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NEW YORK, Sept 6 (Reuters) - Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. Brent crude futures settled up 56 cents to $90.60 a barrel while U.S. West Texas Intermediate crude (WTI) futures settled up 85 cents to $87.54. "We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up," said Bob Yawger, director of energy futures also at Mizuho. On Tuesday, Saudi Arabia and Russia extended voluntary oil supply cuts to year end. Oil prices were down early on rate-hike concerns and investor worries about the economy after data showed the ISM non-manufacturing Purchasing Managers' Index (PMI) came in at 54.5, compared with expectations of 52.5.

Persons: Brent, Bob Yawger, Paul Carsten, Mohi Narayan, Arathy, David Evans, Jason Neely, Nick Zieminski, Nick Macfie, David Gregorio Our Organizations: West Texas, Mizuho, American Petroleum Institute, U.S . Energy, Administration, Labor, Saudi, REUTERS, Brent, PMI, IIR Energy, Thomson Locations: Saudi Arabia, Russia, U.S, Volgograd, Iran, Venezuela, Libya, London, New Delhi, Houston

☆ India importing Russian oil is a ‘win-win’ for the world economy, says India’s No. 1 oil company
▼ + stars: | 2023-09-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

India's imports of Russian crude is a win-win situation for the world's economy, said Oil and Natural Gas Corporation. SINGAPORE — India's imports of Russian crude is a win-win situation for the world economy, according to India's No. Since Russia's invasion of Ukraine in February last year, India's refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. India's economy has benefited from the discounted prices, Ramesh said.

Persons: K.C, Ramesh, ONGC, India's Organizations: Natural Gas Corporation, SINGAPORE —, European Union Locations: Tuapse, Russia, India, Europe, Singapore, Ukraine, Moscow

SINGAPORE, Sept 5 (Reuters) - The dominating theme in crude oil markets is that there are too many competing narratives and driving factors to allow for anything approaching a clear view of the path ahead. So, what are the main issues clouding the crude oil market, both for the short and longer terms? - What will happen to Chinese oil demand? - Even if a soft landing can be achieved, interest rates may stay elevated for an extended period, which eventually flows through into crude trading. - How does the change in the main global price benchmark of Brent affect trading?

Persons: Brent, APPEC, Jamie Freed Organizations: P, Insights, Brent, Midland, Reuters, Thomson Locations: SINGAPORE, Asia, Singapore, OPEC, United States, Brazil, Russia, Iran, Venezuela, Rotterdam, China, UKRAINE, Ukraine

☆ Oil steady amid OPEC+ supply cut expectations
▼ + stars: | 2023-09-04 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

NEW DELHI, Sept 4 (Reuters) - Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy. "Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oil-producing nations, Russia and Saudi Arabia," said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors. Sachdeva added, however, that the steady increase in U.S. oil production could limit further significant gains in price. Russia has already said it will cut exports by 300,000 barrels per day (bpd) in September, following a 500,000-bpd cut in August. "Because of the OPEC+ cuts, there's not sufficient supply (of sour crude) for all these complex refineries in India, Kuwait, Jizan, Oman and China," Hardy said.

Persons: Sugandha Sachdeva, Sachdeva, Alexander Novak, Russell Hardy, there's, Hardy, Mohi Narayan, Andrew Hayley, Simon Cameron, Moore, Clarence Fernandez Organizations: Federal Reserve, Brent, . West Texas, Acme Investment Advisors, Organization of, Petroleum, Thomson Locations: DELHI, U.S, Russia, Saudi Arabia, Singapore, India, Kuwait, Jizan, Oman, China, New Delhi, Beijing

☆ Palm oil buying lifts India's August edible oil imports to record -dealers
▼ + stars: | 2023-09-04 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

Workers prepare oil palm seedlings at a nursery in Khammam district, in southern state of Telangana, India, July 12, 2022. India's average monthly edible oil imports in the 2021/22 marketing year were 1.17 million tons, trade body Solvent Extractors' Association of India (SEA) said. Palm oil imports increased from 1.09 million tons in July to 1.12 million tons in August, the highest in nine months, according to average estimates from the dealers. Sunflower oil imports jumped by 11.5% from a month earlier to 365,000 tons, the highest in seven months, while soyoil imports edged up 3.7% to 355,000 tons, dealers estimated. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Persons: Rajendra, Rajesh Patel, Sandeep Bajoria, refiners, Rajendra Jadhav, Jamie Freed Organizations: REUTERS, Rights, Reuters, Association of India, SEA, GGN Research, Sunvin, Thomson Locations: Khammam district, Telangana, India, Rights MUMBAI, Indonesia, Malaysia, Thailand, Argentina, Brazil, Russia, Ukraine, Kandla, New Delhi

Distillate inventories, which include diesel and heating oil, were by late August about 15% below the five-year average for this time of year, according to the Energy Information Administration. "We are living barrel to barrel and there is just no room for errors in the system," Price Futures Group analyst Phil Flynn said. Refiners have failed to build sizable stocks ahead of the seasonal surge in demand due to tight supplies of medium and heavy crude oil grades that are distillate-rich. Seasonal overhauls could take out around 2 million bpd of the country's 18.1 million bpd refining capacity, he said. "Even with soft demand, diesel inventories are stubbornly low, and cracks have rallied in search of supply or demand-side relief before winter," the analysts said.

Persons: Bing Guan, Phil Flynn, Refiners, Bjarne Schieldrop, SEB, Robert Yawger, Shariq Khan, Laura Sanicola, Marguerita Choy Organizations: Angeles Refinery, California Air Resources Board, Energy Information Administration, Futures, Organization Petroleum Exporting, Saudi, Bank of America, Thomson Locations: Angeles, California, Carson , California, U.S, Europe, OPEC, Ukraine, Garyville , Louisiana

☆ China slowdown, oil output cuts in focus at key energy industry events
▼ + stars: | 2023-08-31 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. China's sluggish post-COVID growth, which has curbed fuel and petrochemical demand, will loom large over both events, while concerns about LNG supplies ahead of the northern hemisphere winter are set to dominate talks at Gastech. Russian oil exports have continued despite prices rising above price caps as the West is keen to maintain global supplies and keep prices down. Meanwhile, U.S. sanctions on Venezuela look poised to ease, improving global supply while abundant and cheap Iranian oil heads for China. While the balance in global LNG markets remains delicate, the longer term demand outlook is uncertain as big importers including Japan and Europe aim to reduce the use of fossil fuels.

Persons: Dado Ruvic, Alexander Novak, Moscow, Amrita Sen, Sen, Saul Kavonic, Florence Tan, Miral Organizations: REUTERS, Rights, Asia Pacific Petroleum Conference, OPEC, U.S, United, United Arab Emirates dirham, Thomson Locations: Saudi Arabia, Singapore, Asia, Gastech, India, China, Ukraine, United Arab, Venezuela, Japan, Thailand, Bangladesh, Europe

☆ Labor Day weekend gas prices are near all-time highs
▼ + stars: | 2023-08-31 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year. The good news is that gas prices are still well below the peak set in June 2022. Psychologically important pricesIt’s worth noting that while gas prices are high for this point of the calendar, these figures aren’t adjusted for inflation. Still, consumers are very sensitive to increases in gas prices, in part because of how visible they are. In fact, the Conference Board blamed the recent uptick in gas prices for driving down consumer confidence in August.

Persons: ”, John LaForge, Andy Lipow, – can’t, “ Organizations: New, New York CNN, Drivers, Labor, CNN, AAA, Wells, Investment Institute, Biden, Lipow Oil Associates, US Energy Information Administration, Conference Board Locations: New York, Illinois, Washington , Arizona, California, Russia, Saudi Arabia

Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma. Cushing crude inventories have declined in five of the most recent six weeks by a total of 9 million barrels (-24%) since July 14. The drawdown in U.S. crude inventories has coincided with additional production cuts by Saudi Arabia and Russia totalling around 75 million barrels during July and August. U.S. NET CRUDE IMPORTSU.S. net crude oil imports remain subdued despite the depletion of inventories with exports continuing to run at a relatively fast rate while imports stay low. Related columns:- Oil market to tighten modestly in late 2023 (August 17, 2023)- Crude oil and fuels draw funds as sentiment shifts (August 7, 2023)- U.S. oil and gas production begins to flatten (August 4, 2023)- Saudi output cut removes downside risk from oil market (July 12, 2023)John Kemp is a Reuters market analyst.

Persons: Nick Oxford, CUSHING, Cushing, Biden, John Kemp, David Evans Organizations: Enbridge Inc, REUTERS, U.S . Energy Information Administration, refiners, Traders, NET, U.S . Department of Energy, Strategic Petroleum Reserve, Thomson, Reuters Locations: Cushing , Oklahoma, Chartbook, Cushing, Oklahoma, U.S, Saudi Arabia, Russia, United States, Asia, Europe, Asia . U.S, Ukraine, Saudi

Reuters GraphicsCOAL, CRUDESimilar to iron ore, China's imports of seaborne coal are also expected to be robust in August, with Refinitiv estimating arrivals of 31.2 million tons, while Kpler expects 34.3 million. Coal imports have been strong since March as the country turned to thermal generation to make up for weaker-than-usual hydropower. Whether China maintains strength in crude imports will largely depend on whether its refiners continue to export large volumes of diesel and gasoline. The rally in crude prices since June should start to show up in China's crude imports from September onwards, given the lag between when cargoes are arranged and delivered. Overall, it appears that factors other than the strength of China's economy are behind the still solid imports of iron ore, coal and crude oil.

Persons: China's, Kim Coghill Organizations: REUTERS Acquire, Rights, National Bureau of Statistics, Iron, Reuters Graphics, Kpler, Refinitiv Oil, Reuters, Thomson Locations: Qingdao, Shandong province, China, Rights LAUNCESTON, Australia, Indonesia, OPEC, Saudi Arabia

☆ Column: US offshore wind sector faces key test after weak Gulf auction
▼ + stars: | 2023-08-30 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsLITTLETON, Colorado, Aug 29 (Reuters) - The low interest in the first-ever auction of offshore wind farm development rights in the Gulf of Mexico marks a potentially serious setback for U.S. President Joe Biden's green energy agenda, and the U.S. offshore wind sector in general. U.S. officials had touted the auction as a key milestone in Biden's agenda to make offshore wind a cornerstone of U.S. efforts to fight fossil-fuel-driven climate change. In addition to lower wind speeds and hurricane risks, potential wind farm developers in the Gulf waters must also accommodate relatively lower local power market prices than other parts of the United States, which greatly undermines wind power earning potential in the region. As offshore wind power systems are still in their relative infancy compared with other power sources, the average cost of power generated from offshore sites can be twice the cost of that from a gas-fired plant. Without a viable offshore wind sector, those industries may now struggle to secure the quantities of green hydrogen they may be anticipating in coming decades, and so could look for ways to support the wind sector's development in the years ahead.

Persons: Brian Snyder, Joe Biden's, Biden, hesitancy, Gavin Maguire, Matthew Lewis Organizations: U.S . Coast Guard, REUTERS, Offshore, U.S ., Gulf, Shell, Reuters, Thomson Locations: Rhode, LITTLETON , Colorado, Gulf, Mexico, U.S, Louisiana, Northeast, Texas, United States, U.S . East Coast , New York, New Jersey, Gulf Coast, Gulf of Mexico, Littleton , Colorado

[1/2] The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. Under the revised terms, Eni and Repsol can supply the state company with fuels, potentially helping Venezuela ease an intermittent scarcity that has led to long lines at gasoline stations in recent years. Eni and Repsol were not immediately available to respond to a Reuters request for comment. Crude received by Eni and Repsol under their swap deal has mostly been sent to Repsol's refineries in Spain. The field is run by the Petrosucre joint venture between Eni and PDVSA.

Persons: Afolabi, Repsol, PDVSA, Joe Biden's, Perla, Marianna Parraga, Francesca Landini, Pietro Lombardi, Mircely, Matt Spetalnick, David Holmes Organizations: Eni, Nigeria International Petroleum Summit, REUTERS, Companies, U.S . State Department, Kuwait Petroleum, Repsol, U.S . Treasury, PDVSA, Perla, Washington, Thomson Locations: Nigeria, Abuja, HOUSTON, Venezuela, Europe, Venezuelan, PDVSA's, Italy's Milazzo, Kuwait, U.S, Spain, Chevron, American, Venezuela's Gulf, Colombia, Milan, Madrid, Maracay, Washington

☆ China's Sinopec's interim profit down 20.1% on lower oil prices
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

Chinese refiners overall benefited from cheap crude oil supplies from Iran, Venezuela and Russia, as Western sanctions forced those producers to sell oil at deep discounts to keep revenue flowing. Although state majors have shied away from Iranian and Venezuelan oil, Sinopec has been taking in Russian supplies, traders have said. Sinopec produced 139.68 million barrels of crude oil during the six months, up 0.02% year on year, while its natural gas output gained 7.6% to 660.88 billion cubic feet. Capital expenditure for the half-year came in at 74.67 billion yuan, versus 64.65 billion yuan a year earlier. Its Hong Kong-listed shares have risen 14.4% year-to-date, outperforming Hang Seng Index (.HSI) which has fallen 10.9% during the period.

Persons: Chris Helgren, Sinopec, Chen Aizhu, Judy Hua, Robert Birsel Organizations: China Petroleum & Chemical Corporation, REUTERS, Rights, China Petroleum & Chemical, Sinopec Corp, Thomson Locations: Vancouver , British Columbia, Canada, Iran, Venezuela, Russia, Sichuan, Hong Kong

☆ De-dollarization still a long way off, Indian minister says after BRICS talk of a common currency
▼ + stars: | 2023-08-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

However, the U.S. dollar will remain the currency of choice for transactions in international oil markets, he told CNBC's Tanvir Gill. watch nowThe U.S. dollar has long been the main global oil currency, including for purchases by India. Stock Chart Icon Stock chart iconOil has also been settled in Indian rupees. In light of this, Puri was asked if the Indian rupee could be part of the de-dollarization trend, especially in the oil market? But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time," he added.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, It's, SWIFT, Puri, I'm, Hardeep Singh, Luiz Inácio Lula da Silva Organizations: U.S, Gas, CNBC, India, Reuters, India Oil Corp, United Arab Emirates, Affairs, Gas Minister Locations: New Delhi, Russia, Ukraine, Moscow, China, Saudi Arabia, India, Malaysia, Hardeep Singh Puri, South Africa

☆ India isn't over dependent on Russian oil, Indian energy minister says
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

"India doesn't get over dependent on anyone," Hardeep Singh Puri told CNBC's Tanvir Gill when asked if his country was too dependent on the Kremlin. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. Hardeep Singh Puri India's Minister of Petroleum and Natural GasIndia is the world's third largest energy importer, and purchases more than 80% of its crude oil from international markets. Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: "Yes, there have been discounts. According to data from S&P Global in July, India's crude oil sources come largely from Middle East and Russia.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, India's, Puri Organizations: India's, Petroleum, Natural Gas, CNBC, P Global, Brent, U.S . West Texas, West Texas Locations: India, Russia, Ukraine, Moscow, Natural Gas India, Iraq, Saudi Arabia, UAE, Kuwait, Middle East, U.S

The improvement has largely been driven by stronger demand for refined fuels across Asia as economies open up from the COVID-19 pandemic, with China's domestic demand leading the charge. Margins have also been helped by the ability of refiners to pass on higher prices for refined fuels quickly, while still processing crude bought months in advance at lower prices. It's also likely that the strong refining margins in Asia will attract refiners in China and India to maximise exports of fuels such as gasoline and diesel. The profit margins for refined fuels have risen in recent sessions largely because the price of crude oil has dropped more than the prices for refined fuels. Crude prices rallied from July onwards as OPEC+ tightened supply, especially with the producer group's leading exporter Saudi Arabia announcing an additional 1 million barrel per day cut to its production.

Persons: Caroline Chia, It's, Brent, Robert Birsel Organizations: REUTERS, Rights, Brent, Saudi, Reuters, Thomson Locations: Tuas, Singapore, Rights LAUNCESTON, Australia, Asia, Dubai, South Korea, Vietnam, China, India, Refinitiv, Saudi Arabia, OPEC

☆ India's July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade
▼ + stars: | 2023-08-22 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments. Russian oil imports declined 5.7% to 1.85 million bpd and Saudi shipments fell by 26% to 470,000 bpd, the data showed. India's import of Russian oil may now decline further in August and September, however, as refiners plan maintenance at their plants and as Russian crude prices are above the $60-a-barrel ceiling imposed by the European Union and G7 economies after spot discounts shrank, sources said. Russia was still the top oil supplier to India in July, though, followed by Iraq and Saudi Arabia. India's oil importsIndia's oil imports from various regions(This story has been corrected to say April-July, not April-June, in paragraph 11)Reporting by Nidhi Verma; Editing by Florence Tan and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Nidhi Verma, Florence Tan, Tom Hogue Organizations: REUTERS, DELHI, Organization of, Petroleum, European Union, United Arab, Thomson Locations: Russia, Saudi Arabia, China, India, OPEC, Moscow, Ukraine, Iraq, United Arab Emirates, Nigeria

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and U.S. West Texas Intermediate crude was up 65 cents at $81.90. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman, Mark Potter Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, London, Florence Tan, Singapore, New Delhi

☆ Oil up 1% on tighter supplies and heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices rose more than 1% on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said. "Unless there's a recession and demand slows or drops, OPEC+ is in control," said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Oil edges up on tighter supplies, heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices - dataBouyant price of heating oil lifts crude prices - analystChina economic sentiment, US rate hike risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 78 cents to $81.44 a barrel. As well, "the dollar seems to be taking somewhat of a breather, which would be providing some support," he said. A weaker dollar makes oil purchases less expensive for holders of other currencies, sparking demand. Also supporting crude is the buoyant price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Florence, Mohi Narayan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Oil prices flat as rates anxiety, China gloom offset tighter supply
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: +2 min

Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021. Oil prices were steady on Monday with Brent staying above $80 a barrel, as investors balanced tightening supply driven by OPEC+ cuts with nagging concerns about global demand growth amid high interest rates. Brent crude dipped 8 cents to $84.72 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $81.28 a barrel, up 3 cents. The September WTI contract expires on Tuesday and the more active October contract eased 3 cents to $80.63 a barrel. China's renewed economic weakness has raised questions over whether its oil demand can remain resilient, they said.

Persons: Brent, China's, Baker Hughes Organizations: Chevron Corp, Brent, West Texas, U.S ., ANZ, Organization of, Petroleum Locations: San Ardo , California, U.S, Russia, OPEC, Saudi, China

☆ Oil prices climb on expectations of lower OPEC+ exports in August
▼ + stars: | 2023-08-21 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -analystsRussia remains China's top crude supplier in July -dataChina's July diesel exports surge -dataSINGAPORE, Aug 21 (Reuters) - Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Supply is tightening, however, with OPEC+ crude exports set to fall a second month in August, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, citing preliminary data from shiptracking firm Kpler. "Unless there is a recession and demand slows or drops, OPEC+ is in control." Meanwhile, Chinese refiners ramped up refined products exports in July, drawn by strong export margins.

Persons: Lucy Nicholson, Brent, Stefano Grasso, " Grasso, Baker Hughes, Florence Tan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, U.S ., Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Russia, SINGAPORE, Saudi Arabia, 8VantEdge, Singapore, OPEC, Saudi, United States

☆ Asia's refiners face profit crunch as Kuwait cuts crude exports
▼ + stars: | 2023-08-18 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Lower Kuwaiti exports follow cuts from OPEC kingpin Saudi Arabia that have pushed Brent prices close to $90 a barrel and left little wriggle room for Asia's refiners, reliant on the Middle East for more than two-thirds of crude imports. Chinese refiners, which have invested heavily in new plants designed to process sour oil, are especially exposed. Discounted oil from Russia has eased some of the pain, replacing some Kuwaiti supply, largely to China and India. Additionally, Kuwait's joint venture 230,000 bpd Duqm refinery in Oman is scheduled to start operation by end-2023, which could reduce Kuwaiti crude exports by a further 100,000 bpd to 200,000 bpd in 2024, the consultancies said. Formosa could replace Kuwaiti supply with grades such as Iraq's Basra Medium, Qatar's al-Shaheen and Oman crude, Lin said, adding it can also process U.S. light sweet crude.

Persons: Brent, Asia's, Janiv Shah, Sun Jianan, Al Zour, consultancies, KPC, Lin, al, James Forbes, Muyu Xu, Florence Tan, Sonali Paul Organizations: Kuwait Oil Tanker, Oil, Companies, Lower, Saudi, United Arab, Rystad Energy, P, Kuwait Petroleum Corp, Shenghong, Taiwan Formosa Petrochemical Corp, FGE, Dubai, Brent, Thomson Locations: Kuwait, Pier, Companies Kuwait, SINGAPORE, OPEC, Lower Kuwaiti, Saudi Arabia, Russia, China, India, Iraq, United Arab Emirates, UAE, Taiwan, Pakistan, Philippines, Thailand, Oman, PetroChina's, Guangdong, Japan, South Korea, Vietnam, Formosa, Basra, Shaheen, Brent, Dubai

☆ Los Angeles refiners prepare for Hurricane Hilary
▼ + stars: | 2023-08-18 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, at sunset in Carson, California, U.S., March 11, 2022. Phillips 66 (PSX.N) said operations at its 139,000-bpd Los Angeles refinery were unaffected by the storm. Local and state regulators did not report any changes in operations at Los Angeles refineries on Friday and West Coast refined market traders said they did not know of any cut backs in production. The U.S. National Hurricane Center said Hilary is forecast to be at tropical storm strength when it moves east of Los Angeles on Monday. Heavy rain, possible flash flooding and winds at 40 miles per hour (64 kph) or stronger are forecast for Los Angeles on Sunday and Monday.

Persons: Bing Guan, Hurricane Hilary, Hilary, Erwin Seba, Grant McCool Organizations: Phillips, Los, Los Angeles Refinery, Rights, Chevron, Valero, Marathon Petroleum, New York Mercantile Exchange, U.S, National Hurricane Center, Los Angeles, Sunday, U.S ., Gulf, Thomson Locations: Los Angeles, Carson , California, U.S, California, Local, Coast, Los, U.S . West Coast, Asia, Gulf Coast

With equipment idling as construction slows and dwindling exports curb manufacturing, diesel demand is likely to ebb. Rystad Energy lowered its forecast for China's diesel demand for July to December this year to 3.81 million barrels per day (bpd) from an earlier outlook of 3.9 million bpd, though the new forecast is up 3.8% from the first half of 2023. "Diesel demand is still growing, but at a lower-than-expected rate," said Lin Ye, a Beijing-based downstream analyst at Rystad, citing the ailing property sector and deteriorating trade environment. An uptick in Chinese diesel demand earlier this year, driven by resurgent road freight transport in the first quarter, has lost momentum. August diesel exports are estimated at 650,000 to 800,000 tons, down from July's estimate of 1 million tons, data compiled by consultancy Longzhong and China-based trading analysts showed.

Persons: Aly, Lin Ye, Xia Shiqing, Wood Mackenzie, Mia Geng, Andrew Hayley, Trixie Yap, Christian Schmollinger Organizations: REUTERS, Rights, Energy, International Energy Agency, IEA, Reuters, Reuters Graphics Reuters, Reuters Graphics, Thomson Locations: Huangpu, Shanghai, China, Rights BEIJING, Beijing, Asia, Longzhong, Singapore

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