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[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Brent climbs ahead of OPEC+ oil production decision
▼ + stars: | 2023-11-24 | by ( Colleen Howe | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent, Colleen Howe, Sonali Paul Organizations: REUTERS, Rights, Brent, . West Texas, of Petroleum, IG, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Rights BEIJING, WTI, U.S, Saudi Arabia, OPEC, Sydney

☆ Oil retreats on caution ahead of OPEC+ meeting
▼ + stars: | 2023-11-21 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. "Market participants have started to price in an extension of the current quantum oil supply cut into 2024 or even deeper cuts in the upcoming OPEC+ meeting," he added. OPEC+ is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted. Weekly stockpile reports from the American Petroleum Institute and the Energy Information Administration are due later on Tuesday and Wednesday, respectively.

Persons: Kelvin Wong, Helima Croft, Florence Tan, Yuka Obayashi, Sonali Paul, Jacqueline Wong Organizations: cnsphoto, REUTERS, Walmart Inc, SINGAPORE, Brent, U.S, West Texas, Reuters, Organization of, Petroleum, RBC Capital, Traders, Walmart, American Petroleum Institute, Energy Information Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Singapore, OPEC, Saudi Arabia, U.S, Tokyo

"Going forward, the market will focus on U.S. and Chinese economic indicators and U.S. crude oil inventory levels to assess global demand trend," Ueno said, adding that investors will also consider a weakening U.S. dollar, which will provide support for oil prices. The oil market has dropped almost 20% since late September as crude output in the U.S., the world's top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No. U.S. crude and gasoline stockpiles likely rose last week, while distillates inventories were seen dropping, a preliminary Reuters poll showed on Monday. A weekly report from the American Petroleum Institute is due later on Tuesday, and from the Energy Information Administration is due on Wednesday. On the supply side, the OPEC+ are likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.

Persons: Brent, Tsuyoshi Ueno, Ueno, Goldman Sachs, Yuka Obayashi, Stephen Coates Organizations: cnsphoto, REUTERS, Walmart Inc, OPEC, West Texas, Reuters, Organization of, Petroleum, NLI Research, Traders, Walmart, American Petroleum Institute, Energy, Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Russia, U.S, OPEC, timespreads

☆ When people move out, wildlife moves in: 10 abandoned places reclaimed by nature
▼ + stars: | 2023-11-20 | by ( Arya Jyothi | ) edition.cnn.com time to read: +15 min

The temple and surrounding forested areas were abandoned three centuries later, when the king moved the capital of the empire away from Angkor. People started moving out in the 1990s and by 2002, the village was completely abandoned. People started moving out in the 1990s and by 2002, the village was completely abandoned. The Whanganui River holds 18 fish species including eels, freshwater crayfish and black flounders. Graham Harries/ShutterstockLocated off the Pembrokeshire coast in west Wales, stands a time capsule in the form of a long-abandoned island fort.

Persons: Prohm, King Jayavarman, Alexander Arndt, Angelina Jolie’s, “ Lara Croft, pileated gibbons, silvered, Johannes Eisele, Leo Francini, Marcio Martins, University of São Paulo, Martins, “, Al Madam, Giuseppe Cacace, Yasuyoshi Chiba, James Beasley, allan wright, Kilda, Graham Harries, Shutterstock, Nicholas Mueller, ”, Mueller Organizations: CNN, Wildlife Alliance, ., Steam, SS, Titanic, Cyclone, University of São, Google Arts & Culture, National Institute of Ecology, Al, Getty, United Arab, Japan Earthquake, University of Georgia, TED, UNESCO Locations: CNN —, Europe, Ta Prohm, Cambodia, Angkor Thom, Khmer, Angkor, Shengshan Island, China, AFP, Houtouwan, Shengshan, Zhoushan, Mangapurua, , New Zealand, Nowhere, Mangapurua Valley, New, Whanganui, North, Australia, Grande, Brazil, Sao Paulo, Marcio, Korea, South Korea, Al Madam Village, UAE, Al, Dubai, United Arab Emirates, Sharjah, Fukushima, Japan, St Kilda, Scotland, Scotland’s, Kilda, Atlantic, Soay, Boreray, Fort, Wales, Pembrokeshire

☆ In northeast China, Russian and Chinese firms ink deals from manufacturing to agriculture
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a meeting at the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Sergei Guneev/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 23 (Reuters) - Chinese and Russian companies attending a regional conference in northeastern China signed a raft of cooperation deals on Monday in sectors ranging from manufacturing and logistics to e-commerce and agriculture, Chinese state media reported. The conference in Shenyang, the capital of Liaoning province, followed last week's meeting in Beijing between Russian President Vladimir Putin and China's President Xi Jinping. Russian local government officials, business representatives as well as nearly 800 Chinese companies hoping to enter the Russian market were attending the conference. In January to September, 40 Russian firms set up businesses in Liaoning, China's national broadcaster reported on Monday.

Persons: Vladimir Putin, Xi Jinping, Sergei Guneev, Xi, Ryan Woo, Ellen Zhang, Simon Cameron, Moore Organizations: Forum, Sputnik, Rights, West, China's, Chinese, Administration of Customs, Thomson Locations: Beijing, China, Rights BEIJING, Shenyang, Liaoning province, Russia, Ukraine, Liaoning, Heilongjiang, Jilin, Vladivostok, Russian, Zhoushan, Zhejiang

☆ China export curbs choke off shipments of gallium, germanium for second month
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

China's exports of wrought germanium products stood at 1 kilogram, versus zero in August after a flurry of buying prior to the restrictions saw shipments of wrought products surge to 8.63 metric tons in July. China exported no wrought gallium products in August and September. Exporters of germanium and gallium products now need to obtain an export licence for dual-use items and technologies, meaning those with potential military and civilian applications. Some Chinese companies have obtained export licences for gallium and germanium products, the Ministry of Commerce said in September. China's exports of wrought germanium totaled 36.49 tons in the first nine months of 2023, up 47.4% on the year, while shipments of wrought gallium fell 61.9% on the year to 22.72 tons over the same period.

Persons: Amy Lv, Dominique Patton Organizations: cnsphoto, REUTERS, Rights, Ministry of Commerce, Shanghai Metals, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Rights BEIJING, Beijing, Washington

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo Acquire Licensing RightsLONDON, Sept 11 (Reuters) - Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged. Among economic factors in the spotlight, the European Central Bank (ECB) is due to announce its monthly interest rate decision this week. Reporting by Robert Harvey, Natalie Grover, Florence Tan and Emily Chow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, OPEC's, Naeem Aslam, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, David Goodman Organizations: cnsphoto, REUTERS, Saudi, U.S, West Texas, International Energy Agency, Organization of, Petroleum, IEA, European Central Bank, European Commission, Zaye, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, United States

☆ Oil prices ease, supply cuts keep Brent above $90 per barrel
▼ + stars: | 2023-09-11 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel by 0022 GMT while U.S. West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9%. "Concerns about Chinese economic growth weighed on sentiment across commodities," ANZ analysts said in a note. "The move was exacerbated by a stronger USD, which kept investor appetite low," they added, referring to the greenback which has risen for eight straight weeks. The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are due to release their monthly reports this week. "Any sign of strong demand from oil market reports from IEA and OPEC will likely push oil prices higher," ANZ analysts said.

Persons: Brent, Baker Hughes, WTI, Tony Sycamore, Florence Tan Organizations: cnsphoto, REUTERS, Rights, West Texas, ANZ, International Energy Agency, Organization of, Petroleum, OPEC, Thomson Locations: Zhoushan, Zhejiang province, China, Rights SINGAPORE, Saudi Arabia, Russia, United States, Europe

Brent crude rose 15 cents, or 0.2%, to $83.36 a barrel, while U.S. West Texas Intermediate crude rose 16 cents, or 0.2%, to $79.05 a barrel. Prices traded lower for the majority of the session, before pushing higher in the last half hour of trading. Investor caution on the eve of his remarks lifted the safe-haven dollar, which makes oil more expensive for holders of other currencies, denting demand. Euro zone business activity also declined more than expected and Britain's economy looked set to shrink in the current quarter. On the supply side, Iran's crude oil output will reach 3.4 million barrels per day (bpd) by the end of September, the country's oil minister was quoted as saying by state media, even though U.S. sanctions remain in place.

Persons: Brent, Giovanni Staunovo, Jackson, Jerome Powell, Craig Erlam, Erlam, Shariq Khan, Ahmad Ghaddar, Mohi Narayan, Kim Coghill, David Evans, David Gregorio, Deepa Babington Organizations: cnsphoto, REUTERS, bbl, U.S, Fed, West Texas, UBS, U.S . Federal, Federal Reserve, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, Europe, New York, Amsterdam, Rotterdam, Antwerp, U.S ., Japan, Venezuela, American

Brent crude fell 16 cents, or 0.2%, to $83.05 a barrel by 11:41 a.m. EDT (1541 GMT). U.S. West Texas Intermediate crude fell 12 cents, or 0.2%, to $78.77 a barrel. "Disappointing data and nerves that the Federal Reserve could reinforce a hawkish stance are weighing on oil," said Fiona Cincotta, analyst at City Index. On the supply side, Iran's crude oil output will reach 3.4 million barrels per day (bpd) by the end of September, the country's oil minister was quoted as saying by state media, even though U.S. sanctions remain in place. U.S. crude inventories (USOILC=ECI) fell by 6.1 million barrels in the week to Aug. 18 to 433.5 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel drop.

Persons: Jerome Powell, Brent, Fiona Cincotta, Jackson, Powell, Shariq Khan, Ahmad Ghaddar, Mohi Narayan, Kim Coghill, David Evans, David Gregorio Our Organizations: cnsphoto, REUTERS, Fed, U.S . Federal, . West Texas, Federal, Wednesday Japan, Federal Reserve, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, American, Saudi Arabia

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8%, to settle at $84.80 a barrel. Those concerns, spurred on by output cuts from the Organization of the Petroleum Exporting Countries and allies, helped oil prices gain for seven straight weeks since June. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, WTI, Rob Haworth, Haworth, Jay Hatfield, Hatfield, Shariq Khan, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis, David Gregorio Our Organizations: REUTERS, West Texas, Brent, Organization of, Petroleum, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. "Prices are likely to remain range-bound for now," Haworth said, adding that demand is in question for investors worried by the weak data from China. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Oil benchmarks were further depressed by seasonal demand weakness heading into the autumn, said Jay Hatfield, CEO of Infrastructure Capital Management. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, Rob Haworth, Haworth, Jay Hatfield, Hatfield, WTI, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis Organizations: REUTERS, U.S . West Texas, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, London, Singapore

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsCompanies United States of America FollowSINGAPORE, Aug 18 (Reuters) - Oil prices looked set to snap a seven-week winning streak on Friday as concerns about China's slowing economic growth and the possibility of more U.S. interest rate hikes outweighed signs of tightening supply. Investors fret that higher borrowing costs could impede economic growth and in turn reduce overall demand, including for oil. Data released this week also showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates. Despite recent economic weaknesses, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan Varadhan, Shri Navaratnam, Jamie Freed Organizations: REUTERS, Companies United, U.S . West Texas, U.S, Federal, U.S . Labor Department, Organization of, Petroleum, ANZ Research, ANZ, Thomson Locations: Zhoushan, Zhejiang province, China, Companies United States, America, SINGAPORE, U.S

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. The U.S. Federal Reserve's focus on containing inflation amid stronger-than-expected economic data was keeping a lid on oil prices. That report followed similarly upbeat economic data earlier in the week, including U.S. retail sales, which all suggested the Fed may have to stick with higher rates for longer. Adding to the concerns, a recent batch of economic data from China, the world's second largest oil consumer, has highlighted the rapid loss in economic momentum there since the second quarter. However, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan, Shri Navaratnam Organizations: REUTERS, Rights, U.S . West Texas, U.S, Federal, U.S . Labor Department, Thomson Locations: Zhoushan, Zhejiang province, China

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Weekly products supplied, a proxy for demand, rose to the highest since December. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Dennis Kissler, Naeem Aslam, OANDA's Moya, Arathy Somasekhar, Natalie Grover, Katya Golubkova, David Goodman, Christina Fincher, David Gregorio Our Organizations: REUTERS, Rights, Brent, . West Texas, BOK Financial, Travel, Energy, Zaye, Markets, Thomson Locations: Zhoushan, Zhejiang province, China, Independence, U.S, China's, Houston, London, Singapore

☆ Oil edges up as China seeks to calm economic fears
▼ + stars: | 2023-08-17 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/file photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Oil prices crept up on Thursday after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Naeem Aslam, Edward Moya, John Evans, OANDA's Moya, Natalie Grover, Katya Golubkova, David Goodman Organizations: REUTERS, Brent, . West Texas, Zaye, U.S, U.S . Federal, Thomson Locations: Zhoushan, Zhejiang province, China, U.S .

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures were up 8 cents, or 0.1%, at $83.53 a barrel by 0245 GMT, after initially falling 0.5%. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. "Crude prices are going to struggle here as we have bearish sentiment in the world's two largest economies," said Edward Moya, an analyst at OANDA. Reporting by Katya Golubkova; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tina Teng, Teng, Edward Moya, Katya Golubkova, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, Brent, U.S . West Texas, CMC Markets, Traders, U.S, U.S . Federal, OANDA, Thomson Locations: Zhoushan, Zhejiang province, China, U.S, OPEC, China's, U.S .

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil edges up as China cuts policy rates to support economy
▼ + stars: | 2023-08-15 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Prices turned higher after the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Despite the weak macroeconomic data, China's oil appetite showed resilience. The declining U.S. output could exacerbate global oil supply tightness as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, cut production. Reporting by Muyu Xu and Katya Golubkova; Editing by Sonali Paul and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, Robert Carnell, refiners, Muyu Xu, Katya Golubkova, Sonali Paul, Tom Hogue Organizations: REUTERS, Garden Holdings, SINGAPORE, Brent, . West Texas, People's Bank of China, ING Bank, Energy, of, Petroleum, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Asia Pacific, OPEC

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

☆ Oil hits new highs as tighter supply offsets China demand concern
▼ + stars: | 2023-08-09 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude was 54 cents, or 0.6%, higher at $86.71 by 1110 GMT having touched $87.09, the highest since April 13. Crude posted its sixth consecutive weekly gain last week helped by a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in China. "There is no doubt that there is plenty of momentum here," said Naeem Aslam, chief investment officer at Avatrade. On Tuesday, oil also came under pressure from Chinese data showing crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January, although they were up 17% from a year earlier.

Persons: Brent, Charalampos Pissouros, Naeem Aslam, Yuka Obayashi, Andrew Hayley, Bernadette Baum, Kirsten Donovan Organizations: Saudi, XM, . West Texas, Organization of, Petroleum, American Petroleum Institute, Official U.S . Energy, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Russian, Saudi Arabia, Russia, U.S, OPEC, Tokyo, Beijing

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERSBEIJING, Aug 9 (Reuters) - Oil prices eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia. "Oil prices are struggling to further rise because of lingering concerns over a sluggish recovery in China's economy and fuel demand," said Chiyoki Chen, chief analyst at Sunward Trading. Both benchmarks notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022, helped by a reduction in OPEC+ supplies and hopes of stimulus boosting an oil demand recovery in China. In another bearish sign, U.S. crude oil stocks rose by 4.1 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Brent, Chiyoki Chen, Yuka Obayashi, Andrew Hayley, Jamie Freed, Sonali Paul Organizations: REUTERS, . West Texas, Sunward, American Petroleum Institute, Reuters, U.S . Energy Information Administration, Saudi, Thomson Locations: Zhoushan, Zhejiang province, China, REUTERS BEIJING, Saudi Arabia, Russia, United States, Europe, Saudi, Tokyo, Beijing

☆ China refiner ZPC enters strategic fuel marketing deal with Sinopec
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 30 (Reuters) - Privately controlled Zhejiang Petrochemical Corp (ZPC), operator of China's largest refinery, said on Thursday it has reached a strategic agreement with state refining giant Sinopec (600028.SS) on the domestic marketing of its fuel. Under a deal reached earlier this week, Sinopec will handle more than 60% of ZPC's domestic refined products sales, worth about 55 billion yuan ($8.0 billion) a year, the company said in a statement posted on its WeChat account. "With the growing new refining capacity at home, the mismatch between refined fuel supply and demand will become more and more prominent," ZPC said in the statement. ZPC, controlled by private chemical group Rongsheng Petrochemical Co Ltd (002493.SZ), operates an 800,000 barrels-per-day refinery in the eastern port of Zhoushan. Earlier this week, Rongsheng Petrochemical agreed to sell a 10% stake in itself to Middle Eastern energy giant Saudi Aramco (2222.SE) for $3.6 billion.

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