Oil Consumer News

24 Apr 2019

Adnoc Inks Base Oil Deal with IOC

Photo: Abu Dhabi National Oil Company

The Abu Dhabi National Oil Company (Adnoc) announced that it has signed another significant long-term sales agreement with Indian Oil Corporation (IndianOil) for its high-quality base oil called ADbase.IndianOil is the largest seller of finished lubricants in the Indian market with approximate volume of 450,000 tonnes per annum. The total Indian market for finished lubricants is 2 million tonnes and is growing at the rate of 2.4 per cent per annum.IndianOil will use the ADbase oils to manufacture high end engine oils for India’s growing automotive sector.Ahmad Bin Thalith…

16 Jan 2018

India's Oil Imports Surged in 2017

© Igor Yu. Groshev / Adobe Stock photo

India's oil imports rose by about 1.8 percent in 2017 to a record 4.37 million barrels per day (bpd) as the country boosted purchases to feed its expanded refining capacity, ship-tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. To meet its growing fuel demand India, the world's third-biggest oil consumer, raised its refining capacity in the second half of 2017. India's capacity expansion to about 5 million bpd was aided by Reliance Industries…

10 Jan 2018

Record West African Oil Liftings, Most Sailing East

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Total WAF loadings for Asia hit record. Shipments of West African oil to China are set to surge to a record in January, boosting overall fixtures heading east to their highest in at least 14 years, a Reuters survey of shipping fixtures and traders showed on Wednesday. China's loadings are expected to jump by more than 20 percent from December to more than 1.5 million barrels per day (bpd) in January, the survey showed. The figure is the highest barrel-per-day total to sail for China since September, and is some 37 percent above the same month last year.

29 Aug 2017

European Gasoline Margins at 4-1/2 Month High

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Benchmark European gasoline refining margins spiked nearly 9 percent on Tuesday to their highest since April after more than 2 million barrels per day (bpd) of U.S. refining capacity was knocked offline by Hurricane Harvey. Margins, a measure of the profit that can be made from refining crude into gasoline, hit $15.45 a barrel in morning trade. Harvey knocked out 13 percent of refining capacity in the United States, the world's largest oil consumer, while the ongoing rain and flooding threatened other units, including the country's largest refinery.

20 Jul 2017

PetroChina Unloads First US SPR Cargo

File Image (CREDIT: AdobeStock / (c) Carabay)

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. Supertanker Cosrising Lake <C}KV7309834335>, chartered by PetroChina, is unloading the U.S.

19 May 2017

Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts

© Andrei Pashkov / Adobe Stock

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according…

21 Sep 2016

Oil up 2%

Oil prices were up as much as 2 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles helped assuage fears over a global oil glut. Oil was also supported by an industry strike in Norway that threatened to cut North Sea crude output and a weaker dollar ahead of a Federal Reserve policy announcement at 2:00 p.m. EDT (1800 GMT), where the central bank was expected to keep U.S. interest rates unchanged. The U.S. Energy Information Administration (EIA) said crude inventories fell 6.2 million barrels last week, versus a 3.4 million-barrel drop forecast in a Reuters poll. Crude stocks in the United States, the world's largest oil consumer, have fallen since 14.5 million barrels were drawn in the week to Sept.

04 Mar 2016

Crude Prices Firm Ahead of US Data

U.S. payroll, jobs data may support oil prices; demand outlook improving. Crude oil futures edged up on Friday, building on the week's gains, as traders and analysts eyed U.S. jobs data which could give further momentum to rising prices. Brent futures rose 19 cents to $37.26 a barrel as of 1203 GMT, after settling 14 cents higher in the previous session. The crude benchmark is set to end the week with a gain of more than 5 percent. U.S. crude futures traded up 13 cents to $34.70 a barrel, having settled down 9 cents in the previous session. While U.S. crude inventories rose to a new record of 517.98 million barrels last week, output fell for a sixth straight week to 9.08 million barrels a day, according to the U.S. government's Energy Information Administration. Cuts in U.S.

26 Jan 2016

Oil Rises Towards $31 on Hopes of Deal

Oil rose on Tuesday to above $31 a barrel on hopes that OPEC and non-OPEC producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate. Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday he saw "some flexibility" for a deal, an idea has been repeatedly mooted and dismissed for over a year. Brent crude was up $1.02 at $31.52 a barrel by 11:05 a.m. EST (1605 GMT), rebounding from a decline earlier in the session. On Jan. 20, Brent reached as low as $27.10, its lowest since November 2003. U.S.

11 Jan 2016

Oil Off to a Turbulent Start in 2016 -DW

Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below $33 a barrel for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran standoff and North Korean nuclear test have all had a significant impact on shaping oil price trends, says market analyst and consultant Douglas-Westwood (DW). Brent crude rose to a three-week high of $38.91 a barrel on January 4 as a consequence of the Saudi-Iran geopolitical risk but these gains were quickly diminished due to concerns over economic slowdown. Rising tensions in the Middle East typically trigger an increase in the price of oil, yet it seems that bearish sentiment elsewhere has prevailed over potential risk.

17 Aug 2015

Tianjin Resumes Commodity Port Ops

Oil, gas and iron ore imports resume after disruptions; Strategic oil reserves in the region not affected. Many operations have resumed at China's Tianjin port, trade sources said, after explosions last week that killed more than 100 people and disrupted business at what is an important oil, gas and bulk import harbour for Asia's biggest economy. The explosions on Aug. 12 led to the disruption of all chemical and oil tanker discharges at the port, and imports of iron ore were also affected. But shipping data from Reuters on Monday showed that tankers were discharging again, with traders and shippers confirming that operations had restarted over the weekend. Port officials were not immediately available for comment.

12 Jun 2015

EIA to Sharpen US Weekly Oil Numbers with Real-time Export Data

The U.S. Energy Information Administration (EIA) has been granted access to real-time oil export information for the first time, allowing it to improve weekly estimates of fuel demand at a time of intensifying scrutiny of energy data. The change is likely to be welcomed by oil traders who routinely scrutinize the EIA's reports for clues on what is happening in the world's biggest oil consumer, who have long rued the agency's dependence on calculated figures. The appetite for reliable data has taken on added urgency as refined fuel exports doubled since 2010 to about 4 million barrels per day. Every week, the EIA publishes a Petroleum Status Report that includes data on inventories and refinery operations collected directly from energy firms.

10 Jun 2015

Cairn India Seeks to Export Oil Despite Ban

Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers. Cairn India, backed by billionaire Anil Agarwal, did not respond to telephone calls and an email seeking comment about the export notice. India is the world's fourth-biggest oil consumer and imports about 80 percent of its oil needs, leading it to place restrictions on the export of locally-produced oil.

20 May 2015

How Do You Lose 100 Million Barrels of Oil?

Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices. Some blame the barrel counters who compile official statistics on supply, demand and stocks. But the truth is that information on the world oil market is incomplete and it is easy for hundreds of millions of barrels of oil to disappear from the supply chain without being counted. According to the three main statistical agencies, the global market has been oversupplied by between 1.5 million and 2.5 million barrels per day (bpd) since the start of the year. Stockpiles should have increased by between 200 million and 350 million barrels, according to the International Energy Agency, OPEC and the U.S.

16 Jan 2015

India to Talk Sanctions, LNG Imports During Obama Visit

India will use an upcoming visit by Barack Obama to press the United States to remove Indian oil companies from a list naming firms doing business in Iran, and to seek priority access to U.S. LNG exports, sources in the Oil Ministry said. The U.S. president will arrive in New Delhi on Jan. 25 and hold discussions with Prime Minister Narendra Modi, who visited Washington in September. An official agenda has not been released. The U.S. Government Accountability Office (GAO) listed three Indian companies as having commercial activity in Iran's energy sector in a report this week, potentially making it difficult for them to do business with other countries, mainly the United States.

31 Oct 2014

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand, industry sources said on Friday. Unipec, the trading arm of top Chinese oil firm Sinopec, has bought more than 300,000 tonnes of naphtha for delivery into China. Traders said the firm rarely buys specifically for China. State-run Sinochem has bought at least 35,000 tonnes of diesel for October-to-November delivery and could import more, industry sources said. CNOOC and PetroChina have bought 105,000 tonnes of diesel and could buy more, they said, though volumes could not be confirmed. China became a net diesel exporter in 2013.

24 Sep 2014

Brent Crude Slips Below US$97

HFO: File image

Brent crude fell for a third day on Wednesday, slipping further below $97 a barrel as inflated supplies and weak economic data from Europe outweighed rising geopolitical tensions in the Middle East. * U.S. The European economic data and a rise in oil exports from Iraq and Nigeria overshadowed a boost from China with Tuesday's release of a better-than-expected flash Purchasing Managers' Index (PMI) for September. U.S. air strikes on militants in Syria also failed to lift prices. Brent for November delivery slipped 1 cent to $96.84 a barrel by 0704 GMT, although U.S.

11 Sep 2014

Oil Demand Growth Slowing at 'Remarkable' Pace

World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015. "While festering conflicts in Iraq and Libya show no sign of abating, their effect on global oil market balances and prices remains muted amid weakening oil demand growth and plentiful supply," it added. The IEA said demand growth in the second quarter of 2014 alone eased back to a near two-and-a-half year low.

14 Aug 2014

Brent Crude Falls Below US$104

HFO: File image

Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Coming up: U.S. Oil exports from Libya's Ras Lanuf port have resumed after a year of blockades by armed protesters, while U.S. crude stocks unexpectedly rose last week. September Brent crude fell 48 cents to $103.80 a barrel by 0655 GMT. The contract, expiring on Thursday, fell to $102.37 on Wednesday, its weakest since July 2013. U.S.

13 Aug 2014

BIMCO: Key Indicators for Shipping Demand

New data on three of the key indicators followed by BIMCO’s shipping market analyst sheds light on near-term and future market developments. The news follow up on BIMCO market reports and comments to commercial developments for the three main shipping segments. 1. China’s industrial production (IP) grew by 9% in July over the same period last year, according to the National Bureau of Statistics in China. This is a minor decrease from 9.2% in June, which was a three-month-high.

29 May 2014

Brent Oil Rises Back Above US$110

File image

Brent crude rose back above $110 a barrel on Thursday on signs of stronger demand from top oil consumer the United States, with a sharp drop in its gasoline stocks adding to recent data showing a strengthening economy. The brighter demand outlook underpinned prices already boosted by concerns about the loss of most supply from Libya and a widening rift between the West and Russia, the world's second largest oil exporter, over Ukraine. Still, some investors looking at price charts…

04 Mar 2014

Oil falls below $110 as Ukraine worries ease

Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27. U.S. crude for April delivery fell as low as $103.60, after reaching a 5-1/2-month high at $105.22 on Monday. The contract was currently down $1.11 at $103.81. Russia invaded Ukraine's autonomous Crimea region at the weekend…

26 Feb 2014

Petrobras Cuts Spending, Quarter Profits Fall 19%

Photo: Petrobras

Brazil's state-run oil company Petrobras moved to check years of missed targets, soaring costs and rising debt by scaling back near-term investments and setting a limit on long-term growth. Petroleo Brasileiro SA, as Petrobras is formally known, cut its five-year investment outlook for the 2014-2018 period to $221 billion, 6.8 percent less than its previous 2013-2017 plan, after reporting a 19 percent drop in fourth-quarter profit late on Tuesday. The company said production would still more than double to 5.2 million barrels of oil and natural gas a day (bpd) in 2020…

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