Oil Product

Dec 12 - U.S. expected to end 2018 as world's top oil producer - EIA 

U.S. crude oil output growth was expected to slow slightly for this year compared with previous forecasts, the Energy Information Administration said on Tuesday, but at a record 10.88 million barrels per day, the nation will end 2018 as the world's top producer. Output this year was forecast to rise 1.53 million bpd to 10.88 million bpd, down from the EIA's previous estimate of an increase of 1.55 million bpd. The current all-time U.S. annual output peak was in 1970 at 9.6 million bpd, according to federal energy data. Click here to read full stories.

Dec 12 - Russia sees modest oil output cuts in January 

Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January, its energy minister said on Tuesday, less than its final target under a global production deal reached last week, aiming for gradual, smooth reductions. This would mean Russian oil output coming in at around 11.35 million bpd next month, off the post Soviet-record high of 11.41 million bpd reached in October and down from 11.37 million bpd last month. Click here to read full stories.

Dec 12 - Oil traders eye Cushing builds as Sunrise startup shifts flows 

The sooner-than-expected startup of the extended Sunrise oil pipeline system in west Texas has shifted flows of crude and boosted inventories in Cushing, Oklahoma, close to a one-year high, with traders now bracing for builds into next year. Full pipelines have kept crude trapped in west Texas, but the startup of Plains All American's extended Sunrise pipeline in November has helped send more crude from the Permian basin into Cushing, the delivery point for U.S. crude futures. Click here to read full stories.

Dec 12 - Saudi Aramco, ADNOC's India refinery project delayed by 2 years 

India has delayed the commissioning of a giant refinery that state-owned firms are building in tie up with Saudi Aramco and Abu Dhabi National Oil Co (ADNOC) by two year to 2025, a senior official at the consortium told Reuters on Tuesday. The planned 1.2 million barrels per day (bpd) coastal refinery in western Maharashtra state slated to commission in 2023, according to the website of Ratnagiri Refinery & Petrochemicals Ltd (RRPL), the joint-venture company executing the project. Click here to read full stories.

Dec 11 - Russia to cut oil output by at least 50,000-60,000 bpd in Jan: minister 

Russian Energy Minister Alexander Novak said on Tuesday that Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January under a global production deal reached last week. Novak added that Russia plans to cut its oil output gradually.Click here to read full stories.

Dec 11 - OPEC and non-OPEC cooperation deal to be signed in three months - UAE 

A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday. "By (the) end of March the document will be ready for signature," Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.  Click here to read full stories.

Dec 11 - Militia forces Libya's NOC to declare force majeure on biggest oilfield 

Libya's National Oil Company (NOC) on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd) at its biggest oilfield, and an additional loss of 73,000 bpd at the El Feel oilfield. Click here to read full stories.

Dec 11 - Iran keeps crude prices in Asia at wide discounts against Saudi oil in January 

Iran has set the official selling price (OSP) of its Iranian Light grade for its Asian buyers at 30 cents above the Platts Oman/Dubai average for January, $1 lower than the previous month, a price document reviewed by Reuters showed on Tuesday. The producer has also cut prices for the other three crude grades it sells to Asia. Click here to read full stories.

Dec 11 - China set to triple its ethanol production capacity -govt researcher 

China is set to more than triple its ethanol production capacity by 2020, a government researcher said on Tuesday, with demand for the commodity expected to surge as the country shifts towards cleaner fuels. The nation is currently building or seeking approval for new ethanol plants with capacity to produce 6.6 million tonnes of the biofuel a year, Dou Kejun, a researcher at the China National Renewable Energy Centre, told an industry event in the country's south. Click here to read full stories.

Dec 11 - China's commodity import volume surge tells a different tale to slack value growth: Russell 

The prevailing market narrative after China's overall November trade data was that the world's second-biggest economy is softening and starting to show the strains of the trade dispute with the United States. After all, both imports and exports undershot forecasts for the month. Click here to read full stories.

Dec 11 - Oil margin pressure takes shine off Trafigura's annual profits 

Global commodity trader Trafigura Group reported its lowest annual net profit in eight years on Monday as a drop in oil trading margins offset a strong performance by its metals and minerals division. Traded volumes at its metals division increased by 37 percent in the financial year that ended on Sept. 30, mainly in coal, which had a "surprisingly strong" year, the company said. Click here to read full stories.

Dec 11 - Hedge funds cut bullish U.S. crude bets to two-year low - CFTC 

Hedge funds and other money managers cut their bullish wagers on crude to the lowest in more than two years in the week ending Dec. 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group cut its combined futures and options position in New York and London by 25,619 contracts to 144,775 during the period. The level is the lowest since Sept. 20, 2016. Click here to read full stories.

Dec 11 - Oil traders focus on deteriorating economic outlook rather than OPEC: Kemp 

The weakening outlook for oil consumption coupled with rising output from U.S. shale and softer than expected U.S. sanctions on Iran have convinced most traders the market is moving into a period of oversupply. In the run up to last week's OPEC meeting in Vienna, hedge fund managers had little confidence in the organisation's ability to cut production by enough to avoid an oversupplied market next year. Click here to read full stories.

Dec 10 - Iran's Rouhani says OPEC decision to cut output was defeat for U.S. meddling 

Iranian President Hassan Rouhani said on Sunday a decision by OPEC and other oil producers on Friday to cut output was a rebuff for a U.S. "policy of meddling", the state news agency IRNA reported. OPEC and its Russia-led allies agreed to slash oil production by more than the market had expected, after pressure from U.S. President Donald Trump to reduce the price of crude. Click here to read full stories.

Dec 10 - Libya's NOC declares force majeure on El Sharara oil exports - statement 

Libya's National Oil Company declared force majeure on exports from the El Sharara oil field on Sunday, it said in a statement on Monday, after tribesmen and state security guards seized the facility. NOC said the shut down of its biggest oilfield will result in a daily site production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield. It said production at the Zawiya refinery was also at risk due to its dependence on crude oil supply from Sharara. Click here to read full stories.

Dec 10 - China's November oil, gas imports set fresh monthly record 

China's imports of crude oil hit a fresh monthly high in November, customs data showed on Saturday, beating the record set in October on heavy buying from private refiners and trial starts of new mega-refineries. Crude oil arrivals last month rose 8.5 percent compared with the same month a year ago to 10.43 million barrels per day (bpd), marking the first time China imported more than 10 million bpd. October's imports were 9.61 million bpd. Click here to read full stories.

Dec 10 - OPEC and its allies seek the nirvana of crude oil "balance": Russell 

The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is "balance". It's something everybody in the market says they want, but they all have different ideas of what it means and how to get there. Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market. Click here to read full stories.

Dec 10 - U.S. oil drillers cut most rigs since May 2016 - Baker Hughes 

U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history. Energy companies cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Dec 10 - Saudi oil exports seen down 1 mln bpd in Jan from Nov levels - sources 

Saudi Arabia's crude oil exports are expected to drop next month by some 1 million barrels per day (bpd) from November levels, two sources familiar with the matter said on Saturday. The world’s top oil exporter is expected to ship about 7.3 million bpd in January, one of the sources said, due to softening seasonal demand and as Riyadh follows through on a global deal to cut output to prevent a build up in oil supplies. Click here to read full stories.

Dec 07 - OPEC tentatively agrees oil cut, waits for Russia to commit

OPEC tentatively agreed an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said. Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. Novak returns to Austria's capital for discussions among Saudi-led OPEC and the group's allies on Friday. Click here to read full stories.

Dec 07 - In major shift, U.S. now exports more oil than it ships in

The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply. When adding in all imports and exports of crude and refined products, the U.S. exported a net 211,000 barrels per day for the week through Nov. 30 – the first time that has happened, according to U.S. Energy Department figures dating to 1973. That was on the back of a jump in crude exports to a weekly record of more than 3.2 million bpd. Click here to read full stories.

Dec 07 - Asia oil and LNG markets are both swamped, so why are prices poles apart? 

Asian markets for liquefied natural gas (LNG) and oil are closely related, and both now awash in oversupply. But while data shows forward oil prices rising, LNG prices for future delivery are veering in the opposite direction. This makes it unprofitable for the LNG market to store excess gas, as the forward curve for Asian LNG shows prices for February are 40 cents below January's $9.67 per million British thermal units (mmBtu). Click here to read full stories.

Dec 07 - Venezuela signs oil, gold investment deals with Russia -Maduro

Venezuela has signed deals securing investment from Russia in the South American country's oil and gold sectors, President Nicolas Maduro said on Thursday at the end of a three-day trip to Moscow. "We have signed contracts to guarantee investments of more than $5 billion with our Russian partners in joint ventures to raise oil production," Maduro said in a video posted on his Twitter account. Click here to read full stories.

Dec 07 - Chevron sets first capital spending budget increase in 4 years

Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S. oil producer said on Thursday in a statement, its first increase in four years. Its 2019 capital spending budget is at the high end of an $18 billion to $20 billion per-year range that Chevron executives set earlier this year as the annual target through 2020. Click here to read full stories. 

Dec 07 - India's HPCL to buy Iranian oil in Jan after six-mth gap - sources

State-run Indian oil refiner Hindustan Petroleum Corp will buy Iranian crude in January after a gap of six months, with the nation's overall purchases from Tehran at 9 million barrels in the month, four industry sources said. The United States in early November granted India a six-month waiver from sanctions against Iran's oil exports. Click here to read full stories.

Dec 07 - Trump targets pair of Obama-era green rules to boost oil, coal

The Trump administration took aim at two Obama-era environmental policies on Thursday to boost the oil and coal industries, proposing to open up a bird's wildlife habitat to drilling and mining and remove hurdles to new coal-fired power plant construction. The moves, part of a broader agenda by U.S. President Donald Trump to revive the ailing coal industry and ramp up domestic energy production, come amid increasingly urgent warnings from within his own government about climate change, and as world leaders gather at a United Nations conference to combat planetary warming. Click here to read full stories.

Dec 06 - Oil's sharp price drop fuels questions for stock market 

U.S. stock investors are wary that a 30 percent slump in oil prices will pressure corporate profits while also presenting a sign of weakness in global growth at a time they are already weighing when the long economic expansion will end. Crude prices rebounded off of one-year lows to start the week, with investors focused on Thursday's meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC) and allied producing countries including Russia. Click here to read full stories.

Dec 06 - OPEC, Russia move closer to cutting oil output 

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC's de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut. Click here to read full stories.

Dec 06 - World's biggest oil traders paid bribes in Brazil scandal - prosecutors 

Leading global oil traders Vitol, Trafigura and Glencore paid more than $30 million in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday. Top executives of the international companies had "total and unequivocal" knowledge of the graft involving Petroleo Brasileiro SA, known as Petrobras, investigators said at a news conference. The bribes took place between 2011 and 2014, investigators said. Click here to read full stories.

Dec 06 - Shale's growing profits at the mercy of OPEC cuts and Trump's tweets 

The recent nosedive in crude oil prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share. The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world's top oil producer and a major exporter. Click here to read full stories.

Dec 06 - Alberta's oil cuts could hit light oil producers, rail shipments 

Alberta's decision to mandate output cuts to reduce a supply glut will have negative effects on North American producers of lighter oil used for blending and U.S. refiners importing crude via rail, even as several major Canadian energy companies cheered the move. Canada's oil production is at a record 4.6 million barrels a day, but producers cannot get oil to market because the pipelines that cross into the United States are full. Pipeline construction, particularly in Canada, has not kept up with record output. Click here to read full stories.

Dec 06 - Venezuela's refinery woes send fuel imports soaring - internal documents 

Venezuela this month plans to import over 300,000 barrels per day (bpd) of refined products to ease domestic fuel shortages caused by hobbled refineries and need to prioritize exports, according to internal documents seen by Reuters. The country with the world's largest crude reserves this year has not been able to make enough fuel to meet local demand and fulfill supply contracts with customers, including those under oil-for-loan agreements with Russia and China, the documents showed. Click here to read full stories.

Dec 05 - OPEC works on deal to cut output, still needs Russia on board 

OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a major cut was so far the main stumbling block. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and fears of an oil glut due largely to a rise in U.S. production. Click here to read full stories.

Dec 05 - China's Unipec to buy U.S. crude oil after Xi-Trump trade truce 

Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, three sources with knowledge of the matter said. The sources told Reuters that Unipec is looking to import U.S. oil by March 1, when the 90-day negotiating period agreed to by the leaders of the world's two biggest economies comes to an end. Click here to read full stories.

Dec 05 - If Iran can't export oil from Gulf, no other country can, Iran's president says 

Iranian President Hassan Rouhani made an apparent threat on Tuesday to disrupt other countries' oil shipments through the Gulf if Washington presses ahead with efforts to halt Iranian oil exports. The United States has imposed sanctions on Iran and U.S. officials say they aim to reduce Iran's oil exports to zero in a bid to curb the Islamic Republic's missile programme and regional influence. Click here to read full stories.

Dec 05 - Exxon, Chevron seek to exit Azerbaijan's oil after 25 years 

Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan's largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea, according to industry sources. Click here to read full stories.

Dec 05 - Saudi Arabia cuts January Arab Light crude OSP for Asia 

Saudi Aramco has cut its January price for its Arab Light grade for Asian customers by $1 a barrel versus December to a premium of $0.60 a barrel to the Oman/Dubai average, according to a document seen by Reuters on Tuesday. The company raised its Arab Light OSP to Northwest Europe by 60 cents a barrel for January from the previous month at a discount of $1.60 to the ICE Brent. Click here to read full stories.

Dec 05 - Asian gasoline refiners lose money as margins turn negative; worst in 7 years 

Asian refiners are now losing money producing gasoline, a market benchmark showed on Wednesday, with margins sliding to their worst level in seven years as rising exports from China spill into an already oversupplied market. The benchmark Singapore margins for 92 RON gasoline against Brent crude oil hit minus $1.44 a barrel on Tuesday, the weakest level since November 2011. Click here to read full stories.

Dec 04 - As Iran supply dries up, SKorea petchem firms find new, costly oil sources

With supply from major producer Iran uncertain, big condensate user South Korea is scouring the world for alternative sources of this key ingredient in its large chemical industry to avert shortages - a process that is proving to be costly for buyers. Condensate, a type of ultra-light crude oil, is a feedstock for South Korea's petrochemical industry. A by-product of natural gas production, Iran and Qatar are major condensate suppliers. But Iran's exports have fallen sharply this year as production in its South Pars gas field struggles to keep up with rising domestic demand while renewed U.S. sanctions on Iran's petroleum industry crimp exports.  Click here to read full stories

Dec 04 - China imports first U.S. crude in two months, traders still wary

China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data - a deal made by an independent "teapot" refiner as larger players held off amid trade tensions. Chinese buyers have largely avoided U.S. oil during the two countries' trade war, fearing the imposition of tariffs. China had risen to become the largest importer of U.S. crude oil in 2018 before cutting off shipments as the trade war escalated. Click here to read full stories

Dec 04 - Hedge funds finish selling crude but increasingly bearish on diesel: Kemp

Hedge fund managers had largely completed the recent wave of selling in crude oil futures and options by the middle of last week but there were heavy sales of derivatives linked to middle distillates. Hedge funds and other money managers were net sellers of 41 million barrels in the six most important futures and options contracts linked to petroleum prices in the week to Nov. 27. Click here to read full stories

Dec 04 - Some Canadian producers push back as Alberta orders oil cuts

Several oil companies in Canada pushed back on Monday against Alberta's mandated cuts in crude production, warning about excessive government intervention even as the discount on Canadian crudes narrowed sharply on the curtailment plan. Alberta Premier Rachel Notley said on Sunday the government would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until excess crude in storage is reduced.  Click here to read full stories

Dec 04 - Iran says OPEC members who increased output should take lead on cuts

Qatar's decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply cuts should come only from countries that had increased output. The comments underline tensions within the Organization of the Petroleum Exporting Countries ahead of this week's meeting to discuss curbing output and prolonging a supply-limiting pact with Russia and other non-members into 2019. Click here to read full stories

Dec 04 - EU proposes restoring anti-subsidy duties on Argentine biodiesel - document

The European Commission has proposed reinstating anti-subsidy duties on imports of Argentine biodiesel after massive shipments of cheap biodiesel from Latin America into the European Union threatened its industry, an EU document seen by Reuters shows. The plan follows an investigation requested by EU producers of fuels made from vegetable and recycled oil, which have been hit hard by cheap imports since the EU slashed duties last year in response to a ruling by the World Trade Organization. Click here to read full stories

Dec 03 - Oil, steel prices surge as U.S., China declare truce in trade war 

Oil prices climbed 5 percent on Monday and steel followed suit, leading a broad-based rally in commodities after the United States and China agreed a 90-day truce in their trade conflict, in a reprieve for the global economy and financial markets. Metals and grains also climbed, with soybeans - a casualty of the U.S.-China trade war - hitting its highest in almost six as investors snapped up risky assets. Gold was steady. Click here to read full stories.

Dec 03 - Qatar to withdraw from OPEC as of Jan 2019 - minister 

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday. The decision came after Qatar, one of OPEC's smallest producers but the world's largest liquefied natural gasexporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said. Click here to read full stories.

Dec 03 - How cynical should you be about the Trump-Xi deal? Watch commodities: Russell 

Perhaps the most interesting thing to try and calculate after the seeming trade ceasefire between the United States and China is the level of cynicism that will greet the new detente. President Donald Trump and his Chinese counterpart Xi Jinping agreed to halt imposing additional tariffs on each other's imports while they try to reach a deal to end their trade dispute within 90 days. Click here to read full stories.

Dec 03 - Saudi Arabia may cut Jan prices for all crude oil grades to Asia 

Top oil exporter Saudi Arabia is expected to cut prices for all grades of crude it sells to Asia in January amid a weaker Middle East benchmark Dubai and low margins for light products, industry sources said on Monday. Saudi Aramco will set prices for crude loading in January this week, ahead of a meeting among the Organization of the Petroleum Exporting Countries and Russia to decide on output cuts. Click here to read full stories.

Dec 03 - Hedge funds raise bullish oil positions 

Hedge funds and other money managers raised their net long position on U.S. crude in the latest week, cutting bearish positions as prices declined in a period of choppy trade, weekly U.S. data showed Friday. The speculator group raised its combined futures and options position in New York and London by 1,668 contracts to 170,394 during the week ended Nov. 27. Click here to read full stories.

Dec 03 - After Trump calls, Gulf OPEC members cover most of Iran oil loss - Reuters survey 

OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump. The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016. Click here to read full stories.

Dec 03 - Slowing demand and a supply glut to drain oil's gains in 2019 - poll

Oil analysts are increasingly pessimistic about the prospect of a price rally next year, when the outlook for demand is uncertain and supply is growing at breakneck speed, even though the market expects OPEC to cut output, a Reuters poll showed. A survey of 38 economists and analysts forecast Brent crude to average $74.50 a barrel in 2019, lower than the $76.88 outlook last month. The poll predicted Brent would average $73.20 in 2018, mostly in line with the $73 average for the global benchmark so far this year. Click here to read full stories.

Dec 03 - Why is Canada's Alberta forcing oil production cuts?  

Alberta Premier Rachel Notley said on Sunday that the Western Canadian province would mandate temporary oil output cuts to deal with a pipeline bottleneck that has led to a glut of crude in storage and driven down Canadian crude prices. The production caps are the latest effort by the province's left-leaning New Democratic Party government to deal with historically low crude prices that are hurting producers and dragging on government revenues. Click here to read full stories.

Dec 03 - Russian oil production down from post-Soviet high in November 

Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday. In tonnes, oil output reached 46.532 million versus 48.262 million in October. Reuters uses a tonne/barrel conversion ratio of 7.33. Click here to read full stories.

Dec 03 - U.S. drillers add oil rigs for 5th straight month - Baker Hughes 

U.S. energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth consecutive month, even though oil prices this week fell to their lowest since October 2017. Drillers added two oil rigs in the week to Nov. 30, bringing the total count to 887, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Dec 03 - Russia's Putin says no hard figures on possible oil output cuts 

Russian President Vladimir Putin said on Saturday he had no concrete figures on possible oil output cuts, though his country would continue with its contribution to reducing global production. Russia, one of the world's major crude producing nations, has been bargaining with OPEC's leader, Saudi Arabia, over the timing and volume of any reduction. OPEC and non-OPEC oil producers will hold a ministerial meeting Dec. 6-7. Click here to read full stories.

Nov 30 - Saudi energy minister goes to OPEC with a weak hand: Kemp 

Saudi Arabia’s energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week’s meeting of OPEC and non-OPEC oil producers in Vienna. Falih’s challenge is to get other countries on board with output cuts to avert another crash in oil prices next year while disguising the kingdom’s diminishing leverage in the oil market. Click here to read full stories.

Nov 30 - EPA lifts advanced biofuel mandate for 2019 - document 

The U.S. Environmental Protection Agency lifted its annual blending mandate for advanced biofuels by 15 percent for 2019, while keeping steady the requirement for conventional biofuels like corn-based ethanol, according to an agency document seen by Reuters on Thursday. The mandate includes 4.92 billion gallons for advanced biofuels that can be made from plant and animal waste, an increase from the EPA's initial proposal in June of 4.88 billion and above the 4.29 billion that had been set for 2018, according to the document. Click here to read full stories.

Nov 30 - Russia accepts need for oil cuts, bargains with Saudi on details - sources 

Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC but is still bargaining with the producer group's leader, Saudi Arabia, over the timing and volume of any reduction, two industry sources told Reuters. The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, ahead of a gathering in Vienna of the Organization of the Petroleum Exporting Countries and its allies on Dec. 6-7. Click here to read full stories.

Nov 30 - U.S. crude, natgas proved reserves hit record highs in 2017 - EIA 

U.S. crude oil and natural gas proved reserves rose to record highs in 2017, driven by stronger energy prices and the continuing development of shale formations, the U.S. Energy Information Administration (EIA) said on Thursday. Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970. Click here to read full stories.

Nov 29 - Saudi Arabia wants united front on oil output; Russia and Nigeria hold out 

Saudi Arabia will not cut oil output on its own to stabilise the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russia said it is too early to signal whether they would join any production curbs. Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output. Click here to read full stories.

Nov 29 - Pressure mounts to bury carbon emissions, but who will pay?  

When countries gather on Sunday to hammer out how they will enact pledges to cut carbon emissions, a Norwegian-led oil consortium will offer a solution: pump some of your excess carbon dioxide to us and we could store it for you. Environmentalists worry the costly technology, known as carbon capture and storage (CCS), will perpetuate the fossil fuel status quo when rapid and deep cuts energy use are needed to limit global warming. Click here to read full stories.

Nov 29 - U.S. crude stockpiles build for 10th straight week - EIA 

U.S. crude oil stockpiles rose for a 10th week in a row last week even as refineries boosted output and exports increased, the Energy Information Administration said on Wednesday. Crude inventories rose 3.6 million barrels in the week to Nov. 23, compared with analysts' expectations for an increase of 769,000 barrels. Click here to read full stories.

Nov 29 - Two U.S. pipelines rack up violations, threaten industry growth 

Energy Transfer LP and its Sunoco pipeline subsidiary have racked up more than 800 state and federal permit violations while racing to build two of the nation's largest natural gas pipelines, according to a Reuters analysis of government data and regulatory records. The pipelines, known as Energy Transfer Rover and Sunoco Mariner East 2, will carry natural gas and gas liquids from Pennsylvania, Ohio and West Virginia, an area that now accounts for more than a third of U.S. gas production. Click here to read full stories.

Nov 29 - Crude oil focuses on Trump, Putin, Bin Salman nexus, but China looms: Russell 

The crude oil market is likely to be fixated in coming days on the interactions of U.S. President Donald Trump, his Russian counterpart Vladimir Putin and Saudi Arabia's embattled Crown Prince Mohammed bin Salman at this weekend's G20 meeting. Throw in a dash of U.S.-China trade politics at a much anticipated dinner on Saturday between Trump and President Xi Jingping and the G20 gathering in Buenos Aires is potentially going to deliver a smorgasbord of juicy headlines to drive crude prices. Click here to read full stories.

Nov 29 - EPA refinery biofuel waiver program on hold pending review - sources 

The Trump Administration has temporarily frozen a program meant to exempt small oil refineries in financial distress from the U.S. biofuels law, as it reviews the scoring system to evaluate applications, according to two sources familiar with the matter. The review means changes are likely to the program, which has become a lightning rod of controversy between the rival oil and corn industries since the Environmental Protection Agency vastly increased the number of waivers for last year. Click here to read full stories.

Nov 29 - Canada's Alberta province to buy rail cars to reduce oil glut 

Canada's Alberta province is in talks to buy rail cars to transport 120,000 barrels per day of crude oil and expects a deal to be concluded within weeks, Premier Rachel Notley said on Wednesday, as the oil-rich province tries to move oil stuck in the region because of a lack of pipeline capacity. Notley, who said the cars were needed to help deal with a glut that has slashed the price of Alberta oil, told a business audience she was disappointed the federal government was not helping fund the purchase. Click here to read full stories.

Nov 28 - Oil investors still on edge, waiting on OPEC's word 

Global oil markets are nervously eyeing OPEC's upcoming meeting for clarity on future supply as the dust settles after a full-fledged rout in crude markets over the last several weeks. So far, there is no clear view if production will be cut or remain steady, and that uncertainty raises the risk of more volatile trading after mass selling caused oil to drop by more than 30 percent in little over a month. Click here to read full stories.

Nov 28 - Three North Sea Forties oil cargoes dropped as Buzzard field shut 

The shutdown of Britain's largest oilfield for repairs is reducing supply of a North Sea crude that helps to set global prices, as trade sources said on Tuesday three cargoes due to load in December had been cancelled. The Buzzard oilfield, which pumps about 150,000 barrels per day and is the largest contributor to the Forties crude stream, has closed temporarily after the discovery of pipe corrosion. A smaller field linked to Forties, Total's Elgin-Franklin, is also shut for maintenance. Click here to read full stories.

Nov 28 - U.S. crude oil stocks rise 3.5 mln bbls, larger build than expected in week - API 

U.S. crude stocks rose last week, while gasoline inventories decreased and distillate stocks built, industry group the American Petroleum Institute said on Tuesday. Crude inventories rose by 3.5 million barrels in the week to Nov. 23 to 442.7 million, compared with analysts' expectations for an increase of 769,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels, API said. Click here to read full stories.

Nov 28 - Asian gasoil refining margins skid to 4-mth low as China opens export taps 

Asian refining margins for gasoil slid to their lowest in four months on Wednesday, squeezed as traders brace for a flood of extra Chinese fuel hitting a region already awash in supplies at a time of unexpectedly lacklustre demand. Refining margins - known as 'cracks' - for gasoil with 10 parts per million (ppm) sulphur content fell to $14.52 a barrel over Dubai crude on Wednesday, their weakest since Aug. 2. Click here to read full stories.

Nov 28 - EPA will not reallocate waived biofuel volumes to 2019 mandate - official 

The U.S. Environmental Protection Agency (EPA) has rejected requests from the corn lobby to reallocate biofuel volumes waived under its small refinery exemption program into its 2019 mandate, an agency official told Reuters on Tuesday. The official also said the 2019 biofuel mandate figures, due to be released this week, would be largely in line with the agency's June proposal of 19.88 billion gallons, which includes 15 billion gallons of convention biofuels like ethanol. Click here to read full stories.

Nov 28 - Oil prices steady as funds near end of liquidation: Kemp 

Hedge fund managers continued to exit from their former bullish positions in crude oil and fuels last week but the worst of the selling may be over, which has helped steady futures prices. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 54 million barrels in the week to Nov. 20. Click here to read full stories.

Nov 27 - Dismantling the oil industry: rough North Sea waters test new ideas 

Scottish marine salvage group Ardent is adapting the tanks it used to refloat the Costa Concordia, the cruise ship wrecked off the Italian coast in 2012, to decommission North Sea oil platforms. It is one of several companies trying new ideas to win business in the market for dismantling disused oil platforms. Click here to read full stories.

Nov 27 - Oil market power ebbs from OPEC to the troika: Kemp 

The Organization of the Petroleum Exporting Countries has been marginalised as critical decisions about the oil market are taken by a troika of the United States, Russia and Saudi Arabia. The rise and subsequent fall in oil prices this year has been almost entirely driven by production decisions in these three countries and their policies towards managing the impact of renewed sanctions on Iran. Click here to read full stories.

Nov 27 - G20 meeting could trigger rebound in commodities prices - Goldman 

Goldman Sachs said on Monday the G20 meeting this week could be a catalyst for a rebound in commodities prices, possibly prompting a thaw in U.S.-China trade tensions and offering greater clarity on a potential OPEC oil curb. "Given the size of dislocations in commodity pricing relative to fundamentals, with oil now having joined metals in pricing below cost support, we believe commodities offer an extremely attractive entry point for longs in oil, gold and base (metals)," the bank said in a note. Click here to read full stories.

Nov 27 - Hedge funds raise U.S. crude oil net longs first time since Sept - CFTC 

Hedge funds and other money managers raised their bullish position on U.S. crude for the first time in 8 weeks, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group increased its combined futures and options position in New York and London by 3,606 contracts to 168,726 in the week that ended Nov. 20, the CFTC said in a report delayed by the U.S. Thanksgiving holiday on Nov. 22. Click here to read full stories

Nov 27 - Venezuela rejected BP bid to buy Total's stake in gas block - sources 

Venezuela's oil ministry last month turned down a proposal by BP to buy Total's stake in a promising but inactive natural gas project along the maritime border with Trinidad and Tobago, five people briefed on the matter said. BP owns the rights to the Trinidadian side of the gas play. It could have used the output from the neighboring area, the Deltana Platform's fourth block off Venezuela's eastern coast, to feed its growing operations on the island, said the people, who were not authorized to speak publicly. Click here to read full stories.

Nov 26 - Seeing the bigger picture: oil price slump is part of broader Asian pullback 

The steep plunge in crude futures in the last few weeks was triggered by a nascent glut as supply-growth started to outpace demand, but it was also part of a broader pullback from risky emerging market assets such as Asian currencies and stocks. Those assets had done well in recent years, boosted by economic growth in nations such as China, India and Indonesia. Click here to read full stories.

Nov 26 - Venezuela settles $1.2 bln creditor claim to protect Citgo 

Cash-strapped Venezuela settled a $1.2 billion arbitration claim that will prevent a creditor from stripping away its crown jewel foreign asset, the U.S.-based Citgo Petroleum Corp refining business, according to Canadian court documents. The deal with Crystallex International Corp suspends the Canadian mining company's push for a court-ordered auction of control of Citgo as a way of collecting on an arbitration award against Venezuela that has grown to more than $1.4 billion with interest. Citgo is based in Houston, Texas. Click here to read full stories.

Nov 26 - A slippery trade: oil slump proves bears right 

The latest collapse in oil prices has proved some investors right in their lack of confidence in energy stocks this year. Crude prices surged to a four-year high early in 2018 as tensions with Iran and OPEC supply cuts raised concerns that global oil supply was dwindling. Click here to read full stories.

Nov 26 - Asia's motorists aren't getting the full joy of crude's slump: Russell 

U.S. President Donald Trump has boasted that falling crude prices are like a tax cut for the world, however, motorists in much of Asia have yet to pocket substantial savings from the recent rout in oil markets. Since its 2018 closing peak of $86.29 a barrel on Oct. 3, Brent crude has tumbled 32 percent to end at $58.50 on Nov. 23. Click here to read full stories.

Nov 26 - Rosneft's Sechin flies to Venezuela, rebukes Maduro over oil shipments 

The head of Russian oil company Rosneft, Igor Sechin, flew to Caracas this week to meet Venezuelan President Nicolas Maduro and complain over delayed oil shipments designed to repay loans, two sources briefed on the conversation said on Saturday. The visit, which was not publicly disclosed, is one of the clearest signs of strain between crisis-stricken Venezuela and its key financier Russia. Click here to read full stories.

Nov 26 - China says work far from complete on national CO2 scheme 

China still needs to do a lot of work before it can fully launch its long-awaited nationwide carbon emissions trading scheme and will gradually phase in the system that is already running behind schedule, a senior government official said on Monday. China began launching pilot regional trading platforms in 2013 in line with its efforts to curb surging greenhouse gas emissions, compelling firms in industries like power, steel and cement to cut emissions or buy carbon permits to cover their annual allocations. Click here to read full stories.

Nov 26 - Oil's Black Friday drop could hit drilling budgets for 2019 

North American oil producers that have been increasing spending to take advantage of this year's higher prices will dial back as November's reversal fuels worries about a 2019 surplus, energy executives say. U.S. light sweet crude settled on Friday at $50.42 a barrel, down nearly 23 percent since October and the lowest in more than a year over worries about oversupply and the Sino-U.S. trade war. The drop comes as many oil producers are assembling drilling budgets for 2019. Click here to read full stories.

Nov 26 - Malaysia to fully implement new biodiesel programme from Feb 2019 

Malaysia on Monday said it will start to phase in a higher biodiesel mandate from next month, with the new rule coming into full force from February in an effort to bolster the palm oil industry. The so-called B10 biodiesel programme, which will raise the minimum bio-content that local producers must put in biodiesel to 10 percent from the current 7 percent, will be implemented for the transportation sector in phases beginning Dec. 1, primary industries minister Teresa Kok said. Click here to read full stories.

Nov 26 - Egypt says U.S. oil firms showing appetite for offshore projects 

Egypt sees increasing interest from U.S. energy companies in developing its offshore oil and natural gas resources and expects them to participate in two bidding rounds due before year-end, Petroleum Minister Tarek El Molla said. Egypt has emerged as an attractive destination for foreign energy firms following a string of major discoveries in recent years including the giant Zohr offshore field, which holds an estimated 30 trillion cubic feet of gas. Click here to read full stories.

Nov 23 - Trafigura, BP increase loans to Russia-backed Indian refiner to $3 bln 

Russian-backed Indian refiner Nayara Energy is set to secure its biggest fuel-backed loan, a $1.5 billion advance from Trafigura, BP and some banks, according to industry and banking sources familiar with the matter. It takes the total size of Nayara's pre-payment deals to nearly $3 billion despite concerns over U.S. sanctions. Click here to read full stories.

Nov 23 - Saudi Arabia will respond to weak oil demand, energy minister Falih says 

Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he sees weak oil demand in January and said the kingdom would respond accordingly to cool the global market’s anxiety. The world’s top oil exporter’s crude output in November is above October levels, he said, adding that it was in no one’s interest to create a supply glut. Click here to read full stories.

Nov 23 - Big Oil digs North Sea's 'final frontier' 

"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea. That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.  The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea, one of the oldest offshore basins, which was once predicted to run dry by the 2020s. Click here to read full stories.

Nov 23 - Iran's oil exports drop sharply on sanctions - Petro-Logistics 

Iran's oil exports have dropped by several hundred thousand barrels per day (bpd) this month, a leading tanker-tracking company said on Thursday, suggesting U.S. sanctions that kicked in this month have scared off many buyers. Geneva-based Petro-Logistics, which tracks oil supply from OPEC members and other major exporters, said shipments dropped steeply in early November as customers awaited clarity on whether the U.S. administration would issue waivers. Click here to read full stories.

Nov 23 - Trump presses home his Saudi oil advantage after Khashoggi affair: Kemp 

U.S. President Donald Trump has in effect agreed to overlook the killing of journalist Jamal Khashoggi in return for Saudi Arabia’s help to contain oil prices and for its assistance in other areas. The United States and Britain have seized on the vulnerability of the kingdom and its de facto ruler Crown Prince Mohamed bin Salman to push harder for a partial ceasefire in Yemen and improve relations with Qatar. Click here to read full stories.

Nov 23 - PDVSA in talks over second sea-borne oil-transfer operation - sources 

Venezuela's state-run oil firm PDVSA has begun talks with shipping firms to set up a second ship-to-ship (STS) operation off the country's eastern coast in an effort to increase sagging crude exports, according to three people familiar with the matter. PDVSA this year began sea-borne oil transfers off its western coast, mainly to move crude and fuel oil to Asia, after its ports clogged with tankers waiting to load and its Caribbean terminals faced seizure. Click here to read full stories.

Nov 22 - U.S. crude stockpiles rise more than forecast in ninth weekly build - EIA 

U.S. crude oil stockpiles rose more than expected last week, building for the ninth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose 4.9 million barrels in the week to Nov. 16, compared with analysts' expectations for an increase of 2.9 million barrels. Total inventories were 446.91 million barrels, the highest level since December 2017. Click here to read full stories.

Nov 22 - Trump praises Saudi Arabia amid pressure over ally 

U.S. President Donald Trump on Wednesday praised Saudi Arabia for helping to lower oil prices as pressure intensified for the United States to impose tougher sanctions on its Middle East ally over dissident Saudi journalist Jamal Khashoggi's murder. In a tweet, Trump thanked Riyadh for the recent drop in oil prices and called for prices to go even lower to boost the U.S. and global economies. Click here to read full stories.

Nov 22 - Canada considering proposal to buy rail cars to move stranded crude - sources 

Canada's federal government is considering a proposal from its main oil producing province of Alberta to share the cost of buying rail cars to move oil stuck in the region because of a lack of pipeline capacity, said two sources with direct knowledge of the matter. The lack of pipelines has caused Western Canadian oil producers to struggle to move oil to refineries in the United States, resulting in record low prices for Canadian crude. Click here to read full stories.

Nov 22 - U.S. oil drillers cut rigs for first week in three - Baker Hughes 

U.S. energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year. Drillers cut three oil rigs in the week to Nov. 21, bringing the total count down to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Wednesday. Click here to read full stories.

Nov 21 - Goldman Sachs expects volatile oil prices in coming weeks 

Goldman Sachs said in a note on Wednesday that it expects oil markets to remain highly volatile in the coming weeks. Oil markets clawed back some ground on Wednesday after tumbling more than 6 percent the day previous day in heavy trading volumes.  Click here to read full stories.

Nov 21 - India's crude oil imports rise to highest level in at least 7 years 

India's crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday. Crude imports in October climbed 10.5 percent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011. Click here to read full stories.

Nov 21 - U.S. targets Iran-Russia network over oil sent to Syria 

The United States said on Tuesday it had moved to disrupt an Iranian-Russian network that sent millions of barrels of oil to Syria and hundreds of millions of dollars to indirectly fund militant groups Hamas and Hezbollah. The complicated arrangement, described by the U.S. Treasury in a statement, involved a Syrian citizen using his Russia-based company to ship Iranian oil to Syria with the aid of a Russian state-owned company. Click here to read full stories.

Nov 21 - Chevron granted waiver from U.S. biofuel laws at Utah plant -source 

The U.S. Environmental Protection Agency granted oil major Chevron Corp a 2017 hardship waiver from U.S. biofuel laws for its Utah refinery earlier this year, according to a source familiar with the company's operations. Chevron, which reported a net income of $9.2 billion in 2017, becomes the largest known company to be awarded a hardship waiver from the Renewable Fuel Standard (RFS), which requires refiners to blend biofuels like ethanol into their fuel pool or buy compliance credits from competitors that do. Click here to read full stories.

Nov 21 - U.S. crude oil stocks unexpectedly fall 1.5 mln bbls - API

U.S. crude stocks fell unexpectedly last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Tuesday. Crude inventories fell by 1.5 million barrels in the week to Nov. 16 to 439.2 million, compared with analysts' expectations for an increase of 2.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 398,000 barrels, API said. Click here to read full stories.

Nov 21 - Oil market readies for new IMO regulations: Kemp 

Global oil markets are adjusting to relatively strong demand for diesel and jet fuel compared to gasoline, coupled with the introduction of new bunker fuel regulations at the start of 2020. Rising diesel and jet fuel prices, at least relative to crude and gasoline, are forcing adjustments that should lessen the chance of a severe shortage at the end of next year. Click here to read full stories.

Nov 21 - Noble Group hit by regulatory probe, days before closing $3.5 bln restructuring deal 

Singapore authorities are investigating Noble Group Ltd for suspected false and misleading statements, just days before the Singapore-listed company was to complete its $3.5 billion debt restructuring deal to prevent its collapse. Noble, once Asia's top commodity trader, has seen its market value all but wiped out from $6 billion in February 2015 after its accounting was questioned by Iceberg Research. To rescue itself, Noble has shrunk its business by selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs, while defending its accounting. Click here to read full stories.

Nov 20 - IEA's Birol appeals for "common sense" as oil producers weigh supply cut 

Oil supply cuts by key producers could have negative implications for markets, the head of the International Energy Agency said on Monday, appealing to market players to use "common sense". IEA chief Fatih Birol, speaking at a news conference with central European energy ministers in Bratislava, said markets were currently well supplied but spare capacity in Saudi Arabia was thin and cuts by key players could tighten markets. Click here to read full stories.

Nov 20 - Oil market shows investors don't quite buy OPEC's output plan 

The oil price has recovered from last week's battering, ostensibly soothed by the possibility that OPEC and its partners could cut production to prevent another global surplus from forming. But the futures market shows investors remain unconvinced that such a plan will work. The January Brent futures contract is trading at a discount to the February contract, a pricing structure known as contango that reflects a perception among traders and investors that oil supply will be greater than demand. Click here to read full stories.

Nov 20 - Refiners get taste of post-IMO world with gasoline/diesel imbalance 

Refineries around the world are squeezing out every last drop of diesel while drowning in gasoline, in what could well become the new normal for the next few years. The imbalance is a confluence of major shifts in oil markets - surging production of light U.S. shale oil, plummeting exports of heavier Venezuelan and Iranian crude, weakening gasoline demand and rising diesel consumption. Click here to read full stories.

Nov 20 - Oil market bull run ends as hedge funds square up positions: Kemp 

Hedge fund managers have exited from all the bullish positions in crude oil and fuels they accumulated in the second half of 2017 as the bull market has unwound. Upside price potential from Iran sanctions and prospective production cuts by OPEC is matched by downside risks from rapidly rising U.S. shale production and a deteriorating economic outlook. Click here to read full stories.

Nov 20 - New Petrobras CEO rules out privatization, wants non-core asset sales 

A University of Chicago-trained economist named on Monday to head Brazil's Petrobras will not privatize the state-run company, but wants to push ahead with selling non-core assets and to focus on oil exploration and production. Brazil's incoming far-right government announced Roberto Castello Branco as the next chief executive of Petroleo Brasileiro SA, amid a debate over how far to pursue asset sales at the indebted company, Latin America's largest by market capitalization. Click here to read full stories.

Nov 20 - Japan, S.Korea plan to resume Iran oil imports from January - sources 

Refiners in Japan and South Korea are looking to resume Iranian oil imports from January after receiving waivers from U.S. sanctions on Tehran, sources familiar with the matter said. The unexpected resurgence in Iranian oil imports due to the waivers has helped push spot prices for Middle East crude and condensate to their lowest in more than a year. Click here to read full stories.

Nov 19 - Iraq restarts some Kirkuk oil exports after year-long halt 

Iraq on Friday restarted exports of Kirkuk oil, halted a year ago due to a standoff between the central government and Kurdistan's semi-autonomous region, after a new government in Baghdad agreed a tentative deal with Erbil. The development is a win for the U.S. government, which has been urging both sides to settle the dispute and resume flows to help address a shortage of Iranian crude in the region after Washington imposed new sanctions on Tehran. Click here to read full stories.

Nov 19 - New Mediterranean refining capacity to dislocate fuel markets 

Three major centres for oil demand in the Mediterranean are expanding refinery capacity, squeezing traders and exporters including India and the Middle East out of traditionally busy markets for petroleum products such as diesel and gasoline. A new refinery in Turkey, plant upgrades in Algeria and Egypt and the Algerian purchase of an Italian refinery stand to dislocate petroleum product trading in the Mediterranean next year and beyond. Click here to read full stories.

Nov 19 - U.S. shale firms offer $100 million to aid Texas, New Mexico 

More than a dozen top U.S. energy companies have pledged $100 million toward easing stresses on health care, education and civic infrastructure from the shale oil and gas boom in West Texas and New Mexico, the group said on Sunday. Chevron, EOG Resources, Exxon Mobil and Royal Dutch Shell are among 17 companies backing the Permian Strategic Partnership, as the consortium is called, Don Evans, a former U.S. government official and energy executive helping launch the group, told Reuters on Saturday. Click here to read full stories.

Nov 19 - Oil market roiled by too much gasoline, not enough diesel: Kemp 

Global oil markets are increasingly over-supplied with light distillates, such as gasoline, while there are not enough middle distillates, such as diesel, which has opened a big price differential between the two fuels. To keep meeting healthy demand for mid-distillates, refiners are processing high volumes of crude and creating a glut of gasoline. Click here to read full stories.

Nov 19 - Hedge funds cut bullish crude bets to lowest since June 2017 

Hedge funds and other money managers cut their bullish wagers on crude futures and options to the lowest level since June 2017 as prices tumbled in the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position on U.S. crude in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017. Click here to read full stories.

Nov 19 - Asia condensate prices plunge on weak naphtha, more Iran supplies 

Spot prices in Asia for condensate, an ultra light crude oil, have plunged this week, dragged down by weak naphtha margins and the prospect of more supplies coming out from Iran, several trade sources said on Friday. Australian condensate has sold at the deepest discount in five years, while cargoes from Qatar are selling at discounts for the first time in more than a year, according to the sources and data from Reuters and Refinitiv Eikon. Click here to read full stories.

Nov 19 - Technocrat with a deft touch, Petrobras' placeholder CEO may cling on 

Brazil's right-wing President-elect Jair Bolsonaro has thrilled investors with pledges to transform the state's role in Latin America's largest country. But when it comes to state-run oil firm Petroleo Brasileiro SA, or Petrobras, the radical new approach could start with the new president doing nothing at all. Click here to read full stories.

Nov 16 - Upset by Trump's Iran waivers, Saudis push for deep oil output cut

When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh's arch-rival down to zero, OPEC and industry sources say. Click here to read full stories.

Nov 16 - U.S. shale surge boosts industry finances, puts deals in spotlight

If OPEC thought the 26 percent drop in oil prices since October might rein in U.S. shale production like the last sharp drop did four years ago, it might have to think again. U.S. shale firms are more profitable than ever after a strong third quarter, according to a Reuters analysis of results for 32 independent producers. These companies are producing more efficiently, generating more cash flow and consolidating in a wave of mergers, the data show. Click here to read full stories.

Nov 16 - Russia wants to steer clear of any OPEC-led oil production cut – sources

Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters. Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting Countries is talking about a policy U-turn just months after increasing production. Click here to read full stories.

Nov 16 - India's 2017/18 palm oil imports drop on weak rupee, liquidity crunch

India's 2018/2019 palm oil imports dropped 6.4 percent from a year ago to 8.7 million tonnes as rupee depreciation and a credit crunch dented refiners' ability to buy overseas, a leading trade body said on Thursday. India, the world's biggest importer of edible oils, buys palm oil from Indonesia and Malaysia, soyoil mainly from Argentina and Brazil, and sunflower oil from Ukraine. Click here to read full stories.

Nov 16 - U.S. crude stocks build the most in a week since Feb 2017 - EIA

U.S. crude oil stocks posted the biggest weekly build in nearly two years last week as production hit a new record high and the government released more barrels from its reserve, the Energy Information Administration said on Thursday. Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017, compared with analysts' expectations for an increase of 3.2 million barrels. That was the biggest weekly increase since February 2017. Click here to read full stories.

Nov 16 - U.S. envoy for Iran warns EU banks, firms against non-dollar Iran trade

European banks and firms who engage in a special European Union initiative to protect trade with Iran will be at risk from newly reimposed U.S. sanctions, the U.S. special envoy for Iran warned on Thursday. It is "no surprise" that EU efforts to establish a so-called Special Purpose Vehicle (SPV) for non-dollar trade with Iran were floundering over fear in EU capitals that hosting it would incur U.S. punishment, Special Representative Brian Hook said. Click here to read full stories.

Nov 15 - Oversupply fears cloud outlook for U.S. crude in 2019

The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019. U.S. crude futures plunged 7 percent on Tuesday, to settle at $55.69, their lowest level this year, down from a four-year high only a month ago. Tuesday marked a 12th straight session of declines, which is the longest losing streak on record, shaking a market that was bracing for supply shortfalls just a month ago. Click here to read full stories

Nov 15 - Worried by oil slump, OPEC and partners discuss larger supply curbs - sources

OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction. Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting Countries is talking about a U-turn just months after increasing production. Click here to read full stories

Nov 15 - Global oil market faces surplus throughout 2019 as demand growth slows

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. Click here to read full stories

Nov 15 - EU plan unravelling for non-dollar Iran trade, oil sales - diplomats

A special European Union initiative to protect trade with Iran against newly reimposed U.S. sanctions faces possible collapse with no EU country willing to host the operation for fear of provoking U.S. punishment, EU diplomats said. The main European powers - Germany, France and Britain - will raise pressure on Luxembourg to host the so-called Special Purpose Vehicle (SPV) after Austria refused to manage the plan, threatening its viability. Click here to read full stories

Nov 15 - Urals at premium to Brent in Baltic for first time since 2013 - traders

Urals crude oil traded at a premium to dated Brent in the Baltic on Wednesday for the first time since 2013, according to trade sources and Eikon Refinitiv terminal data. In the Platts window, Total purchased 100,000 tonnes of Urals crude oil for loading from Baltic ports on Dec. 5-9 at a premium of $0.10 a barrel to BFOE, traders said. Click here to read full stories

Nov 15 - Dried up - Europe's diesel hub roils as Rhine recedes

Diesel stocks in northwest Europe's refining hub are drying up as inbound tankers are turned away and exports soar in response to the receding Rhine river that has cut off key inland markets. Water levels along the Rhine, the main artery between the Amsterdam-Rotterdam-Antwerp (ARA) coastal hub and demand centres in Germany, France and Switzerland, have held near record lows for months and are not expected to materially improve until the end of the year, according to forecasts Click here to read full stories

Nov 14 - Asia's weakening economies, record supply threaten to create oil glut

Oil traders' worries over record supplies arriving in Asia just as the outlook for its key growth economies weakens have pulled down global crude benchmarks by a quarter since early October. Ship-tracking data shows a record of more than 22 million barrels per day (bpd) of crude oil hitting Asia's main markets in November, up around 15 percent since January 2017, and an increase of nearly 5 percent since the start of this year. Click here to read full stories

Nov 14 - Risking Trump ire, OPEC builds case for oil supply cut

OPEC built a case on Tuesday for cutting oil output when it meets next month, warning that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected. Worried by a drop in oil prices and rising supplies, OPEC is talking again of reducing production just months after increasing it. Such a shift would anger U.S. President Donald Trump, who on Monday urged OPEC not to cut supply.  Click here to read full stories

Nov 14 - Oil prices tumble as traders look beyond Iran: Kemp

Oil prices have fallen sharply since passing a cyclical peak at the start of October, amid surging production and mounting concerns about the state of the global economy and the outlook for consumption growth in 2019. Front-month Brent futures prices have dropped by more than $17 per barrel (20 percent) over the last five weeks while WTI futures prices have declined for a record 11 days in a row. Click here to read full stories

Nov 14 - China's Oct refinery output 2nd highest on record, gas output at 7-mth high

China's October refinery runs rose to the second highest on record for any month on a daily basis, official data showed on Wednesday, as refiners ramped up production amid strong margins for gasoline and diesel. The crude processing rate rose 4.6 percent from a year ago to 52.78 million tonnes, or 12.43 million barrels per day (bpd), just a touch off September's record of 12.49 million bpd. The strong production echoed record crude oil imports in October. Click here to read full stories

Nov 14 - U.S. shale oil output to hit record high 7.9 mln bpd in Dec - EIA

U.S. crude oil output from seven major shale basins was expected to hit a record of 7.94 million barrels per day (bpd) in December, according to a monthly government forecast released on Tuesday. The total oil output from the basins was expected to rise 113,000 bpd, driven largely by increases in the Permian Basin of Texas and New Mexico, where output was forecast to climb by 63,000 bpd to about 3.7 million bpd in December, the U.S. Department of Energy's Energy Information Administration (EIA) said. Click here to read full stories

Nov 14 - Fuel shortages the new normal in Venezuela as oil industry unravels

With chronic shortages of basic goods afflicting her native Venezuela, Veronica Perez used to drive from supermarket to supermarket in her grey Chevrolet Aveo searching for food. But the 54-year-old engineer has abandoned the practice because of shortages of something that should be abundant in a country with the world's largest oil reserves: gasoline. Click here to read full stories

Nov 14 - Oil majors spending 'sweet spot' to last to 2020 -BlackRock

Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday. Oil and gas giants such as Royal Dutch Shell, Chevron and BP are generating as much cash at today's oil prices of around $70 a barrel as they did in 2014, before crude spiralled down from over $100 a barrel to lows of below $30 a barrel. Click here to read full stories

Nov 13 - Global oil demand under growing threat from electric cars, cleaner fuel

Electric vehicles and more efficient fuel technology will cut transportation demand for oil by 2040 more than previously expected, but the world may still face a supply crunch without enough investment in new production, the International Energy Agency (IEA) said on Tuesday. Oil demand is not expected to peak before 2040, the Paris-based IEA said in its 2018 World Energy Outlook. Click here to read full stories

Nov 13 - Hedge funds enforce correction to oil market's course: Kemp

Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran. Hedge funds and other money managers cut their combined net long position in the six major petroleum futures and options contracts by another 108 million barrels in the week to Nov. 6. Click here to read full stories

Nov 13 - Saudi's Falih says analysis shows need for 1 mln bpd cut in oil output

Saudi Energy Minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to balance the market. Speaking at an industry event in Abu Dhabi, he said demand from Saudi Arabia's customers in December would fall by more than half a million bpd compared with November and there was a consensus not to allow oil inventory to build up. Click here to read full stories

Nov 13 - Rocket fuel: Australia targets hydrogen as next big energy export

Australia, the world's biggest coal exporter and second-biggest liquefied natural gas (LNG) exporter, wants to build its next big energy industry around exploiting solar and wind power along with brown coal to produce hydrogen. The same fuel used to power rockets into space, hydrogen has untapped energy potential without the downside of the carbon emissions from natural gas and coal. Click here to read full stories

Nov 13 - Oil pucks and pellets; Canada eyes new ways to move stranded crude

Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport. Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S. benchmark light oil price. Click here to read full stories

Nov 13 - Iranian military is ready to protect oil tankers against threats-deputy commander

Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock. The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May. Click here to read full stories

Nov 13 - Digitalisation can save oil upstream business $73 bln a year - Woodmac

Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said. Exploration and production, known as the upstream industry, requires energy firms to analyse huge amounts of seismic and geological data and to monitor and maintain offshore platforms and other complex assets, often in high-risk environments. Click here to read full stories

Nov 12 - Saudi Arabia to ship less oil in Dec as it floats cut talks possibility 

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent. Click here to read full stories.

Nov 12 - Iran sells more oil to private exporters to bypass U.S. curbs 

Iran sold 700,000 barrels of crude oil to private companies for export on Sunday in a second round of sales aimed at countering U.S. sanctions on the country's exports, oil ministry news website SHANA reported. Three unnamed companies paid $64.97 per barrel for two crude shipments of 245,000 barrels each and one shipment of 210,000 barrels, which were traded on Iran's energy bourse, SHANA reported. Click here to read full stories.

Nov 12 - Russian state bank secretly financed Rosneft sale after foreign buyers baulked 

It was billed as the deal that proved Russia remained open for business. "I want to congratulate you", Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016. Sechin had just announced the sale to Qatar's sovereign wealth fund and giant commodity trader Glencore of a 19.5 percent stake in Rosneft, the state oil giant that he runs. Click here to read full stories.

Nov 12 - U.S. postpones sanctions deadline on Russian tycoon's firms 

The United States on Friday said it was postponing the enforcement of sanctions on Russian companies EN+, Rusal and Gaz PAO for nearly four weeks as their top shareholder works on a plan to cut his stakes. The U.S. Treasury Department had given Russian tycoon Oleg Deripaska until Dec. 12 to reduce his holdings in the three companies but said in a statement that the deadline had been moved to Jan. 7, 2019. Click here to read full stories.

Nov 12 - Big Oil spent 1 percent on green energy in 2018 

Top oil and gas companies jointly spent around 1 percent of their 2018 budgets on clean energy, but investments by Europe's giants vastly outpaced their U.S. and Asian rivals, a study showed. Companies such as Royal Dutch Shell, Total and BP have in recent years accelerated spending on wind and solar power as well as battery technologies, seeking a larger role in global efforts to slash carbon emissions to battle global warming. Click here to read full stories.

Nov 12 - Hedge funds cut bullish oil bets to lowest since Aug. 2017 

Hedge funds and other money managers cut their bullish wagers on U.S. crude in the latest week to the lowest level in more than a year as prices tumbled, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 41,211 contracts to 173,379 during the week ending Nov. 6. That level was the lowest since Aug. 29, 2017. Click here to read full stories.

Nov 12 - Crude oil market completes U-turn as Saudis signal price discontent: Russell 

What a difference a month can make. The crude oil market has gone from worrying about not having enough supply to fretting that prices are being overwhelmed by a glut. The main news from Sunday's meeting of producers in Abu Dhabi is that Saudi Arabia is planning to cut the amount it supplies in December by 500,000 barrels per day (bpd) from November levels. Click here to read full stories.

Nov 12 - Iraq and Saudi Arabia agree to work together to stabilise oil markets 

Iraq and Saudi Arabia agreed on Saturday to work together to stabilise oil markets, Iraq's Oil Ministry spokesman Asim Jihad said, without giving further details. During a meeting in Baghdad, Iraq and Saudi Arabia's oil ministers also discussed an electricity grid connection between the two countries to meet Iraq's power needs, he said. Click here to read full stories.

Nov 12 - U.S. drillers add oil rigs for fourth week in five - Baker Hughes 

U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February. Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Nov 12 - Tale of two products: U.S. gasoline supply grows, diesel stocks dip

U.S. refined product margins have diverged, with the refining margin for making gasoline hitting a seasonal eight-year low, while big demand for distillates like diesel and heating oil have pushed those margins to multiyear highs. Demand for distillates has been strong this year, particularly with winter approaching, sending inventories to seasonal four-year lows. Click here to read full stories.

Nov 09 - Russia clashes with Western oil buyers over new deals as sanctions loom 

Russian energy majors are putting pressure on Western oil buyers to use euros instead of dollars for payments and introducing penalty clauses in contracts as Moscow seeks protection against possible new U.S. sanctions. Seven industry sources told Reuters that Western oil majors and trading houses have clashed with Russia's third and fourth biggest producers, Gazprom Neft and Surgutneftegaz, over 2019 oil sales contract terms during unusually tough annual renegotiation in recent weeks. Click here to read full stories.

Nov 09 - Butterfly effect: Low EU river stirs market 10,000 km away in Singapore 

Low water levels on the Rhine river have caused a fuel supply deficit in parts of Europe's industrial heartlands that is sucking up cargoes from more than 10,000 km away in Singapore. Following a long, scorching summer, water levels on the Rhine - a key commodity shipping lane connecting industrial centres in Switzerland, Germany, France and the Netherlands to major seaports - fell to record lows, limiting the transport of coal, steel, grains and fuel. Click here to read full stories.

Nov 09 - China's record crude oil imports built on robust fundamentals, temporary boosts: Russell 

China's record imports of crude oil in October are without a doubt a bullish outcome, but within the broader pattern of growing demand there were some temporary factors lifting purchases. China imported 40.8 million tonnes of crude in October, equivalent to 9.61 million barrels per day (bpd), a figure that beat the previous record of 9.60 million bpd from April. Click here to read full stories.

Nov 09 - U.S. judge halts construction of Keystone XL oil pipeline 

A federal judge in Montana halted construction of the Keystone XL oil pipeline on Thursday on the grounds that the U.S. government did not complete a full analysis of the environmental impact of the TransCanada Corp project. The ruling deals a major setback for TransCanada Corp and could possibly delay the construction of the $8 billion, 1,180 mile (1,900 km) pipeline. Click here to read full stories.

Nov 09 - Norwegian oil, gas plants restart after tanker and frigate collision

An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields. The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship. Click here to read full stories.

Nov 09 - Fuel providers warn about heating supplies on cold weather outlook

Headed into the winter, temperatures have been colder than usual in the United States, and the cost of heating has been higher - a trend likely to be extended in the next couple of months. That has fuel companies already warning about supply. Some heating oil service companies have rushed to deliver fuel earlier this season, while natural gas utilities are firing up emergency plans in case demand skyrockets and as more people look to switch to the cheaper fuel. Click here to read full stories.

Nov 09 - Iran's economy to suffer but likely ride out US sanctions storm 

Iran is likely to ride out the storm from U.S. oil sanctions, suffering recession but no economic meltdown, thanks to rising crude prices and deepening divisions between the United States and other major powers, officials and analysts say. "Iran's situation is better than pre-2016 because of high oil prices and the fact that the U.S. is isolated this time," said a European diplomat who asked not to be further identified. Click here to read full stories.

Nov 08 - Return to oil production cuts in 2019 cannot be ruled out - OPEC sources 

A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that could weigh on prices. The sources were responding to a report by Russia's TASS news agency that Russia and Saudi Arabia had started bilateral discussions over possible curbs to output in 2019.  Click here to read full stories.

Nov 08 - China Oct crude imports rise to all-time high on record teapot buying 

China's crude oil imports rose to all-time high on a daily basis in October, supported by record demand from private refiners and healthy margins, customs data showed Thursday. Imports in October surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed, climbing from 9.05 million bpd in September. The previous daily record of 9.60 million bpd was touched in April 2018. Click here to read full stories.

Nov 08 - U.S. crude inventories increase, diesel stocks down - EIA 

U.S. crude inventories rose last week, boosted by another jump in production to a new record, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Oil prices fell after the EIA reported that crude inventories rose by 5.8 million barrels in the week to Nov. 2, more than double analysts' expectations for an increase of 2.4 million barrels. Click here to read full stories.

Nov 08 - U.S. envoy aims to end Iran oil exports without price spike 

The United States is determined to push Iranian oil exports to zero, U.S. Special Representative Brian Hook said on Wednesday, through a 'calibrated' approach using maximum economic pressure without lifting oil prices. The United States resumed sanctions on Iran's oil, shipping and banking industries on Monday after President Donald Trump pulled out of a 2015 nuclear deal earlier this year.  Click here to read full stories.

Nov 08 - Russia and Saudi Arabia's oil-market management challenge: Kemp 

Russia and Saudi Arabia have started to discuss cutting production next year following steep falls in oil prices in the last month, according to a report by Russia's TASS news agency. The report has not been confirmed but has arrested the rapid decline in prices, at least temporarily, and should not come as a surprise given the altered dynamics in the oil market. Click here to read full stories.

Nov 08 - Imperial Oil, Teck double down on Canadian oil sands after others flee 

Two Canadian-based crude producers are looking to double down on their oil sands investments, betting that new pipelines and cutting-edge technology can improve profitability and reduce environmental damage. The moves by Imperial Oil Ltd and Teck Resources Ltd run counter to an exodus of foreign companies from the oil sands last year. Click here to read full stories.

Nov 08 - China's Sinopec signs 2019 annual crude oil supply deal with Kuwait 

Chinese oil major Sinopec on Thursday signed a 2019 annual deal to purchase crude oil from Kuwait Petroleum Corp at a public ceremony during a trade conference in Shanghai. Volumes agreed in the contract were not made public, but two Sinopec executives with knowledge of the terms said Kuwait would supply the same amount of crude as in 2018. Click here to read full stories.

Nov 07 - Iraq to increase oil output and exports, waits on Iran sanctions - minister 

Iraq plans to increase its oil output and export capacity in 2019, with a focus on its southern oilfields, and is close to reaching a deal with international companies, Oil Minister Thamer Ghadhban said on Tuesday. The new minister also said the shortfall in oil supply caused by new U.S. sanctions on Iran had yet to be gauged before Iraq and other OPEC members could decide what action to take ahead of their policy meeting next month. Click here to read full stories.

Nov 07 - Trump's Iran crude oil waivers may just delay day of reckoning: Russell 

In the end, President Donald Trump kicked the Iran crude oil sanctions can six months down the road, raising questions as to how the various players in the dispute will use the time. The U.S. government granted waivers to eight buyers of Iranian crude, exempting them from the sanctions that came into effect this week that are aimed at reducing exports from the Islamic Republic to zero.  Click here to read full stories.

Nov 07 - U.S. crude output to surpass 12 mln bpd by mid 2019 - EIA 

U.S. crude oil production is expected to average 12.06 million barrels per day (bpd) in 2019, passing the 12 million bpd milestone sooner than expected on surging domestic shale output,the U.S. Energy Information Administration said on Tuesday. For 2019, production is expected to rise 1.16 million bpd from the prior year, more than EIA's previous forecast for a 1.02-million bpd rise. Click here to read full stories.

Nov 07 - Rosneft in stand-off with oil buyers as it seeks sanctions protection 

Rosneft wants its Western oil buyers to accept new terms and pay penalties from 2019 if they fail to pay for supplies in the event that new U.S. sanctions on the Russian energy major disrupt its oil sales, according to trading sources and Rosneft's draft contracts. The buyers - including some of the world's biggest oil companies and traders such as BP, Royal Dutch Shell, Total, Vitol and Gunvor - are fiercely opposing the move, according to trading sources. Click here to read full stories.

Nov 06 - Iran oil exports to plummet in Nov, but rebound on way as buyers use waivers 

Iran's oil exports have fallen sharply since U.S. President Donald Trump said at mid-year he would re-impose sanctions on Tehran, but with waivers in hand, the Middle Eastern nation's major buyers could scale up orders as soon as next month. The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programmes, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon. Click here to read full stories. 

Nov 06 - Oil sanctions already costing Iran billions since May, U.S. official says 

Sanctions have already cost Iran billions of dollars in oil revenue since May when U.S. President Donald Trump pulled out of the nuclear deal, U.S. Special Representative for Iran Brian Hook told reporters on a call on Monday. "Our oil sanctions have taken off 1 million barrels of Iranian oil off the market, and that alone has reduced the regime's revenues by more than $2 billion," he said. Click here to read full stories. 

Nov 06 - Saudi Arabia cuts December Arab Light crude oil price to Asia 

Saudi Arabia has cut its December price for its Arab Light grade for Asian customers by 10 cents per barrel versus November to a premium of $1.60 a barrel to the Oman/Dubai average, state oil company Saudi Aramco said on Monday. The top oil exporter is expected to cut prices for light crude grades it sells to Asia in December to track falling Middle East oil benchmarks and lower margins for gasoline and naphtha, according to a Reuters survey.  Click here to read full stories. 

Nov 06 - Hedge funds turn negative on oil: Kemp

Hedge fund managers were net sellers of petroleum-linked futures and options for a fifth week running last week as concerns about sanctions on Iran evaporated and investors refocused on economic worries. The net long position in the six most important petroleum-linked futures and options contracts was cut by a further 73 million barrels in the week to Oct. 30. Click here to read full stories. 

Nov 05 - U.S. allows eight importers to keep buying Iran oil for now 

The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities. U.S. Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as "jurisdictions," a term that might include importers such as Taiwan which the United States does not regard as a country. Click here to read full stories.

Nov 05 - Oil rally faces tidal wave of supply 

The oil market's two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide. After topping out at more than $75 and $85 a barrel just a month ago, both U.S. crude and Brent benchmark futures have grappled with near-relentless selling. For a time, prices had some support on hopes that renewed U.S. sanctions on Iran would force barrels off the market. Click here to read full stories.

Nov 05 - Hedge funds cut bullish crude wagers to lowest in a year 

Hedge funds and other money managers cut their bullish wagers on crude in the latest week to a one-year low, the fifth consecutive cut during a month when prices posted their largest drop since July 2016, data showed on Friday. The speculator group cut its combined futures and options position in New York and London by 2,142 contracts to 214,590 during the week to Oct. 30, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. That was the lowest level since Sept. 12, 2017. Click here to read full stories.

Nov 05 - Exxon, Chevron earnings soar on rising U.S. crude prices, output 

Earnings for the two largest U.S. oil companies on Friday jumped on higher crude prices and the nation's shale boom, joining big oil rivals in posting sharply higher quarterly profit. Exxon Mobil Corp posted a 57-percent increase on prices there were up 44 percent over a year ago helped by a lower tax rate while Chevron Corp's earnings doubled on surging output from the Permian Basin of West Texas and New Mexico. Click here to read full stories.

Nov 05 - China hopes trade expo will highlight import clout as U.S. dispute rages 

China, dubbed 'the workshop of the world' for its sprawling supply chains and huge export capacity, is hoping to manufacture something new next week at a huge trade fair in Shanghai next week: import orders. The Nov. 5-10 China International Import Expo, or CIIE, is an attempt by Beijing to counter mounting criticism of its trade and business practices by bringing thousands of foreign companies together with Chinese buyers to demonstrate the importing potential of the world's no.2 economy. Click here to read full stories.

Nov 05 - Oil market passes cyclical peak: John Kemp 

The recovery in oil prices since the downturn of 2014/15 looks a lot like the upward adjustments that followed the slumps of 2008/09 and 1997/98, which could provide clues about what happens next. The oil market is strongly cyclical, and although no two cycles are the same, they often show similar characteristics (“Cyclical behaviour of oil prices”, Reuters, June 4, 2018). Click here to read full stories.

Nov 05 - No bull territory: Trading houses see lower oil prices in 2019 

Oil prices won't rally and may fall further in 2019 as a slowing global economy and booming U.S. output help offset the loss of Iranian barrels, the world's biggest oil traders told the Reuters Global Commodities Summit. Oil prices briefly spiked in early October to a four-year high above $85 per barrel buoyed by concerns about whether the market would be able to handle U.S. sanctions on Iranian oil that kick in next week. Click here to read full stories.

Nov 05 - U.S. oil drillers cut rigs for first week in four - Baker Hughes 

The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year. Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Nov 05 - Big oil traders set to cash in on shipping fuel overhaul 

The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules. International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020. Click here to read full stories.

Nov 05 - Iranian oil: 40 years of revolution, war, sanctions and bans 

Nearly 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation. Washington will reapply sanctions to Iran's oil sector on Nov. 4, after ending its participation in an international deal governing Iran's nuclear sector. Click here to read full stories.

Nov 02 - Mercuria predicts new wave of consolidation in global oil trading

Global energy trading businesses are set for a new wave of consolidation as rising interest rates and high oil prices compress already thin profit margins, said Mercuria, one of the world's biggest oil traders. "The overall industry is oversized," chief executive Marco Dunand told the Reuters Global Commodities Summit. Click here to read full stories.

Nov 02 - Canada's Encana widens N. America reach with $5.5 bln Newfield deal

Canada's Encana Corp will buy Newfield Exploration Co for $5.5 billion, giving the natural gas producer greater access to North America's biggest oilfields, and potentially spurring further deals. Thursday's all-stock deal will give Encana more acreage in the fast-growing Anadarko basin in Oklahoma, along with its holdings in the U.S. Permian and Eagle Ford basins and Canadian Montney and Duvernay regions. Click here to read full stories.

Nov 02 - GGGI sees 'positive outlook' for renewable energy, but more efforts needed

The outlook for renewable energy is "very positive" with more new investments in renewable than fossil fuel but further efforts and money are needed to tackle climate change, the head of the Global Green Growth Institute (GGGI) said. Renewable energy will keep growing out to 2023 led by growth in bioenergy consumption as countries seek to reduce green house gas emissions as a way to keep the planet from getting warmer, according to the latest report by the International Energy Agency.  Click here to read full stories.

Nov 02 - U.S. oil output surges but growth likely to moderate in 2019: John Kemp

U.S. crude oil production is rising at the fastest rate on record as the increase in prices over the last year boosts drilling and completion activity and energy firms employ more horsepower to fracture larger wells. Crude and condensates output hit a record 11.35 million barrels per day in August, up from 10.93 million bpd in July, according to the U.S. Energy Information Administration ("Petroleum Supply Monthly", EIA, Oct. 31). Click here to read full stories.

Nov 01 - Black gold, white knuckles: Oil refiners face rollercoaster ride as fuel margins seesaw 

Oil product margins have been tossed around on a wild rollercoaster ride in October, as factors like impending Iran sanctions, the China-U.S. trade war and upcoming shipping regulations yank fuel profits up, down and back again. Some profit margins, known as crack spreads in the industry, including for Asian fuel oil and gasoil have boomed, while others, such as Asian and European gasoline cracks, have plunged. Click here to read full stories.

Nov 01 - OPEC oil output rises to highest since 2016 despite Iran - Reuters survey 

OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions. The 15-member Organization of the Petroleum Exporting Countries has pumped 33.31 million barrels per day this month, the survey on Wednesday found, up 390,000 bpd from September and the highest by OPEC as a group since December 2016. Click here to read full stories.

Nov 01 - Asia's Iran oil imports hit 32-month low in Sept 

Imports of Iranian crude oil by major buyers in Asia hit a 32-month low in September, as China, South Korea and Japan sharply cut their purchases ahead of upcoming U.S. sanctions on Tehran, government and ship-tracking data showed. China, India, Japan and South Korea last month imported 1.13 million barrels per day (bpd) from Iran, according to the data, down 40.9 percent from a year earlier.  Click here to read full stories.

Nov 01 - U.S. crude output jumps to record 11.35 mln bpd in Aug - EIA 

U.S. crude oil production surged by 416,000 barrels per day (bpd) to a record 11.346 million bpd in August, the U.S. Energy Information Administration said in a monthly report on Wednesday as production in Texas and North Dakota climbed to fresh peaks. Texas output jumped by 126,000 bpd to a high of 4.58 million and production in North Dakota edged higher by 22,000 bpd to 1.28 million, the data showed. Click here to read full stories.

Nov 01 - PDVSA ships $35 mln oil cargo to pay dividends to ONGC - sources 

Venezuela's state-run PDVSA has shipped a crude cargo valued at $35 million as partial payment to Indian oil company ONGC Videsh Ltd for overdue dividends from a joint venture, according to two people familiar with the matter. The payment is based on an agreement signed in 2016 by PDVSA and ONGC Videsh, the overseas investment arm of India's Oil and Natural Gas Corp, to repatriate about $530 million in dividends due from their San Cristobal oil project in Venezuela. Click here to read full stories.

Nov 01 - Gunvor sees major producers capping oil price rises in 2019 

Oil prices will likely stay near current levels of $75 per barrel next year in the absence of any supply disruptions as most producers reckon that higher prices would destroy demand and create a new glut, one of the world's biggest traders said. "Except for a few nations which are perhaps less important than Russia and Saudi Arabia volume-wise, I don't see anybody wanting $85 oil," Gunvor Chief Executive Torbjorn Tornqvist told the Reuters Global Commodities Summit on Wednesday. Click here to read full stories.

Oct 31 - CoreCommodity's De Chiara says bull cycle in commods starting 

Commodities from energy to metals and agriculture are in the early stages of a strong upward move, CoreCommodity LLC portfolio manager Adam De Chiara said on Tuesday, as interest rates start to rise and long-standing supply gluts start to dwindle. De Chiara, co-founder of the $4.2 billion CoreCommodity Management LLC, a privately owned investment manager, said global economic growth is the main reason he expects a sustained rally in energy markets including crude oil and natural gas, along with soft commodities like coffee and sugar. Click here to read full stories.

Oct 31 - Vitol sees oil prices falling as demand growth falters 

Oil prices will likely fall next year as demand is curbed by trade wars and weakness in emerging market economies, the world's biggest oil trader Vitol predicted on Tuesday. Chief executive Russell Hardy told the Reuters Commodities Summit that Vitol had revised down its forecast for oil demand growth next year to 1.3 million barrels per day (bpd) from 1.5 million previously. It also cut this year's forecast to 1.3 million from 1.7 million. Click here to read full stories.

Oct 31 - BP's profits thunder to 5-year high 

BP's profits thundered to a five-year high, boosted by stronger oil prices with production set to rise further thanks to the $10.5 billion acquisition of BHP Billiton's U.S. shale business this week. The results further underscore a striking shift in BP over the past year as it shakes off the legacy of the deadly 2010 Deepwater Horizon disaster with new projects and the BHP deal, its largest acquisition in 20 years. Click here to read full stories.

Oct 31 - Oil prices fall as economic outlook deteriorates: Kemp 

Global economic momentum is decelerating, according to a broad range of financial and real-economy indicators, which is weighing on worldwide equity markets and oil prices. The depth and duration of the slowdown is impossible to gauge at this point, whether it turns out to be simply a mild and short-lived “soft patch”, a longer but still positive “growth recession” with output falling relative to trend, or an “outright recession” with activity falling in absolute terms. Click here to read full stories.

Oct 31 - Rising U.S. crude output sparks race to build export terminals 

A high-stakes competition is emerging among energy exporters proposing multi-million-dollar crude terminals along the U.S. Gulf Coast to handle a gusher of shale oil coming from West Texas oilfields. On Monday, private equity firm Carlyle Group became the latest to place a bet, proposing with the Port of Corpus Christi what it said would be the first onshore U.S. export facility able to load the world's largest crude tankers. Click here to read full stories.

Oct 30 - High oil prices hurt consumers, dent fuel demand - IEA chief 

High oil prices are hurting consumers and could also have adverse implications for producers, the executive director of the International Energy Agency (IEA) said on Tuesday. Major emerging Asian economies such as India and Indonesia have been hit hard this year by rising crude oil prices, which despite falls this month are up by around 15 percent since the start of 2018.  Click here to read full stories.

Oct 30 - Under the radar: Iran's oil exports harder to track as sanctions loom 

According to Saudi Energy Minister Khalid al-Falih, no one has any idea how much oil Iran will be able to export after new U.S. sanctions against the Islamic Republic kick in on Nov. 4. But more precisely, Iran's shipment figures - crucial to oil markets - are already a mystery. Iran's oil exports are becoming harder to measure as ships switch off tracking systems, oil industry sources say, adding uncertainty over how far U.S. sanctions are scaring off buyers. The prospect of more oil heading into storage could make number-crunching even tougher. Click here to read full stories.

Oct 30 - Hedge fund BBL goes bullish on diesel, bearish on oil for 2019 

The market has underestimated the impact of a change in marine fuel oil rules that will turn diesel into 2019's big winner, while crude prices will cool down to around $65 a barrel, a top hedge fund manager told Reuters. Growing concerns over global economic growth and trade wars are expected to weigh on oil prices next year, New York-based BBL Commodities founder Jonathan Goldberg told the Reuters Global Commodities Summit. Click here to read full stories.

Oct 30 - U.S. crude inventories seen up for sixth straight week - poll

U.S. crude inventories were expected to have risen for the sixth consecutive week, while refined products stockpiles were seen down last week, a preliminary Reuters poll showed on Monday. Five analysts polled ahead of reports from the American Petroleum Institute (API), an industry group, and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks rose about 3.7 million barrels in the week ended Oct. 26. Click here to read full stories.

Oct 30 - Hedge funds cut bullish bets on oil to lowest for over a year: Kemp 

Hedge fund managers continued to liquidate former bullish positions in oil last week and for the first time in more than a year clear signs of fresh short-selling emerged. Rising oil production from Saudi Arabia, the United Arab Emirates, Kuwait and Russia has eased concerns about the availability of supplies once U.S. sanctions on Iran are re-imposed in November. At the same time, intensifying fears about a possible global economic slowdown have hit oil prices and equity markets hard over the last three weeks. Click here to read full stories.

Oct 30 - After years of global success, India's Reliance Industries faces oil shock at home 

Reliance Industries, currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market. Reliance's refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan. Click here to read full stories.

Oct 29 - Trump’s Iran sanctions resolve faces test from oil-thirsty China, India 

Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran's oil-dependent economy and force Tehran to quash not only its nuclear ambitions, but this time, its ballistic missile program and its influence in Syria. Click here to read full stories.

Oct 29 - Chinese traders play down impact of new animal feed guidelines on soy demand 

Oilseed traders in China on Monday played down the potential impact on soy consumption of new government guidelines to lower the protein content of animal feed, saying that rising soymeal and soybean prices would be a far bigger curb on appetite. The nation has been pursuing multiple ways to reduce its consumption of feed ingredient soymeal, made from soybeans, amid a festering trade war with the United States, its No.2 supplier of beans. Click here to read full stories.

Oct 29 - Trump plays a part as Asia's diesel profits surge, gasoline plummets: Russell 

It may be stretching the bow too far to blame Donald Trump for the collapse in the profits Asian refiners get for making gasoline, or indeed for the surge in diesel profits, but the policies of the U.S. president are certainly playing a role. The profit margin on producing 92-octane gasoline at a typical Singapore refinery dropped to $2.37 per barrel of Brent crude on Oct. 26, the lowest in 27 months, according to Refinitiv data. Click here to read full stories.

Oct 29 - Russian energy minister Novak: No need to freeze or cut oil output levels 

Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit. OPEC and its partners led by Saudi Arabia and non-OPEC member Russia agreed in June to lift oil supplies, but OPEC then signalled last week that it may have to reimpose output cuts as global inventories rise. Click here to read full stories.

Oct 29 - Iraq to halt Kirkuk oil exports to Iran, may resume them to Turkey 

Iraq will stop trucking crude from its northern Kirkuk oilfield to Iran in November to comply with sanctions imposed on its neighbour by the United States, five sources familiar with Iraqi oil export operations said on Friday. Kirkuk is one of the biggest and oldest oilfields in the Middle East. Last year Iraq began to ship crude from Kirkuk to Iran for use in its refineries, and Iran agreed to deliver the same amount of oil to Iraq's southern ports. Click here to read full stories.

Oct 29 - Hedge funds slash bullish bets on U.S. crude to lowest in a year 

Hedge funds slashed their bullish wagers on U.S. crude in the latest week to the lowest level in more than a year, data showed on Friday, as equity markets slid, sparking worries about the energy demand outlook. The speculator group cut its combined futures and options position in New York and London by 42,644 contracts to 216,733 in the week to Oct. 23, the lowest level since September 2017, the U.S. Commodity Futures Trading Commission said. Click here to read full stories.

Oct 29 - Venezuela, Mexico divert crude to U.S. as Canadian barrels get stuck 

Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil, said traders and analysts. Click here to read full stories.

Oct 24 - As U.S. sanctions loom, China's Bank of Kunlun to stop receiving Iran payments - sources 

Bank of Kunlun Co, the key Chinese conduit for transactions with Iran, is set to halt handling payments from the Islamic Republic under pressure of imminent U.S. sanctions against the country, four sources familiar with the matter told Reuters. Kunlun, the main official channel for money flows between China and Iran, has verbally informed clients that it will stop accepting yuan-denominated Iranian payments to China from Nov. 1, said the sources, who include external loan agents and business officials who trade with Iran. Click here to read full stories.

Oct 24 - Saudi Arabia reassures on oil supply, says will meet demand 

Saudi Arabia said on Tuesday it would continue to meet customer demand for crude despite looming U.S. sanctions that are expected to reduce oil exports from Iran. Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh that the oil market was in a "good place" and he hoped oil producers would sign a deal in December to extend cooperation to monitor and stabilise prices. Click here to read full stories.

Oct 24 - Iran's oil minister says U.S. sanctions cannot stop crude exports

The United States cannot stop Iranian oil exports by imposing sanctions on Tehran, Iran's oil minister said on Tuesday, warning that such restrictions will ensure the market remains volatile. Washington plans new sanctions targeting Iran's oil sector from Nov. 4 with the aim of stopping the country's involvement in conflicts in Syria and Iraq, and bringing Tehran to the negotiating table over its ballistic missile programme. Click here to read full stories.

Oct 24 - U.S. Justice Dept demands details from Glencore on intermediary firms - sources 

The U.S. Department of Justice is seeking documents from Glencore about intermediary companies that the commodities firm has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, sources familiar with the matter said. The investigation is not directed at Glencore's own activities or its senior executives, two sources told Reuters, giving no further detail about the type of information sought. Click here to read full stories.

Oct 23 - Zanganeh advises Trump to forgo reimposing sanctions on Iranian oil - SHANA 

Iranian oil output cannot be replaced by other oil producing countries if Tehran is hit by U.S. sanctions in November, Iranian Oil Minister Bijan Zanganeh told the Ministry's website SHANA on Monday. "As I have repeatedly said there is no replacement for Iranian oil in the market. Saudi Arabia and Russia's output is near their highest level ever and they have no spare capacity to pump more to replace Iran's oil," he told SHANA. Click here to read full stories.

Oct 23 - Oil market can see past Khashoggi killing, but not Iran: Clyde Russell 

Saudi Arabia's killing of a journalist and the ramping up of U.S. sanctions against Iran have added a layer of uncertainty to crude oil markets, creating a dilemma as to whether these events are real price drivers or just temporary noise. The death of Saudi journalist Jamal Khashoggi at the kingdom's consulate in Istanbul has generated a constant stream of headlines, often with contradictory messages for the outlook for oil supply and prices.  Click here to read full stories.

Oct 23 - Hedge funds quit oil as rally reverses: John Kemp 

Hedge fund managers accelerated their profit-taking in crude oil and refined fuels last week, as confidence in the previous price rally faltered and the market fell. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 133 million barrels in the week to Oct. 16. Click here to read full stories.

Oct 22 - Saudi Arabia has "no intention" of 1973 oil embargo replay – TASS 

Saudi Arabia has no intention of unleashing a 1973-style oil embargo on Western consumers and will isolate oil from politics, the Saudi energy minister said on Monday amid a worsening crisis over the killing of Saudi journalist Jamal Khashoggi. "There is no intention," Khalid al-Falih told Russia's TASS news agency when asked if there could be a repetition of the 1973-style oil embargo. Click here to read full stories.

Oct 22 - US's Mnuchin says it will be harder for Iran oil importers to get waivers 

U.S. Treasury Secretary Steven Mnuchin said on Sunday it will be harder for countries to get waivers on Iran oil sanctions than during the Obama administration and dismissed concerns that oil prices could rise, saying the market had already factored in the losses. In an interview with Reuters in Jerusalem at the start of a Middle East trip, Mnuchin said countries would have to reduce their purchases of Iranian oil by more than the roughly 20 percent level they did from 2013 to 2015 to get waivers. Click here to read full stories.

Oct 22 - IEA chief Birol not worried about Saudi oil supply cuts over journalist's death 

International Energy Agency (IEA) chief Fatih Birol said on Monday he is not worried Saudi Arabia will cut oil supply in response to any potential sanctions over the killing of journalist Jamal Khashoggi, but urged common sense as political developments may impact energy markets. "There are many geopolitical, non-energy related issues, which could also have further impact on the oil markets," Birol told Reuters, when asked about concerns in oil markets over whether Saudi Arabia, the world's biggest crude oil exporter, might retaliate against any punitive measures by global powers over Khashoggi's death in the Saudi consulate in Istanbul. Click here to read full stories.

Oct 22 - ICE's new Houston crude futures contract begins trading 

Intercontinental Exchange Inc said its new Permian West Texas Intermediate (WTI) crude oil futures contract deliverable in Houston, Texas, will begin trading on Monday. The trade month will be December and the contract will be deliverable at Magellan Midstream Partners LP's East Houston terminal, ICE said in a statement. Click here to read full stories.

Oct 22 - New trade pact leaves most U.S. industry at mercy of Mexico's courts 

The new North American trade agreement ends key legal protections for many U.S. businesses operating in Mexico, leaving their operations exposed to a risk they had avoided under the old trade deal: Mexico's court system. For thousands of U.S. firms, the change could add complications and uncertainty to doing business south of the border. Mexico is the third-largest U.S. trading partner. Click here to read full stories.

Oct 22 - U.S. Midwest refiners look like earnings winners in Q3 

U.S. refiners are expected to post strong earnings for the third quarter, with Midwest producers leading the way thanks to cheaper prices for Canadian crude that pushed down input costs. Independent refiners benefited from a steep discount for U.S. crude oil below the price of global benchmark Brent. A further discount on oil out of Midland, Texas, may have also helped, though that discount declined in the most recent quarter. Click here to read full stories.

Oct 22 - Asia gasoline buckles under supplies; crack at over 2-year low 

Asia's gasoline margin fell to more than a two-year low late last week due to ample supplies, and the October average is now expected to be the worst for the month since 2013, based on Thomson Reuters data. Gasoline margins against Brent crude fell 63 percent from the start of the month to $3.04 a barrel on Thursday, the lowest since Aug. 1, 2016, before recovering to $3.55 a barrel on Friday. Click here to read full stories.

Oct 22 - Hedge funds slash bullish bets on U.S. crude to one-year low 

Hedge funds cut bullish wagers on U.S. crude to the lowest level in over a year, CFTC data showed on Friday, as oil prices slumped, weighed down by global stock markets and inventory builds at a key storage hub. Money managers cut their net long U.S. crude futures and options positions in New York and London by 37,080 contracts to 259,375 in the week to Oct.16, the U.S. Commodity Futures Trading Commission (CFTC) said - the lowest level since Sept. 19, 2017. Click here to read full stories.

Oct 19 - China's Sept refinery output hits record daily high

China's refinery throughput hit a record daily high in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories amid better fuel demand and robust margins, data showed on Friday. China's crude oil throughout rose to 12.49 million barrels per day (bpd) in September, up from 11.85 million bpd in August, according to Reuters calculations based on National Bureau of Statistics data. Click here to read full stories.

Oct 19 - Rising U.S. shale exports turn WTI into 24-hour benchmark - CME

Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said. Owain Johnson, managing director for energy research and development at CME, said the shift has also led CME to introduce the first change to the quality of WTI crude since 1983, coming into force from January next year. Click here to read full stories.

Oct 19 - With few buyers, Iranian oil armada heads to China ahead of U.S. sanctions

An unprecedented volume of Iranian crude oil is set to arrive at China's northeast Dalian port this month and in early November before U.S. sanctions on Iran take effect, according to an Iranian shipping source and data on Refinitiv Eikon. A source from the National Iranian Tanker Company said the company is shipping more than 20 million barrels of oil to Dalian. Click here to read full stories.

Oct 19 - EPA chief says agency can expand ethanol sales without Congress

The Environmental Protection Agency can allow sales of higher-ethanol blends of gasoline year-round without Congress, its acting administrator said on Thursday, adding that the oil industry should drop its threat of a lawsuit to halt the move. President Donald Trump announced last week he was directing the EPA to lift the summertime ban on sales of so-called E15 to help farmers suffering from slumping commodity prices. Click here to read full stories.

Oct 19 - Nasdaq Commodities quits oil contracts, to list new products in France and Germany

The Nasdaq Commodities exchange will delist its remaining fuel oil contracts that are expiring in 2019 and launch a new natural gas monthly future contract in France and options for the German only electricity market in November, it said on Thursday. The planned delisting is the last step in the complete closure of the current fuel oil product offering at Nasdaq Commodities, the exchange said. Click here to read full stories.

Oct 18 - Exxon Mobil bets big on China LNG, sidesteps trade war

In the middle of a Sino-U.S. trade war, the world's largest publicly traded oil and gas company is turning toward Beijing for business at a time when most of Corporate America is looking elsewhere to avoid the threat of tariffs. Exxon Mobil Corp is placing big bets on China's soaring liquefied natural gas (LNG) demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet. Click here to read full stories.

Oct 18 - U.S. energy exports to China plummet as Trump trade war bites: Russell

It's probably not the kind of success U.S. President Donald Trump had in mind, but his trade dispute with China has effectively killed off the burgeoning energy trade between the world's two biggest economies. China's imports of U.S. crude oil, liquefied natural gas (LNG) and coal have slowed to a trickle amid the escalating tit-for-tat tariff war. Click here to read full stories.

Oct 18 - India's Reliance Industries halts Iranian oil imports

India's Reliance Industries Ltd, owner of the world's biggest refining complex, has halted imports of Iranian crude ahead of U.S. sanctions against Tehran's oil sector, its joint chief financial officer said. The United States plans to impose new sanctions on Iran's oil sector from Nov. 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme. Click here to read full stories.

Oct 18 - Oil weapon has proved a double-edged sword: Kemp

The oil shocks of 1973/74 and 1979/80 are now mainly remembered for the disruption and hardship they caused in the major oil-consuming countries. But they marked a lasting inflection point in the development of the oil market and almost all the changes were adverse to OPEC in the long run. Click here to read full stories.

Oct 18 - With oil above $80/bl, trader Trafigura still holds bullish view

Trafigura executives expect more upward pressure on global oil prices next year as rising U.S. shale output will not be able to fill a gap in supply once U.S. sanctions on Iranian oil come into force in early November. The commodity trader's chief economist Saad Rahim, speaking at the Argus Global Crude Conference in Geneva, forecast 2018 crude oil demand growth at around 1.6 to 1.7 million barrels per day. Click here to read full stories.

Oct 18 - U.S. crude stockpiles rise for fourth straight week - EIA

U.S. crude oil stockpiles rose last week for the fourth straight week, led by a notable increase in inventories at the Cushing, Oklahoma, hub, while gasoline and distillate stocks fell, the Energy Information Administration said on Wednesday. Crude inventories rose 6.5 million barrels in the week to Oct. 12, nearly three times analysts' expectations for an increase of 2.2 million barrels. Click here to read full stories.

Oct 18 - Oil output from Saudi, Kuwait shared zone on hold as relations sour

Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields any time soon due to operational differences and souring political ties between the previously close Gulf OPEC allies, sources familiar with the matter said. The two countries halted output from the jointly run oilfields - Khafji and Wafra - in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply. Click here to read full stories.

Oct 18 - U.S. eyes more Venezuelan sanctions, but oil on backburner - U.S. official

The United States plans to turn up sanctions pressure on Venezuela but sees less need to immediately target its energy sector, given sagging production from the OPEC member's state-run oil company, a senior U.S. administration official said on Wednesday. The U.S. government has imposed several rounds of sanctions on Venezuelan military and political figures close to socialist President Nicolas Maduro, who it blames for trampling on human rights and triggering the country's economic collapse. Click here to read full stories.

Oct 18 - Global carbon emissions to hit new record in 2018 - IEA's Birol

Global carbon emissions will rise to a new record level in 2018, making the chances of reaching a target to keep temperature increases to 1.5 or 2 degrees Celsius remote, the head of the International Energy Agency (IEA) said on Wednesday. IEA's Fatih Birol told a conference in Paris that data for the first nine months of the years was already pointing to a record increase in carbon emissions. Click here to read full stories.

Oct 17 - OPEC urges producers to ramp up investment amid shrinking spare oil capacity

OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer.  Click here to read full stories.

Oct 17 - Physical crude market seems more relaxed than paper over Saudi tensions: Russell

The crude oil price appears firmly in the hands of geopolitical concerns, with veiled Saudi threats over the disappearance of a journalist and the ramping up of U.S. sanctions against Iran getting most of the attention. However, it's always worth looking at what is happening in the real world of physical oil flows and pricing, as this can often tell a somewhat different narrative to what is driving the paper market. Click here to read full stories.

Oct 17 - U.S. oil service firms face tough quarter despite high crude prices

Even as crude prices hover near four-year highs, U.S. oilfield service firms' third-quarter results due out in coming days will reflect a shaky recovery, as their customers face drilling constraints and pressure to hold down spending. Oil producers are holding off finishing new wells, and cost pressures from tight labor markets and U.S. tariffs on imported steel are driving up service firms' costs. Click here to read full stories.

Oct 17 - China's Zhoushan city woos Exxon Mobil for a $7 bln ethylene plant

The Chinese city of Zhoushan is in talks with oil major Exxon Mobil Corp to build a $7 billion ethylene plant in the city south of Shanghai, it said in a statement released on Wednesday. The facility would have annual production capacity of 1.5 million to 1.8 million tonnes, the statement said, making it larger than the 1.2 million-tonnes-per-year plant Exxon plans in the city of Huizhou in the southern province of Guangdong. Click here to read full stories.

Oct 17 - Mexico's next government faces bind in Pemex ethane deal

Mexico's incoming government will soon inherit a costly dilemma over an ethane supply contract between national oil company Pemex and a consortium led by a unit of Brazilian builder Odebrecht. Under the contract's terms, Pemex has had to supply ethane well below current market prices. Click here to read full stories.

Oct 17 - Malaysia's biodiesel output, exports set to hit records - industry body

Malaysian biodiesel production is likely to hit record levels this year and next, with 2018 exports on track to double from 2017, pushed up as higher oil prices boost the appeal of biofuels, the head of an industry association said on Wednesday. The Southeast Asian nation is the world's No.2 producer of palm oil, which can be used as feedstock to make the bio components of biodiesel. Click here to read full stories.

Oct 17 - Shippers scramble to install sulphur filters ahead of rule change

Ship owners accelerated installations of engine cleaning systems this year ahead of stringent new rules in 2020 which sharply reduce the amount of sulphur ships can emit from the 3.5 percent in current bunker fuel to 0.5 percent, according to a report. Vessel operators can either switch to cleaner, but more expensive, marine gasoil or install scrubbers to filter sulphur from dirtier fuel oil. Click here to read full stories.

Oct 16 - OPEC says India oil demand to rise by 5.8 mln bpd by 2040

India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40 percent of the overall increase in global demand during the period, OPEC's secretary general said on Friday. "India is projected to see the largest additional oil demand (3.7 percent per annum) and the fastest growth in the period to 2040," said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries. Click here to read full stories.

Oct 16 - Mexico's Lopez Obrador pushes Big Oil to hurry, but offers little 

At his first meeting with foreign oil majors, Mexico's leftist president-elect pushed the companies to prove themselves by quickly pumping oil from recent finds, sources say, but gave no sign of offering up new fields to reverse dwindling output. President-elect Andres Manuel Lopez Obrador repeated a promise to respect more than 100 existing contracts awarded following a sweeping five-year-old energy overhaul as long as a review by his team finds no corruption. Click here to read full stories.

Oct 16 - U.S. shale oil output to rise to record 7.7 mln bpd in Nov - EIA

Oil production from seven major shale basins in the United States is expected to rise by 98,000 barrels per day (bpd) in November to a record of 7.71 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a fresh peak of 3.55 million bpd. Click here to read full stories.

Oct 16 - Oil prices ease as funds continue profit-taking: Kemp

Hedge fund managers have continued to take profits on their bullish positions in crude oil as the late summer rally has faded and fears about oil consumption and the state of the economy have replaced concerns over sanctions on Iran. Fund managers cut their combined net long position in the six most important petroleum futures and options contracts by 36 million barrels in the week to Oct. 9 after trimming it by 19 million barrels the week before. Click here to read full stories.

Oct 16 - Expanding ethanol sales would have limited U.S. market impact - analysts

The Trump administration's plan to allow year-round sales of higher-grade corn ethanol would have limited impact on the depressed U.S. ethanol market, with record supplies and prices for the fuel hovering near the lowest in a decade, analysts said. President Donald Trump announced the decision last week ahead of a campaign trip to Iowa, the top producer of corn and ethanol. Click here to read full stories.

Oct 15 - S.Korea's Sept imports of Iran oil fall to zero ahead of U.S. sanctions

South Korea did not import any oil from Iran in September for the first time in six years, before U.S. sanctions against the Middle East country take effect in November, customs data showed on Monday. The last time South Korea did not import oil from Iran was September 2012, according to customs data. Click here to read full stories.

Oct 15 - China's resilient commodity imports show trade war yet to factor: Russell

It's tempting to look at the relative resilience of China's imports of major commodities in September and conclude that the world's second-biggest economy is weathering the trade dispute with the United States quite well. The problem with this view is that while the trade conflict certainly looms as an issue in China's commodity trade, it's not yet the driving factor and any strength, or weakness, in various imports is largely a result of different dynamics. Click here to read full stories.

Oct 15 - Libya may suspend Zawiya refinery unless security improves

Libya's state oil firm NOC warned on Sunday it would have to suspend operations at its 120,000 barrels per day (bpd) Zawiya refinery unless security improved after two recent attacks. The refinery west of the capital Tripoli supplies western and southern Libya with fuel. Its port also exports crude from the southern El Sharara oilfield. Gunmen attacked the site on Wednesday, trying to break into the oil mixing operation and stealing a company car, NOC said in a statement. Click here to read full stories.

Oct 15 - Trump's ethanol plan: Hype now, legal fights later

President Donald Trump's hyping of a plan to boost ethanol demand drew cheers at an Iowa rally on Tuesday, but the oil refining industry has promised a lawsuit to block the move, so victory for Midwest farmers is far from certain. Trump on Tuesday indicated that the U.S. Environmental Protection Agency should allow for a waiver for higher-ethanol gasoline, known as E15, to be sold all year, which has been prohibited due to smog concerns. He did not mention the threatened lawsuit and was not asked about it. Click here to read full stories.

Oct 15 - Speculators cut U.S. crude oil longs to one-year low - CFTC

Money managers cut their net long U.S. crude futures and options positions in the latest week to lows not seen in a year as oil fell in tandem with a pullback in bets on stocks and other assets, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 36,652 contracts to 296,456 for the period ending Oct. 9.  Click here to read full stories.

Oct 15 - European gasoline cracks sink to five-year low

Benchmark gasoline refining margins in Europe turned negative on Friday for the first time in nearly five years amid bloated stocks and weaker demand in the Atlantic basin. Gasoline stocks in the Amsterdam-Rotterdam-Antwerp hub remain at a record high for this time of the year, according to data from PJK International, with disappointing demand for the fuel in the United States, a key export market.  Click here to read full stories.

Oct 15 - U.S. drillers add oil rigs, Permian count near 4-yr high - Baker Hughes

The U.S. oil drilling rig count rose this week for the first time in four weeks, boosting the number of rigs in the nation's biggest oil field to the most in nearly four years. Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Oct 12 - China's September crude imports mark highest in 4 months

China's daily crude oil imports in September hit their highest level since May, customs data showed on Friday, as independent refiners looked to shore up their inventory ahead of winter. Shipments into the country last month stood at 37.12 million tonnes, or 9.05 million barrels per day (bpd), up from 9.04 million bpd in August and marking their third straight monthly rise, according to numbers from the General Administration of Customs. Click here to read full stories.

Oct 12 - Big Oil still reluctant to open spending taps - Goldman

Energy companies and investors are focused on profits and reluctant to boost spending even after crude prices surged to four-year highs, a senior Goldman Sachs banker said on Thursday. Rattled by the recent downturn in the sector and long-term concerns over oil demand and the switch to renewables, Big Oil is facing an unprecedented challenge. Click here to read full stories.

Oct 12 - OPEC says oil market well supplied, wary of 2019 surplus

OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer. Brent crude last week reached $86.74, the highest since 2014. Click here to read full stories.

Oct 12 - India's oil imports from Iran edged up in September due to loading delays

India's oil imports from Iran edged up in September from the previous month as refiners pushed back loading of some August cargoes due to a delay in obtaining government approval to use Iranian ships and insurance, data obtained from sources showed. Last month, India shipped in about 528,000 barrels per day (bpd) oil from Iran, about 1 percent more than the 523,000 bpd of August and about 27 percent more than a year earlier, tanker arrival data obtained from shipping and industry sources showed. Click here to read full stories.

Oct 12 - U.S. crude stocks rise as refining slows, gasoline builds unexpectedly - EIA

U.S. crude oil stockpiles rose last week for the third consecutive weekly build as refineries continued to reduce output for seasonal maintenance, while gasoline inventories grew unexpectedly, the Energy Information Administration said on Thursday. Crude inventories rose 6 million barrels in the week to Oct. 5, compared with analysts' expectations for an increase of 2.6 million barrels. The build was in part due to a 2.4 million-barrel increase in stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures. Click here to read full stories.

Oct 12 - U.S. oil firms restore operations in storm-tossed Gulf of Mexico

Major oil producers and drillers, including Exxon Mobil Corp, Chevron Corp and BP Plc, on Thursday began returning workers and restoring output at U.S. Gulf of Mexico facilities shut as Hurricane Michael blew through. The U.S. offshore safety regulator's daily update showed that 40 percent of Gulf oil output and 29 percent of natural gas production was locked in, slightly less than a day earlier. Click here to read full stories.

Oct 12 - Russia to suspend light, heavy oil product exports to Belarus from Nov

Russia plans to halt exports of light and heavy oil products to Belarus from next month until the end of next year, with restrictions also applying to shipments of liquefied petroleum gas (LPG), two Russian government sources told Reuters. Russia, Belarus and Kazakhstan have a duty-free arrangement under which Moscow has been sending crude oil and oil products to Minsk with no export fee. Belarusss then re-exports some of those goods, pocketing the associated charges. Click here to read full stories.

Oct 12 - Shell seeks to sell Venezuela JV stake to France's Maurel & Prom - sources

Royal Dutch Shell Plc is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris-based Maurel & Prom , three sources said this week, a move to scale down its crude business in the ailing OPEC-member country to focus on gas. The Anglo-Dutch company is seeking to sell its 40 percent stake in Petroregional del Lago, a joint venture with Venezuela's state-run oil company PDVSA in the western state of Zulia near Colombia. Click here to read full stories.

Oct 11 - World's top traders divided on oil outlook as Iran sanctions loom

The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading. Click here to read full stories.

Oct 11 - Fat profits: Asian traders cash in as Europe thirsts for waste oils

Once surreptitiously dumped down drains in the dead of night, Asia's used cooking oil is fast becoming one of the most sought-after commodities in Europe - as a feedstock for biodiesel. Aggressive green energy targets in the European Union that were bolstered further this year are pushing fuel makers to churn out biodiesel containing recycled cooking oils and fats, phasing out the use of fresh vegetable oils in the process by 2030. Click here to read full stories.

Oct 11 - Hurricane knocks out 42 percent of U.S. Gulf of Mexico oil output

Hurricane Michael on Wednesday cut 42 percent of U.S. Gulf of Mexico daily crude oil production and nearly a third of natural gas output, the largest reductions in a year, after companies evacuated staff and shut-in platforms as a precaution. Michael slammed into the Florida Panhandle on Wednesday as a fast-moving, Category 4 storm bringing heavy rains and winds of 155 miles per hour (249 kph) to the U.S. southeast. Click here to read full stories.

Oct 11 - U.S. oil output to grow faster than expected to record in 2018 - EIA

U.S. crude oil output in 2018 is expected to grow more quickly than previously forecast to a record high, according to a monthly U.S. government forecast on Wednesday. Crude production was expected to rise 1.39 million barrels per day to 10.74 million bpd this year, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO). Click here to read full stories.

Oct 11 - Governments must change tack to contain global warming, says Big Oil

Governments not energy firms need to take the lead in achieve U.N. targets to contain global warming, with policies that will change fuel and other energy consumption habits, oil and gas companies said. A U.N. panel called this week for "unprecedented" changes in how the world consumes energy and a dramatic rise in the use of renewable power to contain global warming at lower levels and protect the planet from heatwaves, floods and rising sea levels. Click here to read full stories.

Oct 10 - Michael shuts nearly 40 percent of U.S. Gulf of Mexico oil output

Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael. Oil producers - including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp  - have since Monday evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.  Click here to read full stories.

Oct 10 - Trump raises ethanol use in gasoline, appeases farmers ahead of elections

U.S. President Donald Trump launched an effort on Tuesday to increase ethanol use in the nation's gasoline pool, delivering a long-sought political victory to the country's Farm Belt and angering oil refiners ahead of November's congressional elections. Trump announced the lifting of a ban on summer sales of gasoline blended with 15 percent ethanol, known as E15, at a closed-door meeting at the White House, Republican senators told reporters after the meeting. Click here to read full stories.

Oct 10 - Natural gas here to stay beyond energy transition, Big Oil says

Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy. Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation. Click here to read full stories.

Oct 10 - Unions accuse Chevron of "massive" tax avoidance via the Netherlands

International and Dutch unions filed a complaint with a global trade body on Tuesday accusing Chevron Corp. of funnelling billions of euros through letter box companies in the Netherlands to avoid taxation. In a rare step, the federation of Dutch trade unions, the International Transport Workers' Federation and Public Services International lodged the complaint with the Organisation for Economic Co-operation and Development (OECD) in The Hague. Click here to read full stories.

Oct 9 - Trump to lift ban on higher-ethanol gasoline ahead of Nov. elections

U.S. President Donald Trump will seek to lift a federal ban on summer sales of higher-ethanol blends of gasoline on Tuesday, a senior White House official said, delivering on a move long-sought by anxious Midwest farmers ahead of November's elections. The move will be coupled with restrictions on biofuel credit trading sought by merchant refiners like Valero Energy Corp and PBF Energy Inc. Those rules would be aimed at retailers and oil majors accused by merchant refiners of driving up cost of complying with biofuels blending laws. Click here to read full stories.

Oct 9 - Britain's oil watchdog sees North Sea costs, spending rise in 2018

The costs and operating expenditure needed to produce oil and gas in the British North Sea are set to rise both in overall and in per-barrel terms this year compared with 2017, the country's regulator for the sector said on Tuesday. Overall operating spending in the mature North Sea oil and gas basin this year is estimated to rise almost 9 percent to 7.5 billion pounds ($9.8 billion), according to the Oil and Gas Authority.  Click here to read full stories.

Oct 9 - Rocked by Trump's sanctions, Iranian oil exports drop further

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from U.S. sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall. The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. Click here to read full stories.

Oct 9 - Gulf of Mexico offshore platforms evacuated ahead of hurricane

Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 13 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. Gulf. Offshore producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp  evacuated workers from oil and gas platforms in the Gulf. Click here to read full stories.

Oct 9 - Eni to acquire half of BP's Libya oil and gas assets

Italy's Eni  has agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday. Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, the companies said in a statement. Click here to read full stories.

Oct 9 - Brent falls as fund managers take profits after rally: John Kemp

Hedge fund managers started to take some profits after the strong rally in crude oil prices, even before details emerged last week of output increases from Saudi Arabia and sanctions waivers by the United States. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 19 million barrels to 1.081 billion barrels in the week to Oct. 2. Click here to read full stories.

Oct 8 - China's credit loosening may not do much for commodity demand: Russell 

China's commodity imports may get a shot in the arm from Beijing's decision to ease credit conditions in the world's second-largest economy, but it may not be as big a boost as followed prior monetary loosening. The People's Bank of China on Sunday announced a steep 100 basis point cut in the level of cash that banks must hold as reserves, matching a similar move in April.  Click here to read full stories.

Oct 8 - U.S. actively considering waivers on Iran oil sanctions 

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday. The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on Nov. 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile program. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States. Click here to read full stories.

Oct 8 - Two Indian companies to buy Iranian oil in November - oil minister 

Two Indian companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from U.S. sanctions on Iran. India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.  Click here to read full stories.

Oct 8 - Speculators cut bullish bets on U.S. crude to near 1-year low - CFTC 

Hedge funds cut their bullish wagers on U.S. crude in the latest week to the lowest level in nearly a year, data showed on Friday, as U.S. inventories rise and the market grapples with uncertainty ahead of U.S. sanctions on Iran. The speculator group cut its combined futures and options position in New York and London by 13,459 contracts to 333,109 in the week to Oct. 2, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Oct 8 - Massive societal changes needed to meet lower global warming target world needs - U.N. 

Society would have to carry out "unprecedented" changes to the way it operates to keep global temperatures from rising by less than targeted or it risks increases in heat waves and flood-causing storms and the chances of drought in some regions, a U.N. report said on Monday. Keeping the Earth's temperature rise to only 1.5 degrees Celsius (2.7 degrees Fahrenheit) rather than the 2C target agreed to at the Paris Agreement talks in 2015, would have "clear benefits to people and natural ecosystems," the U.N. Intergovernmental Panel on Climate Change (IPCC) said on Monday in a statement announcing the report's release. Click here to read full stories.

Oct 5 - U.S. oil exports fall as India turns to Iran ahead of sanctions

Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler. U.S. oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 percent from a record high of 347,000 bpd in June, Kpler data showed. India accounted for 12 percent of U.S. crude exports in June. Click here to read full stories.

Oct 5 - Rising use of plastics to drive oil demand to 2050 - IEA

Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday. Despite government efforts to cut pollution and carbon emissions from oil and gas, the Vienna-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products. Click here to read full stories.

Oct 5 - Oil prices enter the danger zone for consumers: Kemp

Crude oil prices continue to climb despite attempts by oil producers to reassure the market about availability and the existence of enough spare capacity to offset oil lost as a result of U.S. sanctions on Iran. Recent price moves bear a strong resemblance to previous price spikes in 2007-2008 and 2010-2012, especially if prices are expressed in euros or yen to eliminate the impact of a stronger dollar this time around. Click here to read full stories.

Oct 5 - Saudi Arabia to invest $20 bln in spare oil production capacity

Saudi Arabia will invest $20 billion in the next few years to maintain and possibly expand its spare oil production capacity, Saudi Energy Minister Khalid al-Falih said on Thursday. Saudi Arabia is the only oil producer with significant spare capacity on hand to supply the market if needed. The kingdom has a maximum sustainable capacity of 12 million barrels per day (bpd). Click here to read full stories.

Oct 4 - Traders bet on oil at $100 as Iran sanctions loom

Oil traders have piled into wagers that U.S. crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record U.S. production growth and relatively flat global demand. But the imminent return of U.S. sanctions on Iran and bottlenecks keeping U.S. oil from getting to market have fueled a rally that has taken benchmark oil prices to four-year highs. Click here to read full stories.

Oct 4 - Saudi Arabia, Russia agreed in Sept to lift oil output, told U.S.

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. U.S. President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the U.S. congressional elections on Nov. 6. Click here to read full stories.

Oct 4 - U.S. crude oil stocks jump 8 million barrels last week

U.S. crude oil stockpiles rose by their most in a week since March 2017, driven in part by a build at the Cushing, Oklahoma, hub and a drop in exports, the Energy Information Administration said on Wednesday. Crude inventories jumped by 8 million barrels in the week to Sept. 28, four times analysts' expectations. Click here to read full stories.

Oct 4 - India allows oil firms hit by rising costs to raise $10 bln overseas

India said on Wednesday it will allow state oil marketing firms to raise $10 billion in overseas loans to help them deal with a sharp rise in crude oil prices and a falling rupee currency. The Reserve Bank of India said it will relax the external commercial borrowings (ECB) policy to allow the oil companies to raise external debt for working capital purposes and lifted the individual borrowing limit which was set at $750 million. Click here to read full stories.

Oct 3 - After lean years, Big Oil is under pressure to spend

Executives at the world's biggest oil and gas companies are under growing pressure to loosen the purse strings to replenish reserves, halt output declines and take advantage of a crude price rally after years of austerity. With oil at a four-year high of $85 a barrel, exploration departments are urging company boards to drill more, wages are creeping higher, service companies say rates will have to rise and some investors say Big Oil must start growing again soon. Click here to read full stories.

Oct 3 - Asia scrambles for West African oil before U.S. sanctions hit Iran

Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before U.S. sanctions take effect on Nov. 4. Loadings for Asia will rise to 2.52 million barrels per day (bpd) in October, equivalent to 75 percent of total output from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data. Click here to read full stories.

Oct 3 - Exxon explores sale of U.S. Gulf of Mexico assets - sources

Exxon Mobil Corp is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher prices prompt the world's largest publicly traded oil company to review its portfolio, people familiar with the matter said on Tuesday. Major oil companies have been looking to concentrate development operations in a few key areas. Irving, Texas-based Exxon is focusing on promising acreage in offshore areas such as Guyana and Brazil and onshore in the Permian basin of Texas. Click here to read full stories.

Oct 3 - OPEC and traders in standoff over oil outlook: Kemp

OPEC and oil traders are now in fundamental disagreement about the market outlook and the standoff is fuelling a sharp rise in prices that could spell trouble for the global economy over the next 18 months. The overall balance between supply and demand is "healthy" according to a statement from the Joint Ministerial Monitoring Committee of OPEC and non-OPEC producers last month. Click here to read full stories.

Oct 3 - Venezuelan oil port repairs delayed, crude exports fall - sources

Repairs to a dock at Venezuela's main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the OPEC member nation's crude exports, according to sources and shipping data. A minor incident in late August forced state-run oil company PDVSA to shut the Jose port's South dock, one of three used to ship heavy and upgraded oil to customers including Russia's Rosneft  and U.S.-based Chevron Corp, and to receive diluents needed for the exports. Click here to read full stories.

Oct 2 - Boom, bust or both? The challenge of predicting 2019's oil market balance

In the oil market, balance is a difficult game. Calculating whether the 100 million barrel per day world market is likely in the months ahead to have a surplus or deficit of supply, or be balanced, where supply equals demand, is never simple. Projections must take into account a host of factors -- from world economic growth, refinery operations and changing fuel use patterns on the demand side, to investment patterns, rates of mature oilfield decline, weather, politics, war and OPEC on the supply side. Click here to read full stories.

Oct 2 - Bill allowing U.S. to sue OPEC drawing renewed interest

With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law. A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action. Click here to read full stories.

Oct 2 - OPEC oil output boost in September limited by Iran losses - Reuters survey

OPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola. The 15-member Organization of the Petroleum Exporting Countries pumped 32.85 million barrels per day in September, the survey on Monday found, up 90,000 bpd from August's revised level and the highest this year. Click here to read full stories.

Oct 2 - Crude oil, natural gas may be about to repeat coal's hubris: Russell

The crude oil and natural gas industries believe they have got their mojo back, with the overwhelming impression gained at two recent conferences that the future is indeed bullish. It was hard to find any downbeat delegates at last week's Asia Pacific Petroleum Conference, the region's largest annual event, or at the well-attended GasTech in Barcelona the prior week. Click here to read full stories.

Oct 2 - Hedge funds doubt Saudi Arabia will replace Iranian oil:Kemp

Hedge fund managers are increasingly betting Saudi Arabia and its allies cannot or will not replace all the crude lost from the market when U.S. sanctions on Iran go into effect fully from November. Hedge funds and other money managers increased their combined net long position in the six major petroleum contracts by another 50 million barrels in the week to Sept. 25. Click here to read full stories.

Oct 2 - Australia expects resource exports to hit record $182 bln in 2018-2019

Australia's government expects the nation's resource and energy exports to hit a record of A$252 billion ($182 billion) in 2018-2019, buoyed by climbing prices for commodities such as natural gas and by a weaker Australian dollar. However, the country's Department of Industry also said in a report that the value of such exports would edge back to around A$238 billion in 2019-2020 even as volumes rise again, pulled down as growing global supply and concerns over demand pressure prices. The figure for 2017-18 was A$227 billion. Click here to read full stories.

Oct 2 - Crop Watch: Wet, cool weather slows activity in all eight states -Braun

Harvest activity and crop progress were slow for the Crop Watch corn and soybean fields last week as wet and/or cool weather plagued all eight producers in some way or another. That theme is likely to continue in many areas as the forecast for the next two weeks is much wetter than normal across the U.S. Midwest. Click here to read full stories.

Oct 1 - Saudi Crown Prince to discuss Neutral Zone oil output during Kuwait trip - source

Saudi Arabia's Crown Prince Mohammad bin Salman is expected to discuss the resumption of oil output from the Neutral Zone, which the kingdom's shares with Kuwait, during a trip to the Gulf Arab state on Sunday, a source familiar with the matter told Reuters. Prince Mohammad will be accompanied by Energy Minister Khalid al-Falih during his trip to Kuwait, two separate sources said. Click here to read full stories

Oct 1 - How the world's oil refiners plan to grapple with their fuel oil output after 2020 

High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed. Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output. Click here to read full stories

Oct 1 - Oman crude surges at just the wrong time for Saudi Arabia: Russell 

Talk about inconvenient timing. Just as Saudi Arabia is about to switch the way it prices its oil exports, the new benchmark throws a spanner in the works by surging inexplicably. Oman crude futures traded on the Dubai Mercantile Exchange (DME) rushed to their highest level in four years last week, trading as high as $90.90 a barrel on Sept. 26. Click here to read full stories

Oct 1 - Asia's troubled emerging markets to shave oil demand next year

Asia's emerging markets, the key driver for global oil demand growth, are being hit hard by soaring crude prices and sliding currencies, raising red flags over expectations of further increases in consumption. Import-reliant economies are already aching under oil prices that have risen above $80 per barrel this week, the most since late 2014. Click here to read full stories

Oct 1 - China hikes 2019 non-state oil import quota as private refiners expand

China has hiked its 2019 crude oil import quota for "non-state trade", generally meaning independent refiners, by 42 percent to 202 million tonnes, as two private companies prepare to launch commercial production at major new plants. It is the second consecutive year that Beijing has increased the quota, which is equivalent to 4.04 million barrels per day (bpd). Click here to read full stories

Oct 1 - U.S. crude output reaches record 10.96 mln bpd in July - EIA

U.S. crude oil production rose 269,000 barrels per day (bpd) to a record 10.964 million bpd in July, led by record output from Texas and North Dakota, the U.S. Energy Information Administration said in a monthly report on Friday. The agency revised its June production figure slightly higher to 10.695 million bpd in June. Click here to read full stories

Oct 1 - Hedge funds raise bullish bets on U.S. crude on supply worries

Hedge funds slightly increased their bullish wagers on U.S. crude in the week to Sept. 25, data showed on Friday, as Saudi Arabia and Russia ruled out any immediate increase in production, raising concerns about supply shortages. The speculator group raised its combined futures and options position in New York and London by 3,728 contracts to 346,566 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories

Oct 1 - U.S. oil drillers add fewest rigs in quarter since 2017 -Baker Hughes

U.S. energy companies cut oil rigs for a second consecutive week as new drilling stalled in the third quarter with the fewest additions in a quarter since 2017 due to pipeline constraints in the nation's largest oil field. Drillers cut three oil rigs in the week to Sept. 28, bringing the total count down to 863, General Electric Co's  Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories

Sep 28 - Saudi Arabia in short-term oil fix, fears extra U.S. supply next year

Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude. The kingdom, OPEC's top producer, came under renewed pressure last week from U.S. President Donald Trump to cool oil prices ahead of a meeting in Algiers between a number of OPEC ministers and allies including Russia.  Click here to read full stories.

Sep 28 - India will continue to buy Iran's oil - Iranian foreign minister

India is committed to buying Iranian oil and continuing the two nations' economic cooperation, the Iranian foreign minister said after a meeting with his Indian counterpart and ahead of U.S. sanctions aimed at halting Tehran's oil exports. U.S. President Donald Trump's May withdrawal from an international nuclear pact with Iran was followed up with plans to impose new sanctions against the third-largest producer among the Organization of the Petroleum Exporting Countries (OPEC). Click here to read full stories.

Sep 28 - White House mulls limits on biofuel trading as part of E15 deal - sources

The White House is considering imposing restrictions on trading of biofuel credits, hoping to discourage speculation and reduce costs for oil refiners to comply with U.S. biofuels policy, according to three sources familiar with the discussions. The sources, who asked not to be named because they are not authorized to comment on the discussions, said an announcement could be made in coming weeks.  Click here to read full stories.

Sep 28 - Brazil's Petrobras to pay $853 mln U.S. fine in Car Wash probe

Petróleo Brasileiro SA will pay an $853.2 million fine to settle charges that former executives and directors of the state-run Brazilian oil company broke U.S. anti-corruption laws by bribingpoliticians and then seeking to conceal the payments, the U.S. Justice Department (DOJ) said on Thursday. Shares in Petrobras, as the company is known, were up 6.3 percent in afternoon trading, helped by the latest milestone in turning the page on the landmark "Car Wash" investigation, which ensnared senior executives and high ranking politicians in Latin America's largest economy. Click here to read full stories.

Sep 28 - Nigerian unions start general strike over minimum wage

Nigeria's main unions launched an indefinite strike on Thursday in a dispute over the minimum wage and a key oil industry union said it would join, in a decision that could potentially impact crude output. The strike began a day after talks between President Muhammadu Buhari's government and unions broke down. It is intended to raise pressure on authorities to produce a minimum wage proposal. Click here to read full stories.

Sep 27 - U.S. will not tap oil reserve as Iran sanctions loom - Perry

The Trump administration is not considering a release from the U.S. emergency oil stockpile to offset the impact of looming Iran sanctions, and will instead rely on big global producers to keep the market stable, Energy Secretary Rick Perry said on Wednesday. "If you look at the Strategic Petroleum Reserve and you were to introduce it into the market, it has a fairly minor and short-term impact.  Click here to read full stories.

Sep 27 - China's Nexen plans Gulf of Mexico oil exit amid trade war - sources

Nexen Petroleum, a unit of China's CNOOC Ltd, plans to exit the United States, divesting its stake in giant oil and gas developments in the Gulf of Mexico as trade tensions between two countries mount, three people familiar with the plan told Reuters on Wednesday. Nexen has not determined whether it will sell the assets outright or swap offshore acres with another company, the people said, speaking on condition of anonymity as the talks are private. Click here to read full stories.

Sep 27 - U.S. gasoline prices at seasonal 4-yr high ahead of midterm elections

U.S. gasoline prices are sitting at four-year seasonal highs headed into the November midterm elections, even as President Donald Trump has called repeatedly for OPEC to push prices lower. While gasoline prices typically drop following peak summer demand season, they have not fallen as fast as expected, said Jeanette Casselano, spokeswoman for the American Automobile Association. Click here to read full stories.

Sep 27 - DME Oman crude hits four-year high above $90, overtakes Brent

Oman crude futures on the Dubai Mercantile Exchange touched their highest in four years at just above $90 a barrel on Wednesday, overtaking ICE Brent for a second session, data from the exchanges showed. DME Oman jumped more than $6 to settle at $88.96 a barrel at 0830 GMT, Asia's market close, while the one-minute marker for ICE Brent was at $82.14. Click here to read full stories.

Sep 27 - In Mexico's shale patch, cartel violence scares off drillers

The oil and gas fracking boom has lured scores of drillers to the Eagle Ford region of South Texas, the second largest U.S. oil patch, as new production technology opened access to billions more barrels. The play extends across the Mexican border, where its name changes to the Burgos Basin – an equally fertile shale region where the oil and gas sit mostly idle underground in a region terrorized by criminal gangs. Click here to read full stories.

Sep 27 - U.S. crude oil stocks build as refiners sharply cut runs

U.S. crude oil stockpiles rose last week as refineries sharply reduced output for seasonal maintenance, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. After five consecutive weeks of drawdowns to the lowest levels since February 2015, crude inventories  rose 1.9 million barrels to 396 million barrels in the week to Sept. 21.  Click here to read full stories.

Sep 27 - Louis Dreyfus CEO points to stronger results, rejects crisis talk

Agricultural commodity giant Louis Dreyfus has seen improved results this year and has no plans to be absorbed in a merger, its chief executive said on Wednesday, rejecting talk of a crisis after the surprise exits of its former CEO and finance chief. Ian McIntosh was speaking a day after Louis Dreyfus Company announced his appointment following the resignation of CEO Gonzalo Ramirez Martiarena and CFO Armand Lumens. Click here to read full stories.

Sep 27 - Shell in talks to buy stake in Russian oil project: sources

Royal Dutch Shell is in talks to buy a stake in an oil and gas project from Gazprom Neft, three sources familiar with the discussions told Reuters, a rare foray into Russia's energy sector by a Western oil major since sanctions were imposed. The sources said Shell is negotiating with state-controlled Gazprom Neft, Russia's third-largest oil producer, about acquiring a stake in the onshore Tazovskiy project in the country's northern Yamal region. Click here to read full stories.

Sep 26 - Iran oil exports fall before US sanctions - global banking group

Iranian oil exports are declining ahead of a second round of U.S. sanctions to be imposed on Nov. 4 and Iran's economy is likely to contract 3 percent this year and 4 percent in 2019, the Institute of International Finance said on Tuesday. Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said. Click here to read full stories.

Sep 26 - Asia's oil deficit to widen by 2025 - Total

Asia's oil deficit will widen to 35 million barrels per day (bpd) by 2025, up about 30 percent from the current 27 million bpd, amplifying global trade flow imbalances, a senior executive at French oil and energy group Total said on Tuesday. At the same time, Europe's imports will be stable at 10 million bpd, while exports from North America and the Middle East will increase, said Thomas Waymel, the company's president of trading and shipping. Click here to read full stories.

Sep 26 - India eases oil import rules as it seeks to cut costs

India has for the first time allowed state refiners to buy 35 percent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes. The move will help refiners in Iran's second biggest oil market to boost purchases from alternative sources as U.S. President Donald Trump prepares to halt Iranian oil sales through a new set of sanctions from Nov. 4. Click here to read full stories.

Sep 26 - At U.N., Trump hails Poland, slams Germany over Russian energy reliance

U.S. President Donald Trump told Germany on Tuesday to follow Poland's example and not rely on Russia for its energy supplies which could make it vulnerable to "extortion and intimidation". Russia's Gazprom and its European partners are developing the Nord Stream 2 pipeline, designed to double natural gas volumes pumped from Russia to Germany via the Baltic Sea, avoiding traditional transit route Ukraine. Click here to read full stories.

Sep 26 - U.S. gasoline consumption stalls as higher prices take toll: Kemp

The volume of traffic on U.S. highways has stopped growing, and with it gasoline consumption, as rising prices curb driving behaviour. Traffic volumes in July were 0.3 percent lower than a year earlier, after seasonal adjustments, according to the Federal Highway Administration. Click here to read full stories.

Sep 26 - French oil major Total stands by targets, accelerates 2018 share buyback

French oil and gas group Total  on Tuesday reiterated its key production, savings and investments targets for the coming years, and accelerated its investor reward programmes in 2018 thanks to high oil prices. Total plans to buy back $1.5 billion of shares by the end of 2018 after purchasing around $600 million in shares during the first half of the year as part of its $5 billion 2018-2020 share buyback programme announced in February. Click here to read full stories.

Sep 26 - Louis Dreyfus CEO, finance chief quit in latest shake-up

Louis Dreyfus Company announced the surprise departures of its chief executive and head of finance on Tuesday, triggering another reshuffle at the commodities giant as it strives to recover from weak agricultural markets. The group said in a statement that Gonzalo Ramirez Martiarena had resigned as CEO after three years in the post to pursue other opportunities, and would be replaced with immediate effect by Ian McIntosh, previously chief strategy officer. Click here to read full stories.

Sep 25 - Iran says oil to rise as Saudi, Russia do 'little and late' 

Saudi Arabia and Russia won't add significantly more oil to the market because of a lack of capacity, a top Iranian official said on Monday, predicting prices will probably rise further. On Sunday, ministers and officials from the Organization of the Petroleum Exporting Countries plus Russia and other allies ruled out an immediate oil-output boost, in effect rebuffing U.S. President Donald Trump's calls for action.  Click here to read full stories.

Sep 25 - Vitol to halt business with Iran after U.S. sanctions start - executive

Energy trader Vitol will stop doing business with Iran after the United States re-imposes sanctions on Tehran's oil trade from Nov. 4, a senior company executive said on Tuesday. "Business with Iran or anything to do with Iran has to come to an end," said Mike Muller, who handles business development for Vitol, on the sidelines of the Asia Pacific Petroleum Conference (APPEC) in Singapore. Click here to read full stories.

Sep 25 - China says hard to proceed on trade with U.S. putting 'knife to its neck'

A senior Chinese official said on Tuesday that it is difficult to proceed with trade talks with the United States while Washington is putting "a knife to China's neck", a day after both sides heaped fresh tariffs on each other's goods. When the talks can restart would depend on the "will" of the United States, Vice Commerce Minister Wang Shouwen said at a news conference. Click here to read full stories.

Sep 25 - India's oil demand to climb to 500 mln tonnes per year by 2040 -Indian Oil 

India's crude oil demand is forecast to grow to 500 million tonnes per year by 2040, but persistent increase in oil prices might act as a dampener for the rate of growth, Partha Ghosh, an executive director at Indian Oil Corp said on Tuesday. That would be equivalent to around 10 million barrels per day (bpd), up from about 4.7 million bpd in 2017. Click here to read full stories.

Sep 25 - CME to launch oil futures for delivery in Houston as exports climb

CME Group Inc on Monday joined the race to provide oil traders with a futures contract deliverable in the U.S. Gulf Coast, as crude exports have surged since the lifting of a decades-old ban. The company said it will offer a new WTI Houston crude futures contract with three physical delivery locations on the Enterprise Products Partners LP's Houston system, beginning in the fourth quarter. Click here to read full stories.

Sep 25 - Oil market hears echoes of 2007/8: Kemp

Eleven years ago, on Monday Sept. 24, 2007, the price of Brent crude closed just below $79 per barrel, not far from where it is today. Three days later, Brent closed above $80 for the first time in history. Less than 10 months after that, prices closed at an all-time high of $146. Click here to read full stories.

Sep 25 - Hedge funds bet on shortage of Brent oil: Kemp 

Hedge fund managers made only minor adjustments to their overall position in petroleum futures and options in the latest week but continued their rotation out of West Texas Intermediate into Brent. Hedge funds and other money managers raised their combined net long position in the six most important petroleum contracts by just 3 million barrels to 1.049 billion barrels. Click here to read full stories.

Sep 25 - Big Oil readies Brazil offshore bets, fearing election result

Exxon Mobil Corp Royal Dutch Shell Plc and other companies will gather on Friday in possibly their last crack at Brazil's coveted offshore oil for another four years, as a wide-open election spurs fears about barriers to foreign investment. The auction in Rio de Janeiro for four blocks in the Santos and Campos basins comes just a week before the most unpredictable presidential election in a generation, which features candidates that may seek to slow the pace of oil auctions, revise market-friendly legislation or even claw back oil areas already handed out. Click here to read full stories.

Sep 24 - OPEC, Russia rebuff Trump's call for immediate boost to oil output

OPEC's leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump's calls for action to cool the market. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost. Click here to read full stories.

Sep 24 - Saudi Aramco Trading aims for 50 pct rise in oil trade volume in 2020

Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday. "Currently ... we're at 4 million barrels per day and with expansion I think our target is 6 million barrels per day," President and Chief Executive Ibrahim Al-Buainain said at the Asia Pacific Petroleum Conference (APPEC). Click here to read full stories.

Sep 24 - Iran appears to soften stance on OPEC oil output increase

Iran appeared on Sunday to soften its stance on potential increases in OPEC oil output, saying it was the group's responsibility to balance the market if production from Iran or any other member declined. Tehran had previously said no OPEC member was allowed to grab market share from rivals, such as Venezuela or Libya, whose production had declined due to unrest or a lack of investment. Click here to read full stories.

Sep 24 - Indian refiners may reduce oil imports as crude prices soar, rupee struggles

India, the world's third-biggest oil importer, is considering reducing oil purchases to mitigate the pain of high crude prices and the declining rupee, said two sources at different Indian refineries with direct knowledge of the matter. The decision to cut imports illustrates that rising crude prices and emerging market currency weakness may start causing oil demand to decline in a number of markets that have so far seen healthy crude consumption. Click here to read full stories.

Sep 24 - In Nigeria, Shell’s onshore roots still run deep

Royal Dutch Shell wants to reweight its footprint in Nigeria to focus on oil and gas fields far offshore, away from the theft, spills, corruption and unrest that have plagued the West African country's onshore industry for decades. But for the company that pioneered Nigeria's oil industry in the 1950s, the Niger Delta remains as important -- and problematic -- as ever. Click here to read full stories.

Sep 24 - Trump sets implied oil price target below $80: Kemp

The United States has sent mixed messages to OPEC and its allies over the last week about whether they need to do more to raise oil production and hold down prices. "The OPEC monopoly must get prices down now" President Donald Trump demanded on Twitter on Sept. 20. Click here to read full stories.

Sep 24 - Hedge funds pare bullish bets on U.S. crude to 1-month low

Hedge funds trimmed their bullish wagers on U.S. crude to the lowest in about a month, data showed on Friday, as trade tensions between the United States and China continued to escalate, raising concerns about oil demand. The speculator group cut its combined futures and options position in New York and London by 15,972 contracts to 342,839 in the week to Sept. 18, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Sep 24 - U.S. oil drillers cut rigs for second week in three - Baker Hughes

U.S. energy companies cut oil rigs for a second week in three as new drilling has stalled in the nation's largest oil field, where production was forecast to grow at the slowest pace in nearly two years due to pipeline constraints. Drillers cut one oil rig in the week to Sept. 21, bringing the total count down to 866, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Sep 21 - Trump says OPEC producers must bring prices down

U.S. President Donald Trump linked American support for Middle Eastern countries to oil prices on Thursday as he again urged OPEC to lower prices. "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember.  Click here to read full stories.

Sep 21 - India may look to lock in oil futures to stem rupee slide - source

India's government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when U.S. sanctions on Iran snap back again in November. The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 percent of its crude demand. Click here to read full stories.

Sep 21 - Goldman: Stronger dollar unlikely to derail bullish view on commodities

Goldman Sachs said a stronger dollar is unlikely to derail its bullish view on commodities, which are likely to find support from physical shortages. The dollar has been lifted by a stronger-than-expected U.S. economy, the world's largest, and that's a positive sign for global growth, the U.S. investment bank said. Click here to read full stories.

Sep 21 - China diesel demand picks up at fastest pace in at least five years

China's diesel demand will grow at its fastest in at least five years as a pick-up in diesel-intensive sectors in the world's second-biggest economy coincides with lower output from domestic refineries, several sources and analysts said. Estimates of the hike in diesel use from three analysts and two oil industry sources range from 0.3 to 1.7 percent for 2018 compared with last year's stagnant growth, pointing towards a recovery for the industrial and transport fuel. Click here to read full stories.

Sep 21 - Now near 100 million bpd, when will oil demand peak?

Sometime in the next few weeks, global oil consumption will reach 100 million barrels per day (bpd) - more than twice what it was 50 years ago - and it shows no immediate sign of falling. Despite overwhelming evidence of carbon-fuelled climate change and billions in subsidies for alternative technologies such as wind and solar power, oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year. Click here to read full stories.

Sep 21 - U.S. refiners face emerging glut of fuel: Kemp

U.S. refiners have processed a record volume of crude in the last three months, reversing the previous shortage of distillate but leaving the country with record gasoline stocks at the end of the summer driving season. Fuel availability has been helped by the absence of a direct hurricane hit on the major refining centres located on the coasts of Texas and Louisiana, in stark contrast to the refinery closures caused by Hurricane Harvey in 2017. Click here to read full stories.

Sep 21 - In U-turn, Exxon, Chevron to join industry climate initiative

Exxon Mobil, Chevron and Occidental Petroleum are joining a group of major international oil and gas companies in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday. The move marks a U-turn for Exxon Mobil and Chevron. The top two U.S. oil and gas producers had resisted joining the Oil and Gas Climate Initiative (OGCI) after its launch in 2014. Click here to read full stories.

Sep 21 - EPA details broad expansion of biofuel waiver program

The U.S. Environmental Protection Agency (EPA) published new data detailing how it drastically expanded a biofuels waiver program for oil refiners since President Donald Trump's administration took office, responding to pressure from the corn lobby to boost transparency over the opaque program. The details published on the EPA's website on Thursday showed the agency issued exemptions for 29 small refineries for 2017, freeing them from their requirement under the Renewable Fuel Standard to blend biofuels into gasoline and diesel, according to agency data released on Thursday. Click here to read full stories.

Sep 20 - Russian oil firm seeks dollar alternative amid US sanctions threat-traders

Russian oil producer Surgutneftegaz is pushing buyers to agree to pay for oil in euros instead of dollars if the need arises, apparently as insurance against possible tougher U.S. sanctions, traders who deal with the firm told Reuters. Russia has been subject to Western sanctions since its 2014 annexation of Ukraine's Crimea region, but Washington has threatened to impose extra sanctions, citing what it has called Moscow's "malign" activities abroad. Click here to read full stories.

Sep 20 - China and U.S. energy officials tout cooperation, despite tariffs

Energy trade with China will remain strong in the long term, officials said on Wednesday at a Sino-U.S. oil and gas forum in Houston, even as an escalating trade dispute hits U.S. exports of natural gas. Cooperation could be expanded and more could be done to promote trade and investment between the two countries, Li Fanrong, China's deputy administrator for the National Energy Administration, told delegates during opening remarks at the forum.  Click here to read full stories.

Sep 20 - Platts edges closer to dated Brent revamp with European pricing for U.S. oil

Oil pricing agency S&P Global Platts has moved closer to revamping its dated Brent benchmark, launching new price assessments for two grades of U.S. crude in Europe in response to the swell of imports into the region. S&P Global Platts, which publishes the daily Brent benchmark price that underpins two-thirds of the world's oil trades, said it would provide daily price assessments for West Texas Intermediate Midland and Eagle Ford 45, both light, sweet crudes for delivery to Rotterdam in northwest Europe and Augusta in the Mediterranean. Click here to read full stories.

Sep 20 - Investors get comfortable with Brent crude at $80 a barrel

Traders and investors have loaded up on bullish Brent oil bets this week, after signals that Saudi Arabia is in no rush to increase production, even with the price near $80 and as buyers grow uneasy over the impact of U.S. sanctions on Iranian supply. Data from the InterContinental Exchange shows that open interest in buy, or call, options at $80 and $85 a barrel that expire on Sept. 25 has jumped nearly 45 percent in two days. Click here to read full stories.

Sep 20 - Banks, traders launch first commodities blockchain platform

Global banks and trading firms are launching the first blockchain-based platform for financing the trading of commodities from oil to wheat, they said in a joint statement on Wednesday. The platform will be run by a venture called komgo SA, based in Geneva, Switzerland, and is due to go live later this year. Click here to read full stories.

Sep 19 - Venezuela sold 9.9 pct of joint venture to China oil firm - Maduro

Venezuela has sold 9.9 percent of shares in oil joint venture Sinovensa to a Chinese oil company, President Nicolas Maduro said on Tuesday, adding the OPEC nation expected some $5 billion in joint investment with China to boost its crude output. He did not say how much Venezuela received or which company bought the shares in Sinovensa, which is partly owned by state-owned China National Petroleum Corporation (CNPC). Click here to read full stories.

Sep 19 - Top U.S. shale field's output to rise at slowest pace since late 2016

Oil production in the biggest U.S. shale field will rise next month at the lowest level since late 2016 as transport limits erode gains, U.S. government data this week showed. Operators will pump an additional 31,000 barrels per day (bpd) in October in the Permian Basin of West Texas and New Mexico, bringing its output to 3.46 million bpd, according to the Energy Information Administration. Click here to read full stories.

Sep 19 - Norway's Aker bets on software engineers for its oil business

When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one. So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps, heat and pressure sensors, maintenance records and even staff rotas to improve efficiency and safety. Click here to read full stories.

Sep 18 - U.S. shale oil production to rise to 7.6 million bpd in October

Oil output from seven major shale formations in the United States is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, the U.S. Energy Information Administration said Monday. Surging oil output from shale formations boosted total U.S. crude production to a record high of nearly 10.7 million barrels a day in June, the latest month for which data is available. Click here to read full stories.

Sep 18 - U.S. imports of Libyan crude rebound in September after pause - data

Libyan crude flows to the United States resumed in September after falling to zero last month amid earlier port closures, Thomson Reuters trade flows data showed on Monday. Unrest that closed major Libyan ports cut the chaotic OPEC nation's crude production in July, but output rebounded by 280,000 barrels per day (bpd) in August to 950,000 bpd, and ports reopened, according to the International Energy Agency, which coordinates the energy policies of industrialized nations.  Click here to read full stories.

Sep 18 - Hedge funds stay bullish on Brent while trimming WTI: Kemp 

Hedge fund managers have remained bullish towards Brent even as the approach of Hurricane Florence turned them against WTI and refined fuels were hit by liquidation. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 29 million barrels in the week to Sept. 11. Click here to read full stories.

Sep 18 - Green Plains turns off ethanol plants, cuts output -sources

Major U.S. ethanol producer Green Plains Inc is shutting down or cutting output at plants across the Midwest due to low profit margins, five industry sources told Reuters on Monday. The slash in production comes after the Trump administration's escalating trade disputes cut off U.S. access to ethanol markets in China, contributing to a domestic supply glut that has pushed biofuel prices near their lowest levels in over a decade. Click here to read full stories.

Sep 18 - Saudi Aramco to spend over $133 bln on drilling over next decade

State oil giant Saudi Aramco will spend more than 500 billion riyals ($133 billion) on oil and gas drilling over the next decade, a senior company executive said on Monday. "We will spend more than half a trillion Saudi Riyals on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi Vision 2030," Mohammed al-Qahtani, Aramco’s senior vice president for upstream, said in a statement. Click here to read full stories.

Sep 17 - Big Three oil states can offset fall in Iran supplies: Perry

Saudi Arabia, the United States and Russia can between them raise global output in the next 18 months to compensate for falling oil supplies from Iran and elsewhere, U.S. Energy Secretary Rick Perry said on a visit to Moscow on Friday. U.S. sanctions on Iran's oil exports, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere could push up crude prices, hurting consumers. Click here to read full stories.

Sep 17 - India's Iran oil purchases to fade ahead of U.S. sanctions

Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November. India's loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions. Click here to read full stories.

Sep 17 - China's squeezed 'teapots' eye petchem path to riches

Several independent Chinese refineries are drawing up plans to build petrochemical complexes in east China's Shandong province, aiming to join an investment boom in the world's top chemicals market. China is allowing greater access by global players and independent local companies to build new plants to help narrow an import gap of plastics, rubber and polyester as middle-class consumers chase high-end goods from cars to electronics. Click here to read full stories.

Sep 17 - Iran says Saudi Arabia and Russia have taken oil market 'hostage' - SHANA

Iran's OPEC governor said on Saturday that Saudi Arabia and Russia have taken the oil market "hostage" as U.S. President Donald Trump seeks to impose fresh sanctions on Iranian oil sales. Washington wants to cut Iran's oil exports to zero by November, and is encouraging producers such as Saudi Arabia, other OPEC members and Russia to pump more to meet the shortfall. Click here to read full stories.

Sep 17 - Hedge funds cut U.S. crude oil net longs - CFTC

Hedge funds and other money managers cut their bullish bets on U.S. crude futures and options as the market eased slightly, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 27,674 contracts to 358,813 during the period ended Sept. 11.  Click here to read full stories.

Sep 17 - U.S. drillers add oil rigs for second week in three - Baker Hughes

U.S. energy companies this week added oil rigs for the second time in the last three weeks even as new drilling has largely stalled since June due to pipeline constraints in the country's biggest oilfield. Drillers added seven oil rigs in the week to Sept. 14, the biggest weekly increase in a month, bringing the total count to 867, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Sep 14 - Perry encourages Saudi, OPEC, Russia to work against oil price spike

Saudi Arabia, other members of OPEC and Russia are to be admired for trying to prevent a spike in global oil prices, U.S. Energy Secretary Rick Perry said after meeting Russian Energy Minister Alexander Novak in Moscow. U.S. sanctions on Iran's oil exports, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the supply-demand balance tight, the International Energy Agency said on Thursday.  Click here to read full stories.

Sep 14 - China's crude oil output climbs for first time in nearly 3 yrs

China's crude oil output rose in August for the first time in nearly three years, data showed on Friday, climbing after President Xi Jinping called for a boost to national energy security amid trade tensions with the United States. Monthly crude oil output hit 16 million tonnes, or 3.77 million bpd, up 0.2 percent from August last year and marking the first year-on-year increase in tonnes and barrels per day (bpd) since October 2015, according to the data from National Bureau of Statistics (NBS). Click here to read full stories.

Sep 14 - In war on smog, China considers how to take polluting diesel trucks off the road

China is drawing up a plan to replace a million heavy duty diesel trucks, almost 20 percent of the national fleet, with ones that burn cleaner fuel, as Beijing ramps up its war on pollution, potentially dealing a heavy blow to oil refiners. The transport and environment ministries are considering proposals that include replacing vehicles with more modern trucks using a higher grade of diesel called National Five, and using electric trucks or ones that run on liquefied natural gas (LNG), an industry source, who is involved in the discussions, said.  Click here to read full stories.

Sep 14 - Oil prices are re-entering the Tweet zone: Kemp

Oil prices have risen back to levels that earlier this year prompted U.S. President Donald Trump to take to Twitter and demand OPEC do more to bring them down. Front-month Brent futures settled well above $79 per barrel on Wednesday, the highest for over three months, and above levels that have spurred the president to complain in the past. Click here to read full stories.

Sep 14 - In shift, Pakistani giant Engro to bet big on rising middle class

Pakistan's chemicals-to-energy conglomerate Engro Corp has seen its fortunes rise on the back of massive Chinese investment, but plans to shape its future growth around the country's vast population and expanding middle class, its chief executive said. Engro Corp, best known for its fertilizer and petrochemicals factories, as well as engineering projects, is Pakistan's largest listed conglomerate, and after recovering from a brush with bankruptcy in the early part of this decade is now sitting on a $500 million cash pile. Click here to read full stories.

Sep 13 - U.S. oil producers lock-in 2019, 2020 revenue as prices rally

U.S. shale producers are locking in prices for their production as much as three years into the future in a sign that strong domestic crude pricing is nearing a peak, according to market sources familiar with money flows. U.S. crude prices for 2019 and 2020, based on an average of each year's monthly contracts, have climbed this week above $68 and $64 a barrel, respectively, the highest levels in over three years.  Click here to read full stories.

Sep 13 - China's Fosun in talks to buy commodity broker Marex Spectron -sources

Chinese conglomerate Fosun International Ltd is in discussions to buy British-based commodities broker Marex Spectron, two industry sources said. The deal to buy privately-owned Marex would expand the portfolio of Fosun, one of China's most acquisitive overseas dealmakers, in both financial services and commodities, of which China is the world's largest consumer and producer. Click here to read full stories.

Sep 13 - OPEC sees slower 2019 oil demand growth, warns on economy

OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group's efforts to support the market next year. In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast. Click here to read full stories.

Sep 13 - West African crude exports to Asia to hit four-month low as Indians cut back

Indian buying of West African oil will slow this month, as U.s. grades and other rivals displace the likes of Nigerian light sweet crude, while Chinese demand for Angolan oil is expected to hold steady. Total loadings for Asia will fall to a four-month low of 2.33 million bpd in September, compared with 2.586 million bpd in August and 2.22 million bpd in September 2017. Click here to read full stories.

Sep 13 - NOC says Libyan oil output normal despite attack on its headquarters

Libya's state oil firm NOC said on Wednesday that it continued to manage its operations normally throughout the country, without loss of production, after a shooting attack on its Tripoli headquarters. The attack on Monday, claimed by Islamic State militants, killed two people and wounded 25.  Click here to read full stories.

Sep 13 - U.S. crude stockpiles fall more than expected to below 400 mln bbls - EIA

U.S. crude oil inventories fell more than expected last week to below 400 million barrels, while gasoline and distillate inventories rose as refiners ramped up production, the Energy Information Administration said on Wednesday. Crude inventories  fell 5.3 million barrels in the week to Sept. 7 to 396.2 million barrels, the lowest level since February 2015, and about 3 percent below the five-year average for this time of year, the EIA said. Click here to read full stories.

Sep 12 - Russia warns of 'fragile' oil market due to geopolitics, but says it can raise output

Global oil markets remain "fragile" due to geopolitics and production declines in several regions, Russia's energy minister said on Wednesday, but added his country could raise output if needed. The comments come amid oil prices eyeing $80 per barrel, up from little over $60 in February, amid supply disruptions and expected U.S. sanctions against Iran. Click here to read full stories.

Sep 12 - Traders bet Iran sanctions will leave market short of crude: Kemp

Oil traders have become much more concerned in recent weeks about the potential impact of U.S. sanctions on Iran and the effect on the availability of crude at the end of the year. Brent futures for November have moved to a premium of 45 cents a barrel over the December contract, in a sharp reversal from early last month, when the earlier contract traded at a 20 cent discount. Click here to read full stories.

Sep 12 - Asia buyers to receive more Saudi oil ahead of Iran sanctions -sources

At least three North Asian buyers will receive extra supplies of oil from Saudi Arabia after the kingdom cut its prices for most grades in October and as they look to cushion the impact on supply of U.S. sanctions on Iran, sources said. Buyers have asked to lift more Saudi oil than contracted volumes in October amid fears that the sanctions, to be imposed on Iran's crude exports from Nov. 4, will crimp supply during peak winter demand in Asia, the sources said. Click here to read full stories.

Sep 12 - Trump's EPA proposes weaker methane rules for oil and gas wells

The Trump administration on Tuesday proposed weakening requirements for testing and repairing methane leaks in drilling operations, among other measures, in a step toward rolling back an Obama-era policy to combat climate change. The Environmental Protection Agency (EPA) said the changes will save the industry $75 million a year in regulatory costs between 2019 and 2025, while increasing methane emissions. Click here to read full stories.

Sep 12 - EIA cuts forecast for 2019 U.S. crude production growth

U.S. crude oil production in 2019 is expected to grow at a slower rate than previously forecast, according to a monthly U.S. government forecast on Tuesday. U.S. crude production is expected to rise by 840,000 barrels per day (bpd) to 11.5 million bpd next year, lower than a previous expectation for it to rise 1.02 million bpd to 11.7 million, according to a report from the U.S. Energy Information Administration. Click here to read full stories.

Sep 11 - U.S. and Saudi energy ministers meet in Washington - DOE

U.S. Energy Secretary Rick Perry met with Saudi Energy Minister Khalid al-Falih on Monday in Washington, the U.S. Energy Department said, as the Trump administration encourages big oil-producing countries to keep output high ahead of Washington’s renewed sanctions on Iran's crude exports.Perry and Falih discussed the state of world oil markets, the potential for U.S.-Saudi civil nuclear cooperation and efforts to share technologies to develop "clean fossil fuels," the department said in a statement. Click here to read full stories.

Sep 11 - Hedge funds turn bullish again on oil: Kemp 

Hedge fund managers have turned bullish again towards crude and fuels, adding a significant number of new long positions in the last two weeks, after spending much of the previous four months liquidating positions. Hedge funds and other money managers raised their combined net long position in the six most important petroleum futures and options contracts by 47 million barrels in the week to Sept. 4. Click here to read full stories.

Sep 11 - Iraq replaces Saudi as top oil supplier to India in Aug - data

Iraq replaced Saudi Arabia in August as the top oil supplier to India, data from industry and shipping sources showed, as refiners turned to Iraqi barrels to compensate for a lower intake of Iranian oil ahead of U.S. sanctions in November. The United States is reimposing sanctions on Iran following Washington's decision in May to withdraw from a 2015 international deal aimed at curbing Tehran's nuclear programme. Click here to read full stories.

Sep 11 - U.S. oil exports to Japan, S. Korea soar as refiners reap steep discounts

U.S. oil exports to Japan and South Korea will rise to record highs this month as Asian refiners take advantage of the steep discounts American sellers are offering after losing Chinese customers amid the trade dispute between Washington and Beijing. Ship tracking data in Thomson Reuters Eikon showed that oil exports from the United States to South Korea in September will rise to a record average of at least 230,000 barrels per day (bpd). U.S. Click here to read full stories.

Sep 11 - Hengli's high-tech petroleum complex breathes down PetroChina's neck

On reclaimed land on the island of Changxin near the port of Dalian, workers are putting the finishing touches on a plant that is the future of China's refining and petrochemical industry. Here, private chemical company Hengli Group will begin testing its $11 billion oil refinery and petrochemical complex in October. Click here to read full stories.

Sep 11 - Gunmen attack headquarters of Libya's state oil firm, two staff killed

Several armed men attacked the headquarters of Libya's National Oil Corporation (NOC) in the capital Tripoli on Monday, killing at least two staff members, a security official said. In the first attack of its kind against the top managers of Libya's state oil industry, two of the gunmen were also killed and at least 10 NOC staff wounded, officials said. Click here to read full stories.

Sep 11 - Venezuela signs oil deals similar to ones rolled back under Chavez -document

Venezuela has agreed to hand over at least seven oil fields to little-known companies that will be paid to boost output through contracts similar to ones rolled back under late socialist leader Hugo Chavez, according to two sources and an internal document. The effort signals that President Nicolas Maduro, who is struggling under a hyper-inflationary economic meltdown and fast-declining oil output, is willing to reverse the aggressive efforts of his predecessor - who died in 2013 - to expand the state's role in the energy industry of the OPEC nation. Click here to read full stories.

Sep 10 - U.S. energy chief to meet Russian, Saudi counterparts ahead of Iran sanctions

U.S. Energy Secretary Rick Perry will meet counterparts from Saudi Arabia and Russia starting on Monday, sources familiar with the matter said, as the Trump administration encourages oil-producing countries to keep output up two months before it is due to renew sanctions on Iran's crude exports. Perry will meet Khalid al-Falih, Saudi Arabia's energy minister, and other officials from the kingdom, the world's largest oil exporter, in Washington on Monday morning, a U.S. government source said. Click here to read full stories.

Sep 10 - Trump ups ante on China, threatens duties on nearly all its imports

U.S. President Donald Trump warned on Friday he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods on top of $200 billion in imports primed for levies in coming days. The moves would sharply escalate Trump's trade war with Beijing over his demands for major changes in economic, trade and technology policy.  Click here to read full stories.

Sep 10 - China's August oil imports rise 6.5 pct as teapots return to market

China's crude oil imports rose 6.5 percent in August from a month earlier to their highest since May, boosted by a rebound in demand from smaller, independent refiners, customs data showed on Saturday. Arrivals last month were 38.38 million tonnes, or 9.04 million barrels per day (bpd), according to the General Administration of Customs. Click here to read full stories.

Sep 10 - Risk management firm DNV GL sees oil demand peaking in 2023

Global oil demand will peak in 2023 as electric vehicles (EVs) become competitive with cars fuelled by petrol and diesel, and after 2040 no new oil developments will likely be needed, quality assurance and risk management firm DNV GL said on Monday. The forecast from the Norway-headquartered firm, which offers certification and consultancy services to around 100,000 customers globally, adds to investors' worries about some oil assets becoming stranded if demand enters into permanent decline. Click here to read full stories.

Sep 10 - Mexico's Lopez Obrador: Crude output to hit 2.6 mln bpd by end of his term

Mexican President-elect Andres Manuel Lopez Obrador said on Saturday that crude production in the country is expected to reach at least 2.6 million barrels per day (bpd) by the end of his administration, up from current levels of 1.8 million bpd. Lopez Obrador added that new tenders for drilling oil wells announced this week will take place on state oil firm Pemex's fields and shallow waters. Click here to read full stories.

Sep 10 - Hedge funds hike bullish bets on oil as Iran exports drop

Hedge funds and money managers upped bullish bets on U.S. crude to the highest level in nearly a month as prices climbed on expectations that falling Iranian output will tighten global supplies once a second round of U.S. sanctions start on Nov. 4. The speculator group raised its combined futures and options position in New York and London by 16,634 contracts to 386,487 in the week to Sept. 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Sep 10 - U.S. oil drillers cut rigs for second week in three -Baker Hughes

U.S. energy companies cut oil rigs for the second week in three as the rig count has stagnated over the past three months along with crude prices. Drillers cut two oil rigs in the week to Sept. 7, bringing the total count down to 860, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Sep 07 - Saudi crude exports to U.S. jump as it moves to recapture share

U.S. imports of crude oil from Saudi Arabia in August and September are poised to reach the highest two-month level since early 2017, as refiners take advantage of relatively cheaper prices, Thomson Reuters trade flow data show. Discounts for Saudi Arabia and other OPEC producers have encouraged flows, with OPEC's daily basket on Thursday more than $2 per barrel cheaper than Brent. U.S. demand for crude also is rising on strong refining margins and high utilization rates. Click here to read full stories

Sep 07 - U.S. to help nations replace Iran oil, may consider waivers

Washington will consider waivers for Iranian oil buyers such as India but they must eventually halt imports as sanctions are imposed on Tehran, U.S. Secretary of State Mike Pompeo said on Thursday. Pompeo, who is in Delhi with U.S. Defense Secretary Jim Mattis for talks with their Indian counterparts, told reporters some buyers of Iranian oil would take a "a litle bit of time" to unwind their trade with Iran. Click here to read full stories

Sep 07 - Qatar calls for increased investment in oil and gas markets

Qatar's energy minister on Thursday called for oil-producing countries to boost investment in the oil and gas sector given a recovery in the price of oil, but said he did not back setting any specific targets for such investment. Energy Minister Mohammed al-Sada said he expected the issue to be addressed during a meeting of OPEC and non-OPEC countries in Algeria at the end of the month. Click here to read full stories

Sep 07 - U.S. crude oil stockpiles decline more than expected last week - EIA

U.S. crude stockpiles fell more than expected last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday. Crude inventories fell 4.3 million barrels in the week to Aug. 31, compared with analysts' expectations for a decrease of 1.3 million barrels. The decline brought stockpiles to 401.49 million barrels, the lowest levels since February 2015. Click here to read full stories

Sep 07 - Tanker backlog builds up again in Venezuela after dock closure - data

Crude exports by Venezuela's PDVSA have slowed after a tanker collision at its main port last month disrupted operations, adding to a backlog of vessels waiting to load, according to shipping sources and Reuters data. Oil is the financial lifeline for the embattled socialist government of President Nicolas Maduro, but his cash-strapped administration has failed to invest enough in the industry to prevent its decline. Venezuela has sought to increase exports after asset seizures and declining output earlier this year raised the prospect of temporary suspension of contracts. Click here to read full stories

Sep 07 - Delta Air Lines targets motor fuels buyers in refinery deal - sources

Delta Air Lines' decision to offer a stake in its Monroe Energy oil-refining subsidiary is aimed at attracting a partner interested in snapping up Monroe's gasoline and diesel output, two sources familiar with the matter said on Thursday. The airline no longer wants to be involved in marketing the motor fuels, which are a major part of the refinery's output, but does want retain Monroe's jet fuel production for its own uses, sources familiar with recent discussions between managers and employees said. Click here to read full stories

Sep 06 - Oil demand to hit 100 mln bpd sooner than projected - OPEC's Barkindo

World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC's secretary-general said on Wednesday. Mohammad Barkindo also told an energy conference in South Africa's Cape Town that a stable environment was needed to encourage oil industry investment to meet the rising demand. Click here to read full stories

Sep 06 - Saudi Arabia raises Oct crude prices to Europe, cuts Asia

Saudi Aramco has raised the European price for its Arab Light crude grade for October, the state oil producer said on Wednesday, as Russian Urals prices rally and European refiners seek to replace Iranian oil supplies ahead of the November U.S. sanctions deadline. Aramco has raised the official selling price (OSP) to Northwest Europe by $1.45 a barrel from the previous month, putting it at a discount of $1.80 per barrel to ICE Brent. Click here to read full stories

Sep 06 - U.S. crude exports in July edge down from record high - data

U.S. crude oil exports eased slightly to 2.1 million barrels per day (bpd) in July from a record 2.2 million bpd in June, foreign trade data from the U.S. Census Bureau showed on Wednesday. The United States lifted a 40-year ban on crude oil exports in late 2015 and since then tankers filled with U.S. oil have landed in more than 30 countries. Click here to read full stories

Sep 06 - Top banks' H1 commodities revenue climbs 38 pct - report

Commodities-related revenue at the 12 biggest investment banks in the first half gained 38 percent year on year, driven by the energy and base metals sectors, consultancy Coalition said on Thursday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector climbed to $2.1 billion, the financial industry analytics firm said in a report. Click here to read full stories

Sep 06 - U.S. energy operations begin recovering after Storm Gordon

Energy companies and port operators along the U.S. Gulf Coast took steps on Wednesday to resume operations after Tropical Storm Gordon shut more than 9 percent of the region's oil and gas output. Gordon never became a hurricane as forecast and weakened into a depression on Wednesday, just hours after making landfall near the Alabama-Mississippi border, helping to keep production and refining operations running unimpeded at most energy facilities in the Gulf and along the Louisiana coast.  Click here to read full stories

Sep 05 - Saudi Arabia aims to keep crude in $70 to $80 band - sources

Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world's biggest crude exporter strikes a balance between maximising revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said. After announcing the flotation of Saudi Aramco in 2016, the kingdom began pushing for higher crude prices partly to help maximise the valuation of the state oil company ahead of an initial public offering (IPO), originally scheduled for 2018. Click here to read full stories

Sep 05 - Storm Gordon halts some energy production in U.S. Gulf

Three more oil producers pulled employees out of Tropical Storm Gordon's path, and companies cut 9 percent of U.S. Gulf of Mexico oil and gas production on Tuesday as the storm churned toward an expected nighttime landfall. The storm, which is expected to strengthen into a Category 1 hurricane with winds of at least 74 miles per hour (119 kph), shifted eastward, reducing its threat to producers on the western side of the Gulf and most Gulf Coast refineries. Click here to read full stories

Sep 05 - After summer of discontent, Brent oil investors turn optimistic

Brent futures show investors are more optimistic that demand for oil will outpace supply than they have been in six weeks, ahead of the potential loss of Iranian crude due to U.S. sanctions and because of a spike in unplanned production outages. The price of the front-month November contract has overtaken that of second-month December futures for the first time since mid-July, excluding expiry dates, to stand at a premium of around 30 cents a barrel. Click here to read full stories

Sep 05 - Saudi Aramco to hold joint event with S.Korea's S-Oil at big industry conference

Saudi Arabia's state-owned oil giant Aramco is teaming up with South Korean refiner S-Oil Corp for a joint reception at this year's Asia Pacific Petroleum Conference (APPEC) in Singapore, according to two industry sources. "Having two separate receptions is quite redundant, and considering that most of the guests overlap it makes more sense to co-host the party," said one source with direct knowledge of the matter who declined to be named. Click here to read full stories

Sep 05 - Venezuelan crude sales to U.S. fell in August on port interruptions

Venezuela's crude sales to the United States fell in August for the second month in a row as exports of two of the South American country's main grades dropped following port interruptions by a tanker collision, according to Thomson Reuters Trade Flows data. Venezuela's state-run oil company Petróleos de Venezuela, S.A., known as PDVSA, and its joint ventures last month exported an average of 468,300 barrels per day (bpd) of crude in 30 cargoes to their customers in the United States, the data show. The total was the third smallest monthly figure this year. Click here to read full stories

Sep 05 - Aramco plans to ship first crude oil to Malaysia JV refinery in Oct - sources

Saudi Aramco plans to deliver the first crude oil cargo to its joint-refinery project with Petronas in Malaysia in October as the companies prepare for trial runs at the new plant, several sources with knowledge of the matter said on Tuesday. The project, Refinery and Petrochemical Integrated Development (RAPID), is a $27 billion complex located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea. Click here to read full stories

Sep 05 - Schlumberger CEO warns transport constraints to slow shale gains

The chief executive of the largest oilfield service provider, Schlumberger, warned on Tuesday that bottlenecks in the largest U.S. shale basin would slow oil production growth and investments in the region. A surge in oil and gas production in the Permian basin of west Texas and New Mexico has outstripped transport capacity, pushing the local price of oil to four-year lows and threatening to curtail drilling activity. Any slowdown could hurt oilfield service companies that have only recently started to recover from the 2014 oil-price crash. Click here to read full stories

Sep 04 - Anadarko shuts 2 Gulf of Mexico platforms ahead of hurricane

Anadarko Petroleum Corp said on Monday that it had evacuated workers and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane. The company pulled workers from the Horn Mountain oil platform and Marlin oil and natural gas platform, located 100 miles (161 km) and 75 miles (121 km), respectively, southeast of Louisiana in the Gulf. Click here to read full stories.

Sep 04 - India allows state refiners to use Iran tankers, insurance for oil imports

India is allowing state refiners to import Iranian oil with Tehran arranging tankers and insurance after firms including the country's top shipper Shipping Corp of India (SCI) halted voyages to Iran due to U.S. sanctions, sources said. New Delhi's attempt to keep Iranian oil flowing mirrors a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC).  Click here to read full stories.

Sep 04 - Saudi Arabia may maintain Oct light crude prices for Asia cargoes

Top oil exporter Saudi Arabia is expected to keep prices for the light crude grades it sells to Asia largely unchanged in October from the previous month to keep its oil competitive against other suppliers, several trade sources said on Monday. Saudi Arabia has cut the prices for Arab Light and Arab Extra Light to Asia over the past two months as it fends off competition from other Middle East oil suppliers, Europe and the United States.  Click here to read full stories.

Sep 04 - Russia wants to curb fuel exports to Belarus, seeks more transparent oil deal

Russia wants to curtail duty-free oil product flows to Belarus and is seeking a more transparent oil deal with the neighbouring country, Alexei Sazanov, head of the tax department in the Russian finance ministry, said in an interview. Russia, Belarus and Kazakhstan have a duty-free arrangement under which Moscow has been sending crude oil and oil products to Minsk with no export fee. Belarus then re-exports some of those goods, pocketing the associated charges. Click here to read full stories.

Sep 03 - Russian oil output keeps steady in August near post-Soviet high

Russian oil output stood at 11.21 million barrels per day (bpd) in August, virtually unchanged from July and steady near a post-Soviet high as production curbs were eased, Energy Ministry data showed on Sunday. In tonnes, oil output reached 47.41 million versus 47.429 million in July. Click here to read full stories.

Sep 03 - Danger to oil demand from trade wars may offset price boost from Iran - poll

Oil analysts cut their price forecasts for 2018 for the first time in almost a year in August, given growing concern over the impact on crude demand from escalating trade tensions, although falling supply, particularly from Iran, would likely limit losses, a Reuters poll showed on Friday. A survey of 45 economists and analysts forecast Brent crude to average $72.71 a barrel in 2018, 16 cents lower than the $72.87 projected in the previous month's poll and above the $71.96 average so far this year. The price was forecast to average $72.58 in 2019.  Click here to read full stories.

Sep 03 - Bruised bankers seek consolation prizes after shelved Aramco IPO

Investment banks which lost out on big payouts for the work on the shelved listing of oil giant Aramco are lining up for a raft of other projects as Saudi Arabia pursues reforms. Banks including JPMorgan and Morgan Stanley worked for months to prepare what would have been the biggest ever stock market debut. But the plan to sell 5 percent of the company for a targeted $100 billion was pulled.  Click here to read full stories.

Sep 03 - Police disperse protesters at entrance to Iraq's Nahr Bin Omar oilfield

Police used tear gas to disperse around 150 protesters at the main entrance to Iraq's giant Nahr Bin Omar oilfield on Sunday, police sources said, amid growing unrest in southern cities over poor public services and corruption. Officials at the field in the southern oil hub of Basra said operations were running normally. Production from Nahr Bin Omar, which is operated by the state-run Basra Oil Co., now stands at around 44,000 barrels per day, oilfield officials said. Click here to read full stories.