Crude oil
In latest sign of crude glut, ageing supertankers used to store unsold oil
SINGAPORE (Reuters) — Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices.
Oil hits six-week low as OPEC fails to curb oversupply
LONDON (Reuters) — Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC's ability to implement agreed production cuts.
Synthetic crude rises on extended Syncrude oil sands cuts
CALGARY, Alberta (Reuters) — The price of oil sands synthetic crude strengthened on Wednesday after the majority owner in the Syncrude oil sands project in northern Alberta said maintenance on the facility had been extended.
EIA: Global oil markets expected to tighten in Q3 2017, then loosen through 2018
Forecast world production of crude oil and other liquids in 2017 and 2018 was revised slightly downward in the June edition of EIA’s Short-Term Energy Outlook (STEO), which was issued after the May 25 announcement by the Organization of the Petroleum Exporting Countries (OPEC) of an extension to production cuts that were originally set to end this month.
US judge orders more environmental analysis of Dakota pipeline
WASHINGTON (Reuters) — A federal judge ordered the US Army Corps of Engineers to reconsider its environmental review of the Dakota Access Pipeline on Wednesday, opening up the possibility that the line could be shut at a later date.
S.Korea's May Iranian crude oil imports fall to 8-mth low
SEOUL (Reuters) — South Korea's Iranian crude oil imports dropped in May to their lowest in eight months as refiners bought less of the Middle Eastern nation's condensate, while Tehran struggled to maintain shipment volumes after exhausting stocks stored on tankers.
India's oil imports from Iran plunge over gas field row
NEW DELHI (Reuters) — India's oil imports from Iran have fallen to their lowest since June 2016, shipping data shows, in possible retaliation for Tehran not awarding a gas field development to Indian companies.
Malaysia's Petronas set to auction Kimanis crude on Dubai exchange
SINGAPORE (Reuters) — Malaysia's Petronas is set to auction one of its crude grades on the Dubai Mercantile Exchange, according to sources familiar with the matter, making the state-owned company the first to sell a non-Middle East oil on the trading platform.
China's May oil output lowest on record; refiners churn out more
BEIJING (Reuters) — China's crude oil production fell to its lowest on record in May, even as refineries in the world's top buyer of crude churned out product at their fastest pace in nearly two years, data showed on Wednesday.
IEA: Oil supply growth to outpace rise in consumption in 2018
LONDON (Reuters) — Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 MMbpd for the first time, the International Energy Agency said on Wednesday.
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