Oil Falls as Coronavirus Hits Demand
Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.U.S. West Texas Intermediate (WTI) crude fell 58 cents to $50.98 after hitting a session low of $50.42, also the lowest since January last year.As the coronavirus outbreak hit fuel demand in China…
McDermott Bankruptcy Filing Imminent -Bloomberg
Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The company did not immediately respond to a request for comment by Reuters.McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares…
Trump Administration Sidelines Offshore Drilling Plan
The Trump administration will hold off on issuing its plan to expand offshore drilling as it weighs what to do after a March court ruling that blocked drilling in the Arctic and Atlantic, Interior Secretary David Bernhardt told The Wall Street Journal.The newly confirmed secretary said the agency's five year plan for oil and gas drilling on the Outer Continental Shelf would be sidelined indefinitely as it waits for the case to go through the appeals process.“By the time the court rules, that may be discom
Oil Climbs as OPEC Output Drop Eases Concerns About Glut
Oil prices rose on Friday after an OPEC report showed its production fell sharply last month, easing some concerns about prolonged oversupply.Brent crude was up 48 cents, or 0.78 percent, at $61.66 a barrel at 1450 GMT. Brent has risen around 2 percent this week, its third straight week of gains.U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.63 percent, at $52.40 per barrel.The Organization…
Maritime Rule Change Stirs Fears of Diesel Shortage: Kemp
The International Maritime Organization (IMO) has so far resisted pressure to soften or postpone the implementation of new regulations requiring ships to use bunker fuels with a lower sulphur content from the start of 2020.That has prompted warnings from some analysts that the regulations will squeeze the availability of low-sulphur diesel and jet kerosene required by trucks, trains, aircraft, farmers and industry…
Petrobras to Appeal Dutch Ruling Favorable to Vantage Drilling
Brazil's state-run oil company Petroleo Brasileiro SA said on Wednesday it will appeal an unfavorable Dutch court ruling related to the suspension of a drilling contract with U.S.-based Vantage Drilling Co.Petrobras said it was informed that a Dutch court had granted a request by the U.S.
Preparations for Aramco IPO Listing Stalled - WSJ
Public listing preparations of state-run Saudi Aramco <IPO-ARMO.SE> have stalled, the Wall Street Journal reported on Thursday. Aramco, the world's biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited initial public offering. Aramco did not immediately respond to a request for comment.
Exxon, Qatar Mull U.S. Shale Deal - WSJ
Exxon Mobil is in talks with Qatar over a possible deal that could see the country investing in the company's U.S. gas resources, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The deal could take the shape of a joint venture in which Qatar, through state-owned Qatar Petroleum, could partner or invest in future wells with Exxon's unit XTO Energy, the paper said. Exxon…
OPEC to Stick to Supply Curbs Despite Oil Rally to $71
OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy.
OPEC Sees Oil Supply Surge From Rivals
OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a collapse in Venezuelan production. In a monthly report on Wednesday, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day (bpd) this year. That was the fourth consecutive rise from 870,000 bpd forecast in November.
Oil, Briefly Up On Lower Rig Counts, Falls on U.S. Output Outlook
Oil prices fell on Monday on expectations that U.S. output will rise this year, erasing earlier gains buoyed by lower weekly U.S. rig counts and falling U.S. unemployment. Brent crude futures were at $64.04 per barrel at 1353 GMT, down 45 cents from their previous close. U.S. West Texas Intermediate (WTI) crude futures were down 54 cents to $61.50 a barrel. Helping the dip, hedge funds and money managers cut their bullish wagers on U.S. crude oil for the first time in three weeks, data showed on Friday.
Trump Administration Seeks $100 bln Cut in U.S.-China Trade Deficit -WSJ
The Trump administration last week asked a top Chinese economic official for a $100 billon reduction in the U.S.-China trade deficit, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The report comes one day after U.S. President Donald Trump on Wednesday tweeted that China had been asked to develop a plan to reduce its trade surplus with the United States, but cited "a One Billion Dollar reduction." Wrting by Susan Heavey
BSEE Proposes Softening of Offshore Drilling Rules - WSJ
A U.S. regulator has proposed rolling back safety measures put in place after the 2010 Deepwater Horizon oil spill, which would reduce the role of government in offshore oil production, the Wall Street Journal reported on Monday. The Bureau of Safety and Environmental Enforcement (BSEE), which regulates offshore oil and gas drilling, proposes relaxing requirements to stream real-time data on oil production operators to facilities onshore…
LyondellBasell Approaches Brazil's Braskem for Takeover-WSJ
LyondellBasell Industries NV has approached Brazil's Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 billion, the Wall Street Journal reported on Monday. The talks are at an early stage and there is no guarantee of a deal, the Journal reported, citing people familiar with the matter. LyondellBasell did not immediately respond to a Reuters request for comment. Its shares rose 6 percent to $105.03 in afternoon trading on the New York Stock Exchange.
Coal's Problem is Not Climate Change: Kemp
U.S. coal companies blame climate campaigners and the Obama administration for waging a war on coal that has cost thousands of jobs and threatened struggling mining communities. But coal’s long-term problems stem not from politics but from physical properties that make it an inferior source of energy compared with oil, gas and (arguably) renewables. Coal has been losing the “war” for market share since the middle of the 20th century as other sources of energy have become cheaper and more abundant.
Elliott Urges Energen to Explore Sale
Activist investor Elliott Management Corp is urging U.S. oil and gas producer Energen Corp, which is already under pressure from top shareholder Corvex Management, to explore a sale, the Wall Street Journal reported on Thursday. New York-based Elliott owns 4 percent to 5 percent of Energen, the Journal reported, citing people familiar with the matter. Reuters could not immediately reach Elliott for comment. Reporting by John Benny
Berkshire Hathaway Nears Deal to Buy Oncor
Berkshire Hathaway Inc's energy unit is nearing a deal to buy utility company Oncor, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Terms of the deal weren't disclosed, but could be announced as soon as Thursday, according to the WSJ report. Berkshire Hathaway was among the leading bidders for Energy Future Holding Corp's Oncor Electric Delivery, Bloomberg had reported in July last year.
Divide over Listing Location Slows Aramco IPO
Saudi Aramco's planned 2018 public share offering is being slowed down by a divide between Saudi Arabia's ruling family and executives of the kingdom's state oil company over where to list its shares, the Wall Street Journal reported on Wednesday. Aramco, formally known as Saudi Arabian Oil Co, was not immediately available for comment. Executives at Aramco are pushing Saudi Arabia's king and his son, deputy crown prince Mohammed bin Salman…
US DoJ: Misappropriated 1MDB Funds Financed Energy Deal
Malaysia's Jho Low, IPIC subsidiary in deal to buy energy firm. Money misappropriated from a Malaysian state fund was used to partly finance the $2.2 billion acquisition of Houston-based Coastal Energy in 2014, the U.S. government alleged in a lawsuit filed last week. Proceeds from the Coastal Energy deal were then used to buy a property in London's glitzy Mayfair district, according to the lawsuit dated June 7.
US Will Not Issue Drilling Waivers to Russia Sanctions
The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday. "In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions," Mnuchin said in a statement.