Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects frustration with the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia who have rebuffed Washington's requests to speed up oil production as the world economy rebounds from the pandemic.It also comes as U.S.
Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going back 80 years - as the energy industry…
Guyana Seeking Oil Buyers
Guyana has invited companies interested in purchasing the first three deliveries of the government's share of the country's looming oil production to present bids this week, the government said in a statement on Sunday.The government will later seek proposals from companies interested in a longer-term contract to market Guyanese crude, the statement said.U.S. oil companies Exxon Mobil and Hess Corp – part of a consortium that…
Saudi Still China's Top Oil Supplier
Saudi Arabia held its position as China's largest crude oil supplier in September helped by demand from new refineries and as imports from Iran and Venezuela continued to fall due to U.S. sanctions, customs data showed on Friday.The drone and missile attack on oil-processing plants in Saudi Arabia on Sept. 14, knocking out half of the country's production, will likely have an impact on deliveries in October.At the height of the disruption…
Oil Freight Rates Rocket After U.S. Sanctions COSCO
Oil freight rates in the Middle East and Asia have increased by almost 20 percent today following new US sanctions on units of Chinese company COSCO for its alleged involvement in ferrying crude oil out of Iran.In what the U.S. State Department has described as “one of the largest sanctions actions the U.S. has taken” since restrictions were re-imposed on Iran in November 2018, two units of COSCO, as well as other companies,…
Record Number of VLCC Liftings at LOOP
Medium-sour crudes from the U.S. Gulf of Mexico are being snapped up by overseas buyers, paving way for a record six supertankers to load at the Louisiana Offshore Oil Port (LOOP) in a matter of weeks, according to people familiar with the matter.The six scheduled loadings in late May and early June would double the record of Very Large Crude Carriers (VLCCs) reached in December. An unusual influx of Gulf of Mexico crudes to the U.S.
Oil Edges Up
Oil prices edged higher on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.Brent crude futures gained 26 cents, or 0.4 percent, to $66.25 a barrel by 11:43 a.m. EST (1643 GMT).U.S. West Texas Intermediate (WTI) crude futures rose 45 cents, or 0.8 percent, to $56.67 a barrel."The big picture is that short-term fundamentals are very strong…
Brent Crude Rises but Set for First Yearly Drop Since 2015
Oil prices rose more than 2 percent on the final day of the year, mirroring gains in stock markets, but were on track for their first annual decline in three years as concerns of a persistent supply glut lingered.Hints of progress on a possible U.S.-China trade deal, with U.S. President Donald Trump saying he had a "very good call" with Chinese President Xi Jinping, helped bolster sentiment for oil.Brent crude futures were up 75 cents at $53.96 a barrel by 1357 GMT but rose over $1 to a high of $54.82 in earlier trade.U.S.
Oil Steadies but Outlook for Demand Grows Gloomy
Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand, while crude was also swept lower by broader selling of industrial commodities such as copper.China and the United States…
U.S. Pushes Allies to Halt Iran Oil Imports
The United States has told countries to cut off all Iranian oil imports. It is unlikely to offer any exemptions, said a State Department official as the Trump administration ramps up pressure on allies to cease funding to Iran. U.S. President Donald Trump said his administration was withdrawing from the "defective" nuclear deal agreement between Iran and six world powers in July 2015. The agreement was aimed to curb Tehran's nuclear capabilities in exchange for lifting some sanctions. Trump ordered the reimposition of U.S.
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
Iran's Oil Exports Fall in May, when US Quit Nuclear Deal
Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC's third-largest producer. The U.S. sanctions have a 180-day period during which buyers should "wind down" purchases.U.S.
South Korea Increasingly Looks to Buy Brent Crude Oil
Seek more oil from Europe, Africa; Brent-Dubai spread narrowest since August 2015. Oil buyers in South Korea are expected to take advantage of relatively cheap Brent against Dubai and step up purchases of low-sulphur crude in early third quarter, reducing demand for the Middle East oil, four refining sources said on Friday. Refiners in the world's fifth largest crude oil importer are seeking crude from the North Sea and Africa…
Iran Snags More European Oil Buyers in Slog for Market Share
Two European refiners are set to receive their first oil cargoes from Iran since international sanctions were lifted in January against the country, which is ramping up crude exports in a battle to take back market share. Iran has pledged to increase production following sanctions lifting, and it declined to participate in a meeting on April 17 of producer group OPEC and non-member nations aimed at reaching a deal to freeze output to prop up prices. The talks collapsed.
Saudis, Russians in Teapot Turf War
Russia has so far dominated oil sales to China's teapot refiners. Saudi Arabia's sale of a spot crude cargo to an independent Chinese refiner marks a new phase in the turf war for dominance over Asia's oil market and sends a strong message to its rivals Russia and Iran: the fight for market share is on. State-owned Saudi Aramco, the world's biggest oil exporter, this month sold 730,000 barrels of crude for June-loading to Chinese refinery Shandong Chambroad Petrochemicals…
Iran Plays Hardball with European Oil Buyers, Slowing Exports
Iran has managed to sell only modest volumes of oil to Europe since the lifting of sanctions seven weeks ago and several former buyers are staying away, citing legal complications and Tehran's reluctance to sweeten terms to win back customers. Tehran had been unable to sell crude to European firms since 2012 when the EU imposed sanctions over its nuclear programme, depriving it of a market that accounted for over a third of its exports and leaving it relying completely on Asian buyers.
Japan to Employ Sovereign Insurance for Iranian Imports
Japanese buyers of Iranian crude will have to keep using special sovereign shipping insurance to import oil for the foreseeable future, despite the lifting of sanctions against Tehran, industry and government sources said on Monday. Shippers face uncertainty over whether they can get coverage from U.S. insurers after sanctions were lifted and it means the Japanese government may have to get parliamentary approval to extend the scheme beyond March.
NOC Empties Ras Lanuf Storage after Islamic State Attacks
The Libyan National Oil Corp (NOC) has emptied oil storage tanks at the Ras Lanuf terminal as a precaution after Islamic State militants attacked the country's two biggest oil ports last week, an adviser to the company linked to Libya's official, eastern-based government said on Monday. Islamic State attacked the oil terminals at Es Sider and Ras Lanuf, which lie between the town of Sirte, which is controlled by the militant group, and the eastern city of Benghazi.
Saudi Pricing Shows Oil Volatility Amid Oversupply: Russell
Saudi Arabia's decision to lower prices for oil loading in November shows that the battle for market share in an over-supplied Asian crude market is far from over. Saudi Aramco, the kingdom's state-owned oil company, cut its official selling price (OSP) for its main Arab Light grade to Asia to a discount of $1.60 a barrel to the regional benchmark Oman/Dubai price for November from a premium of 10 cents for October cargoes. While…
Oil Majors Press Iran for Sweeter Oil Terms
Iran will have to offer lucrative contracts terms to draw back international oil companies at a time when the oil industry is more focused on profitability as it gears up for a longer period of low oil prices, executives said on Tuesday. Iran said in September it had approved a draft of international oil and gas contracts to attract foreign investors and oil buyers once international sanctions are lifted but has not provided details so far.
