Edition:
India

Amanda Cooper

Oil gains as investors grow optimistic over OPEC output deal

19 Feb 2019

LONDON Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel, though concern over China's economy tempered gains.

Global oil supply to swamp demand in 2019 despite output cuts - IEA

13 Feb 2019

LONDON The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.

Graphic: Loss of Venezuelan oil exports won't leave huge gap in global market

05 Feb 2019

LONDON There is ample spare capacity in other oil producers and strategic reserves to compensate for a loss of Venezuela's crude exports, helping explain the tepid reaction of global oil prices to U.S. sanctions announced a week ago.

OPEC cuts, outages give physical crude a New Year lift

23 Jan 2019

LONDON Crude oil markets in Europe and West Africa have made a strong start to 2019 as Libyan supply losses and strong demand in Asia offset rising U.S. exports.

GRAPHIC-OPEC cuts, outages give physical crude a New Year lift

23 Jan 2019

* Some North Sea, Nigerian differentials at multi-month highs

Oil edges up as investors latch on to OPEC cuts, supply outlook

22 Jan 2019

LONDON Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China's economic growth is cooling and instead latched on to positive supply-side drivers for the market.

UPDATE 9-Oil rises for a fifth day as equities stabilise

07 Jan 2019

* Record U.S. output weighs on crude: https://tmsnrt.rs/2GYfhAi (Updates prices, adds comment)

IEA sees global oil supply tightening more quickly in 2019

13 Dec 2018

LONDON The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday.

UPDATE 7-Oil gains as global equities climb, Libya output drops

11 Dec 2018

* Russia outlines gradual cut as part of OPEC+ deal (Updates with comment, graphic; refreshes prices)

China to cut W. African oil imports in November, S Korea imports surge

14 Nov 2018

* W. African crude exports to Asia https://tmsnrt.rs/2MNuxkU By Amanda Cooper LONDON, Nov 13 China will cut imports of West African oil to the lowest in seven months in November due to the higher cost of shipments, while South Korean imports from West Africa will reach to an 11-year high as U.S. sanctions hit Iranian crude supplies. West African loadings to Asia will fall to about 2.33 million barrels per day (bpd) this month, equivalent to 70 percent of total exports from Angola, Nigeria, Republic of Congo, Ghana and Equatorial Guinea, based on Reuters calculations, shipping brokers and Refinitiv Eikon data. This compares to October's 2.52 million bpd, or 75 percent of total regional exports. Demand from Asian refiners for Nigerian and even Angolan crude, which tends to be favoured by Chinese buyers, sagged over the course of October and early November, as higher shipping costs made the trip uneconomical. Shipping rates for carrying West African oil on a very large crude carrier (VLCC) to China hit a nine-month high in October of more than $50,000 a day . The International Energy Agency said in its report this month that falling Iranian exports, driven down by U.S. sanctions, were pushing Asian refiners to source oil from further afield with longer journey times, driving up shipping costs. U.S. investment bank Jefferies said average VLCC spot charter rates rose to more than $40,000 a day in late October for the first time since the fourth quarter of 2016. China will import about 1.33 million bpd of mostly Angolan crude in November, down from October's record 1.935 million bpd, while South Korea will take about 167,000 bpd of West African oil. South Korea has till now typically taken only occasional West African cargoes, because it has tended to rely more heavily on Middle East or North Sea suppliers. But it has now said it would cut Iranian purchases because of U.S. sanctions on Iran and has sought out other suppliers, starting with a cargo of Congolese Djeno that loaded this month. India's refiners will take 567,000 bpd of West African crude in November, up from 452,000 bpd in October, most of which was purchased via tenders rather than on the spot market. Glencore, Shell, Norway's Equinor and Chevron, among others will supply the Indian market with a combination of Nigerian and Angolan grades. https://tmsnrt.rs/2MNuxkU Below is a table of West African exports to major Asian buyers: Nov cargoes Bpd (Mln) Oct cargoes Bpd (Mln) China 40 1.333 60 1.935 India 17 0.567 14 0.452 Indonesia 2 0.067 2 0.065 Taiwan 4 0.133 1 0.032 S Korea 5 0.167 1 0.032 Japan 0 0.000 0 0.000 Others 0 0.000 0 0.000 TOTAL 70 2.333 80 2.516 (Reporting by Amanda Cooper Editing by Edmund Blair)

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