Oil Product

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.

Jul 31 - OPEC July oil output hits 2018 peak, but outages weigh - Reuters survey 

OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase. The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June's revised level and the highest this year with Congo added. Click here to read full stories.

Jul 31 - Why is Saudi halting oil shipments through the Red Sea?  

Saudi Arabia announced last week it was suspending oil shipments through the Red Sea's Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to Europe and the United States of about 4.8 million barrels per day of crude oil and refined petroleum products. Click here to read full stories.

Jul 31 - India loaded 12 pct less Iranian oil in June vs May on sanctions fear 

Indian refiners ordered about 12 percent less Iranian oil in June than in May, when the U.S. said it would reintroduce sanctions on Iran, but sales remained around 50 percent higher than a year ago. Refiners in India, Iran's top oil client after China, are weaning themselves away from Iranian oil after the U.S. pulled out of the 2015 nuclear deal. Click here to read full stories.

Jul 31 - Oil prices steady as fund managers cease liquidation: Kemp 

Hedge funds appear to have completed the recent wave of liquidation, with bullish positions increased slightly last week after heavy falls the week before, helping to steady the main crude oil benchmarks. Hedge funds and other money managers raised their net long position in the six most important petroleum futures and options contracts by 37 million barrels in the week to July 24. Click here to read full stories.

Jul 31 - Workers at Total's UK oil platforms stage strike over rotas 

Workers at three of Total's British offshore oil and gas platforms went ahead with a 12-hour strike on Monday, a spokesman for Unite said, with further industrial action planned if no agreement on new rotas is reached. The strike by 45 workers at the Alwyn, Elgin and Dunbar platforms in the North Sea began at 1100 GMT. It followed a 24-hour stoppage at the same sites last Monday but stored crude cushioned against any immediate oil supply disruption. Click here to read full stories.

Jul 30 - How BP found shale profits with 'crystal ball' oilfield technology 

In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP's shale business turn a profit for the first time. Thousands of automated wells feed data on their performance into the firm's supercomputers each evening. If they show a need for maintenance, an Uber-style system summons a subcontracted repair firm to keep the shale wells flowing at optimal output and minimal cost. Click here to read full stories.

Jul 30 - Petrobras targets larger China market share with new crude oil 

Brazil's state-controlled energy company Petrobras plans to push more crude oil to top importer China by marketing a new medium-sweet grade that could be shipped from October, two sources with knowledge of the matter said. Petrobras expects to start pumping pre-salt oil from new platforms in the fourth quarter that would add to output from Latin America's biggest producer and lift its exports. Click here to read full stories.

Jul 30 - Singapore's offshore industry recovering, but no return to glory days 

A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon. The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost, several defaults and billions of dollars in debt restructurings. Click here to read full stories.

Jul 27 - BP pays $10.5 bln for BHP shale assets to beef up U.S. business 

BP Plc has agreed to buy U.S. shale oil and gas assets from global miner BHP Billiton for $10.5 billion, expanding the British oil major's footprint in oil-rich onshore basins in its biggest deal in nearly 20 years. The acquisition marks a big turning point for BP since the Deepwater Horizon rig disaster in the Gulf of Mexico in 2010, for which the company is still paying off more than $65 billion in penalties and clean-up costs. Click here to read full stories. 

Jul 27 - Saudi Arabia halts oil exports in Red Sea lane after Houthi attacks 

Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea's Bab al-Mandeb strait, one of the world's most important tanker routes, after Yemen's Iran-aligned Houthis attacked two ships in the waterway. Brent futures rose 19 cents to $74.12 a barrel by 1305 GMT, extending their rally into a third day but slipping from a 10-day high in earlier trading.  Click here to read full stories. 

Jul 27 - Shell launches $25 bln buyback plan, Q2 profits miss 

Royal Dutch Shell launched a long-anticipated $25 billion share buyback programme on Thursday as its debt eased while second quarter profits came in far below forecasts. The share repurchase programme, promised following the $54 acquisition of BG Group in 2016, is the clearest signal yet that the world's second-largest oil company has recovered from a bruising three-year downturn in the energy sector. Click here to read full stories. 

Jul 27 - India's HPCL cancels Iran oil shipment after insurer excludes coverage - sources 

India's Hindustan Petroleum Corp (HPCL) cancelled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, India's third-biggest state-owned refiner, renewed its installation insurance, which protects against any accidents at its refinery or storage sites, in early July. However, the new policy would not protect against any incidents involving Iranian oil processed or stored at its refineries, the sources said. Click here to read full stories. 

Jul 27 - Noble Group forecasts second-quarter net loss 

Debt-laden commodities trader Noble Group said it expected to post a loss in the second quarter, citing restructuring expenses and net finance costs. The company forecast a net loss of about $115 million to $140 million for the period. It expects to report restructuring expenses of about $95 million along with net finance costs and tax of $70 million to $80 million for the quarter.

Jul 26 - Saudi Arabia suspends oil exports through Red Sea lane after Houthi attack

Top oil exporter Saudi Arabia said on Thursday it was "temporarily halting" all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen's Iran-aligned Houthi movement. Saudi Energy Minister Khalid al-Falih said in a statement sent by his ministry that the Houthis had attacked two Saudi Very Large Crude Carriers (VLCCs) in the Red Sea on Wednesday morning, one of which sustained minimal damage. Click here to read full stories.

Jul 26 - U.S. crude inventories slump 6 mln bbls to Feb 2015 low - EIA 

U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015 as exports jumped and stocks at the Cushing hub dropped, the Energy Information Administration said on Wednesday. Crude inventories fell 6.1 million barrels in the week to July 20, compared with analysts' expectations for a decrease of 2.3 million barrels. At 404.9 million barrels, inventories, not including the nation's emergency petroleum reserve, were at their lowest level since February 2015. Click here to read full stories.

Jul 26 - U.S. oil threats against Iran can be easily answered - Revolutionary Guards

United States threats to throttleIran's international oil trade can be easily answered, the head of the elite Revolutionary Guards said on Wednesday, according to the Tasnim news agency. U.S officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. Click here to read full stories.

Jul 25 - Iran says will respond in kind if US tries to block oil exports

Iran will react with equal countermeasures if Washington tries to block its oil exports, the foreign ministry said on Tuesday, while the Islamic Republic's armed forces chief said U.S. threats would draw an "unimaginable and regrettable" reaction. U.S. officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. Click here to read full stories.

Jul 25 - China's CNPC to invest more than $22 bln to boost Xinjiang oil, gas output by 2020

China National Petroleum Corp (CNPC) said on Wednesday it will spend more than 150 billion yuan ($22 billion) by 2020 to boost oil and gas output in the western region of Xinjiang, to offset falling output from ageing fields in northeast China. The increased spending will push output in the Xinjiang Autonomous Region to more than 50 million tonnes of oil equivalent between 2018 and 2020, CNPC said. Click here to read full stories.

Jul 25 - North Korean fuel prices drop, suggesting UN sanctions being undermined

Gasoline prices in North Korea have nearly halved since late March, market data analysed by Reuters shows, adding weight to suspicions that fuel is finding its way into the isolated economy from China and elsewhere despite U.N. sanctions. The United Nations Security Council passed a resolution in December to ban nearly 90 percent of refined petroleum exports to North Korea over its nuclear and missile programmes. Click here to read full stories.

Jul 25 - Oil market hits a cyclical pause: Kemp

Brent crude futures prices are trading in contango for the first time in 10 months, as traders anticipate an increase in crude availability during the remainder of 2018. The Brent calendar spread for the first six months slumped into a contango of 43 cents per barrel on Monday, from a backwardation of $3.50 as recently as April 26. Click here to read full stories.

Jul 25 - In first for UK, govt clears Cuadrilla to frack shale gas site

Shale gas developer Cuadrilla on Tuesday became the first operator in Britain to receive final consent from the government to frack an onshore horizontal exploration well, paving the way for commercial production. The government said it had granted approval for so-called hydraulic fracturing to take place at Cuadrilla's Preston New Road site in northwest England. Click here to read full stories.

Jul 25 - Rosneft suing Exxon-led oil project over dispute between neighbours

Russian oil major Rosneft's $1.4 billion lawsuit against the ExxonMobil-led Sakhalin-1 consortium relates to a row over how oil should be shared between the Sakhalin-1 concession and an adjacent Rosneft field, court papers show. By bringing the legal action, Rosneft is taking on one of its closest foreign partners: Rosneft and ExxonMobil have multiple joint projects. But Rosneft and its powerful boss Igor Sechin have a track record of assertively fighting their corner in commercial disputes. Click here to read full stories.

Jul 25 - Occidental Petroleum explores sale of pipeline assets - sources

Occidental Petroleum Corp is exploring a sale of its pipeline assets, hoping to fetch more than $5 billion and free up capital to invest in exploration and production as oil prices rebound, people familiar with the matter said on Tuesday. Occidental's decision to shed the assets is the latest example of an oil company balking at the capital expenditure required to maintain U.S. pipelines, which have been plagued by bottlenecks and require construction of new networks are among the companies that have sold or spun off pipelines in the past year, looking to take advantage of high valuations for these assets, which have been buoyed by the capacity constrains. Click here to read full stories.

Jul 24 - JPMorgan, Morgan Stanley picked to advise on Aramco's SABIC deal - sources 

JPMorgan and Morgan Stanley have been picked to advise on Saudi Aramco's plan to buy a controlling stake in petrochemical maker SABIC, several sources familiar with the matter said. Aramco aims to buy such a stake, possibly taking the entire 70 percent holding owned by Saudi Arabia's sovereign wealth fund, two of the sources familiar with the matter told Reuters earlier on Monday.  Click here to read full stories.

Jul 24 - Total's North Sea oil platforms hit by 24-hour strike 

About 40 rig workers started a 24-hour strike on Monday on the Alwyn, Elgin and Dunbar platforms in the British North Sea, curbing gas flows to shore, but stored crude was expected to mitigate any oil supply disruption. The platforms halted production at 0500 GMT, said Unite, Britain's largest labour union. Unite and Total, which operates the platforms, had failed to agree on work shifts and pay, a union spokesman said. Click here to read full stories.

Jul 24 - Iran becomes India's No. 2 oil supplier, ahead of Saudi - govt data 

Iran was the second-biggest oil supplier to Indian state refiners between April and June, India's oil minister said on Monday, replacing Saudi Arabia as companies took advantage of steeper discounts offered by Tehran. India, Iran's top oil client after China, shipped in 5.67 million tonnes, or about 457,000 barrels per day (bpd), of oil, from the country in the first three months of this fiscal year, Dharmendra Pradhan told lawmakers in a written reply. Click here to read full stories.

Jul 24 - U.S. refiners boost purchases of CPC Blend to record as prices drop

U.S. refiners will import a record monthly volume of crude from the Caspian region in July after snapping up the cargoes when prices reached near six-year lows, according to market sources and Thomson Reuters shipping data. The unusually large volume of crude is one of many changes in the international oil trade caused by a flood of U.S. shale oil headed overseas. Click here to read full stories.

Jul 24 - Hedge funds slash bullish oil positions after prices peak: Kemp

Hedge fund managers have slashed bullish long positions in petroleum at the fastest rate in more than a year, as the gentle profit-taking in previous weeks turned into a rush for the exit. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum prices by 178 million barrels in the week to July 17. Click here to read full stories.

Jul 24 - Halliburton shares plunge on Permian growth worries

Shares of oilfield services provider Halliburton fell by more than 8 percent on Monday after the company warned of moderate growth in the oil and gas-rich Permian Basin and lower third-quarter earnings. Halliburton said some of its customers are reducing activity and lowering their rig count because increased production in the Permian Basin in west Texas and New Mexico has left companies that transport oil to Gulf Coast markets unable to keep up, as existing pipeline, rail and trucking capacity falls short of needs. Click here to read full stories.

Jul 24 - Kuwait sovereign fund's UK unit buys NSMP for $1.7 bln - source

The British infrastructure arm of Kuwait's sovereign wealth fund said on Monday it had agreed to buy oil and gas pipeline firm North Sea Midstream Partners (NSMP) from private equity firm ArcLight Capital. Wren House, the London-based infrastructure investment arm of the Kuwait Investment Authority (KIA), declined to disclose the financial terms of the transaction. However, two sources told Reuters it was paying around 1.3 billion pounds ($1.70 billion). Click here to read full stories.

Jul 23 - Oilfield service giants miss earnings forecasts despite soaring U.S. production 

Oilfield service giants Schlumberger and General Electric Co's Baker Hughes missed second quarter revenue forecasts on Friday as slow international growth offset record production in the United States that boosted domestic demand for their services. The Houston-based companies were the first among their peers to report earnings, putting them under scrutiny from analysts seeking clues about the health of the industry. Schlumberger, the world's largest oilfield services firm, is viewed a as bellwether for the global oil and gas industry due to its heavy international exposure. Click here to read full stories.

Jul 23 - China imports of U.S. crude to slump, rest of North Asia steps up: Russell

Crude oil isn't formally part of the trade dispute between the United States and China, but it may well be the first major flow to be disrupted significantly by the rising tensions. One of the successes in the efforts to lower the trade surplus enjoyed by China over the United States was exports of crude, a result of the shale oil boom that has taken the U.S. to within a whisker of being the world's top oil producer. Click here to read full stories.

Jul 23 - U.S. drillers cut rigs by most since March this week - Baker Hughes 

U.S. energy companies this week cut oil rigs by the most in a week since March as the rate of growth has slowed over the past month or so with recent declines in crude prices. U.S. crude prices are on track to fall for a third week in a row this week as escalating U.S.-China trade tensions threatened to hurt oil demand.  Click here to read full stories.

Jul 23 - Oil prices contend with strengthening U.S. dollar: Kemp 

The rising value of the U.S. dollar against most other major currencies is creating an additional headwind for oil prices, as it pushes up the local price of crude and fuels across much of Asia, Europe and Latin America. In trade-weighted terms, the dollar has risen to its highest since late 2016 and early 2017, and before that 2002/2003. Click here to read full stories.

Jul 23 - Hedge funds slash bullish wagers on U.S. oil as supply concerns fade 

Hedge funds cut bullish bets on U.S. crude for the first time in nearly a month, data showed on Friday, as global oil prices plunged to three-month lows after Libyan ports reopened and on potential supply increases by Russia and other producers. The speculator group cut its combined futures and options position in New York and London by 34,067 contracts to 423,650 in the week to July 17, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Jul 23 - U.S. crude oil floods into Italy as Libyan supplies falter 

Italy's imports of U.S. crude oil vaulted to a record in June after attacks by armed groups shuttered two major Libyan oil ports and cut off most deliveries from the OPEC country, a key supplier to Europe, according to Thomson Reuters trade flow data and shipping intelligence firm Kpler. The flows reflected the U.S. oil industry's growing ability to serve as an alternative supplier when contained regional conflicts pinch oil supplies to allies. Click here to read full stories.

Jul 23 - Turkey's Tupras reduces Iranian crude purchases as U.S. sanctions loom

Turkey's biggest oil importer Tupras has cut back purchases of Iranian crude since May, when the United States said it would re-impose sanctions on Tehran, and analysts say Tupras is likely to stick to lower volumes in coming months. NATO member Turkey depends heavily on imports to meet its energy needs and neighbouring Iran has been one of its main sources of oil because of its proximity, crude quality and favourable price differentials, traders say. Click here to read full stories.

Jul 20 - Saudi oil exports to drop by about 100,000bpd in Aug - OPEC governor

Saudi Arabia expects its crude exports to drop by roughly 100,000 barrels per day in August as the world's top oil exporter works to ensure it does not push oil into the market beyond its customers' needs, the kingdom's OPEC governor said on Thursday. Adeeb Al-Aama said in a statement that Saudi Arabia's crude oil exports in July would be roughly equal to June levels. There was no mention in the statement of Saudi June crude exports. Click here to read full stories. 

Jul 20 - In sign of supply flexibility, Russia wields oil stocks to boost output 

Russia used stocks held in tanks at its oilfields to help boost crude production in June, three industry sources told Reuters, in a sign of supply flexibility as OPEC kingpin Saudi Arabia pushes other major producers to increase spare output capacity. Russian oil production last month rose by around 100,000 barrels per day from May. From July 1-15, the country's average oil output was 11.215 million bpd, an increase of 245,000 bpd from May, two industry sources said.  Click here to read full stories. 

Jul 20 - Asia oil buyers snap up cargoes from Europe, Africa after Brent prices fall 

Asian crude oil buyers are booking cargoes from Europe, the Mediterranean and Africa after a sharp drop in Brent crude's value against Middle East benchmark grade Dubai made the shipments profitable, industry sources said on Thursday. Traders have booked at least 10 million barrels of Russian Urals, Kazakhstan's CPC Blend and North Sea crude to load in August for China and South Korea, while also eyeing West Africa and Libya supplies for Asia, said several sources with knowledge of the deals, including two involved in some of the trades. Click here to read full stories. 

Jul 20 - Norway oil workers and employers agree deal, strike ends

Norwegian drilling rigs workers will end their industrial action after the union representing 1,600 striking employees reached a deal with the group acting for their employers, the parties said on Thursday. The strike began on July 10 after the Safe union and the Norwegian Shipowners' Association could not come to an agreement over wages and pension conditions. The industrial action led to the shutdown of one Shell-operated field.  Click here to read full stories. 

Jul 20 - Big crude oil margins should boost U.S. refiner earnings 

U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road. U.S. independent refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for U.S. and Canadian crude, along with strong fuel demand and lower costs to comply with the nation's biofuel laws, analysts said. Click here to read full stories. 

Jul 20 - U.S. SPR oil release would be a mistake: Kemp

Releasing crude oil from the U.S. Strategic Petroleum Reserve (SPR) in response to a rise in prices resulting from the reimposition of sanctions on Iran would be a mistake and ultimately self-defeating. The SPR has sufficient crude to offset any loss of exports from Iran for many months, especially if stock releases are combined with increased oil production by Saudi Arabia and other members of OPEC. Click here to read full stories.

Jul 19 - Saudi Aramco in talks for stake in world's no. 4 chemical firm 

Saudi Aramco said on Thursday it is looking to buy a stake in Saudi petrochemical maker SABIC, a move that could boost the state oil giant's market valuation ahead of a planned initial public offering. Aramco said in a statement that it was in "very early-stage discussions" with the kingdom's Public Investment Fund to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said. Click here to read full stories.

Jul 19 - U.S. crude oil output hits 11 mln bpd for first time ever 

U.S. crude oil production last week hit 11 million barrels per day (bpd) for the first time in the nation's history, the Energy Department said on Wednesday, as the ongoing boom in shale production continues to drive output. The gains represent a rapid increase in output, as the data, if confirmed by monthly figures, puts the United States as the second largest producer of crude oil, just behind Russia, which was producing 11.2 million bpd in early July, according to sources. Click here to read full stories.

Jul 19 - OPEC, non-OPEC compliance with oil cuts fall to around 120 pct in June - sources 

OPEC and non-OPEC's compliance with oil output curbs has declined to around 120 percent in June from 147 percent in May, two sources familiar with the matter told Reuters on Wednesday. OPEC and non-OPEC countries agreed to gradually bring compliance back to 100 percent at a meeting at the end of June. Click here to read full stories.

Jul 19 - Big crude oil margins should boost U.S. refiner earnings

U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road. U.S. independent refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for U.S. and Canadian crude, along with strong fuel demand and lower costs to comply with the nation's biofuel laws, analysts said. Click here to read full stories.

Jul 19 - Yemen's Houthis say they attacked Aramco refinery in Riyadh with drone 

The Iranian-aligned Houthi movement in Yemen said it had attacked a Saudi Aramco refinery in Riyadh on Wednesday using a drone, but the oil company said a limited fire at the plant was due to "an operational incident". "Our drone air forces have targeted the refinery of ARAMCO company in Riyadh," read a tweet on the account of the Houthi-run television channel al-Masirah. Click here to read full stories.

Jul 19 - Biofuel groups ask U.S. government to slow small refinery waiver program

Biofuel groups urged the U.S. Environmental Protection Agency on Wednesday to either stop granting exemptions from the nation's biofuel laws to smaller oil refineries or to force larger plants to make up the difference. The comments came during the first public hearing, held in Michigan, on the agency's proposed 2019 biofuel mandates under the U.S. Renewable Fuel Standard (RFS). Click here to read full stories.

Jul 18 - Not dead yet: Home of Brent crude gets new lease of life 

Oil giant BP's Eastern Trough Area Project off the coast of Scotland wasn't supposed to be viable beyond 2018. But government and industry working together have given ETAP a new lease of life that is being closely watched by countries and companies eyeing other ageing projects around the world. Click here to read full stories.

Jul 18 - Iraqi police disperse protesters outside Zubair oilfield as unrest grows

Iraqi police wielded batons and rubber hoses to disperse about 250 protesters gathered at the main entrance to the Zubair oilfield near Basra on Tuesday as unrest across southern cities over poor basic services gathered pace. Since demonstrations began nine days ago, protesters have attacked government buildings, branches of political parties and powerful Shi'ite militias and stormed the international airport in the holy city of Najaf. Click here to read full stories.

Jul 18 - ICE to launch Houston oil contract, building on export growth 

Intercontinental Exchange on Tuesday said it would launch a crude oil futures contract deliverable in Houston later this quarter, capitalizing on the growth in U.S. exports of crude oil that have risen to about 2 million barrels a day. Houston has become the pricing center for U.S. crude oil production and exports, and the new contract is designed to serve hedging and trading opportunities in that market, ICE said in a statement. Click here to read full stories.

Jul 18 - Global economic slowdown is likely and necessary later in 2018 or 2019: Kemp

No one likes to predict recession, but the global economy is likely to experience a significant slowdown before the end of 2019, and the slowdown may be necessary to relieve upward pressure on oil prices. In its latest World Economic Outlook, the International Monetary Fund forecasts the global economy will expand at 3.9 percent in both 2018 and 2019, slightly faster than the 3.7 percent achieved in 2017. Click here to read full stories.

Jul 17 - As sanctions start to bite, Iran crude exports set to wilt

Iran's oil exports could fall by as much as two-thirds by the end of the year because of new U.S. sanctions, putting oil markets under huge strain amid supply outages elsewhere in the world. Washington initially planned to totally shut Iran out of global oil markets after President Donald Trump abandoned a deal that limited Iran's nuclear ambitions, demanding all other countries to stop buying its crude by November.  Click here to read full stories.

Jul 17 - Mnuchin says U.S. to consider waivers on Iran sanctions 

The United States in certain cases will consider waivers for countries that need more time to wind down imports of oil from Iran as it seeks to avoid disrupting global oil markets while reimposing sanctions against Tehran, U.S. Treasury Secretary Steven Mnuchin said. "We want people to reduce oil purchases to zero, but in certain cases if people can't do that overnight, we'll consider exceptions," Mnuchin told reporters on Friday, clarifying some U.S. officials' comments that there would be no exemptions. Click here to read full stories.

Jul 17 - Norway oil workers' strike accelerates, drillers fear contract losses  

A strike by Norwegian offshore oil and gas workers accelerated on Monday when hundreds more walked out in a dispute over pay and pensions after employers failed to respond to union demands for a new offer. The strike, which began last Tuesday, has had a limited impact on Norway's oil production so far, but some drillers warned of possible contract cancellations if the dispute goes on for a month or more. Click here to read full stories.

Jul 17 - U.S. hits $1.1 billion Texas oil pipeline with steel tariff 

A $1.1 billion U.S. shale pipeline on Monday was denied an exclusion to the Trump administration's tariff on imported steel, the first such ruling on a major energy project since the tariff went into effect. Pipeline operator Plains All American Pipeline LP's request was denied because suitable product is available from domestic producers, the Commerce Department ruling said. Click here to read full stories.

Jul 17 - Iran to Saudi: OPEC deal does not give the right to pump oil above target

Iran's oil minister told his Saudi Arabian counterpart that last month's OPEC supply pact does not give member countries the right to raise oil production above their targets, according to a letter reported by Iran's news agency Shana. The Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers. Click here to read full stories.

Jul 16 - U.S. oil boom delivers surprise for traders - and it's costly 

The world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent in just a month, as surging U.S production upends the market. Trading desks of oil major BP and merchants Vitol, Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the "whipsaw" move when the spread reached more than $11.50 a barrel in June, insiders familiar with their performance told Reuters. Click here to read full stories. 

Jul 16 - Contango returns for prompt Brent curve as supply rises 

Prompt Brent crude oil slipped below forward futures on Friday as global supply rose and large money managers trimmed bullish positions. The front four Brent futures contracts (September to December) dipped into contango, with prices rising into the future, for the first time since September, creating a shallow upward sloping price curve. Click here to read full stories. 

Jul 16 - China June refinery runs up even as high oil prices hurt teapots

China's refinery runs rose in June as state-controlled oil majors boosted output of fuel products, offsetting cuts by teapots which carried out annual repairs and curbed operations due to high crude prices, data showed on Monday. Refinery throughput in June rose 8 percent from a year ago to 49.78 million tonnes, or 12.11 million barrels per day, according to the National Bureau of Statistics. Runs rose 1.5 percent from May on a daily basis. Click here to read full stories. 

Jul 16 - S.Korea's June crude oil imports drop lowest since Jan 2015

South Korea's imports of Iranian oil fell 40.3 percent in June from the same month a year ago to their lowest since January 2015, as the country's buyers' slashed purchases ahead of the reimposition of U.S. sanctions targeting Iran. South Korea, one of Asia's major Iranian oil customers, imported 686,849 tonnes of Iranian crude in June, or 167,820 barrels per day (bpd), compared with 1.15 million tonnes in June 2017, customs office data showed on Sunday. That was down 9.5 percent from May. Click here to read full stories. 

Jul 16 - U.S. drillers leave oil rig count unchanged - Baker Hughes 

U.S. energy companies left the oil rig count unchanged this week as the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June. U.S. crude prices were on track to fall almost 4 percent this week as escalating U.S.-China trade tensions threatened to hurt oil demand after last week rising to their highest level since November 2014. Click here to read full stories. 

Jul 16 - Russia says may step up oil output to tackle deficit  

Russia and other leading oil producers may boost oil output further if supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said on Friday. The expected drop in Iranian crude exports this year due to renewed U.S. sanctions, coupled with a decline in Venezuela's production and outages in Libya, Canada and the North Sea have driven oil prices to their highest since 2014 in recent weeks. Click here to read full stories. 

Jul 16 - Norway oil, gas union widens six-day drilling rig strike

A Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike on Monday that has slightly hit oil output after employers did not respond to demands for higher wages and pension benefits. The union is adding 900 workers to the strike, under a plan announced last week, after failing to win concessions before a midnight (2200 GMT) deadline since almost 700 workers on the rigs went on strike on Tuesday. Click here to read full stories. 

Jul 16 - Hedge funds raise bullish wagers on U.S. crude -CFTC 

Hedge funds and other money managers raised their bullish wagers on U.S. crude in the latest week to the highest level in nearly three months, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 847 contracts to 457,718 during the week ended July 10, the highest since April 24. Click here to read full stories.

Jul 13 - U.S. oil exports to India soar ahead of sanctions on Iran 

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration. U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals. Click here to read full stories. 

Jul 13 - U.S. crude stocks slump nearly 13 mln bbls to Feb 2015 low - EIA

U.S. crude oil stocks fell by nearly 13 million barrels last week, the most in nearly two years, dropping overall crude stocks to their lowest point since February 2015, the Energy Information Administration said on Wednesday. Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for a decrease of 4.5 million barrels. That dropped overall crude inventories, not including the U.S. strategic reserve, to 405.2 million barrels. Click here to read full stories. 

Jul 13 - OPEC does not want to see volatility in oil prices - OPEC president

OPEC President Suhail al-Mazrouei said on Wednesday that volatility in the crude market was undesirable and OPEC prefers a more stable price environment, speaking after crude had its biggest one-day drop in two years. The Organization of the Petroleum Exporting Countries and other large producers are working on a long-term plan to build spare capacity that would cushion the market from unexpected outages, he said. Click here to read full stories. 

Jul 13 - Libyan NOC announces reopening of key oil export terminals

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output. Production and export operations would be restored "within the next few hours", an NOC statement said, although the restart at Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged in fighting last month, was expected to be gradual. Click here to read full stories. 

Jul 13 - How could Iran disrupt Gulf oil flows?  

The commander of Iran's Revolutionary Guards said last week that Tehran would block all exports through the Strait of Hormuz in the Gulf if countries heed U.S. calls to stop buying Iranian oil from November. A fifth of global oil consumption passes through the Strait from Middle East crude producers to major markets. Click here to read full stories. 

Jul 13 - United States hints at sanctions waivers on Iran oil: Kemp

The Trump administration's top diplomat has indicated the United States might grant waivers to some countries allowing them to continue importing Iranian crude when sanctions snapback in November. "There will be a handful of countries that come to the United States and ask for relief," Secretary of State Mike Pompeo said on Tuesday in a television interview with Sky News Arabia. "We'll consider it." Click here to read full stories.

Jul 12 - U.S. oil exports to India soar ahead of sanctions on Iran 

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration. U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals. Click here to read full stories. 

Jul 12 - U.S. crude stocks slump nearly 13 mln bbls to Feb 2015 low - EIA

U.S. crude oil stocks fell by nearly 13 million barrels last week, the most in nearly two years, dropping overall crude stocks to their lowest point since February 2015, the Energy Information Administration said on Wednesday. Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for a decrease of 4.5 million barrels. That dropped overall crude inventories, not including the U.S. strategic reserve, to 405.2 million barrels. Click here to read full stories. 

Jul 12 - OPEC does not want to see volatility in oil prices - OPEC president

OPEC President Suhail al-Mazrouei said on Wednesday that volatility in the crude market was undesirable and OPEC prefers a more stable price environment, speaking after crude had its biggest one-day drop in two years. The Organization of the Petroleum Exporting Countries and other large producers are working on a long-term plan to build spare capacity that would cushion the market from unexpected outages, he said. Click here to read full stories. 

Jul 12 - Libyan NOC announces reopening of key oil export terminals

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output. Production and export operations would be restored "within the next few hours", an NOC statement said, although the restart at Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged in fighting last month, was expected to be gradual. Click here to read full stories. 

Jul 12 - How could Iran disrupt Gulf oil flows?  

The commander of Iran's Revolutionary Guards said last week that Tehran would block all exports through the Strait of Hormuz in the Gulf if countries heed U.S. calls to stop buying Iranian oil from November. A fifth of global oil consumption passes through the Strait from Middle East crude producers to major markets. Click here to read full stories. 

Jul 12 - United States hints at sanctions waivers on Iran oil: Kemp

The Trump administration's top diplomat has indicated the United States might grant waivers to some countries allowing them to continue importing Iranian crude when sanctions snapback in November. "There will be a handful of countries that come to the United States and ask for relief," Secretary of State Mike Pompeo said on Tuesday in a television interview with Sky News Arabia. "We'll consider it." Click here to read full stories.

Jul 11 - India's Iranian oil imports in June fall as sanctions fears bite - sources

India's oil imports from Iran declined by 15.9 percent in June, the first month after the United States said it would reimpose sanctions on the country, according to data from shipping and industry sources. In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified. Click here to read full stories. 

Jul 11 - Hundreds of Norway oil workers go on strike, Shell shuts Knarr field 

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher. One union said hundreds more workers would join the strike on Sunday if an agreement over union demands for a wage increase and pension rights was not reached. Click here to read full stories. 

Jul 11 - OPEC to Canada: Build pipelines or watch investment flow south

The president of OPEC urged Canada on Tuesday to invest in infrastructure to move oil and gas, or risk watching investment flow away to the United States. The Canadian government agreed in May to buy the Trans Mountain oil pipeline and a related expansion project from Kinder Morgan Canada for C$4.5 billion ($3.4 billion), highlighting the lengths deemed necessary to overcome stiff opposition to such projects. Click here to read full stories. 

Jul 11 - Hedge funds target WTI, leaving other oil contracts becalmed: Kemp 

Hedge fund managers have continued to boost their bullish exposure to U.S. crude futures and options, following a longer-than-expected disruption of pipeline deliveries from Canada. Position-building in U.S. crude, also known as WTI, accounted for almost all changes in the petroleum complex in the week to July 3. Click here to read full stories. 

Jul 11 - Canadian oil executives downplay transportation bottlenecks 

Executives at Canada's largest integrated oil and gas producers on Tuesday downplayed the severity of transportation bottlenecks to move oil in the near term, citing existing pipeline commitments and refining capabilities. Canadian producers have faced steep discounts for western Canadian heavy crude this year due to bottlenecks, while new pipeline projects have dealt with delays and protests from environmental groups. Click here to read full stories. 

Jul 10 - Do not blame OPEC, oil producer group says of Trump criticism 

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. “OPEC alone cannot be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June,” Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta. Click here to read full stories.

Jul 10 - Could Saudi Arabia replace all the barrels lost from Iran sanctions? Kemp

The United States wants to eliminate all Iran’s crude oil exports from November, and is relying on Saudi Arabia and other OPEC and non-OPEC members to fill the gap in supplies. "Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue from crude oil sales," a senior State Department official told a news briefing this month. Click here to read full stories.

Jul 10 - Hundreds of Norway oil workers to strike after talks fail

Hundreds of workers on Norwegian oil and gas offshore rigs will go on strike on Tuesday after rejecting a proposed wage deal, a state-appointed mediator said, an action which will likely affect the production of at least one field, Shell's Knarr. Less than half an hour after passing a midnight deadline, mediator Carl Petter Martinsen said talks between two trade unions, Safe and YS, and employers' lobby the Shipowners' Association, had failed to reach a deal. Click here to read full stories.

Jul 10 - Aramco more resilient to oil slump than listed rivals - accounts 

Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into the state energy giant's finances ahead of a proposed flotation. The full-year accounts, not publicly available but seen by Reuters, show Aramco's net income fell by about 21 percent to $13.3 billion in 2016 - when oil prices collapsed to a 12-year low of $27.10 a barrel due to a global glut of crude. Click here to read full stories.

Jul 10 - PDVSA's oil sales to U.S. bounced in June; Caribbean stocks drained

Venezuelan crude sales to the United States recovered in June from May as state-run PDVSA exported more of its diluted oil to its customers and drained inventories from two Caribbean islands affected by assets seizures, according to Thomson Reuters data. PDVSA exports have declined in recent months due to a stubborn tanker backlog around Venezuela's main ports and its fast-declining crude output, which has stopped the firm from complying with supply contracts to almost all of its customers. Click here to read full stories.

Jul 10 - Libya's oil output more than halved since February - NOC

Libya's national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said in a statement on Monday. The NOC had not previously stated how high the country's production had climbed after partially recovering to more than 1 million bpd a year ago. Click here to read full stories.

Jul 10 - Hedge funds raise bullish crude oil wagers - CFTC

Hedge funds and other money managers raised their bullish U.S. crude wagers in the latest week as oil prices raced to a new three-and-a-half-year high, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group raise its combined futures and options position in New York and London by 41,116 contracts to 456,870 during the week ended July 3. Click here to read full stories.

Jul 09 - Iranian oil minister calls Trump's order to OPEC insulting 

Iran's oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure. Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran. Click here to read full stories.

Jul 09 - Asia's oil refiners rush to deal with U.S.-China trade war, looming Iran sanctions

Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's U.S. tariffs, China has threatened a 25 percent duty on imports of U.S. crude. Meanwhile, Washington's new sanctions against Tehran are due to kick in from November. Click here to read full stories.

Jul 09 - The fallout in commodities from the U.S.-China trade war: what's at stake

Washington imposed tariffs on $34 billion of Chinese imports on Friday and Beijing has said it will retaliate with punitive measures on U.S. products worth a similar amount, including soybeans, pork and cotton.  The Chinese government had not officially confirmed on Friday afternoon that the retaliatory tariffs had taken effect. Click here to read full stories.

Jul 09 - Libyan NOC requests sanctions over push to sell oil from east 

Libya's Tripoli-based National Oil Corporation (NOC) is asking for U.N. sanctions against 48 individuals and entities they accuse of trying to sell oil illicitly in a struggle over the country's oil wealth. In a letter circulated to foreign embassies and the United Nations, and seen by Reuters, NOC Chairman Mustafa Sanalla described a "surge" in attempts by eastern factions to market oil ahead of them taking control last month of key fields and export terminals. Click here to read full stories.

Jul 09 - Iraqi police open fire on protesters near southern oilfields

Iraqi police opened fire to disperse dozens of protesters near the southern oil hub of Basra on Sunday as they demonstrated against a shortage of jobs, electricity, water and other basic services, police and local officials said. Police sources said eight protesters were wounded in the shooting while a local mayor said one demonstrator was killed and three were wounded. Click here to read full stories.

Jul 09 - BP in lead to acquire BHP's U.S. onshore shale assets - sources

BP Plc is in the lead to acquire the U.S. onshore shale oil and gas assets of BHP Billiton Ltd after submitting an offer worth well in excess of $10 billion, people familiar with the matter said on Friday. The move represents a big bet by BP on U.S. oil and gas production at a time when energy prices are rebounding. It would allow it to significantly rebalance its business with oil production, after focusing largely on natural gas assets. Click here to read full stories.

Jul 09 - U.S. drillers add oil rigs for first week in three - Baker Hughes 

U.S. energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June. U.S. crude prices, however, jumped to their highest since November 2014 earlier this week. Click here to read full stories.

Jul 09 - U.S. biofuels industry, advocates see hope in Pruitt's successor

Corn farmers and biofuels producers cheered the resignation of U.S. Environmental Protection Agency chief Scott Pruitt in the hope that his successor may give them more access and fewer threats to reducing domestic requirements. Pruitt led U.S. President Donald Trump's aggressive efforts to roll back environmental protections. Click here to read full stories.

Jul 09 - Trafigura promotes Luckock, Gillon to co-heads of oil  

Trading house Trafigura has promoted its two co-heads of risk, Ben Luckock and Robert Gillon, to become co-heads of oil, trading sources said, in a gradual transition of power from veteran oil chief, Jose Larocca. Trafigura has been reshuffling its management in recent months, bolstering the position of Chief Executive Jeremy Weir, while also giving more responsibility to the next generation of potential leaders. Click here to read full stories.

Jul 06 - U.S.-Iran tensions rise over oil route as EU tries to save nuclear deal 

The U.S. Navy stands ready to ensure free navigation and the flow of commerce, the U.S. military's Central Command said on Thursday, as Iran's Revolutionary Guards warned they would block oil shipments through the Strait of Hormuz if necessary. With tensions rising over the strategic waterway, the European Union is proposing a plan for salvaging a multinational nuclear deal with Tehran after Washington withdrew, but Iranian President Hassan Rouhani told leaders in Paris and Berlin on Thursday that the package did not go far enough. Click here to read full stories.

Jul 06 - S.Korea suspends Iranian oil loading in July for first time since 2012 - sources

South Korea will not lift any Iranian crude and condensate in July, halting all shipments for the first time in six years amid U.S. pressure to cut all imports of Iranian oil from November, three sources familiar with the matter said on Friday. Japanese customers, however, are continuing to import for now, with multiple buyers considering buying Iranian oil through September loading, said a North Asia trading source familiar with Iranian oil shipping arrangements. Click here to read full stories.

Jul 06 - U.S. crude stockpiles rise unexpectedly, gasoline draws down - EIA 

U.S. crude oil stockpiles unexpectedlyrose last week ,as imports grew and refineries cut output while gasoline inventories decreased nearly double forecasts, the Energy Information Administration said on Thursday. Crude inventories rose 1.2 million barrels in the week to June 29, compared with analysts' expectations for a decrease of 3.5 million barrels. Click here to read full stories.

Jul 06 - Saudi Arabia raised oil output by around 500,000 bpd in June - sources 

Saudi Arabia has told OPEC it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000 bpd from the level it said it produced in May, OPEC sources told Reuters on Thursday. Saudi Arabia's total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage. Click here to read full stories.

Jul 06 - Conoco to depose Citgo in hunt for PDVSA's Caribbean assets

ConocoPhillips moved to bring Venezuelan PDVSA's U.S. refining unit Citgo Petroleum into its legal battles to enforce a $2 billion arbitration award against the South American country's nationalization of its Venezuelan assets. A U.S. district court judge in Houston on Thursday ruled Conoco can depose Citgo as preparation for a court case against PDVSA and others over alleged asset transfers in the Caribbean that Conoco claims were designed to frustrate its efforts to obtain payment under an International Chamber of Commerce (ICC) award. Click here to read full stories.

Jul 06 - U.S. renewable fuel credits rise as EPA chief resigns - traders

Renewable fuel (D6) credits for 2018 rose by three cents to trade at 25 cents each on Thursday after the news that U.S. Environmental Protection Agency chief Scott Pruitt had resigned, traders said. Pruitt has sought to impose reforms on the U.S. Renewable Fuel Standard (RFS) aimed at lowering the costs of the compliance credits amid calls from the oil industry that the program was overly burdensome. Click here to read full stories.

Jul 05 - Iran threatens to cut cooperation with nuclear body after Trump move

Iran could reduce its co-operation with the U.N. nuclear watchdog, President Hassan Rouhani told the body's head on Wednesday, after he warned U.S. President Donald Trump of "consequences" of fresh sanctions against Iranian oil sales. In May, Trump pulled out of a multinational deal under which sanctions on Iran were lifted in return for curbs to its nuclear programme, verified by the International Atomic Energy Agency (IAEA). Washington has since told countries they must stop buying Iranian oil from Nov. 4 or face financial measures.  Click here to read full stories.

Jul 05 - Trump to OPEC: 'Reduce pricing now!' - Twitter 

U.S. President Donald Trump again accused the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on Wednesday and urged the oil cartel's members to do more. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help. Click here to read full stories.

Jul 05 - Goldman Sachs says maintains bullish view on commodities 

Goldman Sachs Commodities Research said it remains bullish on commodities and views the current weakness in the complex as a buying opportunity. The upbeat view was based on strong demand growth, supply disruptions and depleting inventory levels in energy and metals markets, the Wall Street bank said in a note dated Wednesday. Click here to read full stories.

Jul 05 - Saudi plans first change in Asia crude oil price formula in decades, to use DME Oman

Saudi Aramco plans to change the formula used to price its long-term crude oil sales to Asia starting from October, marking the first change in benchmarks for its official selling prices (OSP) since the mid-1980s, the company said on Wednesday. Trade sources had earlier told Reuters of the planned change. Click here to read full stories.

Jul 05 - Ghost ships no more: Explorers resume oil, gas search as prices perk up 

A growing fleet of ships is scanning oceans in search of new oil and gas fields as energy companies, now with more cash thanks to stronger crude prices, gradually resume spending on seismic services after a four-year downturn. A doubling in the area contracted for seismic work in the first quarter this year from the last three months of 2017 has injected optimism into surveillance firms, with a global fleet of about 24 vessels, most of whom struggled to survive in the past years. Click here to read full stories.

Jul 04 - U.S. slaps Glencore with subpoena as part of money-laundering probe 

U.S. authorities have demanded Glencore hand over documents about its business in the Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption probe, sending the mining company's shares down more than 8 percent. Swiss-based Glencore said it received a subpoena from the U.S. Department of Justice dated July 2 requesting documents and records on compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes. Click here to read full stories. 

Jul 04 - Iran's Rouhani hints at threat to neighbours' exports if oil sales halted 

President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighbouring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil. The comments, published on Iran's presidential website on Tuesday and partially repeated at a later news conference in Switzerland, could be open to interpretation. However, when asked whether he intended to make a threat, Rouhani declined to provide a clarification. Click here to read full stories. 

Jul 04 - Saudi Aramco plans to change Asia crude oil price formula, adopt DME Oman - sources 

Saudi Aramco plans to change the formula used to price its long-term crude oil sales to Asia starting from October, multiple trade sources said on Wednesday. The new formula will be based on the average monthly prices of Oman crude futures traded on the Dubai Mercantile Exchange (DME) and the average cash price for Dubai assessed by pricing agency S&P Global Platts, instead of the average of Oman and Dubai prices assessed by Platts, the sources said. Click here to read full stories. 

Jul 04 - Venezuela's declining crude exports squeeze India's refiners

Venezuela's crude shipments to India, its third largest export market, fell 21 percent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports. Venezuela's production decline to a 30-year low and export woes stemming from mismanagement, lack of investment and payment delays are affecting almost all of the OPEC-nation's customers. Click here to read full stories. 

Jul 04 - Petrobras suspends major asset sales after justice's decision

State-run Brazilian oil company Petroleo Brasileiro SA (Petrobras) said on Tuesday it was suspending major asset sales after a Supreme Court justice ruled that Congress must approval any privatizations. Petrobras said it would suspend the sale of certain refineries, its gas pipeline company Transportadora Associada de Gas (TAG) and the Araucaria fertilizer factory. Click here to read full stories.

Jul 03 - OPEC oil output climbs in June as Saudi opens taps - Reuters survey

OPEC oil output rose last month as Saudi Arabia pumped at a near-record rate, a Reuters survey found on Monday, a sign the world's top exporter is heeding calls from the United States and other consumers for more oil.  The Organization of the Petroleum Exporting Countries pumped 32.32 million barrels per day in June, the survey found, up 320,000 bpd from May. The June total is the highest since January 2018, according to Reuters surveys. Click here to read full stories.

Jul 03 - Libya's NOC declares force majeure at Zueitina and Hariga oil export ports

Libya's National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in total production losses of 850,000 barrels per day (bpd) due to the closure of eastern fields and ports. The Tripoli-based NOC made the announcement after eastern factions seeking control of Libya's oil exports began to block tankers at the two ports last week. Click here to read full stories.

Jul 03 - S. Korea's Iran oil imports may fall to 3-yr low in Sept, hopes for U.S. sanctions waiver - sources 

South Korea's oil imports from Iran could fall to the lowest in three years in September as buyers hold back booking cargoes, hoping for a U.S. waiver from sanctions on Iran, several sources with knowledge of the matter said on Monday. U.S. President Donald Trump has piled on pressure on its allies to halt Iranian oil imports after the United States withdrew from a nuclear agreement secured by world powers. Buyers in Europe and India have already reduced imports ahead of U.S. sanctions on Iran to be imposed from Nov. 4.  Click here to read full stories.

Jul 03 - U.S. says global oil capacity enough to make up for Iran cutbacks  

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its behavior in the region and believes there is enough spare global oil capacity to make up for lower supply from Iran, a senior U.S. State Department policy adviser said on Monday. Brian Hook, the State Department's director of policy planning, told a news conference that the U.S. goal was to get as many countries as possible down to zero Iranian oil imports. Click here to read full stories.

Jul 03 - Hedge funds continue selling oil, especially fuels: Kemp

Hedge funds became much more bullish about the outlook for U.S. crude prices last week, following an outage on Canada's Syncrude system, which supplies the U.S. Midwest, and a drawdown in crude stocks around Cushing. But in the rest of the petroleum complex, the persistent liquidation of formerly record bullish positions continued for the tenth week running, according to an analysis of exchange and regulatory data. Click here to read full stories.

Jul 03 - St. Croix oil refinery gets $1.4 bln investment, plans to restart

Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, that was once among the world's largest, plan to invest $1.4 billion to refurbish and restart a portion of the plant, they said on Monday. ArcLight Capital Partners, a private equity firm expects the former Hovensa refinery on St. Croix to be able to process 200,000 barrels per day of crude and deliver fuels to market by January 2020, officials said at a news conference on the island. Click here to read full stories.

Jul 03 - White House must choose between tough Iran sanctions and moderate gasoline prices: Kemp 

The White House can drive Iran’s oil exports to zero, or it can have moderate U.S. gasoline prices, but it probably cannot have both. The awkward tension between the administration’s foreign policy priority (tough Iran sanctions) and its electoral calculation (to keep gasoline prices low) explains its increasingly frequent comments about oil prices. Click here to read full stories.

Jul 02 - Trump blasts OPEC, warns European companies against Iran ties

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close U.S. allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran. The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo," also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections. Click here to read full stories.

Jul 02 - Iran eyes private oil exports to help beat U.S. sanctions

Iran will allow private companies to export crude oil, part of a strategy to counter U.S. sanctions, and is urging fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday. Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November. Click here to read full stories.

Jul 02 - Libya's NOC warns of impact of oil port shutdown

Libya's National Oil Corporation (NOC) said on Sunday that a port blockade by eastern authorities could result in losses estimated at 850,000 barrels per day (bpd) of crude oil and daily revenue of $67.4 million. Operations at the ports were blocked after the eastern-based Libyan National Army (LNA) announced last Monday that it would no longer let the Tripoli-based NOC export from them. Click here to read full stories.

Jul 02 - BP holds millions of barrels of oil off China as demand falte

Four supertankers chartered by energy major BP have been held up or delayed off China's east coast over the last two months, unable to fully discharge oil as slowing demand from the country's private refiners starts to impact global markets. Two of the four BP-chartered very large crude carriers (VLCCs) are still off Shandong province holding half their cargoes of Angolan crude oil, and another is headed back there from South Korea, according to trade flow data in Thomson Reuters Eikon and two shipping sources who track these vessels. Click here to read full stories.

Jul 02 - U.S. crude output dips in April to 10.467 mln bpd - EIA

U.S. crude production fell marginally by 2,000 barrels per day (bpd) to 10.467 million bpd in April from the highest on record in March, the Energy Information Administration (EIA) said in a monthly report on Friday. U.S. monthly crude oil exports jumped to a record 1.76 million bpd in April compared with 1.67 million bpd in March, according to the data. Weekly U.S. crude exports surged to a high of 3 million bpd last week.  Click here to read full stories.

Jul 02 - Hedge Funds raise bullish U.S. crude oil wagers - CFTC

Hedge funds and other money managers raised their bullish bets on U.S. crude in the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its net long U.S. crude futures and options positions in the week to June 26. The group raised its futures and options position in New York and London by 75,075 contracts to 415,754 during the period. Click here to read full stories.

Jul 02 - U.S. oil drillers cut rigs for 2nd week in a row -Baker Hughes

U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March. Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric Co's  Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

Jun 28 - US, allies express concern over transfer of Libyan oil facilities

The United States, France, Britain and Italy said on Wednesday they were deeply concerned by an announcement that east Libyan oil fields and ports would be handed over to a parallel National Oil Corporation (NOC) based in Libya's east. "These vital Libyan resources must remain under the exclusive control of the legitimate National Oil Corporation and the sole oversight of the Government of National Accord," the countries said in a joint statement, referring to the NOC and U.N.-backed government in the capital, Tripoli. Click here to read full stories.

Jun 28 - Oil stocks drop by nearly 10 mln barrels - EIA

U.S. crude stocks fell by nearly 10 million barrels last week, the most in nearly two years, as refiners processed a record amount of crude and exports also hit an all-time high, the Energy Information Administration said on Wednesday. The rise in export demand to 3 million barrels a day, coupled with heavy demand from refineries, brought supply down by 9.9 million barrels, with sharp drawdowns in the Midwest, the Gulf and the West Coast, the three U.S. regions with the most storage. Click here to read full stories.

Jun 28 - Canada cannot start work on Trans Mountain pipeline until deal closes - minister

The Canadian government would like to see construction accelerate on the Trans Mountain pipeline expansion, but has no control over decisions to resume or start new work until it takes ownership of the major crude oil pipeline project, Canada's natural resources minister said. "We think that construction and staying on a schedule is important, but that will be up to Kinder Morgan as long as they are the owner of the pipeline," Jim Carr said in an interview in Washington, D.C. where he is attending the World Gas Conference. Click here to read full stories.

Jun 28 - Petrobras could raise $28 bln selling stake in key offshore area-minister

Brazil's state-controlled oil company Petroleo Brasileiro SA could raise around $28 billion by selling a big stake in a key offshore oil area if Congress passes a bill allowing such a move, Brazil's Mining and Energy Minister said on Wednesday. The reserves, located in the offshore Santos basin, are part of the "transfer-of-rights" area that the government passed to Petrobras at a price that is still in dispute. Since 2014, negotiations to resolve the dispute have been contentious, with both parties claiming to be owed billions of dollars. Click here to read full stories.

Jun 28 - Chevron renewal of Rokan block not assured - Indonesia minister

U.S. energy giant Chevron Corp must compete if it wants to continue operating Indonesia's Rokan block, the country's biggest source of crude oil, after its contract expires in 2021, Indonesia Energy and Mines Minister Ignasius Jonan said on Wednesday. Chevron asked Indonesia's government earlier this year to extend its operating contract for Rokan beyond 2021 and since then has been in discussions with Indonesian officials on the issue. Click here to read full stories.

Jun 27 - U.S. pushes allies to halt Iran oil imports, waivers unlikely

The United States has told countries to cut all imports of Iranian oil from November and is unlikely to offer any exemptions, a senior State Department official said on Tuesday as the Trump administration ramps up pressure on allies to cut off funding to Iran. U.S. President Donald Trump in May said his administration was withdrawing from the "defective" nuclear deal agreed between Iran and six world powers in July 2015, aimed at curbing Tehran's nuclear capabilities in exchange for the lifting of some sanctions, and ordered the reimposition of U.S. sanctions against Tehran that were suspended under the accord.  Click here to read full stories.

Jun 27 - Saudi Arabia plans to pump up to 11 mln bpd of oil in July, a record high -source

Saudi Arabia plans to pump up to 11 million barrels of oil per day (bpd) in July, the highest in its history, up from about 10.8 million bpd in June, an industry source familiar with Saudi oil production plans told Reuters on Tuesday. OPEC agreed with Russia and other oil-producing allies on Saturday to raise output from July by about 1 million bpd, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.  Click here to read full stories.

Jun 27 - Libya's Hariga, Zueitina oil ports seen running normally despite power tussle

Libya's oil ports of Hariga and Zueitina appeared to be working normally on Tuesday, sources said, after eastern-based forces said they had handed control terminals in the east to a parallel National Oil Corporation (NOC) in Benghazi. Libya, politically divided since the 2011 uprising that toppled Muammar Gaddafi, has two rival versions of the NOC, the internationally recognised NOC based in Tripoli in the west and the alternative NOC in the eastern city of Benghazi. Click here to read full stories.

Jun 27 - U.S. EPA proposes higher 2019 biofuels mandate in line with expectations

The U.S. Environmental Protection Agency on Tuesday proposed setting a blending mandate of 19.88 billion gallons for 2019 under the Renewable Fuel Standard (RFS), 3 percent higher from this year's and in line with expectations. The agency also said it is considering a number of measures to bring some transparency to the compliance credit market and decided against forcing large refiners to blend extra volumes to compensate for the hardship waiver exemptions for small refineries. Click here to read full stories.

Jun 27 - Canada dreams of oil exports to Asia, but California beckons

The nationalization of a crude oil export pipeline in western Canada has buoyed long-standing hopes for crude exports to markets beyond the United States - but the most likely destination for much of that oil is California. Faced with declining production from Latin America and rising prices for higher-grade crudes from the Middle East, the Golden State is importing more oil from Canada - much of it via the Trans Mountain pipeline, which Kinder Morgan Canada last month sold to Ottawa for C$4.5 billion ($3.5 billion). Click here to read full stories.

Jun 27 - U.S. court dismisses climate change lawsuits against oil companies

A federal court in California dismissed climate change lawsuits by the cities of San Francisco and Oakland against five oil companies, saying the complaints required foreign and domestic policy decisions that were outside its purview. San Francisco and Oakland sued Chevron Corp, Exxon Mobil Corp, ConocoPhillips, Royal Dutch Shell Plc, and BP Plc last year seeking an abatement fund to help the cities address flooding they said was a result of climate change. Click here to read full stories.

Jun 27 - GE breakup leaves it with best and worst performers

General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services firm Baker Hughes, effectively breaking up the 126-year-old conglomerate which was once the most valuable U.S. corporation and a global symbol of American business power. The slimmed-down company will focus on jet engines, power plants and renewable energy, which GE hopes will reward battered shareholders who have seen the stock lose more than half its value over the past 20 years. Click here to read full stories.

Jun 27 - U.S. seeks to export its 'energy miracle' even as trade tensions mount

The administration of President Donald Trump wants to help allies replicate the U.S. natural gas and oil production boom by exporting American know-how, U.S. Energy Secretary Rick Perry said on Tuesday, even as trade disputes intensified. Perry said the surge in U.S. fossil fuels production over the past several years, made possible by advanced hydraulic fracturing drilling technology, had helped the country to reduce its dependence on foreign oil and improved its economy. Click here to read full stories.

Jun 26 - East Libyan forces say oil ports handed to eastern-based NOC

Eastern Libyan commander Khalifa Haftar's forces have handed control of oil ports to a National Oil Corporation (NOC) based in the east, a spokesman said on Monday, a move the internationally recognised NOC in Tripoli dismissed as illegal. If implemented, the transfer of control would create uncertainty for buyers of Libyan oil who normally go through NOC Tripoli. It could also deepen the split between east and west Libya, which have been home to rival governments since 2014. Click here to read full stories.

Jun 26 - Saudi Aramco CEO says has 2 mln bbls per day of spare capacity

Oil giant Saudi Aramco has spare capacity of 2 million barrels per day (bpd) and can meet additional oil demand in case of any interruption in supplies, the company head said on Monday, days after OPEC agreed a modest increase in oil output from July. Aramco, the world's third-largest crude oil producer, is producing about 10 million bpd and has the capacity to produce 12 million bpd, Amin Nasser, the company's chief executive, said on the sidelines of a conference in New Delhi. Click here to read full stories.

Jun 26 - Asia oil refining margins drop to two-year low as gasoline profit plunges

Singapore refining margins, the benchmark for profitability among oil processors in Asia, fell to their lowest in two years, dragged down by lower gasoline margins as refiners have ramped up output after completing maintenance and as China stepped up exports. Margins at a typical complex refinery in Singapore dropped to $4.28 a barrel at the market close on Monday, the lowest since August 2016, according to Thomson Reuters data. Among oil products, gasoline margins fell the most, dropping by half in the past month to under $5 a barrel.  Click here to read full stories.

Jun 26 - Global energy players converge on Washington as China trade war lurks

The world’s biggest oil and gas players are gathering for a summit in Washington D.C. this week that will be overshadowed by the specter of shifting trade patterns due to a trade dispute between the United States and China. The uncertainty comes at a historic moment for the United States, which has become the world’s biggest natural gas producer, one of the top crude oil producers, and a growing exporter of both. It will host the triennial World Gas Conference for the first time in 30 years. Click here to read full stories.

Jun 26 - funds on hold in run up to OPEC meeting: Kemp

Hedge funds left their positions largely unchanged in the run up to last week's meetings among oil ministers from the Organization of the Petroleum Exporting Countries and its allies. Hedge funds and other money managers trimmed their combined net long position in the six most important futures and options contracts linked to petroleum for the ninth week in a row. Click here to read full stories.

Jun 26 - Russian oil bought by PDVSA for Cuba discharges in the Caribbean - data

A tanker that for more than a month was unable to deliver Russian crude to Venezuela's PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo in the Caribbean, and a second vessel is soon to follow, according to Reuters data and a source with knowledge of the sales. Conoco in May got court orders to seize PDVSA's assets, inventories and oil cargoes in the Caribbean to satisfy a $2 billion arbitration award. The measures were later partially revoked, but PDVSA has been unable to fully use its refining and storage facilities in the region, diverting cargoes that have contributed to export delays. Click here to read full stories.

Jun 25 - Saudi pledges 'measurable' oil supply boost as OPEC, Russia agree deal

OPEC agreed with Russia and other oil-producing allies on Saturday to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers. The Organization of the Petroleum Exporting Countries had announced an OPEC-only production agreement on Friday, also without clear output targets. Benchmark Brent oil rose by $2.5 or 3.4 percent on the day to $75.55 a barrel. Click here to read full stories.

Jun 25 - Iran sees little extra oil if OPEC, partners stick to deal

Iran said on Saturday the world will see little extra oil reaching the market if OPEC and its partners adhere properly to a supply pact, underlining a disagreement with top exporter Saudi Arabia. OPEC and a group of non-OPEC countries agreed on Saturday that they would return to 100 percent compliance with previously agreed oil output cuts, after months of underproduction by OPEC countries including Venezuela and Angola. Click here to read full stories.

Jun 25 - China May gasoline exports up 134 pct at 1.47 mln tonnes -customs

China's gasoline exports in May surged from a year earlier, as state refiners sought to profit from good export margins and additional quota, customs data showed on Saturday. Gasoline exports in May rose 134 percent from a year earlier to 1.47 million tonnes, and up from 1.21 million tonnes in April. Click here to read full stories.

Jun 25 - What Saudi Arabia does now is key for global crude oil markets: Russell

If it were possible to boil the crude oil market down to just one determining factor for the coming months, it would be this: What will Saudi Arabia actually do? The Saudis appear to have emerged as the winners from last week's meeting of the Organization of the Petroleum Exporting Countries (OPEC), and the subsequent talks between OPEC and its allies in the deal to restrict output. Click here to read full stories.

Jun 25 - Big Oil eyes U.S. minority groups to build offshore drilling support

The largest U.S. oil and gas lobby group is seeking to convince Hispanic and black communities to support the Trump administration's proposed expansion of offshore drilling, arguing it would create high paying jobs, including for storm-displaced Puerto Ricans. The American Petroleum Institute (API) launched its "Explore Offshore" campaign earlier this month to counter offshore drilling foes in coastal southeast states from Virginia to Florida, where lawmakers and governors on both sides of the aisle have expressed fear an oil spill could ruin tourism. Click here to read full stories.

Jun 25 - Why OPEC's new supply deal will add little oil to markets

The Organization of the Petroleum Exporting Countries agreed in principle on Friday to raise output enough to match a production target it introduced at the beginning of 2017, but which it has undershot ever since. Based on compliance in May, only Saudi Arabia has any real scope to add barrels and this would be to the tune of just 60,000 barrels per day, far less than it has said the market requires. Click here to read full stories.

Jun 25 - Libya's NOC confirms LNA control of oil ports, hopes for quick restart

The head of Libya's National Oil Corporation (NOC) confirmed on Friday that Khalifa Haftar's Libyan National Army (LNA) had regained control of the key oil ports of Ras Lanuf and Es Sider, and said he hoped operations would resume in the "next couple of days". NOC Chairman Mustafa Sanalla said Libya had been losing 450,000 barrels per day (bpd) of production after clashes between the LNA and rival factions closed the two terminals. Click here to read full stories.

Jun 22 - China to reduce U.S. oil imports post-Sept amid trade spat - sources 

Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said. Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.  Click here to read full stories.

Jun 22 - OPEC strives for deal to raise oil output as Iran resists

OPEC scrambled on Thursday to agree on raising oil output, with Saudi Arabia warning of shortages but Iran holding out against a deal amid the prospect of lower exports due to U.S. sanctions on Tehran. The Saudi and Russian energy ministers said a production increase of about 1 million barrels per day (bpd) or around 1 percent of global supply had become a near-consensus proposal for the group and its allies, but Iran's assent was vital. Click here to read full stories.

Jun 22 - East Libyan forces reclaim key oil ports 

East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras Lanuf, hours after clashes resumed south of Ras Lanuf during a counter-attack by rival factions. Staff were evacuated from terminals in Libya's eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them. Click here to read full stories.

Jun 22 - Noble Group secures $100 mln in financing from investors in restructuring boost

Debt-laden commodities trader Noble Group said on Friday it had secured $100 million in trade finance facilities from a group of investors, winning fresh support for a $3.4 billion debt restructuring plan that is key to its survival. In a regulatory statement, Noble, once Asia's largest commodity trader, said a consortium of investors, which includes perpetual security holders Value Partners Ltd and Pinpoint Asset Management, will provide the three-year financing. Click here to read full stories.

Jun 22 - Oil price will be driven by consumers rather than OPEC: Kemp

Oil traders' attention is focused this week on Vienna, where ministers from the Organization of the Petroleum Exporting Countries and its allies must decide whether to increase their output in the second half of 2018. But the direction of prices over the next year will be more influenced by less visible developments in the major oil-consuming countries, especially the United States, Europe, China and India. Click here to read full stories.

Jun 22 - Oil options show bulls and bears on edge over OPEC 

OPEC appears to be edging towards raising crude oil output at its policy meeting on Friday, but the oil options market shows traders and investors are not betting heavily on that scenario. With just one day to go until the group holds its policy meeting, the derivatives market shows participants buying significant volumes of protection -- prepared for fireworks. Click here to read full stories.

Jun 21 - Iran signals compromise for modest rise in OPEC oil output

Iran signalled on Wednesday it could compromise on a small increase in OPEC oil output when the group meets this week, as Saudi Arabia scrambled to convince fellow members of the need for a larger rise in production. The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude. Click here to read full stories.

Jun 21 - For OPEC, oil tariff spat is short-term gain, long-term pain

OPEC, which has lost Chinese market share to U.S. oil producers, should in theory view a tariff spat between Beijing and Washington as a boon. But while OPEC can sell more oil to China as a result of import tariffs on U.S. crude, in the long term the trade dispute could hit economic growth and oil demand, OPEC officials and oil executives said. Click here to read full stories.

Jun 21 - Oil traders ready for musical chairs as China tariffs loom 

Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude. China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place. Click here to read full stories.

Jun 21 - EU to impose duties on U.S. imports Friday after Trump tariffs 

The European Union will begin charging import duties of 25 percent on a range of U.S. products on Friday, in response to U.S tariffs imposed on EU steel and aluminium early this month, the European Commission said on Wednesday. The move confirms a tit-for-tat dispute that could escalate into a full trade war, particularly if U.S. President Donald Trump carries out his threat to penalise European cars. Click here to read full stories.

Jun 21 - Libya oil output down to 600,000-700,000 bpd, exports may be diverted - source 

Libya's oil output has been slashed to between 600,000 and 700,000 barrels per day (bpd) from more than one million following clashes at its Ras Lanuf and Es Sider oil terminals, a Libyan oil source said on Wednesday. The National Oil Corporation (NOC) is looking at options to divert some oil exports from Ras Lanuf to Brega and Zueitina terminals, the source said. Click here to read full stories.

Jun 21 - U.S. crude stockpiles slump, fuel builds amid record high refinery runs - EIA 

U.S. crude oil stockpiles dropped sharply last week while gasoline and distillate inventories grew as refineries' crude runs rose to their highest on record seasonally, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.9 million barrels in the week to June 15, the largest one-week decline since January, compared with analysts' expectations for a decrease of 1.9 million barrels. Click here to read full stories.

Jun 21 - EPA to propose reallocating waived biofuels volumes to other refiners - sources 

The U.S. Environmental Protection Agency will propose reallocating biofuel blending obligations waived under its small refinery exemption program to other refiners, in an announcement that could come as early as Friday, according to two sources familiar with the agency's plans. The move is a nod to biofuel groups frustrated with the agency's broad expansion of the waiver program under the Trump administration, but will antagonize refining companies who say it will unjustly increase their regulatory costs. Click here to read full stories.

Jun 21 - PDVSA's exports sink in June amid seizures, shipping backlog - data

Venezuelan PDVSA's oil exports fell 32 percent in the first half of June compared with May, according to internal trade reports from the state-run company, as deepening output declines and seizures of some Caribbean assets disrupted crude and fuel shipments. PDVSA exported 765,000 barrels per day (bpd) in the first two weeks of June, a 368,000-bpd drop versus 1.133 million bpd shipped in May. The numbers do not include cargoes of upgraded oil by two of PDVSA's joint ventures, which are exported separately. Click here to read full stories.

Jun 21 - Bank of China International launches onshore commodity indices

Bank of China International (BOCI) launched on Wednesday a suite of Chinese commodities indices, billed as the first ones to track major onshore Chinese future markets in the sector. In the first phase, BOCI is launching the China Commodities Composite Index, with five sub-indices covering agriculture, base metals, ferrous metals, energy and industrial chemicals and precious metals, the bank said in a statement. Click here to read full stories.

Jun 20 - U.S. shale producers warn Chinese tariffs would hit energy exports

China's proposed tariffs on U.S. petroleum imports, part of a mounting trade war between the two countries, would crimp sales to the shale industry's largest customer, adding new pressure on U.S. crude prices, energy executives and analysts said in interviews this week. China has said it would slap a 25 percent tariff on imports of U.S. crude, natural gas and coal on July 6 if Washington went ahead, as planned, with its own tariffs on Chinese goods that day. Click here to read full stories.

Jun 20 - Iran rules out OPEC deal as Russia, Saudi push for oil output hike

Iran said on Tuesday OPEC was unlikely to reach a deal on oil output this week, setting the stage for a clash with Saudi Arabia and Russia, which are pushing to raise production steeply from July to meet growing global demand. The Organization of the Petroleum Exporting Countries meets on Friday to set output policy amid calls from U.S. President Donald Trump and China to cool down oil prices and support the global economy by producing more crude. Click here to read full stories.

Jun 20 - Libya port attack cut output by 400,000 bpd - NOC head

Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation (NOC) said on Tuesday. Sanalla said there were still militants present in the area of the terminals, which were closed on Thursday following an early morning attack by opponents of eastern-based Libyan commander Khalifa Haftar. Click here to read full stories.

Jun 20 - Noble Group says key shareholder approves revised restructuring plan

Embattled commodity trader Noble Group on Wednesday said its shareholders would receive 20 percent of the equity in the company after restructuring, and that Goldilocks Investment Co would support the revised plan. Noble, which has been struggling to secure shareholder approval to restructure its $3.5 billion of debt, had asked for a trading halt on Monday pending an announcement. Click here to read full stories.

Jun 20 - Activist Icahn gains control of board in proxy fight at SandRidge Energy

Activist investor Carl Icahn on Tuesday won a battle for control of SandRidge Energy, taking five seats on the board of the U.S. shale producer that he wants to sell. Shareholders elected four of Icahn's seven-person slate and two nominees put forth by the Oklahoma City, Oklahoma oil and gas company, according to a preliminary tally, with another position deemed too close to immediately call. Click here to read full stories.

Jun 20 - Vitol launches Viva Energy float, Australia's biggest in 4 years

Global energy trader Vitol kicked off the planned A$5 billion ($3.7 billion) float of its Australian refinery and fuel supply network Viva Energy on Wednesday, in what would be the country's biggest initial public offering in four years. The sale of the unit, which supplies about a quarter of Australia's fuel, is Vitol's second IPO this year after the London listing of an African fuel business and is expected to raise up to A$3 billion for the energy trader and its partners, who will retain a 40 to 50 percent stake. Click here to read full stories.

Jun 19 - U.S. oil pipeline companies, producers seek relief from steel tariffs 

Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year. Of those, more than 500 petitions involve pipes and related materials. Click here to read full stories.

Jun 19 - Saudi Arabia, Russia seek 1.5 mln bpd OPEC, non-OPEC output increase – Ecuador

Russia and Saudi Arabia have put forward a proposal to increase production by OPEC and non-OPEC countries by 1.5 million barrels per day, Ecuador's oil minister said on Monday.Carlos Perez said on his arrival in Vienna for the meeting of the Organization of the Petroleum Exporting Countries that thiswas the only proposal he has seen being put forward, and that the proposed increase would be from the quota that the members of the deal had agreed on. Click here to read full stories.

Jun 19 - Vitol-led group in talks to buy Nigeria assets from Petrobras - sources 

A consortium led by top oil trader Vitol has entered exclusive talks to acquire stakes in Nigerian offshore fields that are held by Brazil's Petrobras and its partners, industry sources said.The assets are estimated to be worth up to $2.5 billion, the two banking sources and one industry source told Reuters. The buyers are talking to state-controlled Petroleo Brasileiro SA, known as Petrobras, which is leading the sale, the sources added.  Click here to read full stories.

Jun 19 - Hedge funds continue gently selling oil while watching OPEC and tariffs: Kemp 

Investors continued to reduce their overall bullish position in petroleum, but profit-taking concentrated on fuels while signs of stabilisation emerged in crude.Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 18 million barrels in the week to June 12. Click here to read full stories.

Jun 19 - Trump ratchets up China trade conflict with fresh tariff threat 

U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation, as the trade conflict between the world's two biggest economies quickly escalated. Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.It was retaliation, he said, for China's decision to raise tariffs on $50 billion in U.S. goods, which came after Trump announced similar tariffs on Chinese goods on Friday. Click here to read full stories.

Jun 18 - China's tariffs on U.S. oil would disrupt $1 billion monthly business

China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.  Click here to read full stories. 

Jun 18 - Second fire shrinks storage capacity amid fighting at Libyan oil ports

Libya's National Oil Corporation (NOC) said storage capacity at Ras Lanuf port had been cut by 400,000 barrels after a second crude oil tank was set on fire amid fighting between rival factions for control of two key export terminals. The NOC warned that the blaze that broke out at storage tank No. 2 early on Sunday could spread to three further tanks, which would "stop exports from Ras Lanuf port completely". Click here to read full stories. 

Jun 18 - Venezuela oil exports to China slump, may hit lowest in nearly 8 years - sources, data 

China's imports of Venezuelan crude oil could sink to their lowest in nearly eight years in July as the OPEC producer struggles with shrinking output and mounting logistics issues, according to people familiar with the matter and shipping data. State-controlled PetroChina expects June loadings from Venezuela, mainly the Merey grade, to be half the normal rates, according to two Beijing-based oil officials briefed on the matter. Venezuela's state firm PDVSA has promised the lost volume would be topped up in July loadings for arrival in August-September, they said. Click here to read full stories. 

Jun 18 - Russia, Saudi Arabia agree OPEC+ format should be extended  

Russia and Saudi Arabia have a general consensus that the OPEC+ format should be "institutionalised" and extended until 2019 and beyond for oil market monitoring and joint action in case of need, Russia's energy ministry said in a statement on Friday. Citing Russian Minister Alexander Novak, the ministry added that the two major oil producers planned to sign a mutual agreement which will draw their cooperation in the energy arena to a new level. Click here to read full stories. 

Jun 18 - U.S. drillers add oil rigs for fourth week in a row - Baker Hughes

U.S. energy companies added one oil rig this week, the fourth consecutive week of increases, despite a 9 percent decline in crude prices over the past four weeks. Despite that decline, producers still expect higher prices for their oil in 2018 than they received in 2017. Click here to read full stories. 

Jun 18 - SandRidge approached by 17 suitors, Icahn says not to bid soon

SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board. The activist investor, however, said in response he had no plans to make a bid soon, adding that any bid would depend on the approval of a majority of the unaffiliated shareholders. Click here to read full stories. 

Jun 18 - Sour brew: New tax rules take steam out of China's teapot refiners 

China's independent oil refiners are suffering a drastic change of fortune as new tax rules, shrinking diesel demand and higher crude prices threaten their nearly three-year profit bonanza. Industry executives and analysts said nearly 40 private refiners, often called "teapots" - which account for a fifth of China's almost 10 million barrels per day (bpd) in crude oil imports - are losing money and market share. Several have shut for maintenance to cut exposure to the market, and some teapots may have to shut for good if the conditions continue. Click here to read full stories.

Jun 15 - Attack shuts major Libyan oil ports, slashing production

The major Libyan oil ports of Ras Lanuf and Es Sider were closed and evacuated on Thursday after armed brigades opposed to the powerful eastern commander Khalifa Haftar stormed them, causing a production loss of 240,000 barrels per day (bpd). At least one storage tank at Ras Lanuf terminal was set alight following the early morning attack, an engineer told Reuters. Libya's National Oil Corporation (NOC) declared force majeure on loadings from both terminals. Click here to read full stories.

Jun 15 - OPEC and allies could hike output gradually from July - Russia

OPEC and its allies could agree to gradually increase oil production starting from July 1, the Russian energy minister said on Thursday after talks with Saudi Arabia in Moscow. The Organization of the Petroleum Export Countries, Russia and other producers meet in Vienna next week to decide whether a pact curbing output needs to be adjusted in order to rein in oil prices that topped $80 a barrel last month. Click here to read full stories.

Jun 15 - Gloves back on, OPEC and U.S. shale producers to deepen ties in Vienna 

Only a few years ago, shale CEOs and the Organization of the Petroleum Exporting Countries were in open conflict. Now, they realize they're in the same boat and need to row in tandem to keep global crude supply and demand in balance, according to interviews with analysts, executives and investors. Click here to read full stories.

Jun 15 - Potential Cushing bottleneck could increase U.S. oil discount 

As the discount of U.S. crude to global benchmark Brent nears three-year highs, an emerging bottleneck at the key storage hub in Cushing, Oklahoma, is making U.S. futures vulnerable to a drop, traders and analysts said. Infrastructure constraints in the shale-rich Permian basin have already kept U.S. oil prices below international grades. Now, new constraints threaten to depress them even further and widen the gap between U.S. West Texas Intermediate crude (WTI) and global benchmark Brent. Click here to read full stories.

Jun 15 - Higher oil prices set to moderate consumption growth: Kemp

Growth in global oil consumption has accelerated significantly since prices slumped in 2014 – highlighting the critical role demand plays in balancing the market. Lower oil prices stimulated OECD consumption between 2015 and 2017 and played a big role in eliminating the global oil market surplus during the rebalancing phase of the cycle. Click here to read full stories.

Jun 15 - U.S. oil firms use shale know-how to revitalize old oilfields

Among vineyards and cow pastures in east Texas last month, roughnecks started to drill in an oilfield that is 25 years past its production peak. Houston-based oil producer Wildhorse Resource Development Corp tasked the crew with breathing new life into the field by using technology developed for fracking shale rock. Click here to read full stories.

Jan 14 - Iran, other dissenters complicate OPEC oil output boost -sources

At least three OPEC members disagree with Saudi Arabia and Russia on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just as consuming nations are warning of a shortage. In attempt to bridge differences, OPEC and its allies are looking at a number of options around pumping more oil, including a token increase and delaying the start of any production boost, OPEC delegates say. Click here to read full stories.

Jan 14 - Global crude oil demand growth is now hostage to China, India: Russell

Discussion in the crude oil market is degenerating into a single "will they or won't they" focus on whether the Organization of the Petroleum Exporting Countries (OPEC) will ease their output restrictions next week. While the meeting in Vienna on June 22 will undoubtedly heavily influence the direction of short-term crude prices, the market's focus solely on supply could be viewed as somewhat myopic. Click here to read full stories.

Jan 14 - Trump, Iran spar over oil prices ahead of OPEC meeting

U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran. Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was "at it again." Click here to read full stories.

Jan 14 - U.S. crude, gasoline inventories drop sharply

U.S. crude oil inventories fell more than anticipated last week, while gasoline and distillate stocks surprised with unexpected declines, the Energy Information Administration said on Wednesday. Crude inventories fell 4.1 million barrels in the week to June 8, compared with analysts' expectations for a decrease of 2.7 million barrels. Click here to read full stories.

Jan 14 - U.S. energy firms chasing oil price rally stumble on old baggage

With oil price recovery taking hold, several U.S. oil and gas companies entered 2018 with a compelling plan - sell undeveloped or less essential fields and invest the money to boost returns from their sweetest, most productive spots. There is a catch, though. The strategy assumes that with crude now up more than 150 percent from its February 2016 bottom enough firms are keen to crank up production, even if it means buying fields with higher extraction costs and lower margins. Click here to read full stories.

Jan 14 - Venezuela eyes first-ever refining of foreign oil - documents 

Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world's largest crude reserves. State-run oil company PDVSA may process up to 57,000 barrels per day (bpd) of foreign crude in June at the country's largest refinery, according to a monthly refining plan which was viewed by Reuters on Wednesday. Click here to read full stories.

Jan 14 - U.S. shale firms miss out on $70 oil after hedging at $55

Many top U.S. shale oil producers are missing out on the rally in oil prices to more than $70 a barrel - because they sold their oil through futures contracts at about $55 last year when that looked like a good deal. Now, it looks cheap. Those hedged bets will hold down revenues and further frustrate Wall Street investors, who have been disappointed by slow returns from the booming Permian Basin in west Texas. Click here to read full stories.

Jan 14 - Oil market’s shock absorbers becoming dangerously depleted: Kemp

Sanctions on Iran and the continued decline in output from Venezuela will leave the oil market very vulnerable to any further production or consumption surprises next year. Output and demand in the global market are each currently running at almost 100 million barrels per day (bpd). Click here to read full stories.

Jun 13 - French farmers call for pursuit of fuel blockades 

France's main farm union called early on Wednesday for protestors to continue a blockade of refineries and fuel depots after the government failed to ease their concerns."We have worked a lot but we did not get enough. We are disappointed given farmers' involvement," Christiane Lambert, head of the FNSEA which organised the protests, said after meeting with Agriculture Minister Stephane Travert. Click here to read full stories.

Jun 13 - Oil shortage or surplus? Floating storage swamps Europe

OPEC is considering whether or not to raise its oil production to prevent the global market from becoming too squeezed, but there is one part of the world that is telling a very different story about the balance between supply and demand. The boom in U.S. shale shipments has outstripped OPEC's production cuts and pushed millions of barrels into European waters, where more crude is being stored on ships than at any time in the last 18 months. Click here to read full stories.

Jun 13 - OPEC cautious on oil outlook despite end of global glut 

OPEC said the oil market outlook in the second half of 2018 is highly uncertain even though the producer group's figures show a global glut has ended, suggesting talks next week on relaxing a supply cut deal won't be straightforward. OPEC, Russia and other non-OPEC producers have been cutting output since January 2017 to get rid of excess supply and boost prices. The deal's goal was originally to reduce inventories in developed nations to that of the five-year average. Click here to read full stories.

Jun 13 - Oil prices stall as hedge funds take profits: Kemp

Investors continue to reduce their bullish position in crude oil futures and options, after a blistering rally over the last year, but now the profit-taking has spread to refined fuels such as gasoline and heating oil. Hedge funds and other money managers cut their net long position in the six most important futures and options contracts linked to petroleum prices by 72 million barrels in the week to June 5, according to data from regulators and exchanges. Click here to read full stories.

Jun 13 - Indian oil imports from Iran surge to highest since 2016 - trade

India's oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions. From June India's oil imports from Iran could drop because at least two refiners -- accounting for about 35 percent of Indian refining capacity of around 5 million bpd -- are preparing to curb purchases under pressure from the U.S. sanctions. Click here to read full stories.

Jun 13 - Venezuela oil upgraders halting operations amid export crisis -sources

Venezuela's state-run PDVSA and partners have halted operations at two upgraders that convert extra-heavy oil into exportable crude and plan to stop work at two others, according to six sources close to the projects, a move aimed at easing the strains from a tanker backlog that is delaying shipments. Venezuela's problems exporting oil this month led PDVSA to notify customers it would begin seaborne transfers in an attempt to ease a bottleneck at its ports, where more than 70 vessels are waiting to load about 23 million barrels of oil. Click here to read full stories.

Jun 13 - Exxon Mobil breaks with past, bulks up energy trading to boost profit 

Exxon Mobil Corp is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar with the business. The development is a sea change for a company that has stood out from rivals by limiting its past activity out of concern it would be accused of market manipulation. Exxon now aims to trade around more of its growing energy assets to get the best prices for its products and increase earnings, according to an employee familiar with the matter. Click here to read full stories.

Jun 13 - EIA cuts U.S. crude output growth forecast for 2019 

U.S. crude oil production is expected to rise by less than previously expected to 11.76 million barrels per day (bpd) next year, the U.S. Energy Information Administration said on Tuesday. In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 970,000 bpdin 2019. Last month, it expected a 1.14 million bpd year-over-year increase to 11.86 million bpd. Click here to read full stories.

Jun 12 - Exxon Mobil breaks with past, bulks up energy trading to boost profit

Exxon Mobil Corp is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar with the business. The development is a sea change for a company that has stood out from rivals by limiting its past activity out of concern it would be accused of market manipulation. Exxon now aims to trade around more of its growing energy assets to get the best prices for its products and increase earnings, according to an employee familiar with the matter. Click here to read full stories.

Jun 12 - Saudi tells OPEC it pumped more oil in May, still below quota -source

Top oil exporter Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million barrels per day (bpd) in May, a source familiar with the matter said on Monday, but still within its agreed target. Saudi Arabia has been over-delivering on its share of production cuts in an OPEC-led oil supply pact. Click here to read full stories.

Jun 12 - Citgo seeks crude as supplies from Venezuela dry up - trade, data 

The U.S. unit of Venezuela's state-run oil producer PDVSA is increasing purchases of crude on the open market because it cannot get sufficient deliveries from its struggling parent company, traders said on Monday. Citgo Petroleum has been buying crude from multiple countries worldwide as PDVSA has been unable to comply with the contractual volume of heavy crude due to falling output and port congestion slowing deliveries, according to the traders. Click here to read full stories.

Jun 11 - Russia's Gazprom Neft readies for oil output hike as global deal seen easing

Gazprom Neft, the fastest-growing Russian oil major in terms of output, is ready to hike crude production if the global deal on output cuts is eased, company head Alexander Dyukov told reporters on Saturday. The Organization of the Petroleum Exporting Countries (OPEC) and other leading oil producers including Russia have agreed to cut their combined output by 1.8 million barrels per day in order to smooth out global oil stockpiles and support oil prices. Click here to read full stories.

Jun 11 - OPEC likely to reject Iran request for discussion of U.S. sanctions

OPEC is likely to reject a request by Iran to discuss U.S. sanctions against Tehran at this month’s meeting of the oil producer group, a source familiar with the matter told Reuters. Iran’s OPEC governor Hossein Kazempour Ardebili asked the chairman of the OPEC board to include a sanctions debate in the agenda for the June 22 talks, according to a copy of Kazempour's letter dated June 2 and seen by Reuters. Click here to read full stories.

Jun 11 - U.S. drillers add oil rigs for third week in a row - Baker Hughes 

U.S. energy companies added oil rigs for a third week in a row even though crude prices have declined about 8 percent over the past three weeks. Drillers added one oil rig in the week to June 8, bringing the total count to 862, 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.

Jun 11 - Pope warns energy bosses of global destruction without fuel shift

Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe. "Civilisation requires energy but energy use must not destroy civilisation," the pope told top oil company executives at the end of a two-day conference in the Vatican. Click here to read full stories.

Jun 11 - Speculators cut U.S. crude oil net longs - CFTC 

Hedge funds and other money managers cut their bullish bets on U.S. crude futures in the latest week as crude prices fell nearly 2 percent, 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 18,839 contracts to 352,140 during the week to June 5. The move was the second consecutive cut. Click here to read full stories.

Jun 08 - China May crude oil imports ease from record as refiners curb operations

China's May crude oil imports eased away from record highs hit the month before, customs data showed, with state-run refineries entering planned maintenance and some independent plants told to curb operations ahead of a summit at a key port city. May shipments were 39.05 million tonnes, or 9.2 million barrels per day (bpd), according to data released on Friday by the General Administration of Customs. That compared to 9.6 million bpd in April and 8.76 million bpd in May, 2017. Click here to read full stories.

Jun 08 - Venezuela's PDVSA transfers oil at sea despite customer qualms

Venezuela has begun testing seaborne oil transfers to ease a severe backlog of crude deliveries from its main terminals, according to sources and data, as chronic delays and production declines could temporarily halt state-run PDVSA's supply contracts if they are not cleared soon. The company has told some customers it may declare force majeure, allowing it to temporarily suspend export contracts, if they do not accept new delivery terms, including seaborne transfers. Click here to read full stories.

Jun 08 - Wax on, wax off: Shale oil's 'waxy' features crimp U.S. jet fuel supply

Jet fuel prices are at six-year highs, and part of the reason is linked to record U.S. shale crude production and the unique properties refiners contend with when they refine that oil. The United States produced about 4.7 million barrels per day of crude from shale formations in 2017. U.S. refiners have been using more of that abundant oil to manufacture diesel, gasoline and jet fuel. Click here to read full stories.

Jun 08 - Australian coal prices hit 6-year high as Asia demand spikes

Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer demand season. Spot prices for thermal coal cargoes for export from Australia's Newcastle terminal last closed at $115.25 per tonne, the highest level since February 2012. Click here to read full stories.

Jun 08 - Equinor leads oil majors grabbing prime offshore Brazil stakes

Norway's Equinor ASA led oil majors grabbing pre-salt blocks in Brazil on Thursday, snapping up stakes in some of the world's most alluring offshore geology despite fresh concerns about political meddling in the country's energy sector. A consortium of Equinor, Exxon Mobil Corp and Petroleos de Portugal made Thursday's most aggressive play, offering more than three times the minimum bid for the Uirapuru block in the Santos Basin off the coast of Rio de Janeiro. Click here to read full stories.

Jun 08 - Trump requested Saudi oil support before Iran nuclear decision 

A day before U.S. President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world's largest oil exporter to help keep prices stable if the decision disrupted supply. Riyadh, Tehran's arch rival, has long been a close Washington ally, but direct pressure on a member of Organization of the Petroleum Exporting Countries (OPEC) over oil policies is rare. Washington last pressed Saudi Arabia to increase output in 2012. Click here to read full stories.

Jun 08 - BP complains to Canada regulator about Enbridge oil pipeline actions

Oil producer BP Plc complained to Canada's National Energy Board (NEB) regulator about Enbridge Inc's implementation and then abrupt reversal of new rules for shipping crude on its Mainline pipeline system, NEB documents showed on Thursday. Enbridge notified shippers late last month that it would introduce a supply verification procedure to determine each company's volumes on the Mainline, but then scrapped the policy early this week. Click here to read full stories.

Jun 07 - Venezuela faces hurdles clearing 24 mln bbl oil export backlog - data

Venezuela is nearly a month behind in shipping crude to customers from its main oil export port, according to Reuters data, as chronic delays are compounding production declines and could breach state-run PDVSA's crude supply contracts if they are not quickly cleared. The oil company in recent days has raised the prospect that deliveries could be interrupted to some of the world's largest refiners if it fails to end a tanker bottleneck contributing to a sharp decline in oil exports, the lifeblood of the OPEC-member nation.  Click here to read full stories.

Jun 07 - Trump's move to please farmers on biofuels reform draws refinery union ire

U.S. President Donald Trump, in yielding to pressure from farming states and agreeing to suspend changes to U.S. biofuel policy is now being criticized by another important constituency, the main union for oil refinery workers. The United Steelworkers, the largest industrial union in North America representing refinery workers, said the decision leaves in place a costly regulation that puts at risk thousands of blue collar jobs of the type Trump has promised to preserve. Click here to read full stories.

Jun 07 - Billions in U.S. solar projects shelved after Trump panel tariff

President Donald Trump’s tariff on imported solar panels has led U.S. renewable energy companies to cancel or freeze investments of more than $2.5 billion in large installation projects, along with thousands of jobs, the developers told Reuters. That's more than double the about $1 billion in new spending plans announced by firms building or expanding U.S. solar panel factories to take advantage of the tax on imports. Click here to read full stories.

Jun 07 - Oil vs wild rice: Enbridge, opponents gear up final US pipeline push

Canada's Enbridge Inc faces an indefinite delay to its biggest-ever capital project if a U.S. state regulator denies its preferred pipeline route through Minnesota, but a victory would spell relief for Canadian oil shippers and northern U.S. refiners. Some pipeline opponents, which include environmental and Native American groups, are trying to convince the Minnesota Public Utilities Commission (PUC)to kill the project. Click here to read full stories.

Jun 07 - Saudi Arabia 'revisiting' policy on oil output cuts, India says

India's oil minister said on Wednesday Saudi Arabia and other OPEC producers are "revisiting" their output-cutting policy, referring to a discussion he had with his Saudi counterpart. "For the first time, the Saudi oil minister called us and said 'we are revisiting our policy on oil output cuts'," Indian Oil Minister Dharmendra Pradhan said. Click here to read full stories.

Jun 07 - U.S. crude stocks unexpectedly build despite high refining rates - EIA

U.S. crude oil stockpiles rose unexpectedly last week even as refineries hiked output to the highest in five months, while gasoline stocks increased sharply as demand eased, the Energy Information Administration said on Wednesday. Crude inventories  rose by 2.1 million barrels in the week to June 1, compared with analysts' expectations for a decrease of 1.8 million barrels. Click here to read full stories.

Jun 07 - Global solar forecasts lowered as China cuts support policies

China's unexpected move to slash incentives for solar power has sent stocks into a free fall and prompted analysts to lower forecasts for global installations this year amid expectations that a glut of excess panels would send prices tumbling. China announced on June 1 changes to the subsidies that has underpinned its rise to become the world's largest solar market in recent years.  Click here to read full stories.

Jun 07 - Iraq-Iran Kirkuk oil swap deal has not started - Iraqi minister

Iraq and Iran have not yet begun exchanging crude oil, for technical reasons, Iraqi Oil Minister Jabar al-Luaibi said on Wednesday, contradicting Iran's oil ministry news agency. Iraq agreed last year to ship crude from the northern Kirkuk oil field to Iran for use in its refineries, after which Iran would deliver the same amount of oil to Iraq's southern ports. Click here to read full stories.

Jun 06 - Venezuela's PDVSA raises prospect of force majeure on oil exports - sources

OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter. Falling production from Venezuela has contributed to a rally in global oil prices to a near four-year high, and other OPEC members may boost output at a meeting later this month to compensate for the shortfall and other risks to global supplies. Click here to read full stories.

Jun 06 - Saudi Arabia hikes July Arab Light crude price to Asia to 4-year high

Saudi Aramco said on Tuesday it raised its July price for its Arab Light crude for Asian customers by $0.20 a barrel versus June to a premium of $2.10 a barrel to the Oman/Dubai average, the highest in four years. The price hike was in the middle of an expected range in a Reuters survey published on Friday, reflecting the OPEC kingpin's interest in keeping its flagship grade competitive as arbitrage supplies into Asia rise. Click here to read full stories.

Jun 06 - U.S. asks OPEC producers to pump more oil, no specific figure -sources

The United States government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, but it has not requested a specific figure, three OPEC and industry sources said on Tuesday. The U.S. request to raise output has been made unofficially from Washington to each of the oil producers rather than to the Organization of the Petroleum Exporting Countries as a group, the sources said. Click here to read full stories.

Jun 06 - Saudis signal satisfaction with current crude oil prices, volumes: Russell 

Saudi Arabia's decision to increase the price of oil for July modestly for its major customers in Asia was a business-as-usual outcome, rather than any signal that the kingdom intends to produce and sell more crude. Saudi Aramco, the world's biggest crude exporter, raised its official selling prices (OSPs) for four of its five grades for July cargoes to Asia, including a 20 cent a barrel increase for the benchmark Arab Light. Click here to read full stories.

Jun 06 - Trump administration biofuels deal delayed indefinitely - sources

The Trump administration has indefinitely delayed a proposed overhaul of U.S. biofuels policy aimed at reducing costs for the oil industry, under pressure from corn state lawmakers who worry the move would undermine demand for ethanol, according to two sources familiar with the matter. The White House had been poised to announce the reforms to the U.S. Renewable Fuel Program early this week after hosting months of difficult negotiations between representatives of the key constituencies.  Click here to read full stories.

Jun 06 - Italy's Eni says it has no material exposure to Iran

Eni  has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said on Tuesday. The major has recouped all outstanding payments owed for previous investments in Iran's upstream and has only an oil supply contract outstanding for the purchase of 2 million barrels of oil per month, the spokesman said. Click here to read full stories.

Jun 05 - ConocoPhillips prepares to sell stake in Canada's Cenovus - sources

ConocoPhillips is preparing to offload its stake in Cenovus Energy Inc which it acquired as part of an asset sale to the Canadian oil and gas producer last year, people familiar with the matter told Reuters. The U.S. energy company has held discussions with investment banks about appointing advisers to the sale and could offer the shares to institutional investors as early as this month, said the people.  Click here to read full stories.

Jun 05 - Deeper Brazil government meddling looms over new Petrobras CEO

Growing Brazilian government meddling in Petrobras that prompted its former chief executive Pedro Parente to quit last week now looms over his successor as he seeks to crack on with reforms at the world's most indebted oil company. After a trucker's strike over rising diesel prices paralyzed Latin America's largest economy, the government reacted by imposing fuel subsidies, worrying investors who saw it as a sign of new, unwelcome interference in state-run Petrobras. Click here to read full stories.

Jun 05 - Biofuel credits drop ahead of expected White House policy announcement

Prices of U.S. biofuels blending credits hit fresh five-year lows on Monday as expectations mounted the administration of U.S. President Donald Trump would soon announce plans for an overhaul of the biofuels program, traders said. The announcement, which could come as early as Monday, will include plans to count ethanol exports toward federal biofuels usage quotas under the U.S. Renewable Fuel Standard and allow year-round sale of fuels with a higher blend of ethanol, two sources briefed on the matter said. Click here to read full stories.

Jun 05 - Hurricane worries prompt refiner Motiva to shift expansion plans

Motiva Enterprises has decided not to add processing capacity at its refinery in Port Arthur, Texas, according to a company spokeswoman, fallout from last summer's Hurricane Harvey that knocked nearly a quarter of all U.S. crude capacity offline. The decision, which puts Motiva on a path to buy or build another refining plant in the United States, is a significant change in the refiner's plans from two months ago when the company's chief executive, Brian Coffman, said Motiva was weighing adding up to 900,000 barrels per day (bpd) of processing capacity to the company's sole U.S. refinery, the 603,000 bpd Port Arthur refinery. Click here to read full stories.

Jun 05 - Iran sells first cargo of West Karoun oil to Spain's Repsol - sources

Iran has awarded its first cargo of West Karoun oil to Spain's Repsol, two sources familiar with the matter said on Monday, indicating that Tehran is keen to boost its oil exports despite the looming threat of sanctions. The Persian Gulf nation's exports hit 2.7 million barrels per day (bpd) oil in May, the oil ministry's news agency SHANA reported on Saturday, a new record since the lifting of international sanctions on Tehran in 2016. Click here to read full stories.

Jun 05 - BHP process to unload U.S. shale operations could take until 2019

The planned exit of BHP Billiton Ltd  from its U.S. shale business has drawn oil companies and private equity firms into a competition that may have no clear winner until late this year or early next year, according to people familiar with the negotiations. BHP, the world's largest miner, said in August that it would exit its U.S. shale oil and gas business after pressure from activist hedge fund Elliott Management, which owns a stake in the company and argued the unit was a drag on BHP's value. Click here to read full stories.

Jun 04 - Abandon ship: oil tanker scrappage to hit multi-year high as earnings sink

The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations. The surge in scrapping underscores how the sector is grappling with one of its worst-ever crises, hit hard after rates for transporting oil plunged to multi-year lows in the wake of excess tanker supply and tepid demand as OPEC production cuts bite. Click here to read full stories.

Jun 04 - Paper crude market says U.S. oil should flood Asia, physical says not: Russell

A tsunami of U.S. crude oil should be headed toward Asia, according to pricing on futures exchanges, but the reality in the physical market tells a somewhat different story. The discount in the futures markets of the main U.S. light crude grade, West Texas Intermediate (WTI), to the global benchmark Brent crude stood at $11.09 a barrel on June 1, the widest in more than three years. Click here to read full stories.

Jun 04 - Hedge funds raise bullish bets on U.S. crude - CFTC

Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options in the latest week after four consecutive cuts in the net long position, according to data released on Friday. The increase lifted the wagers from 6-month lows, in the week to May 22, according to data from the U.S. Commodity Futures Trading Commission (CFTC). Click here to read full stories.

Jun 04 - Arab oil ministers stress need for continued OPEC, non-OPEC cooperation

OPEC and non-OPEC Arab oil ministers stressed the need for continued cooperation between oil producers who are part of a pact for a global supply cut that is due to expire at the end of 2018, Kuwait's state news agency KUNA reported on Sunday. The Organization of the Petroleum Exporting Countries, Russia and several other producers agreed to cut output by about 1.8 million barrels per day (bpd) starting from from January 2017. The curbs have driven down inventories and pushed up oil prices. Click here to read full stories.

Jun 04 - Trump throws ailing U.S. coal, nuke plants a lifeline, triggers backlash

 U.S. President Donald Trump has directed Energy Secretary Rick Perry to take emergency steps to keep coal and nuclear power plants running, the White House said Friday, in what would amount to an unprecedented intervention in U.S. power markets. The White House billed the effort as a way to shore up national energy security, but the announcement triggered swift backlash from an unusual alliance of drillers, renewable energy producers and environmentalists who called it an unfair attempt to prop up non-competitive industries. Click here to read full stories.

Jun 04 - U.S. drillers add oil rigs for second week in a row - Baker Hughes

U.S. energy companies added oil rigs for a second week in a row even though crude prices have declined about 7 percent over the past two weeks and analysts do not expect any big changes in the rig count for the rest of the year. Drillers added two oil rigs in the week to June 1, bringing the total count to 861, 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.

Jun 04 - Saudi crown prince, UK PM note importance of oil market stability

Saudi Crown Prince Mohammed bin Salman and British Prime Minister Theresa May discussed the importance of oil market stability, May's office said on Sunday. Saudi Arabia is the world's top oil exporter. Prospects that it and top producer Russia could boost output have put downward pressures on prices. Click here to read full stories.

Jun 04 - Rosneft able to boost output quickly if OPEC eases curbs - analyst

Russia's largest oil producer Rosneft will be able to restore 70,000 barrels per day (bpd) of oil output in just two days if global production limits are lifted, enaissance Capital wrote in a client note. Rosneft accounts for about 40 percent of total oil output in Russia, which pledged to cut its output by 300,000 bpd from January 2017 as part of the global deal with the Organization of the Petroleum Exporting Countries. Click here to read full stories.

Jun 04 - Brazil's president scrambles to name new Petrobras CEO

Brazilian President Michel Temer scrambled to name a new chief executive for state-controlled oil producer Petroleo Brasileiro SA on Friday, after the surprise resignation of CEO Pedro Parente over fuel pricing policies. Parente's departure wiped $11 billion off the market value of the company, known as Petrobras, and marked the highest profile casualty so far of a trucker's strike that virtually paralyzed Brazil for nearly two weeks.  Click here to read full stories.

Jun 01 - U.S. oil output jumps to record 10.47 mln bpd in March - EIA

U.S. crude oil production jumped 215,000 barrels per day (bpd) to 10.47 million bpd in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report on Thursday. Production in Texas rose by 4 percent to almost 4.2 million bpd, a record high based on the data going back to 2005. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oilfield. Click here to read full stories.

Jun 01 - U.S. and Brent crude part ways, leaving market flummoxed over oil prices

Global oil markets have been roiled by a surprising divergence between the world's major benchmarks, Brent crude and its U.S. counterpart, which in recent days have traded at odds with one another, wrongfooting investors betting on the exact opposite. Traders worldwide have been struggling to make sense of where oil prices are headed, juggling countervailing signals from major producers Saudi Arabia and Russia on the path for future OPEC supply, against renewed U.S. sanctions on Iran and Venezuela's ongoing economic crisis. Click here to read full stories.

Jun 01 - OPEC May oil output hits new low on Nigeria, Venezuela - Reuters survey

OPEC oil output fell to a 13-month low in May due to declining Venezuelan production, Nigerian outages and strong compliance with a supply-cutting deal, a Reuters survey found. The Organization of the Petroleum Exporting Countries pumped 32.00 million barrels per day in May, the survey found, down 70,000 bpd from April's revised figure. The May total is the lowest since April 2017, according to Reuters surveys. Click here to read full stories.

Jun 01 - U.S. EPA grants refiners biofuel credits to remedy Obama-era waiver denials

The U.S. Environmental Protection Agency has awarded tens of millions of dollars worth of biofuel blending credits for this year to refiners HollyFrontier  and Sinclair Oil after they argued the agency had wrongly denied them waivers from the country's biofuels law as far back as 2014, according to two sources and public filings. The release of the Renewable Identification Numbers, or RINs, marks the first reported instance of the EPA issuing tradable credits from previous years into the present market. It is likely to add fuel to an already fiery dispute between Big Oil and Big Corn over the future of America's biofuel policy by opening the door to similar challenges from other refiners in the future. Click here to read full stories.

Jun 01 - Rising oil prices bring hope to gloomy Canada sector

Years of low oil prices and high costs spurred a stampede by multinational majors out of Canada's oil sands last year, leaving the remaining crude producers struggling to weather painful drops in profit. Environmentalists derided the "tar sands" as too dirty for investment, and analysts said the region's high production costs made little sense in a world of $50-a-barrel oil. Click here to read full stories.

Jun 01 - Brazil returns to uneasy calm as protests wind down

Brazil showed signs of returning to normal on Thursday as an oil workers union ended a strike ahead of schedule and an 11-day trucker protest wound down, a welcome breather for a government suffering from rock-bottom approval levels. Oil workers union FUP unexpectedly recommended on Thursday that members suspend a 72-hour strike they began on Wednesday afh a previous projection of 105,000 tonnes issued on February 28. Click here to read full stories.

May 31 - OPEC, non-OPEC sticking to oil pact but may raise output if needed - Gulf source 

Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018 but are ready to make gradual adjustments to offset any supply shortage, a Gulf source familiar with Saudi thinking said.The oil producers participating in the output reduction deal are satisfied with the result of their agreement, which was due to end at the end of 2018, the Gulf source told Reuters. Click here to read full stories.

May 31 - Brazil commodities exports still lag as truckers protest unwinds 

Brazilian commodities exporters were scrambling to resume operations after striking truckers protesting high fuel prices slowly returned to work in Latin America's largest economy.Terminal operators at Santos port said on Wednesday that truckers had not yet resumed loading and unloading goods after the movement started to unwind following an agreement to cut fuel taxes and lower diesel prices at the pump. Click here to read full stories.

May 31 - How Kinder Morgan won a billion-dollar bailout on Canada pipeline 

U.S. energy firm Kinder Morgan's C$4.5 billion sale of an oil pipeline to Canada's government marked an extraordinary escape from months of fraught negotiations among warring camps of Canadian officials.But even before the bailout, the company had little to lose - despite the C$1.1 billion it has spent so far on a plan to add a second pipeline from Alberta's oil sands to British Columbia's coast, according to a Reuters review of the project's bank financing and oil-shipping contracts with producers reserving space on the proposed line. Click here to read full stories.

May 31 - Iran says Total has two months to seek U.S. sanctions exemption 

French oil major Total has two months to seek exemption from U.S. sanctions after Washington's withdrawal from the international nuclear deal, Iran's oil minister told state news agency SHANA on Wednesday.The minister, Bijan Zanganeh, added that failure to secure an exemption would mean that China’s state-owned CNPC could take over Total's stake in the South Pars gas project, lifting its own interest from 30 percent to more than 80 percent. Click here to read full stories.

May 31 - Brazil oil worker strike gains steam in another blow to government 

A 72-hour strike by Brazilian oil workers halted refineries and rigs on Wednesday, union leaders said, a new blow to President Michel Temer on the heels of a trucker protest that has strangled Latin America's largest economy for over a week.The strike by workers demanding changes at state-led oil firm Petroleo Brasileiro SA is the latest challenge for the company known as Petrobras, whose shares have tumbled nearly 30 percent in two weeks over fears that political interference would unwind recent investor-focused policies. Click here to read full stories.

May 31 - Over-extended oil prices were primed for a fall: Kemp 

Pay attention to what traders actually do, not what they say, is one of the most important principles for successful oil market analysis.Despite all the bullish commentary around oil prices in recent weeks, there was plenty of forewarning prices were primed for a setback. Click here to read full stories.

May 31 - Exxon shareholders reject proposal to split CEO, chair roles 

Exxon Mobil Corp shareholders rejected a proposal on Wednesday that would have split the roles of chairman and chief executive, securing CEO Darren Woods's role as he looks to improve results at the world's largest publicly traded oil producer.Woods, who became chairman and CEO in January 2017, has struggled to recover from failed bets taken by his predecessor Rex Tillerson, the former U.S. secretary of state, that resulted in billions of dollars in write-downs and a stock price that has lagged peers. Click here to read full stories.

May 30 - Canada to buy Kinder Morgan oil pipeline in bid to save project

Canada will buy Kinder Morgan Canada Ltd's Trans Mountain pipeline for C$4.5 billion ($3.5 billion), the government said on Tuesday, hoping to save a project that faces formidable political and environmental opposition. Finance Minister Bill Morneau said purchasing the pipeline was the only way to ensure that a planned expansion could proceed. The pipeline, running from the oil sands of Alberta to a port in the Pacific province of British Columbia, would allow Canadian crude to gain greater access to foreign markets and higher prices. Click here to read full stories.

May 30 - Oil bulls scurry for protection against a wave of OPEC supply

OPEC's plans to boost output have spooked oil market bulls, who are starting to seek protection at levels well below the current futures price in case the group delivers a rapid increase in production. Volatility - a gauge of demand for a particular option - has risen sharply for bearish sell options at around $67 a barrel that expire immediately after OPEC's meeting with its partners that will run from June 22-23. Click here to read full stories.

May 30 - How the world's biggest private equity oil and gas industry bid collapsed 

Blame it on Trump, Iran or Venezuela. Rising oil prices combined with a heavy debt load killed the world's biggest private equity oil and gas industry deal last week. Harbour Energy left Australia empty-handed after a year of chasing gas producer Santos Ltd, missing out on Santos' stakes in three liquefied natural gas projects in Australia and Papua New Guinea as it sought to become a major LNG player. Click here to read full stories.

May 30 - Brazil's president mulls scrapping Petrobras market-based fuel pricing -source

Brazil's President Michel Temer may scrap a market-based pricing mechanism used by state-run oil firm Petrobras and revert to selling all fuel below costs after a trucking strike that almost paralyzed the nation, a government source told Reuters on Tuesday. Talk of temporarily lowering prices on just diesel to end the havoc the nine-day strike brought on Latin America's largest economy sent Petrobras shares plunging 15 percent on Monday. Click here to read full stories.

May 30 - European oil majors set for best cash flow growth in decades: Goldman 

European oil companies' spending budgets are likely to be lower in 2018 and 2019, and that, along with improving project delivery, will drive the strongest volume and cash flow growth in over 20 years, Goldman Sachs analysts said. The brokerage said meetings with senior management of over 20 European energy companies confirmed that the firms were entering an "age of restraint" phase, characterized by disciplined investing, further consolidation and structural cost reductions. Click here to read full stories.

May 30 - Venezuela's PDVSA seeks imported fuel, offers fuel oil -traders 

Venezuela's state-run oil company PDVSA is again seeking imported fuel to supply the domestic market and the country's troubled refineries, while offering residual fuel for sale, traders told Reuters on Tuesday. Imported fuel needs have increased this year as PDVSA's refineries are operating well below their installed capacity due to lack of spare parts, delayed maintenance programs and falling crude input. Click here to read full stories.

May 29 - U.S. record oil exports bite into Russia, OPEC market share in Asia

Record crude oil volumes exported from the United States will be heading to Asia in the next couple of months to take another piece of the market away from Russia and producers in the Organization of the Petroleum Exporting Countries (OPEC). The United States is set to export 2.3 million barrels per day (bpd) in June, of which 1.3 million bpd will head to Asia, estimated a senior executive with a key U.S. oil exporters. Click here to read full stories.

May 29 - Major Chinese port bans some oil, chemical products ahead of summit 

One of China's top ports will ban handling refined oil products, liquefied petroleum gas and dangerous chemicals in early June, amid preparations for a regional summit in the city. Using these products in port operations or transporting them will be banned from June 1-6, according to a statement published on the official WeChat account of the work safety watchdog in Qingdao, the nation's top crude oil importing hub. Click here to read full stories.

May 29 - Argentina raises biodiesel export tax to 15 percent 

Argentina's government is raising an export tax on biodiesel to 15 percent from 8 percent, effective July 1, according to a decree published in the official Gazette on Monday. Argentina is one of the world's top providers of biodiesel fuel, exporting 1.65 million tonnes in 2017, but it has been hit by retaliatory tariffs in recent years. Click here to read full stories.

May 29 - Canada likely to buy Trans Mountain pipeline project - Bloomberg 

Canada is likely to buy Kinder Morgan Canada Ltd's Trans Mountain oil pipeline and its proposed expansion project in an attempt to ensure that it is built, Bloomberg reported on Monday, citing a person familiar with the talks. The company, a unit of Houston-based Kinder Morgan Inc, had stopped all non-essential work on the C$7.4 billion ($5.70 billion) project in April, citing permitting delays and political opposition in British Columbia, and said it would scrap the expansion unless the legal challenges are resolved by May 31. Click here to read full stories.

May 29 - Shell, Chevron returning to eastern Gulf of Mexico after storm 

Royal Dutch Shell Plc was returning workers to the eastern Gulf of Mexico and Chevron Corp restored some production on Monday after the passage of Subtropical Storm Alberto, the companies said. Shell plans to restore production at its Ram Powell Hub in the Viosca Knoll area of the Gulf as it soon as it confirms the platform can be operated safely, the company said in a statement. Click here to read full stories.

May 29 - Brazil deal to end truckers' strike rattles Petrobras investors 

Petrobras shares plunged 15 percent on Monday after Brazil's government offered new fuel subsidies and softened the oil producer's pricing policy in a bid to settle a truckers' strike that has wreaked havoc on Latin America's largest economy. As a result of tax cuts and subsidies announced by President Michel Temer late on Sunday, domestic diesel prices would fall 0.46 real per liter, or about 13 percent of the current price at the pump, and remain frozen for 60 days. Click here to read full stories.

May 29 - China independent oil plants face closure under new tax rules, competition - exec 

China's new tax rules introduced in March could force some independent oil refineries to close, and the way to survive tighter regulatory scrutiny and the onslaught of growing competition is to cut costs and beef up competitiveness, an oil executive said. Xu Yuan, general manager of Haike Petrochemical, said the new tax rules were having a "tremendous impact" on refining margins of independent plants, which have enjoyed bumper profits in the previous two years after Beijing allowed them to import crude oil for the first time since 2015. Click here to read full stories.

May 28 - Asia gasoline profits rebound, but rising crude prices and green cars cap gains

A seasonal splurge has helped lift Asia's crimped gasoline refining profits out of a long slump, but higher crude prices and the rise of energy-efficient cars are set to leave margins stuck at historically weak levels, industry watchers say. Asia's gasoline margin, or 'crack', stood at nearly $9.60 barrels per day (bpd) on May 25, well above the 20-month low of $5.42 a barrel on April 19. Traders say the surge since late April has been triggered by strong demand. Click here to read full stories.

May 28 - OPEC, Russia prepared to raise oil output amid U.S. pressure

Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, sources said, weeks after U.S. President Donald Trump complained about artificially high prices. Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia’s Khalid al-Falih adding that any such move would be gradual so as not to shock the market. Click here to read full stories.

May 28 - Brazil's Temer makes concessions to lure truckers back to work

Brazil's President Michel Temer announced late on Sunday new measures to reduce operating costs for truckers in a bid to end a week-long protest that has severely hampered the flow of food, fuel and key exports in Latin America's largest economy. In a televised speech, Temer said he was signing three decrees with immediate effect to address the main demands of truck drivers, who mounted hundreds of blockades on roads across the country to protest high diesel prices. Click here to read full stories.

May 28 - Exxon pulls offshore workers; Shell, Chevron cut output due to Alberto

Exxon Mobil Corp evacuated non-essential workers from the Lena production platform in the Gulf of Mexico ahead of Subtropical Storm Alberto, the company said on Sunday. Royal Dutch Shell Plc and Chevron Corp shut production on platforms in the eastern Gulf of Mexico due to Alberto and evacuated workers from those sites, the companies said. Click here to read full stories.

May 28 - Hedge funds raise bullish bets on U.S. crude - CFTC

Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options in the latest week after four consecutive cuts in the net long position, according to data released on Friday. The increase lifted the wagers from 6-month lows, in the week to May 22, according to data from the U.S. Commodity Futures Trading Commission (CFTC). Click here to read full stories.

May 28 - U.S. biodiesel lobby drops effort to adjust $1-per-gallon tax credit

The biggest U.S. biodiesel lobbying group has dropped its nine-year push to convert a $1-per-gallon tax credit available to blenders of the biofuel into one for producers, the vice president of federal affairs said on Friday. The tax credit benefits companies that blend biodiesel into gasoline sold at U.S. gas stations. It first went into effect as part the American Jobs Creation Act from 2005 to 2009 Click here to read full stories.

May 25 - Chinese, others clamor for crude exports, but U.S. straining capacity

The U.S. oil export infrastructure is straining to keep up as the country's crude oil exports hit new highs and China snaps up more of it than ever before. U.S. crude production has surged to a record 10.7 million barrels a day, driven largely by growth from the Permian shale patch in West Texas, which pumps more than 3 million bpd. Click here to read full stories.

May 25 - Russia's Novak says oil production curbs could be eased 'softly' - Ifax

Russian Energy Minister Alexander Novak said on Thursday restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported. Novak said OPEC and non-OPEC countries currently plan to keep in place their deal to cut global oil output, the news agency reported. Click here to read full stories.

May 25 - Brazil truckers suspend strike, govt to subsidize diesel prices

Brazil's government struck a deal with truck drivers on Thursday to suspend a four-day protest that crippled swathes of the Latin America's largest economy, promising changes to diesel pricing that could leave it footing a 5 billion reais ($1.37 billion) bill this year. Truckers agreed to immediately suspend the strike for 15 days, government ministers told reporters, appearing alongside representatives of truckers' groups. Click here to read full stories.

May 25 - Petrobras pricing pressure spooks potential refinery buyers - sources

A surprise decision by Brazil's state-controlled oil company Petroleo Brasileiro SA to cut diesel prices in response to truckers' protests is worrying some potential buyers of Petrobras' refineries, three people with knowledge of the matter said on Thursday. Petrobras' planned sale of a 60 percent stake in four refineries, announced on April 19, is part of a wider effort to unload assets to reduce debt.  Click here to read full stories.

May 25 - India's petrol, diesel prices surge to record

Pump prices of petrol and diesel in India surged to a record high on Thursday, raising pressure on the government to find a solution to provide relief to consumers without taking a hit on its finances. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for about 40-50 percent of pump prices. Click here to read full stories.

May 24 - China signals to state giants: 'Buy American' oil and grains

China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signalled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. China pledged at the weekend to increase imports from its top trading partner to avert a trade war that could damage the global economy. Energy and commodities were high on Washington's list of products for sale.  Click here to read full stories.

May 24 - Libya cuts oil output by up to 120,000 bpd due to power problems -official

Libya's National Oil Corp on Wednesday cut oil production by about 120,000 barrels a day as its eastern subsidiary AGOCO faced power problems due to unusually hot weather, a company official said on Wednesday. AGOCO hopes to gradually resume production, which has fallen to 146,000 bpd, when the weather gets cooler, the official said by phone. Production has been halted at the Massala field and the Sarir field also has power problems, he said. Click here to read full stories.

May 24 - Petrobras slashes diesel prices to ease Brazil trucker protest

Brazil's state-led oil company Petrobras on Wednesday temporarily cut diesel prices by 10 percent in order to help the government and truck drivers resolve a protest crippling highways. The surprise decision, aimed at resolving a standoff threatening grains exports, industrial output and even fuel supply at airports and gas stations, will bring immediate relief for angry truckers but raise investor concerns about government interference at Petroleo Brasileiro SA. Click here to read full stories.

May 24 - U.S. crude, gasoline inventories rise unexpectedly - EIA

U.S. crude oil stockpiles climbed unexpectedly last week as net imports jumped, while gasoline stocks also posted a surprise build, the Energy Information Administration said on Wednesday. Crude inventories rose 5.8 million barrels in the week to May 18, compared with analysts' expectations for a decrease of 1.6 million barrels. Click here to read full stories.

May 24 - U.S. Senate Democrats want Trump to prod OPEC to lower oil prices

U.S. Senate Democrats on Wednesday urged President Donald Trump to try to prod OPEC to take steps to lower oil prices and suggested that millions of Americans will see tax cut proceeds canceled out by higher fuel costs. Senate Democratic Leader Charles Schumer held a news conference at a Capitol Hill Exxon station to criticize Trump for not doing more to lower fuel costs and said that gasoline prices had jumped 25 percent since Trump took office in January 2017. Click here to read full stories.

May 24 - Top banks' Q1 commodities revenue jumps 48 pct - report

Commodities-related revenue at the 12 biggest investment banks in the first quarter jumped 48 percent year on year driven by the U.S. energy sector and commodity indices, consultancy Coalition said on Thursday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector climbed to $1.2 billion, the financial industry analytics firm said in a report. Click here to read full stories.

May 24 - In vote of confidence, oil firms mop up new North Sea blocks

The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licences to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years. Companies ranging from Royal Dutch Shell, BP and Norway's Equinor , to smaller independents including Siccar Point, Chrysaor and Premier Oil were awarded 229 blocks covering a total area of 26,659 square km, the OGA said in a statement. Click here to read full stories.

May 24 - Large U.S. refiner Marathon seeks biofuel hardship waiver - sources

Marathon Petroleum Corp the second-biggest refining company in the United States, has asked the Environmental Protection Agency (EPA) for a hardship waiver exempting one of its facilities from the nation's biofuels law, two sources with knowledge of the application told Reuters. The request comes as the EPA expands its use of biofuel waivers in a way that has reduced regulatory costs for the oil industry by hundreds of millions of dollars in recent months, but which has also infuriated the powerful corn lobby. Click here to read full stories.

May 23 - OPEC may decide to ease oil supply curbs in June - sources

OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters. Gulf OPEC countries are leading the initial talks on when the exporting group can boost oil production to cool the oil market after crude rose above $80 a barrel last week, and how many barrels each member can add, the sources said. Click here to read full stories.

May 23 - U.N. seeks help of oil traders to enforce North Korea sanctions

A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said. The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons. Click here to read full stories.

May 23 - Oil producers boost 2019 hedging - Goldman Sachs

Oil producers have picked up the pace in hedging against further production in 2019, with an average price at about $60 a barrel, which limits upside but protects against volatility, according to Goldman Sachs. For 2018, about 48 percent of oil production is hedged at an average price of $57 a barrel, Goldman said in a note late on Monday. Click here to read full stories.

May 23 - Valero boosts imports of Venezuelan oil as sanctions loom - data

U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data. Venezuelan oil production has tumbled to a multi-decade low this year, cutting shipments to buyers in the United States and elsewhere and worsening a severe economic recession. Click here to read full stories.

May 23 - Hedge funds trapped in near-term Brent futures: Kemp

Hedge funds are rolling forward long positions in the Brent futures contract, and in the absence of offsetting factors this is depressing the value of expiring contracts, pushing futures prices into contango. Since the end of June 2017 hedge funds and other money managers have built up a near-record net long position in Brent in the expectation that prices will continue to rise. Click here to read full stories.

May 23 - Brazil truckers pledge more fuel protests despite tax proposal

Brazilian truck drivers on Tuesday vowed to extend their protest against high fuel prices into a third day despite a government compromise to cut a fuel tax, threatening to slow economic activity and interrupt exports of grains and other goods. Thousands of trucks were parked to obstruct major roads as the protests interrupted traffic along a major soy shipping route in the grains state of Mato Grosso and impeded access to the country's two main export ports, Santos and Paranaguá. Click here to read full stories.

May 22 - U.S. commodity exports to China to rise amid trade talks, but volumes are capped

China has pledged to buy more U.S. goods to reduce America's huge trade deficit and help avoid exacerbating a trade war between the world's two biggest economies, with energy and commodities high on Washington's list of products for sale. The U.S. trade war with China is "on hold" after the governments agreed to drop tariff threats and work on a wider agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.  Click here to read full stories.

May 22 - OPEC looking closely at Venezuelan oil output drop - sources

OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group, sources familiar with the matter said. This marks a shift from earlier this year, when OPEC officials downplayed the drop in Venezuelan production.  Click here to read full stories.

May 22 - Energy may give further impetus to U.S. small-cap stocks

U.S. small-cap stocks look poised to extend a breakout move higher, especially if oil prices rally further and drive gains in smaller energy companies that have provided leadership in recent weeks, analysts and investors said. The Russell 2000 index of small capitalization stocks was on track for a fourth consecutive record closing high on Monday and registered its third week of gains Friday, sharply outperforming large-cap stocks on Wall Street.  Click here to read full stories.

May 22 - Hedge funds exit crude oil but stay bullish on fuels: Kemp

For all the bullish commentary about oil prices at the moment, hedge fund managers have continued to take profits after the recent rally and are trimming their net long positions rather than adding to them. Focusing on what people do rather than what they say is one of the most important lessons for any good analyst (actions always speak louder than words). Click here to read full stories.

May 21 - Don't neglect to pay the middleman: How Shell and Eni ended up on trial

Seven years ago, two middlemen launched civil lawsuits to seek payment for helping arrange a $1.3 billion oil deal in Nigeria. Now, nine current and former executives or contractors from Italy's Eni and British-Dutch giant Royal Dutch Shell, including ENI Chief Executive Claudio Descalzi, have been accused by Italian prosecutors of paying bribes to secure the licence to explore a large offshore oilfield in 2011. Click here to read full stories.

May 21 - BP chief sees shale, OPEC cooling oil markets

BP Chief Executive Bob Dudley expects a flood of U.S. shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week. U.S. President Donald Trump's decision to exit an international nuclear deal with Iran and revive sanctions on the OPEC member country, as well as Venezuela's plummeting output, has helped to lift oil prices to their highest since 2014. Click here to read full stories.

May 21 - Hedge funds cut bullish U.S. crude wagers to 6-month low -CFTC

Hedge funds and other money managers cut bullish U.S. crude futures and options positions to the lowest level in six months in the latest week as prices strengthened, bolstered by concerns about potential shortfalls from Venezuela and Iran. The decline in the combined futures and options position in New York and London in the week to May 15, according to U.S. Commodity Futures Trading Commission (CFTC) data on Friday, was the fourth consecutive cut. The net long position dropped by 15,322 contracts to 419,907 during the period. Click here to read full stories.

May 21 - Iran says oil export drop not expected if EU saves nuclear deal

Iranian Oil Minister Bijan Zanganeh said on Saturday that U.S. President Donald Trump's decision to quit a multinational nuclear deal would not affect Tehran's oil exports if the EU could salvage the pact."Every new decision in OPEC needs unanimity... I believe that if the European Union helps us... the level of the oil exports of Iran will not change," Zanganeh told reporters after a meeting with the EU's energy chief Miguel Arias Canete. Click here to read full stories.

May 21 - Courts in Curacao, Bonaire partially lift seizures against PDVSA

Courts in Curacao and Bonaire have partially lifted attachments introduced by ConocoPhillips  aiming to seize Venezuelan PDVSA's assets to satisfy a $2 billion arbitration ruling, according to a copy of the documents seen by Reuters. Conoco has aggressively moved to take over state-run oil firm PDVSA's inventories, cargoes and facilities following an award by the International Chamber of Commerce last month. Click here to read full stories.

May 21 - U.S. oil rig count holds steady after six weeks of gains -Baker Hughes

The U.S. oil rig count held steady this week after rising for six weeks in a row even as crude prices soar to multi-year highs, prompting drillers to extract record amounts of oil, especially from shale. The total oil rig count held at 844 in the week to May 18, General Electric Co's  Baker Hughes energy services firm said in its closely followed report on Friday. Click here to read full stories.

May 18 - Farmers worldwide struggle with rising fuel costs

Farmers worldwide are feeling the pinch as fuel costs rise to near four-year highs just as they plant and harvest their fields, eroding agricultural income already hamstrung by depressed crop prices. The agricultural sector from the United States to Russia, and Brazil to Europe, is seeing profits harmed by the rise in diesel prices.  Click here to read full stories.

May 18 - Asia oil bill to top $1 trillion a year as crude hits $80

The cost of Asia's growing thirst for oil will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record. Oil prices have risen nearly 20 percent since January and topped $80 per barrel in intraday trading on Thursdayfor the first time since 2014.  Click here to read full stories.

May 18 - 500 days and a billion barrels of lost oil pushes crude to $80

It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia's desired level of $80 a barrel. Brent crude futures reached an intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the first time since November 2014.  Click here to read full stories.

May 18 - Rising oil prices herald next phase in cycle: Kemp

Oil prices are now in the top half of the cycle, with benchmark Brent on Thursday trading above $80 per barrel for the first time since November 2014. In real terms, prices averaged $75 per barrel over the course of the last full cycle, which lasted from December 1998 to January 2016. Click here to read full stories.

May 18 - North American pipeline operators restructure after tax change

Pipeline operators Enbridge Inc, Williams Cos and Cheniere Energy Inc said on Thursday they would restructure after a U.S. rule change removed a key tax benefit for publicly traded partnerships controlled by those companies. Williams said it would buy all common units of its master limited partnership (MLP) Williams Partners in a deal valued at $10.5 billion. Click here to read full stories.

May 18 - Phoenix from the ashes: Investors pile into smaller European oil groups

Investors have sent shares in European oil exploration and production (E&P) focussed companies like Premier, Tullow, EnQuest and Faroe, soaring, and some fund managers say they have not peaked yet. Shares in smaller and mid-cap British oil companies are outperforming the London FTSE blue chip index and their larger competitor riding the wave of rising oil prices much higher than oil majors. Click here to read full stories.

May 17 - For Big Oil, reserve size matters less than ever

A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources, investors and executives say reserve size is no longer the gold standard for measuring the value and health of a company. Click here to read full stories.

May 17 - OPEC sees oil rally towards $80 as short-term spike, not supply-driven

OPEC sees oil's rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement. The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom's thinking said. Click here to read full stories.

May 17 - U.S. oil shipments to Asia may hit new high in July, cool Mideast crude prices

The volume of U.S. crude oil arriving in Asia is expected to hit a new high in July as Asian refiners sought arbitrage supplies to replace Middle Eastern crude after prices for Gulf grades rose, traders said on Wednesday. U.S. crude arriving in Asia hit an all-time high of close to 25 million barrels in May with cargoes discharging in China, South Korea, Singapore, India and Malaysia, according to trade flows data on Eikon. Click here to read full stories.

May 17 - Vietnam unit of Russia's Rosneft fears Beijing backlash over South China Sea drilling

Rosneft Vietnam BV, a unit of Russian state oil firm Rosneft , is concerned that its recent drilling in an area of the South China Sea that is claimed by China could upset Beijing, two sources with direct knowledge of the situation told Reuters on Wednesday. Rosneft said on Tuesday its Vietnamese unit had started drilling at the LD-3P well, part of the Lan Do "Red Orchid" offshore gas field in Block 06.1, 370 kms (230 miles) southeast of Vietnam. Click here to read full stories.

May 17 - U.S. sanctions on Iran to boost prices, keep oil at $70/bbl - poll

Brent crude prices will sustain levels above $70 a barrel for longer, as U.S. President Donald Trump's decision to reimpose sanctions on Iran is likely to tighten supply, a Reuters poll of analysts showed on Wednesday. A survey of 11 analysts showed Brent crude prices were likely to average $71.22 a barrel this year and $71.26 in 2019, a sharp increase from the $67.40 and $66.39-per-barrel levels forecast in the April poll. Click here to read full stories.

May 17 - France's Total to quit Iran gas project if no sanctions waiver

Total will pull out of a multibillion-dollar gas project in Iran if it cannot secure a waiver from U.S. sanctions, the French energy company said on Wednesday. Companies are starting to take matters into their own hands as European and some other governments struggle to save an international nuclear deal with Iran after the United States withdrew and said it would reinstate sanctions on Tehran. Click here to read full stories.

May 17 - U.S. crude stocks fall, exports hit a record high - EIA

U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday. Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels. Click here to read full stories.

May 17 - Canada ready to cover Kinder Morgan loss, sees outside interest

Canada is prepared to cover some losses Kinder Morgan Canada Ltd might suffer if a proposed oil pipeline expansion is delayed and thinks other investors are ready to step in if need be, Finance Minister Bill Morneau said on Wednesday. The company has given Ottawa a deadline of May 31 to provide assurances it can proceed with a plan to more than double the capacity of its Trans Mountain line from Alberta to British Columbia. Click here to read full stories.

May 16 - ConocoPhillips 'not close' to recouping $2 bln from PDVSA - CEO

U.S. oil producer ConocoPhillips is far from collecting the full value of a $2 billion arbitration award against Venezuelan state oil company PDVSA, Conoco's chief executive said on Tuesday. Conoco has won court orders allowing the company to begin seizing PDVSA assets in efforts to collect on an award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its projects in Venezuela.  Click here to read full stories.

May 16 - As Venezuelans suffer, Maduro buys foreign oil to subsidize Cuba

Venezuela's state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms - and often at a loss, according to internal company documents reviewed by Reuters. The shipments are the first documented instances of the OPEC nation buying crude to supply regional allies instead of selling them oil from its own vast reserves. Click here to read full stories.

May 16 - From $11 bln trading titan to penny stock: Noble Group faces crunch as creditors, investors circle

Just seven years ago, Noble Group was an $11 billion-plus Asian commodity powerhouse, trading everything from soybeans to oil. Now it's worth barely $80 million, rooted among Singapore's penny stocks. Noble has posted huge losses provoked by a lack of trade financing and market calls that went sour, while also whittling down a mountain of debt. Click here to read full stories.

May 16 - Rising oil prices boost U.S. economy: Kemp

U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy. Since the 1860s, the United States has been the world’s largest producer and consumer of oil, which means it has a complicated relationship with oil prices. Click here to read full stories.

May 15 - Investors see big oil surge, but physical markets suggest caution

Oil futures prices have soared past three-year highs, OPEC's deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel this year. But physical markets for oil shipments tell a different story.  Click here to read full stories.

May 15 - China refinery runs hit 2nd-highest mark, lifted by quotas, margins

China's refinery runs rose nearly 12 percent in April compared with the same month a year ago, hitting the second-highest level on record on a daily basis, buoyed by generous government quotas and healthy refining margins, data showed on Tuesday. April throughput grew to 49.58 million tonnes, 11.5 percent higher than in the same month last year, according to data released by the National Statistical Bureau on Tuesday, equivalent to 12.06 million barrels per day (bpd) - a touch below an all-time high of 12.13 million bpd in March. Click here to read full stories.

May 15 - U.S. shale output to rise to record 7.18 mln bpd in June -EIA

U.S. shale production is expected to rise by about 145,000 barrels per day to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday. A majority of the increase is expected to come from the Permian basin, the biggest U.S. oil patch, where output is expected to climb 78,000 bpd to a fresh record of 3.28 million bpd, the EIA said in its monthly drilling productivity report. Click here to read full stories.

May 15 - Hedge funds take profits after oil rally: Kemp

Hedge funds have continued to pare their bullish positions in petroleum despite the continued rise in prices and the prospect of renewed sanctions reducing exports from Iran. The net long position of hedge funds and other money managers in the six most important petroleum futures and options contracts was cut by a further 21 million barrels in the week to May 8. Click here to read full stories.

May 14 - Iran's oil customers in Europe might reduce imports, flag financing issue

European oil companies are not ruling out reducing Iranian oil imports after the threat of new U.S. sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes. U.S. President Donald Trump said on Tuesday the United States was exiting an international nuclear deal with Iran and would impose new sanctions that seek to reduce oil exports from OPEC's third-largest producer. Click here to read full stories.

May 14 - UAE expects next OPEC meeting to focus on inventory not sanctions

OPEC is more focused on identifying the right level of oil inventory at its next meeting than the impact on supplies of new U.S. sanctions on Iran, the United Arab Emirates said. President Donald Trump said last week that the United States was exiting an international nuclear deal with Iran and would impose new sanctions on OPEC's third-largest producer. Click here to read full stories.

May 14 - UAE state oil giant ADNOC plans to invest $45 bln in downstream expansion

Abu Dhabi National Oil Company (ADNOC) plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations, it said on Sunday. Striving to become a global player in the downstream sector, the state oil giant wants to double its refining capacity and triple petrochemicals output potential by 2025 as it looks to capture new growth markets, ADNOC's Chief Executive Sultan al-Jaber told Reuters on Saturday. Click here to read full stories.

May 14 - Conoco authorized to seize $636 mln in Venezuela PDVSA assets

A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Venezuela's state oil company PDVSA due to the 2007 nationalization of the U.S. oil major's projects in Venezuela. The legal action was the latest in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) over the nationalization. Click here to read full stories.

May 14 - Hedge funds cut bullish wagers on U.S. crude to near 5-month low

Hedge funds and money mangers slashed their bullish wagers on U.S. crude in the latest week to the lowest level in nearly five months, data showed on Friday, in the lead-up to U.S. President Donald Trump's decision to pull out of the Iran nuclear pact. The speculator group cut its combined futures and options position in New York and London by 8,831 contracts to 435,230 in the week to May 8, the U.S. Commodity Futures Trading Commission (CFTC) said. That was the lowest level since the week to Dec.19. Click here to read full stories.

May 14 - Trump biofuel policy overhaul to include fewer refinery waivers - source

The Trump administration will scale back the use of biofuels waivers for small refineries and count ethanol exports toward federal biofuels usage quotas as part of a broad overhaul of the nation's renewable fuel policy, a source briefed on the plans said on Friday. The changes are aimed at easing tensions between the oil and corn industries, rivals that have been clashing for months over the future of the U.S. Renewable Fuel Standard - a law that requires refiners to add increasing amounts of biofuels into the nation's gasoline and diesel. Click here to read full stories.

May 14 - U.S. drillers add oil rigs for sixth consecutive week -Baker Hughes

U.S. energy companies added oil rigs for a sixth week in a row as crude prices continue to soar to multi-year highs after new sanctions on Iran are anticipated to take some supply out of the market, further supporting U.S. drilling and pushing production to record highs. Drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, 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.

May 14 - Diesel tankers turn to New York after stocks drop

Tankers carrying diesel from Asia and Europe, including a giant 200,000 tonne cargo, are sailing towards New York where fuel supplies have dropped to a three-year low in recent weeks. The very large crude carrier (VLCC) Maran Aphrodite changed its destination on Friday to New York from its previous port of Rotterdam, according to Reuters ship tracking data. Click here to read full stories.

May 11 - Iran says US exit from deal will not impact its oil

Iranian Oil Minister Bijan Zanganeh said on Thursday that U.S. President Donald Trump's decision to quit a multinational nuclear deal would not affect Tehran's oil exports. "Trump's decision will not have any impact on our oil export ... that era is history now," he told state television.Trump announced a U.S. withdrawal from the 2015 nuclear deal on Tuesday and said he was preparing new sanctions against Iran.  Click here to read full stories.

May 11 - U.S. diplomats face tough task imposing new Iran oil curbs

By restoring sanctions against Iran, U.S. President Donald Trump has tasked a little-known State Department office with convincing companies and governments worldwide to cut imports of Iranian crude - even if that means paying more to buy oil from other suppliers. The Bureau of Energy Resources got the job done during the Iran sanctions that spanned 2012 to 2015, when President Barack Obama had the cooperation of European leaders in choking off Iran's main revenue source to pressure it to curb its nuclear program. Click here to read full stories.

May 11 - OPEC in no hurry to decide if extra oil needed to offset Iran - sources

OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new U.S. sanctions, four sources familiar with the issue said, saying any loss in supply would take time. The Organization of the Petroleum Exporting Countries has a deal with Russia and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014. Click here to read full stories.

May 11 - Some U.S. fund managers finally convinced oil rally is for real

U.S. fund managers are barreling into the energy sector by making broad bets on anything connected with oil, finally convinced that gains in crude prices - on track for their fourth consecutive quarterly gain, the longest such stretch for more than 10 years - are more than a mirage. Ever since oil prices slid in late 2014 after rallying above $115 a barrel, U.S. mutual fund managers have largely stayed underweight the sector, convinced that advances in fracking technology would allow U.S. production to ramp up at any moment and keep a lid on prices. Click here to read full stories.

May 11 - Oil price rise poses challenge for sanctions policy: Kemp

The United States and Saudi Arabia seem to have an understanding to keep the oil market well supplied and avoid a significant price rise after the U.S. re-imposition of sanctions on Iran. But exactly what this involves is not clear to the market, and may not even be clear to the two governments themselves, sowing uncertainty in the weeks ahead. Click here to read full stories.

May 11 - Rosneft's tilt towards investors prompted Qatar stake increase

When Qatar negotiated a deal to increase its holding in Rosneft it told the Russian oil company it wanted higher returns on its existing stake before it bought more, three sources familiar with the deal said. Qatar's request was one of the triggers which prompted Igor Sechin, Rosneft's boss and a close ally of President Vladimir Putin, to propose last week a $2 billion share buyback and an $8 billion debt reduction, marking a significant shift in the oil company's strategy. Click here to read full stories.

May 10 - Saudi Arabia will not act alone to fill any Iran oil shortfall - OPEC source

Saudi Arabia is monitoring the impact of the U.S. withdrawal from the Iran nuclear deal on oil supplies and is ready to offset any shortage but it will not act alone to fill the gap, an OPEC source familiar with the kingdom's oil thinking said. U.S. President Donald Trump on Tuesday abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member.  Click here to read full stories.

May 10 - Enbridge hits debt target with $2.5 bln pipeline, renewables sale

Enbridge Inc will sell a U.S. gas pipelines business and part of its renewable energy portfolio for a combined $2.5 billion, the Canadian pipeline operator said on Wednesday, achieving the first step in its debt reduction plan. The Calgary-based company is continuing to shop its Canadian midstream assets and has received initial bids valuing the portfolio as high as C$4.5 billion ($3.5 billion), people familiar with the situation told Reuters. Click here to read full stories.

May 10 - Asia coal industry sees blue skies, ignores storm clouds: Russell

Asia's coal miners, shippers and traders are seeing strong demand and rising prices for their fuel, and they expect this happy situation to persist for several years to come. It was a challenge to find anybody pessimistic about the outlook for coal in Asia, the world's largest producing and consuming region, at this week's annual gathering of the industry on the Indonesian resort island of Bali. Click here to read full stories.

May 10 - Oil market points to “tighter for longer” as Trump ditches Iran deal

Oil shot to nearly $80 a barrel this week after U.S. President Donald Trump walked away from the Iran nuclear deal and the futures market structure shows investors are preparing for a tight supply-demand balance to get even tighter. Brent crude futures are hovering around $77 a barrel, having risen by around 10 percent in the last six weeks as U.S. rhetoric around Iran grew increasingly hawkish. Click here to read full stories.

May 10 - U.S. shale producers will not offset Iran supply drop post-deal exit - CEO

U.S. shale producers will not boost output to offset any global oil squeeze after President Donald Trump abandoned the Iran nuclear deal, one of the industry's most prominent executives said on Wednesday. The withdrawal, alongside Trump's decision to impose the "highest level" of sanctions on Iran, sent Brent and U.S. benchmark oil prices up more than 3 percent on Wednesday. Click here to read full stories.

May 10 - Sanctions spell the end of OPEC output deal: Kemp

President Donald Trump’s decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies. OPEC is likely to insist the current agreement remains in effect, at least for now, but the prospective removal of several hundred thousand barrels per day of Iranian exports from the market will require a major adjustment. Click here to read full stories.

May 09 - As Trump pulls out of Iran deal, Asia grapples with impact on oil supplies

Asia's petroleum refiners are seeking alternative supplies as they prepare for renewed U.S. sanctions against major oil exporters amid a tight market. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), which had recently ordered production cuts despite strong demand. Click here to read full stories.

May 09 - Saudi Arabia hints it may raise oil output after U.S. quits Iran nuclear deal

Saudi Arabia indicated on Wednesday that it could raise its oil output to offset any potential supply shortage as a result of new sanctions on Tehran, after U.S. President Donald Trump said Washington was withdrawing from the Iran nuclear deal. Oil prices had been supported by expectations that Trump would pull out of the deal, which could hit Iranian crude exports and feed geopolitical tensions in the Middle East, home to one-third of the world's daily oil supply. Click here to read full stories.

May 09 - Trump says may move to count ethanol exports toward biofuels quotas - sources

U.S. President Donald Trump told a group of senators on Tuesday he is considering allowing exported ethanol to count towards the volumes mandated under the nation's biofuels law, a move intended to appease both Big Oil and Big Corn by cutting the refiners' regulatory costs while preserving demand for corn. According to two sources briefed on Trump's meeting with the Republican senators, Trump also reiterated his support for expanding sales of higher ethanol blends of gasoline, and backed away from a proposal to cap the price of credits called RINs that refiners must acquire and turn into the government each year to prove compliance with the biofuels quotas. Click here to read full stories.

May 09 - Curacao sees 'potential crisis' from Venezuela-Conoco row

A legal dispute between ConocoPhillips  and Venezuelan state oil firm PDVSA could leave Curacao's economically important Isla refinery without crude oil to process, posing a "potential crisis" for the Caribbean island, Curacao's prime minister said on Tuesday. Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets. Click here to read full stories.

May 09 - Saudi Arabia stands to win most from Trump ditching Iran deal: Russell 

Saudi Arabia is in pole position to be the major beneficiary of U.S. President Donald Trump's decision to walk away from the Iranian nuclear deal and reimpose sanctions on the Islamic Republic. It's little surprise that one of the few voices of support for Trump's move was from Saudi Arabia, the main rival to Iran in the volatile Middle East. Click here to read full stories.

May 09 - U.S. crude output to hit 12 million bpd in late 2019 - EIA

U.S. crude oil production is expected to rise more than previously expected to 12 million barrels per day by the fourth quarter of 2019, the U.S. Energy Information Administration said on Tuesday in a monthly report. The agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to 11.86 million bpd on average next year, according to the short term energy outlook. Last month, it expected a 750,00-bpd year-over-year increase to 11.44 million bpd. Overall, the agency's forecast has increased by more than 1 million bpd since January. Click here to read full stories.

May 08 - China's crude oil imports hit record in April, fuel exports jump on-yr

China's crude oil imports reached record highs in April on a daily basis, according to customs data, with independent refiners shipping in backlogs of cargoes from the previous month and making new purchases amid steady refining margins. April shipments were 39.46 million tonnes, or 9.6 million barrels per day (bpd), the General Administration of Customs said, beating the previous daily record of 9.57 million bpd set in January.  Click here to read full stories.

May 08 - Conoco aims to seize PDVSA oil inventories in Curacao - sources

ConocoPhillips is trying to seize PDVSA's oil assets at the 335,000-barrel-per-day (bpd) Isla refinery in Curacao, which would expand its control over the Venezuelan state-run company's barrels for export, according to sources close to the matter. Under court orders to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC), the U.S. oil firm last week temporarily seized about 4 million barrels of crude that PDVSA had stored on the Dutch Caribbean island of St. Eustatius and took control of a terminal on Bonaire, prompting PDVSA to move several oil tankers away from the region. Click here to read full stories.

May 08 - Iran says new sanctions would not stifle its oil industry

The Iranian oil industry will continue to develop even if the United States pulls out of the 2015 nuclear deal, and Tehran would see the accord as operational as long as it can sell oil, the Oil Ministry's news service quoted senior officials as saying on Monday. U.S. President Donald Trump has threatened to pull out of the Iran deal by not extending sanctions waivers when they expire on May 12 unless European signatories of the accord fix what he calls its "flaws". Click here to read full stories.

May 08 - Iraq, BP sign Kirkuk oilfield development contract, official says

Iraq's state-run North Oil Company signed an agreement with BP on Monday to triple output from the Kirkuk fields in the north of the country, Oil Minister Jabar al-Luaibi said. The agreement was signed in the southern Iraqi city of Basra, he told a news conference after the signing. Under the deal, BP will boost output capacity from six fields in the Kirkuk region to a total of more than 1 million barrels per day (bpd), three times today's capacity in the region. Click here to read full stories.

May 08 - Shell to sell stake in Canadian Natural for about $3.3 bln

Royal Dutch Shell Plc's Shell Gas B.V. unit said on Monday it was selling its entire stake in Canadian Natural Resources Ltd for $3.3 billion. Shell signed an underwriting agreement for the sale of its entire stake of 97.6 million shares in Canadian Natural, the company said in a statement. Click here to read full stories.

May 07 - Conoco moves to take over Venezuelan PDVSA's Caribbean assets - sources

U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions. The U.S. firm targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for about a quarter of Venezuela's oil exports last year.  Click here to read full stories.

May 07 - Iran oil min says Tehran prefers "reasonable" oil price - Shana

Iranian Oil Minister Bijan Zangeneh said on Sunday that Tehran preferred a "reasonable" crude oil price to avoid market instability, the ministry's news agency Shana reported. Zangeneh said that reasonable oil prices would "encourage producers to keep supply while it would prevent global markets from plunging into instability," according to Shana. Click here to read full stories.

May 07 - Speculators cut U.S. crude oil net longs - CFTC

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to May 1, 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 11,825 contracts to 444,060 during the period. Click here to read full stories.

May 07 - U.S. drillers add oil rigs for fifth straight week - Baker Hughes

U.S. energy companies added oil rigs for a fifth week in a row as they follow through on plans to spend more on drilling this year with higher crude prices boosting their profits and pushing nationwide production to record highs. Drillers added nine oil rigs in the week to May 4, bringing the total count to 834, 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.

May 07 - Statoil targets deeper emission cuts to avoid stranded assets

Norway's Statoil said it aims to cut its carbon footprint more aggressively as measures to reduce global warming could reduce the value of its assets, leaving some of its reserves stranded underground. The possibility that large quantities of the world's oil will never be developed due to the increase of renewable energy and the electrification of transport has been a growing worry for investors in the oil sector. Click here to read full stories.

May 04 - Saudi Arabia wants higher prices to kick oil addiction: Kemp

Saudi Arabia’s financial position has stabilised as a result of the increase in oil prices as well as efforts to raise non-oil revenues and trim government spending. But the country probably needs even higher prices and revenues in the next few years to pay for its ambitious transformation programme while maintaining internal stability. Click here to read full stories.

May 04 - U.S. lifts Keystone oil pipeline pressure restrictions

Pressure restrictions on TransCanada Corp's Keystone oil pipeline were lifted on Tuesday in a letter issued by U.S. pipeline safety regulators, a spokesman for the agency told Reuters on Thursday. It was not immediately clear what current flow rates are, said Darius Kirkwood, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA). Click here to read full stories.

May 04 - UK's Brent oilfields halt output due to terminal closure 

North Sea oilfields connected to the Brent oil pipeline have stopped production due to a shutdown at the UK's Sullom Voe oil terminal, the Brent pipeline operator said, reducing output of the crude which helps underpin a global pricing benchmark. The Brent stream is scheduled to load almost 100,000 barrels per day of crude in May and is usually the smallest of five crude grades that underpin the Brent benchmark, which is used to set prices worldwide. Click here to read full stories.

May 03 - Saudi Arabia raises June Arab Light crude price to Asia to near 4-yr high

Saudi Aramco said on Wednesday it has raised the June price for its Arab Light grade for Asian customers by $0.70 a barrel versus May to a premium of $1.90 a barrel to the Oman/Dubai average, the highest since August 2014. A majority of the respondents in a Reuters survey on Tuesday had expected Aramco to implement a modest price hike for June after a surprise increase in May.  Click here to read full stories.

May 03 - U.S. crude stockpiles surge to highest level this year - EIA

U.S. crude oil stocks rose sharply last week, bringing overall supply to its highest level since December, and gasoline inventories also rose, the Energy Information Administration said on Wednesday. Crude inventories jumped by 6.2 million barrels to about 436 million barrels in the week to April 27, compared with expectations for an increase of 739,000 barrels. Click here to read full stories.

May 03 - Colonial Pipeline shuts fuel line to New York for investigation

Colonial Pipeline Co, the largest fuel pipeline system in the United States, on Wednesday said its fuel lines to the New York Harbor area and Maryland were temporarily shut as a precaution to investigate an "issue." It was not immediately clear what the issue was. A spokesman for Colonial declined to comment, saying the investigation was in progress. Click here to read full stories.

May 03 - Climate resolution at Rio meeting heralds coming climate avalanche: Russell

It may not sound like a lot, but the 18 percent of Rio Tinto shareholders that voted in favour of a resolution that effectively called on the company to do more to address climate change have launched a snowball at the top of a large mountain. The vote at Rio's May 3 annual general meeting called upon the world's second-largest mining company to review its membership of the Minerals Council of Australia (MCA) and other lobby groups. Click here to read full stories.

May 02 - BP flags possible dividend boost as profits surge  

BP held out the prospect of a first dividend increase since 2014 on Tuesday, after first-quarter profits beat forecasts thanks to rising oil and gas prices and production. Chief Financial Officer Brian Gilvary said the London-listed company might consider raising the dividend later this year if oil prices remain near current levels and debt declines. Click here to read full stories.

May 02 - Boom in West Texas oil patch lifts wages, prices

In West Texas, rising oil prices are fueling a sharp economic upswing, lifting employment and pay to records, driving up spending at hotels, restaurants, and car dealerships, and raising the cost of housing and other essentials. This parched patch of land, under which lies the largest oil-producing rock formations in the United States, is the epicenter of a growth binge that shows just how tight the link remains between low unemployment, rising wages, and upward pricing pressure. Click here to read full stories.

May 02 - Iran's oil exports hits 2.6 million bpd in April - SHANA 

Iran's oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry's news agency SHANA reported on Tuesday, a new record since the lifting of international sanctions on Tehran in January 2016. The National Iranian Oil Company (NIOC) also exported 200,000 bpd of natural gas condensate in April, SHANA reported, adding that China and India bought more than half of Iran's oil in April. Click here to read full stories.

May 02 - Kuwait Petroleum eyes stake in India's Bina refinery - sources 

Kuwait Petroleum International (KPI) is in talks to buy 24 percent of the Bina joint venture refinery in central India, two Indian and two foreign sources said, as the Middle East nation wants to increase its South Asian market share. Global oil producers are vying to gain entry into India's expanding refining sector. The world's third-biggest oil importer plans to raise its refining capacity by 77 percent to about 8.8 million barrels per day (bpd) by 2030 to meet rising fuel demand. Click here to read full stories.

May 02 - Volatile oil prices prompt Algerian agricultural drive 

Algerian farmer Hassen Miri trudges through mud to inspect his durum wheat field, helping the oil producing nation in its efforts to boost agricultural output and reduce food imports. "Things are moving slowly but better than in past years," said Miri, who has fields of cereals and vegetables in Bourkika, about 80 km (50 miles) south of the capital Algiers. Click here to read full stories.

Apr 30 - Oil investment may prove a tricky target for OPEC 

It's "mission accomplished" for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months. The Organization of the Petroleum Exporting Countries, which supplies a third of the world's oil, agreed to curb output by 1.8 million barrels per day jointly with 10 other producers including Russia until stocks returned to more normal levels. Click here to read full stories.

Apr 30 - Higher oil prices could be a game changer for Asia's trade-gap trio 

Asia's most externally vulnerable economies - India, Indonesia and the Philippines - have just taken a one-two punch. U.S. 10-year Treasury bond yields hit 3 percent this week, a level long touted as one to watch for potential portfolio outflows from the region, where interest rates have barely shifted since the U.S. Federal Reserve began slowing hiking policy rates in late 2015. Click here to read full stories.

Apr 30 - Speculators cut U.S. crude oil net longs - CFTC 

Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options positions in the latest week, data showed on Friday, as oil prices were volatile, swinging in reaction to comments from U.S. President Donald Trump on OPEC and Iran sanctions. The speculator group cut its combined futures and options position in New York and London by 17,021 contracts to 455,885 during the week to April 24, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Click here to read full stories.

Apr 30 - Oil's big backwardation spells trouble ahead: Kemp  

The oil market is becoming extremely tight as consumption outstrips production, and traders expect it to tighten even further over the next six months. The balance between production, consumption and inventories is intimately connected with the shape of the oil futures curve. Click here to read full stories.

Apr 27 - ConocoPhillips profit tops estimates on rising oil prices, cost cuts 

ConocoPhillips, the world's largest independent oil and gas exploration and production company, posted a bigger-than-expected first-quarter profit on Thursday, helped by rising crude prices and cost cuts. Results at Conoco, like many of its peers, have steadily improved in recent quarters alongside commodity prices and as better technology makes operations more efficient. Click here to read full stories.

Apr 27 - Skinny and sweet: U.S. refiner earnings depend on the oil diet 

Shares of smaller independent U.S. refiners with less complex facilities surged in the stock market in the first quarter as investors expect strong earnings growth thanks to a fall in price of their primary cost - light, sweet crude oil coming out of West Texas - to more than three year lows. Over the last 20 years, the nation's biggest refiners spent billions building units capable of turning heavy, sour crude into gasoline, diesel fuel and other products. Click here to read full stories.

Apr 27 - China's top refiners plan Q2 maintenance, cast doubts on global oil optimism 

Some of China's top refineries will shut in May and June for maintenance, cutting nationwide throughput by some 10 percent and dampening oil demand in the world's largest crude importer after record run levels in March, according to a Reuters survey. At least six state-owned and private refiners are planning a full annual maintenance shutdown in the second quarter for 30 days or more, including China's largest refiner Sinopec's Zhenhai unit, a Reuters survey of 11 plants showed. Click here to read full stories.

Apr 27 - Shell, Total start 2018 on a high thanks to rising oil prices 

Higher output and soaring oil prices helped European majors Royal Dutch Shell and Total to begin 2018 on a high note with better than expected first-quarter results on Thursday. Brent crude oil prices in the first three months of this year averaged around $67 a barrel, leaving last year's $54.5 behind as a distant echo of the price crash of late 2014. Click here to read full stories.

Apr 26 - Chevron evacuates Venezuela executives following staff arrests 

U.S. oil major Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to four sources familiar with the matter. Chevron asked other employees to avoid the facilities of its joint venture with the OPEC nation's oil firm, the sources said. Click here to read full stories.

Apr 26 - EOG seeking to pull out of British North Sea 

U.S. oil and gas producer EOG Resources Inc is selling its British offshore business, a document seen by Reuters showed, as the company heightens its focus on its fast-growing U.S. shale portfolio. A spokesman for Houston-based EOG confirmed the sale process to Reuters. The business includes a 100 percent interest in the Conwy oilfield in the east Irish sea and a 25 percent stake in the Columbus gas project in the North Sea, according to the document. Investment bank Jefferies is running the sale process. Click here to read full stories.

Apr 26 - U.S. oil stocks build unexpectedly despite record high exports -EIA 

U.S. crude oil and gasoline inventories unexpectedly rose last week even as exports hit record highs, the Energy Information Administration said on Wednesday in an overall bearish report that raised some concerns about oversupply. Crude inventories rose 2.2 million barrels in the week to April 20, compared with expectations for a decrease of 2 million barrels. Gasoline stocks grew by 840,000 barrels, versus forecasts in a Reuters poll for a 625,000-barrel drop. Click here to read full stories.

Apr 26 - U.S. energy shares outperform as companies begin to report 

After losing ground and underperforming the broad market in 2017, U.S. energy shares are climbing fast with oil prices and gaining attention from investors who think the trend may hold. Oil prices are near their highest since late 2014 thanks to strong demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia. This will support energy earnings growth, investors and strategists say, particularly for companies involved in exploration and production. Click here to read full stories.

Apr 25 - China to issue rest of 2018 fuel export quotas in single round - sources 

China is expected to issue fuel export quotas for the rest of this year in one allocation round rather than in batches, keeping the total allowances for 2018 unchanged from last year, according to two trading sources with knowledge of the matter. Keeping the export allowances at around last year's level of 43 million tonnes will heat up competition in the massive domestic fuel market, where there is already a growing surplus, with new plants due to start up later this year. Click here to read full stories.

Apr 25 - Mission accomplished for OPEC as oil moves from slump to boom: Kemp  

The slump that characterised the oil market between the middle of 2014 and the middle of 2016 has been replaced by what looks like the beginning of a boom. Benchmark Brent prices have already risen by more than $45 per barrel or 170 percent from their cyclical trough in early 2016. Click here to read full stories.

Apr 24 - U.S. oil floods Europe, hurting OPEC and Russia 

As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs. Click here to read full stories.

Apr 24 - Iran says no need to extend OPEC, non-OPEC pact if crude oil prices rise - SHANA 

Iran's oil minister said there would be no need to extend a pact between OPEC and non-OPEC producers aimed at bolstering oil prices if the crude price continued to rise, the ministry's official website SHANA reported on Monday. "There will be no decision on this in OPEC's next meeting ... if oil prices continue to increase, there will be no need to extend the deal," Bijan Zanganeh was quoted as saying by SHANA. Click here to read full stories.

Apr 24 - Hedge fund oil bulls on the rampage as bears vanish: Kemp 

Hedge fund managers have never seemed so convinced that oil prices are set to rise rather than fall in the near term, according to the latest positioning data published by regulators and exchanges. Fund managers remain super-bullish even though benchmark Brent prices have almost tripled over the last two years and are now trading at the highest level since November 2014. Click here to read full stories.

Apr 24 - Iran's crude and condensate exports recover from March dip 

Iran's crude and condensate exports have recovered from a fall in March and currently stand at 2.5 million barrels per day (bpd), state TV on Monday reported Oil Minister Bijan Zanganeh as saying. "The decline in March was a temporary issue. It has increased now and currently all together we export 2.5 million barrels of oil and gas condensates," Zanganeh told state TV. Click here to read full stories.

Apr 23 - Asian oil demand to hit record, but industry can't take eyes off Middle East 

Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent and U.S. West Texas Intermediate crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively.  Click here to read full stories.

Apr 23 - Facing shipping constraints, Canada moving oil one truckload at a time  

At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's fifth largest producer but full pipelines and a rail car shortage have made it difficult for drillers to ship oil out of Canada. Click here to read full stories.

Apr 23 - Britain, South Korea in talks to protect crude oil trade 

Britain and South Korea are in talks to protect an arrangement of tax breaks for Korean buyers of North Sea crude beyond Britain's upcoming exit from the EU, officials from both countries said, although a breakthrough does not look imminent. An EU free-trade agreement has been in place since 2012 with South Korea, Asia's fourth-largest economy and last year's third-biggest importer of British North Sea crude, which is a significant source of revenue for the United Kingdom. Click here to read full stories.

Apr 23 - Hedge funds raise bullish bets on U.S. crude oil 

Hedge funds and money managers raised bullish wagers on U.S. crude oil in the latest week, data showed on Friday, as prices rose with the risk of global supply disruptions remaining high. The speculator group raise its combined futures and options position in New York and London by 31,273 contracts to 472,907 in the week to April 17, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Apr 23 - Libya to cover 2018 grain needs with imports, eyes higher harvest 

Libya will have to cover its 2018 grain consumption needs of around 1.2 million tonnes almost entirely by imports but hopes to boost production from the next harvest with the help of the United Nations, a senior official said. Abdelmoneim Mohamed Shihab ad-Din, the top official in the agricultural ministry in a U.N.-backed government in Tripoli, said the oil producing nation could meet at least half of its cereal needs in future, if security and power supply improved. Click here to read full stories.

Apr 23 - U.S. drillers add oil rigs for third consecutive week - Baker Hughes 

U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices near three-year highs. Drillers added five oil rigs in the week to April 20, bringing the total count to 820, 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.

Apr 20 - OPEC, non-OPEC panel finds oil glut virtually eliminated 

A global oil glut has been virtually eliminated,according to a joint OPEC and non-OPEC technical panel, two sources familiar with the matter said, thanks in part to an OPEC-led supply cut deal in place since January 2017. The meeting of the Joint Technical Committee (JTC) earlier on Thursday found that oil inventories in developed nations in March stood at 12 million barrels above the five-year average, one of the sources said. That's down from 340 million barrels above the average in January 2017. Click here to read full stories.

Apr 20 - The great Russian oil game in Iraqi Kurdistan 

Last October, at the height of a political crisis in Iraq's Kurdistan region, a letter arrived at the Iraqi oil ministry in Baghdad from Igor Sechin, head of Kremlin oil major Rosneft. The Baghdad government was showing a "lack of constructive position and interest" about Rosneft's offer to develop southern Iraqi oilfields, Sechin wrote in the letter, a copy of which was seen by Reuters. Click here to read full stories.

Apr 20 - Trump administration begins review process for drilling in Alaska refuge 

The Trump administration this week will begin the environmental review process for oil and gas drilling on a section of the Arctic National Wildlife Refuge, a region in northern Alaska rich in crude but prized by conservationists. In a notice from the U.S. Department of the Interior seen by Reuters, which the agency will post on Friday, it says it will hold meetings in five Alaskan towns where the public can speak about drilling in the refuge. It is the first step in the review process, which will consider proposed seismic testing and exploration plans. Click here to read full stories.

Apr 20 - European utilities retrench as cross-border deals lose appeal 

European utility companies are retrenching in their home markets and looking to unwind debt-financed cross-border merger deals as increasingly nationalist governments balk at foreign ownership of strategic power supplies. Hungary was one of the first European countries to turn against foreign ownership of utilities back in 2013 but there are growing signs that borders are springing up again in an industry that has struggled to make international deals pay off. Click here to read full stories.

Apr 19 - Brazil's Petrobras near deal with China's CNPC to swap refinery investment for oil 

Brazil's state-run oil company is nearing a deal in which China National Petroleum Corp Ltd (CNPC) would invest in an oil refinery in exchange for crude oil, two people with knowledge of the talks told Reuters, potentially giving China its first refining capacity in the Americas. Petróleo Brasileiro SA, or Petrobras, may give the state-owned Chinese firm stakes in oil fields it operates in the Campos basin, off the Rio de Janeiro coast, along with the right to use the new Comperj refinery, the sources added. Click here to read full stories.

Apr 19 - Never mind OPEC - Brent oil market braces for Iran deadline 

Oil investors are taking no chances that Iran’s nuclear deal with Western powers will remain intact next month. Volatility, a measure of options demand, for options that allow the holder to buy Brent futures between $75 and $80 a barrel, has risen this week above 30 percent to its highest since late 2016. Click here to read full stories.

Apr 19 - OPEC's new price hawk Saudi Arabia seeks oil as high as $100 - sources 

Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement's original target is within sight. The Organization of the Petroleum Exporting Countries, Russia and several other producers began to reduce supply in January 2017 in an attempt to erase a glut. They have extended the pact until December 2018 and meet in June to review policy. Click here to read full stories.

Apr 19 - U.S. oil inventories drop on strong demand - EIA 

U.S. oil stockpiles fell across the board last week with gasoline and distillates drawing down more than expected on stronger demand, sending crude prices to fresh three-and-a-half-year highs. Crude inventories fell 1.1 million barrels in the week to April 13, the Energy Information Administration said on Wednesday, compared with analysts' expectations for a decrease of 1.4 million barrels. Click here to read full stories.

Apr 19 - Noble Group amends restructuring plan as it races to get shareholder support 

Embattled Noble Group said it will drop a provision in its $3.4 billion debt restructuring proposal that placed restrictions on shareholders voting against the plan after criticism from the Singapore Exchange (SGX). Singapore-listed Noble's debt-for-equity swap, which is crucial for its survival, has already won the backing of over 83 percent of holders of its senior debt, but it also needs a majority of its shareholders to approve the restructuring. Click here to read full stories.

Apr 19 - Huge disruptions coming with 2020 low-sulphur shipping rule - IEA  

The shipping industry and oil refineries are not doing enough to prepare for new rules cutting the amount of sulphur that vessels can emit from 2020, according to the head of the International Energy Agency's (IEA) oil industry and market division. The new rules drastically cut the amount of sulphur that the world's ships can emit, from 3.5 percent currently to just 0.5 percent. Ships that install "scrubbers" that remove sulphur as the fuel is burned can continue to use higher sulphur fuels, but the rest of the world's fleet will need to purchase lower sulphur fuel in order to comply. Click here to read full stories.

Apr 19 - Oilfield service firms' Q1 results likely to disappoint investors

Winter storms and overcapacity in fracking equipment are expected to limit oilfield service companies' revenue and profit gains in the first quarter, postponing Wall Street expectations for a strong pickup in results to the second half of this year. Companies that provide services and equipment to the oilfield sector have spent the past year eyeing a comeback, as oil prices recovered to around $67 a barrel from lows around $26 a barrel two years ago. Click here to read full stories.

Apr 18 - Venezuela arrests two Chevron executives amid oil purge 

Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime. Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing, a half-dozen sources with knowledge of the detentions told Reuters. Click here to read full stories.

Apr 18 - China move to restrict coal imports may drive price divergence: Russell 

The price of seaborne thermal coal in Asia may come under pressure as China moves to impose some import restrictions on imports of the polluting fuel. Several ports in southern and eastern China have introduced controls on coal imports, ranging from bans on unloadings to tightening customs clearances. Click here to read full stories.

Apr 18 - Interior secretary says won't lower oil, gas offshore royalty rates 'at this time' 

Interior Secretary Ryan Zinke said on Tuesday he will not lower royalty rates for offshore oil and gas lease sales "at this time" despite a recommendation from an advisory panel to do so. Zinke cited the success of President Donald Trump's energy strategy as a reason for not adhering to the recommendation of his appointed Royalty Policy Committee, which in late February advised him to slash the royalty rate for offshore drilling by nearly one-third to 12.5 percent. Click here to read full stories.

Apr 17 - Under military rule, Venezuela oil workers quit in a stampede

Chauffeured around in a sleek black pick-up, the head of Venezuela's oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S. major Chevron. Flanked by other trucks carrying security guards, Quevedo passed a handful of workers waiting by an oil well cluster. They wanted a word with the OPEC nation's oil minister and president of its state-run oil firm, PDVSA, about the sorry state of the company. Click here to read full stories.

Apr 17 - ChemChina, trader Mercuria confirm expanding cross-investments

China National Chemical Corp, or ChemChina, confirmed on Monday that it plans to increase its stake in global energy trader Mercuria Group and sell the trader a minority stake in the state firm's refining business. Reuters reported on Saturday that Geneva-based Mercuria Group has agreed to take an interest in the oil refining system of ChemChina. The deal, if completed, would be the first time a global trading house has gained a stake in a Chinese refinery company. Click here to read full stories.

Apr 17 - Hedge funds build record bullish position in Brent: Kemp

Hedge funds are holding a near-record bullish position in crude oil and refined fuels but the buying seems to have run out of momentum and is increasingly concentrated only in Brent. Hedge funds and other money managers increased their net long position in the six most important futures and options contracts linked to petroleum by 12 million barrels in the week to April 10. Click here to read full stories.

Apr 17 - U.S. crude stocks, refined product stockpiles seen down last week - poll

U.S. crude stockpiles and refined product inventories likely fell last week, a preliminary Reuters poll showed on Monday. Five analysts polled ahead of inventory reports from industry group American Petroleum Institute (API) and the U.S. Energy Department's Energy Information Administration (EIA) estimated, on average, that data would show crude stocks fell about 1.9 million barrels in the week ended April 6. Click here to read full stories.

Apr 17 - Trump to nominate attorney Berkovitz to CFTC -White House

President Donald Trump plans to nominate Dan Berkovitz, a partner at law firm WilmerHale, as commissioner to the Commodity Futures Trading Commission for the rest of a five-year term ending April 13, 2023, the White House said on Monday. Berkovitz is co-chair of the firm's futures and derivatives practice and served as the CFTC's general counsel from 2009 to 2013, the White House said in a statement. His appointment is subject to Senate confirmation. Click here to read full stories.

Apr 17 - Kuwait says market conditions to determine any extension of OPEC-led cut deal

Kuwait's oil minister said on Monday a pact between OPEC and non-OPEC producers to curb supplies would run to the end of the year and market conditions would determine whether to extend it beyond the end of 2018. Bakhit al-Rashidi also said the meeting of the Organization of the Petroleum Exporting Countries in June in Vienna would offer a chance to review the deal, adding that oil markets were heading in the right direction for stability. Click here to read full stories.

Apr 17 - Shell defends climate strategy in clash with investors

Royal Dutch Shell defended its ambition to cut carbon emissions on Monday, urging investors to oppose a shareholder resolution arguing that the oil and gas giant is not doing enough to meet international targets to tackle climate change. The Anglo-Dutch company, like many of its peers, has faced growing investor pressure to address the need to reduce fossil fuel burning, forcing it to seek a delicate balance with a need to secure growing returns from its traditional business. Click here to read full stories.

Apr 16 - IEA says "mission accomplished" for OPEC as oil stocks shrink 

OPEC and its allies appear to have accomplished their mission of reducing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the market could become too tight if supply remains restrained. The IEA, which coordinates the energy policies of industrialised nations, said stocks in developed countries could fall to their five-year average - a metric used by OPEC to measure the success of output cuts - as early as May. Click here to read full stories.

Apr 16 - China's Q1 imports of major commodities lose some momentum: Russell 

China's imports of major commodities may be losing some of their strong growth momentum, with gains in the first quarter of this year failing to keep pace with those from the same period in 2017. At first glance, China's imports of crude oil, iron ore, coal and copper looked to have bounced back in March after a poor showing in February. Click here to read full stories.

Apr 16 - Hedge funds cut bullish bets on U.S. crude 

Hedge funds and money managers cut their bullish wagers on U.S. crude for the second week in a row, data showed on Friday, even as prices rose amid geopolitical tensions but gains were limited by the threat of a trade war between the United States and China. The speculators group cut its combined futures and options position in New York and London by 3,275 contracts to 441,634 in the week to April 10, the U.S. Commodity Futures Trading Commission (CFTC) said. Click here to read full stories.

Apr 16 - U.S. drillers add oil rigs for second consecutive week - Baker Hughes 

U.S. energy companies added oil rigs for a second week in a row, following through on plans to spend more on drilling this year with crude prices at three-year highs, energy services firm Baker Hughes said on Friday. Drillers added seven oil rigs in the week to April 13, bringing the total to 815, the highest since March 2015, the General Electric Co unit said in its closely followed report. Click here to read full stories.

Apr 13 - OPEC sees oil markets tighten further even as U.S. shale booms 

The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices. U.S. shale oil output has been booming over the past year since OPEC reduced its own production in tandem with Russia to prop up global oil prices. Click here to read full stories.

Apr 13 - In boost for farmers, Trump says he may allow E15 gasoline sales all year 

U.S. President Donald Trump said on Thursday his administration may allow the sale of gasoline containing 15 percent ethanol year-round, which could help farmers by firing up corn demand but faces opposition from Big Oil. The proposal marks the latest move by the Trump administration to navigate the rival oil and corn constituencies as they clash over the nation's biofuels policy. Oil refiners say the Renewable Fuel Standard requiring them to add biofuels into gasoline is costly and displaces petroleum, while the farm sector says the law provides critical support to growers. Click here to read full stories.

Apr 13 - Shell sees no risk of "stranded assets" as reserves life shrinks 

Royal Dutch Shell said on Thursday it saw little risk of having "stranded assets" in its portfolio as the world shifts to low carbon energy because the oil major will have four-fifths of its current oil and gas reserves extracted before 2030 anyway. Shell has one of the lowest reserves life ratio among its peers and last year it saw reserves plunging to new lows after divesting a large number of assets. Click here to read full stories.

Apr 13 - OPEC switches operational target from inventories to investment: Kemp 

OPEC appears to be reformulating its target in terms of upstream investment rather than oil inventories, according to an analysis of recent statements made by ministers from member countries. “There is no such thing as a target price by Saudi Arabia,” the kingdom’s energy minister, Khalid al-Falih, told reporters on Wednesday (“Saudi Arabia happy with oil market, won’t let another glut form”, Reuters, April 11). Click here to read full stories.

Apr 13 - Canada's Trudeau to meet premiers on pipeline strife 

Canadian Prime Minister Justin Trudeau will break off a foreign trip to hold an emergency meeting with the premiers of two provinces locked in a worsening dispute over an oil pipeline, officials said on Thursday. The unexpected development is a sign of the pressure building on Trudeau to solve a problem that could turn into a constitutional crisis. Click here to read full stories.

Apr 12 - India, Aramco to partner on $44 bln refinery-petchem project 

Saudi Aramco on Wednesday signed an initial deal with a consortium of Indian refiners to build a $44 billion refinery and petrochemical project on India's west coast, as the kingdom moves to secure buyers for its crude in a market awash with oil. Top executives of Aramco and India's Ratnagiri Refinery & Petrochemicals - a joint venture of Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp - signed a memorandum of understanding to take equal stakes in the project in Maharashtra state. Click here to read full stories.

Apr 12 - After winter gas crunch, China pumps for underground storage 

On one of the many mountains in southwest China's sprawling region of Chongqing, a dozen wells in an exhausted gas field are this week starting to take in fresh fuel piped in from Central Asia's Turkmenistan, thousands of miles away. For the next six months, state energy giant PetroChina, operator of the Xiangguosi storage facility, will also inject gas from Myanmar to fill the vast chambers 3,000 metres (9,900 ft) under the mountaintop. Click here to read full stories.

Apr 12 - Thai energy companies roll out expansions across Southeast Asia 

Thai energy companies are on a roll. The national oil and gas champion, a coal miner and power utility, upstart solar and wind companies, virtually all are expanding across Southeast Asia, applying practices and technology developed at home. Thailand is reaping the benefits of two decades of government energy policies that have supported the sector. Companies are also profiting from oil and gas prices that are recovering from a three-year slump, increasing electricity demand due to economic growth, and renewable technologies that have become competitive against fossil fuels. Click here to read full stories.

Apr 12 - Crude stocks post surprise rise as imports surge - EIA 

U.S. crude stocks rose unexpectedly last week as imports jumped and production increased to another weekly record, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the week ended April 6, compared with analysts' expectations for a decrease of 189,000 barrels. Click here to read full stories.

Apr 11 - Oil demand estimates converging but better data still needed-OPEC 

Oil demand estimates by major government forecasters are converging, an OPEC official said on Tuesday, although more effort is needed to improve the quality of data about the global market. A lack of transparency about oil demand, supply and stocks has long been seen as a cause of excessive price swings. The Joint Organisations Data Initiative (JODI), which collects and reports data, is an attempt by producers and consumers to gain a clearer picture. Click here to read full stories.

Apr 11 - Cushing's oil market clout wanes amid U.S. export boom 

The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity. But those tanks could soon drain to levels near effectively empty, even as U.S. oil production soars past a new record of 10.4 million barrels per day. Click here to read full stories.

Apr 11 - Trump to put biofuel reform push on ice, for now - sources 

The Trump administration will delay any moves to reform the nation's biofuel policy for about three months, according to three sources briefed on the matter - a decision one of the sources said was meant to shield farmers worried about a potential trade war with China. The decision comes after President Donald Trump failed to broker a deal between Big Oil and Big Corn during meetings over months about the future of the U.S. Renewable Fuel Standard - a law broadly supported in the U.S. heartland that requires oil refiners to add biofuels like ethanol to the nation's gasoline. Click here to read full stories.

Apr 11 - India looks to use new-found clout to seek better oil bargains 

India is aiming to drive harder bargains with global oil producers, including Saudi Arabia, during bilateral meetings at a conference of energy ministers this week, officials said, leveraging its strength as the world's third-biggest crude importer. Key producers from the Organization of the Petroleum Exporting Countries (OPEC), threatened by the rising output from new and non-OPEC countries, are trying to secure a foothold in India where refining capacity is set to surge to 8 million barrels per day (bpd) by 2030 from 5 million bpd. Click here to read full stories.

Apr 10 - Canada explores options as Kinder Morgan halts pipeline work 

The Canadian government on Monday said it was considering all its options on the Trans Mountain pipeline expansion, including a possible investment of public funds to ensure construction goes ahead, after Kinder Morgan Canada halted most work on the project and set a May 31 deadline to scrap the plan. Canada's Natural Resources Minister Jim Carr, when asked whether the federal government would invest in the C$7.4 billion ($5.8 billion) project, told the Canadian Broadcasting Corporation: "We are looking at all options -- that’s on the table. We’re not ruling anything out. We are doing an assessment of what might be necessary, working with the government of Alberta."  Click here to read full stories.

Apr 10 - Hedge funds rotate from WTI to Brent in search for roll yield: Kemp 

Hedge funds trimmed their bullish position in crude oil and fuels in the most recent week after increasing it significantly over the previous fortnight. But the overall reduction conceals a sharp shift away from U.S. light crude (WTI) and towards the international marker Brent, according to an analysis of position data published by regulators and exchanges. Click here to read full stories.

Apr 10 - Sinopec to cut Saudi crude imports for May in response to high OSPs - official 

China's Sinopec, Asia's largest refiner, plans to cut Saudi crude oil imports loading in May by 40 percent after national oil company Saudi Aramco set higher-than-expected prices, an official from the company's trading arm Unipec said. "Our refineries think that these are unreasonable prices as they do not follow the pricing methodology," the official, who declined to be named, said on Monday. Click here to read full stories.

Apr 10 - As prince visits, Saudi Aramco to sign $10 bln of deals in France 

Saudi Aramco will sign eight deals worth $10 billion with French firms on Tuesday, the chief executive of the state-run oil giant said on Monday - the main contracts expected to be sealed during Crown Prince Mohammed bin Salman's visit to France. The powerful young prince who is behind modernising reforms in Saudi Arabia is on a three-day trip at a time when relations between the two countries have become more complicated, including over how to address Iran's role in the region. Click here to read full stories.

Apr 10 - SandRidge says to evaluate buyout offers, including Icahn's 

SandRidge Energy Inc said on Monday it would evaluate any offer to buy the company from top shareholder Carl Icahn after the hedge fund manager said he could pay cash to buy the U.S. shale oil producer. One of the best known of the hedge fund world's aggressive activist players who seek major changes in company strategies, Icahn has been railing against the Oklahoma-based company's management for months. Click here to read full stories.

Apr 10 - Noble Group gets more support for restructuring plan 

Commodity trader Noble Group Ltd said on Monday that it is getting growing support for a $3.4 billion restructuring plan after more than 70 percent of creditors holding the majority of its senior debt accepted the initiative. The proposed restructuring agreement requires approval by a majority of existing senior creditors representing 75 percent in value of its debt. Click here to read full stories.

Apr 09 - Trump predicts trade concessions by China, despite rising tensions 

U.S. President Donald Trump predicted on Sunday that China would take down its trade barriers, expressing optimism despite escalating trade tensions between the world's two largest economies that have roiled global markets in the past week. The two countries have threatened each other with tens of billions of dollars' worth of tariffs in recent days and Chinese officials have said this is not the time for negotiations. Click here to read full stories.

Apr 09 - Aramco takes step to integrating petrochems into United States' biggest refinery 

Saudi Aramco took the first steps to integrating a petrochemicals business into the United States' biggest oil refinery, which is operated by its subsidiary Motiva Enterprises. Aramco's Chief Executive Amin Nasser signed memoranda of understanding (MoUs) worth $8 billion-$10 billion with Honeywell UOP and Technip FMC to study petrochemical production technology for use in a chemical plant the company is considering building at the Port Arthur refinery. Click here to read full stories.

Apr 09 - Russia says wider cooperation arrangement with OPEC could be indefinite 

Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires in the end of the year. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia have agreed to curtail their combined output by around 1.8 million barrels per day until 2018-end in order smooth out bloated oil inventories. Click here to read full stories.

Apr 09 - Offshore oil industry suppliers fight to be fit for frugal future 

Rising more than 20 metres above the sea, Statoil's Aasta Hansteen platform towers over the Stord shipyard in western Norway, representing the height of engineering in the offshore oil sector. It will probably be the last platform of its kind to leave here. Click here to read full stories.

Apr 09 - Speculators cut U.S. crude oil net longs - CFTC 

Money managers cut their net long U.S. crude futures and options positions in the week to April 3, 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 47,526 contracts to 444,909 during the period. Click here to read full stories.

Apr 06 - Texas oil output surge clogs pipelines, depresses prices 

The Permian basin in Texas is leading the way as U.S. oil production has reached an all-time high, but the prolific output is causing bottlenecks as pipelines transporting the crude have filled up more quickly than expected. That has depressed prices there, posing a threat to future production, while providing a boost to pipeline companies as the lines have filled to near-capacity. Click here to read full stories.

Apr 06 - Trade dispute escalates as Trump threatens $100 bln more in China tariffs 

President Donald Trump on Thursday directed U.S. trade officials to identify tariffs on $100 billion more Chinese imports, upping the ante in an already high-stakes trade confrontation between the world's two largest economies. The further tariffs were being considered "in light of China's unfair retaliation" against earlier U.S. trade actions, which included a proposed $50 billion of tariffs on Chinese goods, Trump said in a White House statement. Click here to read full stories.

Apr 06 - Qatar says too early to exit OPEC oil cuts as investment still low 

OPEC and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a supply and price shock in the long run, OPEC member Qatar said. Qatar's Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC's cooperation with Russia even after the current round of joint oil supply cuts ends. Click here to read full stories.

Apr 06 - Russia's top bank opposes Gutseriyev oil merger that seeks to oust Glencore 

Russia's top state lender Sberbank opposes a plan by billionaire Mikhail Gutseriyev to merge his oil assets into one firm and replace co-owner Glencore because of concerns about his energy companies' heavy debts, sources told Reuters. Gutseriyev, who has built his oil wealth with the help of Glencore over the past 15 years, had to endure a painful debt restructuring that left his energy empire split into two parts. Click here to read full stories.

Apr 06 - Upstream oil, gas firms to focus on smaller projects, quick returns in 2018 - WoodMac 

About 30 upstream oil and gas projects are expected to be approved around the world this year, similar to 2017, as operators stay focused on less capital-intensive projects with quicker returns, Wood Mackenzie analysts said on Thursday. Six of the 30 projects WoodMac expects in 2018 have already been sanctioned, the consultancy said in an annual review of the upstream industry. Click here to read full stories.

Apr 05 - OPEC March oil output sinks to 11-month low - Reuters survey 

OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found, sending compliance with a supply-cutting deal to another record. The Organization of the Petroleum Exporting Countries pumped 32.19 million barrels per day last month, the survey found, down 90,000 bpd from February. The March total is the lowest since April 2017, according to Reuters surveys. Click here to read full stories.

Apr 05 - U.S. ethanol groups bristle as EPA frees refiners from biofuels law 

The U.S. Environmental Protection Agency has approved the request of 25 small refineries to be exempted from the nation's biofuels laws, an agency source said on Wednesday, marking a big increase from previous years and triggering an outcry from farm groups worried the move will hurt ethanol demand. The expansion of the waiver program represents the Trump administration's latest clash with the powerful corn lobby, as it seeks to help merchant refiners that claim the U.S. Renewable Fuel Standard costs them hundreds of millions of dollars a year. Click here to read full stories.

Apr 05 - U.S. crude stocks drop as refineries boost output - EIA 

U.S. crude stocks fell unexpectedly last week as refineries hiked output, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.6 million barrels in the last week, compared with analysts' expectations for an increase of 246,000 barrels. Click here to read full stories.

Apr 04 - U.S. escalates China trade showdown with tariffs on $50 billion in imports 

The Trump administration on Tuesday raised the stakes in a growing trade showdown with China, targeting 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing's intellectual property practices. The U.S. tariff unveiling, representing about $50 billion of estimated 2018 imports and aimed at dealing a setback to China's efforts to upgrade its manufacturing base, drew an immediate condemnation from Beijing, along with a threat of retaliatory action. Click here to read full stories.

Apr 04 - Russia says looking at joint organisation for cooperation with OPEC 

Russian Energy Minister Alexander Novak said on Tuesday a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. Saudi Crown Prince Mohammed bin Salman told Reuters last month that Saudi Arabia and Russia are working on a historic long-term pact, possibly 10 to 20 years long, that could extend controls over world crude supplies by major exporters. Click here to read full stories.

Apr 04 - Oil giants stay in their own backyards in U.S. auction 

The Trump administration heralded the government's sale last month of U.S. drilling leases in the Gulf of Mexico as a bellwether. If that is the case, a Reuters analysis of the sale's results shows reason to worry about demand in future offshore auctions. Click here to read full stories.

Apr 04 - EPA gives giant refiner a 'hardship' waiver from regulation 

The Environmental Protection Agency has exempted one of the nation's largest oil refining companies, Andeavor, from complying with U.S. biofuels regulations - a waiver historically reserved for tiny operations in danger of going belly up, two sources familiar with the matter told Reuters. The exemption, which applies to the three smallest of Andeavor's ten refineries, marks the first evidence of the EPA freeing a highly profitable multi-billion dollar company from the costly mandates of the U.S. Renewable Fuel Standard. The law requires refiners to blend biofuels such as ethanol into gasoline or purchase credits from those who do such blending. Click here to read full stories.

Apr 04 - U.S. crude oil stocks unexpectedly fall 3.3 mln bbls - API 

U.S. crude stocks fell last week as refineries boosted output, while gasoline and distillate inventories built, industry group the American Petroleum Institute said on Tuesday. Crude inventories fell by 3.3 million barrels in the week to March 30 to 427.3 million, compared with analysts' expectations for an increase of 246,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 4.1 million barrels, API said. Click here to read full stories.

Apr 04 - Saudi oil tanker hit in Houthi attack off Yemen - coalition

Yemen's Houthi group hit a Saudi oil tanker off the main port city of Hodeidah on Tuesday, the Saudi-led coalition said, in an attack that could complicate a new United Nations push to end a war that has killed more than 10,000 people. The Iranian-aligned Houthis said they had targeted a coalition warship in response to an air strike on Hodeidah on Monday that killed at least a dozen civilians, including seven children. Click here to read full stories.

Apr 04 - China's CNPC sells 1st gasoline to Americas as fuel stocks hit record 

Chinese state energy giant CNPC said on Tuesday it has sold its first ever gasoline to the Americas, with a 35,000-tonne cargo setting sail for the Bahamas on March 30. The long journey of Chinese gasoline to the Americas is the latest indicator of a refined product supply overhang building in Asia as well as in Europe and as China's refined fuel inventory hit a record high in February. Click here to read full stories.

Apr 03 - China ready for proportionate response to U.S. tariffs- envoy 

China will take counter-measures of the "same proportion" and scale if the United States imposes furthertariffs on Chinese goods, China's ambassador to Washington said, amid growing fears of an impending trade war. Cui Tiankai made the comments ahead of what is expected to be the announcement this week of U.S. tariffs on $50 billion to $60 billion in Chinese imports following an investigation under Section 301 of the 1974 U.S. Trade Act. Click here to read full stories.

Apr 03 - Latin American nations compete for capital in surge of oil auctions 

For decades, many Latin America's oil-producing nations have often shunned investment from foreign firms, instead keeping their vast reserves under the tight control of governments and state-run oil companies. They aimed to protect profits to feed public budgets, but in practice have seen some major breakdowns, as with the corruption scandals and heavy debts at Brazil's Petroleo Brasileiro SA, or the inability of Mexico's Pemex to conjure the cash and expertise to tap its vast deepwater reserves. Click here to read full stories.

Apr 03 - Russian oil output hits 11-month high in March 

Russia's oil output edged up in March to an 11-month high of 10.97 million barrels per day (bpd), slightly above a limit agreed under a global supply pact, energy ministry data showed on Monday. It was the first increase in Russian output since December and the highest level since output of 11 million bpd in April 2017. Click here to read full stories.

Apr 03 - China tariffs on U.S. ethanol to cut off imports in short-term 

Chinese buyers of U.S. ethanol will have to cut imports because of higher tariffs, but eventually will have to return to the overseas market to meet government targets for using the fuel, industry participants and analysts said on Monday. China said late on Sunday it will slap an extra 15 percent tariff on ethanol imports from the United States, part of its response to U.S. duties on aluminium and steel imports. The previous duty was 30 percent. Click here to read full stories.

Apr 03 - Baker Hughes, GE sign contract with Iraq to process natural gas at two fields 

Baker Hughes and General Electric signed a contract with Iraq's government on Monday to process natural gas extracted alongside crude oil at two fields in southern Iraq, the oil ministry said. The plan was first announced by GE last July and is part of Iraq's efforts to stop flaring gas associated with oil by 2021. Iraq continues to flare some of this gas because it lacks the facilities to process it into fuel for local consumption or exports. Click here to read full stories.

Apr 03 - Saudi Arabia seen cutting May crude prices to Asia - survey 

Top oil exporter Saudi Arabia is expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude, trade sources said on Monday. The official selling price (OSP) for flagship Arab Light crude could fall by 50-70 cents, to the lowest in six months, a Reuters survey of six refiners and traders showed. Click here to read full stories.

Apr 03 - Asia naphtha premiums rise as supplies ebb; maintenance season to ease tightness 

Tighter Asian supplies of naphtha have driven price premiums for the petroleum product to more than 12-week highs as cargoes from the West dry up, offsetting a drop in demand caused by a rise in the use of liquefied petroleum gas (LPG) as an alternative. But with many Asia facilities that process naphtha - a feedstock for producing petrochemicals used to make plastics - going into maintenance in the next couple of months, the market tightness may be short-lived. Click here to read full stories.

Mar 30 - Many Cash Prices Unavailable due to Easter holidays (Commodity3)
There will be very little to NO cash prices today March 30 through April 2 due to the Easter bank holidays.

Mar 29 - Firms complain of contaminated crude from U.S. reserve 

Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by Reuters. Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency because refiners would need to spend time and money removing contamination before producing fuel. The reserve is the world's largest government stockpile, currently holding 665 million barrels. Click here to read full stories.

Mar 29 - OPEC to stick to supply curbs despite oil rally to $71 - sources 

OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy. Click here to read full stories.

Mar 29 - Shell targets former executive in Nigeria graft complaint

Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal. Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They said it would be included in an ongoing investigation into Shell and Italy's Eni over the acquisition of a different Nigerian oilfield, known as OPL 245. Click here to read full stories.

Mar 29 - U.S. shale producer Concho offers $8 billion for rival RSP Permian 

U.S. shale producer Concho Resources Inc on Wednesday agreed to buy rival RSP Permian Inc  in an $8 billion all-stock deal that could trigger a wave of consolidation in the fast-growing Permian Basin oilfield. The proposed deal is the largest in the shale patch since 2012 and adds momentum to producers looking to expand drilling in the West Texas and New Mexico shale hub. Permian oil production has soared, now running about 3 million barrels per day and expected to grow by another 2 million bpd by 2025. Click here to read full stories.

Mar 29 - Shanghai oil futures sink below U.S. market; down 10 pct since Monday launch 

Shanghai crude oil futures opened the morning session down nearly 2 percent on Thursday, putting the new market at parity with U.S. prices as state oil majors and local traders continued to place bearish bets, traders said. The latest drop takes the fall since the contract's launch on Monday to 10 percent. Market watchers said the China futures drop could help refiners in the world's top crude importer to bring down costs. Click here to read full stories.

Mar 29 - U.S. crude stockpiles build unexpectedly as imports jump - EIA 

U.S. crude oil stockpiles rose unexpectedly last week as imports soared, while gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week to March 23, compared with analysts' expectations for a decrease of 287,000 barrels. Click here to read full stories.

Mar 29 - Saudi market rules ready for Aramco IPO by end-June - CMA chairman 

Saudi Arabia expects to unveil by the end of June rules to prevent large share price drops in newly-listed companies, the final regulatory step for the listing of oil giant Saudi Aramco, the head of the kingdom's stock market regulator said. The mechanism, known as price stabilization, is common on developed markets and allows underwriters of an initial public offering (IPO) to use some of the company's stock to bolster its price, should it fall in the days after it starts trading, or the volume of shares changing hands is weak. Click here to read full stories.

Mar 29 - Brazil court blocks inclusion of choice oil blocks in March round 

A Brazilian court has blocked the inclusion of two top quality blocks in an oil auction this week, the mining and oil ministry said on Wednesday, adding that it plans to include the areas in future auctions this year. Oil Secretary Marcio Felix said the government would seek to undo the decision, without providing details. But he said success was unlikely before the round on Thursday, which will grant companies concessions to explore and produce in the areas. Click here to read full stories.

Mar 28 - OPEC, Russia consider 10- to 20-year oil alliance - Saudi Crown Prince 

Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years. Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering a deal to greatly extend a short-term alliance on oil curbs that began in January 2017 after a crash in crude prices. Click here to read full stories.

Mar 28 - Mexico's Pemex raises hand in final oil auction before election 

Mexico awarded nearly half of the 35 oil and gas blocks tendered on Tuesday, in an auction where state-run Pemex took advantage of growing political risk ahead of a presidential election to consolidate its predominance in the Gulf's shallow waters. The bidding round is the last before the July 1 election in Mexico, which has been directly competing with Brazil for foreign investment in recent years. The Mexican presidential frontrunner has said he will review contracts awarded under a historic energy opening if he wins. Click here to read full stories.

Mar 28 - Shanghai crude futures sink after heavy overnight selling 

Shanghai crude oil futures were sharply lower on Wednesday, the third day of trading since their launch, after heavy institutional selling overnight as investors followed cues from the dominant international U.S. and European markets. The big volumes done in the late evening in China underscore the complexity of trading the new contract when London's Brent and WTI in the United States are in full swing, with Shanghai's relatively low liquidity exaggerating the price swings. Click here to read full stories.

Mar 28 - Oil market "locked", almost all funds expect further price rises: Kemp 

Hedge funds had turned more bullish on the outlook for petroleum prices, even before the decision to replace the U.S. president’s national security adviser with an anti-Iran hawk was announced on Thursday. Hedge funds and other money managers increased their net long position in the six most important futures and options contracts linked to petroleum prices by 95 million barrels in the week to March 20. Click here to read full stories.

Mar 28 - Noble Group woos more creditors in restructuring plan 

Noble Group Ltd said on Wednesday that creditors holding the majority of its senior debt now accept its $3.4 billion restructuring plan. The beleaguered commodity trader said support for the deal, seen as critical for the firm's survival, has risen to 55 percent from 46 percent on March 14. Click here to read full stories.

Mar 28 - Canadian railways in a catch-22 over crude shipment 

Canadian railway operators see a lucrative opportunity to transport more crude oil to the United States as a rise in output force producers to find new routes to its southern neighbor. However, their need for long-term contracts and the pressure to move a surplus of grains in the country is making it hard to cash-in on the prospect. Click here to read full stories.

Mar 28 - Traders back local firms to buy Petrobras' Nigerian oilfield stakes 

Global oil traders Vitol and Glencore are in talks to financially back Nigerian firms racing to buy assets owned by Brazil's Petrobras valued at up to $2 billion, several sources familiar with the matter said. Cash is being lined up for purchases of stakes in two major oilfields in the west African country, according to the banking and industry sources. Click here to read full stories.

Mar 27 - Shanghai oil futures off to robust start on 2nd day

Shanghai crude oil futures got off to another strong start in their second day of trading on Tuesday, with more than 16 million barrels of crude changing hands, extending the launch day's high volumes, data showed. More than 32,000 lots of the most-active September contract, equivalent to 16 million barrels of crude, changed hands in the overnight and morning sessions. Click here to read full stories.

Mar 27 - China crude futures enjoy champagne start, hard works lies ahead: Russell 

China's new crude oil futures contract enjoyed a successful first day of trading in Shanghai, most likely exceeding the wildest hopes of its backers, but much of the hard work of building a viable benchmark still has to be done. The new contract, launched on Monday by the Shanghai International Energy Exchange (INE), attracted interest from Western oil traders as well as domestic investors. Click here to read full stories.

Mar 27 - Iraq supports OPEC-led oil output cuts, president says 

Iraq supports OPEC's agreement to cut oil output, Iraqi President Fuad Masum said at a meeting on Monday with OPEC Secretary-General Mohammad Barkindo. Masum, who met Barkindo in Baghdad, stressed the "need to support the deal to cut crude oil supply", according to the state-run Iraqi Media Network website. Click here to read full stories.

Mar 27 - Troubled labor pact raises obstacle to Argentina shale development 

A year-old labor agreement between companies, workers and the government of Argentina meant to reduce production costs and lure investors to the sprawling Vaca Muerta shale formation is facing resistance, industry sources told Reuters. Vaca Muerta has attracted investment from Chevron Corp and Exxon Mobil Corp. But the formation, which is about the size of Belgium, remains mostly unexplored, largely due to high production costs and a lack of labor flexibility, oil major executives have said. Click here to read full stories.

Mar 27 - Saudi Aramco ready for IPO in second half of 2018 - CEO 

Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, Amin Nasser, the chief executive officer of the state oil company, said in a Bloomberg television interview on Monday. "We are doing a lot of work to prepare the company for listing," he said. Click here to read full stories.

Mar 27 - U.S. judge approves Philadelphia refiner's bankruptcy plan 

A U.S. bankruptcy judge approved Philadelphia Energy Solutions' plan for Chapter 11 bankruptcy in a Delaware court on Monday, clearing the path for the largest and oldest refinery on the U.S. East Coast to begin its latest recovery. The confirmation in the U.S. Bankruptcy Court of Delaware removes the biggest hurdle for the Philadelphia refiner as it seeks to rebound from financial difficulty. PES filed for bankruptcy in January, citing the high cost of complying with the nation's biofuels obligations. Click here to read full stories.

Mar 26 - Shale firms pump up dividends as industry focus on returns grows 

Nearly a third of the 25 top U.S. shale oil producers have paid or pledged to pay dividends this year, according to Reuters review of financial filings, the largest number since the shale boom took off a decade ago. Oil prices have risen by over a third in the past year, giving shale producers more revenue to respond to investor calls for improved shareholder returns. Click here to read full stories.

Mar 26 - Shanghai crude oil futures roar into action as Glencore bags 1st trade 

Shanghai crude oil futures launched on Monday with mom-and-pop and institutional investors fuelling much higher turnover than many expected for China's new commodity benchmark that is aimed at dominating the Asian market. In a sign the contract has lured overseas interest, global commodity trader and miner Glencore  did the first trade, although a blend of regulatory hurdles and unfamiliar rules may stymie broader take-up in the near term. Click here to read full stories.

Mar 26 - Noble Group says board to seek insolvency protection if restructuring fails 

Noble Group Ltd warned on Monday that it would begin insolvency proceedings if the beleaguered commodity trader's $3.4 billion debt restructuring proposal was not approved by shareholders. Noble's debt restructuring process is seen as critical for the firm's survival. But the deal has been opposed by some bondholders and shareholders, including Goldilocks Investment Co, which has an 8.1 percent stake in the firm.  Click here to read full stories.

Mar 26 - Oil trader Vitol hurt by profit drop in recovering oil market - FT 

International oil trader Vitol was hurt by a drop in profit last year due to tough market conditions prompted by the recovery in oil prices, the Financial Times reported on Sunday, citing people familiar with the results. Vitol posted net income of $1.5 billion in the year ending December, down from more than $2 billion in 2016, one of its best years on record, the newspaper reported. Click here to read full stories.

Mar 26 - Sinopec lifts capex after best posting annual profits since 2013 

China's Sinopec Corp said on Sunday it would raise spending by 17.7 percent this year after posting its best annual earnings since 2013. The company, officially known as China Petroleum and Chemical Corp, said net income rose by 10.1 percent year on year to 51.1 billion yuan ($8.10 billion) in 2017, while revenues climbed 22.2 percent to 2.36 trillion yuan as oil prices  advanced. Click here to read full stories.

Mar 26 - U.S. drillers add oil rigs for 2nd consecutive week - Baker Hughes 

U.S. energy companies added oil rigs this week for a second week in a row, data showed on Friday, as drillers followed through on plans to boost spending, encouraged by crude prices rising toward their highest in nearly three years. Drillers added four oil rigs in the week to March 23, bringing the total count to 804, the highest since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report. Click here to read full stories.

Mar 26 - Hedge funds, other money managers raise U.S. crude oil net longs-CFTC 

Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to March 20 after two weeks of cutting bullish bets, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raised its combined futures and options position in New York and London by 34,575 contracts to 488,438 during the period. Click here to read full stories.

Mar 23 - Saudi expects oil producers to extend output curbs into 2019 

OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories to desired levels, Saudi Arabian Energy Minister Khalid al-Falih said on Thursday. OPEC and non-OPEC countries struck a production supply agreement in January 2017 to remove 1.8 million barrels per day from global markets and end a supply glut. Click here to read full stories.

Mar 23 - Asian oil, gas producers stepping up activity after long lull 

Asia's oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis. Spending has so far been driven mainly by state oil companies such as India's ONGC, Thailand's PTTEP and PetroVietnam, which need to produce more oil and gas to ensure their countries' energy security, executives said this week during an industry event in Kuala Lumpur, Malaysia. Click here to read full stories.

Mar 23 - China aims to challenge Brent, WTI oil with crude futures launch 

The launch of China's yuan-denominated oil futures will mark the culmination of a decade-long push by the Shanghai Futures Exchange (ShFE) aimed at giving the world's largest energy consumer more power in pricing crude sold to Asia. Click here to read full stories.

Mar 23 - Brent spreads tighten again for second half of 2018: Kemp 

Brent calendar spreads have risen significantly over the last week, erasing an earlier decline and indicating traders have become more bullish about the outlook for the oil market later this year. The Brent calendar spread for the second half of 2018, which measures the difference in price between futures for delivery in June and December, has climbed to more than $2.50 per barrel from $1.65 on March 13. Click here to read full stories.

Mar 23 - China's CEFC investigation hits $9 billion Russian oil deal 

Chinese conglomerate CEFC had already started paying for a stake in Russian oil giant Rosneft when the economic crime police took its chairman Ye Jianming away, halting the $9.1 billion deal in its tracks, according to three sources close to the matter. The fate of the deal, one of the largest Chinese investments in Russia, has become a litmus test of how far President Xi Jinping's government is prepared to go with a crackdown on financially risky activities among big-spending conglomerates. Click here to read full stories.

Mar 22 - OPEC supply cut compliance hits record, oil glut going fast 

Compliance with a global deal to cut oil supply hit a new high in February and an inventory glut is shrinking fast, a joint OPEC and non-OPEC committee said, bringing producers close to the pact's original aim. OPEC and its allies achieved 138 percent of pledged output reductions last month, OPEC said, up from 133 percent in January and the highest since the deal aimed at clearing a glut began in January 2017. Click here to read full stories.

Mar 22 - Drillers give tepid response to record U.S. offshore lease sale 

Oil and gas drillers bid on only a tiny fraction of Gulf of Mexico acreage offered on Wednesday in the largest lease sale in American history, a setback to the Trump administration's efforts to rapidly pump up investment in the region. The Interior Department had offered up a record 77 million acres (31.2 million hectares) for development in the Gulf - an area twice the size of Florida - with discounted royalty rates on the shallower tracts as part of a broader effort by President Donald Trump to ramp up fossil fuels output. Click here to read full stories.

Mar 22 - Major banks earned more in metals than oil last year 

Banks' metals-related revenues exceeded their earnings from the oil sector last year for the first time since 2014 as low and relatively stable crude prices discouraged hedging activity, but this is unlikely to be the start of a new trend. Banks' commodity revenue has been on a steady downward path in recent years as they have exited or slimmed down their commodity businesses due to heightened government regulation and a poor performance from the sector. Click here to read full stories.

Mar 22 - U.S. crude oil stockpiles fall in week as imports drop - EIA 

U.S. crude oil stockpiles fell unexpectedly last week as imports dropped and refining rates jumped, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell 2.6 million barrels in the week to March 16, compared with analysts' expectations for an increase of 2.6 million barrels. Click here to read full stories.

Mar 22 - Shell bets on petrol stations as electric revolution looms 

Royal Dutch Shell is placing a big bet on petrol stations and convenience stores in China, India and Mexico as it looks to shore up profits during the electric car revolution. By 2025, the oil and gas giant plans to grow its global network of roadside stations by nearly a quarter to 55,000, targeting 40 million daily customers, Shell said in a statement on Wednesday. Click here to read full stories.

Mar 22 - Iran inches closer to dream of gasoline independence 

Iran has sharply reduced its gasoline imports in recent weeks after starting up a new refinery, trade sources said, bringing the oil-rich country closer to its goal of fuel self-sufficiency. The reduced dependence on imports comes as the future of a landmark 2015 nuclear accord that offered Iran sanctions relief hangs in the balance, with U.S. President Donald Trump threatening to pull out of the deal. Click here to read full stories.

Mar 21 - Trafigura moves hedging out of Europe, leads U.S. oil exports race 

Trading giant Trafigura has moved its commodities hedging operations to the United States and Asia and away from Europe to avoid being subject to new, tighter MiFID II market regulations. "We moved our hedging business away from Europe into the U.S. and Singapore and other locations," Chief Financial Officer Christophe Salmon told reporters. Click here to read full stories.

Mar 21 - Noble Group hit by lawsuit amid crucial debt restructuring 

Goldilocks Investment Co, a leading shareholder of Noble Group Ltd, has filed a lawsuit with the Singapore High Court against the commodities trader and some of its former and current senior executives, alleging they inflated Noble's assets. "We have filed it today," Daniel Chia, a Morgan Lewis Stamford lawyer who is representing Goldilocks, an Abu Dhabi Financial Group equity fund, said late on Tuesday. Click here to read full stories.

Mar 21 - Trump administration may leave biofuel reform to lawmakers - Perdue 

U.S. Agriculture Secretary Sonny Perdue signaled on Tuesday that the Trump administration was backing off efforts to make major changes to the nation's biofuels program and may leave it to lawmakers to settle the divisive issue instead. The White House spent the last few weeks trying to negotiate a heated dispute between the corn and oil industries, key constituencies for President Donald Trump, over the future of the Renewable Fuel Program - a regulation that requires refiners to blend increasing volumes of biofuels like ethanol into the nation's fuel. Click here to read full stories.

Mar 21 - Baker Hughes GE hunts for small oil, gas projects in Asia 

Oilfield services provider Baker Hughes GE (BHGE) is on the hunt for smaller oil and gas projects in Asia Pacific to replicate a project in Papua New Guinea where it is providing services and financing, a senior company executive said. The company, formed from the merger of GE's oil and gas services and equipment business and Baker Hughes, is seeing signs of renewed interest in oil and gas projects in the region, driven by smaller firms, Asia-Pacific President Visal Leng said on the sidelines of the OTC Asia conference. Click here to read full stories.

Mar 20 - Azerbaijan discussing possible membership with OPEC - sources 

The Organization of the Petroleum Exporting Countries and Azerbaijan are discussing deepening cooperation, including possible Azeri membership of OPEC, two sources familiar with the talks told Reuters on Monday. Azerbaijan, along with some other non-OPEC nations led by Russia, and OPEC are cutting oil production jointly by 1.8 million barrels per day (bpd) in an effort to stabilise oil markets and boost the price of crude. Click here to read full stories.

Mar 20 - CEFC China's chairman to step down; CITIC in talks to buy stake in unit 

CEFC China Energy Chairman Ye Jianming, under investigation in China over suspected economic crimes, will step down from his position at the Chinese conglomerate, a company executive and the Czech Republic president's office said. The news came as CEFC's Czech subsidiary CEFC Europe pulled plans for its biggest deal in Czech Republic yet and the CEFC executive told Reuters the company was in talks for state-run CITIC to take a stake in the unit. Click here to read full stories.

Mar 20 - Funds trim bullish oil positions, but no rush for exit: Kemp 

Hedge funds continue to turn more cautious on the outlook for oil prices, but the liquidation of former bullish positions is very gradual, suggesting most see price risks close to balance. Hedge funds and other money managers cut their net long position in the six most important futures and options contracts linked to petroleum prices by 23 million barrels in the week to March 13. Click here to read full stories.

Mar 20 - Exxon Mobil buys LNG to chill quake-hit Papua New Guinea project - traders 

ExxonMobil Corp has bought a liquefied natural gas (LNG) cargo to keep its Papua New Guinea plant cold after a powerful earthquake triggered a production halt last month, several trade sources said on Monday. The cool-down cargo could be a first step toward restarting LNG production at the facility ahead of schedule or it may simply be needed to maintain operational readiness, traders said. Click here to read full stories.

Mar 20 - Pennsylvania says bankrupt refiner owes $3.8 bln in taxes - filing 

The state of Pennsylvania wants a federal judge to halt the bankruptcy of Philadelphia Energy Solutions (PES), arguing the refiner owes an estimated $3.8 billion in fuel taxes, according to a court filing on Friday. The state's Department of Revenue said the refiner must make several changes to the proposed restructuring plan to ensure the taxes are paid before it can support the plan. Click here to read full stories.

Mar 20 - Trump administration preparing list of possible biofuels tweaks -sources 

The heads of the U.S. Environmental Protection Agency and Agriculture Department are scheduled to meet on Tuesday to winnow down proposals to lower the cost of the nation's biofuels policy to oil refiners, according to two sources familiar with the matter. The meeting in Washington marks the latest development in the Trump administration's efforts to find common ground between the rival oil and corn industries over the future of the Renewable Fuel Standard, a law requiring refiners to blend biofuels like ethanol into the nation's gasoline and diesel. Click here to read full stories.

Mar 19 - India shows crude battle is much more than OPEC vs U.S. shale: Russell 

The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output, with a side helping of Chinese imports driving demand. While there are solid reasons for industry participants to focus on these dynamics, there is also the risk of missing out on other factors that help shape the market. Click here to read full stories.

Mar 19 - Vitol, Carlyle to list oil downstream venture Varo in Amsterdam 

Oil trader Vitol and private equity giant Carlyle will list their European downstream venture Varo Energy in Amsterdam this year, looking to raise funds to expand while luring investors with a hefty dividend pledge. Varo, in which Carlyle, Vitol and Dutch firm Reggeborgh Invest each have 33.3 percent stakes, said in a statement on Monday that the three shareholders will sell a combined 30-40 percent of existing shares on Euronext on a pro-rata basis. Click here to read full stories.

Mar 19 - 45 U.S. trade groups urge Trump to avoid tariffs against China 

Forty-five U.S. trade associations representing some of the largest companies in the country are urging President Donald Trump not to impose tariffs on China, warning it would be "particularly harmful" to the U.S. economy and consumers. The organizations said in a letter sent to Trump on Sunday that potential tariffs on China would raise prices on consumer goods, kill jobs and drive down financial markets. Click here to read full stories.

Mar 19 - Trafigura set to boost its dominance in Urals - sources 

Oil trader Trafigura will regain its position as the largest buyer of seaborne crude from Russia's Rosneft, trading sources told Reuters on Friday, expanding their partnership as Rosneft reduces its dealings with Vitol and Glencore. Three sources told Reuters that Trafigura would increase its dominance in Rosneft’s Urals oil trading from April when Rosneft’s 5-year pre-finance deal with Vitol and Glencore expires. Click here to read full stories.

Mar 19 - Oil price volatility at lowest since before the slump: Kemp 

If the oil market has felt unusually quiet in recent weeks and months, that probably reflects the almost complete lack of sharp daily price movements. While prices have soared by more than 40 percent since the middle of 2017, day-to-day volatility has fallen to its lowest level since 2014, with a relatively smooth and orderly upward adjustment in prices. Click here to read full stories.

Mar 19 - Eni promises richer returns after exploration success 

Italian oil major Eni hiked its dividend on Friday and held out the prospect of a share buyback after promising higher growth in production and more cash. Eni was the first oil major to cut its dividend three years ago after a steep decline in the oil price forced the industry to tighten its belt. Click here to read full stories.

Mar 19 - UAE's ADNOC awards Total stakes in two offshore concessions 

Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with France's Total, awarding the company a 20 percent stake in the Umm Shaif and Nasr concession and a 5 percent interest in the Lower Zakum concession. Total has contributed a participation fee of 4.2 billion dirhams ($1.15 billion) for the Umm Shaif and Nasr concession and a fee of 1.1 billion dirhams ($300 million) for the Lower Zakum concession, ADNOC said in a statement. Click here to read full stories.

Mar 19 - Is $71 as good as it gets for oil bulls this year? 

On the surface, things look good for oil producers. Global oil demand is set to grow at its fastest pace in three years and OPEC's discipline in sticking to output cuts has been unprecedented. All of this should help offset booming U.S. production. Click here to read full stories.

Mar 16 - Global oil demand picks up but still lags rising supply - IEA

Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. The IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd) from 97.8 million bpd in 2017. Click here to read full stories.

Mar 16 - Statoil to rebrand as Equinor in green energy push

Norway's Statoil plans to change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil, it said on Thursday. In a video posted on social media, Statoil presented the switch as a way to show its determination to develop investments in renewable energy. Click here to read full stories.

Mar 16 - ran's Zanganeh says OPEC unlikely to change output deal this year - TV

Iranian oil minister Bijan Zanganeh said OPEC was unlikely to change before the end of the year a deal among oil producers to reduce output, Iran's English language Press TV reported on Thursday. "Russians can pull out of the deal as they have made no commitment to OPEC to remain in the agreement until the end of 2018. OPEC also can change its decision but I doubt they will do it,” Zanganeh was quoted as saying by Press TV. Click here to read full stories.

Mar 16 - In a first, U.S. blames Russia for cyber attacks on energy grid

The Trump administration on Thursday blamed the Russian government for a campaign of cyber attacks stretching back at least two years that targeted the U.S. power grid, marking the first time the United States has publicly accused Moscow of hacking into American energy infrastructure. Beginning in March 2016, or possibly earlier, Russian government hackers sought to penetrate multiple U.S. critical infrastructure sectors, including energy, nuclear, commercial facilities, water, aviation and manufacturing, according to a U.S. security alert published Thursday. Click here to read full stories.

Mar 16 - Iraq mulls Basrah Medium grade oil exports, but old pipes hinder plans

Iraq is studying plans to export a new Basrah Medium crude grade to address quality concerns about its light and heavier grades but faces infrastructure constraints, oil industry sources said. Trading sources said such a move was unlikely to happen this year as a new pipeline and other infrastructure had to be built. Click here to read full stories.

Mar 16 - Venezuela's crude sales to U.S. falls to 15-year low in February

Venezuela's crude exports to the United States declined in February to a 15-year low as oil production continues falling and President Donald Trump's administration weighs new sanctions on the OPEC country, according to Thomson Reuters data. Financial sanctions imposed by the United States in August on Venezuela and state-run oil firm PDVSA have created obstacles for selling crude cargoes to U.S. refiners, shrinking the number of customers PDVSA has in the U.S. Click here to read full stories.

Mar 16 - Hardy takes helm from Taylor as CEO of trading giant Vitol

Ian Taylor, who helped build Vitol into the world's biggest oil trader, will step down as chief executive and continue as chairman, the company said on Friday, naming a long-time ally and insider, Russell Hardy, as the new group CEO. Taylor said two years ago he was battling cancer although he continued to travel the world, chasing deals from Africa to the United States and Australia while also working as chairman of the board of trustees for London's Royal Opera House. Click here to read full stories.

Mar 16 - Shell warns against proposed Magellan oil trading arm

The U.S. trading arm of Royal Dutch Shell PLC urged regulators to stick to their ruling denying Magellan Midstream Partners permission to form a marketing affiliate, saying the move would undercut other oil shippers. The U.S. Federal Energy Regulatory Commission (FERC) in November denied a proposal by Magellan to create a marketing affiliate to buy, sell and ship crude oil, on grounds it would essentially be offering pipeline space "below cost" which is against the law. Click here to read full stories.

Mar 15 - OPEC sees oil supply surge from rivals, countering its cuts

OPEC on Wednesday raised its forecast for non-member oil supply this year to almost double the growth predicted four months ago as higher prices spur U.S. shale drilling, offsetting OPEC-led output cuts and a collapse in Venezuelan production. In a monthly report, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day in 2018. That was the fourth straight rise from 870,000 bpd forecast in November. Click here to read full stories.

Mar 15 - S.Korea's Feb crude imports from Iran drop over 30 pct pct y/y

South Korea's crude oil imports from Iran dropped 31.2 percent in February from a year ago to 1.12 million tonnes, or 294,274 barrels per day (bpd), customs data showed on Thursday. The nation's imports of Iranian oil have faltered in the wake of a technical problem at Iran's South Pars field last year and after an Iranian oil tanker sank en route to South Korea in January. Click here to read full stories.

Mar 15 - Shell close to clinching Hong Kong's first LNG import deal - sources

Royal Dutch Shell is close to bagging a deal to supply Hong Kong with liquefied natural gas (LNG), beating out major competitors for the right to be the first company to supply LNG to the city. Shell has edged out companies such as Malaysia's Petronas to supply LNG through a long-term contract to Hong Kong utility CLP Power, two sources familiar with the matter told Reuters. Click here to read full stories.

Mar 15 - Oil market shrugs off rising threat to Iran deal: Kemp

President Donald Trump's decision to replace his secretary of state with a more hawkish figure should have been bullish for oil prices since it increases the probability the nuclear deal with Iran will be abandoned in May. Failure to recertify the deal could lead to the re-imposition of secondary sanctions and pressure from the United States on other countries to reduce their purchases of Iranian crude again. Click here to read full stories.

Mar 15 - U.S. crude stocks up, gasoline supply drops on big demand - EIA

U.S. crude stocks rose last week, but refined product inventories fell more than expected, with gasoline demand rising to a seven-month high, the Energy Information Administration said on Wednesday. Crude inventories rose by 5 million barrels in the week to March 9, compared with analysts' expectations for an increase of 2 million barrels. Click here to read full stories.

Mar 15 - Oil majors give in to investors with share buyback spree

After almost three barren years for investors who have poured millions into the U.S. oil sector, producers are finally opening the floodgates to a wave of share buybacks that will return money to shareholders this year. U.S. oil production topped 10 million barrels per day earlier this year, approaching a record set in 1970, but until recently many investors in the shale oil revolution were still waiting for their payday. Click here to read full stories.

Mar 14 - Is OPEC moving the goalposts for its oil market scoreline? 

Saudi Arabia's proposals of new metrics to determine when the oil market is balanced signals a shift in OPEC's targets for a pact on supply cuts that has almost achieved the initial aim of reducing bloated inventories. The Organization of the Petroleum Exporting Countries, Russia and nine other producers cut output from January 2017 by 1.8 million barrels per day (bpd) with the aim of reducing crude stocks in industrialised OECD nations to the five-year average. Click here to read full stories.

Mar 14 - Libya's Zawiya oil port loadings resume after strike ends - sources

Libya's Zawiya oil terminal returned to normal operations on Tuesday after workers who were blocking ships from docking agreed to end a one-day strike, two sources said. Zawiya exports crude from Libya's giant El Sharara oilfield, which produces 300,000 barrels per day (bpd), more than a quarter of the North African country's output. Click here to read full stories.

Mar 14 - U.S. biofuels sector blasts EPA settlement with bankrupt Philadelphia refinery

The U.S. Environmental Protection Agency's decision to grant a bankrupt Philadelphia refiner relief from biofuel laws drew criticism on Tuesdayfrom the country's biofuels sector and its allies, who said it sets a bad precedent. The EPA and the Carlyle Group-backed Philadelphia Energy Solutions refinery agreed on Monday that the refiner will have to satisfy only roughly half of its $350 million in outstanding compliance obligations under the U.S. Renewable Fuel Standard (RFS). The RFS requires refiners to blend biofuels such as ethanol into their fuel or buy credits, known as RINs, from those that do.  Click here to read full stories.

Mar 14 - Saudi Aramco international listing looks increasingly difficult - sources

Saudi Arabia is increasingly looking to just float oil giant Saudi Aramco locally as plans for an initial public offering (IPO) on an international exchange such as London or New York hang in the balance, sources close to the process said. The kingdom is counting on being awarded emerging market status by index complier MSCI in June to help Saudi Aramco attract Western funds, in addition to cornerstone investors from China, Japan and South Korea, the sources said. Click here to read full stories.

Mar 13 - Europe, U.S. senator push back as Trump seeks lower EU tariffs

U.S. Commerce Secretary Wilbur Ross will urge the European Union to lower its trade barriers, U.S. President Donald Trump said on Monday, calling them unfair to U.S. farmers and industry, a view rejected by the EU and challenged by a Republican senator. The European Commission accused Trump of "cherry-picking" data to distort the debate in a transatlantic dispute over U.S. metals tariffs that threatens to become a trade war. Click here to read full stories.

Mar 13 - Oil majors' interest in Argentina tests free-market reforms

Oil majors are evaluating bids for offshore exploration rights in Argentina, a major change in a country that sent Spanish energy giant Repsol packing six years ago and has seen little offshore exploration for decades. To secure bids, Argentina will need to show it has moved beyond its historical fluctuations between free-market policies and left-wing populism and that it has made progress in lowering costs for energy firms. Click here to read full stories.

Mar 13 - Russia ramps up fuel exports in fight for European market

Russia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show. Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favour production of cleaner and higher-quality fuel. Click here to read full stories.

Mar 13 - U.S. shale output seen hitting record 6.95 mln bpd in April-EIA

U.S. crude production from major shale formations is expected to rise by 131,000 barrels per day in April from the previous month to a record high 6.95 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly productivity report on Monday. That expected increase would top the 105,000 bpd increase in March from the previous month to what was then expected to be a record high of 6.82 million bpd, the EIA said. Click here to read full stories.

Mar 13 - Hedge funds resume liquidating bullish oil positions: Kemp

Hedge funds have resumed liquidating their bullish long positions in crude oil and refined fuels amid more signs that the earlier rally in prices has fizzled out. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum prices by 50 million barrels in the week to March 6. Click here to read full stories.

Mar 13 - Iraq says plans to reduce oil products imports by 25 percent

Iraq's oil ministry on Monday said the nation would reduce its petroleum products imports by 25 percent as crude oil refineries are being rehabilitated following fighting with Islamic State militants. Iraq is also producing more oil products by processing natural gas liquids, Oil Minister Jabar al-Luaibi said in a statement, without indicating a specific timeframe for the import cuts. Click here to read full stories.

Mar 13 - Bankrupt Philadelphia refiner settles biofuel obligation with EPA - court filing

The U.S. Environmental Protection Agency granted a bankrupt Philadelphia oil refining company a reprieve from complying with the nation's renewable fuel laws, according to a settlement agreement filed on Monday. The refiner, Carlyle Group backed Philadelphia Energy Solutions (PES), filed for bankruptcy protection in January and asked a judge to waive some $350 million in compliance costs under the U.S. Renewable Fuel Standard, or RFS. Click here to read full stories.

Mar 13 - U.S. states slow Trump offshore oil drilling expansion plan

The Trump administration's plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of "energy dominance." But existing Obama administration lease rules remain in place through 2022 unless the new rules gain approval. Click here to read full stories.

Mar 12 - UAE's ADNOC says awards Italy's Eni stakes in new oil concessions

Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with Eni, awarding the Italian company a 10 percent stake in its Umm Shaif and Nasr offshore oil concession and a 5 percent stake in Lower Zakum. Eni has contributed a participation fee of 2.1 billion dirhams ($575 million) for the Umm Shaif and Nasr offshore concession and a fee of 1.1 billion dirhams for the Lower Zakum oil concession, ADNOC said in a statement. Click here to read full stories.

Mar 12 - Iran: OPEC could agree in June to start easing oil output cuts in 2019 - WSJ

Iranian oil minister Bijan Zanganeh said OPEC could agree in June to begin easing current oil production curbs in 2019, the Wall Street Journal reported on Sunday. Zanganeh also told the WSJ in an interview that Iran wanted OPEC to work to keep oil prices around $60 a barrel to contain U.S. shale oil production. Click here to read full stories.

Mar 12 - Saudi Aramco international share sale might never happen: Kemp

Saudi Aramco's partial privatisation has loomed over the oil market for the last two years, influencing expectations about oil prices, but what if it never happens? The possibility of selling a minority stake in the giant oil company was first mentioned in a newspaper interview published in January 2016 by then-Deputy Crown Prince Mohammed bin Salman. Click here to read full stories.

Mar 12 - Colombia jumps into Latam oil auction wave, to award blocks in April

Colombia plans to award up to 15 oil blocks next month and will begin routinely offering onshore and offshore areas for exploration and production in May, the head of the country's energy regulator told Reuters. The move, Colombia's first offering of new areas in four years, comes as most of its neighbors also pursue new energy investments. Click here to read full stories.

Mar 12 - Hedge funds cut bullish bets on U.S. crude oil

Hedge funds and money managers cut their bullish wagers on U.S. crude oil for the first time in three weeks, data showed on Friday, amid a broader market slump and worries about surging U.S. crude production. The speculator group cut its combined futures and options position in New York and London by 17,166 contracts to 478,531 in the week ended March 6, the U.S. Commodity Futures Trading Commission (CFTC) said. It was the first cut in three weeks. Click here to read full stories.

Mar 09 - Refiners, traders brace for fuel-market volatility ahead of sulfur caps

Global executives and traders are bracing for higher volatility in fuel markets as they expect refiners to process more light crude oil in the lead-up to new rules aimed at slashing the use of dirty high-sulfur fuel oil in global shipping. Beginning in 2020, shipping vessels will not be allowed to burn fuel with a sulfur content higher than 0.5 percent, down from 3.5 percent currently. The International Maritime Organization (IMO) plan is among the most significant changes in decades for global shipping and refining.  Click here to read full stories.

Mar 09 - Oil and corn tout dueling studies on future of U.S. biofuel program

Big oil and big corn are touting opposing studies released this week on proposed biofuels policy reforms under consideration by the Trump administration, part of an ongoing clash between the two sides over the future of the program. Valero Energy Corp, a major oil refiner, funded a study by Charles River Associates that supports placing a cap on the price of biofuel blending credits under the U.S. Renewable Fuel Standard (RFS) - a change meant to help refiners that complain the RFS now costs them a fortune. Click here to read full stories.

Mar 09 - Shell, Blackstone eye $10 bln bid for BHP U.S. shale assets - Sky News

Royal Dutch Shell Plc and U.S. private equity firm Blackstone Group LP are working on a joint $10 billion bid for BHP Billiton Plc's U.S. shale assets, Sky News said on Thursday. Shell and Blackstone's offer will only be one of several credible proposals that BHP will receive for its U.S. shale operations, Sky News said, citing banking sources. BHP, Shell and Blackstone declined to comment. Click here to read full stories.

Mar 09 - Oil rally stalls amid rising production forecasts: Kemp

Despite the overwhelmingly bullish sentiment that still dominates talk about oil prices, the rally that started at the end of June 2017 seems to have run out of momentum. Front-month Brent futures prices peaked in the final week of January and have since been on a gently declining trend. Click here to read full stories.

Mar 08 - At energy summit, climate pits U.S. against Europe 

The U.S. energy secretary blasted renewable fuels champions on Wednesday while the head of Royal Dutch Shell Plc urged the energy sector to focus on global efforts to cut carbon emissions, reflecting a yawning trans-Atlantic gap on climate issues. Speaking at the CERAWeek conference in Houston, Shell CEO Ben van Beurden outlined an ambitious plan to reduce the Anglo-Dutch company's carbon footprint and expand in renewables, and called on others to follow.  Click here to read full stories.

Mar 08 - Europe struggles to stem biodiesel import flood 

Rising biodiesel imports from Argentina and an expected surge in shipments from Indonesia threaten to cripple output in the European Union, the world's top producer of the renewable fuel. The European Union slashed import duties on Argentine biodiesel last September after Buenos Aires mounted a successful challenge at the World Trade Organisation, weeks after the United States imposed steep duties on the fuel. Click here to read full stories.

Mar 08 - China's Feb oil imports fall as tax rules curb buying by independents 

China's February crude oil imports fell sharply from January's record as independent refineries curbed buying amid worries about new tax rules, while natural gas imports held at high levels to heat homes during a bitter winter. China's February crude oil imports of 32.26 million tonnes, or 8.41 million barrels per day, were 12 percent below January's record high of 9.57 million bpd, data from the General Administration of Customs showed on Thursday. Click here to read full stories.

Mar 08 - Goldman Sachs says 2018 global oil demand still on track for growth 

Goldman Sachs on Wednesday re-issued its 2018 global oil demand growth forecast of 1.85 million barrels per day (bpd), despite recent signs of a slight slowdown, citing a strong start to the year and a pattern of second-quarter demand acceleration. "Oil data for January points to strong global demand growth, consistent with the robust economic momentum entering 2018," analysts at the bank said in a note. Click here to read full stories.

Mar 08 - Exxon tries to sell Wall Street on growth plan, but shares drop 

Exxon Mobil Corp on Wednesday laid out a goal to double annual earnings by 2025 through heavier investments in a bid to allay investor fears that the world's largest publicly traded oil producer has seen its best days. But shares still fell to their lowest level in more than two years after the company said the spending would not boost near-term production, and investors who had expected large share buybacks were disappointed that executives did not announce any. Click here to read full stories.

Mar 08 - Ignore February weakness, China's commodity imports are robust: Russell 

It's safe to dismiss any impression that China's imports of major commodities such as crude oil and iron ore were weak in February, despite the numbers suggesting as much. The timing of the Lunar New Year holiday usually affects when imports are counted as having arrived in the world's largest buyer of commodities. Click here to read full stories.

Mar 08 - Deal reached to re-open Libya's 70,000 bpd El Feel oilfield 

A deal has been reached to re-open Libya's 70,000 barrel-per-day El Feel oilfield, which was shut by a dispute on Feb. 23, the Petroleum Facilities Guard (PFG) said on Wednesday. "It has been agreed to reopen El Feel oilfield," PFG spokesman Taha Ghrouda said, adding that from Thursday morning the PFG "will return and production will be resumed, too." Click here to read full stories.

Mar 07 - U.S. shale and OPEC share steak in uneasy truce at Houston dinner 

Around the room at Houston's The Grove restaurant on Monday, at several tables, sat a group of shale executives, interspersed with energy ministers and officials representing OPEC members, where they dined on fish and steak. They should have had a lot to discuss amid the fervor of CERAWeek, the most notable U.S. energy event of the year. But what could have been two of the biggest topics of conversation - oil prices and OPEC output levels - were not in the cards, as such a broad conversation would run afoul of U.S. antitrust rules against price-fixing. Click here to read full stories.

Mar 07 - Trade skeptics gain upper hand in White House as Cohn quits 

Economic nationalists appeared to gain the upper hand in a White House battle over trade with the resignation Donald Trump's top economic adviser, Gary Cohn, on Tuesday in a move that could ramp up protectionist measures that risk igniting a global trade war. Cohn did not spell out the reasons for his resignation. He had told Trump that markets would slump on a tariffs threat and was regarded as a bulwark of economic orthodoxy in an administration whose protectionist policies have sparked alarm among U.S. legislators and in governments around the world. Click here to read full stories.

Mar 07 - Aramco IPO venue in the balance as Saudi prince embarks on trip 

Saudi Crown Prince Mohammed bin Salman's upcoming trip to Britain and the United States could shape the decision on where to list oil giant Aramco, at a time when sources say the chances of London and New York hosting the IPO appear to be receding. The two leading financial centres have long been the clear frontrunners to host the international leg of the flotation, alongside a Riyadh listing. Click here to read full stories.

Mar 07 - Exxon CEO struggles to reverse Tillerson's legacy of failed bets 

Exxon Mobil Corp's $200 million write-down last month on abandoned ventures in Russia - once its next big frontier - points to challenges facing Chief Executive Darren Woods in his second year leading the world's largest publicly traded oil producer. Some of the biggest bets taken by his predecessor Rex Tillerson, now the U.S. secretary of state, have resulted in billions of dollars in write-downs amid falling production and a stock price that has long lagged peers. Click here to read full stories.

Mar 07 - EIA raises U.S. oil output growth forecast for 2018 

The U.S. government said on Tuesday it expects domestic crude production in 2018 to rise over 120,000 barrels per day (bpd) more than previously expected as shale output surges. Shale production in the U.S. has increased rapidly with improvements in drilling techniques, spurred on by a recovery in international oil prices. Click here to read full stories.

Mar 06 - Shale boom, oil price stability dominate Houston energy conference 

The world's largest oil producers appealed to U.S. shale producers to join their efforts to hold global prices at their current level at a major energy conference Monday, as the boom in shale is continuing to undermine OPEC's production curbs. OPEC Secretary General Mohammed Barkindo said Monday at the CERAWeek conference in Houston that there is a "common understanding" between oil-producing nations and U.S. shale producers that "we all belong to this industry," even as U.S. exports have eroded OPEC's market share over the last year. Click here to read full stories.

Mar 06 - IEA sees U.S. oil output surge stealing OPEC share in next 5 years 

U.S. shale oil output is set to surge over the next five years, stealing market share from OPEC producers and moving the United States, once the world's top oil importer, closer to self sufficiency, the International Energy Agency said on Monday. A landmark deal in 2017 between OPEC and rivals including Russia to curb output to reduce global oversupply improved the outlook for other producers as prices rose sharply throughout the year, the IEA said in Oil 2018, an annual report looking at the next five years. Click here to read full stories.

Mar 06 - Goldman creates new commodities finance team as unit seeks turnaround 

Goldman Sachs Group Inc is creating a new commodities finance team that will move staff from the securities division into the investment banking division, according to an internal memo on Monday. Colleen Foster, global head of commodities sales, will lead the new team, called "commodity finance solutions," the memo said. Her group will work closely with existing teams inside Goldman's investment bank that sell derivatives and structured finance products, with the goal of drumming up more business from corporations. Click here to read full stories.

Mar 06 - Hedge funds recover nerve after oil sell-off: Kemp 

Hedge funds rediscovered some of their confidence in the oil market in the final week of February, as OPEC reiterated its commitment to output restraint and benchmark prices stabilised above $60 per barrel. Hedge funds and other money managers boosted their combined net long position in the six most important futures and options contracts linked to petroleum prices by 68 million barrels in the week to Feb. 27. Click here to read full stories.

Mar 06 - Libya's NOC resumes pumping at El Sharara oilfield - sources 

Pumping at Libya's El Sharara oilfield resumed on Monday, an oil engineer and Libyan oil source said, a day after output had been halted after a landowner closed a valve on a pipeline crossing his land. No production data was immediately available, though the engineer said that output could recover to 300,000 barrels per day (bpd) as soon as Tuesday. Click here to read full stories.

Mar 06 - Biggest U.S. refinery halts large crude unit restart -sources 

Motiva Enterprises halted the restart of the large crude distillation unit at the biggest U.S. refinery, its 603,000-barrel-per-day (bpd) Port Arthur, Texas, plant, on Monday afternoon, said two sources familiar with plant operations. The restart was stopped after problems developed in the flow of crude oil within the 325,000-bpd VPS-5 CDU, the largest of three CDUs at the refinery, the sources said. Click here to read full stories.

Mar 05 - Libyan El Sharara oilfield in shutdown from pollution protest 

Libya's giant El Sharara oilfield was shut down on Sunday after a local landowner closed a valve in protest against pollution near a pipeline crossing his land. The closure, which was confirmed by an oilfield engineer and separate Libyan oil sources, is a major blow to the North African country a little more than a week after a guards' protest closed the nearby El Feel oilfield. Click here to read full stories.

Mar 05 - No talks yet about extending OPEC output cuts into 2019 - UAE minister 

The Organization of the Petroleum Exporting Countries has not discussed "at this stage" extending production cuts into next year, the group's president said on Sunday, adding that reducing global crude supply inventories remained its focus. Suhail Mohamed Al Mazrouei, the United Arab Emirates oil minister and OPEC's president, said in a brief interview ahead of the CERAWeek energy conference in Houston: "We feel there is still some market overhang." Click here to read full stories.

Mar 05 - Speculators raise bullish bets on U.S. crude for second week - CFTC 

Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options in the week to Feb. 27 for the second consecutive week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. U.S. crude futures rallied more than 3.5 percent in the period on a expectations for continued cooperation from top producers to limit output. Click here to read full stories.

Mar 05 - China says it does not want a trade war with U.S.  

China does not want a trade war with the United States but will defend its interests, a senior Chinese diplomat said on Sunday, after U.S. President Donald Trump announced a plan to put tariffs on steel and aluminium imports. Trump struck a defiant tone on Friday, saying trade wars were good and easy to win, a day after he said he intended to put duties of 25 percent on steel imports and 10 percent on aluminium products. Click here to read full stories.

Mar 02 - Trump pushes Big Corn and Oil to break biofuels deadlock 

U.S. President Donald Trump urged representatives from the rival oil and corn industries on Thursday to break a deadlock in talks over the future of the nation’s biofuels policy by accepting a deal involving reforms sought by both sides. Trump has arranged a series of talks between Big Corn and Big Oil since late last year amid rising concern in the White House over the U.S. Renewable Fuel Standard (RFS), a law requiring refiners to mix biofuels such as corn-based ethanol into their fuel. Click here to read full stories.

Mar 02 - Exxon declares force majeure on exports from Papua LNG project-source 

ExxonMobil Corp has declared force majeure on exports from its Papua New Guinea liquefied natural gas (LNG) project, which has been shut since a powerful earthquake on Monday, an industry source familiar with the matter said on Friday. At least 31 people were killed by the 7.5 magnitude quake, and Prime Minister Peter O'Neill has declared a state of emergency across the remote highlands region as rescuers struggle to reach villages buried by landslides.  Click here to read full stories.

Mar 02 - Canada's First Nations seek bigger stakes, profits from oil sector 

Canada's First Nations are boosting investments and leveraging their clout with regulators to gain stakes in oil and gas projects as they seek greater returns on energy produced or transported across their territory. Aboriginal groups in Canada have traditionally played a more passive role in the energy industry, collecting royalties from oil and gas output. That model is changing as some indigenous groups buy oil wells and negotiate ownership stakes in proposed pipelines and storage projects. Click here to read full stories.

Mar 02 - Fundamentalists complain about a new generation of commodity speculators: Kemp 

Traditional commodity traders are lamenting the rise of a new generation of hedge funds who show little interest in the fundamentals of conventional supply and demand analysis. The newcomers are blamed for distorting prices, making markets impossible to trade, and forcing the closure of some long-established specialist commodity funds. Click here to read full stories.

Mar 01 - U.S. crude oil production hit record high in November - EIA 

U.S. crude oil production shattered a 47-year output record in November and retreated slightly in December, the U.S. Energy Department said on Wednesday, as oil production from shale continued to upend global supply patterns. Oil output rose to 10.057 million barrels per day (bpd) in November, a revision from earlier estimates, the EIA said. December production fell 108,000 bpd to 9.949 million bpd, it said. Click here to read full stories.

Mar 01 - U.S. mulls sanctions on Venezuela to put pressure on Maduro - source 

The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said on Wednesday. With Maduro running for another term in an April election that Washington and its allies oppose as a sham, the United States is weighing sanctions that would target Venezuela’s vital oil sector beyond what has been done before, the official told Reuters. Some measures could come before the vote and others could be imposed afterwards. Click here to read full stories.

Mar 01 - Trump wades deeper into biofuel debate with second meeting 

U.S. President Donald Trump on Thursday will gather rivals from the oil and corn industries for the second time this week as the administration seeks elusive common ground on reforms to the nation's controversial biofuels law. The meetings come amid rising concern in the White House over the current state of the U.S. Renewable Fuel Standard (RFS), a law requiring refiners to mix biofuels such as corn-based ethanol into their fuel, which has increasingly divided two of Trump's most important constituencies. A refining company, Philadelphia Energy Solutions (PES) in the key electoral state of Pennsylvania, last month blamed the regulation for its bankruptcy. Click here to read full stories.

Mar 01 - OPEC February oil output falls as UAE over-delivers on cut - survey 

OPEC oil output fell in February to a 10-month low as the United Arab Emirates joined other Gulf members in over-delivering on a supply reduction pact, a Reuters survey found, pushing compliance with the deal to its highest yet. The Organization of the Petroleum Exporting Countries pumped 32.28 million barrels per day in February, the survey found, down 70,000 bpd from January. The February total is the lowest since April 2017, according to Reuters surveys. Click here to read full stories.

Mar 01 - Exxon quits Russian joint ventures, cites U.S. and EU sanctions 

Exxon Mobil Corp said on Wednesday it will exit joint ventures with Russia's Rosneft, citing U.S. and European Union sanctions first imposed in 2014. The move is an about-face for Exxon, which had opposed the sanctions over Russia's invasion of Crimea and argued they unfairly penalized U.S. companies while allowing foreign energy rivals to operate in the country, the world's largest oil producer. Click here to read full stories.

Mar 01 - Repsol working with BofA-Merrill Lynch to sell UK North Sea fields - sources 

Spain's Repsol has asked Bank of America-Merrill Lynch to value its energy portfolio in the North Sea as it considers leaving a troubled joint venture with China's Sinopec, two banking sources said. Repsol Sinopec Resources UK was formed in 2015 as part of the Spanish producer's $8.3 billion acquisition of Canadian oil and gas company Talisman Energy, which held the North Sea assets in a joint venture with Sinopec. Click here to read full stories.