Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union…
Indonesia to Issue Rules on Crude Oil Sales Next Week
* Indonesia expects to issue rules next week prioritising Pertamina and other domestic refinery operators in sales of crude oil produced locally by contractors, Oil and Gas Director Djoko Siswanto said on Wednesday* The rules require Pertamina to agree on crude purchases at prices based on business negotiations with domestic oil producers, Siswanto told reporters at a news conference* This could affect
U.S.: Global Oil Capacity Will Make Up for Iran Cutbacks
The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its regional. A senior U.S. State Department policy adviser said they believe there is enough spare global oil capacity to make up for a lower supply from Iran. Brian Hook, the State Department's director of policy planning, told a news conference that the U.S.
U.S. Considers Venezuela Oil Sanctions
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham…
Venezuelan Crude Sales to the US Down in March
Venezuelan crude oil sales to the United States declined in March for the third month in a row this year to 651,710 barrels per day due to falling exports of main grade Merey, according to Thomson Reuters trade flows data. Venezuela's crude output fell in 2016 to its lowest level in 23 years. Analysts expect another decline…
China Demand Drives Singapore Crude Storage Sales
22.6 million barrels of crude sold from storage in March; Chinese demand, more crude deliveries to Asia trigger sales. Crude oil sales from storage tanks around Singapore rose to an 11-month high in March, with nearly half of the volumes going to China and traders clearing inventories ahead of record shipments to Asia expected to arrive in April.
Where Does Britain's Inflation-Busting Oil Come From?
Oil priced in sterling is set for its biggest yearly rise since 1999 and has already pushed UK fuel prices to their highest since August 2015, even thought much of the crude that Britain uses comes from UK-based oilfields. Expectations of lower supply and stronger demand have put the oil price in dollar terms on course for its first yearly rise since 2012…
Turkey’s Role for the Tanker Market
Even though the coup attempt in Turkey failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil production amounts to about 48 thousand barrels per day (Kb/d) of crude oil and almost 400 million m3 of natural gas in 2015.
Venezuelan Crude Sales to the US Jump 4% in May
Venezuelan crude oil sales to the United States rose nearly 4 percent in May to 762,000 barrels per day (bpd) after declining since January amid falling output and delays at the country's main oil port, according to Thomson Reuters data on Tuesday. The United States last month received 47 cargoes of Venezuelan crude, a 3.7 percent increase versus the previous month…
Iran's crude oil sales to Europe Exceed 300,000 barrels
Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran's crude oil sales to Europe after the lifting of international sanctions on Tehran had already reached above 300,000 barrels, according to the ministry's news agency. Iran's oil exports, which had peaked at more than 3 million barrels per day (bpd) in 2011, fell…
Oil Edges Above $50 on Speculation
Reuters - Oil prices rose on Tuesday, heading for the first three-day gain in five weeks, on signals that the world's biggest producers of crude may act jointly to support prices, which have halved over the past year. Brent crude, the global oil benchmark traded up 85 cents at $50.10 a barrel by 1333 GMT, or 1.7 percent day on day. It rose 2.3 percent on Monday. The U.S.
Iran Yet to Receive $7.8 bln for Oil Sales
Iran has yet to receive $7.8 billion for crude oil sales made in recent months, government spokesman Mohammad Baqer Nobakht was quoted as saying, as Western sanctions keep Tehran shut out of the global banking system. Iran's state-run Press TV said Nobakht gave no reason for payment delays, but reported that Tehran's oil customers were mainly China, India, Japan, South Korea and Turkey and that "U.S.
Gulf Keystone in Preliminary Sale Talks
Oil producer Gulf Keystone Petroleum Ltd , battered by a slump in oil prices, said it was in talks with a number of parties about a possible sale of the company or some asset transactions. Gulf Keystone's stock rose as much as 60.7 percent and was the top percentage gainer on the London Stock Exchange on Wednesday. The company…
Middle East Crude Softer as DME Premium Falls
The Middle East crude market softened on Monday, with DME Oman's premium to Dubai swaps falling for an eighth session in a row. Trade in September-loading barrels will begin this week, with traders expecting lower demand compared with the previous month. Brent's narrowing premium to Dubai crude also made Dubai-linked grades less attractive…
Iran's Oil Exports Drop in June
Iran's crude oil exports dropped in June after a spike in May, yet sales were still above the level allowed by an interim deal aimed at curbing Tehran's nuclear programme, according to sources who track tanker movements. Under the agreement signed in November between Iran and six world powers, which came into effect in January…
