Russian Pipeline: Bringing Gas and Building Trust
A discussion over energy at the summit last week between Russian President Vladimir Putin and North Korean leader Kim Jong-un has excited the government in South Korea, where the government is desperately looking to entice the North Koreans to come in out of the cold.Among the topics that came up was access for the North Koreans to Russian electricity supplies and the question…
U.S. Sanctions Russian Firms, Vessels Over N. Korea Oil Transfers
The United States on Tuesday announced sanctions on two Russian shipping companies and six vessels it said were involved in the transfer of refined petroleum products to North Korean vessels in violation of U.N. restrictions.The U.S. Treasury identified the firms as Vladivostok-based shipping companies Primorye Maritime Logistics Co Ltd (Primorye) and Gudzon Shipping Co LLC (Gudzon).It also named six Russian-flagged vessels: Bella…
UN Seeks Traders' Help Enforcing North Korea Sanctions
A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said.The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons.Under the restrictions…
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 to refiners…
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet…
Oil Set for Weekly Drop as Supply Concerns Weigh
IEA sees 2018 global oil demand increasing by 1.5 mln bpd. Oil prices were set for a weekly drop despite a slight gain in both benchmarks on Friday, on concerns that rising global supply could undermine efforts by OPEC and other producers to tighten the market. West Texas Intermediate (WTI) oil futures for April delivery rose 14 cents to $61.33 a barrel by 1145 GMT, after settling up 23 cents on Thursday.
Oil Up After Sell-offs and Trump-Kim Meeting Hopes
Crude oil futures rose on Friday after two days of sell-offs amid optimism over a planned meeting between North Korea's Kim Jong Un and U.S. President Donald Trump. Kim also pledged to refrain from further nuclear or missile tests, lifting Asian stock markets and pulling crude oil futures along with them. Brent crude was at $64.02 per barrel at 1032 GMT, up 41 cents, or 0.64 percent, from its previous close. U.S.
Oil Rises as Korea Talks Boost Confidence
IEA sees strong global oil demand growth to 2023. Oil rose on Tuesday, paring earlier losses after South Korea said it would hold a summit with North Korea for the first time in more than a decade, which investors took as a cue to sell the U.S. dollar and buy risk-sensitive assets such as commodities. The prospect of OPEC and other producers, including Russia, maintaining crude output cuts in the face of a boom in U.S.
Suspect Involved in N. Korean Oil Smuggling Released on Bail
A court in Taiwan has released on bail a man prosecutors allege to have made false declarations in the case of a Hong Kong-flagged tanker suspected of transferring oil to North Korea in violation of international sanctions. The man, surnamed Chen, said the vessel was bound for Hong Kong, despite knowing it was bound for international waters to traffic oil products, the prosecutors' office in the southern city of Kaohsiung said on Wednesday.
Taiwan Releases Suspect in North Korean Oil Transfer
A court in Taiwan has released on bail a man prosecutors allege to have made false declarations in the case of a Hong Kong-flagged tanker suspected of transferring oil to North Korea in violation of international sanctions. The man, surnamed Chen, said the vessel was bound for Hong Kong, despite knowing it was bound for international waters to traffic oil products, the prosecutors' office in the southern city of Kaohsiung said on Wednesday.
China Denies Selling Oil Illicitly to N.Korea
China on Friday denied reports it has been illicitly selling oil products to North Korea after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation. Trump said on Twitter the previous day that China had been "caught" allowing oil into North Korea and that would prevent "a friendly solution" to the crisis over North Korea's nuclear and missile programmes that it conducts in defiance of heavy U.N.
Trump Troubled About Oil Flow into North Korea
U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter.
UN: Fresh Oil Import Sanctions on North Korea
(Reuters) -- The U.N. Security Council on Friday unanimously imposed new sanctions on North Korea following its latest intercontinental ballistic missile test, a move that analysts said could have a significant impact on the isolated country's struggling economy. The resolution seeks to ban nearly 90 percent of refined petroleum product exports to North Korea by capping them at 500…
Oil Hits Eight-Month High as Inventories Drop
Brent hits highest since January; major producers confirm global inventories falling. Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing. The November Brent crude futures contract was up 79 cents at $57.65 a barrel by 1134 GMT, its highest since January 3. U.S.
No US Plan to Call for Oil Embargo on North Korea
A U.S. official said Washington had no plans on Tuesday to call for the U.N. Security Council to impose an oil embargo on North Korea. The U.N. Security Council planned to meet shortly on Tuesday to discuss North Korea's latest ballistic missile launch. The United States has proposed the 15-member council agree a statement condemning the launch. (Reporting by Michelle Nichols; Writing by Mohammad Zargham; Editing by Sandra Maler)
Oil Slips on Strong Dollar, OPEC and China Weigh
Chinese Demand Falters as OPEC production remains stronger despite promised cuts. Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Benchmark Brent crude was down 30 cents at $50.43 a barrel by 1050 GMT. U.S. light crude was 20 cents lower at $47.39.
Mongolia Coal Export Earnings Surge after N.Korea Ban
Mongolia's coal export earnings surged nearly fivefold in the first five months of the year, according to official data, with the country taking advantage of sanctions on North Korea to boost deliveries to China, its major customer. Cash-strapped Mongolia was forced to turn to the International Monetary Fund for support this year following a collapse in foreign investment, declining commodity prices and a downturn in coal demand.
Oil Price Jump Soothes Cyber Nerves
Oil jumps on Saudi-Russia comment on output; worries over cyber attack relegated to background. Oil's strongest run of gains since December cushioned the hit to stock markets on Monday from a successful missile test by North Korea and a cyber attack that locked 200,000 computers in more than 150 countries. Asian shares hit a two-year high overnight and Wall Street was set to open higher…
Oil Slides as U.S. Pumps More
Brent, WTI prices drop about 1 percent. U.S. rig count gains for 13th consecutive week. Crude oil slid lower on Monday on signs that the United States is continuing to add output, largely counteracting strong economic growth in China and OPEC efforts to cut production. Benchmark Brent crude futures were down 50 cents at $55.39 at 1126 GMT. On Thursday, before major markets closed for a holiday break, they settled up 3 cents at $55.89 a barrel. U.S.
Oil Dips on Oversupply Worries
Oil prices edged down on Monday on worries that OPEC-led production cuts may not significantly tighten an oversupplied market in the short term despite talk of extending them. NYMEX crude for June delivery was down 12 cents at $49.21 a barrel by 0032 GMT, after settling up 36 cents on Friday. The contract is up about 2 percent from a one-month low hit on Thursday. London Brent crude for new front-month delivery in July was down 14 cents at $51.91.
