Edition:
United Kingdom

Amanda Cooper

OPEC says oil market well supplied, wary of 2019 surplus

12 Oct 2018

LONDON OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.

OPEC says oil market well supplied, wary of 2019 surplus

11 Oct 2018

LONDON OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.

Governments must change tack to contain global warming, says Big Oil

10 Oct 2018

LONDON Governments not energy firms need to take the lead in achieve U.N. targets to contain global warming, with policies that will change fuel and other energy consumption habits, oil and gas companies said.

LMEWEEK-Chile eyes new copper markets to shield economy from trade war

08 Oct 2018

LONDON, Oct 8 Chile aims to find new copper markets and expand its lithium industry as it seeks to shield its economy from a U.S-.China trade war, the mining minister of the world's biggest copper producer said on Monday.

REPEAT-Traders bet on oil at $100 as Iran sanctions loom

04 Oct 2018

NEW YORK/LONDON, Oct 4 Oil traders have piled into wagers that U.S. crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record U.S. production growth and relatively flat global demand.

Traders bet on oil at $100 as Iran sanctions loom

04 Oct 2018

NEW YORK/LONDON Oil traders have piled into wagers that U.S. crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record U.S. production growth and relatively flat global demand.

Asia scrambles for West African oil before U.S. sanctions hit Iran

02 Oct 2018

* China W. African imports to rise to record 1.94 mln bpd * Restocking by Chinese refiners adds to demand * Indian refiners take fewer W. African cargoes in October * W. African crude exports to Asia https://tmsnrt.rs/2MNuxkU By Amanda Cooper LONDON, Oct 2 Shipments of West African oil to Asia are set to hit a two-month high in October as Chinese refineries scramble for alternatives to Iranian crude before U.S. sanctions take effect on Nov. 4. Loadings for Asia will rise to 2.52 million barrels per day (bpd) in October, equivalent to 75 percent of total output from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data. This compares to September's 2.27 million bpd, which was almost 70 percent of regional output. China has been the main driver for Asian demand before the implementation of U.S. sanctions that analysts estimate will remove 500,000 bpd to 2 million bpd of Iranian oil from the market. Chinese imports from West Africa are set to rise to a record 1.94 million bpd, or 60 cargoes, in October from 1.5 million bpd, or 45 cargoes, in September. West African grades tend to produce a large proportion of high-value distillates, such as diesel or jet fuel, much like Iranian crude oil, making it an attractive replacement. Other buyers across Asia and Europe have also said they would cut back on purchases of Iranian oil, unleashing a burst of demand for West African and other crudes rich in distillates, such as grades from Saudi Arabia or the North Sea. The looming deadline on Iranian crude is not the only factor behind the surge in demand for October cargoes to China. Independent Chinese refineries, known as teapots, eased up on imports earlier in the third quarter for maintenance. Now they are restocking before the end of the month, as their import quotas are based on purchases made from January to October. "The resurgence of Chinese teapot buying could not have come at a more awkward time for the oil market," consultancy Energy Aspects wrote. "China was widely expected to need to restock. But its renewed appetite for crude has been bolstered by panic buying from teapots," the consultancy said. Elsewhere in Asia, India is offering some respite for the stretched West African market, buying about 451,000 bpd in October, down from September's 500,000 bpd, while Glencore will ship a rare suezmax cargo of West African crude to South Korea. India's state-run refiners tend to take less West African crude at tender and buy more on the spot market. State firms Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 10 of the 14 India-bound cargoes. Nigerian Agbami, Qua Iboe and Bonny Light make up the bulk of the WAF exports to India. https://tmsnrt.rs/2MNuxkU Below is a table of West African exports to major Asian buyers: Oct Bpd Sept Bpd cargoes (Mln) cargoes (Mln) China 60 1.935 45 1.5 India 14 0.452 15 0.5 Indonesia 2 0.065 3 0.10 Taiwan 1 0.032 0 0 S Korea 1 0.032 0 0 Japan 0 0.000 0 0 Others 0 0.000 6 0.167 TOTAL 80 2.516 69 2.267 (Reporting by Amanda Cooper Editing by Edmund Blair)

Graphic: Boom, bust or both? The challenge of predicting 2019's oil market balance

01 Oct 2018

LONDON In the oil market, balance is a difficult game. Calculating whether the 100 million barrel per day world market is likely in the months ahead to have a surplus or deficit of supply, or be balanced, where supply equals demand, is never simple.

Now near 100 million bpd, when will oil demand peak?

20 Sep 2018

LONDON Sometime in the next few weeks, global oil consumption will reach 100 million barrels per day (bpd) - more than twice what it was 50 years ago - and it shows no immediate sign of falling.

Investors get comfortable with Brent crude at $80 a barrel

19 Sep 2018

LONDON Traders and investors have loaded up on bullish Brent oil bets this week, after signals that Saudi Arabia is in no rush to increase production, even with the price near $80 and as buyers grow uneasy over the impact of U.S. sanctions on Iranian supply.

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