S.Korean Rule Change to Allow Blending, Enhanced Regional Trading
S.Korea to allow traders to blend fuels at oil terminals; new regulation to be implemented from Oct 18. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No. 5 crude importer bolsters an effort to become a North Asia trading hub. Asia's fourth-largest economy is pushing ahead with a 2014 plan to turn Ulsan and Yeosu ports into northeast Asia's oil shipping and storage cluster, a potential challenge to the long-established Asian oil trading centre in Singapore.
S.Korea to Ease Local Blending Rules
S.Korea to allow traders to blend fuels at oil terminals; planning to nearly double storage to 60 mln barrels by 2026. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No. 5 crude importer bolsters an effort to become a North Asia trading hub. Asia's fourth-largest economy is pushing ahead with a 2014 plan to turn Ulsan and Yeosu ports into northeast Asia's oil shipping and storage cluster…
Tanker with Disputed Kurdish Oil Reappears off Malta
The Neverland tanker has reappeared off the coast of Malta after going off radar near Canada on June 30, when it was chartered by oil trader Vitol carrying Iraqi Kurdish crude oil, Reuters ship-tracking showed on Friday. The tanker had been heading to eastern Canada to discharge the cargo at the end of June when the Federal Court of Canada issued a seizure order for the cargo at the request of Iraq's oil ministry. Iraq alleges…
China Moves to Ease State Oil Majors' Grip on Storage
Beijing on Wednesday issued a draft of new regulations for China's growing oil and fuel storage industry, helping loosen the state-owned oil majors' grip on the sector as the nation pushes to reform its vast energy markets. The government is looking to update storage policies issued in 2006, consolidating regulations for crude oil and rules for oil products under a single framework. The main change proposed is to remove the…
Vietnam Plans Oil Reserves Equivalent of 90 Days of Imports by 2020
Vietnam's prime minister has approved a plan for the country's total crude oil and oil product stocks to be at least 90 days' worth of net imports by 2020. The southeast Asian country joins developing nations such as China and India in establishing an oil buffer that will enhance their energy security as imports have jumped while domestic production is on the decline. The 90-day net import level is a standard set by the International Energy Agency for its OECD members.
Activists Protest near Oil Rig in Norway's Arctic Sea Area
Environmental activists protested on Friday near an offshore rig contracted by Statoil in the remote Norwegian Arctic, where the firm is looking for oil and gas deposits. The Nordic country wants to open up northern areas for exploration to offset declining production in the south. Oil and gas production is Norway's leading industry, accounting for 20 percent of its economy. From the Greenpeace Arctic Sunrise ship, 11 campaigners launched inflatable boats carrying banners opposing Statoil's Songa Enabler oil rig…
Oil Climbs as Demand Absorbs Glut
OPEC-shale "tug of war" keeps market fairly range-bound. Oil rose on Tuesday as demand soaked up some of the surplus supplies from OPEC and the United States, but traders said the market was trading in a tight range and showed few signs of big short term moves. Benchmark Brent crude was up 70 cents at $49.12 a barrel by 1150 GMT, while U.S. light crude oil was 65 cents higher at $46.67. "We're stuck in a range that ... will be tough to break out of without some kind of political factor coming into play…
Mexico Sets Next Deep-water Oil, Gas Tenders
Mexico's oil regulator, the National Hydrocarbons Commission, set Jan. 31 as the date for the next round of auctions for deep-water oil and gas tenders in the Gulf of Mexico. The so-called 2.4 auctions will offer 30 areas, of which 10 are in the Cordilleras Mexicanas deepwater basin, 10 others in the Salina Basin, nine in the Perdido Fold Belt off the U.S.-Mexico maritime border and one more in the Yucatan platform. The Cordilleras…
Oil Steady as Fuel Stock Dip Fuels Demand Hopes
Big drop in gasoline, diesel stocks lifts refinery margins. Oil prices were steady on Thursday, holding gains made the previous session after falling U.S. crude and oil product inventories lifted the market. Brent crude futures, the international benchmark for oil prices, stood at $49.72 per barrel at 0939 GMT, 2 cents up from their last settlement. U.S. West Texas Intermediate (WTI) crude futures were at $47.10 per barrel, 2 cents below their last close.
PetroChina Unloads First US SPR Cargo
PetroChina is this week unloading the first Chinese purchase of crude oil from U.S. strategic petroleum reserves at a port in eastern China, according to shipping data and two industry sources. The move comes as China, the world's No.2 oil consumer, steps up imports from the Americas to diversify supply sources. PetroChina unit, PetroChina International America Inc, bought the 550,000-barrel cargo of Bryan Mound sour crude in a sale from U.S. strategic petroleum reserves in March for $28.8 million.
Russian Think Tank: Oil Exports to Decline in 2017
A think tank that advises the Russian government on taxes and energy-related issues said on Wednesday it expects the country's oil exports to fall this year thanks to a global deal to cut output, contrasting with official forecasts for a rise. Vygon Consulting said in a presentation to reporters that oil exports this year are seen declining by 0.7 percent to 252.5 million tonnes (5.1 million barrels per day) from around 255 million tonnes in 2016, a record high.
Petrobras Oil Output Rises in June
Brazil's Petrobras produced 2.2 million barrels per day of crude oil on average in June, a 0.6 percent increase over the prior month, the state-owned company said on Monday. Natural gas production rose 1.8 percent to 80.3 million cubic meters per day, Petrobras added. Total oil and natural gas production in Brazil reached 2.81 million barrels of oil equivalent per day, the company said. Reporting by Luciano Costa
Brent Oil Climbs Above $50 for First Time Since Early June
Brent crude oil rose above $50 per barrel for the first time since early June on Thursday, adding to gains made the previous session when falling U.S. crude and oil product inventories lifted the market. Brent futures, the international benchmark for oil prices, stood at $50.10 at 1257 GMT, 40 cents up from their last settlement. U.S. West Texas Intermediate (WTI) crude futures were at $47.42 per barrel, 30 cents higher.
Aker BP Ups 2017 Output View
Oil firm Aker BP, the second-largest operator of oil and gas platforms off Norway, raised its 2017 output guidance and lowered its production cost outlook as it posted second-quarter earnings roughly in line on Friday. The company is the result of a merger between the Norwegian business of oil major BP and the Norwegian oil company Det norske controlled by billionaire Kjell Inge Roekke. Aker BP said its output guidance for 2017 would be raised to a range of 135…
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.
Australian Group to Raise Money for Israel Shale Oil Project
Israel's REM Energy partnership issued a prospectus on Wednesday for an offering on the Tel Aviv Stock Exchange to raise 25 million shekels ($7.1 million) to advance the country's largest shale oil project. The partnership, controlled by Northwood Exploration Israel, plans to build a plant in southern Israel to produce oil and electricity from oil shale. Established in 2011, Northwood is owned by Australia's Casella family, owners of Casella Wines.
Traders Shift Oil Products out of Storage
Short-term appetite for oil products has jumped; that is pushing traders to take oil products out of storage. Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity. Three traders told Reuters they have cut the amount of oil they hold in tanks or decided not to renew storage contracts in the past year.
Oil Edges Up as U.S. Drilling Slows
U.S. drilling growth slows but rig count still high; China's refiners process near record amounts of crude. Oil edged up to around $49 a barrel on Monday as a slowdown in the increase of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the lowest since November.
Premier Oil: North Sea Exploration No Longer Attractive
Shares at three-month high after Zama oil discovery. Premier Oil, which produces more than half its oil in the British North Sea, said on Thursday that exploring for resources in the basin was no longer attractive, a day after it announced a major discovery off Mexico. The company's shares have surged to a three-month high after it found potentially more than a billion barrels of oil in the Mexican Zama field, which Wood Mackenzie analysts called one of the 20 largest shallow-water finds in two decades.
Trump Administration Reduces Royalty Rates for GoM Leases
The Trump administration on Thursday announced its first offshore oil and gas lease sale, offering 76 million acres (30 million hectares) in the Gulf of Mexico and reduced royalty rates for shallow-water leases to encourage drilling at a time of low oil prices. U.S. Interior Secretary Ryan Zinke said the sale on Aug. 16 would offer leases offshore Texas, Louisiana, Mississippi, Alabama and Florida for exploration and development.