Edition:
United Kingdom

Amanda Cooper

UPDATE 9-Oil rises for a fifth day as equities stabilise

07 Jan 2019

* Record U.S. output weighs on crude: https://tmsnrt.rs/2GYfhAi (Updates prices, adds comment)

IEA sees global oil supply tightening more quickly in 2019

13 Dec 2018

LONDON The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday.

UPDATE 7-Oil gains as global equities climb, Libya output drops

11 Dec 2018

* Russia outlines gradual cut as part of OPEC+ deal (Updates with comment, graphic; refreshes prices)

China to cut W. African oil imports in November, S Korea imports surge

14 Nov 2018

* W. African crude exports to Asia https://tmsnrt.rs/2MNuxkU By Amanda Cooper LONDON, Nov 13 China will cut imports of West African oil to the lowest in seven months in November due to the higher cost of shipments, while South Korean imports from West Africa will reach to an 11-year high as U.S. sanctions hit Iranian crude supplies. West African loadings to Asia will fall to about 2.33 million barrels per day (bpd) this month, equivalent to 70 percent of total exports from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data. This compares to October's 2.52 million bpd, or 75 percent of total regional exports. Demand from Asian refiners for Nigerian and even Angolan crude, which tends to be favoured by Chinese buyers, sagged over the course of October and early November, as higher shipping costs made the trip uneconomical. Shipping rates for carrying West African oil on a very large crude carrier (VLCC) to China hit a nine-month high in October of more than $50,000 a day . The International Energy Agency said in its report this month that falling Iranian exports, driven down by U.S. sanctions, were pushing Asian refiners to source oil from further afield with longer journey times, driving up shipping costs. U.S. investment bank Jefferies said average VLCC spot charter rates rose to more than $40,000 a day in late October for the first time since the fourth quarter of 2016. China will import about 1.33 million bpd of mostly Angolan crude in November, down from October's record 1.935 million bpd, while South Korea will take about 167,000 bpd of West African oil. South Korea has till now typically taken only occasional West African cargoes, because it has tended to rely more heavily on Middle East or North Sea suppliers. But it has now said it would cut Iranian purchases because of U.S. sanctions on Iran and has sought out other suppliers, starting with a cargo of Congolese Djeno that loaded this month. India's refiners will take 567,000 bpd of West African crude in November, up from 452,000 bpd in October, most of which was purchased via tenders rather than on the spot market. Glencore, Shell, Norway's Equinor and Chevron, among others will supply the Indian market with a combination of Nigerian and Angolan grades. https://tmsnrt.rs/2MNuxkU Below is a table of West African exports to major Asian buyers: Nov cargoes Bpd (Mln) Oct cargoes Bpd (Mln) China 40 1.333 60 1.935 India 17 0.567 14 0.452 Indonesia 2 0.067 2 0.065 Taiwan 4 0.133 1 0.032 S Korea 5 0.167 1 0.032 Japan 0 0.000 0 0.000 Others 0 0.000 0 0.000 TOTAL 70 2.333 80 2.516 (Reporting by Amanda Cooper Editing by Edmund Blair)

Global oil market faces surplus throughout 2019 as demand growth slows

14 Nov 2018

LONDON Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.

Global oil demand under growing threat from electric cars, cleaner fuel

13 Nov 2018

LONDON Electric vehicles and more efficient fuel technology will cut transportation demand for oil by 2040 more than previously expected, but the world may still face a supply crunch without enough investment in new production, the International Energy Agency (IEA) said on Tuesday.

Global oil demand under growing threat from electric cars, cleaner fuel

13 Nov 2018

LONDON Electric vehicles and more efficient fuel technology will cut transportation demand for oil by 2040 more than previously expected, but the world may still face a supply crunch without enough investment in new production, the International Energy Agency (IEA) said on Tuesday.

Iranian oil: 40 years of revolution, war, sanctions and bans

02 Nov 2018

LONDON Nearly 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation.

Mercuria predicts new wave of consolidation in global oil trading

02 Nov 2018

LONDON Global energy trading businesses are set for a new wave of consolidation as rising interest rates and high oil prices compress already thin profit margins, said Mercuria, one of the world's biggest oil traders.

Mercuria says oil near $70 is litmus test for producer strategy

01 Nov 2018

LONDON The world's largest oil producers could reverse their strategy of raising output and revert to reduction mode if the price of crude holds near $70 a barrel into next year, Mercuria Chief Executive Marco Dunand said on Thursday.

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