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Dec 20 - U.S. crude exports to Europe expected to fall in Jan as shipping economics weaken
U.S. crude oil exports to northwest Europe are likely to slip early next year after hitting a record high in November, as the arbitrage for transatlantic shipments has slammed shut and freight rates have climbed, analysts said this week. The spread between U.S. West Texas Intermediate crude and Brent futures has narrowed to a discount of around $3.40 per barrel over the last two sessions, the smallest closing spread since October 2023.

Dec 20 - China's Nov fuel oil imports extend gains to seven-month high
China's fuel oil imports hit their highest in seven months for November, customs data showed, as more supply was drawn over for the bunker pool, according to industry sources. The imports totalled 2.55 million metric tons, or about 540,000 barrels per day, data from the General Administration of Customs showed.

Dec 19 - North Dakota oil facilities slow to come back online after October wildfires
Oil operators in North Dakota, the third-largest producing state in the U.S., are still bringing some facilities back online after wildfires swept through key oil-producing counties in October, the state's Industrial Commission said on Wednesday. The outages are limited to isolated production facilities such as well pads, which experienced either local equipment damage or a loss of electricity due to damaged power lines, according to Justin Kringstad, the director of the North Dakota Pipeline Authority.

Dec 19 - Sinopec forecasts China's petroleum consumption to peak by 2027
Sinopec said on Thursday it expects China's petroleum consumption to peak by 2027 as diesel and gasoline demand weakens, while noting that the incoming Trump administration represented a major question mark for China's energy industry. The 2027 peak will be no more than 800 million metric tons or 16 million barrels per day, the state energy giant said.

Dec 18 - OPEC+ wary of renewed US oil output rise under Trump, sources say
OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group's efforts to support prices. OPEC+ pumps about half of the world's oil and earlier this month delayed a plan to raise output until April.

Dec 18 - Asia fuel oil prices capped in early 2025 but supply risks loom
Asia's fuel oil premiums and refining margins will be capped by ample supply in early 2025, but cleaner shipping fuel mandates in Europe and potential changes in Russian and Iranian oil flows under the incoming Trump administration could jolt markets.

Dec 17 - Oil prices fall on soft Chinese spending, ahead of U.S. Fed rate move.
News out of China is dominating energy headlines today, from new developments at PetroChina's trading desk to fresh numbers on refining demand to new economic data. Oil prices are down today after China's consumer spending fell short of expectations. U.S. West Texas Intermediate crude futures were trading at $70.91 a barrel, down 37 cents, at 9:54 EDT (1454 GMT), while global Brent futures were at $74.09 a barrel, down 40 cents. U.S. Henry Hub natural gas futures were at $3.204 per million British thermal units, down 2.32%. 

Dec 17 - Norway oil and gas industry forecasts record investment in 2025
Oil and gas companies operating in Norway expect to invest a record 275 billion Norwegian crowns in 2025, up from 263.7 billion this year and more than previously expected, the Offshore Norge industry association said on Monday. The industry group had one year ago predicted oil and gas investments for 2024 and 2025 would amount to 240 billion and 225.9 billion crowns, respectively.

Dec 17 - Stricken oil tankers show risks of Russia's ageing 'shadow fleet'
Russian authorities sought to limit the damage on Monday from oil spilled into the Kerch Strait by two ageing tankers that were damaged during a heavy weekend storm, highlighting the environmental and insurance risks of Russia's 'shadow fleet'. One crew member was killed after the Volgoneft 212 split in half, with 12 rescued, while authorities said all 14 crew aboard the Volgoneft 239, which ran aground 80 metres from the shore near the port of Taman, were also rescued.

Dec 16 - China Nov refinery throughput rises for first time in eight monthsChina's refinery throughput in November recorded its first rise in eight months, official data showed, as Beijing's economic stimulus measures began to underpin manufacturing activity and oil demand. Refiners processed 58.51 million metric tons of crude oil last month, data from the National Bureau of Statistics showed, equivalent to 14.24 million barrels per day.

Dec 16 - Iranian oil prices to China hit new multi-year highs as sanctions hit shipping, sources say
The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said. Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer, underscoring challenges ahead as the Trump administration is expected to ramp up pressure on Iran.

Dec 13 - Global diesel prices to rely on refinery closures for support in 2025
The global diesel market will likely find price support in 2025 from the closure of about 1% of refining capacity, traders and analysts said, offsetting current weakness and structural downward pressure as the world shifts to cleaner fuels. The market ends 2024 on shaky ground, despite peak seasonal demand, as margins in the world's key energy hubs in Singapore, northwest Europe and the U.S. Gulf have come off November's firm levels as some refineries returned from   maintenance shutdowns.

Dec 13 - Canadian oil producers forecast higher production in 2025
Three of Canada's biggest oil producers, Suncor Energy, Cenovus Energy and Imperial Oil, on Thursday projected higher production in 2025, betting on resilient demand for Canadian crude in U.S. and international markets. Fuel demand in the United States, the biggest destination for Canadian crude, is expected to rise next year as U.S. industrial activity will likely benefit from a cut in borrowing rates, according to the U.S. Energy Information Administration.

Dec 12 - Exxon sets 5-year plan to boost oil and gas output by 18%
Exxon Mobil said on Wednesday its annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030, with a goal of lifting oil and gas output by 18%. The top U.S. oil producer laid out a five-year plan to expand output and increase earnings by 2030 by $20 billion over this year's projected $34.2 billion.

Dec 12 - US crude stocks fall, fuel inventories rise on robust refining, EIA says
U.S. crude inventories fell for the third time in a row, while fuel stockpiles rose in the week ending December 6, the Energy Information Administration (EIA) said on Wednesday, as refinery activity remained seasonally strong. Crude inventories fell by 1.4 million barrels to 422 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 901,000-barrel draw.

Dec 11 - US net crude oil imports to fall by 20% in 2025 to lowest since 1971, EIA says
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand. The EIA expects the United States to produce 13.52 million bpd of oil in 2025, up from 13.24 million bpd in 2024, it said in its December Short-Term Energy Outlook.

Dec 11 - Gunvor plans to cease fuel production at Europoort oil refinery
Global commodities trading house Gunvor intends to mothball the processing units at its Europoort oil refinery in Rotterdam and use the Dutch site as a terminal only, a company spokesperson told Reuters. Gunvor said it had consulted the works council at the refinery over its plans after conducting an internal review on the future financial outlook of the refinery.

Dec 10 - China's Nov crude oil imports rebound on lower prices, stockpiling
China's crude oil imports jumped in November from a year earlier for the first annual growth in seven months, data showed, driven by lower prices of Middle East supplies and additions to the national stockpile. The world's top crude oil buyer took in 48.52 million metric tons last month, data from the General Administration of Customs showed, up 14.3% from 42.45 million tons a year earlier and equivalent to about 11.81 million barrels per day.

Dec 10 - US to offer minimum acreage required at Alaska oil and gas auction
The Biden administration will offer oil and gas drilling leases in Alaska's Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The agency will make 400,000 acres available to drillers at the auction, the minimum required by a law that mandated the sale.

Dec 10 - Crude oil prices retreated from Monday's gains amid weak demand outlooks, following disappointing Chinese international trade data for November.

Crude oil prices slid following disappointing China's international trade data in the Asian session on Tuesday.

At 6 am CET, Brent futures were down 0.37% to $71.9 per barrel, and the WTI futures slipped 0.45% to $68.06 per barrel. The swift downturn in oil prices highlighted an ongoing weak demand outlook for the traditional energy markets, driven by the global economic slowdown, particularly in China.

China's exports rose 6.7% and imports fell 3.9% from a year ago in November, both of which were significantly lower than economists' estimated 8.7% and a rise of 0.9%. On Monday, China also reported a weaker-than-expected consumer price index (CPI), underlining the ongoing sluggish domestic demands.

China's demands play a vital role in crude markets
Crude oil prices rose more than 1% rally on Monday amid China's pledge to adopt more accommodative fiscal and monetary policies to aid the economy in 2025.

The top officials said China would "implement a more proactive fiscal policy and a moderately loose monetary policy" at the Political Bureau meeting of the CPC Central Committee. The statement signalled Beijing would impose more aggressive stimulus measures, such as raising the fiscal deficit, lowering the interest rates, and increasing government borrowings to shore up its economic growth in the new year.

As the world's biggest oil importer, China's demand outlook has a direct influence on the crude markets. According to LSEG estimates, China's oil imports averaged 10.94m barrels per day (bpd) in the first 10 months of the year, a 3.7% decline from the same period last year. However, November's imports reached a four-month high of 11.62m bpd.

On a positive note, a report from S&P Global projected that China's oil demand may increase by 1.7% to 17.59 million barrels per day  (bpd) in 2025.

This improved outlook likely reflects Beijing's ongoing stimulus measures, announced in September with sweeping easing policies to support its faltering economic recovery. However, analysts from Commodity Insights caution that rising production in the United States and Canada, along with output increases by OPEC+, may balance supply and demand, mitigating any price impact from increased demand.

Related - OPEC+ oil alliance makes decision on crude oil prices
Last week OPEC+ postponed its plan to unwind the joint output cuts last week amid a slowdown in global demand and rising US production. The organisation, supplying about half of the world's oil, decided to delay hiking its production by three months and a full recovery in output by a whole year until the end of 2026.

"Ultimately, the market will be focused on demand side factors given that OPEC has tried to tweak the supply side to boost prices, so far to no avail. The marginal driver of future demand will be China. So, for oil to continue to rally, we need steady, good news about the Chinese economy," said Kyle Rodda, a senior market analyst at Capital.com.

Middle East tensions - The only bullish factor for the oil markets is intensifying geopolitical tensions in the Middle East.

Over the weekend, Syrian rebels toppled the government and ousted President Bashar al-Assad. The event, combined with escalating military conflicts between Iran and Israel, as well as the war in Ukraine, altogether increased uncertainties in the region.

In late November, crude prices rose more than 9% during the week due to a major war escalation between Ukraine and Russia.

Ukraine launched US-made longer-range missiles targeting a military base inside Russian territory, promoting Russia to lower its doctrine to use nuclear weapons. Russia also fired a hypersonic missile at Ukraine, marking a major escalation in the geopolitical tensions between the West and Russia. However, the price surge was short-lived amid ceasefire talks in the Middle East.

Meanwhile, US President-elect Donald Trump pushed Russia to reach an immediate truce with Ukraine.

Dec 09 - Saudi crude prices to Asia slump to four-year low on weak demand
Saudi Aramco, the world's biggest crude oil exporter, has cut its January 2025 prices for Asian buyers to the lowest level since early 2021, it said on Sunday, as weak demand from top importer China weighs on the market. Aramco cut the official selling price for flagship Arab Light crude by 80 cents to 90 cents per barrel above the Oman/Dubai benchmark average, the producer said in its price list for buyers.

Dec 09 - Russia's oil tsar says Trump's moves to defend US producers 'fitting'
Igor Sechin, the head of Russia's largest oil producer Rosneft, on Saturday said he approved of U.S. President-elect Donald Trump's proposals to defend domestic energy producers. Speaking at a conference in Qatar, he said that Trump's promises during his election campaign involved "fitting" economic measures, including protecting domestic energy producers and the market.

Dec 06 - OPEC+ delays oil output hike until April, extends cuts into 2026
OPEC+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group. OPEC+, which pumps about half the world's oil, had been planning to start unwinding cuts from October 2024 but a slowdown in global demand and rising output elsewhere forced it to postpone the plans on several occasions.

Dec 06 - Chevron to take up to $1.5 billion in fourth-quarter charges
U.S. oil producer Chevron on Thursday said it will take up to $1.5 billion in fourth-quarter charges for restructuring, asset impairments and property sales costs. Much of the charges are for job cuts and relocations planned for the next two years, the company said in a statement.

Dec 05 - US crude stocks fall as refinery demand grows, EIA says
U.S. crude stocks fell by more than expected last week as refiners ramped up operations, offsetting a rise in crude imports, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 5.1 million barrels to 423.4 million barrels in the week ended Nov. 29, the EIA said, compared with analysts' expectations in a Reuters poll for a 671,000-barrel draw.

Dec 05 - Unipetrol reports delayed Russian oil flows as imports ruling looms.
Refiner Unipetrol reported delays in Russian oil deliveries to the Czech Republic via the Druzhba pipeline on Wednesday, while EU envoys failed to agree on whether to allow it to import products made from Russian crude from neighbouring Slovakia. Its operations were not affected, the unit of Polish refiner Orlen said, but added it had approached the government about an oil loan in light of "the dynamic situation in the regulatory environment".

Dec 04 - OPEC oil output rises in November as Libya recovers, survey finds
OPEC oil output rose for a second month in November as Libya's production recovered after resolution of a political crisis, a Reuters survey found, though members making cuts pledged to the wider OPEC+ alliance kept output broadly steady. The Organization of the Petroleum Exporting Countries pumped 26.51 million barrels per day last month, up 180,000 bpd from October, the survey showed on Tuesday, with Libya again posting the largest increase.

Dec 04 - Venezuela's oil exports approach 1 million bpd fueled by sales to Asia
Venezuela's oil exports jumped last month on higher sales to its mainstay Asia customers, and approached 1 million barrels per day, a level not seen since early 2020, according to ship monitoring data. Under U.S. sanctions since 2019, Venezuela's exports of crude and refined products have been highly volatile.

Dec 03 - After decades, China sputters as engine of global oil demand growth
China's crude oil imports are on track to peak as soon as next year as transport fuel demand begins to decline for the world's top crude buyer, ending the country's decades-long run as the dominant driver of expanding oil consumption. The speed of its transition to electric mobility has stunned oil producers and investors.

Dec 03 - OPEC+ likely to prolong oil cuts for Q1, sources say
OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market. OPEC+, which pumps about half the world's oil, has been gradually aiming to unwind output cuts through 2025.

Dec 02 - Swiss corruption case involving Trafigura and former executive opens
Trafigura and three other defendants including a former board member go on trial over the alleged payment of bribes to an Angolan oil official for oil deals in a landmark case that opens on Monday. It is the first time Switzerland's top criminal court will rule on a company's liability for the alleged bribing of a foreign official and a rare instance of a former top executive of a trading firm going in the dock.

Dec 02 - Russia lifts gasoline export ban for producers
Russia's government lifted a temporary ban on the bulk of gasoline exports supplied by producers, while extending the restrictions for other exporters, such as independent traders and re-sellers, until Jan. 31, 2025, it said on Saturday. The initial ban on gasoline exports was set to expire at the end of this year.

Nov 29 - OPEC+ shifts meeting to Dec. 5, could delay output hike, sources say
OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, OPEC+ sources told Reuters on Thursday, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5. Issues that need to be addressed include an output hike for the United Arab Emirates agreed in June this year that's scheduled to start in January 2025, two of the sources said, declining to be identified.

Nov 29 - Ottawa must ensure Trump understands importance of Canadian oil to US, minister says
Ottawa must make sure the Trump administration understands how inter-related energy markets are in the U.S. and Canada, a Canadian government minister said on Thursday, commenting on President-elect Donald Trump's vow to impose a 25% tariff on imports from the country. "We have some work to do to make sure we are effectively articulating the way in which tariffs would be counterproductive, and that's not just true of oil," Natural Resources Minister Jonathan Wilkinson told Reuters in a phone interview, adding that Americans also benefited from Canadian uranium and hydro exports.

Nov 28 - US gasoline posts surprise build ahead of Thanksgiving, EIA says
U.S. gasoline inventories posted a surprise build last week ahead of the Thanksgiving holiday, while crude oil stockpiles fell more than expected as imports slumped, with supplies from Mexico at a record low, the Energy Information Administration said on Wednesday. Gasoline stocks rose by 3.3 million barrels in the week ended Nov. 22 to 212.2 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 46,000-barrel draw.

Nov 28 - Saudi, Russia, Kazakhstan hold talks ahead of weekend OPEC+ meeting
Top OPEC+ ministers have held talks ahead of the oil producer group's weekend meeting to set output policy, which OPEC+ sources say will discuss a further delay to a planned oil output increase that is due to start in January. Saudi Energy Minister Prince Abdulaziz bin Salman held a meeting by phone with Kazakh Energy Minister Almasadam Satkaliyev and Russian Deputy Prime Minister Alexander Novak, who is on an official visit to Kazakhstan, the Saudi state news agency reported.

Nov 27 - Trump plans no exemption for oil imports under new tariff plan, sources say
U.S. President-elect Donald Trump does not intend to spare crude oil from his planned 25% import tariffs on Canada and Mexico, sources told Reuters on Tuesday, as the oil industry warned the policy could hurt consumers, industry and national security. Canada and Mexico are the top sources of U.S. crude oil imports, together accounting for around a quarter of the oil U.S. refiners process into fuels like gasoline and heating oil, according to the U.S. Department of Energy.

Nov 27 - OPEC+ discusses further delay to oil output hike, sources say
OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start in January, two sources from the producer group said on Tuesday, ahead of Sunday's meeting to decide policy for the early months of 2025. The two OPEC+ sources were speaking after OPEC+ members Iraq, Saudi Arabia and Russia held talks in Baghdad, Iraq, on Tuesday.

Nov 26 - Azerbaijan says OPEC+ might consider oil cuts rollover at Dec. 1 meetingOPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan's Energy Minister Parviz Shahbazov told Reuters, as the group had already postponed hikes amid demand worries. The issue of continuing oil production cuts "could be raised during the meeting", Shahbazov also told Reuters in Baku.

Nov 26 - Trump prepares wide-ranging energy plan to boost gas exports, oil drilling, sources say
Donald Trump's transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas projects and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans. The energy checklist largely reflects promises Trump made on the campaign trail, but the plan to roll out the list as early as day one ensures that oil and gas production will rank alongside immigration as a pillar of Trump's early agenda.

Nov 25 - China issues extra crude oil import quota to independent refineries, sources say
China has issued an additional crude oil import quota of at least 5.84 million metric tons (116,800 barrels per day) to independent refiners for cargoes arriving by end-2024 and in early 2025, people familiar with the situation said. The quotas are likely to lift China's crude imports heading into next year, after purchases rebounded in November, driven by sharp price cuts for shipments from Iraq and Saudi Arabia.

Nov 25 - Kazakhstan to produce 88.4 mln tons of oil this year
Kazakhstan will produce 88.4 million metric tons of oil this year, Energy Minister Almasadam Satkaliyev said. Satkaliyev said the figure, a reduction from an original plan to produce more than 90 million tons, reflected maintenance breaks at large oilfields and Kazakhstan's OPEC+ commitments. Satkaliyev said the figure, a reduction from an original plan to produce more than 90 million tons, reflected maintenance breaks at large oilfields and Kazakhstan's OPEC+ commitments.

Nov 22 - US October gasoline imports hit post-pandemic low on slump in European shipments
U.S. waterborne gasoline imports fell in October to their lowest since the COVID-19 pandemic, with European shipments to the U.S. Northeast hitting a record low and Asian cargoes more than halved from a year ago, according to traders and ship-tracking data. The anemic flow to the top gasoline-consuming nation is showing signs of continuing this month amid weak demand and high production domestically, which could spell more trouble for global oil prices and refiners' profits.

Nov 22 - China crude oil imports set for November rebound, but it's price not demand: Russell
China's crude imports are on track to rebound in November to the highest in three months, but the increasing appetite of the world's largest oil importer is more about price than rising demand. Crude oil arrivals may reach around 11.4 million barrels per day (bpd) this month, the most since August and the third-highest month so far in 2024, according to vessel-tracking and port data compiled by commodity analysts Kpler and LSEG Oil Research.

Nov 21 - US crude, gasoline inventories rise, distillates draw down, EIA says
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday. Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.

Nov 21 - OPEC+ may stick with deep oil cuts for longer due to weak demand
OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies led by Russia, the group known as OPEC+, which pumps around half the world's oil, has already delayed a plan to gradually lift production by several months this year.

Nov 20 - China's Oct fuel oil imports climb to five-month high
China's fuel oil imports for October rose to their highest in five months, customs data showed. The imports totalled 2.06 million metric tons, or about 423,000 barrels per day, according to data from the General Administration of Customs.

Nov 20 - Iraq's fuel oil exports head for record year after Oct volumes jump
Iraq's fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October as domestic demand eased even as output rose, according to industry sources and ship-tracking data. The boost in exports of the residue fuel will support oil revenues for OPEC's second-largest producer despite stagnant crude shipments this year due to production caps under quotas set by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+.

Nov 19 - Norway's massive Johan Sverdrup oilfield shut by power outage
Norway's Equinor has halted output from its Johan Sverdrup oilfield, western Europe's largest, due to an onshore power outage, the company said on Monday. Oil prices rose on the news, adding to earlier gains stemming from escalation in the Russia-Ukraine war.

Nov 19 - Trafigura hunts missing $500 million in Mongolian fuel fraud, trading sources say
Swiss trading house Trafigura is trying to track down $500 million in Mongolia following a year-long probe of staff and associates over a billion-dollar fraud scheme at its local fuel supply business, according to three trading sources familiar with the case. The Mongolia case, the second large-scale fraud Trafigura has uncovered in the past two years, has rattled bank trade financiers who are now questioning the strength of oversight at one of the world's biggest energy and commodity traders, two banking sources who work with Trafigura and lend money to the company said.

Nov 18 - European oil giants step back from renewables path
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.

Nov 18 - Biden aims to finalize clean fuel rule before leaving White House
Democratic U.S. President Joe Biden aims to finalize a rule on a clean fuel tax credit before leaving office on Jan. 20, a senior White House official said on Sunday. The clean fuel program, which would provide credits for the production of sustainable aviation fuel and other lower-emission transportation fuels, is set to begin in 2025.

Nov 15 - China's oil refinery output falls from a year ago for a seventh month
China's refinery throughput in October fell 4.6% from last year, down from year earlier for a seventh month, as plant closures offset the ramp up of a newly started complex and demand from holiday travel, official data showed. Refiners processed 59.54 million metric tons of crude oil last month, data from the National Bureau of Statistics showed, equivalent to 14.02 million barrels per day.

Nov 14 - World faces oil surplus in 2025 on weak demand, IEA says   

-Sees supply exceeding demand by over 1 mln bpd in 2025   

-IEA raises 2024 demand growth forecast by 60,000 bpd, leaves 2025 demand growth projection steady at 990,000 bpd

Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said on Thursday, as rising production from the United States and other outside producers outpaces sluggish demand.The prospect of a more than 1 million barrels per day (bpd) excess supply - equal to over 1% of world output - is a headwind for OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia - in its plan to start raising output.- Oil demand growth has been weaker than expected this year in large part because of China. After driving rises in oil consumption for years, economic challenges and a shift towards electric vehicles are tempering oil growth prospects in the world's second-largest consumer."China's marked slowdown has been the main drag on demand," the IEA said in its monthly oil market report."Rapid deployment of clean energy technologies is also increasingly displacing oil in transport and power generation, adding downward pressure to otherwise weak demand drivers," the report added.- The Paris-based agency left its 2025 oil demand growth forecast little changed at 990,000 bpd. At the same time, it expects non-OPEC+ nations to boost supply by 1.5 million bpd, driven by the United States, Canada, Guyana and Argentina - more than the rate of demand growth.Next year's surplus, as forecast by the IEA, could make it harder for OPEC+ to bring back production. Earlier this month, OPEC+ again postponed a plan to start easing output cuts amid falling prices.

Nov 14 - EIA slightly raises US, global oil production forecasts
Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S. Energy Information Administration said on Wednesday. A surge in oil supply has run into weakening demand growth this year, dragging oil prices to their lowest since 2021 despite large production cuts from the Organization of the Petroleum Exporting Countries and its allies in OPEC+.

Nov 14 - Trump pick Rubio could harden oil sanctions on Iran, Venezuela
President-elect Donald Trump's pick of U.S. Senator Marco Rubio for secretary of state could signal stricter enforcement of oil sanctions on Iran and Venezuela, but concerns about retaliation by China could temper any efforts, analysts said on Wednesday. Rubio, a longtime member of the Senate Foreign Relations Committee, has long pushed for a tougher U.S. policy on Iran and China.

Nov 13 - US oil industry urges Trump to ditch Biden climate policies
The U.S. oil and gas industry on Tuesday called on President-elect Donald Trump to scrap many of President Joe Biden's policies aimed at fighting climate change, saying the measures threaten jobs, consumer choice and energy security. The American Petroleum Institute (API), the nation's top oil and gas trade group, urged Trump's incoming administration to do away with vehicle emissions standards meant to move the auto industry to produce more electric vehicles, lift a pause on export permits for liquefied natural gas facilities and work with Congress to repeal a fee on methane emissions from drilling operations, among a range of other actions.

Nov 13 - Shell wins appeal against landmark Dutch climate ruling
Oil and gas major Shell on Tuesday won an appeal against a landmark ruling that required it to accelerate carbon reduction efforts, dealing a blow to campaigners who have turned to legal channels to pursue climate action. The appeals court in The Hague said Shell had a responsibility to reduce greenhouse gas emissions to protect people from global warming.

Nov 12 - US crude exports to China rebound from four-year low but outlook glum, Kpler saysU.S. exports of crude oil to China, the world's top oil importer, have rebounded in October from their lowest levels since 2020 amid weak Chinese fuel demand and refinery profits, but the outlook for growth in exports is glum, according to ship tracking service Kpler on Monday. China's monthly imports of crude from the world's top producer hit 24,000 barrels per day (bpd) in August, the lowest levels since February 2020 when COVID-19 slashed demand.

Nov 12 - India, Saudi Arabia top buyers of Russian VGO and fuel oil in October, LSEG data showsIndia and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in October, traders said and LSEG data showed. Total fuel oil and VGO exports from Russian ports last month declined by 3% from September to about 4.15 million metric tons, according to Reuters calculations based on LSEG data.

Nov 12 - Trump's take on energy
Oil prices are down 2% today as the dollar has crept higher and China's stimulus plan disappointed investors who were eying a bump in fuel demand growth.

- This comes after a 2% decline on Friday, though both crude benchmarks ended last week slightly higher.
On Monday, Brent crude futures are trading around $73.29 a barrel, down $1.48, and West Texas Intermediate crude (WTI) futures are around $68.78 a barrel, down $1.60. The dip in prices comes even as more than a quarter of U.S. Gulf of Mexico oil production was offline in the aftermath of Storm Rafael.

- Henry Hub natural gas futures are up nearly 10% today, trading at $2.928 per million British thermal units; however, spot prices for Henry Hub have plunged to a 25-year low as warmer weather clips heating demand. In West Texas, Waha natural gas prices are trading in negative territory due to lack of takeaway capacity.

Nov 11 - China's weak crude imports, Trump risks give OPEC+ headaches: Russell
The scale of OPEC+'s China problem is evident in yet another month of weak crude oil arrivals, with the world's biggest importer recording a sixth consecutive decline in October. Customs data last week showed imports of 44.7 million metric tons in October, equivalent to 10.53 million barrels per day (bpd), down from 11.07 million bpd in September and 11.53 million bpd in October last year.

Nov 11 - Biden administration buys last oil for emergency reserve as fund taps out  
The Biden administration said on Friday it has bought its last batch of oil for the Strategic Petroleum Reserve after selling a record amount from the facility in 2022 to counter fuel prices that had risen after Russia's invasion of Ukraine. The Department of Energy said it had bought 2.4 million barrels of oil for the reserve for delivery from April through May to the SPR's Bryan Mound, Texas site.

Nov 08 - Ghana sees first oil output increase in five years
Ghana's crude oil output increased by 10.7% year-on-year in the first six months of 2024, reversing an annual production decline that began five years prior, the country's public interest and accountability committee (PIAC) reported. Crude oil production in Ghana, Africa's leading gold producer, began in 2010, but output fell to a five-year low in 2023 due to production declines in existing fields, effectively erasing gains from new wells.

Nov 08 - Trump-led oil & gas export boom may go bust in Europe trade spat: Maguire
Oil and gas producers in the United States expect to find it easier to ramp up output and exploration under the incoming second administration of Donald Trump. Finding local and lucrative markets for their wares might be the bigger challenge. Producers expect the new administration to streamline permit processes relating to fossil fuel extraction and distribution that should result in a climb in U.S. oil and natural gas output, which is already at record highs.

Nov 07 - China's crude oil imports fall for sixth straight month on refinery closure
China's crude oil imports fell 9% in October, data showed, a sixth consecutive monthly year-on-year decline as a plant closure at a state oil refinery adds to weaker demand from independent refiners. The world's largest crude oil importer brought in 44.7 million metric tons last month, or about 10.53 million barrels per day (bpd), data from the General Administration of Customs showed.

Nov 07 - China's cheap Iranian oil supply at risk from tighter Trump sanctions
China faces a squeeze on supplies of cheap Iranian crude, which make up about 13% of imports by the world's biggest buyer of oil, if Donald Trump ramps up enforcement of sanctions on Tehran after his return as U.S. president in January. Trump, who won Tuesday's election, Edison Research projected, is expected during his second term to re-impose his "maximum pressure policy" of heightened sanctions on Iran's oil industry over concerns about its nuclear programme, say Iranian, Arab and Western officials.

Nov 06 - Oil and gas producers cut US Gulf of Mexico output ahead of storm
Oil and gas producers began shutting in U.S. Gulf of Mexico output and pulling workers off platforms on Tuesday ahead of a late hurricane season storm threatening offshore fields. The U.S. National Hurricane Center warned of steady to rapid intensification over the next 24 to 36 hours, with Tropical Storm Rafael forecast to became a Category 1 hurricane by early Wednesday.

Nov 06 - Saudi Arabia cuts December light crude prices for Asia
Top oil exporter Saudi Arabia has cut the price for the flagship Arab light crude it sells to Asia in December by 50 cents to $1.70 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement on Tuesday. The decrease is broadly in line with expectations, as sources at Asian refineries had said they expected the price to fall by 30 cents to 50 cents.

Nov 05 - Saudi Aramco reports 15% drop in Q3 profit but maintains dividend
Saudi oil giant Aramco reported a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins, but maintained its generous dividend at $31.1 billion for the quarter. Aramco posted net income of $27.6 billion in the three months to Sept. 30, which still beat a company-provided median estimate of $26.9 billion.

Nov 05 - OPEC oil output rises in October as Libyan supply rebounds, survey finds
OPEC oil output rebounded in October from its lowest this year the previous month as Libya resolved a political crisis, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels per day last month, up 195,000 bpd from September's total, the survey on Monday found, with Libya posting the largest gain.

Nov 04 - OPEC+ agrees to delay December output hike for one month
OPEC+ has agreed to delay a planned December oil output increase by one month, the group said on Sunday, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market. Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to gradually unwind the group's most recent layer of output curbs - a cut of 2.2 million barrels per day (bpd).

Nov 04 - Exxon, Chevron top Q3 profit expectations as US oil output hits record high
U.S. oil producers Exxon Mobil and Chevron posted better-than-expected third-quarter profits on Friday, outperforming their European rivals, as record U.S. oil production cushioned the blow from a plunge in fuel margins.The two focused on expanding oil and gas production as rivals BP and Shell spent heavily on wind, solar and renewables that have yet to pay off.

Nov 01 - Saudi Arabia may cut December oil prices for Asia, sources say
Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in December, tracking weakness in Middle East benchmark Dubai, trade sources said. Price cuts for Saudi oil would signal weak demand and provide more evidence for the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and its allies including Russia, a group known as OPEC+, to potentially delay plans to increase production from December.

Nov 01 - ConocoPhillips reports third-quarter profit beat, hikes production forecast
Oil and gas producer ConocoPhillips surpassed Wall Street's third-quarter profit expectations on Thursday and elevated its full-year output forecast, crediting the increase to operational efficiencies enhancing production. Benchmark Brent crude averaged $78.3 a barrel in the reported quarter, nearly 9% lower than last year, but still favorable enough for oil and gas producers to drill profitably.

Oct 31 - OPEC+ could delay December oil output hike, sources say
OPEC+ could delay December's planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply. The OPEC+ group combining the Organization of the Petroleum Exporting Countries plus Russia and other allies is scheduled to raise output by 180,000 barrels per day in December.

Oct 31 - TotalEnergies third-quarter income drops as refining margins collapse
French oil major TotalEnergies reported third-quarter adjusted net income at a three-year low of $4.1 billion, hit by collapsing refining margins and upstream outages. Adjusted net income was down 37% from a year earlier and down 12.7% from the previous quarter's $4.7 billion. The result just missed analyst expectations of $4.2 billion.

Oct 30 - US West Coast refiners boost imports of light Canadian crude
Canadian waterborne exports of light crude to the U.S. West Coast have surged since the Trans Mountain pipeline expansion began operating in May, data shows, surprising some market participants who thought it would mainly be used to send heavy crude to Asia and California. The increase in Canadian light crude flows into the U.S. is displacing imports from Latin American countries.

Oct 30 - Saudi energy minister commits to crude capacity levels and climate targets
Saudi Arabia is "committed" to maintaining crude capacity at 12.3 million barrels per day, Energy Minister Prince Abulaziz bin Salman said on Tuesday. Speaking at the Future Investment Initiative conference in Riyadh, he said the world's largest oil exporter would maintain its crude targets while also pursuing its climate aims.

Oct 29 - BP third quarter profit slumps to $2.3 billion as oil demand sags
BP reported higher-than-expected third quarter profits of $2.3 billion, their lowest in almost four years, weighed down by a drop in refining profits and weaker oil trading. The 30% drop in profits from a year earlier comes amid a slowdown in global economy activity and oil demand, particularly in China, raising pressure on CEO Murray Auchincloss who has vowed to boost BP's performance amid investor concerns over its energy transition strategy.

Oct 29 - US seeks up to 3 million barrels of oil for emergency reserve
The U.S. on Monday said it is seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds. The solicitation for the oil which would be delivered to the SPR's Bryan Mound, Texas site from April through May 2025, is the latest step in bringing oil back to the reserve after its biggest sale ever in 2022 of 180 million barrels.

Oct 28 - Oil slides 5% after limited Israeli retaliatory attack on Iran (Reuters)- Oil prices are down nearly $5 a barrel today after Israel's retaliatory strike on Iran over the weekend bypassed energy infrastructure. This comes after both benchmarks gained 4% last week as the market awaited the attack and on uncertainty around the U.S. election.
- Both futures contracts are at their lowest since Oct. 1 today, with Brent off 6.3% to $71.25 and West Texas Intermediate trading at $67 a barrel, down 6.7%.
- Henry Hub natural gas futures are down 8.2%, trading at $2.347 per million British thermal unit.

Oct 28 - Crude oil's Middle East risk premium fades, demand woes remain : Russell
For those seeking an answer to the question as to what the Middle East conflict risk premium is in the price of crude oil, the 5.3% drop in Brent futures provides some enlightenment. Global benchmark Brent contracts dropped as low as $71.99 a barrel, down from the close of $76.05 on Friday. They later recovered to trade around $72.73.

Oct 28 - PetroChina set to shut top north China refinery in 2025, sources say
PetroChina is set to shut its largest refinery in north China's Dalian around mid-2025, marking the first major closure at a state-run oil plant, part of a long-mooted project to replace it with a smaller facility at a new site, sources said. The planned shutdown of the entire 410,000 barrels per day (bpd) Dalian Petrochemical plant, representing 3% of the country's total refinery output, comes as Chinese refiners struggle with overcapacity and weakened fuel demand from slowing economic growth and the electrification of its car fleet.

Oct 25 - Oil exports from Russia's western ports to fall 13% in Nov as refinery maintenance ends, sources say
Russia's crude oil exports from its three main western ports will drop by 13% in November from the previous month to 1.95 million barrels per day (or some 8 million metric tons) as refinery maintenance season is over, two trade sources said on Thursday. Exports from Russia's western ports of Primorsk, Ust-Luga and Novorossiisk are closely watched by market participants including the Organization of the Petroleum Exporting Countries (OPEC) members because they are the most volatile flows and heavily affected by the domestic refinery intake.

Oct 25 - New Permian oil pipelines unlikely to be built, say top operators
Top executives of two U.S. energy pipeline operators on Thursday ruled out building new crude oil lines to move volumes out of the Permian shale field in West Texas because of tepid volume growth and difficulties constructing new lines. A wave of consolidation in the top U.S. shale field has concentrated output in the hands of companies that are promising to restrain output so as not to crash prices by over-producing. Pipeline firms also have embraced acquisitions over new construction.

Oct 24 - Equinor Q3 profit drops 13%, lagging forecast
Equinor reported a sharper-than-expected 13% decline in third-quarter profit, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth.The Norwegian oil and gas producer's adjusted earnings before tax for the July-September period fell to $6.89 billion from $7.93 billion a year earlier, lagging the $7.08 billion seen in a poll of 25 analysts compiled by Equinor.

Oct 24 - US crude stockpiles jump as imports climb, gasoline builds as refineries ramp up, EIA says
U.S. crude oil inventories rose sharply last week as imports ticked higher, while gasoline stocks rose unexpectedly as refineries ramped up output after seasonal maintenance, Energy Information Administration (EIA) data showed on Wednesday. Crude inventories rose by 5.5 million barrels to 426 million barrels in the week ending Oct. 18, the EIA said, compared with analysts' expectations in a Reuters poll for a 270,000-barrel rise.

Oct 23 - As US Permian crude turns lighter, it risks losing favor with refiners
Companies drilling for the crude that turned the U.S. into the world's top oil producer face an unexpected dilemma: their West Texas Midland crude is getting lighter, which could make it less appealing to some refiners. Super-light crudes would have to be blended with heavier grades for processing into gasoline, diesel and jet fuel.

Oct 23 - Baker Hughes tops profit estimates on international drilling demand
Baker Hughes beat Wall Street estimates for third-quarter profit on Tuesday, helped by sustained demand for its drilling equipment and oilfield technology in international markets. The robust activity in several international markets have helped oilfield services companies offset some of the declines in North America.

Oct 22 - China's surplus crude oil hits nearly 1 million bpd for September: Russell
The weak position of China's crude oil sector was underlined by September data showing a sixth consecutive monthly drop in refinery processing, leading to nearly 1 million barrels per day of oil being available for storage. China's refineries processed 14.29 million bpd of crude in September, up slightly from 13.91 million bpd in August, but down 5.4% from the same month in 2023, according to official data released on Friday.

Oct 22 - BB Energy, JE Energy win contracts to market Guyana's share of its crude oil, gov't says
BB Energy and JE Energy will each market some shares of Guyana's crude oil production over the next year, the South American country's Ministry of Natural Resources said on Monday. The tender for the contracts received 27 bids, including from Shell, TotalEnergies, Chevron, ADNOC, Gunvor, Vitol, PetroChina, CNOOC and Eni.

Oct 21 - IEA sees surplus oil supply, weak China demand in 2025
China's oil demand growth is expected to remain weak in 2025 despite recent stimulus measures from Beijing as the world's No. 2 economy electrifies its car fleet and grows at a slower pace, the head of the International Energy Agency said. China, which has accounted for more than 60% of global oil demand growth in the last decade when its economy grew at 6.1% on average, is slowing down, IEA Executive Director Fatih Birol told Reuters on the sidelines of the Singapore International Energy Week conference.

Oct 21 - Saudi Aramco CEO 'fairly bullish' on China oil demand
Saudi Aramco is "fairly bullish" on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned oil giant said.  "We see more demand for jet fuel and naphtha especially for liquid-to-chemical projects," Aramco CEO Amin Nasser said on the sidelines of the Singapore International Energy Week conference.

Oct 18 - China's September refinery output falls for the sixth straight month
China's refinery output fell 5.4% last month versus a year earlier, official data showed, declining for a sixth consecutive month even with the start-up of a new plant as weak fuel consumption and skinny refining margins curbed processing. Refiners processed 58.73 million metric tons of crude oil last month, data from the National Bureau of Statistics showed, equivalent to 14.29 million barrels per day.

Oct 18 - UK imposes sanctions on Russian oil and LNG vessels
Britain said on Thursday it had imposed sanctions on 18 more Russian oil tankers and four liquefied natural gas vessels, the largest batch of sanctions to date against Russia's so-called "shadow fleet". Britain says the 'shadow fleet' uses illicit practices to avoid Western restrictions on Russian oil.

Oct 17 - US energy deals drop in Q3 to $12 billion after year-long frenzy
U.S. oil mergers slowed sharply last quarter after a year-long consolidation wave emptied pocketbooks and left fewer companies on offer in the top U.S. shale field, analytics firm Enverus said on Wednesday. There were $12 billion worth of deals disclosed in the quarter ended Sept. 30, the lowest total in six quarters, said Enverus Intelligence Research principal analyst Andrew Dittmar.

Oct 17 - India's Russian oil imports rise 11.7% in Sept from Aug, data shows
India's crude oil imports from Russia rose by 11.7% to about 1.9 million barrels per day in September, accounting for about two-fifths of the South Asian nation's overall crude imports in the month, tanker data obtained from industry sources showed. Overall, refiners in India imported a total of 4.7 million bpd of crude oil in September, marginally higher than in August and about 8.5% more than the same month a year ago, the data showed.

Oct 16 - IEA sees oil surplus looming, reassures on Iran supply risk
The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said on Tuesday as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran. Oil prices have risen in recent weeks on investor concern that Israel may retaliate against a missile attack from Iran, a major oil exporter and OPEC member, by hitting its oil facilities or nuclear sites.

Oct 16 - Return of Libyan exports weighs on European crude market
A resumption of Libyan crude output after a political crisis over the central bank slashed the OPEC member's exports to a four-year low, has led to a surplus in crude supplies in Europe, forcing competing sellers to cut their prices, trading sources and analysts say. Libya's National Oil Corporation announced the restart of production on Oct. 3 after a new central bank governor was appointed.

Oct 15 - OPEC cuts 2024, 2025 global oil demand growth view again
OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision. The weaker outlook highlights the dilemma faced by OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices.

Oct 15 - China oil imports fall from a year ago for a fifth month in Sept
China's oil imports fell in September by 0.6% from a year earlier, data showed on Monday, as plants curbed purchases because of weak domestic fuel demand and narrowing export margins. The world's largest crude oil importer brought in 45.49 million metric tons in September, or about 11.07 million barrels per day (bpd), data from the General Administration of Customs showed.

Oct 14 - BP says weak refining margins to dent Q3 profit as fuel demand stalls
Weak refining margins due to a slowdown in global demand for fuel and lower oil trading results will dent BP's third-quarter profit by up to $600 million, the British oil major said on Friday. Global oil refiners are facing a drop in profitability to multi-year lows, a sharp reversal for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current demand slowdown.

Oct 14 - US expands sanctions against Iran's 'ghost fleet' of oil tankers
The United States expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said. The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran's economy with the aim of denying the government funds to support its nuclear and missile programs.

Oct 11 - Oil group MOL's refineries shift to non-Russian crude faces delay
Hungarian oil group MOL expects its refineries to be able to process both Russian and non-Russian crude oils by the end of 2026, a year later than planned as some adjustment projects have been delayed, a senior MOL executive said. Following Russia's invasion of Ukraine in 2022, the European Union prohibited its member states from importing Russian oil, but exempted Hungary, Slovakia and the Czech Republic to allow them to find alternative routes and supplies.

Oct 11 - Diamondback Energy flags lower oil and gas prices for third quarter
Diamondback Energy on Thursday signaled lower prices for its third-quarter oil and gas production, making it the third U.S. shale producer to do so in just a week. Oil prices declined in the July-September quarter due to concerns about global oil demand growth.

Oct 10 - US crude stocks rose last week, fuel inventories dipped as demand surged, EIA says
U.S. crude stocks rose last week, while fuel inventories fell sharply, the Energy Information Administration said on Wednesday, as back-to-back major hurricanes drove gasoline demand to nearly a three-year high. Crude inventories rose by 5.8 million barrels to 422.7 million barrels in the week ended October 4, the EIA said, compared with analysts' expectations in a Reuters poll for a 2 million-barrel rise.

Oct 10 - Top Kazakh oil field hits record output amid tensions with OPEC+, sources say
Kazakhstan's biggest oil field Tengiz, operated by U.S. major Chevron, boosted output to a record high in October, sources told Reuters, potentially complicating the country's future efforts to comply with its OPEC+ quota. OPEC+ has named top 10 global oil producer Kazakhstan along with Iraq and Russia as countries that have repeatedly failed to comply with its pledges to curb oil production this year.

Oct 09 - Russia considers diesel export ban for non-producers, Interfax reports
Russian oil companies have held talks with the government on whether firms that do not produce diesel should be banned from exporting it because of concern the refiners may be losing subsidies, Interfax news agency reported on Tuesday. Russia is the world's biggest seaborne exporter of diesel, just ahead of the United States, and diesel represents the greatest share of its oil product exports.

Oct 09 - Florida gas stations run empty amid panic ahead of Hurricane Milton
A growing number of gas stations were flashing empty signs on Tuesday as panic-buying gripped Florida, where residents are bracing for a monster hurricane to make landfall. Hurricane Milton was downgraded to a Category 4 storm on Tuesday as it grinded past Mexico's Yucatan Peninsula en route to Florida's Gulf Coast where over 1 million people were ordered to evacuate.

Oct 08 - Chevron to sell assets for $6.5 bln to Canadian Natural Resources
Chevron is selling its assets in Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5 billion, the oil giant said on Monday as it puts in motion its divestiture plan. The all-cash deal, which is expected to close by Dec. 6, is a part of its strategy to raise $10 billion to $15 billion by 2028 through asset sale, while increasing focus on regions such as U.S. shale and Kazakhstan.

Oct 08 - Shell's third-quarter refining margins drop sharply
Shell's refining profit margins dropped by nearly 30% in the third quarter from the previous three months as global demand sagged, while oil product trading earnings also weakened, it said on Monday. A drop in refining margins in recent months, a result of slowing global economic activity and new refineries coming online, is set to weigh on third quarter earnings of the world's top energy companies.

Oct 07 - BP drops oil output target in strategy reset, sources say
BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030.

Oct 07 - Saudi Arabia raises Arab Light November OSP for Asia to four-month high
Top oil exporter Saudi Arabia has raised the November price for its flagship Arab light crude to Asia to its highest levels since July. The November official selling price (OSP) for Arab Light was set at $2.20 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement late on Saturday.

Oct 04 - Libyan oilfields open now that central bank dispute resolved
Libya's eastern-based government and Tripoli-based National Oil Corp announced on Thursday the reopening of all oilfields and export terminals after a dispute over leadership of the central bank was resolved. This could pave the way for the OPEC producer to raise oil output significantly.

Oct 04 - OPEC+ still has an Asia dilemma as crude imports remain soft: Russell
The OPEC+ group of crude oil exporters is still planning on lifting output from December, but it will be doing so against a backdrop of weak demand in the top-importing region of Asia. Asia's imports of crude were 27.05 million barrels per day in September, up marginally from August's 26.47 million bpd, according to data compiled by LSEG Oil Research.

Oct 03 - OPEC+ could cushion Iran oil shock but not broader disruption
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country's facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks.

Oct 03 - US crude oil inventories rise as refining activity dips, EIA says
U.S. crude oil inventories rose last week as refinery utilization rates fell amid weakening fuel demand, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel draw.

Oct 02 - Brent oil traders use little known rule to reroute US cargoes
Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded. Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures. Its value affects fuel prices paid by consumers and businesses.

Oct 02 - Big oil's big payouts under strain as energy prices fall
Major energy companies are set to borrow billions to maintain shareholder payouts or cut the rate of share repurchases in the face of a drop in oil prices after more than two years of bumper profits, analysts said. The majors have for decades attracted investors by promising steady payouts even as the transition to lower carbon energy has cast doubt over the industry's long-term prospects.

Oct 01 - US FTC allows Chevron-Hess deal, bars John Hess from board
The U.S. Federal Trade Commission allowed Chevron's $53 billion purchase of Hess Corp, in an order that barred Hess CEO John Hess from Chevron's board. The FTC's order leaves Exxon Mobil's challenge to the deal, which is expected to stretch deep into next year, as its final hurdle.

Oct 01 - Oil forecasts cut for 5th straight month on demand, OPEC uncertainty
Analysts have cut their 2024 oil price forecasts for a fifth consecutive month, citing weaker demand and uncertainty over OPEC’s plans, with prices expected to remain under pressure despite geopolitical risks, a Reuters poll said on Monday. A Reuters poll of 41 analysts and economists conducted in the past two weeks projected Brent crude would average $81.52 per barrel in 2024, the lowest poll projection since February and down from $82.86 projected in August.

Sep 30 - US Gulf Coast oil prices to take center stage as exports dominate
Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on Houston contracts, eroding the significance of the Cushing, Oklahoma, storage hub. Since U.S. WTI Midland crude oil transactions joined the dated Brent price assessment a year ago, U.S. oil exports have overshadowed the role of Cushing as a storage and pricing hub, traders and analysts said.

Sep 30 - US East Coast port strike set to start Tuesday, says union
A port strike on the U.S. East Coast and Gulf of Mexico will go ahead starting on Tuesday, the International Longshoremen’s Association union said on Sunday, signaling action that could cause delays and snarl supply chains. "United States Maritime Alliance ... refuses to address a half-century of wage subjugation," the union said in a statement. The United States Maritime Alliance, known as USMX, represents employers of the East and Gulf Coast longshore industry.

Sep 27 - OPEC+ set to go ahead with Dec oil output hike, sources say
The Organization of the Petroleum Exporting Countries and its allies will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members, two OPEC+ sources said on Thursday. The sources said the plan didn't represent any major change from existing policy after the Financial Times reported Saudi Arabia is committed to OPEC+ raising production on Dec. 1 and dropping its unofficial $100 a barrel oil price target to win back market share.

Sep 27 - About 25% of Gulf Of Mexico oil production shut in due to Hurricane Helene
About 25% of crude oil production and 20% of natural gas output in the U.S. Gulf of Mexico was shut in as a result of Hurricane Helene, the Bureau of Safety and Environmental Enforcement said on Thursday. Energy producers had shut-in 441,923 barrels per day of oil production and nearly 363.4 million cubic feet of natural gas from Gulf waters, the bureau said.

Sep 26 - US oil inventories fall more than forecast, crude at 2-1/2-year low, EIA says
U.S. oil inventories fell across the board last week, the Energy Information Administration said on Wednesday, drawing down more than expected and with crude oil stockpiles hitting their lowest level in nearly 2-1/2 years. Crude stocks dropped by 4.5 million barrels to 413 million barrels in the week ended Sept. 20, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel draw.

Sep 26 - Kazakhstan sees progress in multi-billion claims against oil firms by December
Kazakhstan expects preliminary results of multi-billion arbitration proceedings against international oil companies developing its giant oilfields by December, the country's energy minister told Reuters on Wednesday. The central Asian country last year launched claims against groups developing its Kashagan and Karachaganak oilfields over $13 billion and $3.5 billion, respectively, over disputed costs.

Sep 25 - OPEC boosts long-term oil demand outlook, driven by developing world growth
OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels. The Organization of the Petroleum Exporting Countries, in its 2024 World Oil Outlook published on Tuesday, sees demand growing for a longer period than other forecasters like BP and the International Energy Agency, which expect oil use to peak this decade.

Sep 25 - Storm Helene's eastward tack eases pressure on offshore US oil
Tropical Storm Helene was expected to turn eastward on its track through the Caribbean and into the Gulf of Mexico, increasing the threat of high winds and heavy rains to Cuba and Florida but lessened the risk to U.S. offshore oil production, forecasters said on Tuesday. The storm was moving through the Caribbean and expected to enter the Gulf of Mexico and become a hurricane by Wednesday, potentially rising to a major hurricane with 115 mph winds on Thursday, the National Hurricane Center said.

Sep 24 - Oil firms evacuating US Gulf of Mexico staff as major hurricane looms
U.S. oil producers were scrambling on Monday to evacuate staff from Gulf of Mexico oil production platforms as the second major hurricane in two weeks was predicted to tear through offshore oil producing fields. The U.S. National Hurricane Center said a potential Tropical Cyclone in the Caribbean was expected to rapidly intensify over the gulf's warm waters and could become a major hurricane with winds of up to 115 miles per hour by Thursday.

Sep 24 - China's fuel oil imports set to slow on anticipated tax changes
China is planning a tax revamp that would raise costs for imported fuel oil, prompting independent refiners to slow purchases in another blow to a sector reeling from thin processing margins amid faltering demand, industry sources said. Beijing is widely expected to roll out a change starting from October in the amount of consumption tax rebates refiners receive once they sell gasoline and diesel fuel refined from imported fuel oil, according to multiple industry sources.

Sep 23 - Global refiners face profit slump as new plants come online
Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.
The weakness is a further sign of soft consumer and industrial demand, especially in China, because of slowing economic growth and rising penetration of electric vehicles.

Sep 23 - US drillers cut oil and gas rigs for fifth week in six, Baker Hughes says
U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week, with the count falling for a fifth week in six, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 588 in the week to Sept. 20.

Sep 20 - Saudi Arabia's crude oil exports in July hit almost one-year low
Saudi Arabia's crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country's oil exports stood at 5.741 million barrels per day (bpd) in July, their lowest level since August 2023. Saudi Arabia is world's largest exporter of crude.

Sep 20 - China issues 9 mln tons of new fuel export quotas for 2024, commodities consultancies say
China has released new oil export quotas for the rest of 2024, comprising 8 million metric tons of clean refined fuel and 1 million tons of marine fuel, two Chinese commodities consultancies said on Friday. The latest batch brings the total export allowance so far this year to 54 million tons, including 45 million tons released under the first two allotments, and little changed from last year's annual total of 53.99 million tons.

Sep 19 - US crude inventories hits lowest level in a year, fuel builds, EIA says
U.S. crude oil stockpiles dipped to their lowest level in a year last week, while fuel inventories rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 500,000-barrel draw. 

Sep 19 - Russia may boost oil exports in October on lower refining, sources say
Oil exports from Russia's western ports may rise in October as domestic refineries will increase runs only marginally despite coming out of the peak maintenance season, trading sources said. Traders had been largely expecting oil loadings from the ports of Primorsk, Ust-Luga and Novorossiisk to fall in October versus September due to an anticipated rise in domestic refining.

Sep 18 - US to seek 6 million barrels of oil for reserve, amid low oil price
The Biden administration will seek up to 6 million barrels of oil for the Strategic Petroleum Reserve, a source familiar with issue said on Tuesday, a purchase that if completed will match its largest yet in the replenishment of the stash after a historic sale in 2022. The administration will announce the solicitation as soon as Wednesday to buy oil for delivery to the Bayou Choctaw site in Louisiana, the source said, one of four heavily guarded SPR locations along the coasts of that state and Texas. 

Sep 18 - Azerbaijan sets cost of oil for 2025 budget at $70 per barrel
Azerbaijan has set its projected oil price for the 2025 government budget at $70 per barrel, the Finance Ministry said on Tuesday. This represents a slight decrease from the $75 per barrel price set for 2024.

Sep 17 - Big oil companies defeat US consumer lawsuit over production, prices
Several oil companies including Exxon Mobil and Chevron defeated an appeal on Monday by consumers who accused them of colluding with former U.S. President Donald Trump, Russia and Saudi Arabia to cut oil production, boosting prices at the pump. In a 3-0 decision, the 9th U.S. Circuit Court of Appeals in San Francisco said two dozen consumers could not pursue class action claims because they concerned political questions and the oil-producing policies of foreign countries. 

Sep 17 - Investors turned more bearish on oil last week than ever
Investors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations. Negative sentiment swept oil markets so strongly that short positions on Brent crude overtook long positions for the first time, data from the Intercontinental Exchange showed on Friday.

Sep 16 - China's refinery output falls for a fifth month as fuel demand disappoints
China's oil refinery output in August fell 6.2% from a year earlier, official data showed on Saturday, declining for the fifth month as disappointing fuel demand and weak export margins curbed production.  Refiners processed 59.07 million metric tons of crude oil last month, data from the National Bureau of Statistics showed, equivalent to 13.91 million barrels per day.

Sep 16 - Fifth of US Gulf of Mexico crude oil and 28% of gas offline, regulator says
Nearly a fifth of crude oil production and 28% of natural gas output in U.S. Gulf of Mexico federal waters remains offline in the aftermath of Hurricane Francine, the U.S. offshore energy regulator said on Sunday. Francine marched through prime offshore oil and natural gas producing areas and hit Louisiana as a Category 2 hurricane on Wednesday.

Sep 13 - Louisiana oil refineries start recovering from Hurricane Francine
Six oil refineries in Louisiana in the path of Hurricane Francine began recovering on Thursday from the storm's passage overnight, companies and sources familiar with operations at the plants said. Exxon Mobil said there appeared to be little significant damage at its 522,500 barrel-per-day Baton Rouge, Louisiana, refinery on Thursday. 

Sep 13 - IEA cuts 2024 oil demand growth forecast on China slowdown
Global oil demand will rise less than previously thought this year, led by weakness in China, the International Energy Agency said on Thursday, bolstering its view that consumption is heading towards a plateau this decade. World demand will rise by 900,000 barrels per day, the adviser to industrialised countries said in a monthly report, down 70,000 bpd or 7.2% from its previous forecast, which is at the lower end of the range the industry expects.

Sep 12 - Hurricane Francine disrupts Louisiana energy hubs, crop exports
Energy production and agricultural exports out of the U.S. Gulf of Mexico were partially disrupted on Wednesday, and some oil refineries in Louisiana slowed operations ahead of Hurricane Francine's landfall later in the day, according to official and operator reports.
Port Fourchon, Louisiana, home to marine and equipment suppliers to offshore oil producers, was closed to vessel traffic as was the Louisiana Offshore Oil Port, the only U.S. deepwater port that can handle very large crude carriers for oil imports and exports. 

Sep 12 - China's crude oil imports rebound, but it's prices, not consumption: Russell
China's crude oil imports staged a rebound in August, rising to the highest in a year, but the increase is largely due to earlier lower prices rather than any recovery in consumption. The world's biggest crude importer saw arrivals of 49.1 million metric tons in August, equivalent to 11.56 million barrels per day, according to customs data released on Sept. 10.

Sep 11 - OPEC again lowers 2024, 2025 global oil demand growth view
OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision. The weaker outlook further underscores the challenge faced by OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia in balancing the market.  

Sep 11 - US EIA lifts oil demand forecast, says prices will recover to above $80/bbl
Global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts, the U.S. Energy Information Administration (EIA) said on Tuesday. The widening supply deficit will increase withdrawals of oil from global stockpiles, pushing Brent crude prices back above $80 a barrel in the physical spot market this month, the EIA said in its short-term energy outlook.

Sep 10 - China's Aug daily crude imports rise to 1-year high on lower prices
China's daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed, as shipments staged a tentative recovery on lower crude oil prices and improving refining margins. Daily crude oil imports stood at 11.56 million barrels per day (bpd) last month, the highest since August a year earlier, according to General Administration of Customs data, which can sometimes be revised later. 

Sep 10 - Exxon withdraws from race to buy stake in Namibia oil block from Galp, sources say
Exxon Mobil has pulled out of the race to buy half of Galp Energia's stake in a large oil discovery in Namibia that has attracted interest from top energy companies, sources with knowledge of the matter said. More than 12 oil companies including Exxon, Shell and Brazil's national oil company Petrobras had expressed interest in Galp's 40% stake in the offshore Mopane discovery, sources had previously said.

Sep 09 - Oil steadies after week of heavy losses as storm approaches US Gulf Coast (Reuters)

- Oil futures edged up on Monday as the risk of production disruptions from a potential hurricane approaching the U.S. Gulf Coast helped prices steady after last week's heavy losses.
Brent crude was up 16 cents, or 0.23%, to $71.22 a barrel at 1315 GMT while West Texas Intermediate crude futures were 19 cents, or 0.28%, higher at $67.86.
Brent prices had fallen in each of the past six trading sessions, shedding more than 11%, or nearly $9 a barrel, to register the lowest closing price since December 2021 on Friday.

- Analysts said Monday's rebound was partly in response to a potential hurricane near the U.S. Gulf Coast, while Libyan supply disruption has also been supporting prices.
Libya's NOC late last week declared force majeure on several crude cargoes loading from the Es Sider port, with oil production curtailed by a political standoff over the central bank and oil revenue, four trading sources with knowledge of the matter told Reuters.

- A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday. The U.S. Gulf Coast accounts for about 60% of U.S. refining capacity.
"A small recovery in prices is under way this morning, inspired by hurricane warnings that might threaten the U.S. Gulf Coast, but the wider conversation remains on where demand will come from and what OPEC+ can do," said PVM analyst John Evans.

- The OPEC+ oil producer group last week agreed to delay a planned output increase of 180,000 barrels per day for October by two months in reaction to tumbling crude prices.
Trading houses Gunvor and Trafigura expect oil prices to range between $60 and $70 a barrel because of sluggish Chinese demand and persistent oversupply, executives told the APPEC conference in Singapore on Monday. Meanwhile, Morgan Stanley cut its Brent price forecast for the fourth quarter to $75 a barrel from $80, adding that prices were likely to remain around that level unless demand weakens further.

- The weakness in Chinese demand is driven by an economic slowdown and growing shift towards lower-carbon fuels, said speakers at the APPEC energy industry event.
Refining margins in Asia have slipped to their lowest seasonal levels since 2020.

Sep 09 - S&P Global expects OPEC+ to increase oil output next year
The Organization of the Petroleum Exporting Countries and its allies, the group known as OPEC+, is expected to increase production for the first time in a couple of years in 2025, an S&P Global executive told a conference. Last week, OPEC+ agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed.

Sep 09 - Asia refining margins at lowest seasonal levels since 2020 as supplies grow
Asian refiners' margins slumped to their lowest seasonal levels since 2020 this week as supplies of diesel and gasoline rose after peak summer travel demand ended, industry officials and analysts said on Friday. Persistent weak margins could prompt refiners to trim their output again, adding to a round of cuts that took place earlier in the year when margins were also low and curbing crude demand in Asia, the region that contributes most to global oil demand growth.

Sep 06 - OPEC+ agrees to delay October oil output hike for two months
OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world's biggest oil importer. 

Sep 06 - US crude stockpiles fall to 1-year low as imports fall, EIA says
U.S. crude oil inventories fell to their lowest since September 2023 as imports dropped, while gasoline stockpiles rose with the end of the summer driving season, the Energy Information Administration (EIA) said on Thursday. Crude inventories, excluding the Strategic Petroleum Reserve, fell by 6.9 million barrels to 418.3 million barrels in the week ending Aug. 30, the EIA said, compared with analysts' expectations in a Reuters poll for a 993,000-barrel draw. 

Sep 05 - OPEC+ discussing delay to planned oil output hike in October, sources sayOPEC+ is discussing delaying an oil output increase scheduled to start in October after oil prices hit their lowest in nine months, four sources from the producer group told Reuters on Wednesday. The move comes as oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from China, the world's biggest oil importer. 

Sep 05 - Oil tanker loading crude at Libya's Brega port, engineers say
The 600,000-barrel oil tanker Front Jaguar was loading at Libya's Brega port on Wednesday, engineers told Reuters and Kpler data showed, despite a blockade that has halted other exports. The tanker was permitted to load oil from storage after exports had been halted at major Libyan ports, the engineers said, without giving further details.

Sep 04 - Crude oil bears run rampant as bullish news ignored: Russell
The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative. News that should be positive for oil prices is largely discounted and ignored, while factors that add to negative sentiment are embraced and reflected in price movements. 

Sep 04 - Trans Mountain oil pipeline expansion pushes rivals to cut rates, for now
Pipelines that historically carry Canadian crude to the U.S. are cutting rates and looking to ship different grades of crude oil due to rising competition from the newly expanded Trans Mountain pipeline. The moves will temporarily cut the cost of transporting some of Canada's heavy crude to the U.S. Midwest and Gulf Coast next month.

Sep 03 - OPEC August output falls to lowest since January on Libya, survey finds
OPEC oil output fell in August to its lowest since January, a Reuters survey found on Monday, as unrest that disrupted Libyan supply added to the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.36 million barrels per day last month, down 340,000 bpd from July, the survey found. This was the lowest total since January 2024, according to Reuters surveys. 

Sep 03 - Oil exports remain halted at major Libyan ports, say engineers
Oil exports at major Libyan ports were halted on Monday and production curtailed across the country, six engineers told Reuters, amid a standoff between rival political factions over control of the central bank and oil revenue. Some output was being increased to feed local power generation, they said.

Sep 02 - OPEC+ has oil price and demand problems. It should solve demand: Russell
OPEC+ has two problems and two solutions. The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia. The second issue is that crude demand has so far disappointed the somewhat optimistic forecasts made by OPEC for 2024 growth. 

Sep 02 - US oil demand in June was lowest seasonally since 2020, EIA says
U.S. oil consumption slowed in June to the lowest seasonal levels since the coronavirus pandemic of 2020, data from the U.S. Energy Information Administration showed on Friday. Product supplied of crude oil and petroleum products, EIA's proxy for demand, fell 2.7% month over month to 20.25 million barrels per day (bpd) in June. That is the lowest for June since 2020.

Aug 30 - Libya's oil output falls more than half due to political standoff
More than half of Libya's oil production, or about 700,000 barrels per day, was offline on Thursday and exports were halted at several ports as a standoff between rival political factions over the central bank and oil revenue threatens to end a four-year period of relative peace. Libya's National Oil Corp, which controls the country's oil resources, said that the average oil output stood at 591,024 barrels on Wednesday Aug. 28. Libya pumped about 1.18 million bpd in July. 

Aug 30 - Shell plans wide cuts in oil exploration division, sources say
Shell plans to scale back its oil and gas exploration and development workforce by 20% as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said. The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world, and will be felt in particular in its offices in Houston, The Hague and to a lesser degree in Britain, the sources told Reuters.

Aug 29 - Libya's oil blockade widens as factions vie to control central bank
Libya's oil blockade widened on Wednesday with eastern leaders demanding western authorities back down over the replacement of the central bank governor, a key position in a state where control over oil revenue is the biggest prize for all factions. The crisis over control of the Central Bank of Libya threatens a new bout of instability in a major oil producer split between eastern and western factions that have drawn backing from Turkey and Russia.

Aug 29 - US crude, gasoline stockpiles fall on stronger demand, EIA data shows
U.S. crude oil and gasoline inventories fell last week as demand picked up ahead of Labor Day weekend and the end of the summer driving season, the Energy Information Administration (EIA) said on Wednesday. Crude stocks fell by 846,000 barrels to 425.2 million barrels in the week ended Aug. 23, data showed, far less than analysts' expectations in a Reuters poll for a 2.3 million-barrel draw.

Aug 28 - Once-acquisitive Chinese oil giant looks to revive global dealmaking
CNPC, Asia's top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as building on its record of producing more from aging wells, the head of its research arm said. China National Petroleum Corp and its listed arm PetroChina face stagnant oil output at home and a scarcity of new projects globally to boost reserves even as slowing economic growth and surging EV usage erode domestic demand, although mounting geopolitical barriers limit its room to manoeuvre. 

Aug 28 - Equinor's Castberg oilfield seen reaching full output in H1 2025
Equinor's Arctic Johan Castberg oilfield is expected to reach full production of some 220,000 barrels per day in the first half of 2025, a senior company official said on Tuesday. The oilfield in the Norwegian part of the Barents Sea is set to start pumping by the end of this year and to produce for around 30 years, serving as a hub to tie in nearby discoveries in the future.

Aug 27 - Libya's eastern government says all oilfields to close
Oilfields in eastern Libya that account for almost all the country's production will be closed and production and exports halted, the eastern-based administration said on Monday, after a flare-up in tension over the leadership of the central bank. There was no confirmation from the country's internationally recognised government in Tripoli or from the National Oil Corp, which controls the country's oil resources. 

Aug 27 - Woodside profit and dividend beat estimates, flags much interest for Driftwood stake sale
Australia's Woodside Energy reported a 14% decline in half-year profit on lower oil prices but the result and its dividend came in better than market expectations. Chief Executive Meg O'Neill said there had been a flood of interest in the proposed sale of equity in Driftwood, a U.S. liquefied natural gas export project Woodside is set to own when it purchases U.S. LNG developer Tellurian for $1.2 billion including debt.

Aug 26 - Hungary's foreign minister accuses EU of disrupting oil supplies from Russia
Hungary's foreign minister said on Saturday the European Commission's decision not to mediate in a dispute over a blockage of oil supplies from Russia via Ukraine into his country suggested that Brussels was behind the stoppage. Hungary and its neighbour Slovakia have been protesting since Ukraine put Russian oil producer Lukoil on a sanctions list in June, stopping that company's oil from passing through Ukrainian territory to Slovak and Hungarian refineries.

Aug 26 - New Zealand to push through law to reverse ban on oil and gas exploration
New Zealand said on Monday it would pass laws by the end of this year to reverse a ban on offshore oil and gas exploration, and take urgent steps to remove regulatory hurdles to import liquefied natural gas (LNG) amid energy shortages. The law would end the ban, in place since 2018, on exploration outside onshore Taranaki, an energy-rich region on the country's North Island as the right-of-centre government plans to lure investment to the country's oil and gas sector.

Aug 23 - OPEC gets updated plans from Iraq, Kazakhstan on overproduction compensation
OPEC has received updated output compensation plans from Iraq and Kazakhstan, stating that they aim to make up for their overproduction in the first seven months of this year by September 2025, the producer group said on Thursday. OPEC and other producers including Russia, known as OPEC+, have implemented a series of output cuts since late 2022 to support the market, most of which are in place until the end of 2025. 

Aug 23 - India surpasses China to become Russia's top oil buyer in July

- India overtook China as the world's biggest importer of Russian oil in July as Chinese refiners bought less because of lower profit margins from producing fuels, a comparison of import data showed. (Reuters)
- Russian crude made up a record 44% of India's overall imports last month, rising to a record 2.07 million barrels per day (bpd), 4.2% higher than in June and 12% more than a year ago, data on Indian shipments from trade and industry sources showed. That surpassed China's July oil imports from Russia of 1.76 million bpd via pipelines and shipments, based on Chinese customs data. Indian refiners have been gorging on Russian oil sold at discounts after Western nations imposed sanctions against Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine."India's requirement for Russian oil is going to go up as long as there are no further tightening of sanctions," an Indian refining source said.

- India's trade with Russia has increased since Russia began its war against Ukraine in February 2022 mainly because of oil and fertiliser imports, a move helping to keep a lid on global prices and controlling inflation. India's rising purchases are changing the flow of Russian ESPO Blend crude from traditional Chinese buyers to South Asia. ESPO imports to India jumped in July to 188,000 bpd as larger Suezmax vessels were used, according to the data.

- Refiners in northeast China are typically the biggest ESPO buyers because of their close proximity, but their demand has fallen because of tepid fuel demand. Iraq continued to be the second-largest oil supplier to India last month, followed by Saudi Arabia and the United Arab Emirates.

- India's crude purchases from the Middle East rose 4% in July, pushing up the region's share in India's overall mix to 40% from 38% in June, the data showed.

Aug 22 - US oil export gains slow as output, global demand turn tepid
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish. Crude oil exports from U.S. ports averaged about 4.2 million barrels per day so far this year, according to U.S. government data.  

Aug 22 - US crude stocks, fuel inventories decline as demand picks up, EIA says
U.S. crude stocks, gasoline and distillate inventories all fell by more than expected in the week ending August 16 as demand and exports rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.6 million barrels to 426 million barrels in the week ended August 16, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.7 million-barrel draw.

Aug 21 - US West Coast refiners still waiting for TMX margin boost
Canada's expanded Trans Mountain (TMX) oil pipeline, which commenced commercial operations in May, so far has had little impact on crude costs at refineries on the U.S. West Coast, according to companies operating there. The expansion, which tripled pipeline capacity from Alberta to Canada's Pacific Coast to 890,000 barrels per day, increased the access to Canadian heavy crude oil to West Coast refiners and opened up a new route to Asia. 

Aug 21 - BP-Iraq deal on Kirkuk fields to use profit-sharing model
Iraq will share profits with BP from developing its giant Kirkuk oil and gas fields, two officials said on Tuesday, as the country moves away from low-margin service contracts to speed up production growth and lure back Western majors. Several oil majors, including BP, in recent years turned to other countries offering better terms.

Aug 20 - US oil, gas M&A activity jumped 57% last year amid industry consolidation
Dealmaking activity in the oil and gas industry increased 57% last year as energy companies boosted development spending, driven by higher cash flows from profits in prior years, according to a report released. Top energy companies spent $49.2 billion on mergers and acquisitions in 2023, up from $31.4 billion in 2022, according to a report from Ernst & Young. The increase was mainly driven by mega deals among integrated oil and gas companies. 

Aug 20 - Oil bears turn cautious as financial market strains ease: Kemp
Investors trimmed their bearish short positions in petroleum after other financial markets steadied following a sudden plunge earlier this month and crude prices found support above $75 per barrel. Hedge funds and other money managers purchased the equivalent of 74 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Aug. 13.

Aug 19 - China, Saudi Arabia top buyers of Russian fuel oil in July, LSEG data shows
China and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil exports in July, traders said and LSEG data showed on Friday. Russian fuel oil and VGO seaborne exports last month rose 7% from June to about 4.05 million metric tons, helped by completion of seasonal maintenance on Russian refineries.

Aug 19 - China's gasoline exports fall 35.7% in July as profit margins weaken
China's gasoline exports fell 35.7% in July from a year earlier, customs data showed on Sunday, as refiners lowered crude runs and held back from shipments due to weakening profit margins. Gasoline exports stood at 790,000 metric tons last month, or 5.77 million barrels per day, data from the General Administration of Customs showed. China exported 1.22 million tons of gasoline in July last year and 930,000 tons in June.

Aug 16 - Russia's fuel supplies to Asia around Africa hit record high in July, LSEG data shows
Russia's seaborne exports of oil products to Asia via the Cape of Good Hope almost doubled month-on-month in July to a record high of 1.1 million metric tons, as more vessels take the route around Africa to avoid the Suez Canal shortcut, LSEG shipping data showed. The bulk of the exports were naphtha, at 0.83 million tons, according to market sources and shipping data. 

Aug 16 - North Dakota oil production falls for second straight month in June
North Dakota's oil production fell by 22,500 barrels per day (bpd) in June to an estimated 1.176 million bpd, the state's Pipeline Authority said on Thursday, marking a second straight monthly decline. Production in the third top oil-producing U.S. state has slipped since climbing to 1.29 million bpd last September, according to figures from its Pipeline Authority. September's level was the highest since March 2020, according to Energy Information Administration data.

Aug 15 - China's July oil refinery output sinks to the lowest since Oct 2022
China's oil refinery output in July fell 6.1% from a year earlier, official data showed, down for a fourth month as thin processing margins and tepid fuel demand discouraged production. Refiners processed 59.06 million metric tons of crude oil in July, data from the National Bureau of Statistics (NBS) showed, equivalent to 13.91 million barrels per day (bpd), the lowest since October 2022. 

Aug 15 - US crude inventories rise after six weeks of drawdowns, EIA says
U.S. crude oil stockpiles rose unexpectedly last week, building for the first time since late June, while gasoline and distillate inventories fell more than forecast, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 1.36 million barrels to 430.7 million barrels in the week ended Aug. 9, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.2 million-barrel draw.

Aug 14 - IEA trims 2025 oil demand outlook as China offsets global gains
The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption. The report from the IEA, which advises industrialised countries, is the second this week to flag that a sluggish economy is likely to curb demand in China, the world's biggest oil importer and second biggest oil consumer. 

Aug 14 - US shale companies produce more crude using fewer rigs
Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies as OPEC also plans to unwind its output cuts later in the year. Producers are extending their wells to as much as three miles, squeezing more wells onto a single drilling pad and fracking several wells at once, boosting production, according to industry experts and company executives on recent earnings calls.

Aug 13 - OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike
OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October. This is the first cut in OPEC's 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy. 

Aug 13 - Chevron delivers industry first in ultra-high pressure oil field
Chevron has achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field under extreme subsea pressures, the energy company said on Monday. Its $5.7-billion project, called Anchor, ushers in an era of production from deepwater areas that had long been off-limits, because of the lack of equipment able to cope with pressures of up to 20,000 pounds per square inch.

Aug 12 - Saudi crude oil exports to China set to slip in September, sources say
Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers. September exports from the world's top exporter to China are estimated to slip by about 3 million barrels from a revised volume of about 46 million barrels in August, the sources said. 

Aug 12 - Global oil demand needs to rise faster to absorb OPEC+ hike
Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from October, according to data, analysts and industry sources. Oil demand growth in the first seven months of the year from top consumers the United States and China had failed to meet some expectations even before renewed fears of a U.S. recession triggered a global stock and bond sell-off this week.

Aug 09 - US refiners trim Q3 output amid weaker margins, plant overhauls
U.S. crude oil refiners are trimming third-quarter production plans, company executives said in recent earnings calls, as summer fuel demand ebbs and profit margins remain weak. Operators say they are budgeting more maintenance downtime into forecasts after running at an industry average 95% of capacity earlier this year. Those high oil processing levels led to plentiful gasoline stocks, which benefited motorists but hurt profits.  

Aug 09 - Survival of the fittest: Petrochemical makers battle global glut
Petrochemical producers in Europe and Asia are in survival mode as years of capacity build-up in top market China and high energy costs in Europe have depressed margins for two consecutive years, forcing firms to consolidate. The sector's weakness is troubling for a global oil industry looking at petrochemicals to keep profits rolling in as transportation fuel demand falls in coming years with the energy transition.

Aug 08 - Western insurers provide cover for Russian oil despite price cap concerns
A group of Western insurers have provided cover for tankers carrying Russian crude, keeping its oil flowing after many in the trade sector withdrew for fear of breaching the rules of a G7 price cap, data from traders and shippers shows. The data seen by Reuters showed that five insurers, including American Club, Luxembourg-headquartered West of England and Norway's Gard, provided cover for 10 tankers that sailed from Russia to Asia this year. 

Aug 08 - US crude inventories fall, fuel builds as demand weakens, EIA says
U.S. crude oil stockpiles fell more than expected last week, while gasoline and distillate inventories rose as refining activity picked up and demand dropped, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the EIA said, compared with analysts' expectations in a Reuters poll for a 700,000-barrel draw.

Aug 07 - China's crude oil imports lowest since Sept 2022 amid dampened fuel demand
China's daily crude oil imports in July fell to their lowest since September 2022, Reuters records of customs data show, as weak processing margins and low fuel demand curbed operations at state-run and independent refineries. The world's largest crude oil buyer brought in 42.34 million metric tons in July, or about 9.97 million barrels per day(bpd), data from the General Administration of Customs showed. 

Aug 07 - EIA sees tighter US oil market for 2024, lowers price outlook
The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook. The EIA lifted its forecast for 2024 U.S. oil demand by 100,000 bpd to 20.5 million bpd. It left its 2024 world oil demand growth forecast unchanged, with consumption increasing year-over-year by 1.1 million bpd to 102.9 million bpd.

Aug 06 - Large revisions to US energy data leave traders and analysts befuddled
A string of dramatic revisions to official U.S. oil consumption data have unnerved market participants who rely on the figures to trade. Traders and analysts watch weekly and monthly supply and demand data from the U.S. Department of Energy's statistical arm, which given the U.S. is the top producer and consumer of crude and fuel can influence decisions affecting billions of dollars of energy flows. 

Aug 06 - Venezuela oil exports fall in July on processing outages, cargo delays
Venezuela's oil exports fell in July as crude processing units were hit by outages, reducing stocks available from the country's main producing region and increasing delays to load cargoes, according to documents and vessel monitoring data. The OPEC country's exports had recovered in previous months helped by U.S. licenses and authorizations to partners of state oil company PDVSA, but domestic operational issues knocked down the volume of crude and fuel shipped to the second lowest monthly level this year.

Aug 05 - Exxon delivers $9.2 billion second-quarter profit, raises output target
Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising oil prices and volume gains from its purchase this year of shale oil firm Pioneer Natural Resources. Exxon delivered a $2.14 per share profit that beat analysts' estimates on oil production and pricing gains that offset refining weakness. Results mirrored profit beats by rivals BP, Shell and ConocoPhillips. 

Aug 05 - Japan's gasoline imports seen rising through August as refinery outages cut output
Japan's gasoline imports are expected to stay elevated through August after rising 20% in June as outages at its refineries are reducing output during peak summer demand season, traders and analysts said. Import demand from Japan will further tighten supplies in Asia and support refiners' gasoline margins which have rebounded to two-month highs earlier in July.

Aug 02 - OPEC+ sticks to oil policy, repeats could pause Oct hike
A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start unwinding one layer of output cuts from October, and repeated that the hike could be paused or reversed if needed. Several ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, held an online joint ministerial monitoring committee meeting (JMMC) on Thursday. 

Aug 02 - China's weak diesel consumption squeezes outlook for oil demand
China's slumping consumption of diesel, as use of LNG-powered trucks grows, is weighing on domestic fuel demand, with forecasters warning of further risks from a sluggish economy hobbled by a prolonged crisis in the property sector. While the world's second largest economy was long the growth engine for global oil demand, its peaking appetite for transport fuel, as an energy transition gathers pace in a sputtering economy, is now dampening world markets.

Aug 01 - Subdued demand to keep oil prices steady despite geopolitical risks
Analysts are holding their oil price forecasts largely steady for the second half of 2024, as geopolitical risks offset muted demand from major consumers like China, a Reuters poll indicated on Wednesday. A poll of 36 analysts and economists surveyed by Reuters in the last two weeks forecast that Brent crude would average $83.66 per barrel in 2024, and that U.S. crude would hover at $79.22, largely in line with last month's estimates of $83.93 and $79.72.

Aug 01 - Asia's crude oil imports drop in July as China stays weak: RussellAsia's crude oil imports dropped to the lowest in two years in July as demand remained weak in top importer China and eased in number two India. A total of 24.88 million barrels per day (bpd) arrived in July in Asia, the world's biggest oil importing region, down 6.1% from the previous month and the lowest on a daily basis since July 2022, according to data compiled by LSEG Oil Research.

Jul 31 - OPEC+ likely to stick to output policy at Aug 1 JMMC meeting
An OPEC+ panel is unlikely this week to make any changes to its current deal to cut production and to start unwinding some cuts from October, despite recent sharp declines in oil prices, five sources from the producer group told Reuters. Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday at 10:00 GMT. 

Jul 31 - BP raises dividend as $2.8 bln quarterly profit beats forecasts
BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of nearly $2.8 billion, with weak refining offset by stronger oil prices and retail earnings. The result, which topped analysts' estimates by 9%, is likely to ease pressure on CEO Murray Auchincloss after BP fell short of profit expectations in the previous two quarters.

Jul 30 - Oil bulls retreat as inventories stay plentiful: Kemp
Portfolio investors have soured on the outlook for petroleum prices as an anticipated large depletion of inventories during the third quarter has failed to materialise. Hedge funds and other money managers sold the equivalent of 103 million barrels in the six major futures and options contracts over the seven days ending on July 23. Combined sales over the last three weeks had totalled 144 million barrels, according to records filed with ICE Futures Europe and the U.S. Commodity Futures Trading Commission. 

Jul 30 - Brazil's Petrobras second-quarter oil production rises 2.6%
Brazilian state-run oil company Petrobras said on Monday its crude oil production during the second quarter rose 2.6% from the year-ago period after it ramped up five oil platforms and started production in 12 wells. Petrobras pumped 2.16 million barrels per day (bpd) from April to June, and produced 2.7 million barrels of oil equivalent per day (boepd), a 2.4% increase over the same period in 2023, the company said in a statement. 

Jul 29 - China's Iranian crude imports find new market in northeastImports of Iranian crude have been flowing into the port and refining city of Dalian since late last year, tanker tracking firms and trading sources said, helping sustain the country's purchases of the oil at near record levels. The shift has happened as demand for Iranian crude from small buyers in the independent refining hub of Shandong province has waned in the face of deteriorating refining margins, squeezed by higher crude prices but weaker-than-expected fuel demand, traders said. They have been Iran's main buyers in China since 2019. 

Jul 29 - Nigeria's Dangote refinery is reselling crude, sources say
Nigeria's major Dangote oil refinery is reselling cargoes of U.S. and Nigerian crude, four trade sources familiar with the matter said on Friday. Three of the sources said the reoffer was linked to technical problems at the refinery. A Dangote executive, asked about the offers and talk in the market that the refinery is having operational issues affecting the crude distillation unit, said the CDU is in operation.

Jul 26 - European refiners' golden era draws to end as demand sags
European oil refiners TotalEnergies and Neste warned on Thursday of further weakness in profit margins amid sagging demand, signalling an end to a brief era of stellar profits that followed Russia's invasion of Ukraine. TotalEnergies, the largest European refiner, saw a 34% quarterly drop in operating income of its refining and chemicals business due to lower profit margins from processing crude oil into fuels such as diesel, gasoline and jet fuel.

Jul 26 - Declining Mexican crude output could shatter energy independence dream
Mexico's incoming President Claudia Sheinbaum will likely face a new challenge fulfilling the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply. The country is a major crude producer but output from the country's older oil fields, mostly in the Gulf of Mexico, has slumped to more than a four-decade low.

Jul 25 - US oilfield firms slash prices as mega-mergers shrink customer base
A wave of mega-mergers among oil producers is forcing the U.S. service companies that drill and hydraulically fracture wells to slash their prices, merge, or risk bankruptcy as they compete for a dwindling number of customers. U.S. oil producers, also known as operators, announced more than $275 billion in deals over the past year and a half, including multi-billion-dollar combinations such as Exxon Mobil and Pioneer Natural Resources. 

Jul 25 - US refiners' Q2 profits fall on low margins, soft fuel demand
U.S. oil refiners are expected to report sharply lower second quarter earnings from a year ago after a listless summer driving season that weakened refining margins, energy analysts said. Refiners ramped up processing capacity in the three months ended June 30 to 93.5%, compared with 91% in the prior-year period, to meet an expected spike in gasoline and diesel fuel demand that ultimately fell short, according to the Energy Information Administration. 

Jul 24 - Equinor Q2 profit down, but beats forecastEquinor's second-quarter profits declined by 4% year on year as natural gas prices fell, the energy company reported on Wednesday, although the results still outperformed analysts' expectations. The Norwegian oil and gas producer's adjusted earnings before tax for April-June eased to $7.48 billion from $7.80 billion a year earlier, beating the $6.96 billion predicted in a poll of 22 analysts compiled by Equinor. 

Jul 24 - Black Sea CPC Blend oil exports to fall 9% in August
Black Sea CPC Blend oil exports via the Caspian Pipeline Consortium (CPC) pipeline system are set to fall to about 4.9 million metric tons in August from the 5.4 million planned for July, two sources familiar with the plan said on Tuesday. On a daily basis CPC Blend oil exports will decline by 9.3% in August from July plan, Reuters calculations showed.

Jul 23 - Indonesia seeks Russian oil for the first time in years, sources say
Indonesian state-controlled refiner Pertamina has added Russian oil grades to its tender lists to buy September crude, three traders said on Monday. Pertamina has not purchased Russian oil for years, having taken a step back since the start of Russian-Ukraine military conflict in 2022, though Indonesia did not join Western sanctions against Russia.

Jul 23 - Oil tanker that fled collision site is detained in Malaysia
A tanker that fled the scene of a fiery Friday collision off Singapore entered the area of Malaysia's Bertam floating oil terminal on Monday after being tracked down and intercepted by Malaysian authorities, shipping data from LSEG and Kpler showed. The Sao Tome and Principe-flagged supertanker Ceres I had left the scene of the collision with the Singapore-flagged tanker Hafnia Nile about 55 km (35 miles) northeast of the Singaporean island of Pedra Branca without explanation. 

Jul 22 - Oil prices fall as investors take stock of Biden exit, rate cuts in focus (Reuters)- Oil prices fell on Monday after Joe Biden announced he would not seek a second term as U.S. president, while investors considered the possibility of U.S. interest rate cuts, potentially as soon as September.Brent crude futures fell 68 cents, or 0.82%, to $81.95 a barrel by 1327 GMT. U.S. West Texas Intermediate crude futures were down 69 cents at $79.44.Brent has remained relatively steady in the past month, hovering between $82 and $88 a barrel.- The U.S. Federal Reserve is due to review policy next on July 30-31, when investors expect it to maintain rates, though there have been signs of a possible cut in September."The risk of delaying rate cuts is tied to a contracting economy, which could potentially lead to a recession. This scenario signals bearish implications for oil demand and prices," Razan Hilal, market analyst at Forex.com, said in a note.- Higher interest rates boost borrowing costs for consumers and businesses, weighing on oil demand."If we get an indication of a soon rate cut, the Fed could be positive for risk sensitive assets like oil," said Giovanni Staunovo, an analyst at UBS.Meanwhile, news that President Biden decided on Sunday to abandon his re-election bid was not a major factor for oil markets, analysts said. He has endorsed Vice President Kamala Harris as the candidate who should face Republican Donald Trump in the November election.- Nuclear power provides a lot of power from a relatively small footprint for a very long time without any carbon emissions at all."We think the ability of the U.S. president to influence U.S. oil production is probably overrated," said Suvro Sarkar, energy team lead at DBS Bank, noting U.S. output reached record highs last year despite the Biden administration's moves to address climate change."If anything, a Trump presidency could influence higher demand for oil in the U.S., given his anti-EV (electric vehicle) stance," Sarkar added.

Jul 22 - China's first-half 2024 fuel oil imports slide 11% y/y
China's total fuel oil imports slipped 11% in the first half of 2024, data showed on Saturday, amid a backdrop of weak refining margins and poor fuel demand. The imports totalled 11.95 million metric tons, or about 75.88 million barrels, data from the General Administration of Customs showed.

Jul 22 - Oilfield services firms SLB, Halliburton post profit gains on global demand
Top U.S. oilfield service firms SLB and Halliburton posted higher quarterly profits on Friday helped by strong global demand, but warned of softer activity in North America for the second half of this year. Oilfield service providers have in recent quarters bet on growth overseas, as well as on deepwater projects, to offset weak demand in North America, which has seen a wave of mergers among producers and lukewarm natural gas demand.

Jul 19 - OPEC+ unlikely to change oil output policy at Aug 1 JMMC meeting, sources say
A mini OPEC+ ministerial meeting next month is unlikely to recommend changing the group's output policy, including a plan to start unwinding one layer of oil output cuts from October, three sources told Reuters. The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee meeting (JMMC) on Aug. 1 to review the market.

Jul 19 - Exxon clash with Chevron hinges on change of control of Hess' Guyana asset, sources say
Exxon Mobil's legal bid to stop Chevron's proposed $53 billion acquisition of Hess rests on whether the transaction would involve a change of control of Hess' prize subsidiary in Guyana, according to people knowledgeable about the argument. The two top U.S. oil producers are in an arbitration battle over the world's largest oil discovery in almost two decades, in offshore Guyana.

Jul 18 - TotalEnergies sells Nigerian onshore oil assets to Chappal Energies for $860 mln
TotalEnergies has sold its minority share in a major Nigerian onshore oil joint venture to Mauritius-based Chappal Energies for $860 million, the French energy group said on Wednesday. CEO Patrick Pouyanne said in February that TotalEnergies was looking to exit its 10% stake in the Shell Petroleum Development Company of Nigeria Limited (SPDC), which has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.

Jul 18 - US crude stockpiles fall sharply, fuel builds, EIA says
U.S. crude oil stockpiles last week fell more than expected as strong refining activity continued despite Hurricane Beryl, while gasoline and distillate inventories rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.9 million barrels to 440.2 million barrels in the week ending July 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 33,000-barrel draw.

Jul 17 - TotalEnergies says oil production to hit high end of Q2 guidance
French oil major TotalEnergies said on Tuesday its second-quarter hydrocarbon production levels will hit the top end of its guidance range, while pressure on refining margins will be partly alleviated by higher refinery utilisation. TotalEnergies quarterly earnings are due on July 25, and investors are closely watching the company and its peers as refining margins are dragged down by softening gasoline demand. London-listed BP earlier this month released a profit warning. 

Jul 17 - China's oil sector is weak, with rising crude inventories: Russell
China's crude oil market is unambiguously weak. Not only has the world's biggest importer seen a fall in arrivals in the first half of the year, it has also been boosting the volumes being added to stockpiles. 

Jul 16 - Russia ships surplus diesel to storage in Singapore and AfricaRussia has sent ultra-low sulphur diesel from its ports for storage in the regional hub of Singapore and in West Africa, traders and shipping data show, as ample supply has slowed demand. Since the full EU embargo on importing Russian oil products took effect in February 2023, Russia has diverted its diesel exports from Europe to Brazil, Turkey, and various parts of Africa and Asia.

Jul 16 - Yemen's Houthis target three vessels, including oil tanker, in Red, Mediterranean seasYemen's Houthis targeted three vessels, including an oil tanker, in the Red and Mediterranean seas with ballistic missiles, drones and booby-trapped boats, they said on Monday. Houthi military spokesperson Yahya Saree said the latest Houthi military operations were a response to the Israeli airstrike on the southern Gaza Strip city of Khan Younis on Saturday, an attack that killed at least 90 Palestinians and wounded 300 others, according to the Gaza Health Ministry.

Jul 15 - China's refinery output at 6-month low as weak fuel demand hurts
China's refinery output fell 3.7% in June from a year earlier, official data showed on Monday, down for a third month amid planned maintenance, while lower processing margins and lacklustre fuel demand pushed independent plants to cut output. Refiners processed 58.32 million metric tons of crude oil in June, data from the National Bureau of Statistics (NBS) showed, equivalent to 14.19 million barrels per day (bpd), for the year's lowest levels so far.

Jul 15 - Oil trades in narrow range since 2022 on OPEC+, sanctions and demand worries
Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, demand uncertainty and sanctions policy prevent the market breaking higher. After a series of gradual production increases that started in early 2021 which unwound historic cuts agreed during the coronavirus pandemic, OPEC+ announced new production cuts in October 2022 and since then has cut output further.

Jul 12 - IEA sees oil demand growth slowing as China's share ebbs
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems. Global demand in the second quarter rose by 710,000 bpd year on year in its lowest quarterly increase in over a year, the IEA, which advises industrialised countries, said in its monthly oil report. 

Jul 12 - China June crude oil imports fall 11% on year, H1 imports down 2.3%
China's crude oil imports in June were down 11% from a high base a year earlier, official customs data showed on Friday, as independent refiners continued to curb production due to weak profit margins and as fuel demand remained tepid. June arrivals into the world's largest crude oil buyer were 46.45 million metric tons, or about 11.3 million barrels a day (bpd), data from the General Administration of Customs showed. 

Jul 11 - OPEC sticks to 2024 oil demand view, sees strong travel season OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months.The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand would rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.
Jul 11 - Russian oil freight rates fall to lowest since 2022, sources say Freight rates to ship Russian oil have fallen this month towards parity with those for other global exporters for the first time since 2022 as more tankers were available despite Western sanctions and exports fell, three sources said on Wednesday. Freight rates to ship Russian oil soared to more than $20 million per voyage in 2022 after the West imposed sanctions and a $60 dollar price cap to try to limit Russian export revenues.

Jul 10 - Global oil market will be in supply deficit next year, EIA says
Global oil demand will outpace supply next year, the U.S. Energy Information Administration said on Tuesday, reversing a prior forecast for a surplus. The change came after OPEC and its allies, collectively known as OPEC+, extended most of their deep oil output cuts into next year at a meeting last month.

Jul 10 - Oil investors regain poise after post-OPEC swoon: Kemp
Portfolio investors had reverted to a broadly neutral position in petroleum last week after heavy selling triggered by the OPEC+ meeting at the start of June waned and buying took over. Hedge funds and other money managers purchased the equivalent of 56 million barrels in the six most important futures and options and contracts over the seven days ending on July 2.

Jul 09 - Saudi crude oil supply to China to rebound in August, regain market share
Saudi crude oil exports to China will rebound in August to at least 44 million barrels after deep price cuts by state energy firm Saudi Aramco supported demand, several trade sources said on Tuesday. August exports to China will rise for the first time in four months, from about 36 million barrels in July, the sources said.

Jul 09 - Record US summer heat, hurricanes could roil fuel prices as oil refiners sweat
A double whammy of record heat and hurricanes should test U.S. refiners' resilience in coming weeks, raising the risk of extremely volatile fuel prices in the middle of the peak travel season, analysts said. The Atlantic hurricane season from June through November is an annual threat for U.S. refineries.

Jul 08 - ‘Monsieur Afrique’ says gas is the big frontier exploration (Petroleum economist)
Panoro Energy’s senior advisor, Tim O’Hanlon, is upbeat on Gulf of Guinea upstream opportunities but highlights gas and LNG as next big growth story

Gas and LNG are set for a boom across Africa after previously taking a backseat to oil E&P activity, with the growth opportunities not just confined to the traditional east Africa spots, said Panoro Energy Senior Advisor Tim O’Hanlon in an exclusive interview with Petroleum Economist.

Known as ‘Monsieur Afrique’ for his multi-decade stint in the region, largely as the face of independent Tullow Oil, O’Hanlon has been supporting Panoro’s infrastructure-led exploration and appraisal offshore Gabon, leveraging existing infrastructure to accelerate development of low-cost barrels, and he highlights the whole Gulf of Guinea region as providing further opportunities despite its maturity.

Last November, the company announced an oil discovery at the Hibiscus South field on the offshore Dussafu Marin Permit, contributing 6–7m bl of recoverable reserves to Gabon’s resource base and representing the sixth discovery to be made on the block under Panoro’s participation.

Panoro and operator BW Energy started up production from the well just five months after discovery with production stabilised at 5,000–6,000b/d. There have been several positive stories since then, with three wells showing success, and initial evaluation indicates a significant uplift in reserves and the wells will be converted for production later in 2024. And a coup that removed the long-ruling Bongo dynasty in 2023 has not altered the investment environment. O’Hanlon also discussed the plethora of oil opportunities across the region and his involvement in Mozambique.

Jul 08 - Largest Texas ports close as Hurricane Beryl nears
The largest ports in Texas closed operations and vessel traffic on Sunday as Hurricane Beryl intensified as it approached the Texas coast near Houston. Beryl, which left a trail of destruction this week in the Caribbean, killing at least 11 people, was now a category 1 hurricane and may strengthen into a category 2 by landfall on Monday, the U.S. National Hurricane Center (NHC) said.

Jul 08 - North Sea oil producers urge Labour's Starmer for tax clarity
North Sea oil and gas producers urged Britain's incoming Prime Minister Keir Starmer to provide clarity on his election promise to increase tax on the sector, warning it could lead to a rapid decline in output and revenue. Starmer's Labour Party swept to power in a parliamentary election on Thursday, ending 14 years of Conservative government.

Jul 05 - Rosneft, Lukoil to cut oil exports from Black Sea's Novo, sources say
Russia's oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiisk in July, two sources familiar with a loading plan said, as the companies resumed operations at their refineries. Combined Novorossiisk oil loadings by Rosneft and Lukoil in July will fall by some 220,000 barrels per day (bpd) compared to last month, Reuters calculations based on market data showed.

Jul 05 - Saudi Arabia cuts August Arab Light crude price to Asia
Top oil exporter Saudi Arabia has cut the price for the flagship Arab light crude it sells to Asia in August to $1.80 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement on Thursday. That is down 60 cents from the July price of Oman/Dubai plus $2.40 a barrel.

Jul 04 - US crude stocks, gasoline and distillate inventories fall – EIA
U.S. crude stocks plunged by much more than expected last week as refining and export activity increased, while gasoline and distillate inventories also fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 12.2 million barrels to 448.5 million barrels in the week ending June 28, the EIA said, compared with analysts' expectations in a Reuters poll for a 680,000-barrel draw.

Jul 04 - Russian oil and gas revenue soars 41% in first half, data shows
Proceeds from oil and gas sales for Russia's federal budget rose by around 41% year on year in the first half of the year 5.698 trillion roubles ($65.12 billion), finance ministry data showed on Wednesday, due to rising oil prices and the weaker rouble. Oil and gas revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade.

Jul 03 - OPEC oil output rises for second month in June, Reuters survey finds
OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.70 million barrels per day (bpd) last month, up 70,000 bpd from May, according to the survey based on shipping data and information from industry sources.

Jul 03 - Oil majors show interest in Galp's Namibia oil prospect, sources say
More than 12 oil companies, including Exxon, Shell and Brazil's national oil company, have expressed interest in buying a 40% stake in Galp Energia's major oil discovery offshore Namibia, sources close to the sale process said. Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent, could be valued at over $10 billion, according to some estimates.

Jul 02 - Russia's Rosneft appoints new boss of flagship Vostok Oil project
Russia's Rosneft has appointed a new head of its flagship Vostok Oil project that is expected to produce up to 2 million barrels per day by 2030, mostly for export to Asia. Rosneft, Russia's biggest oil producer, named Andrei Lazeyev, former boss of Rosneft refining unit Bashneft, to lead Vostok Oil, according to the state registry.

Jul 02 - Nigeria's Dangote refinery boosts gasoil exports to W. African market
Nigeria's new Dangote oil refinery is increasing gasoil exports to West Africa, taking market share from European refiners, according to traders and shipping data. The $20 billion refinery, built by Africa's richest man Aliko Dangote on the outskirts of Lagos, is producing a lower grade of gasoil than expected as it awaits the restart of units needed to produce cleaner fuels, prompting the plant to seek buyers in neighbouring markets.

Jul 01 - US court may put off hearing on Citgo bids to September
A U.S. court has been asked to postpone to Sept. 19 a hearing to present the winning bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a motion filed with the court on Friday. The Delaware court officer evaluating bids in a historic auction of shares in a parent of the seventh largest U.S. oil refiner requested the two-month delay to complete his evaluation and finish negotiating with bidders, the motion said. The motion has to be accepted by the judge to go into effect.

Jul 01 - Asia's first half crude oil imports slip, undermining bullish forecasts: Russell
Asia's imports of crude oil ticked lower in the first half of 2024 from the same period last year, defying expectations that the top-consuming continent would lead global demand growth. Asia imported 27.16 million barrels per day (bpd) of crude in the January to June period, down a modest 130,000 bpd from the 27.29 million bpd in the same period in 2023, according to data compiled by LSEG Oil Research.