WorldOil Aramco’s trading CEO sees recovery after ‘big hit’ from China abates “By the end of April, we will not have that fear,” Ibrahim Al-Buainain, chief executive of Aramco Trading, said in an interview in London. “I am confident that the support and measures taken by countries will contain the virus.” Oil reaches two-week high on hope for Chinese demand revival Crude is being supported along with equities by signs that China, the world’s biggest oil importer, is considering steps to shore up its economy, such as direct cash infusions and mergers to revive its airline industry. Oil too cheap to ignore sends Chinese refiners on buying spree The spree is probably a sign that independent refiners are getting ready for an eventual rebound in demand, taking advantage of the slump in crude prices to buy cheaply. OPEC cuts forecast as virus dents China’s oil demand The cartel reduced projections for demand growth in the first quarter by 440,000 barrels a day, or about a third, in its monthly report. India taking up the slack as China cancels oil deliveries Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s no. 1 importer. Daily Brief podcast, Tuesday, February 11th In today's episode, we look at what the coronavirus is doing to Chinese gas demand, and the rare steps China is taking in response; gas prices in the U.S. fall to a four-year low; and oil holds around $50 in spite of OPEC's inaction. Traders consider oil storage at sea as virus slows demand Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China. PetroChina tells its expats to buy medical supplies and ship them to Beijing In a sign of how desperate shortages may be getting, companies from PetroChina Co. to Geely Automobile Holdings Ltd. are scouring the world for medical supplies to send back home. Shell, Total reject China’s force majeure on LNG shipments Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets. CNOOC refuses LNG cargoes, declaring force majeure over coronavirus In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel.