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UPDATE 2-Indonesia rejects Inpex's mega floating LNG project, wants to stay onshore

* President says onshore plan to bring more economic benefits

UPDATE 1-Scramble for oil storage extends, suggesting excess has room to run

* Gasoline, gasoil stocks graphic: http://tmsnrt.rs/1q0rZks (Adds link to graphic)

PetroChina profit dives 70 pct in 2015 on low oil prices

BEIJING, March 23 (Reuters) - PetroChina , China's biggest oil and gas producer, reported a 70 percent slump in its full-year 2015 profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.

UPDATE 1-Zimbabwe to ban foreign firms in breach of local ownership law

HARARE, March 23 (Reuters) - Zimbabwe will from April 1 cancel licences for foreign firms, including those operating mines and banks, that have not complied with a law to sell majority shares to locals, Empowerment Minister Patrick Zhuwao said on Wednesday.

Australia calls China's S.China Sea moves "counterproductive"

SYDNEY, March 23 (Reuters) - Australian Prime Minister Malcolm Turnbull on Wednesday called China's military deployments on the South China Sea "counterproductive", an unusually forceful rebuke against the country's biggest trading partner.

OPEC, Russia oil output freeze deal may be "meaningless" -IEA

SINGAPORE, March 23 (Reuters) - A deal among some OPEC producers and Russia to freeze production is perhaps "meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday.

UPDATE 1-Mitsui to record first annual loss on writedowns on copper, LNG assets

* Sees Y70 bln loss in FY15/16, vs prior f'cast of Y190 bln profit

Scramble for oil storage extends, suggesting excess has room to run

LONDON, March 23 (Reuters) - Trading houses are betting on oil markets remaining oversupplied for at least two more years even as crude prices stage a recovery driven by early signs of falling production.

Mitsui sees around $620 mln annual loss on writedowns on copper, LNG assets

TOKYO, March 23 (Reuters) - Japanese trading firm Mitsui & Co said on Wednesday it expected a net loss of 70 billion yen ($623 million) for the business year to March 31, against an earlier forecast for a profit of 190 billion yen, hit by hefty one-off losses in its copper and other resource assets.

UPDATE 3-Woodside scraps Australian Browse LNG project as glut bites

* Partner Mitsui books $356 mln impairment (Adds Mitsui impairment)

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