Oil Product

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.

Aug 31 - OPEC, non-OPEC seek to formalise oil policy coordination -draft charter 

OPEC and non-OPEC oil producers will aim to formalise their long-term cooperation later this year by approving a charter that will make possible further joint action on output, according to a draft charter seen by Reuters. Russia and several other non-OPEC countries have joined OPEC producers in reducing oil output since 2017 in a move that has helped raise oil prices to $80 per barrel from less than $30. Click here to read full stories.

Aug 31 - Shanghai crude futures eat into Western benchmarks as China pushes yuan 

The launch of China's first crude futures contract in Shanghai has added a long-awaited Asian benchmark to the global oil sector, challenging the dominance of Western price-markers and threatening ramifications far beyond the energy industry. Since their launch in March 2018, Shanghai crude futures have stolen market share from the incumbent benchmarks - Europe's Brent and U.S. West Texas Intermediate (WTI) - which trade oil derivatives worth trillions of dollars every year. Click here to read full stories.

Aug 31 - Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline 

An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices. Iran's oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil. Click here to read full stories.

Aug 31 - Court quashes Canadian approval of Trans Mountain oil pipeline 

A Canadian court on Thursday overturned approval of the Trans Mountain oil pipeline expansion, ruling that Ottawa failed to adequately consider aboriginal concerns, in a blow to Prime Minister Justin Trudeau's efforts to balance environmental and economic issues. Trudeau's government agreed in May to buy the pipeline from Kinder Morgan Canada Ltd for C$4.5 billion ($3.46 billion), betting it would win the court battle and expand Trans Mountain despite fierce political and environmental opposition. Click here to read full stories.

Aug 31 - Savvy European utilities shield themselves from higher carbon costs 

The surging costs of carbon permits have caused some of Europe's biggest utilities to lock in purchases in advance, while nuclear and hydro firms are benefiting from the knock-on effect on power prices. Carbon permits traded under the EU's Emissions Trading System (ETS) have become the best performing commodity this year, almost trebling in price to over 21 euros ($25) a tonne since January on the back of stronger energy prices and measures to reduce supply. Click here to read full stories.

Aug 30 - OPEC to discuss compensating for Iranian supply drop after U.S. sanctions - Iraqi official 

OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq's state-oil marketer SOMO, Alaa al-Yasiri, told Reuters on Wednesday. Yasiri said a sudden drop in Iran oil exports will have a negative impact on prices and market fundamentals. Click here to read full stories.

Aug 30 - Venezuela's port woes stall oil exports to Rosneft - source 

The closing of a dock at Venezuela's main oil export port could delay as much as 5 million barrels in crude deliveries to Russian company Rosneft, further complicating oil-for-loan agreements between state-run PDVSA and Rosneft, a source said on Wednesday and internal PDVSA documents showed. A tanker collision at the weekend forced Venezuela's PDVSA to halt operations at Jose port's South dock, curtailing planned shipments mainly for Rosneft, and for U.S. firms Valero Energy and Chevron Corp until damages can be repaired. Click here to read full stories.

Aug 30 - Tug of war for oil sector looking to feast after famine 

After years of restraint since crude prices slumped in 2014, oil services companies are now at loggerheads with producers as they battle for what they see as a fair share of the sector recovery. Oil industry suppliers say they have cut costs and prices to the bone and the recent rebound in crude justifies better rewards for anything from rigs to logistics and engineering services. Click here to read full stories.

Aug 30 - U.S. crude stockpiles drop more than expected in week - EIA 

U.S. crude stocks fell more than forecast last week, while gasoline and distillate inventories dropped unexpectedly, the Energy Information Administration said on Wednesday. Oil futures extended gains immediately after the EIA report, which quelled fears of a build in crude stocks that was suggested in a preliminary report on Tuesday from industry group the American Petroleum Institute. Click here to read full stories.

Aug 30 - Indonesia's push to nationalise energy assets could chill foreign investment 

Indonesia is pushing to nationalise more of its oil and gas assets as it tries to reduce imports and boost government revenue amid emerging market turbulence that has staggered Southeast Asia's biggest economy. Since 2015, whenever product-sharing contracts with international companies expire, the government has increased state-owned Pertamina's stakes the related oil and gas fields. Click here to read full stories.

Aug 30 - Five companies to deliver oil through Shanghai crude futures contract for Sept 

Five companies will deliver crude next month to buyers through the Shanghai International Energy Exchange's (INE) oil futures, the first physical settlement of the contract that China hopes will compete with global benchmarks. The companies, including state-owned Unipec and Zhenhua Oil, will deliver a combined 600,00 barrels of Middle Eastern crude to buyers of the INE's September crude futures contract, said five sources with knowledge of the matter. Click here to read full stories.

Aug 30 - Equinor bets on offshore wind as European oil firms push green agenda 

Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line. European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement, which outlines a shift from fossil fuels this century. Click here to read full stories.

Aug 29 - Iran oil exports set to drop in Aug ahead of U.S. sanctions - data 

Iran's crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S. economic sanctions. The United States has asked buyers of Iranian oil to cut imports to zero starting in November to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Click here to read full stories.

Aug 29 - Mexico's new government may halt oil auctions indefinitely - document 

Mexico's incoming government is considering indefinitely suspending auctions for oil and gas projects, and giving state-owned Pemex authority to pick its own joint-venture partners rather than holding competitive tenders, according to policy guidelines seen by Reuters. The document, drafted by energy advisers to leftist President-elect Andres Manuel Lopez Obrador, also recommends forging closer ties with leading oil producer cartel OPEC while withdrawing from the International Energy Agency (IEA), which represents the interest of oil-consuming countries. Click here to read full stories.

Aug 29 - Venezuela's PDVSA signs $430 mln investment agreement to boost production 

Venezuelan state-run oil firm PDVSA said on Tuesday it had signed an agreement to increase production by 640,000 oil barrels per day (bpd) at 14 oil fields, valuing the investment at $430 million. The agreement with several national and international companies will lift production at the oil fields in the Orinoco oil belt from 384,000 bpd to 1.25 million bpd, PDVSA said in a statement. Click here to read full stories.

Aug 29 - Bullish hedge fund managers continue to pull oil positions: Kemp 

Hedge fund managers continued to liquidate their bullish positions in crude and fuels, amid negative sentiment towards petroleum, before prices rallied sharply in the second half of last week. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 49 million barrels in the week to Aug. 20. Click here to read full stories.

Aug 29 - After summer of discontent, China's teapot refineries ramp up oil imports 

China's independent refiners have ramped up their foreign oil buying after returning from prolonged summer maintenance to gear up for rising winter fuel demand, a sign that the financial pain from taxes and higher crude prices have ebbed for now. The pick-up in imports by private refiners, often called "teapots", has boosted the physical prices of Middle Eastern and Russian oil to their highest in months. Click here to read full stories.

Aug 29 - Is China becoming a more price-sensitive exporter of refined fuels?: Russell 

China's refiners increased their output in July to close to 12 million barrels per day (bpd), but at the same time exports of refined fuels fell to the lowest in four months. These facts may seem contradictory, and while there are several issues than can help explain the dynamics, perhaps the most compelling is that China appears to be becoming more attuned to market forces for refined products in Asia. Click here to read full stories.

Aug 29 - Argentina re-ignites labor deal to spur investment in Vaca Muerta 

Argentina relaunched a one-year-old agreement between the government, companies and workers on Tuesday to drive competition and spur development in the Vaca Muerta shale play, the government said in a statement. The original agreement, signed just over a year ago, sought to boost production by incentivizing competition among oil and gas drillers in the region. The government is now looking to bring in other business sectors like construction and mid-stream service providers. Click here to read full stories.

Aug 28 - Oil producers cut July output by 9 pct more than agreed - OPEC+ committee 

An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday. The findings for last month compare with a compliance level of 120 percent for June and 147 percent for May, meaning participants have been steadily increasing production.  Click here to read full stories.

Aug 28 - Iraq's SOMO close to JV with China's Zhenhua to boost crude sales 

Iraq's state oil marketer SOMO is close to a deal with China's state-run Zhenhua Oil to boost the OPEC member's crude oil sales to the world's top oil importer, four sources with knowledge of the matter said. Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). Click here to read full stories.

Aug 28 - Is China becoming a more price-sensitive exporter of refined fuels?: Russell 

China's refiners increased their output in July to close to 12 million barrels per day (bpd), but at the same time exports of refined fuels fell to the lowest in four months. These facts may seem contradictory, and while there are several issues than can help explain the dynamics, perhaps the most compelling is that China appears to be becoming more attuned to market forces for refined products in Asia. Click here to read full stories.

Aug 28 - IEA's Birol expects Venezuelan oil output to fall further 

Venezuela's oil production is expected to slide further after falling by half in recent years, the head of the International Energy Agency told Reuters on Monday. "We can expect a further fall," Fatih Birol said in an interview on the sidelines of an oil conference. Click here to read full stories.

Aug 28 - Saudi king tipped the scale against Aramco IPO plans

The king spoke, and a $2 trillion dream went up in smoke. For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and U.S. President Donald Trump. Click here to read full stories.

Aug 28 - Noble Group wins lifeline as shareholders back $3.5 bln debt restructuring 

Noble Group Ltd won approval from shareholders on Monday for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia's biggest commodity trader. Faced with the prospect of the company's insolvency, shareholders reluctantly backed a debt-for-equity swap that will leave them owning just 20 percent of the business, while handing majority control to a group of creditors comprised mainly of hedge funds. Click here to read full stories.

Aug 28 - Putin urges Russia to boost coal, energy exports 

President Vladimir Putin said on Monday that Russian energy companies should expand their export infrastructure and seek new markets for their products, including coal, with China seen as particularly important. Speaking at a meeting with government officials and top managers of energy companies, Putin also said rivalry on global energy markets has heated up. Click here to read full stories.

Aug 28 - Total rules out investing in U.S. shale oil after BP-BHP deal

French energy group Total is not looking at investing in the U.S. shale oil industry, the company's chief executive said on Monday. Patrick Pouyanne made the comment when asked whether peer BP's $10.5 billion acquisition of U.S. shale assets from BHP Billiton had made the sector more attractive. Click here to read full stories.

Aug 27 - U.S. drillers cut most oil rigs in over 2 years - Baker Hughes 

U.S. energy companies cut nine oil drilling rigs this week, the biggest reduction since May 2016, following a recent decline in crude prices. The oil rig count fell to 860 in the week to Aug. 24, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Aug 27 - Norway's $1 trillion wealth fund should keep oil stocks - commission 

Norway's trillion-dollar sovereign wealth fund should continue to invest in oil and gas companies, a government-appointed commission recommended on Friday, contradicting earlier advice from the central bank, and boosting the shares of oil firms. A decision on whether to drop energy shares from the fund's benchmark index, and thus divest tens of billions of dollars from oil and gas stocks over time, is expected this autumn. Click here to read full stories.

Aug 27 - China's falling U.S. crude imports may have more to with money than politics: Russell 

One of the side effects of President Donald Trump's escalating trade dispute with China is that U.S. exports of crude oil to the world's biggest importer are now viewed through the prism of politics. However, this ignores that buyers and sellers of crude are generally more motivated by profit margins and getting the right grades of oil to maximise the productivity of their plants. Click here to read full stories.

Aug 27 - Speculators cut U.S. crude oil net longs - CFTC 

Hedge funds and other money managers cut their bullish wagers on U.S. crude futures to the lowest level since mid-June, as the market grappled with uncertainty about trade tensions between the United States and China. The speculator group cut its combined futures and options position in New York and London by 15,723 contracts to 341,132 in the week to Aug. 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Aug 27 - Battling for life, Noble Group bets on $3.5 bln debt restructuring 

Noble Group Ltd faces a key shareholder meeting on Monday as the shrivelled commodity trader attempts to clinch a last-ditch $3.5 billion debt restructuring deal to stay afloat and put a three-year crisis behind it. Shareholders are being asked to support a debt-for-equity swap that will leave them with ownership of just 20 percent of the business. Multiple sources familiar with the matter say the proposal is expected to succeed. Click here to read full stories.

Aug 27 - Sinopec reports best quarter in years after oil prices rebound 

China Petroleum & Chemical Corp, the country's largest refiner, reported its best quarterly profit in years on strong upstream and refining business, and said it expects higher fuel sales in the second half. Known as Sinopec, the company said in a statement late on Sunday that first-half net income was 41.6 billion yuan ($6.05 billion), up 54 percent from the same period a year earlier. Click here to read full stories.

Aug 24 - China's Unipec to resume U.S. oil purchases after tariff policy change - sources 

China's Unipec will resume purchases of U.S. crude oil in October after a two-month halt due to the trade dispute between the world's two largest economies, three sources with knowledge of the matter said. The decision to start buying crude oil again from the United States comes after Beijing earlier in August excluded it from its import tariff list.  Click here to read full stories.

Aug 24 - In the race to bag Iran's European oil market share, quality is king 

Two of Iran's biggest OPEC rivals, Saudi Arabia and Iraq, are bagging its European oil market share by cranking up production of their lookalike crude grades before the restart of U.S. sanctions designed to halt exports from the Islamic Republic. Iran faces curbs on its energy sector from early November after U.S. President Donald Trump walked away in May from a 2015 deal aimed at restraining Tehran's nuclear programme. Click here to read full stories.

US ag secretary: Farm aid details to be disclosed Monday 

U.S. Agriculture Secretary Sonny Perdue said on Thursday that details of a planned $12 billion aid package for U.S. farmers hurt by the Trump administration's trade wars will be disclosed on Monday. Perdue, who previously told Reuters the plan would include between $7 billion and $8 billion in direct cash relief for farmers, said it was being reviewed by the Office of Management and Budget. Click here to read full stories.

Aug 24 - Surge in Indian buying sends W. African oil flows to Asia to record in August 

Shipments of West African crude to Asia are set to reach a record high in August, driven by a surge in demand from Indian refiners, who will take more oil from the region than at any time since mid-2015. According to a Reuters survey of shipping fixtures and traders, some 890,000 barrels a day of West African crude will sail to India, compared with 600,000 bpd in July and almost double last August's 460,000 bpd. Click here to read full stories.

Aug 24 - Freight fuel market moves back towards balance: Kemp 

The market for freight fuels is moving close to balance, after tightening significantly in 2017 and the first quarter of 2018, contributing to the recent stabilisation in crude oil prices. OECD stocks of middle distillate fuels, including road diesel, marine gasoil and jet fuel, totalled 513 million barrels at the end of June, according to the International Energy Agency (“Oil Market Report”, August 2018). Click here to read full stories.

Aug 24 - Talks between Total, North Sea oil workers collapse, strikes to go ahead 

Talks between French oil refiner Total and workers on three of its North Sea oil and gas platforms broke down on Thursday, meaning that a series of planned strikes over working rotas will go ahead, UK union Unite said in a statement. "The talks with Total have broken down today (regarding) the position on the three platforms," Unite said. Click here to read full stories.

Aug 23 - Aramco listing plan halted, oil giant disbands advisors - sources 

Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday. The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp 2010.SE, two of the sources said. Click here to read full stories.

Aug 23 - U.S. crude stocks draw down as refining runs hold near record high - EIA 

U.S. crude oil stockpiles fell more than expected last week as imports declined and refinery runs held close to record highs, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude futures extended gains after the report, with global benchmark Brent crude up $1.65 at $74.28 a barrel by 10:46 a.m. EDT [1446 GMT], and U.S. crude $1.53 higher at $67.38 a barrel. Click here to read full stories.

Aug 23 - U.S. imports of Nigerian crude fall in July to 3-year low 

U.S. crude oil imports from Nigeria in July plunged to the lowest level in three years and are continuing to slip as Asian and European buyers increase purchases, trade flow data from Thomson Reuters and market intelligence firms Genscape and Kpler show. A narrowing spread between benchmark Brent and Oman crude futures, trading at less than $2 a barrel compared with more than $4 in May, has made Nigerian crude more attractive to Asian buyers than U.S. refiners. Click here to read full stories.

Aug 22 - Iraq's southern oil exports head for record high in August - sources 

Oil exports from southern Iraq are on course to hit another record high this month, two industry sources said, adding to signs that OPEC's second-largest producer is following through on the group's agreement to raise output. Southern Iraqi exports in the first 19 days of August averaged 3.7 million barrels per day, according to ship-tracking data compiled by an industry source, up 160,000 bpd from July's 3.54 million bpd - the existing monthly record. Click here to read full stories.

Aug 22 - Russian firms, vessels hit with U.S. sanctions over N. Korea oil transfers 

The United States on Tuesday announced sanctions on two Russian shipping companies and six vessels it said were involved in the transfer of refined petroleum products to North Korean vessels in violation of United Nations. restrictions. Russian Deputy Foreign Minister Sergei Ryabkov called the sanctions as well as other U.S. steps over alleged hacking, groundless, and promised a response.  Click here to read full stories.

Aug 22 - U.S. crude oil stocks fall 5.2 mln bbls - API 

U.S. crude stocks fell last week as refineries hiked output and imports fell, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 5.2 million barrels in the week to Aug. 17 to 405.6 million, compared with analysts' expectations for a decrease of 1.5 million barrels. Click here to read full stories.

Aug 22 - U.S. gasoline consumption flat, growth switches to diesel: Kemp 

Rising fuel costs have dampened gasoline demand from private motorists in the United States, leaving the market relying on continued economic and freight expansion to boost oil use. U.S. traffic volumes were up by just 0.3 percent on a seasonally adjusted basis in the three months from April to June compared with the same period a year earlier, according to the Federal Highway Administration. Click here to read full stories.

Aug 21 - China defies U.S. pressure as EU parts ways with Iranian oil 

China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country's crude, throwing Tehran a lifeline while European companies such as France's Total are walking away due to fear of reprisals from Washington. The United States is trying to halt Iranian oil exports in an effort to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. Click here to read full stories.

Aug 21 - ConocoPhillips and Venezuela's PDVSA reach $2 bln settlement 

U.S. producer ConocoPhillips and Venezuela's PDVSA have reached a payment agreement over a $2 billion arbitration, the companies said on Monday, suspending a dispute that blocked the state-run company from exporting oil from most of its key Caribbean facilities. The case relates to the nationalization of Conoco assets dating back over a decade in Venezuela.  Click here to read full stories.

Aug 21 - Bullish oil bets fall to 11-month low: Kemp 

Hedge funds have cut their bullish position in crude oil and refined fuels to the lowest level for almost a year, as fund managers continued to close out former long positions. Hedge funds and other money managers cut their net long position in the six most important petroleum futures and options contracts by 69 million barrels in the week to Aug. 14. Click here to read full stories.

Aug 21 - U.S. offers 11 mln barrels of oil for sale from strategic reserve 

The U.S. Department of Energy (DOE) is offering 11 million barrels of oil for sale from the nation's Strategic Petroleum Reserve (SPR) ahead of sanctions on Iran that are expected to reduce global supplies of crude. The delivery period for the proposed sale of sour crudes will be from Oct. 1 through Nov. 30, according to Monday's notice. Click here to read full stories.

Aug 20 - Iran says no OPEC member can take over its share of oil exports 

Iran told OPEC on Sunday no member country should be allowed to take over another member's share of oil exports, expressing Tehran's concern about Saudi Arabia's offer to pump more oil in the face of U.S. sanctions on Iranian oil sales. In a meeting with OPEC Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics. Click here to read full stories.

Aug 20 - U.S. energy group Hess Corp's SE Asia assets attract bid interest - sources 

The Southeast Asian offshore natural gas assets of U.S. oil and gas producer Hess Corp, estimated to be worth as much as $5 billion, have attracted takeover interest from firms including Thailand's PTTEP PCL and Austrian energy group OMV AG, people familiar with the matter said. Hess, which has a collection of gas fields in North Malay Basin in offshore Malaysia and in the Malaysia-Thailand Joint Development Area (JDA) with 50 percent equal partner Petronas, has not yet decided whether to sell the assets, according to financial and industry sources. Click here to read full stories.

Aug 20 - Top oil hedge funds suffer big losses after July price plunge - sources 

Two of the world's largest energy-focused hedge funds, Andurand Capital and BBL Commodities, suffered double-digit percentage losses in July as oil prices plunged by the most in two years, sources familiar with the matter told Reuters on Friday. BBL Commodities Value Fund, run by former Goldman Sachs oil trader Jonathan Goldberg, lost 14.2 percent in July, a person close to the firm said, speaking on condition of anonymity since the information is not public. Click here to read full stories.

Aug 20 - Noble Group founder declines executive director role in restructured firm 

Embattled commodity trader Noble Group Ltd said on Monday that its founder, Richard Elman, will not take up a previously announced position as an executive director in the restructured company, citing "personal reasons". Once Asia's largest commodity trader, Noble has shrunk its business after selling billions of dollars of assets, taking hefty writedowns and cutting hundreds of jobs. Its restructuring plan - crucial to its survival - gained ground last month when it won over a key shareholder with a sweetened equity offer. Click here to read full stories.

Aug 20 - U.S. oil drilling rig count holds steady this week - Baker Hughes 

U.S. energy companies kept the oil rig count unchanged this week amid a steady decline in crude prices, which hit a near two-month low earlier this week. The rig count, an early indicator of future output, held at 869 in the week to Aug. 17, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Aug 20 - Hedge funds slash bullish bets on U.S., Brent crude 

Hedge funds cut their bullish wagers on U.S. crude to the lowest level in nearly two months and Brent crude to the lowest in a year, data showed on Friday, as oil prices dropped amid trade worries and concerns over a slowdown in demand. The speculator group cut its combined futures and options position in New York and London by 41,031 contracts to 356,854 in the week to Aug. 14, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. That was the lowest level since June 19, the data showed. Click here to read full stories.

Aug 16 - Judge orders Keystone XL pipeline review in setback for Trump 

A federal judge in Montana on Wednesday ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL crude oil pipeline, a move that could delay the project and prove a setback for the Trump administration. For more than a decade, environmentalists, tribal groups, and ranchers have fought the $8-billion, 1,180-mile (1,900-km) pipeline to carry heavy crude to Steele City in Nebraska from Canada's oilsands in Alberta. Click here to read full stories

Aug 16 - Slowdowns in China and India eat away at Asian oil demand

Oil demand from Asia's biggest importers, China and India, is growing more slowly than expected, exposing weakness in two of the world's largest economies and eroding a key pillar of global petroleum prices amid trade tensions. The two countries buy a combined 12 percent of the world's oil, and their growth has helped drive the recovery in oil prices since 2016. Click here to read full stories

Aug 16 - U.S. crude stockpiles soar unexpectedly despite record refinery runs - EIA

U.S. crude oil stockpiles jumped unexpectedly last week despite record high refinery runs, while gasoline stocks decreased and distillate inventories grew, the Energy Information Administration said on Wednesday. "We've gotten hit by a wall of crude," said Phil Flynn, an analyst at Price Futures Group in Chicago. "This is really unheard of to have refiners running at 98 percent at this time of year and have it not impacting the crude stockpiles." Click here to read full stories

Aug 16 - Qatar/Glencore venture values its Rosneft stake at 7.4 bln euros

QHG Oil Ventures, a joint venture between Qatar Investment Authority and Glencore, has valued a 14.2 percent stake in Rosneft, which it is selling, at 7.4 billion euros ($8.4 billion), a QHG financial statement showed on Wednesday. Under a deal sealed in May, Qatar Investment Authority (QIA)will buy the 14.16 percent stake in the Russian energy giant from the Singapore-based joint venture. Click here to read full stories

Aug 16 - U.S. judge rules securities suit against Exxon, executives can proceed

A federal judge rejected Exxon Mobil Corp's motion to dismiss a securities suit alleging the company and top executives misled investors about the impact of climate change on its business. U.S. District Court Judge Ed Kinkeade in Dallas ruled on Tuesday the plaintiffs could go ahead with their suit against Exxon, former Chief Executive Rex Tillerson and several financial executives. Click here to read full stories

Aug 15 - Saudi pips Iraq as top oil supplier to India in July - data 

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of U.S. sanctions altered trade routes. Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China. Click here to read full stories.

Aug 15 - S.Korea's July crude oil imports from Iran fall over 40 pct y/y 

South Korea's imports of Iranian crude dropped 43.5 percent in July from a year earlier, with buying fading amid looming U.S. sanctions against supply from the Middle Eastern nation. South Korea shipped in 788,651 tonnes of crude oil from Iran last month, or 186,478 barrels per day (bpd), customs office data showed on Wednesday.  Click here to read full stories.

Aug 15 - Hardcore hedge fund bulls say Iran sanctions may see oil at $150 

Clouds are gathering over the outlook for the oil market, as trade tensions and rising crude supply threaten to swamp demand growth, but some of the world's most prominent energy investors are convinced the price will return to record highs. The escalating trade war between the United States and China threatens global growth. The physical markets are already showing signs of strain as unwanted crude builds on ships and crushes prices for cargoes of oil. Click here to read full stories.

Aug 15 - U.S. crude oil stocks rise 3.7 mln bbls - API 

U.S. crude stocks rose unexpectedly last week, while gasoline inventories decreased and distillate stocks built, industry group the American Petroleum Institute said on Tuesday. Crude inventories rose by 3.7 million barrels in the week to Aug. 10 to 410.8 million, compared with analysts' expectations for a decrease of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, API said. Click here to read full stories.

Aug 15 - Global economic outlook is darkening: Kemp 

Cyclical indicators point to slower and more uneven growth in the global economy for the rest of this year and into 2019, which means the rise in oil consumption is likely to moderate, especially for distillates like diesel. Economic growth remains strong in the United States, but in much of the rest of the world clear signs of slackening momentum have emerged since the start of the year. Click here to read full stories.

Aug 15 - Diamondback to buy Energen in $9.2 bln deal to boost Permian presence 

U.S. oil and gas producer Diamondback Energy Inc on Tuesday agreed to buy shale rival Energen Corp in an all-stock deal valued at $9.2 billion, giving it an expanded footprint in the country's largest and fastest growing oil field. Energen had been under pressure from activist investor Corvex Management for more than a year to sell itself to address weak returns. The proposed acquisition is Diamondback's second in the Permian in a week, after striking a deal to pay $1.2 billion for Ajax Resources LLC. Click here to read full stories.

Aug 14 - Saudi cuts oil output as OPEC points to 2019 surplus 

OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production. In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast. Click here to read full stories.

Aug 14 - China's Sinochem to transfer WEPEC refinery stake to PetroChina, seeks trader role -sources 

Chinese state-run oil and chemicals group Sinochem is in advanced talks to transfer its 33.6 percent stake in a debt-laden refinery to state giant PetroChina, part of Sinochem's plan to shed non-core assets ahead of a $2 billion listing of its energy arm, people briefed on the matter said. The move is in line with a transformational strategy pushed by Sinochem chairman Ning Gaoning to zero in on core assets as it finalises a merger with ChemChina that will create the world's biggest industrial chemicals firm, worth around $120 billion.  Click here to read full stories.

Aug 14 - Venezuela gasoline prices should rise to international levels -Maduro 

Venezuela's heavily subsidized domestic gasoline prices should rise to international levels to avoid billions of dollars in annual losses due to fuel smuggling, President Nicolas Maduro said in a televised address on Monday. "Gasoline must be sold at an international price to stop smuggling to Colombia and the Caribbean," Maduro said in a televised address. Click here to read full stories.

Aug 14 - Frothy oil market turns increasingly flat: Kemp 

Persistent hedge fund liquidation over the last four months has weighed heavily on the oil market, both spot prices and calendar spreads, ending the previous rally and putting the cyclical upswing into a prolonged pause. Hedge funds resumed their liquidation of bullish long positions in petroleum last week, according to the most recent regulatory and exchange data. Click here to read full stories.

Aug 14 - U.S. oil output from shale to rise 93,000 bpd in Sept to 7.5 mln bpd -EIA 

Oil production from seven major shale basins is expected to rise 93,000 barrels per day (bpd) in September to 7.52 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday. The largest change is expected in the Permian basin of Texas and New Mexico, where output is seen up 34,000 bpd at 3.42 million bpd. Oil output is expected to rise from all major shale formations, except for the Haynesville shale, the smallest, in which output is expected to remain unchanged at 43,000 bpd. Click here to read full stories.

Aug 13 - Russia, Iran, and 3 others agree Caspian status, but not borders 

Iran and four ex-Soviet nations, including Russia, agreed in principle on Sunday how to divide up the potentially huge oil and gas resources of the Caspian Sea, paving way for more energy exploration and pipeline projects. However, the delimitation of the seabed - which has caused most disputes - will require additional agreements between littoral nations, Iranian President Hassan Rouhani said. Click here to read full stories.

Aug 13 - Iran official says gas field contract with Total, CNPC unchanged -SHANA 

A gas field development contract with France's Total, and China's state-owned CNPC remains unchanged, a senior Iranian oil official said according to the oil ministry news agency SHANA on Saturday - hours after state new agency IRNA quoted him as saying CNPC had taken Total's share in the project. "The role of the members of the consortium developing this project is in accordance with the provisions of the contract, and there is still no formal change in these provisions," Mohammad Mostafavi, director of investment at Iran's state oil firm NIOC, was quoted as saying. Click here to read full stories.

Aug 13 - Algeria's state oil firm gets new management, targets brain drain 

The head of Algerian state oil firm Sonatrach has assembled a new leadership team, a senior company source said, aiming to reverse a flow of talent from an unwieldy state enterprise that keeps the country afloat. President Abdelaziz Bouteflika put U.S.-trained Abdelmoumen Ould Kaddour in charge of overhauling Sonatrach in March, 2017, after years of short-lived CEOs, fraud scandals and red tape had put foreign investors off the North African OPEC producer. Click here to read full stories.

Aug 13 - Slowing global economic momentum holds oil prices in check: Kemp 

Oil prices have stalled over the last two months as the prospect of tough sanctions on Iran’s exports from November is offset by concerns about a slowdown in global economic growth later in 2018 and 2019. Brent futures prices for crude delivered in 2019 have been flat since late May, after rising strongly since February, with the calendar strip steadying around $71-73 per barrel. Click here to read full stories.

Aug 13 - Hedge funds cut bullish U.S. crude oil positions - CFTC 

Hedge funds and other money managers cut their bullish positions on U.S. crude in the week ending Aug. 7 to the lowest level since June, exiting the market ahead of a price drop amid trade tensions, data showed on Friday. The speculator group cut its combined futures and options position in New York and London by 9,117 contracts to 397,885 during the week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The level was the lowest since June 19, according to the data. Click here to read full stories.

Aug 13 - U.S. drillers add most oil rigs since May - Baker Hughes 

U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, 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.

Aug 08 - U.S. cuts 2018 crude oil production growth forecast 

U.S. crude oil production in 2018 was expected to grow at a slower rate than previously forecast amid lower crude prices according to a monthly U.S. government report on Tuesday. U.S. crude production has climbed dramatically, fueled largely by increased output from shale formations, but may now rise more slowly as prices drop. Click here to read full stories.

Aug 08 - Trump says firms doing business in Iran to be barred from US as sanctions hit 

Companies doing business with Iran will be barred from the United States, President Donald Trump said on Tuesday, as new U.S. sanctions took effect despite pleas from Washington's allies. Iran dismissed a last-minute offer from the Trump administration for talks, saying it could not negotiate while Washington had reneged on a 2015 deal to lift sanctions in return for curbs on Iran's nuclear programme. Click here to read full stories.

Aug 08 - China crude imports rise, but capped by weak "teapot" demand 

China's crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. Crude shipments came in at 36.02 million tonnes last month, or 8.48 million barrels per day, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of Customs showed. Click here to read full stories.

Aug 08 - Oil market enters post-OPEC era: Kemp

Saudi Arabia and Russia started to raise their oil production several weeks before the formal decision to increase output was taken by OPEC and its allies towards the end of June. Saudi Arabia increased its production to 10.49 million barrels per day (bpd) in June from 10.03 million in May and 9.87 million bpd in April, according to government data submitted to OPEC. Click here to read full stories.

Aug 08 - China July coal imports highest in years as heatwave fuels demand 

China increased its coal imports in July by 14 percent to their highest in 4-1/2 years, official data showed on Wednesday, as rising temperatures boosted demand for coal-fired power to run air conditioners in the world's top buyer of the fuel. Arrivals came in at 29.01 million tonnes last month, the General Administration of Customs said. That is the highest since January 2014.  Click here to read full stories.

Aug 08 - U.S. crude exports to India surge as China intake fades: Russell 

U.S. crude oil producers appear to have found an alternative buyer for cargoes no longer heading to China, with India on track to import record volumes in August. India has booked a total of 9.94 million barrels of crude, about 319,000 barrels per day (bpd), to arrive from the United States this month, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts. Click here to read full stories.

Aug 06 - Saudi Arabia pumped less crude oil in July - OPEC sources 

Top oil exporter Saudi Arabia pumped around 10.290 million barrels per day of crude in July, two OPEC sources said on Friday, down about 200,000 bpd from a month earlier. The amount of oil supplied to the market in July was slightly higher at 10.380 million bpd, the sources said. Supply to the market - domestically and for export - may differ from production depending on the movement of barrels in and out of storage. Click here to read full stories.

Aug 06 - Trump's trade war hits the one thing that was working - energy exports to China: Russell 

U.S. President Donald Trump claims that his tariffs on trade are "working big time", but this ignores signs that the best hope the United States had for boosting exports to China is being crushed as Beijing clamps down on energy imports. One of Trump's stated aims in launching tariffs against Chinese imports was to lower the trade deficit between the United States and China, which is in the region of $375 billion a year. Click here to read full stories.

Aug 06 - Saudi Arabia resumes oil exports through Red Sea lane 

Top oil exporter Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb. Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.  A statement by the Energy Ministry said shipments had resumed on Saturday. Click here to read full stories.

Aug 06 - Rising oil prices threaten to erode mining sector's profitability 

Rising oil prices are the latest challenge to the mining sector's profitability, threatening to eclipse hard-fought efficiency gains during the past two years and increasing metals demand. Miners use heavy fuel oil to generate electricity at remote sites; they also use it for transport, with large trucks and other equipment guzzling down millions of gallons each day across industry. Click here to read full stories.

 Aug 06 - Edible oil traders use free-trade pact to get around India's import tax hike 

Edible oil traders are sourcing exports of palm oil and other cooking oils to India from neighbouring countries, designating the supplies as duty-free under a regional free-trade pact and circumventing India's import tax hike on the oils. India, Bangladesh and Sri Lanka are among the signatories of the South Asian Free Trade Agreement (SAFTA) that created a free-trade zone in the South Asian region.  Click here to read full stories.

Aug 06 - U.S. oil drillers cut rigs for second week in three - Baker Hughes 

U.S. energy companies this week cut oil rigs for a second time in the past three weeks as the rate of growth has slowed over the past couple of months with recent declines in crude prices. Drillers cut two oil rigs in the week to Aug. 3, bringing the total count down to 859, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.  Click here to read full stories.

Aug 06 - Hedge funds cut bullish U.S. crude bets - CFTC 

Hedge funds and other money managers cut their bullish U.S. crude bets in the latest week, as oil prices were range-bound, pinned between concerns about tight supply due to sanctions and fears that trade disputes could curb demand. The speculator group cut its combined futures and options position in New York and London by 5,287 contracts to 407,001 during the week ending July 31, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Aug 03 - State refiners drive India's July Iran oil imports to a record - trade sources 

India's monthly oil imports from Iran surged by about 30 percent to a record 768,000 barrels per day (bpd) in July, as state refiners' intake surged ahead of U.S. sanctions in November, preliminary tanker arrival data obtained by Reuters showed. The shipments also include some parcels that were loaded in June and arrived in India last month, the data obtained from trade sources showed. Click here to read full stories.

Aug 03 - Phew! Asia, Europe heatwave pushes Australia coal prices to 6-year high 

Australian thermal coal prices have hit six-year highs as a heatwave across the Northern Hemisphere has triggered a spike in demand for coal-fired power to help keep air conditioners cranking out cool blasts. Spot thermal coal cargo prices from Australia's Newcastle terminal last settled at $121.75 per tonne, their highest since February 2012 and up by a third from their 2018 low, set in April. Click here to read full stories.

Aug 02 - U.S. shale oil producers sink as hedging losses dent earnings 

Shares of U.S. shale oil producers dropped on Wednesday after several companies posted lower-than-expected quarterly profit from rising spending and hedging losses that kept them from fully benefiting from higher crude prices. Devon Energy Corp shares were down 2.7 percent at $43.78, Chesapeake Energy Corp was down 6.6 percent at $4.41 and Anadarko Petroleum Corp was down 5.2 percent at $69.34 on Wednesday afternoon after they reported earnings per share below analyst expectations.  Click here to read full stories.

Aug 02 - Commodities may be first to show real impact of Trump-China trade war

The Phoney War stage of U.S. President Donald Trump's trade dispute with China may be ending, with economic indicators and commodity flows and prices starting to show real world effects. The latest signal that China's economy may be feeling some pain associated with Trump's tariffs on about $34 billion in Chinese goods was the softening of the Purchasing Managers' Index (PMI) in July. Click here to read full stories.

Aug 02 - Shanghai's INE looks to brokers to boost oil futures volumes - sources 

Shanghai International Energy Exchange (INE) is asking futures brokers to help boost trading volumes and liquidity in its nascent crude oil futures trade as the first contract heads for expiry later this month, two sources said. The INE, part of the Shanghai Futures Exchange (ShFE), has approached in recent weeks at least two major brokers about finding investors to drum up business in the less-active forward months, two sources familiar with the matter said. Click here to read full stories.

Aug 02 - Russia's Novak: Higher oil production in July aimed at market stability 

Russian oil production last month was on average above the level Moscow promised following the OPEC and non-OPEC meeting in June but only to maintain the market's stability, energy minister Alexander Novak indicated on Wednesday. In Vienna in June, OPEC and other producers led by Russia agreed to ease global output cuts, adding around 1 million barrels per day (bpd) to the market from July 1. Click here to read full stories.

Aug 02 - Distillates hold key to oil prices and global growth: Kemp 

Middle distillates, including road diesel and marine gasoil, are the critical link between global growth and the oil market. Distillates will be at the heart of three developments in the next two years that determine the direction of oil prices as well as the longevity of the current economic expansion. Click here to read full stories.

Aug 02 - Pipeline explosion in Texas injures seven, five critically

A series of natural gas pipeline explosions in Midland County, Texas, sent seven people to hospital, five with critical burns, and interrupted energy pipeline operations in the area, officials said on Wednesday. The region is the home to the Permian Basin, the largest U.S. oilfield, and is crisscrossed by oil and gas pipelines. The explosions affected five pipelines, which share a transit channel and which were all shut in by operators, a Midland city official said. Click here to read full stories.

Aug 01 - Oil to hold steady into 2019 as OPEC, U.S. compensate for supply hitches 

Oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the U.S. meets growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday. A survey of 44 economists and analysts forecast Brent crude to average $72.87 a barrel in 2018, 29 cents higher than the $72.58 projected in the previous month's poll and above the $71.68 average so far this year.  Click here to read full stories.

Aug 01 - Saudi Arabia seen cutting August crude oil prices for Asia - trade 

Top oil exporter Saudi Arabia is expected to cut prices for all crude grades it sells to Asia in August to track weakness in Dubai, the benchmark for Middle East oil, several market participants said on Wednesday. The September official selling price (OSP) for flagship grade Arab Light may fall by 40 to 70 cents a barrel from the previous month, five refiners and traders said in a Reuters survey. Click here to read full stories.

Aug 01 - U.S. crude output slips 30,000 bpd to 10.44 mln bpd in May -EIA 

U.S. crude production fell 30,000 barrels per day (bpd) to 10.44 million bpd in May, as production declines in the Gulf of Mexico overshadowed gains in output from major shale basins. Production increased in Texas, New Mexico, North Dakota and Ohio in the month, according to a production report from the Energy Information Administration. Production in North Dakota rose by 25,000 bpd, while Texas saw output climb 20,000 bpd in the month. Click here to read full stories.

Aug 01 - Shell, Petrobras units probed for Brazil price-fixing 

Brazil's three largest fuel distribution companies are under investigation for fixing prices at the pump, police said on Tuesday, reigniting debate over potential collusion among gas station owners in Latin America's largest oil producer. Click here to read full stories.