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Oil heads for weekly gain on hopes of firmer demand

Oil prices stabilised on Friday, with global benchmark Brent heading for its first weekly gain in three weeks, as economic indicators from big consumers China and the United States bolstered hopes for higher demand. Brent crude oil was up 1 cent, or 0.01%, at $83.28 a barrel by 1324 GMT. U.S. West Texas Intermediate (WTI) crude gained 5 cents, or 0.06%, to $79.28. Brent is on track for an increase of about 0.6% from last Friday, with WTI on course for a 1.3% gain. China’s industrial output rose 6.7% year-on-year ...

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UAE’s ADNOC planning US trading expansion, sources say

Abu Dhabi National Oil Company (ADNOC) is planning to set up a trading desk in the U.S. as part of the United Arab Emirates-backed oil and gas producer’s global expansion efforts, several sources familiar with the matter told Reuters. The company has recently held talks to recruit senior energytraders to oversee the U.S. expansion effort, the sources said. The sources requested anonymity to discuss confidential details and cautioned that ADNOC could still change its plans to focus elsewhere. ADNOC declined to comment. ADNOC has been stepping up its global expansion ...

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US unlikely to change oil sanctions despite new Venezuelan candidate: experts

Venezuela’s political opposition has united behind a new presidential candidate — Edmundo González Urrutia – and polls suggest he could beat President Nicolás Maduro in July’s elections, but this development is unlikely to change US oil sanctions policy in the near term, experts say. Washington is not expected to change course at this point in part because the current policy focusing on company-specific licenses could work just as well a general license, allowing Venezuelan production to continue apace despite the US sanctions snapback in April, experts say. The US has ...

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Russia’s Novorossiisk oil infrastructure hit by drone attack early on Friday, sources say

A drone attack on Russia’s Black Sea port of Novorossiisk early on Friday hit the Importpischeprom oil products terminal and Sheskharis oil harbour, sources said and video shared on social media showed. The port was shut soon after attack but later resumed oil loadings from Sheskharis oil harbour and fuel oil terminal, according to industry sources and LSEG data. Oil products loadings from Importpischeprom oil products terminal in Novorossiisk are still suspended, the sources said. Russian oil pipeline monopoly Transneftdid not reply to a request for comment. Its subsidiary, Novorossiisk ...

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Indonesia plans to offer 54 oil and gas blocks over 2024-2028 to boost E&P

The Indonesian government plans to offer 54 potential onshore and offshore oil and gas blocks over 2024-2028, an upstream senior official said May 16, as the country looks to combat declining production and boost exploration in untapped areas to meet growing demand. Of the 54 blocks, direct offers are likely expected for half of them, while the remaining 27 blocks are expected to be offered through regular tenders, said energy and mineral resources ministry’s upstream oil and gas business development director Ariana Soemanto at the IPA Convention and Exhibition in ...

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Russia’s Far East ESPO Blend oil slips to wider discounts in China amid weak demand

Russia’s Far East ESPO Blend oil ESPO-DUB slipped to wider discounts against Brent in Chinese ports for May and June cargoes, as Chinese refiners’ demand for the grade cooled, while supply of the grade remained high, three traders involved in ESPO Blend oil market said on Friday. Some ESPO Blend oil cargoes loaded in the end of May and early in June were still on offer, while the grade normally trades in advance and July-loading cargoes are expected to be offered soon, two of the traders said. ESPO Blend oil ...

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OPEC+ likely to role over output cuts – UBS

A group of major crude producers next meets at the start of June, and UBS expects them to agree to extend their voluntary production cuts, in an attempt to keep the oil market in balance. The Organisation of Petroleum Exporting Countries and allies, a group known as OPEC+, meets on June 1, and are set to evaluate their currency output cuts in place. OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day for the first half of 2024, led by Saudi Arabia rolling over ...

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Urals crude discounts to Brent narrow on softer freight rates to Asia

Urals crude discounts to Brent narrowed amid softening freight rates for key routes from Russia’s western ports to Asia, while outright prices for the grade dip in line with the global oil market, traders said and Reuters calculations showed on Friday. Freight rates for Aframax ships, which usually load some 720,000 barrels of Urals crude in Primorsk or Ust-Luga for a one-way voyage to Indian ports, eased to average some $7 million from some $7.5 million for April and March-loading cargoes, two sources said. This is still above $5 million ...

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Interest remains in Mexico’s oil and gas, but better terms for investors needed: panelists

There is still a lot of private and international interest in developing the oil and natural gas resources in Mexico despite the shift towards state control by President Andres Manuel Lopez Obrador, panelists said during an energy and infrastructure forum May 14-15. However, if Mexico again opened up those resources to private investors it would have to be under different circumstances, they said. “The interest in Mexico is there, I hear it all the time,” said Marcial Diaz Ibarra, a partner at Qua Energy Consulting, during the Mexico City event, ...

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Chevron prepares for North Sea exit after more than 55 years

Chevron said it is set to launch the sale of its remaining UK North Sea oil and gas assets, in a move that would mark the U.S. energy giant’s exit from the ageing basin after more than 55 years. The planned divestment, confirmed to Reuters on Thursday, comes as Chevron prepares for the $53 billion acquisition of rival Hess which it previously said will include $10 billion to $15 billion in asset sales around the world. The exit will be the latest step in a steady retreat of top oil ...

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Indonesia expects oil and gas investments to rise 29% to $17 billion in 2024

Indonesia expects investments in its oil and gas sector to rise 29% in 2024, the chairman of regulator SKK Migas told Reuters, as it races to ramp up drilling and exploration following the recent exits of global giants Shell SHEL.L and Chevron CVX.N. An immediate push in oil and gas investments is crucial for the resource-rich southeast Asian nation, which is looking to reverse a protracted output decline amid increasing financing challenges for fossil fuel projects. Of the planned investments this year, 40% will come from foreign companies including Eni ...

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These key triggers can help Crude Oil break from the trading range

Oil prices have started on firm foot in Asia with WTI lingering around $79/b, following a volatile session on Wednesday, when oil prices made sharp recovery, from fresh three-month lows of $76.70 to finish the day up at $78.63 driven by the favourable weekly inventory data from US. Crude oil prices have moderated in last 4 weeks due to easing of geo-political risks but are still up 10% for the year so far. EIA Weekly inventory The commercial stocks decreased by 2.5 million barrels from the previous week. At 457.0 ...

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Oil prices rise after US economic data raises rate cut expectations

Oil futures rose on Thursday on a stabilizing U.S. job market and slower-than-expected inflation data, which increased expectations that the Federal Reserve would begin to cut interest rates in the fall. Brent crude futures were up 50 cents at $83.25 a barrel by 11:06 a.m. EDT (1506 GMT). U.S. West Texas Intermediate crude (WTI) gained 62 cents to $79.25. The number of Americans filing new claims for unemployment benefits fell last week by 10,000 to a seasonally adjusted 222,000, the U.S. Labor Department said, pointing to both an underlying strength ...

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Why oil import restrictions hurt Russia more than the price cap

Sanctions in response to the invasion of Ukraine led to a substantial decline in Russia’s crude oil revenues in 2022 and 2023. This column argues that the decline in revenue was due almost entirely to the embargo on Russian crude oil imports, which forced Russian oil exports to be redirected from Europe to more distant customers in Asia and conferred market power on India and China. In contrast, while a price cap deprived Russia of financial resources that were spent on additional tanker purchases, its effect on the Russian oil ...

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Middle East Crude-Oman, Dubai halt 3-day loss; QatarEnergy awards tenders

Middle East crude benchmarks Oman and Dubai rose on Thursday, halting three days of losses after QatarEnergy awarded its tenders. QatarEnergy has set the July term price for al-Shaheen crude at $1.82 a barrel above Dubai quotes, trade sources said on Wednesday. The premium for term supplies loading in July is down versus $2.54 a barrel in June. The term price was set after QatarEnergy sold two cargoes via a tender to Unipec, traders said. The cargoes for loading on July 2-3 and July 26-27 were sold at premiums between ...

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