LONDON (Reuters) – A monitoring committee for an OPEC and non-OPEC oil supply reduction deal found compliance with the cuts at 83 percent, four delegates from the group told Reuters on Wednesday. The Organization of the Petroleum Exporting Countries and several other exporters led by Russia have agreed to cut oil production by 1.2 million … Read moreOPEC+ technical committee sees Jan oil supply cuts compliance at 83 percent: delegates

TOKYO, Feb 20 (Reuters) – Commonwealth LNG has received commitments from European buyers to take almost half of the liquefied natural gas (LNG) from its planned 8.4-million-tonnes-per-year export terminal in Louisiana, Chief Executive Officer Paul Varello said on Wednesday. The Commonwealth project is one of more than 10 LNG export terminals under development or construction … Read moreCommonwealth LNG finds European demand for gas from Louisiana terminal – CEO

Feb 20, 2019, by Grant Smith and Heesu Lee (Bloomberg) Oil held near a three-month high as investors weighed OPEC’s production cuts against estimates of rising crude inventories in the U.S. Futures fell by 0.4 percent in New York, after gaining around 7 percent since Feb. 11. U.S. crude stockpiles probably increased for a fifth … Read moreOil Near Three-Month High as OPEC Cuts Amid Rising U.S. Supply

Feb 20, 2019, by Lorcan Roche Kelly (Bloomberg) Fed record In January, the FOMC famously signaled a big dovish shift. At 2:00 p.m. Eastern Time today, the minutes of the meeting are released that should shed light on the decision to drop a promise for “some further gradual increases”  from the policy outlook. Federal Reserve Bank of Cleveland President … Read moreFive Things to Know in World Business Today

LONDON (Reuters) – Iran’s exports of crude oil were higher than expected in January and are at least holding steady this month, according to tanker data and industry sources, as some customers have increased purchases due to waivers from U.S. sanctions. Shipments are averaging 1.25 million barrels per day (bpd) in February, Refinitiv Eikon data … Read moreDespite sanctions, Iran’s oil exports rise in early 2019: sources

Feb 19, 2019, by Lorcan Roche Kelly (Bloomberg) More talks Talks between China and the U.S. toward a trade agreement restart in Washington today, with Vice Premier Liu He scheduled to meet U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Feb. 21-22. Steve Censky, the Department of Agriculture’s Deputy Secretary, said at an industry conference … Read moreFive Things to Know in World Business Today

Feb 19, 2019, by Sharon Cho and Grant Smith (Bloomberg) Oil held near a three-month high in New York as OPEC’s production cuts allayed concerns of a renewed surplus, while prospects for a resolution to the U.S.-China trade war supported the outlook for demand. Futures rose 0.7 percent from their close on Friday, when they … Read moreOil Trades Near Three-Month High on Trade Talks, OPEC Cutbacks

* Thermal coal and LNG supply hits multi-year highs in January * Demand outlook from power generation tepid short and longer term * Falling coal & LNG prices: tmsnrt.rs/2EcWpdv * Rising coal & LNG supply: tmsnrt.rs/2BAqzFL By Henning Gloystein and Nina Chestney SINGAPORE/LONDON, Feb 15 (Reuters) – Thermal coal and natural gas prices are tumbling, … Read moreGlobal coal, LNG prices tumble as supply surges and demand weakens

Feb 15, 2019, by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war. Futures in New York were steady on Friday, and have increased 3.3 … Read moreOil Poised for Weekly Gain as OPEC+ Curbs Counter Trade Worries

Feb 15, 2019, by Lorcan Roche Kelly and Cecile Gutscher (Bloomberg) Shutdown, emergency President Donald Trump is expected to sign Congress’s compromise funding bill later today, while at the same time making use of his executive powers to declare an emergency at the border to unilaterally shift about $7 billion of federal funds towards construction … Read moreFive Things to Know in World Business Today

Feb 15, 2019, by Chris Reiter and Brian Parkin (Bloomberg) Volkswagen AG plans to save 1 million tons of carbon-dioxide emissions a year by making production of its first electric model carbon neutral, part of an effort to clean up its image in the aftermath of the diesel-cheating scandal. The German automaker will use green … Read moreVW Targets Carbon-Neutral Production for First Electric Car

LONDON (Reuters) – Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China’s energy growth is seen sharply decelerating as its economic expansion slows. Still, China is set to remain the largest energy consumer by a long stretch into 2040 … Read moreAs renewables soar, BP sees China hitting brakes on energy growth

LONDON (Reuters) – Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute. The price of crude has risen 20 percent this year, driven primarily by the prospect of a … Read moreOil rises for third day as U.S./China trade, OPEC cheer investors

Feb 14, 2019, by Zainab Fattah (Bloomberg) The oil crash came and went but the debt pile it left across the Gulf is still growing, leaving the region’s energy-dependent economies more vulnerable next time a crisis strikes. All but debt-free before crude prices nosedived in 2014, many Gulf governments tried to borrow their way through … Read moreOil Crash Is Over, But Debt Is Still Piling Up in the Gulf

Feb 14, 2019, by Michelle Kim and Serene Cheong (Bloomberg) Some of the world’s dirtiest and densest crudes traditionally spurned for being too difficult to process are having a moment in the sun, with a little help from Donald Trump. “Heavy-sour” oil from nations such as Venezuela and Iraq have a higher sulfur content and … Read moreGlobal Oil Prices Turn Topsy-Turvy as Scorned Crudes Become Dear

Feb 14, 2019, by Julian Lee (Bloomberg) Even as oil producing states in OPEC and beyond begin implementing the output cuts they agreed in December, the world’s need for their crude is shrinking further, suggesting that they will need to extend the deal through the second half of the year. The latest forecasts from supply-and-demand … Read moreIt’s All Going Wrong Again for OPEC: Oil Strategy

Feb 13, 2019, by Eric Roston (Bloomberg) Oil and gas companies continue to link executive pay to the discovery of energy resources the world can’t safely burn, potentially jeopardizing shareholder value, according to a new report. As many parts of the world shift toward a low-carbon economy, energy companies may be at increasing risk “of … Read moreEnergy Companies Perform Better When CEO Pay Isn’t Tied to Production

Feb 14, 2019, by Samuel Potter (Bloomberg) Scheduling more couples therapy Five Things is shocked – shocked! – to see upbeat China export data arrive just as trade talks with the U.S. reach crunch time. Leaders in Beijing, from where the numbers originate, must be counting their lucky stars after this fortuitous turn of events, apparently caused by companies front-running the … Read moreFive Things to Know in World Business Today

Feb 13, 2019, by Sharon Cho (Bloomberg) Oil climbed for a second day after Saudi Arabia pledged to deepen production cuts and U.S. President Donald Trump said he might extend a deadline for additional tariffs on China. Futures in New York added as much as 1.2 percent after rising 1.3 percent Tuesday. The world’s biggest … Read moreOil Extends Gain on Saudi Output Pledge, Trump Trade Flexibility

Feb 13, 2019, by Grant Smith (Bloomberg) The political crisis in Venezuela risks disrupting global crude markets as the type of oil pumped by the OPEC member becomes increasingly scarce, according to the International Energy Agency. The U.S., Venezuela’s biggest customer, is banning oil imports from the country as it condemns President Nicolas Maduro for … Read moreIEA Says Venezuela Crisis Risks Disrupting Global Crude Market

Feb 13, 2019, by Lorcan Roche Kelly (Bloomberg) Flexibility President Donald Trump said he is open to extending the March 1 deadline to raise tariffs on Chinese imports if both sides are close to agreement by the end of the month. China’s President Xi Jinping is set to meet key members of the U.S. delegation … Read moreFive Things to Know in World Business Today

Feb 12, 2019, by Grant Smith (Bloomberg) OPEC’s top official urged countries in the group and its allies to follow through on their pledges to cut oil production and keep global markets balanced. While the Organization of Petroleum Exporting Countries collectively made a strong start last month to a new round of output cuts, much … Read moreOPEC Chief Urges Producers to Follow Through on Pledges to Cut

LONDON (Reuters) – Saudi Arabia plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level under a global supply-cutting deal, Energy Minister Khalid al-Falih told the Financial Times. Exports would fall in March to 6.9 million bpd, according to the article published … Read moreSaudi crude output to fall to 9.8 million bpd in March: Falih

Feb 12, 2019, by Grant Smith (Bloomberg) Oil rose from a two-week low as a tentative accord to prevent another U.S. government shutdown reassured investors and boosted financial markets. Crude futures rose 1.6 percent in New York, after sliding on Monday to the lowest settlement since Jan. 28. Congressional negotiators said Monday in Washington they … Read moreOil Rises From Two-Week Low Amid Deal to Avert U.S. Shutdown

Feb 12, 2019, by Mathew Carr (Bloomberg) The global oil industry’s foundation of ever-expanding demand will probably crumble and that may hurt profits sooner than expected, according to a London fund manager. The sector faces stagnating demand within seven-to-ten years and that means it may lose the ability to bring itself back into balance when … Read moreOil’s Twilight? Here’s One Investor View on How It Plays Out

Feb 12, 2019, by Lorcan Roche Kelly (Bloomberg) Two out of three ain’t bad Congressional Republican and Democrat negotiators reached an agreement on border security that would see $1.375 billion allocated to increased barriers along the frontier with Mexico. For the tentative deal to prove sufficient to avoid another partial government shutdown on Friday, President Donald Trump … Read moreFive Things to Know in World Business Today

Feb 12, 2019, by Bloomberg News (Bloomberg) U.S. sanctions that have effectively blocked American imports of Venezuelan oil are leading to a crude-price surge thousands of miles away in China. State-run energy giant PetroChina Co. is selling Venezuelan Merey oil at a premium of about $5 a barrel to benchmark U.S. West Texas Intermediate, according … Read moreU.S. Sanctions Spark Surge in Venezuelan Oil Half the World Away

SINGAPORE (Reuters) – Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy sour oil, traders and analysts said. Sour crudes, mainly produced in the Middle East, Canada … Read moreSanctions, OPEC cuts push Asia’s sour crude oil prices above Brent

CAIRO, Feb 11 (Reuters) – OPEC Secretary-General Mohammad Barkindo said the exporting group was not in the business of manipulating or fixing oil prices, when asked on Monday to comment on a U.S. House committee passing a bill targeting OPEC oil supply cuts. A U.S. House of Representatives committee approved a bill on Thursday that … Read moreOPEC does not fix oil prices – Barkindo

Feb 11, 2019, by Heesu Lee and Grant Smith (Bloomberg) Oil slipped again, trading near $52 a barrel in New York after mounting concerns about the health of the global economy triggered the sharpest weekly price drop since December. Futures retreated 0.5 percent in New York, following a decline of 4.6 percent last week. U.S. … Read moreOil Near $52 After Worst Week Since December on Growth Concerns

Feb 11, 2019, by Lorcan Roche Kelly (Bloomberg) Talks go nowhere With the clock ticking to avoid another partial government shutdown, talks over the weekend seeking an accord on border security broke down without agreement. President Donald Trump is due to go to El Paso, Texas, later today for a rally backing the construction of … Read moreFive Things to Know in World Business Today

Feb 10, 2019, by Alex Nussbaum (Bloomberg) Hedge funds reversed course on oil just in time, plowing back into bearish bets as crude skidded into a wall of economic worries. In a shift from four weeks of retreat, short-sellers boosted by 28 percent their wagers that Brent prices would fall in the week ended Feb. … Read moreOil Doubters Mount a Comeback as Rally Stalls on Global Worries

Feb 7, 2019, by Firat Kayakiran (Bloomberg) It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news. While both those things happened in the past … Read moreOPEC Cuts? Rates Plunge? Oil Tanker Market to Shrug It All Off

Feb 8, 2019, by Samuel Potter (Bloomberg) Here we go again Markets are having a rough time of it, after Europe practically gave up on the whole idea of economic momentum for the time being and Tariff Man said he won’t meet Chinese President Xi Jinping before the March 1 expiry of the current truce. Oh, and the trade cease-fire between … Read moreFive Things to Know in World Business Today

LONDON (Reuters) – Benchmark Brent oil inched up on Friday but was heading for a weekly loss, pulled down by worries about a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support. Weighing on financial markets were concerns that a trade dispute between the United States and … Read moreBrent oil edges up, heads for weekly loss on slowdown worries

Feb 7, 2019, by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil steadied near $54 a barrel as a decline in American fuel inventories signaled that demand remains healthy despite ongoing concerns about the global economy. Inventories of winter fuel in the U.S. fell more than expected last week as cold polar air blasted the nation, … Read moreOil Steady Near $54 as Fuel-Inventory Drop Tempers Economy Angst

Feb 7, 2019, by Samuel Potter (Bloomberg) Shutdown countdown Every big media organization needs a wall full of clocks, usually to check the time across the world’s major cities. It’s no different at Five Things’ global HQ (Bloomberg basement level 2, left after the stationery supplies), except ours are countdown clocks. They count down to … Read moreFive Things to Know in World Business Today

Feb 7, 2019, by Kelly Gilblom and Rakteem Katakey (Bloomberg) The crude market had its worst quarter in four years but you wouldn’t be able to tell by looking at Big Oil’s stellar earnings numbers. The world’s five largest publicly traded oil companies exceeded analyst expectations, in some cases obliterating them. The result lends credibility … Read moreWhat Crash? Big Oil Proves the Crude Price Is Just a Number

Feb 6, 2019, by Tsuyoshi Inajima (Bloomberg) Oil extended losses below $54 a barrel on signs of a weakening economy and an industry report pointing to rising U.S. crude inventories. Futures in New York fell as much as 0.6 percent after a 1.7 percent drop on Tuesday. A gauge of demand for U.S. service industries … Read moreOil Extends Loss on Economic Outlook and U.S. Inventory Concerns

Feb 6, 2019, by Lorcan Roche Kelly (Bloomberg) Not yielding President Donald Trump’s State of the Union address talked up bipartisanship, while sticking with White House demands to build a border wall and calling for an end to “partisan investigations.” Trump reiterated a trade deal with China would need to include structural change on the Asian … Read moreFive Things to Know in World Business Today

WOLFSBURG, Germany (Reuters) – If Volkswagen realizes its ambition of becoming the global leader in electric cars, it will be thanks to a radical and risky bet born out of the biggest calamity in its history. The German giant has staked its future, to the tune of 80 billion euros ($91 billion), on being able … Read moreBet everything on electric: Inside Volkswagen’s radical strategy shift

Feb 6, 2019, by Mike Jeffers (Bloomberg) Less foreign oil is reaching American shores, as OPEC production cuts kick in and U.S. sanctions on Venezuela curb its exports. Crude shipments to the U.S. from OPEC and its partners fell to 1.41 million barrels a day in January, the lowest in five years, according to data … Read moreOPEC’s Oil Exports to U.S. Fall to Five-Year Low in January

LONDON (Reuters) – New partnerships are emerging in the global hunt for oil discoveries, with some explorers essentially offering an outsourcing service for the riskiest part of the energy business. Central to this new strategy are efforts to find an ally earlier in the process of discovering new fields, and on a larger scale, in … Read moreIn squeezed oil industry, some rethink hunt for new barrels

MOSCOW (Reuters) – Russian oil producer Rosneft estimates the book value of stakes it holds in three oil projects in Venezuela at 138 billion rubles ($2.11 billion), a financial report it published on Tuesday showed. The book value was given for Rosneft shares in Petromonagas, Petrovictoria and the Junin 6 project. Rosneft also has shares … Read moreRosneft puts book value of three Venezuela project stakes at $2.1 billion

LONDON (Reuters) – Iran’s oil minister on Tuesday criticized Greece and Italy for not buying its oil despite U.S. waivers and said they had not offered Tehran any explanation for their decision. The United States granted the two countries exemptions along with six others – Turkey, China, India, Japan, South Korea and Taiwan – allowing … Read moreIran criticizes Greece, Italy for not buying its oil despite U.S. waivers

Feb 5, 2019  by Lorcan Roche Kelly (Bloomberg) SOTU Donald Trump’s State of the Union address to Congress later today promises to be the most dramatic in years, with the president hinting that he may declare a national emergency to secure funding for a border wall. Democrats have selected recent Georgia gubernatorial candidate Stacey Abrams to … Read moreFive Things to Know in World Business Today

Feb 5, 2019, by Tsuyoshi Inajima and Alex Longley (Bloomberg) Oil erased its earlier gains as traders weighed output cuts from OPEC and its allies against expectations for rising U.S. crude inventories. Futures in New York traded 0.3 percent lower, reversing an earlier increase of as much as 1.2 percent. Russia curbed output by 47,000 … Read moreOil Pares Gain as Traders Weigh OPEC Cuts Versus U.S. Stockpiles

Feb 5, 2019, by Kelly Gilblom (Bloomberg) BP Plc joined its Big Oil peers by giving investors a positive surprise, exceeding profit estimates and earning better returns than its closest European rival. Shares surged by the most in almost three years. New projects delivered an increase in oil and gas output, while the company also … Read moreBP Surges as Profit Exceeds Expectations and Returns Get a Boost