Edition:
United Kingdom

Julia Payne

Vitol extends oil demand growth peak estimate to 2034

19 Mar 2019

LONDON Vitol reported higher traded volumes last year on Tuesday, cementing its position as the world's largest oil trader, and said it expected oil demand growth to peak by around 2034.

Vitol's 2018 volumes rise, sees oil demand growing for 15 more years

19 Mar 2019

* Vitol's upstream Nigeria deal expected to close later this year

Russia's VTB Capital beefs up metals trading in Switzerland, China

15 Mar 2019

LONDON, March 15 The investment banking unit of Russia's VTB has expanded its base metals and precious trading divisions with new hires in Switzerland and China, VTB Capital said in a statement.

Iraq's SOMO drops partners, elbows its way into oil trading

13 Mar 2019

DUBAI/LONDON/SINGAPORE Iraq's state oil marketer SOMO has scrapped two joint ventures (JVs) and reduced contracts with some European customers to push its way into trading by selling more of its crude ad hoc, trading and industry sources said.

Iraq's SOMO drops partners, elbows its way into oil trading

13 Mar 2019

DUBAI/LONDON/SINGAPORE, March 13 Iraq's state oil marketer SOMO has scrapped two joint ventures (JVs) and reduced contracts with some European customers to push its way into trading by selling more of its crude ad hoc, trading and industry sources said.

High-sulphur fuel oil demand to fall 60 percent next year on IMO rules - IEA

11 Mar 2019

LONDON High-sulphur fuel oil demand will fall 60 percent next year while marine gasoil demand will more than double due to new international regulations on shipping fuel, the International Energy Agency forecast on Monday.

UPDATE 1-Algeria extends oil swap deal with trader Vitol to April -sources

27 Feb 2019

LONDON, Feb 27 Algeria's state oil firm Sonatrach has extended its crude for oil products deal with major trading firm Vitol from the end of 2018 until the end of April this year, four sources familiar with the matter said.

Exclusive: Energy trader Gunvor mulls asset sales after first annual loss

26 Feb 2019

LONDON Energy trader Gunvor Group is considering selling non-core assets in Russia and finding a strategic partner for its German refinery as it tries to recover from the first-ever annual loss it suffered in 2018, trading and banking sources said. 

Aramco Trading to open London office in overseas expansion - sources

20 Feb 2019

LONDON/DUBAI Saudi Aramco’s trading arm plans to open an office in London soon as it expands its international business, sources familiar with the move said.

Exclusive: Trafigura halts oil trade with Venezuela - source

15 Feb 2019

GENEVA Global commodities firm Trafigura has decided to stop trading oil with Venezuela due to U.S. sanctions on the OPEC nation's energy sector, a source with direct knowledge of the matter said.

World News

White House defers on Mueller's report release, Democrats seek details

The White House said on Monday it was up to the Justice Department to decide whether detailed findings from Special Counsel Robert Mueller's Russia investigation will be released, a day after the top U.S. law enforcement official said President Donald Trump had been cleared of any conspiracy with Moscow.