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LONDON, Feb 9 (Reuters) - Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China lent some support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy. "We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1," analysts from ANZ bank wrote in a note.

☆ Oil prices steady amid China demand revival, high U.S. inventories
▼ + stars: | 2023-02-09 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

"U.S. crude oil ... inventories have continued to exceed expectations, which to some extent erodes the bullish sentiments brought from China's demand recovery hopes," said analysts from Haitong Futures. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said on Wednesday. U.S. gasoline and distillate inventories also rose last week as demand remained weak. read moreBut the prospect of stronger demand from China lent support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy involving city-wide lockdowns and mass testing in December. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan.

☆ Oil rises for 4th day as supply disruptions, China demand supports
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +1 min

Freight wagons carrying oil and fuel at a petroleum products terminal in Riga, Latvia, on Feb. 2, 2023. Oil edged up in early trade on Thursday, extending gains for a fourth consecutive day, as crude loading disruptions in Turkey and optimism over China's recovering demand continued to buoy sentiment. Brent crude futures rose 14 cents, or 0.2% to $85.26 a barrel by 0239 GMT, while U.S. West Texas Intermediate (WTI) crude futures firmed 11 cents, or 0.2% higher, to $78.58 a barrel. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan. However, increasing crude inventories in the United States put pressure on oil gains.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

Companies Bp Azerbaijan FollowBp Plc FollowLONDON/BAKU, Feb 8 (Reuters) - BP Azerbaijan has declared force majeure on loadings of Azeri crude from the Turkish port of Ceyhan, after a series of earthquakes on Monday, the company said on Wednesday. The notice was issued to oil shippers following a temporary suspension of loading operations from the Ceyhan Marine Terminal (CMT), BP Azerbaijan spokeswoman Tamam Bayatly told Reuters by email. BP Azerbaijan operates the Azerbaijan and Georgia sections of the Baku-Tblisi-Ceyhan (BTC) pipeline. Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub, with a flow of about 650,000 barrels per day (bpd). The Iraqi crude pipeline to Turkey's Ceyhan oil export hub resumed flows on Tuesday evening and a tanker docked to load Iraqi crude at Ceyhan earlier in the day.

☆ Azeri BTC crude loadings suspended at a major oil export hub in Turkey after earthquakes
▼ + stars: | 2023-02-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Crude oil loadings from Turkey's Baku-Tbilisi-Ceyhan terminal in the Mediterranean have been suspended following a twin set of earthquakes that devastated Turkey and Syria on Monday, leaving over 9,000 dead. The BTC terminal loads Azeri BTC Blend crude, which is transported to the Ceyhan port through the BTC pipeline. A force majeure notice seen by CNBC — which removes contractual liability from exporters or producers for circumstances outside of their control — was issued on Tuesday evening. The BTC pipeline was not impacted by the earthquakes, the Botas International Company that operates its Turkish section said on Monday. The BTC crude oil loadings schedule that is typically published on the 8th of every month will be delayed, two trade sources said.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Oil rises on China outlook, supply worries after Turkey earthquake
▼ + stars: | 2023-02-07 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. Operations at Turkey's 1 million barrel per day (bpd) oil export terminal in Ceyhan were halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. The oil markets will closely watch the U.S. Federal Reserve's chair Jerome Powell's speech on Wednesday, analysts said.

A massive earthquake that struck Turkey and Syria early on Monday had halted operations at Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan. A trading source said the vessel was given the all clear to load Iraqi oil from storage. While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was however still working and sending oil to storage in Ceyhan, two sources said. The Alfa Baltica and the Nordlotus tankers were waiting in the area for the Azeri crude BTC terminal at Ceyhan to reopen.

☆ Turkey’s Ceyhan oil port disrupted by weather as earthquake damage assessed
▼ + stars: | 2023-02-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Operations were interrupted at the Ceyhan oil port — a critical hub for the discharge of crude oil and oil products, along with the loading of Azeri crude and a stream of Iraqi crude oil — on Monday, following two earthquakes that devastated Turkey and Syria, leaving over 5,000 dead. It also exports volumes of two crude oil streams — the Azeri crude oil delivered through the Baku-Tbilisi-Ceyhan (BTC) consortium's pipeline, and the Iraqi Kirkuk blend crude oil transferred through the separate Kirkuk-Ceyhan pipeline. Loadings of the two crude oil terminals are undertaken from two different points within Ceyhan port, with BTC crude oil leaving the BTC terminal, while the Kirkuk blend sails from the Botas terminal. An oil trade source familiar with KRG operations told CNBC that the pipeline could likely begin flows later Tuesday. An oil tanker ship is awaiting to berth to load Kirkuk blend crude.

☆ Oil rises 1% in choppy trade on China demand hopes
▼ + stars: | 2023-02-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Supply concerns continued to affect markets as operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said. However, a preliminary Reuters poll showed that U.S. crude oil stockpiles likely rose by about 2.2 million last week.

☆ Azerbaijan to evacuate embassy in Iran on Sunday after fatal shooting
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +2 min

BAKU, Jan 29 (Reuters) - Azerbaijan will evacuate embassy staff and family members from Iran on Sunday, the foreign ministry said, two days after a gunman shot dead a security guard and wounded two other people in an attack Baku branded an "act of terrorism". After the attack, the Azeri foreign ministry said it summoned Iran's ambassador in Baku to demand justice and would evacuate embassy staff from Tehran. Earlier, the ministry said the shooting was the result of Tehran failing to heed its calls for better security. CCTV footage obtained by Reuters showed the attacker forcing his way into the embassy building and shooting at two men before a third embassy employee grapples him away. Iranian President Ebrahim Raisi called for "a comprehensive investigation" of the incident and sent his condolences to Azerbaijan and the dead man's family, state media said.

☆ Bomb-carrying drones targeted a defense factory in central Iran
▼ + stars: | 2023-01-29 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Iran reported a drone attack on a defense facility in the city of Isfaham on Saturday night. The Defense Ministry said it shot down two drones and a third struck the building and caused "minor damage." A Defense Ministry statement said that three drones were launched at the factory. A mobile phone video was aired by state TV, appearing to show the moment the drone struck the building and caused an explosion in the central Iranian city. Reports of the drone strike came as a large fire broke out at an oil refinery near the city of Tabriz on Saturday.

☆ Azerbaijan strongly protests to Iran after fatal embassy shooting
▼ + stars: | 2023-01-27 | by ( Nailia Bagirova | ) www.reuters.com time to read: +4 min

"Necessary security measures have been taken to continue normal activities at the embassy and diplomats of the Republic of Azerbaijan in Tehran," he said. [1/5] A general view of the Embassy of the Republic of Azerbaijan after an attack on it, in Tehran, Iran, January 27, 2023. It said an "anti-Azerbaijani campaign" in Iran had contributed to the attack, without elaborating, and accused Tehran of long ignoring its appeals to boost embassy security. Iran's Amirabdollahian later told Azeri Foreign Minister Jayran Bairamov in a phone call that he hoped the attack would not damage bilateral ties. Israel has had an embassy in Baku since the early 1990s and has been a significant military backer of Azerbaijan in recent years.

☆ BP produced 20.4 mln tonnes of oil in Azerbaijan in 2022 - ministry
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

Companies Bp Plc FollowBAKU, Jan 13 (Reuters) - BP (BP.L) produced 20.4 million tonnes of oil in Azerbaijan in 2022, the energy ministry said on Friday. Gas production from the Azeri-Chirag-Guneshli (ACG) field totalled 13.4 billion cubic metres (bcm), the energy ministry said, while 25.2 bcm was produced from the Shah Deniz gas project. Reporting by Nailia Bagirova Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Bulgaria in talks with Turkey on long-term gas deal
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

SOFIA, Dec 23 (Reuters) - Bulgaria's interim energy minister is in Istanbul on Friday for talks he hopes will lead to a deal this month on long-term access to liquefied natural gas (LNG) terminals in neighbouring Turkey and the transit of the gas to its border. The chief executives of Bulgaria's state gas company Bulgargaz and gas network operator Bulgartransgaz are also taking part in the talks as Bulgaria seeks new sources of gas. Russia, which covered over 95% of the Balkan country's gas needs, cut off deliveries to Bulgaria in April after Sofia refused to pay for them in roubles. Bulgaria wants to book capacity at Turkish terminals through 2036 to import 1 bcm of LNG gas a year. Under the energy ministry plans, Bulgaria will cover a third of its gas needs with LNG gas imports through Turkey, one third through the LNG terminal near the Greek city of Alexandroupolis which should become operational in 2024 and one third with Azeri supplies.

☆ Moscow Exchange says 2022 trading volumes surpassed $14.4 trillion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 20 (Reuters) - Trading volumes on Moscow Exchange, Russia's largest bourse, surpassed 1 quadrillion roubles ($14.44 trillion) for the second year running, it said on Monday, in part due to enhanced repo operations turnover. Markets faced unprecedented challenges," said Yuri Denisov, head of MOEX Group, which runs the Moscow Exchange. "Since the beginning of 2022, the total trading volume has passed the 1-quadrillion-rouble mark. Moscow Exchange halted some trading shortly after Russia sent tens of thousands of troops into Ukraine and Western sanctions wrought havoc on Russian markets. Now, much like its rival SPB Exchange , Moscow Exchange is looking to markets away from the West for development in 2023.

☆ Four leaders sign agreement to bring green Azeri energy to Europe
▼ + stars: | 2022-12-17 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: 1 min

BUCHAREST, Dec 17 (Reuters) - The leaders of Azerbaijan, Georgia, Romania and Hungary signed an agreement on Saturday on an underwater electric cable under the Black Sea to carry green Azeri energy to Europe. "Given the current security context marked by the military aggression against Ukraine we need to cooperate better and show more solidarity to mitigate common challenges," Romanian President Klaus Iohannis told the meeting, also attended by European Commission President Ursula von der Leyen. Reporting by Gergely Szakacs and Luiza Ilie, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

After explosions - whose cause is under investigation - damaged the Nord Stream Russian gas pipeline system to Europe under the Baltic Sea, Putin in October proposed setting up a gas hub in Turkey, building on a southern route for exports. "Does Europe need the project, given the determination of the EU countries to forego Russian gas in the nearest future?" A source in Russia's pipeline gas exporting monopoly Gazprom (GAZP.MM) said be believed the hub would facilitate sales. "That will not be Russian gas, but gas from the hub," said the source, who did not want to be named due to the sensitivity of the matter. Neither Gazprom, nor the Kremlin provided a cost estimate for the Turkish hub idea.

☆ Exclusive: EU embargo diverts Lukoil's Caspian oil to CPC link
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

A European Union embargo from Dec. 5 is set to ban European buyers from purchasing and transporting Russian oil. As a major route for Kazakhstan's oil, CPC oil exports are excluded from the ban. "Russian oil is leaving BTC, the reason is sanctions, BTC doesn't let Russian oil in," - one of the sources said. CPC Blend exported via the CPC pipeline currently trades at a significant discount to Azeri BTC oil, which is supplied via BTC. The main exporters of the Azeri BTC oil are Azerbaijan's SOCAR and BP, as well as Hungarian company MOL, Exxon (XOM.N) and Turkey's TPAO.

☆ Factbox: How is Germany replacing Russian gas?
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Germany, Europe's biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine. Germany is sourcing more gas from Benelux countries, Norway, and France. IMPORTERS' STRATEGIESStricken importer Uniper (UN01.DE) has said it is sourcing Norwegian, Dutch and Azeri gas via pipelines and using its global role as a trader of liquefied natural gas (LNG) to procure more of the super-cooled gas into north western Europe. LNG TERMINALSIn the absence of LNG reception terminals, Germany is building floating LNG terminals (FSRUs), of which two will be ready at the turn of the year, in Brunsbuettel and Wilhelmshaven. In the long term, fixed onshore terminals will be built with a view to receiving gas, carbon-free hydrogen, and ammonia.

☆ Factbox: Europe's alternatives if Russia shuts off gas supply
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +7 min

Germany halted certification of the new Nord Stream 2 gas pipeline from Russia because of the Ukraine war so it never went into operation. Germany, Europe's biggest consumer of Russian gas, can import gas from Britain, Denmark, Norway and the Netherlands via pipelines. Southern Europe can receive Azeri gas via the Trans Adriatic Pipeline to Italy and the Trans-Anatolian Natural Gas Pipeline (TANAP) through Turkey. Liquefied natural gas (LNG) imports to Europe have increased from producers such as the United States, Qatar and other countries. OTHER OPTIONS TO COPE WITH A GAS SUPPLY CRUNCH?

The spot where a floating storage and regasification unit will be set up is seen in front of the port city of Piombino, Italy, October 20, 2022. Such a big-scale project will help Italy avert a supply crunch it could otherwise face next winter, but keep it hooked on gas for longer, slowing down its transition to renewable energy. A new rightist government, widely expected to be led by Giorgia Meloni, could be sworn in as soon as next week, with no sign that Rome's line on Piombino project - endorsed by Italy's industrial lobby Confindustria - could be changed. With little domestic gas production and a ban on nuclear power generation, Italy heavily relies on imports for its energy needs. Some local and environmental grassroots associations and unions gathered in Piombino on Thursday for a rally against the project.

☆ 'We want respect': Putin's authority tested in Central Asia
▼ + stars: | 2022-10-18 | by ( Olzhas Auyezov | ) www.reuters.com time to read: +5 min

Register now for FREE unlimited access to Reuters.com Register"We want respect. Respect," said Emomali Rakhmon, Tajikistan's president since 1994, complaining that Moscow's attitude had not improved since the Soviet era. The conflict prompted Japarov to skip an informal meeting of ex-Soviet leaders in Moscow on Putin's birthday, Oct. 7. Kazakh state television showed a selection of street interviews in which respondents said the war in Ukraine cast doubt on whether any post-Soviet unity still existed. Its report also highlighted what it called provocative behaviour by Belarusian leader Alexander Lukashenko, widely regarded as Putin's proxy, who interrupted one of Tokayev's speeches.

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