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Summary IEA warns supply cuts could stunt economic recoveryGlobal oil supply to fall by 400,000 bpd by year end -IEAWorld demand to climb by 2 mln bpd in 2023, IEA saysBEIJING, April 14 (Reuters) - Oil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop for the 1.16 million barrels per day (bpd) cut. In its benchmark monthly report on Friday, the International Energy Agency (IEA) said the OPEC+ decision could hurt consumers and global economic recovery. "Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly," the IEA said in its monthly oil report. At the same time, world oil demand is set to grow by 2 million bpd in 2023 to a record 101.9 million bpd, driven in most part by stronger Chinese consumption, it said.

[1/2] A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. Northweat Europe LNG imports Northwest Europe LNG importsAnalysts estimate that Europe accounted for more than a third of global spot market trades in 2022, from around 13% in 2021. Such exposure could reach more than 50% this year if no long-term contracts were signed. Morten Frisch, senior partner at Morten Frisch Consulting, said Europe ideally needs about 70-75% of its LNG supply under firm long-term sale and purchase agreements (SPAs). LNG spot market prices LNG spot market pricesBut they are expected to rise again, with a hot summer that could cut hydro levels, a cold 2023-2024 winter and a rebound in Chinese LNG demand all seen as among the risk factors for price.

LONDON/BAGHDAD, April 1 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Revenues will be deposited in an account managed by the MNR and supervised by Baghdad, the KRG official said. Iraq's oil ministry spokesman could not immediately be reached outside regular business hours. Baghdad and the KRG have agreed to continue meetings following the resumption of oil exports to find solutions to other lingering problems. "[These include] the contracts of the foreign companies operating in Kurdistan and the Kurdish debts," the senior Iraqi oil official said.

SummarySummary Companies Shell eliminates role of global renewables generationWind and solar placed under regional headsBiofuels and CCS placed under Anna MascoloLONDON, March 30 (Reuters) - Shell (SHEL.L) is splitting up its renewables and low-carbon division as part of CEO Wael Sawan's shake-up to boost the energy giant's returns. Shell is eliminating the global role of executive vice president for renewable generation held by Thomas Brostrom, who joined the company in 2021 from Danish renewables giant Orsted, a company spokesperson said. Wind and solar power businesses will now fall under the regional heads of Shell Energy, reporting to Executive Vice President Steve Hill. At the same time, Shell named Anna Mascolo as executive vice president for low carbon products and sectors, including biofuels, carbon capture and nature-based solutions. Brostrom will remain at the company as senior vice president for Shell Energy in Europe and Asia, overseeing all offshore wind globally, he said.

LONDON, March 28 (Reuters) - BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector. The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%. For BP, the deal highlights the British company's focus on growing natural gas production after Chief Executive Bernard Looney last month slowed down its shift away from fossil fuels. After the deal closes NewMed will become a private corporation equally held by the BP-ADNOC JV and Delek Group (DLEKG.TA), which holds the remaining 50%.

☆ French strikes continue to block refinery shipments and LNG terminals
▼ + stars: | 2023-03-20 | by ( Forrest Crellin | ) www.reuters.com time to read: +4 min

REUTERS/Eric GaillardPARIS, March 20 (Reuters) - Shipments of refined products from French refinery and depots were blocked on Monday by a 13th day of strike action, though some refineries operated with a reduced flow. The cost of keeping LR2 vessels floating outside ports is leading many traders to avoid shipments into France, traders said. Strikes also continued through the weekend and into Monday at ExxonMobil (XOM.N) subsidiary Esso's Fos refinery, blocking deliveries, CGT union representative Germinal Lancelin said. At French liquefied natural gas (LNG) terminals, the strike was extended until March 27 at the three terminals operated by Engie (ENGIE.PA) subsidiary Elengy, a union representative said. Another vote will be held later this week, possibly on Wednesday, on whether to take further strike action, the representative added.

The outages have in recent days led to growing concern that French and regional supplies of fuels, in particular diesel, could tighten in the coming weeks. Reuters GraphicsThe profit margin for refining crude oil into diesel has jumped by nearly 40% over the past month. The Ekofisk North Sea crude grade, produced at a field in Norway where TotalEnergies has equity, relies on France for two-thirds of its export stream, Rauball said. Meanwhile, prices for crude grades from Nigeria, one of France's top suppliers, have dropped by around $1/bbl in the past two weeks, traders said. "It's a buyer's market, with WTI and Azeri crude offered way down to sell," a trader of West African crude said.

HOUSTON, March 8 (Reuters) - Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk by luring away money and talent, executives at the CERAWeek energy conference said this week. European energy companies echoed the call for Europe to come up with its own new incentives. Patrick Pouyanne, CEO of French energy giant TotalEnergies told the conference the IRA was an "invitation to accelerate green infrastructure." In Europe, you begin to regulate," he said, adding that Europe and the United States should consider forming a free trade agreement on renewable energy infrastructure. Ken Gilmartin, CEO of British engineering firm Wood Plc, said the IRA would put the United States in first place in the decarbonization race.

☆ CERAWEEK-TotalEnergies CEO talk briefly interrupted by protestor
▼ + stars: | 2023-03-08 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

[1/2] Patrick Pouyanne, the CEO of TotalEnergies, listens to a question from Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek 2023 energy conference in Houston, Texas, U.S., March 8, 2023. REUTERS/Callaghan O'HareCompanies TotalEnergies SE FollowHOUSTON, March 8 (Reuters) - A protestor briefly interrupted an on-stage discussion with France's TotalEnergies (TTEF.PA) Chief Executive Patrick Pouyanne at an energy industry conference in Houston on Wednesday. The protestor unfurled a banner and shouted "stop your greenwashing and lies." She was ushered away before the on-stage discussion between Pouyanne and U.S. energy historian Daniel Yergin continued. The CERAWeek energy conference is the biggest annual gathering of oil executives and officials and takes place in Houston, the capital of the U.S. energy industry.

The dinner with shale producers and OPEC officials continued a tradition that began around five years ago when they were fierce competitors. It has been held in most recent years during the CERAWeek energy conference in the U.S. oil industry capital. Among the other topics that came up were strong oil demand and what U.S. shale producers could do to meet it given what shareholders want, he said. The event comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

March 6 (Reuters) - U.S. energy executives met privately with top OPEC officials on Monday on the sidelines of a Houston conference, people familiar with the matter said, continuing a tradition that began around five years ago when the two groups were fierce competitors. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. The secretive dinner has been held in most recent years during the CERAWeek energy conference in the capital of the U.S. oil industry. This year's private dinner comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

The secretive dinner has been held almost annually at the CERAWeek energy conference. This year's event will be the first with Haitham Al Ghais as secretary general for the Organization of the Petroleum Exporting Countries. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. Fewer OPEC officials are present at this year's annual CERAWeek conferencing, with ministers from key countries including Saudi Arabia and Iraq absent from the attendee list. Reporting by Liz Hampton and Ron Bousso in Houston; additional reporting by Stephanie Kelly Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Shell reviewing oil output reduction targets, CEO tells the Times
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 3 (Reuters) - Shell (SHEL.L) is reviewing its current plan to reduce oil output by 1% to 2% per year by 2030, Chief Executive Officer Wael Sawan told the Times, against the backdrop of rival BP recently rowing back from hydrocarbon output reduction aims. The CEO nevertheless indicated that Shell could revise its current goal of reducing its oil output by 2030. "We're reflecting on what is the right guidance to the market," Sawan told the Times in an article published on Friday. Shell expects its oil and gas output to reach between around 1.8 million and 2 million barrels of oil equivalent per day this quarter. In contrast to BP, Shell never set a target for the reduction of its gas output.

☆ Norway's Equinor nears deal to buy Suncor's UK oilfields
▼ + stars: | 2023-03-01 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - Norway's Equinor (EQNR.OL) is close to reaching a deal to buy Suncor Energy's (SU.TO) British North Sea oil and gas assets for around $1 billion, three sources familiar with the matter told Reuters on Wednesday. The deal includes Suncor's 40% stake in the Equinor-operated offshore Rosebank oil and gas project, located some 130 km (80 miles) northwest of Shetland Islands, and one of the largest developments in the ageing basin. Equinor, which already owns 40% of Rosebank, had previously estimated the project's cost at about 4.3 billion pounds ($5.22 billion). The windfall tax led many companies, including Equinor, to warn that they could reduce their UK North Sea investments. The acquisition of the Suncor assets gives Equinor a large amount of tax losses that it could use to offset future investments in the basin, the sources said.

☆ UAE's Masdar to invest $1.2 bln in British battery storage tech
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

Companies Abu Dhabi Future Energy Company PJSC FollowLONDON, March 1 (Reuters) - The United Arab Emirates' state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday. "We are committed... to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions," Jameel Al Ramahi told the International Energy Week conference. Masdar bought UK-based battery company Arlington Energy last year. Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA). ($1 = 0.8310 pounds)Reporting by Ron Bousso and Sarah McFarlane; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Shell CEO creates chief of staff role in management overhaul
▼ + stars: | 2023-02-23 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

SummarySummary Companies Chief of staff to oversee performance improvementAppointment to be announced in MarchShell profits hit record, but costs set to riseLONDON, Feb 23 (Reuters) - Shell (SHEL.L) Chief Executive Officer Wael Sawan has created a senior role of chief of staff as part of a management overhaul to improve performance after technical problems and other disruption, three company sources said. The chief of staff, the first in Shell's 115-year-old history, is the biggest change Sawan has made to top management since he took office on Jan. 1 with a promise to boost the company's performance. Sawan announced the role of chief of staff and corporate relations in an internal memo last week, the sources said. A Shell spokesperson confirmed the role has been created, without adding details. Sawan has said he will improve Shell's performance and efficiency as it attempts to shift towards low-carbon energy and cut greenhouse emissions in the coming decades.

Methane is the main component of natural gas, so captured emissions can be sold as fuel. The energy sector accounts for about 40% of all methane emissions from human activity, second to agriculture. Dozens of oil companies have also voluntarily committed to reduce emissions through the Oil and Gas Methane Partnership, and the Oil and Gas Climate Initiative. Altogether, the coal industry was responsible for about 40 million tonnes of methane emissions in 2022. Coal-related methane emissions in China are equivalent to total CO2 emissions from the whole of sub-Saharan Africa," Gould said.

[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ Big Oil doubles profits in blockbuster 2022
▼ + stars: | 2023-02-08 | by ( Ron Bousso | ) www.reuters.com time to read: +4 min

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to shower shareholders with cash. Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft (ROSN.MM). Benchmark oil prices are currently near $85 a barrel. BP will lean more into oil & gas for the remainder of this decade," Clint said in a note.

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.

As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20-30% by 2030, from 35-40%. BP's $4.8 billion fourth-quarter underlying replacement cost profit, its definition of net income, narrowly missed a $5 billion company-provided analyst forecast. The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices. But for the year, BP's $27.6 billion profit exceeded its 2008 record of $26 billion despite a $25 billion writedown of its Russian assets. BP, whose trading operations further boost renewables returns, maintained plans to have 50 gigawatts (GW) of renewable projects under development and 10 GW operating by 2030.

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