Vietnam Inks Crude Oil Supply Deal with SOCAR
Vietnam's state-run Binh Son Refining and Petrochemical Co (BSR) has inked an agreement with Azeri state energy company SOCAR to buy five million barrels of crude in 2020, BSR said late on Friday.SOCAR Trading will provide five million barrels of Azeri Light crude to BSR's Dung Quat refinery during the first half of 2020, BSR said in a statement on its web site.The company said Azeri crude would also become one of its strategic crude oil products from 2020, following Vietnam's abolishment o
W. Africa Crude-Freight costs ease, especially for VLCCs
Freight rates eased further on Friday, especially for the largest oil tankers, promising some recovery for West African oil prices which had touched multi-year lows. VLCC freight costs eased more rapidly than smaller Suezmaxes, making it less advantageous to ship on the latter. Prices for Suezmaxes were estimated around world scale 190-200, with one European buyer estimating further relief to around…
W. Africa Crude-Buyers Wary as Freight Rates Weigh
Sellers returned to the window on Monday to entice buyers spooked by high freight rates due to Washington's sanctions on subsidiaries of a major Chinese shipping firm at the end of September.Long-haul rates to Asia have risen sharply prompting refiners to shed some cargoes.China's Unipec offered four cargoes in the window for a third session all November loading on a fob basis. These were Angolan Saturno at dated Brent plus 35 cents…
BP, Vitol Go Head to Head in West African Crude Trading
Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners.The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window, a system widely used by the industry to price crude. Pricing agency Platts sets key oil benchmarks for the market.New trading opportunities arose from August…
Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline
An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.Iran's oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil.The millions of unsold barrels of crude that had pooled around northwest Europe…
China's Falling U.S. Crude Imports More to do with Money than Politics
One of the side effects of President Donald Trump's escalating trade dispute with China is that U.S. exports of crude oil to the world's biggest importer are now viewed through the prism of politics.However, this ignores that buyers and sellers of crude are generally more motivated by profit margins and getting the right grades of oil to maximise the productivity of their plants.While it's true they can't disregard politics…
OPEC July Oil Output Hits 2018 Peak, but Outages Weigh
OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June's revised…
Shell: Nigeria's Bonny Light Still Under Force Majeure
Royal Dutch Shell said on Wednesday a declaration of force majeure remained in place on shipments of Nigerian Bonny Light crude oil, while exports at the Forcados shipping hub were running as normal. Shell's Nigerian subsidiary, Shell Petroleum Development Company of Nigeria Ltd (SPDC), said on May 17 it had declared force majeure on exports of Bonny light following a shutdown on the Nembe Creek Trunk Line stream.
W. Africa Crude-Angolan Oil Trades on Spot
Nigerian crude sells into tenders, while Angolan trades more quickly on spot. * ExxonMobil had purchased two of the three Olombendo cargoes sold this week, traders said. * All three are likely to sail to the Mediterranean or the United States rather than China, the usual destination. * Angola's Sonangol sold its cargo of Dalia, which it had been offering at dated Brent minus 70 cents a barrel. The buyer was not clear, but traders said it was a western company rather than Asian.
Nigeria's Primary Crude Exports Set to Rise
Nigeria is set to export more of its largest crude oil stream, Qua Iboe, on a barrel-per-day basis in April, while loadings of two other main export grades will also rise, loading programmes showed on Friday. Forcados exports will also rise, to 262,000 bpd in April on 10 cargoes, up from 248,000 bpd on 11 cargoes in March. Bonny Light exports in April are also expected to edge higher on a bpd basis to 163,000 bpd in April, up from 161,000 bpd in March.
Shell Lifts Force Majeure on Nigerian Bonny Light Crude Exports
Royal Dutch Shell's subsidiary in Nigeria, SPDC, lifted force majeure on Bonny Light crude oil exports at noon local time (1100 GMT) on Thursday, a spokesman said. Shell declared force majeure one month ago following the shutdown of the Nembe Creek Trunk Line, one of the two main pipelines taking Bonny Light grade to the export terminal. Exports have been continuing via the Trans Niger Pipeline. Aiteo, operator of the NCTL, said on Tuesday that repairs to the pipeline had been completed.
OPEC Oil Output Edges Higher in September
OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. OPEC's adherence to its pledged supply curbs slipped to 86 percent from August's 89 percent, the survey found. Top exporter Saudi Arabia continued to shoulder a larger portion of OPEC's total cut by pumping below its target.
As IOC Books Cargoes, Nigerian October Liftings Mixed
India's IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria's initial October export plans mostly showed slipping levels. Export plans for Forcados, Qua Iboe, Bonny Light, Bonga Erha, Amenam and Usan nearly all showed lower figures compared with September. Forcados exports were scheduled to rise to 256,000 bpd, and Erha also showed an increase. But Qua Iboe, the largest export stream, and the other grades released were all set to slip month-on-month.
Oil Slips on Strong Dollar, OPEC and China Weigh
Chinese Demand Falters as OPEC production remains stronger despite promised cuts. Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Benchmark Brent crude was down 30 cents at $50.43 a barrel by 1050 GMT. U.S. light crude was 20 cents lower at $47.39. Chinese oil refineries operated in July at their slowest daily rates since September, official data showed.
Protesters Storm Shell's Niger Delta Crude Station
Hundreds of Nigerian protesters stormed a crude oil flow station owned by Shell in the restive Niger Delta on Friday demanding jobs and infrastructure development, a Reuters witness said. The protesters complained they were not benefiting from oil production in their area, a common refrain in the impoverished swampland that produces most of Nigeria's oil. They also demanded an end to oil pollution in the area.
Oil Firm as Higher Demand Outweigh Supply Worries
Shell declares force majeure on Bonny Light exports; OPEC's compliance with production curbs has slipped - IEA. Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks. Brent crude futures, the international benchmark for oil, were up 43 cents at $48.85 per barrel at 1111 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $46.45 per barrel, up 37 cents.
Oil at Two-Week High as U.S. Output Dips
Six-day bull-run is longest since April as U.S. weekly production falls most in nearly one year. Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April.
Oil Prices at Seven-month Lows as Supplies Weigh
OPEC supply jumps in May as Libya, Nigeria output recover; U.S. production also feeds glut. Oil prices fell to seven-month lows on Tuesday after news of increases in supply by several key producers, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output. Benchmark Brent dropped $1.29 to a low of $45.62 a barrel, its weakest since Nov. 15,…
East Coast Refiners Mull Texas Oil as North Dakota Alternative
U.S. East Coast refiners are looking to buy increasing volumes of domestic crude oil from the Gulf Coast, two sources said, the latest twist in a trade flow upheaval in the wake of the opening of the Dakota Access pipeline. Major U.S. East Coast refiners profited from railing hundreds of thousands of barrels of discounted Bakken crude to their plants daily from 2013 until 2015. But as more and more pipelines were built in North Dakota…
Shell Shuts Bonny Light Pipeline to Stop Thefts
The Nigerian subsidiary of Royal Dutch Shell Plc said it had shut down the Nembe Creek Trunk Line, which exports Bonny Light crude oil, in order to remove theft points. The line, operated by Aiteo, is one of two along with the Trans Niger Pipeline that carries Bonny Light crude oil to the export terminal. Exports of roughly 232,000 barrels per day (bpd) were planned in April, according to loading programmes…
