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Tokyo (Platts)--18 May 2018 609 am EDT/1009 GMT
The International Energy Agency is in discussion with oil producers and consumers amid rising oil prices, and it is ready to ready to act if "necessary to ensure that markets remain well supplied," Keisuke Sadamori, the IEA's director for energy markets and security, told S&P Global Platts Friday.
Singapore (Platts)--18 May 2018 334 am EDT/734 GMT
Price levels for Russia's ESPO crude blend in the Far East Asian spot market looked relatively cheap compared to sour crude grades from the Middle East this month, crude traders told S&P Global Platts Friday. "ESPO is low," a sour crude trader said.
Singapore (Platts)--17 May 2018 1135 pm EDT/335 GMT
Crude oil futures continued to rise during mid-morning trade in Asia Friday, after breaching the $80/b mark on Thursday, levels not seen since November 2014.
Tokyo (Platts)--17 May 2018 1114 pm EDT/314 GMT
Saudi Arabia's energy minister Khalid al-Falih said Thursday that he had held talks with the International Energy Agency's Executive Director Fatih Birol and reassured on commitment to the stability of global oil markets amid soaring oil prices.
Washington, DC (Platts)--17 May 2018 1100 pm EDT/300 GMT
The potential loss of 1 million barrels of Iranian crude from the world market and the ongoing decline of Venezuela's oil sector could push oil prices beyond $100/b, Patrick Pouyanne, chairman and CEO of French oil major Total, said Thursday.
Cancun (Platts)--17 May 2018 1052 pm EDT/252 GMT
ExxonMobil will expand its refined products deliveries in Mexico this summer, as it begins supplying the greater Mexico City region and the states of Coahuila, Nuevo Leon and Puebla, the company said Wednesday.
Rio de Janeiro (Platts)--17 May 2018 513 pm EDT/2113 GMT
Brazilian state-led Petrobras registered a 1.1% month-on-month advance in crude oil output in April, ending a string of six consecutive monthly declines, after completing maintenance work on a floating production unit at the Lula Field and pumping first oil from the Buzios Field.
New York (Platts)--17 May 2018 409 pm EDT/2009 GMT
ICE July Brent reached $80.50/b at one point Thursday, marking the first time the prompt contract has been above $80/b since November 2014, but faded in the afternoon to close 2 cents higher at $79.30/b.
London (Platts)--17 May 2018 136 pm EDT/1736 GMT
The oil market remains well-supplied, with the recent price rise driven by geopolitics, not fundamentals, the Saudi and UAE energy ministers said Thursday.
London (Platts)--17 May 2018 719 am EDT/1119 GMT
Crude oil futures hit a fresh near three-and-a-half-year high during European morning trading, bolstered by geopolitical risk and the unexpected drawdown in US stocks.
London (Platts)--17 May 2018 622 am EDT/1022 GMT
ICE July Brent crude futures rose above $80/b at 0948 GMT, trading as high as $80.18/b, on continued geopolitical tensions compounded by an unexpected drawdown in US stocks.
Singapore (Platts)--17 May 2018 118 am EDT/518 GMT
China National Petroleum Corporation has received its first deepwater equity output, Mero crude, from the Mero Field in offshore Brazil at Dalian port, the company said in a statement Thursday.
Singapore (Platts)--17 May 2018 1236 am EDT/436 GMT
The Middle East sour crude complex hit price levels last seen in 2014 on the back of firm product margins and high summer demand in Asia, S&P Global Platts data showed.
Singapore (Platts)--16 May 2018 1119 pm EDT/319 GMT
Price differentials for Middle East sour crudes are fetching firm premiums in the spot market, despite steep hikes in official selling prices from producers earlier in the month, according to market sources this week.
Tehran (Platts)--16 May 2018 317 pm EDT/1917 GMT
Iran has agreed to sign a $1.167 billion upstream deal with the UK-led Pergas consortium Wednesday for the development of the onshore Karanj oil field, only a week after the US withdrew from the nuclear deal.
Washington (Platts)--16 May 2018 313 pm EDT/1913 GMT
The Trump administration is highly unlikely to impose sanctions on crude flows in response to Venezuela's presidential election on Sunday, but new limits on US diluent exports to Venezuela are still being considered, according to analysts.
London (Platts)--16 May 2018 424 am EDT/824 GMT
The International Energy Agency warned Wednesday a potential supply shortfall from Iran and Venezuela could become a "major challenge" forother big oil producers if they are to fend off sharp price rises and fill the gap, and reiterated its readiness to act if needed to ensure adequate supplies.
Oslo (Platts)--16 May 2018 1212 pm EDT/1612 GMT
Statoil officially changed its name to Equinor on Wednesday after a shareholder vote, raising but not necessarily answering questions as to the degree of strategic change in the Norwegian energy major's focus.
New York (Platts)--16 May 2018 1202 pm EDT/1602 GMT
US crude exports jumped by 689,000 b/d last week to 2.566 million b/d, a record high, leading to a draw in crude stocks, Energy Information Administration data showed Wednesday.
Buenos Aires (Platts)--16 May 2018 956 am EDT/1356 GMT
Argentina is poised to attract more investment to its oil sector as rising crude prices improve the profit potential of its shale resources even as the government contends with financial problems.
London (Platts)--16 May 2018 640 am EDT/1040 GMT
Crude oil futures edged down in European morning trading Wednesday in the wake of the International Energy Agency trimming its estimate for global oil demand growth in 2018.
Singapore (Platts)--16 May 2018 543 am EDT/943 GMT
China saw a build of 37.84 million barrels in crude oil stocks over April, from end-March, which was 65.3% higher than the previous month due to heavy crude imports and lower throughput, S&P Global Platts' calculations based on latest official data showed Wednesday.
Singapore (Platts)--16 May 2018 453 am EDT/853 GMT
Russia's exports of the medium sweet ESPO Blend crude in June are expected to total 2.4 million mt, down 7.69% from May, according to the latest monthly loading program seen by S&P Global Platts.
Singapore (Platts)--16 May 2018 313 am EDT/713 GMT
Indonesia's state-owned Pertamina plans to import around 11 million barrels of gasoline in June, similar to estimated imports for May, as it continues to stock up during the Ramadan peak demand period, market sources said Wednesday.
Tokyo (Platts)--15 May 2018 1135 pm EDT/335 GMT
Japan's Idemitsu Kosan and Showa Shell said Tuesday that the refiners in March began joint crude procurements as part of a plan to optimize operations under their alliance introduced a year ago.
Tokyo (Platts)--15 May 2018 1101 pm EDT/301 GMT
Japan's largest refiner JXTG Nippon Oil & Energy has shut a combined 468,000 b/d, or 24% of its refining capacity, for scheduled maintenance, according to S&P Global Platts calculations based on company information.
Mexico City (Platts)--15 May 2018 501 pm EDT/2101 GMT
Valero Energy has signed a long-term agreement to supply Mexico's northern region with refined products via NuStar's midstream infrastructure, the company said Tuesday.
Houston (Platts)--15 May 2018 153 pm EDT/1753 GMT
ConocoPhillips has begun the process of recovering over $2 billion in Venezuelan global assets that was awarded last month by an international trade court, but is "not close" to locating and taking back that sum, the company's CEO said Tuesday.
London (Platts)--15 May 2018 1206 pm EDT/1606 GMT
The start of summer in the US traditionally marks the start of the driving season, a period of strong gasoline consumption for the US and a major driver of European exports.
Washington (Platts)--15 May 2018 1144 am EDT/1544 GMT
The ICE Brent/WTI spread was trading Tuesday at its widest level in three years, driven by a relentless climb in US production that has begun to limit the upside for NYMEX crude.
London (Platts)--15 May 2018 747 am EDT/1147 GMT
Crude oil futures pushed higher again in European morning trading Tuesday, with geopolitical risk remaining elevated and the market still digesting OPEC's higher forecasts for global demand this year.
London (Platts)--15 May 2018 541 am EDT/941 GMT
The Urals crude oil market in Northwest Europe has rebounded sharply over the first half of May, climbing to its highest level versus the forward Dated Brent market since the start of April, amid strong buying interest for late May and early June cargoes.
Seoul (Platts)--15 May 2018 352 am EDT/752 GMT
South Korea's crude oil imports from Iran fell 24.9% year on year to 1.24 million mt (9.09 million barrels or 303,000 b/d) in April, from 12.11 million barrels in the year-ago month, according to preliminary data released by the Korea Customs Service Tuesday.
Singapore (Platts)--15 May 2018 1236 am EDT/436 GMT
China's refinery crude throughput rose 11.5% year on year to 49.58 million mt in April, or an average of 12.11 million b/d, preliminary data from the National Bureau of Statistics released Tuesday showed.
Singapore (Platts)--14 May 2018 1105 pm EDT/305 GMT
India's ONGC Videsh Ltd could not have picked a better time to offer multi-month supply of Brazilian Ostra crude oil to the Asian market as Australia was set to halt production and exports of its heavy sweet crude grades during the second-half of this year.
Houston (Platts)--14 May 2018 408 pm EDT/2008 GMT
The US Energy Information Administration estimates US unconventional oil output will increase by a record 144,000 b/d in June.
Rome (Platts)--14 May 2018 238 pm EDT/1838 GMT
Italian refiner Saras said Monday it will continue to buy Iranian crude for now despite US sanctions, but the company's CEO said he expected oil trade with Iran to become "increasingly difficult" and expressed concern on the significant rise in oil prices.
Washington (Platts)--14 May 2018 105 pm EDT/1705 GMT
Sufficient global oil supply exists outside of Iran for the US to require Iranian-crude buyers to make significant reductions as part of sanctions snapping back in November, US President Donald Trump said Monday in an expected determination.
New York (Platts)--14 May 2018 1135 am EDT/1535 GMT
Oil futures were higher in US Monday morning trading, with the ICE Brent/WTI spread nearing $7/b, as deadly violence in Gaza keeps traders focused on geopolitical risk in the Middle East.
London/Dubai (Platts)--14 May 2018 908 am EDT/1308 GMT
Europe needs to use its diplomatic clout with the US to limit the impact of renewed sanctions against Iran, Claudio Descalzi, the head of one of the continent's largest buyers of Iranian oil, Eni, has said.
London (Platts)--14 May 2018 708 am EDT/1108 GMT
OPEC Monday said it is concerned about a lack of upstream investment in the oil industry outside of the US despite forecasting that the increase in 2018 non-OPEC crude supply would outpace global demand growth.
Moscow (Platts)--14 May 2018 559 am EDT/959 GMT
The OPEC coalition has "all the tools to balance the market" following the US decision to withdraw from the Iran nuclear deal, Russia's acting energy minister Alexander Novak said Monday.
Tokyo (Platts)--14 May 2018 326 am EDT/726 GMT
State-owned Abu Dhabi National Oil Co said that it shipped on Saturday its maiden crude cargo to be stored at the strategic petroleum reserves in India's southern city of Mangalore under a deal signed in 2017.
Singapore (Platts)--13 May 2018 1117 pm EDT/317 GMT
Crude oil futures were weaker in mid-morning trade Asia Monday, as concerns over tightening supply eased after the UAE energy ministry said that OPEC producers had enough spare capacity to handle any disruption from the loss of Iranian crude oil supplies due to new US sanctions.
Abu Dhabi (Platts)--13 May 2018 1047 pm EDT/247 GMT
OPEC producers have enough spare capacity between them to handle any disruption from the loss of Iranian crude oil supplies due to new US sanctions, UAE energy minister Suhail al-Mazrouei said Sunday.
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