Crude Oil Inventory Update
Crude inventory build has reared its head again. And fears of an oil glut returning have sent oil prices south.According to the International Energy Agency (IEA), OECD oil stocks increased by 58.1 million barrels in Q3 2018, the largest gain since 2015. The agency in November said OECD oil holdings are likely to exceed the five-year average when October data are finalized.Looking forward, the IEA expects an implied stock build of 2 mb/d in the first half of 2019 – assuming OPEC producers continue at their current production pace and global demand grows at a rate of 1.4 mb/d.Weekly survey results by the U.S.
US Crude Oil Shipments to China Halt Amid Trade War
U.S. crude oil shipments to China have "totally stopped", the President of China Merchants Energy Shipping Co (CMES) said on Wednesday, as the trade war between the world's two biggest economies takes its toll on what was a fast growing businesses.Washington and Beijing have slapped steep import tariffs on hundreds of goods in the past months. And although U.S. crude oil exports to China, which only started in 2016, have not yet been included, Chinese oil importers have shied away from new orders recently."We are one of the major carriers for crude oil from the U.S. to China.
Gulf Platforms Shut ahead of Hurricane
U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.International Brent crude futures…
Oil Falls on Weaker Economic Outlook, U.S. Stocks Rise
A weaker global economic growth outlook and a report of rising U.S. crude inventories weighed on oil prices on Wednesday, even as U.S. sanctions threatened to curb Iranian crude supplies.Benchmark Brent crude oil was down 60 cents a barrel at $71.86 by 1325 GMT. U.S. light crude fell $1.02 a barrel to a low of $66.02, before recovering slightly to around $66.30, down 74 cents."Oil bears are taking their turn in the driving seat," said Stephen Brennock, analyst at London broker PVM Oil Associates."Adding…
Oil from US, Brazil, Canada & Norway enough for global needs - IEA
Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. Over the next three years, gains from the United States alone will cover 80% of the world’s demand growth, with Canada, Brazil and Norway – all IEA family members – able to cover the rest, according to Oil 2018, the IEA’s five-year market analysis and forecast.
China, India Imports Proof that Saudis are Carrying OPEC
Saudi Arabia wants to do more to boost crude oil prices by taking a razor to its exports, but the kingdom is already doing much of the heavy lifting in Asia, where it is surrendering market share in the world's top importing region. Saudi Energy Minister Khalid al-Falih said after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday that his country would limit crude oil exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago.
Ghana oil importers say government owes them $384 mln
Ghana's domestic oil importers said on Friday they may take legal action against the government to recover interest on an outstanding debt of $384 million that presents an early headache for the incoming government. The debt was accumulated mainly between 2013 and 2015 when Ghana's cedi currency halved in value against the dollar, hitting importers who buy oil products on international markets in dollars but sell them in cedis to consumers at home. The gap between the contract price the government…
Oil Falls More Than 3 pct on Doubts Over OPEC Cut
Oil prices fell more than 3 percent on Tuesday on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. The Organization of the Petroleum Exporting Countries will meet in Vienna on Wednesday aiming to implement a deal outlined in September to cut output by around 1 million barrels per day (bpd), from around 33.82 million bpd in October. But key OPEC members appear to disagree over details of the plan and some analysts have suggested the meeting may fail to reach a deal or produce one that is unworkable.
India Mulls Oil-for-Drugs Deal with Vens
Venezuela facing pressure to pay bills from many sectors. Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India's largest pharmaceutical companies. Several of India's generics producers, led by the country's second-largest player Dr Reddy's Laboratories Ltd, bet heavily on Venezuela as they sought emerging market alternatives to slower-growing economies such as the United States. But the…
Japan to Employ Sovereign Insurance for Iranian Imports
Japanese buyers of Iranian crude will have to keep using special sovereign shipping insurance to import oil for the foreseeable future, despite the lifting of sanctions against Tehran, industry and government sources said on Monday. Shippers face uncertainty over whether they can get coverage from U.S. insurers after sanctions were lifted and it means the Japanese government may have to get parliamentary approval to extend the scheme beyond March. Tokyo stepped in to help its oil importers after…
U.S. Set to for More Accurate Oil Production Data
Figures on U.S. oil production are subject to much more uncertainty than the numbers for oil stocks, refinery throughput and imports because the Energy Information Administration (EIA) has to rely on state-level data rather than its own surveys. That could be about to change, however, because the EIA has received approval from the White House to launch its own mandatory monthly survey of oil and condensate production. The first of the new survey forms have gone out and respondents are beginning to submit data.
Middle East Export Losses to Reach $300 billion
Losses from lower oil exports should sap up to $300 billion from economies in the Middle East and Central Asia this year, as countries in the region adjust to falling crude prices, the International Monetary Fund said on Wednesday. Economies that are particularly dependent on oil exports, including Qatar, Iraq, Libya and Saudi Arabia, will be hit hardest by the more than 50 percent decline in petroleum prices, the IMF said in an update to its outlook for the Middle East and Central Asia. Oil…
China Ups Crude Purchases, Bolstering Reserves
Strategic reserves seen at 30 days, double official plan; China secretive on reserves, but target may be 90 days. China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world's top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market. Based on data compiled by industry and consulting sources, China now has nearly 30 days of stocks to cover crude imports, far ahead of its official schedule showing 15 days.
Ghana Drivers Queue to Fill up Ahead of Expected Fuel Price Hikes
Motorists in Ghana queued to fill up on Friday amid a gasoline shortage, while the government, which saw its credit rating cut by Moody's, looked set to raise pump prices next week to tackle the growing public debt. Officials said the gasoline shortage, which began this week, was due to the government delaying payments to importers to cover the gap built up due to its fuel subsidies. The finance ministry said it owed bulk distributors 304 million cedis ($92 million) and hoped to pay part of that by next week.
Iran Says Oil Barter Deal with Russia Hard to Seal
Iran and Russia will find it hard to agree any oil or gas trade deal because they are rivals in both markets, Iran's deputy oil minister for international trade said on Monday. Iran and Russia have been discussing various ways of increasing bilateral trade, including Moscow possibly taking up to 500,000 barrels a day of Iranian oil in exchange for Russian goods that Iran needs. Washington says such a deal would go against the terms of the interim nuclear deal between world powers and Iran. But Ali Majedi…
