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Apr 11, 2014

IEA bucks trend, cuts forecast for 2014 world oil demand growth

LONDON, April 11 (Reuters) – World oil demand will rise less
than previously thought in 2014, the International Energy Agency
said on Friday, due to a lower outlook for Russia’s economic
growth following its annexation of Crimea.

The agency, which advises industrial countries on oil
policy, also reduced its forecast for non-OPEC supply this year,
which will increase the need for crude from the Organization of
the Petroleum Exporting Countries.

Apr 1, 2014

OPEC output falls on Iraq exports setback, African outages

LONDON, April 1 (Reuters) – OPEC’s oil output fell in March
to its lowest since December, a Reuters survey found on Tuesday,
as Iraq’s oil revival suffered a setback and outages cut output
in African producers.

Supply from the Organization of the Petroleum Exporting
Countries averaged 29.72 million barrels per day (bpd), down
from a revised 30.06 million bpd in February, according to the
survey based on shipping data and information from sources at
oil companies, OPEC and consultants.

Mar 26, 2014

Iran heads for 5th month of oil exports above sanctions limit

LONDON, March 26 (Reuters) – Iran’s oil exports have stayed
above levels allowed under Western sanctions for a fifth month,
according to sources who track tanker movements, in a further
sign that a deal to ease some restrictions is helping Tehran
sell more crude.

Under the deal, Iran’s exports are supposed to be held at an
average 1 million bpd for the six months to July 20. But
shipments to Asia have topped that level at least since
November, according to ship tracking data.

Mar 25, 2014

Oil edges up above $107 on supply concerns

LONDON, March 25 (Reuters) – Oil edged up over $107 a barrel
on Tuesday, supported by a further drop in production in Libya
and speculation China will act to support its slowing economy.

In Libya, oil production will be cut by about 80,000 barrels
per day to about 150,000 bpd on Tuesday after a large oilfield
was shut. Output has collapsed from 1.4 million bpd in July
because of strikes and protests.

Mar 21, 2014

Oil firms review Gunvor trade after U.S. sanctions target co-founder

LONDON, March 21 (Reuters) – Oil companies are reviewing
their dealings with Russian energy trader Gunvor but have not
yet altered their business links, industry sources said on
Friday, after the United States imposed sanctions on its
billionaire co-founder.

The United States added Gennady Timchenko to its sanctions
list on Thursday, forcing him to sell his near 50 percent Gunvor
stake to Chief Executive Officer Torbjorn Tornqvist this week to
keep it running.

Mar 21, 2014

Oil firms review Gunvor trade after US sanctions co-founder

LONDON, March 21 (Reuters) – Oil companies reviewed their
dealings with Russian trader Gunvor but did not yet alter
business links, industry sources said on Friday, after the
United States imposed sanctions on its billionaire co-founder.

The United States added Gennady Timchenko to its sanctions
list on Thursday, forcing him to sell his near 50 percent Gunvor
stake to Chief Executive Officer Torbjorn Tornqvist earlier this
week in order to keep it running.

Mar 19, 2014

Oil near 6-week low as Ukraine concern eases; Fed in focus

LONDON, March 19 (Reuters) – Oil fell towards $106 a barrel
on Wednesday, close to a six-week low, as concern eased about an
escalation of the Ukraine crisis and on forecasts for a rise in
U.S. oil inventories.

Russian President Vladimir Putin signed a treaty on Tuesday
making Crimea part of Russia again, but said he did not plan to
seize any other regions of Ukraine. Western sanctions imposed on
Monday targeted individuals, but not broad trade.

Mar 14, 2014

Global imports of Iranian oil hit one-year high, IEA says

LONDON/WASHINGTON (Reuters) – Global imports of Iranian oil hit a one-year high in January and February, the International Energy Agency said on Friday, data that industry sources say suggests a temporary deal on sanctions pressure on Tehran has helped its oil sales to recover.

Imports of Iranian crude, including condensate, reached 1.41 million barrels per day (bpd) in January and February, the IEA, which advises industrialized countries, said in a monthly report. The IEA revised up January’s figure by 90,000 bpd.

Mar 13, 2014

Shell says Nigerian oil theft costs billions

LONDON, March 13 (Reuters) – Royal Dutch Shell lost
nearly $1 billion through theft and various disruptions to its
Nigerian oil and liquefied natural gas (LNG) operations in 2013
and said that rampant oil theft is costing the country even
more.

The Anglo Dutch company, updating investors on its strategy,
also said that proposed Nigerian legislation had curbed
investment, hindering production, while security is a daily
challenge and oil theft “very material”.

Mar 12, 2014

OPEC, unlike U.S., raises 2014 global oil demand view

LONDON, March 12 (Reuters) – World oil demand will increase
more than expected in 2014, OPEC said on Wednesday, raising its
prediction for a second straight month as economic growth picks
up in Europe and the United States.

The view on oil demand growth from the Organization of the
Petroleum Exporting Countries, source of a third of the world’s
oil, contrasts with that of the U.S. government’s Energy
Information Administration, which on Tuesday cut its forecast.

    • About Alex

      "Senior correspondent in the crude oil team on Reuters energy desk in London. I joined Reuters in 2006 and previously covered energy for Bloomberg, Platts and Bridge News."
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