec in December 2023 offers a glimpse of China's post-gasoline future. Boasting 70 fast electric vehicle charging points, coffee machines and massage chairs, the station is one of thousands being built by the state-run oil giant across the country as it looks to adapt to battery dominated driving.

Apr 01 - Russia will cut oil output in Q2 to catch up with other OPEC+ countries (Novak)
Russia has decided to focus on reducing oil output rather than exports in the second quarter in order to evenly spread production cuts with other OPEC+ member countries, Deputy Prime Minister Alexander Novak said on Friday. Earlier this month, Russia said it would cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter in coordination with some OPEC+ participating countries.

Apr 01 - US crude output falls 6% in January due to severe cold, EIA says
U.S. crude oil production dropped in January to 12.5 million barrels per day (bpd), a 6% decline from December's record high, following freezing weather, data from the Energy Information Administration showed on Friday. Crude oil output in top oil state Texas fell in January to 5.4 million bpd, down about 5% from the prior month, the data showed, while production in North Dakota fell nearly 13% to 1.1 million bpd.

Mar 28 - US crude, gasoline stocks rise on strong crude imports, weak gasoline demand
U.S. crude oil and gasoline inventories rose unexpectedly last week driven by a rise in crude imports and sluggish gasoline demand, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.2 million barrels to 448.2 million barrels in the week ended March 22, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel draw.

Mar 28 - US to buy oil for SPR oil at above $79 target price in latest round
The Biden administration on Wednesday awarded contracts to buy 2.8 million barrels of oil for the government's emergency reserve for more than $81 a barrel, $2 above the target purchase price. The Department of Energy (DOE) it will spent $225.6 million to buy oil to refill the Strategic Petroleum Reserve (SPR) from Atlantic Trading & Marketing, Macquarie Commodities, and Sunoco Partners Marketing & Terminals. The oil is set to be delivered in September.

Mar 27 - OPEC+ unlikely to change output policy before June meeting
OPEC+ is unlikely to make any oil output policy changes until a full ministerial gathering in June, three OPEC+ sources told Reuters ahead of next week's gathering of ministers that is not expected to make any policy recommendations. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on April 3 to review the market and members' implementation of output cuts.

Mar 27 - Russia struggles to collect oil payments as China, UAE, Turkey raise bank scrutiny
Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said. Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals - to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows.

Mar 26 - Russia orders companies to cut oil output to meet OPEC+ target
Russia's government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its pledges to OPEC+, three industry sources said on Monday. Earlier this month, Russian Deputy Prime Minister Alexander Novak said that Russia would cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some members of the Organization of the Petroleum Countries and allied producers (OPEC+).

Mar 26 - Indian refiners buy more US crude as Russia sanctions tighten
More than 250,000 barrels per day of U.S. crude is set to arrive in India next month, the highest in more than a year, ship tracking data showed, amid tighter enforcement of sanctions on Russian crude. India, the world's third-biggest oil importer and consumer, is looking to diversify its oil supplies as fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude.

Mar 25 - A year after Iraq-Turkey pipeline halt, no progress to resume flows
A year after the closure of the Iraq-Turkey oil pipeline, the conduit that once handled about 0.5% of global oil supply is still stuck in limbo as legal and financial hurdles impede the resumption of flows, three sources told Reuters. About 450,000 barrels per day of crude once flowed through Iraq's northern oil export route via Turkey, and its closure has led to the loss of roughly $11 billion to $12 billion for Iraq, the Association of the Petroleum Industry of Kurdistan (APIKUR) estimates.

Mar 25 - CERAWEEK-Financiers grab reins as new energy startups struggle
Private equity firms are increasing their direct oversight of energy transition companies in their portfolios, taking on added duties to address runaway costs from supply chain issues and preserve valuations, executives said at the CERAWeek energy conference this week. Excitement around new energy technologies saw billions of dollars of investment poured in the last four years into those aiming to shape the energy transition with biofuels, hydrogen, solar, wind and carbon removal technologies.

Mar 22 - Russia says Ukraine's idea of $30 oil price cap "beyond all bounds"
Russia said on Thursday that the United States was unlikely to agree to a Ukrainian proposal to lower the price cap on Russian oil to $30 a barrel because it would roil global energy markets and damage the U.S. economy. After Russia sent troops into Ukraine in 2022, the West sought to sink the Russian economy by imposing a myriad of sanctions and in 2022 slapped a $60 a barrel price cap on Russian oil, which is currently traded at around $68 per barrel.

Mar 22 - Europe, Africa oil markets weaken on refining maintenance, extra supply
Crude oil physical markets in Europe and Africa have weakened in response to peak refinery maintenance and extra supply from the United States and Saudi Arabia, dampening the impact of Red Sea shipping delays, according to traders, flows data and analysts. These factors, to some extent, mitigate the effect that rising crude prices will have on energy costs. A jump in energy costs could threaten to unwind some of the recent falls in global inflation just as central banks are expected to begin cutting interest rates.

Mar 21 - India's Reliance refusing Sovcomflot oil shipments after sanctions, sources say
India's Reliance Industries, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by shipper Sovcomflot (SCF) after recent U.S. sanctions, according to two sources familiar with the matter. The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions.

Mar 21 - CERAWEEK-US permit reviews, red tape provoke energy conference debates
U.S. energy permitting delays and the need for streamlined new project reviews dominated conversations among oil and gas executives and lawmakers in meeting rooms and hallways at the CERAWeek energy conference this week. The fossil fuel industry historically has objected to red tape that slows or raises development costs. But the topic has moved higher on their agenda after U.S. President Joe Biden's administration hit pause on reviews of permits of new gas export plants as rules governing clean-energy incentives undercut enthusiasm around the Inflation Reduction Act.

Mar 20 - China's Jan-Feb fuel oil imports rise 21% y/y
China's fuel oil imports for the January and February period rose by a fifth from a year ago, data from the General Administration of Customs showed. Imports for the first two months of the year were at 3.59 million metric tons, up 21% from the corresponding period in 2023.

Mar 20 - Russia remains China's top crude supplier in Jan-Feb
Russia remained China's top oil supplier in the first two months of this year, data showed on Wednesday, as Saudi supply cuts continued. China's imports from Russia, including supplies via pipelines and sea-borne shipments, rose 13% on the year to 17.72 million metric tons, or 2.16 million barrels per day (bpd) over the January and February period, according to data from the General Administration of Customs.

Mar 19 - Iraq to curb oil exports to compensate for exceeding OPEC+ quota
Iraq will reduce its crude exports to 3.3 million barrels a day (bpd) in the coming months to compensate for exceeding its OPEC+ quota since January, the oil ministry said on Monday, a pledge that would cut shipments by 130,000 bpd from last month. OPEC's second-largest producer Iraq pumped significantly more in January and February than an output target established in January when several members of the Organization of the Petroleum Exporting Countries and allies (OPEC+), including Iraq, agreed to support the oil market.

Mar 19 - Saudi Aramco CEO says no peak in oil demand for some time to come
Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston.

Mar 18 - China Jan-Feb refinery output up 3% on Lunar New Year travels
China's crude oil throughput in January and February rose 3% compared to the same two months a year earlier, data showed, as refineries raised production to meet strong demand for transport fuels over the busy Lunar New Year travel period. Total refinery throughput in the world's second-largest oil consumer was 118.76 million metric tons, equivalent to 14.45 million barrels per day (bpd), data from the National Bureau of Statistics showed.

Mar 18 - Inventory builds, Red Sea concerns pressure Asia diesel margins: Russell
The profit margin for making diesel in Asia is coming under sustained pressure from a glut of supplies as major exporters boost shipments and fewer cargoes head to Europe because of concerns over shipping via the Red Sea. The crack spread, or profit margin, of making a barrel of gasoil, the building block for middle distillate fuels such as diesel and jet kerosene, at a typical Singapore refinery ended at $20.33 a barrel on March 15.

Mar 15 - IEA raises oil demand outlook again but still lags OPEC
The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping, though it remains far less bullish than producer group OPEC. The Organization of the Petroleum-Exporting Countries (OPEC) and the IEA, which represents industrialised countries, have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supply.

Mar 15 - Non-OPEC+ to lead 2024 oil production growth, offsetting output cuts - EIA
Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday. The boost to supply comes as the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, this month agreed to extend voluntary output cuts of 2.2 million barrels per day in a bid to boost prices.

Mar 14 - OPEC says IEA commentary on oil security encouraging
Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook. The commentary by the IEA, which advises industrialised countries, follows clashes between it and OPEC in recent years over issues such as long-term demand and the need for investment in new supplies.

Mar 14 - US gasoline stockpiles slump more than forecast on rising demand - EIA
U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up processing while gasoline inventories slumped as demand rose, the Energy Information Administration (EIA) said on Wednesday. After six straight weeks of builds, crude inventories fell by 1.5 million barrels to 447 million barrels in the week ended March 8, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel rise.

Mar 13 - OPEC sticks to oil demand view, nudges up economic growth
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement. The Organization of the Petroleum Exporting Countries said in a monthly report that world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

Mar 13 - US raises domestic crude production growth forecast for 2024
The U.S. Energy Information Administration (EIA) on Tuesday predicted that domestic oil production will grow by 260,000 barrels per day (bpd) in 2024, up 90,000 barrels per day from its previous forecast, but said estimated production cuts from OPEC+ will still slow global oil growth. U.S. crude oil production will rise to 13.19 million barrels per day this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 170,000 bpd.

Mar 12 - US leads global oil production for sixth straight year - EIA
U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday. In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said.

Mar 12 - OPEC, IEA at most divided on oil demand since at least 2008
Producer group OPEC and the International Energy Agency, the world's most closely watched forecasters of oil demand growth, are further apart than they have been for at least 16 years in their views on fuel use, according to Reuters research. The gap between the IEA, which represents industrialised countries, and the Organization of the Petroleum Exporting Countries means the two are sending divergent signals to traders and investors on oil market strength in 2024 and, for the longer term, about the speed of the world's transition to cleaner fuels.

Mar 11 - Aramco hikes dividend 30% to $98 bln despite drop in profit
Saudi Arabia's state-owned oil giant Aramco boosted its dividend despite net profit falling 24.7% to $121.3 billion in 2023 on lower oil prices and volumes, showing the state's continued reliance on oil revenue as it seeks to diversify. The profit, down from $161.1 billion in 2022, was still the company's second-highest on record, Aramco said on Sunday as it reported total dividends for the year of $97.8 billion, up 30%. Oil revenues made up 62% of total state revenues last year.

Mar 11 - Chevron's CEO faces challenges of a lifetime with Hess bid
Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America’s biggest energy rivals. On Wednesday, Exxon filed anarbitration claim that could block Hess' proposed merger with Chevron. The sale includes Hess' 30% stake in a consortium that has discovered more than 11 billion barrels of oil in Guyana's Stabroek offshore block, which analysts say has potential recoverable oil at upwards of 20 billion barrels.

Mar 08 - IEA sees relatively well supplied oil market in 2024
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas, the head of the International Energy Agency's (IEA) oil markets and industry division told Reuters on Thursday. "Depending on the pace of oil demand growth going forward, the strength of summer demand, any unexpected outages, we see that the market (is) relatively well supplied this year," Toril Bosoni said on a sidelines of an industry conference in Oslo.

Mar 08 - China's crude oil imports rise on-year, but softer trend remains: Russell
China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, continuing a trend of softening purchases by the world's biggest buyer. Official customs data released on Thursday showed crude imports of 88.31 million metric tons in the January-February period, up 5.1% from the same period in 2023.

Mar 07 - China Jan-Feb crude imports rise on strong holiday travel demand
China's imports of crude oil rose 5.1% in the first two months of 2024 from a year earlier, data showed on Thursday, as refiners ramped up purchases to meet fuel sales during the Lunar New Year holiday. Imports during January and February amounted to 88.31 million metric tons, or about 10.74 million barrels per day (bpd), according to the General Administration of Customs.

Mar 07 - US Democrats urge antitrust regulator to probe oil, gas mergers
Nearly 50 Democrats in the U.S. Congress on Wednesday urged the Federal Trade Commission to probe oil and gas company deals and expand current investigations to protect consumers and industry competition. The industry went on a $250 billion buying spree in 2023, taking advantage of companies' high stock prices to secure lower-cost reserves. Exxon Mobil Chevron Corp, and Occidental Petroleum made acquisitions worth a total of $135 billion in 2023.

Mar 06 - Return of US oil sanctions would clip Venezuela's output gains, analysts say
A possible reimposition of U.S. oil sanctions on Venezuela next month would stagnate the OPEC-member country's crude output, wiping out the small gains it has achieved in recent years, analysts said on Tuesday. Washington said in January it will allow the expiry of a temporary license it granted last year to Venezuela as part of negotiations for a fair presidential election if the government does not allow an internationally observed election with participation of a candidate chosen by the opposition.

Mar 06 - Russia oil fleet shifts away from Liberia, Marshall Island flags amid US sanctions crackdown
Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials. The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S. sanctions enforcement.

Mar 05 - Reduced refining capacity, sanctions force Russia to cut oil output
Russia on Sunday announced additional voluntary cuts in oil supply mainly in the form of production cuts rather than exports, as it faced curtailed refining capacity as well as stricter sanctions, analysts said. Russia has declared plans to cut its oil output and exports by an additional 471,000 barrels per day (bpd) in April-June in coordination with some OPEC+ participating countries.

Mar 05 - Low volumes and profits herald soft Asia diesel market - Russell
Asia's exports of diesel slumped to a multi-year low in February, and while volumes may recover in March on rising shipments from China and India, it's likely prices will come under further downward pressure. A total of 6.6 million metric tons of diesel were exported from Asia in February, down from January's 8.13 million and the weakest monthly figure for at least two years, according to data compiled by LSEG Oil Research.

Mar 04 - OPEC+ producers extend oil output cuts to second quarter
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.

Mar 04 - Venezuela's February oil exports rise, but shipping delays persist
Venezuela's oil exports slightly increased in February to some 670,000 barrels per day (bpd), but ongoing shipping delays worsened a bottleneck of tankers waiting to load, according to documents and vessel monitoring data. State-run oil firm PDVSA's customers have rushed to send tankers to Venezuela in recent months to pick up crude and fuel before the United States potentially reimposes oil sanctions.

Mar 01 - OPEC February oil output rises on Libya rebound - Reuters survey
OPEC oil output in February has risen, a Reuters survey found on Thursday, as a recovery in Libyan production from disruption offset the impact of voluntary cuts by other members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.42 million barrels per day (bpd) this month, up 90,000 bpd from January, the survey found.

Mar 01 - Ample supply to hold down oil prices as Middle East risks pale
The Middle East conflict is unlikely to move the needle much in oil markets this year with ample global supplies reining prices in around the current $80 a barrel level, a Reuters poll showed on Thursday. A survey of 40 economists and analysts forecast Brent crude would average $81.13 per barrel in 2024, slightly down from the $81.44 consensus in January. U.S. crude forecasts were cut to $76.54 a barrel, from $77.26 last month.

Feb 29 - New sanctions threaten Russian oil sales to India
Fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude, and complicate efforts by Indian state refiners to secure annual supply deals, three industry sources familiar with the matter said. Washington on Friday imposed sanctions to mark the second anniversary of Moscow's invasion of Ukraine and retaliate for the death of opposition leader Alexei Navalny.

Feb 29 - Russia tries to clear Sokol oil glut with fresh China sales
Six tankers with Russian oil in ships sanctioned by the United States were sailing to Chinese ports this week, but it wasn't clear if they would be allowed to discharge, according to LSEG, Kpler, Vortexa shipping data and two industry sources. Were China to buy oil in the tankers it would help alleviate one of the worst gluts of Russian oil in the last two years caused by payment issues amid Western sanctions imposed on Russia due to its military actions in Ukraine.

Feb 28 - OPEC+ to consider extending voluntary oil output cuts, sources say
OPEC+ will consider extending voluntary oil output cuts into the second quarter, three OPEC+ sources told Reuters, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them. Last November, the Organization of the Petroleum Exporting Countries and allies led by Russia agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter this year, led by Saudi Arabia rolling over its own voluntary cut.

Feb 28 - Oil and gas upstream M&A deal value hits highest Q1 levels since 2017
An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said. Deals worth more than $55 billion have been announced in the first two months of 2024, according to analytics firm Enverus, as publicly traded companies take advantage of their high share price to gobble up smaller firms.

Feb 27 - US crude stocks likely seen up last week, products seen down
U.S. crude inventories rose last week, while distillates and gasoline stockpiles were seen falling, a preliminary Reuters poll showed on Monday. Three analysts polled by Reuters estimated on average that crude inventories rose by about 1.8 million barrels in the week to Feb. 23.

Feb 27 - Chevron, Exxon in dispute over Hess stake in Guyana oil block
Exxon Mobil Corp said on Monday it may preempt Chevron Corp's acquisition of a 30% stake in a giant Guyana oil block, the centerpiece of its deal for Hess Corp. The companies are in talks on Exxon's claim it has a right to first refusal of any sale of the Stabroek block, a giant field off the coast of Guyana that contains at least 11 billion barrels of oil.

Feb 26 - US drillers add most oil rigs in a week since November
U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and gas rig count, an early indicator of future output, rose by five to 626 in the week to Feb. 23, its highest since August 2023.

Feb 26 - US imposes sanctions on Russia's leading tanker group Sovcomflot
The U.S. has imposed sanctions on Russia's leading tanker group Sovcomflot as Washington seeks to reduce Russia's revenues from oil sales it can use to support the invasion of Ukraine, the Treasury Department said on Friday.  Russia is one of he world's top oil exporters and the sanctions were the latest in an effort by Western countries to add costs on the shipping of its crude oil and oil products while keeping the petroleum flowing to global markets.

Feb 23 - US crude stockpiles rise, products draw on low refining rates – EIA
U.S. crude oil stockpiles rose last week, while gasoline and distillate inventories fell as refinery maintenance and outages kept activity low, the Energy Information Administration said on Thursday. Crude inventories rose by 3.5 million barrels to 442.9 million barrels in the week ending Feb. 16, the EIA said, compared with analysts' expectations in a Reuters poll for a 3.9 million-barrel rise.

Feb 23 - US approves E15 gasoline sales expansion in Midwest starting 2025
The U.S. government said on Thursday it approved a request from Midwestern governors allowing expanded sales of gasoline with higher blends of ethanol in their states, starting in 2025. Reuters had exclusively reported the impending announcement earlier this week. The government currently restricts sales of E15 gasoline, or gasoline with 15% ethanol, in summer months due to environmental concerns over smog, though the biofuel industry says those concerns are unfounded.

Feb 22 - US oil refiners cut run-rates to lowest level in two years
U.S. oil refiners this quarter have extensive outages that will cut overall plant utilization rates to the lowest levels in the past two years, according to executive comments and analysts' forecasts. The industry has been running nearly full-bore since 2022 when travel and fuel demand rebounded from depressed COVID-19 levels. The high run-rates and relatively stable oil prices have been a boon for industry profits.

Feb 22 - Western Hemisphere oil output surges, with a helping hand from OPEC - Kemp
Oil producers in the Western Hemisphere have captured all the increase in global oil consumption over the last decade, reversing the previous trend towards production becoming concentrated in the Eastern Hemisphere. With consumption growth increasingly focused on the Eastern Hemisphere, the predominant east-to-west flow of crude oil and refined products across the oceans has been reversed, transforming the energy security picture.

Feb 21 - Biden administration to approve E15 gasoline expansion starting in 2025, sources say
The White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol, but will push the start date into next year, two sources familiar with discussions said. The decision will likely be bittersweet for the biofuel industry, which wants to expand sales of corn-based ethanol but might be frustrated by the 2025 start date.

Feb 21 - Prompt US crude futures jump to steep premium over later-dated contracts
The premium for prompt U.S. crude futures to the second-month contract more than doubled on Tuesday, hitting a high of $1.90 a barrel - its widest level in roughly four months. The structure, known as backwardation, occurs when the front-month contract is at a premium to later-dated contracts and can indicate tightness in the market. It gives energy companies little incentive to pay to store their product for future months, but rather to sell while prices are firmer.

Feb 20 - Saudi crude exports dipped in December after three months of gains
Saudi Arabia's crude oil exports in December fell for the first time in four months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter fell 0.4% to 6.308 million barrels per day (bpd), down from 6.336 million bpd in November.

Feb 20 - Some stranded Russian Sokol oil cargoes begin to move to China, India
Three tankers with Russian Sokol oil that had been stranded at sea due to payment problems and Western sanctions have started to move towards China and India, data from Kpler and LSEG showed on Monday. The backlog of Sokol tankers has become the biggest disruptions to Russia's oil trade since the West imposed sanctions on Moscow over its military actions in Ukraine.

Feb 19 - US refinery M&A stalls as buyers shun aging assets, uncertain future
The U.S. oil industry saw nearly $200 billion in upstream deals last year, but the refining sector missed out despite plenty of willing sellers as the energy transition away from fossil fuels accelerates and casts doubt over the long-term value of aging U.S. refineries. The growing number of operators looking to sell assets reflects the hope that a post-pandemic surge in margins - which for some products nearly quadrupled in 2022 - might have opened up a rare window to exit assets profitably.

Feb 19 - Second Trump presidency would axe Biden climate agenda, gut energy regulators
U.S. President Joe Biden has spent years implementing programs to fight climate change by advancing renewable energy and imposing tougher regulations on fossil fuels. Much of that work could go up in smoke if his likely rival Donald Trump beats him at the polls in November, according to Republican policy advisers.

Feb 16 - Oil demand growth slowing as non-OPEC supply expands, says IEA
Global oil demand growth is losing momentum, the International Energy Agency (IEA) said on Thursday as it trimmed its 2024 growth forecast, in sharp contrast to the view held by producer group OPEC. The IEA, which represents industrialised countries, has predicted that oil demand will peak by 2030 as the world shifts to cleaner energy. OPEC, meanwhile, expects oil use to keep rising for the next two decades.

Feb 16 - Going green at 50? IEA climate pivot debated at anniversary meeting
Energy ministers, oil executives and green investors gathered this week to mark a half-century since the formation of the International Energy Agency and to assess its new role as the world's shepherd toward a green future from a fossil fuel past. The industrialised world's energy watchdog has shifted its focus on traditional oil and gas supply security to championing renewables and climate action — and for some at the gathering, this undermines its role as an impartial energy authority.

Feb 15 - UK and Japan slip into recession (Reuters)

- Britain's economy fell into a recession in the second half of 2023, a tough backdrop for Prime Minister Rishi Sunak who has promised to boost growth ahead of an election expected later this year. The GDP contracted by a worse-than-expected 0.3% in the three months to December, official data showed.

- Britain is not alone. Japan also slipped into a recession at the end of last year, losing its title as the world's third-biggest economy to Germany and raising doubts about when the central bank would begin to exit its ultra-loose monetary policy. The GDP fell an annualized 0.4% in the October-December period.

Feb 15 - Oil majors rejigger portfolios with $30-per-barrel price in mind
Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry's future. Investors have not returned to oil stocks despite recent high earnings. Even the world’s lowest-cost oil producer, Saudi Aramco, has joined the rush to cut costs.

Feb 15 - China-, US-led global refill of depleted oil stocks seen buoying demand
A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes. Heavily depleted by supply disruptions wrought by sanctions on Russia in the middle of 2022, as well as protracted OPEC+ output cuts, global oil inventories have barely recovered with traders unable to justify the costs for storing oil.

Feb 14 - OPEC sticks to oil demand view, sees better economic growth
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and raised its economic growth forecasts for both years saying there was further upside potential. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

Feb 14 - Why Endeavor Energy's founder sold his company after years of rebuffing offers
For years, Endeavor Energy founder Autry Stephens' refusal to entertain acquisition offers for one of the most lucrative producers in the U.S. oil patch vexed some of his peers. "It's not for sale, it hasn't been for sale, it's probably not going to ever sell," Pioneer Natural Resources' former CEO Scott Sheffield, a contemporary of Stephens, told a Barclays energy conference in 2021 about his interest in buying Endeavor.

Feb 13 - Saudi Aramco starts trading US crude that helps set Brent oil benchmark
Saudi state oil company Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said on Monday. Aramco, the world's largest oil company, has been expanding its trading activity. The company could not immediately be reached for comment on Monday after Saudi business hours.

Feb 13 - US oil output from top shale regions to rise in March - EIA
U.S. oil output from top shale-producing regions will rise in March to its highest in four months, the U.S. Energy Information Administration (EIA) said on Monday in its monthly Drilling Productivity Report. Production from the top basins will rise by nearly 20,000 barrels per day (bpd) to 9.7 million bpd, its highest since December, the EIA said.

Feb 12  - Diamondback, Endeavor Energy in talks to create $50 billion company, sources say
U.S. shale oil rivals Diamondback Energy and Endeavor Energy Resources are close to finalizing a roughly $25 billion cash-and-stock deal that would create an oil and gas company valued at more than $50 billion, sources said on Sunday. Diamondback could announce a transaction as soon as Monday that would give its shareholders more than half of the combined companies, the people said, which would become the largest, pure-play oil producer in the Permian shale field.

Feb 12  - Premium of US oil over natgas hits 11-year high on natgas price plunge
The collapse of U.S. natural gas prices this week elevated the oil-to-gas ratio to its highest since May 2012, which should prompt energy firms to drill for more oil and less gas. Gas prices collapsed to a three-year low for a third day in a row on Friday, having fallen by 28% so far this year, on near record output and as mostly warmer-than-normal weather this winter depressed demand for heating.

Feb 09 - US oil refiners beat Wall Street bets, expect demand to grow in 2024
Major U.S. fuelmakers beat Wall Street's earnings expectations in the fourth quarter on strong refining margins and operating performance, and they predicted profits would rise again this year thanks to global demand growth. For 2023, three of the biggest U.S. independent refiners - Marathon Petroleum, Phillips 66, and Valero Energy - posted combined adjusted earnings of $25.7 billion. While that beat forecasts, it was down from combined profits of $33.9 billion in 2022, when market disruptions from sanctions on Russia's energy industry drove record earnings.

Feb 09 - Russia's refinery damage casts doubt on OPEC+ supply cut commitments
Damage to refineries from drone attacks and technical outages led Russia to export more crude than it planned in February, potentially undermining its pledge to curb sales under an OPEC+ pact. Under the deal with the OPEC+ group of leading oil producers Russia is capping its crude oil production at 9.5 million barrels per day (bpd). It is also voluntarily reducing exports of crude oil and fuel by 300,000 bpd and 200,000 bpd of fuel respectively from the average May-June level.

Feb 08 - Big Oil offers record returns to lure investors back
Big Oil firms are handing shareholders more money than ever and are promising more going forward in an attempt to reassure investors of their discipline and resilience in the face of an uncertain outlook for fossil fuels. The top five Western oil and gas firms -BP, Chevron, Exxon Mobil, Shell and TotalEnergies - returned to shareholders over $111 billion in dividends and share repurchases in 2023, according to Reuters calculation.

Feb 08 - U.S. Permian deal frenzy dims U.S. oil output growth prospects for 2024
Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers. Reduced growth in the Permian, the largest U.S. oilfield, will be a drag on overall gains in U.S. production. The slowdown comes even as output cuts from the Organization of the Petroleum Exporting Countries and allies (OPEC+) have supported prices, giving an incentive for non-OPEC+ producers to pump more.

Feb 07 - Growth in US crude production to slow sharply in 2024, EIA says
The U.S. Energy Information Administration (EIA) on Tuesday cut its forecast for domestic oil growth in 2024 by 120,000 barrels per day (bpd) to 170,000 bpd, sharply lower than last year's output increase of 1.02 million bpd. U.S. crude oil production will rise to 13.21 million barrels per day (bpd) this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 290,000 bpd.

Feb 07 - US crude oil exports to Asia dip in January on high freight rates
U.S. crude oil exports to Asia tumbled to 1 million barrels per day in January, the lowest in over two years as high freight rates and more competitively-priced Middle Eastern oils slashed shipments. A surge in supertanker freight rates made it expensive to ship to Asia at the start of the month, particularly to China.

Feb 06 - Saudi Arabia keeps Arab Light crude price to Asia unchanged in surprise move
Top oil exporter Saudi Arabia unexpectedly kept March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the OPEC leader strives to maintain its market share. Saudi Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at $1.50 a barrel over the Oman/Dubai average, same level as the previous month. The state oil giant made its biggest cut on the OSP in 13 months for February cargoes to a 27-month low amid competition from rival suppliers.

Feb 06 - Exxon shareholder proposal withdrawal may end lawsuit: judge
Exxon Mobil told a federal judge on Monday that the lawsuit it filed against two shareholder activists should continue even after the groups withdrew a climate resolution, as the largest U.S. energy company tried to keep the suit going despite a skeptical comment from the court. Exxon's filing came in response to an order issued on Friday in which U.S. District Judge Mark Pittman told Exxon to file a status update "on or before" Monday as to what claims or issues remain before the court.

Feb 05 - Venezuela's January oil exports fell 25% amid outages at terminal
Venezuela's exports of crude and refined products fell by 25% in January to some 624,000 barrels per day (bpd) as power outages hit the main oil export terminal, according to vessel tracking data and internal documents from state oil firm PDVSA. The U.S. this week said it would reimpose energy sanctions in April if President Nicolas Maduro's administration does not stick to a deal to accept conditions for a fair presidential election. Analysts said this would hurt the country's ability to collect cash from its crude exports.

Feb 05 - Exxon pursues lawsuit despite activist investor climb-down
Exxon Mobil said Friday it will continue to pursue a lawsuit against two activist investors even after they withdrew a shareholder proposal on climate change, setting up a clash over what constitutes legitimate debate between a public company and its owners. Exxon had taken the rare step in January of filing the lawsuit to block the shareholder measure from being voted on at its annual meeting.

Feb 02 - OPEC+ to review oil cut extension in March, ministers leave policy unchanged
OPEC+ will decide in March whether or not to extend voluntary oil production cuts in place for the first quarter, two OPEC+ sources said on Thursday after a ministerial panel meeting made no changes to the group's output policy. Last November, OPEC+ agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first quarter of this year led by Saudi Arabia rolling over a 1 million bpd voluntary reduction.

Feb 02 - Power loss forces BP to shut biggest US Midwest refinery
BP was purging its 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery of hydrocarbons on Thursday after a transformer failure caused a plant-wide power outage and forced an evacuation of all but the most essential workers, said people familiar with plant operations. It is not yet clear how long it will take BP to restart the refinery, which is the company's largest in North America and the biggest in the Midwest, said the two sources, who were not authorized to speak publicly.

Feb 01 - Shell's 2023 profit falls 30% to $28 billion, dividend boosted
Shell reported a 2023 profit of $28 billion, down 30% from the previous year's record as oil and gas prices cooled, still allowing the firm to increase its dividend by 4% and extend its share repurchases. Shell posted fourth-quarter adjust earnings, its definition of net profit, of $7.3 billion, exceeding analysts' expectations of $6 billion profit but down from a record $9.8 billion a year earlier.

Feb 01 - Russian oil flows through Red Sea still face lower risks
Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data. Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported more to Europe.

Jan 31 - Saudi Arabia orders Aramco to lower oil capacity target
Saudi Arabia's government on Tuesday ordered state oil company Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020. Saudi Arabia for decades has been the main holder of the world's only significant spare oil capacity, providing a safety cushion for global supplies in case of major disruptions caused by conflict or natural disasters.

Jan 31 - Return of US oil sanctions on Venezuela to hit revenue, fuel imports
A reimposition of U.S. sanctions on Venezuela's oil and gas sectors would hurt the OPEC country's ability to collect cash from its oil exports, crimp new energy investments and raise the risks of domestic fuel scarcity, analysts and executives said. Washington this week ordered a wind down of all business transactions between U.S entities and Venezuela's state miner Minerven, and said it would unwind in April its easing of energy sanctions if President Nicolas Maduro's administration does not stick to an agreement signed last year to accept conditions for a fair presidential election.

Jan 30 - Russia's Urals oil rises above $60 Western price cap as Brent strengthens
Russia's Urals oil price rose above the $60 a barrel cap imposed by Western nations on Monday as Brent climbed, while freight rates were relatively soft despite new U.S. sanctions and rising tensions in the Red Sea, traders said and Reuters calculations showed. The U.S., other Group of Seven (G7) countries and Australia imposed the cap last year, seeking to reduce Russia's revenue from seaborne oil exports as part of sanctions prompted by its invasion of Ukraine.

Jan 30 - California and Big Oil are splitting after century-long affair
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. The two largest U.S. oil producers, Exxon Mobil and Chevron, will formally disclose a combined $5 billion writedown of California assets when they report fourth-quarter results.

Jan 29 - Trafigura assesses Red Sea risks after tanker attacked by Houthis
Commodities trader Trafigura said on Saturday it was assessing the security risks of further Red Sea voyages after firefighters put out a blaze on a tanker attacked by Yemen's Houthi group a day earlier. The U.S. military said a U.S. Navy ship and other vessels provided assistance after the Marlin Luanda was hit by a Houthi anti-ship missile.

Jan 29 - OPEC+ unlikely to decide oil policy on Feb 1, will wait several weeks
OPEC+ will likely decide its oil production levels for April and beyond in the coming weeks, OPEC+ sources said, adding that a meeting of a key ministerial panel next Thursday would take place too early to take decisions on further output policy. Leading ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, will meet online.

Jan 26 - Ukrainian drones hit Rosneft refinery in Russia
Ukrainian drones attacked a Rosneft-owned oil refinery in southern Russia in the latest such strike on Russian energy infrastructure, a Ukrainian source said on Thursday. Local officials in Russia said there was a fire overnight at the export-oriented unit in the town of Tuapse, but it was extinguished.

Jan 26 - Valero Energy's Q4 profit beat Wall Street estimates
Refiner Valero Energy's fourth quarter earnings beat Wall Street estimates on better than expected results from refining and ethanol production, the company said on Thursday. Overall results in the fourth quarter of 2023 fell. Results pulled back from record levels touched in 2022 following Russia's invasion of Ukraine.

Jan 25 - US crude stockpiles slump, gasoline builds amid winter storms - EIA
U.S. crude oil stockpiles slumped while gasoline inventories jumped last week after winter weather hit crude production and imports, refining, and demand for fuel, the Energy Information Administration said on Wednesday. Crude inventories fell by 9.2 million barrels to 420.7 million barrels in the week ending Jan. 19, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel draw.

Jan 25 - IEA to expedite 2025 oil demand forecast after OPEC's early move
The International Energy Agency plans to bring forward publication of its first 2025 oil demand forecast in its monthly report by two or three months to April, the agency told Reuters, after OPEC expedited its forecast by six months. "We plan to publish the 2025 forecast in April as opposed to June/July previously," Toril Bosoni, head of the IEA's Oil Industry and Markets Division, told Reuters in response to an emailed question.

Jan 24 - Halliburton tops profit estimates, upbeat on overseas growth
Halliburton beat quarterly profit expectations on Tuesday, helped by strength in its drilling and evaluation business, especially in overseas markets, sending its shares up more than 2%. With a better economic environment and acreages internationally, oilfield services are setting their sights outside the United States to grow, with the North American segment dominated by higher efficiencies but fewer wells.

Jan 24 - US oil and gas dealmaking reaches fever-pitch in 2023, Enverus says
Blockbuster takeovers by oil and gas majors pushed the value of U.S. energy dealmaking last year to a record $192 billion, more than triple the amount in 2022, according to data from analytics firms Enverus on Tuesday. Acquisitions in the Permian shale basin straddling West Texas and New Mexico, the largest U.S. oilfield, soared in the last two years as oil prices jumped on strong demand after Russia's invasion of Ukraine and producers sought producing wells to guarantee future supplies.

Jan 23 - Sunoco to buy NuStar Energy in $7.3 billion deal
Sunoco said on Monday it would acquire fuels storage and pipeline operator NuStar Energy in a deal valued at about $7.3 billion including debt, as it tries to diversify its core business beyond distribution of motor fuels. The equity portion of the deal comes up to $2.99 billion, and NuStar's shareholders stand to receive 0.400 of a Sunoco share for each NuStar unit they hold, valuing Sunoco's shares at $23.78. That represents a premium of 31.9% to NuStar's last closing price.

Jan 23 - Saudi Arabia's November crude exports hit 5-month high
Saudi Arabia's crude oil exports in November climbed to their highest level in five months and marked a third straight rise, data from the Joint Organizations Data Initiative showed on Monday. Crude exports from the world's largest oil exporter rose 0.6% to 6.336 million barrels per day (bpd) from 6.297 million bpd in October.

Jan 22 - Russia suspends operations at fuel export terminal after suspected Ukrainian drone attack
Russian energy company Novatek said on Sunday it had been forced to suspend some operations at a huge Baltic Sea fuel export terminal due to a fire started by what Ukrainian media said was a drone attack. The giant Ust-Luga complex, located on the Gulf of Finland about 170 km (110 miles) west of St. Petersburg, is used to ship oil and gas products to international markets.

Jan 22 - Europe, Africa crude market tightens on Red Sea disruptions, China demand
The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts. The disruptions have combined with other factors such as outages and rising Chinese demand to increase competition for crude supply that does not have to transit the Suez Canal, and analysts say this is most evident in European markets.

Jan 19 - Two diverted oil tankers enter Red Sea but disruptions continue
Two oil tankers that had diverted away from the Red Sea have turned back and passed through the Bab al-Mandab Strait, ship-tracking data shows, though tensions in the region continued to disrupt global shipping and trade. The vessels' return, as tracked by LSEG and Kpler, comes nearly a week after the United States and Britain launched strikes against Houthi positions in Yemen in retaliation for the militant group's protracted attacks on commercial shipping since November.

Jan 19 - US crude stockpiles fall more than expected on strong refiner demand - EIA
U.S. crude oil stockpiles fell more than expected last week on strong demand from refineries, while gasoline and distillate inventories rose to multi-year highs, the Energy Information Administration said on Thursday. Crude inventories fell by 2.5 million barrels to 429.9 million barrels in the week ended Jan. 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 313,000-barrel draw.

Jan 18 - In first look at 2025, OPEC expects robust oil demand growth
OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a robust increase in oil use, led by China and the Middle East, in a surprise early prediction. The 2025 forecast is in line with the Organization of the Petroleum Exporting Countries' view oil use will keep rising for the next two decades, in contrast to bodies such as the International Energy Agency, which predicts it will peak by 2030 as the world shifts to cleaner energy.

Jan 18 - IEA's Birol predicts 'comfortable' oil market despite Red Sea disruption
The IEA expects oil markets to be in a "comfortable and balanced position" this year, despite Middle East tensions amid a rising supply and slowing demand growth outlook, its executive director Fatih Birol told the Reuters Global Markets Forum on Wednesday. "If we don't see any major geopolitical surprises, I expect this year a comfortable oil market, a more balanced oil market," the International Energy Agency's Birol said on the sidelines of the WEF's annual meeting in Davos.

Jan 17 - Deep freeze hits US oil industry from North Dakota to Texas
A severe winter storm shut a U.S. Gulf Coast refinery in Texas on Tuesday, triggered malfunctions at others and halved North Dakota oil production as it dumped snow and rain across a broad swath of the nation. TotalEnergies' 238,000 barrel-per-day refinery in Port Arthur, Texas, was examining units after a plantwide power outage on Tuesday morning as a winter storm brought frigid temperatures to the U.S. Gulf Coast, sources familiar with the company's operations said.

Jan 17 - BP names Auchincloss permanent CEO
BP on Wednesday named Murray Auchincloss permanent CEO, four months after he was given the interim job following the sudden resignation of Bernard Looney over undisclosed relationships with employees. Auchincloss, who headed BP's finances under Looney, indicated he will continue a strategy aimed at slashing carbon emissions, building up its renewables and clean fuel capacity and cutting oil and gas output by 2030.

Jan 16 - More oil tankers shun southern Red Sea after US-led strikes in Yemen
At least six more oil tankers were steering clear of the southern Red Sea on Monday, as disruptions increase on the vital route for energy shipping in the wake of U.S.-led strikes against Houthi targets in Yemen. Following the U.S. and British strikes, the U.S.-led Combined Maritime Forces based in Bahrain on Friday warned all ships to avoid the Bab al-Mandab Strait at the south end of the Red Sea for several days, tanker body INTERTANKO said.

Jan 16 - Russia's NORSI refinery may halve high-octane gasoline output after outages – sources
Lukoil's NORSI oil refinery in Nizhny Novgorod may halve high-octane gasoline output after an emergency stoppage at one of two plant's catalytic cracking unit, industry sources said on Monday. Russian news agencies later issued contradictory reports on Russian authorities' response to the incident at Lukoil's plant.

Jan 15 - Trans Mountain oil pipeline change approved by Canadian regulator
The Canada Energy Regulator on Friday approved a request for a change in construction for the final stretch of the Trans Mountain oil pipeline expansion project, clearing the path for its completion early this year. The C$30.9-billion expansion will nearly triple the flow of crude on Trans Mountain from Alberta to Canada's Pacific Coast but has been plagued by years of delays and cost overruns.

Jan 15 - North Dakota oil output off by up to 280,000 bpd due to cold weather - Pipeline Authority
North Dakota oil production has fallen by an estimated 250,000 to 280,000 barrels per day due to freezing weather, while natural gas output in the state declined by 700 million to 800 million cubic feet per day, the North Dakota Pipeline Authority estimated on Sunday. An Arctic blast is blanketing much of the United States, driving up power demand but also straining supplies as frigid temperatures curtail some oil and gas production. Power and gas supply disruptions have already occurred in parts of the country, including an outage on a natural gas pipeline in the Northwest over the weekend.

Jan 12 - Iran seizes oil tanker involved in U.S.-Iran dispute in Gulf of Oman
Iran seized a tanker with Iraqi crude destined for Turkey on Thursday in retaliation for the confiscation last year of the same vessel and its oil by the U.S., Iranian state media reported, a move likely to stoke regional tensions. The seizure of the Marshall Islands-flagged St Nikolas coincides with weeks of attacks by Yemen's Iran-backed Houthi militias targeting Red Sea shipping routes.

Jan 12 - China's 2023 crude oil imports hit record as fuel demand recovers
China's annual crude oil imports hit an all-time high in 2023, customs data showed, as fuel demand recovered from a pandemic-induced slump despite economic headwinds. China imported 11% more crude oil last year versus 2022 at 563.99 million metric tons, equivalent to 11.28 million barrels per day, up from a previous record of 10.81 million bpd in 2020, data from the General Administration of Customs showed.

Jan 11 - US oil stockpiles rise more than forecast, distillates build to Sept 2021 high
U.S. crude oil stockpiles rose unexpectedly last week and fuel inventories grew by more than expected, with distillates building to their highest level in over two years, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.3 million barrels in the week ended Jan. 5 to 432.4 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 700,000-barrel drop.

Jan 11 - Surging tanker rates close the door on US crude oil shipments to Asia
The economic incentive to import oil from the U.S. Gulf Coast to Asia has closed as the cost of booking supertankers on the route has surged amid a jump in bookings for the vessels, traders said this week. With the arbitrage for U.S. shipments closed, Asian refiners may make up some of the difference with similar Middle Eastern crude oil after top regional producer Saudi Arabia cut their sales prices for February, which is expected to carry over to other regional crudes.

Jan 10 - US oil output to touch a record high in 2024, but growth will slow - EIA
U.S. crude production will hit records over the next two years but grow at a slower rate, the U.S. Energy Information Administration said on Tuesday, as efficiency gains offset a decline in rig activity. The rise in U.S. output comes as the Organization of the Petroleum Exporting Countries and its allies are cutting their own output in a bid to boost oil prices.

Jan 10 - Indian refiners set to ask for extra Saudi oil after sharp price cut
Two Indian state refiners are seeking to boost imports of Saudi crude oil after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months, company sources said. Indian Oil, the country's top refiner, and Bharat Petroleum, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February, the sources said.

Jan 09 - US judge clears way for more Venezuela creditors to join Citgo auction
A U.S. judge on Monday granted a large group of Venezuela-linked creditors rights to participate and receive proceeds from a coming auction of shares in the parent of Houston-based refiner Citgo Petroleum. A precedent-setting lawsuit by Canadian miner Crystallex Corp formally tied Venezuela-owned Citgo to the South American country's debts and opened the door to some $24 billion in claims being applied to the refining firm through an auction of shares in a Citgo parent whose only asset is the oil refiner.

Jan 09 - Oil tankers continue Red Sea movements despite Houthi attacks
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed. The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage.

Jan 08 - Saudi Arabia cuts Feb Arab Light crude price to Asia to 27-month low
Top oil exporter Saudi Arabia on Sunday cut the February price of its flagship Arab Light crude to Asian customers to the lowest level in 27 months, a company statement showed, amid competition from rival suppliers and concerns about supply overhang. Saudi Aramco slashed the official selling price (OSP) for February-loading Arab Light to Asia by $2 a barrel from January to $1.50 a barrel over Oman/Dubai quotes, a level last seen for November 2021.

Jan 08 - Iran's oil trade with China stalls as Tehran demands higher prices
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said. The cutback in Iranian oil, which makes up some 10% of China's crude imports and hit a record in October, could support global prices and squeeze profits at Chinese refiners.

Jan 05 - US fuel inventories surge as refiners boost runs, post holiday lull
U.S. gasoline and distillate inventories posted large builds last week as demand slipped, while crude stocks fell more than expected, the Energy Information Administration said on Thursday, news that sank prices for crude, gasoline and heating oil. U.S. gasoline stocks rose by 10.9 million barrels, the largest build since May 1993, to 237 million barrels in the week to Dec 29, the EIA said, compared with analysts' expectations in a Reuters poll for a 215,000 barrel drop.

Jan 05 - APA to acquire rival Callon Petroleum in $4.5 billion deal
U.S. oil producer APA said on Thursday it was buying rival Callon Petroleum in an all-stock transaction valued at $4.5 billion including debt, following on the heels of a record year for dealmaking in the largest U.S. shale field. Callon's assets will add heft to APA's operations in the Permian shale basin of West Texas and New Mexico, with about 145,000 drilling acres that puts nearly 64% of APA's production in the United States.

Jan 04 - Venezuela's 2023 oil exports rose, aided by US sanctions easing
Venezuela's oil exports increased 12% last year to almost 700,000 barrels per day (bpd) as the United States eased sanctions imposed since 2019 on the OPEC country's energy sector, according to data and documents viewed by Reuters. The increase shows the impact of sanctions relaxation on the country's oil exports, and the degree to which further gains could remain limited by the need for stable policies and capital to rebuild Venezuela's crude production, which rose at a slower rate than exports last year.

Jan 04 - OPEC+ promises unity as group plans monitoring meeting
OPEC said on Wednesday cooperation and dialogue within the wider OPEC+ producer alliance will continue, after OPEC member Angola last month said it would quit, and that it plans a Feb. 1 meeting to review implementation of its latest oil output cut. Continued cooperation within the Organization of the Petroleum Exporting Countries and allies such as Russia will benefit "all producers, consumers and investors, as well as the global economy at large," OPEC said in a statement.

Jan 03 - Saudi Arabia may cut Feb Arab Light price premium to one-year low
Saudi Arabia may slash price premiums on all crude grades it sells to Asia in February to one-year-lows despite the escalation of tensions in the Red Sea, as concerns intensify that supply may outpace demand. The world's top oil exporter could cut the official selling price (OSP) for its flagship Arab Light crude over Oman/Dubai crude quotes by about $1.70 a barrel in February from the previous month, according to five refining sources surveyed by Reuters, which would be the grade's lowest premium in a year.

Jan 03 - OPEC+ set to hold monitoring meeting in early February
OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee in early February, though an exact date has not been decided, three sources from the alliance said. OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies led by Russia, usually holds such meetings every two months to monitor the implementation of its production agreements.

Jan 02 - China issues 2024 crude import quotas, 60% more than year earlier – trade
China has released 179.01 million metric tons of crude import quotas for 2024, according to Chinese industry consultancies and trade sources on Tuesday, 60% more than the previous year. Fourty-one companies, mostly independent refiners, were given the fresh quotas, with some of them allotted full-year allowances, trade sources and consultancy JLC and Longzhong said. The quota issued in January last year was 111.82 million tons.

Jan 02 - ExxonMobil hands over operations at West Qurna 1 oilfield to PetroChina
U.S. energy giant ExxonMobil Corp has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, a deputy oil minister told Reuters on Monday. Senior Iraqi oil officials met with executives from ExxonMobil, PetroChina and Basra Oil Co on Monday at the West Qurna 1 field near Basra to mark Exxon's complete exit and the handover of its operations to PetroChina.