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 will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products…
China Ramps up US Oil Purchases Ahead of Trade Deal Review
U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S.
US Crude Oil Shipments to China Halt Amid Trade War
U.S. crude oil shipments to China have "totally stopped", the President of China Merchants Energy Shipping Co (CMES) said on Wednesday, as the trade war between the world's two biggest economies takes its toll on what was a fast growing businesses.Washington and Beijing have slapped steep import tariffs on hundreds of goods in the past months. And although U.S.
China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business
China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports…
Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially…
Lotos to Lift Five U.S. Crude Cargoes in 2018
Poland's second-biggest oil refiner Lotos signed an agreement to receive at least five crude oil shipments from the United States next year, it said in a statement on Wednesday. The state-run Lotos received its first U.S. oil earlier this year as part of a bigger plan to reduce reliance on Russian supplies. The company did not provide details of the new contract. Reporting by Agnieszka Barteczko
Oil Edges Up on Chinese Demand
Strong Chinese imports support crude; U.S. crude output hits highest levels since 1970s. Oil prices edged up on Friday, helped by rising Chinese crude demand and threats of a strike in Africa's largest oil exporter. But prices were still on track for their largest weekly loss since early October amid concerns that rising U.S. production would undermine OPEC-led supply cuts aimed at curbing a glut.
Loss for Oil Looms as Profit-Taking Weighs
Global refiners import U.S. oil to make up for OPEC cuts. Oil prices fell on Friday and were set for a weekly loss as investors sought to book profits, despite tensions in the Middle East that have slashed supplies of crude. Brent crude was down 15 cents at $57.08 a barrel by 1230 GMT. U.S. light crude was 30 cents lower at $50.99. "There's a little bit of profit-taking," said Olivier Jakob, chief strategist at consultancy Petromatrix.
Asia Tankers-VLCC Rates Supported by Floating Storage
Trafigura hires five VLCCs to store oil; short-term storage a profitable play. Freight rates for very large crude carriers (VLCCs) could creep higher as more ships are chartered for floating storage and crude oil shipments increase ahead of the northern winter, brokers said. "There might be a slow creep up towards 60 (on the Worldscale measure)," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore on Friday.
Libya to Resume Oil Shipments from Hariga
Libya will resume oil shipments from the port of Marsa El Hariga after an agreement was reached at talks in Vienna between rival oil officials representing the east and west of the country, Libyan oil sources told Reuters. Exports from the port have been blocked since early this month due to a standoff between the rival eastern and western National Oil Corporations (NOC).
Train Lobby Pushes to Weaken Safety Rule
Billionaire investor Warren Buffett is set to be a chief beneficiary of a bid by Senate Republicans to weaken new regulations to improve train safety in the $2.8 billion crude-by-rail industry, a key cog in the development of the vast North American shale oil fields. A series of oil train accidents, including the July 2013 explosion of a train carrying crude in Lac-Megantic, Quebec, that killed 47 people, led U.S.
Oil Prices Retreat from Short-covering Rebound
Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns. Traders also cited a Bloomberg report that a port workers' union in Nigeria had ended its strike, potentially allowing crude oil shipments to resume out of the country. (Reporting By Barani Krishnan; Editing by Chizu Nomiyama)
Seattle Calls for Safeguards Amid Boom in Oil Train Shipments
Seattle officials called on Wednesday for more safeguards for crude oil trains traveling through the city in increasing numbers, warning some rail infrastructure was antiquated and could contribute to a catastrophic accident. An oil tanker accident in the city could be "a catastrophe for our community in terms of risk to life, property and environment," Seattle's Office of Emergency Management said in a report.
Pemex to Export Oil to Swiss Refinery
Mexico's national oil company Pemex plans to launch exports of extra light Olmeca crude to the Cressier refinery in Switzerland beginning in July, the company said in a statement on Monday. Pemex will send Olmeca crude shipments of between 300,000 and 500,000 barrels each to the Cressier refinery over a six-month period, a Pemex official told Reuters. The official did not say how many such shipments would be made over the six-month period.
U.S. Rules Could Settle Tank Car Dispute For Oil-By-Rail Sector
New rules on moving hazardous materials like crude oil on U.S. railroads could settle a dispute between the energy industry and rail companies that boils down to a fraction of an inch of steel in the frame of each tank car. U.S. Transportation Secretary Anthony Foxx wrote Thursday in a blog post that his agency would send its proposals to the White House for review next week.
Arctic Energy Exploration Efforts Heat Up
Oil and gas—and also mining—are the drivers today propelling Arctic maritime operations and the construction of new vessels able to operate in extreme latitudes. While the gas and oil resources can be recovered in the Arctic or far north and shipped to markets by sea or pipeline, the cost of doing must be balanced upon the global market price for those commodities.
