ADNOC, AG&P Agree FSU Lease for Philippines First LNG Terminal Launch in July
The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines' first LNG import terminal in July, the companies said on Wednesday.Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years, to convert ADNOC Logistics &…
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S. crude futures also swung back into positive territory, up 94 cents at $57,14 a barrel.
Russian Oil Output Down in October
Russia lowered its oil output to 11.23 million barrels per day (bpd) last month from 11.25 million bpd in September, missing again its obligations under a global pact to curb production, energy ministry data showed on Saturday.The Organization of the Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - have since January implemented a deal to cut oil output by 1.2 million barrels per day to support the market.According to Reuters calculations…
As Traders Tussle Turkmenistan Cuts Exports
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations…
Oil Surges 5 Percent
Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 1240 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.75."From Argentina to Alberta…
Lukoil: No Need to Cut Output in 2019
Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.Russia is part of a group of OPEC and non-OPEC oil-producing nations that teamed up two years ago in an effort to rebalance the market. The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.On Monday…
Caspian Pipeline Consortium Cuts CPC Blend Export Plan by 10%
The Caspian pipeline consortium (CPC) expects to pump about 60 million tonnes of CPC Blend <BFO-CPC> crude oil via the CPC pipeline this year, down from the previous plan for 67 million tonnes, the consortium told Reuters on Tuesday."We ... expect to pump around 60 million tonnes, but it (the export volume), of course, depends on producers," CPC said.On a daily basis, CPC Blend exports will be 10 percent lower than under the previous plan…
Oil Futures Steady on Market's Long-term Bearish Focus
Brent oil futures steadied under $74 a barrel on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by U.S. crude inventories in at a major hub falling to their lowest in nearly four years.U.S. West Texas Intermediate (WTI) crude futures were at $68.86 per barrel at 1321 GMT, down 10 cents from their last settlement, while Brent crude futures were at $73.55 per barrel…
Oil Down 2%
* Concerns of U.S. * U.S. Oil fell by more than 2 percent on Monday, pressured by a rise in Russian production, expectations that Saudi Arabia will cut prices of the crude it sends to Asia and a deepening trade spat between China and the United States. Brent crude was down $1.44, or 2.1 percent, at $67.90 a barrel by 1:32 p.m. EDT (1832 GMT). That was the lowest level since March 21. U.S. crude lost $1.72, or 2.7 percent, to $63.22, its lowest since March 20.
Oil Falls to $69 as Earlier Rally Fizzles
Oil fell to around $69 a barrel on Monday, reversing an earlier rally, as a rise in Russian production and concern about a U.S.-China trade spat offset a drop in U.S. drilling activity. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output. Brent crude…
Oil Inches Nearer to $70 on Lower U.S. drilling, Iran Worries
U.S. drillers cut rigs for first time in three weeks; concerns of U.S. sanctions against Iran also support crude. Oil rose towards $70 a barrel on Monday, lifted by a drop in drilling activity in the United States and concerns that Washington could reintroduce sanctions against Iran. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output.
Mexico Auctions Two-thirds of Blocks in Shallow Water Oil Tender
Mexico on Monday auctioned two-thirds of the shallow water oil and gas blocks up for grabs in the latest round of its energy market opening, surpassing the cautious estimates of officials last week. Italy's Eni, Colombia's Ecopetrol and Capricorn Energy, a unit of Edinburgh-based Cairn Energy , were among the companies at the forefront of the bidding for 15 blocks in the southern Gulf of Mexico. Ten of the 15 blocks were taken up in the auction.
Mexico Awaits Next Oil Round with Cautious Optimism
Mexico is looking forward to its next round of offshore oil auctions on Monday with guarded optimism thanks to robust interest from oil majors for the shallow-water tenders. On Monday, Mexico auctions 15 oil and gas blocks along the southern coastal waters of the Gulf of Mexico in the next stage of the country's historic opening of the industry following a 2013-14 energy reform. In December 2013…
Rosneft Cuts Oil Output Temporarily
Russia's Rosneft is ready to resume full oil output quickly once OPEC-led cuts end as the country's top producer has focused its own cuts on newer fields, its chief executive has said. Those cuts run until June 30, though oil ministers from OPEC and non-OPEC countries meeting in Vienna this week are expected to agree to extend a deal that has seen 22 countries reduce global output by 1.8 million barrels per day (bpd) since January 1.
Kazakhstan Oil Output Rises in March
Oil and gas condensate output in Kazakhstan rose 2 percent month-on-month in March to 7.4 million tonnes, preliminary energy ministry data showed on Friday, above a level agreed in a global production deal with OPEC. the second biggest oil producer among former Soviet countries, was at 1.75 million barrels per day (bpd) last month up from 1.72 million bpd in February. Reuters bases its calculations on a rate of 7.33 barrels per tonne of crude.
Oil Prices Fall on Doubts over Russian Output Curbs
Oil prices slipped in Asian trade on Monday, wiping out some of the gains of the previous session amid ongoing concern over Russia's compliance with a global deal to cut oil output. Figures released last week showed Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, casting doubt on Russia's moves to rein in output as part of a pact with oil producers last year. U.S.
Oil Edges Higher on Weaker Dollar
Dollar retreats from seven-week high; U.S. inventories rise for eighth straight week. Oil prices ticked higher on Friday, recouping some of the previous session's losses, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. Global benchmark Brent was up 7 cents at $55.15 a barrel at 1252 GMT, recovering some of Thursday's losses that amounted to more than 2 percent.
Oil Down on Record U.S. Crude Stocks
U.S. crude oil stocks hit all-time high, EIA data shows. Oil prices fell on Thursday after U.S. crude stocks hit an all-time high and official data showed Russian oil production unchanged in February, with no further cuts to tighten the market and drain global oversupply. Benchmark Brent crude oil was down 50 cents a barrel at $55.86 by 1125 GMT. U.S. light crude was 50 cents lower at $53.33. Crude inventories in the United States…
Oil up as OPEC Cuts Outweigh U.S. Supply Build
U.S. stocks rise by larger than expected 6.5 mln barrels; production cuts by OPEC and Russia tighten market. Oil prices rose on Thursday as evidence that OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles. Brent crude was up 50 cents at $57.30 a barrel by 1145 GMT after settling up $1.22 in the previous session. U.S. light crude gained 30 cents to $54.18 after climbing by $1.07 on Wednesday.
Russian December Oil Output at Record Highs
Oil output at 11.21 mln bpd, flat m/m; Russia to cut output gradually in H1 2017. Russian oil production in December stood unchanged at 11.21 million barrels per day (bpd), flat month on month and at its highest in almost 30 years, energy ministry data showed on Monday. Russia is preparing to cut output by 300,000 bpd during the first half of 2017 as a part of a global pact with OPEC aimed at rebalancing the market.
