Oil Jumps After US Kills Iran's Soleimani
Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel, its highest since mid-September when Saudi oil facilities were attacked…
Four Bunker Barges Seized in Singapore over Unpaid Debt
Singapore law firm asks for vessels to be arrested; bunker barges owned by Vermont UM Shipping. Four marine refuelling barges owned and operated by Vermont UM Shipping Pte Ltd were seized in Singapore on Monday night, according to the website of Singapore's Supreme Court. Singaporean law firm Rajah & Tann seized the vessels over unpaid claims on behalf of its client…
Congo Seeks Debt Relief From Trading Houses
IMF pushing Congo to renegotiate debt; loans primarily came from Trafigura, Glencore. Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said.
Poland to Expand Oil Pipelines as it Diversifies Supplies
Poland's government approved a plan on Tuesday to build more pipelines to help Warsaw take more oil deliveries from sources other than its biggest supplier Russia. Poland imports most of the oil it refines from Russia through the eastern part of a pipeline known as "Friendship", running from the border with Belarus to a refinery in Plock, central Poland.
Fire Interrupts Oil to Lukoil's Norsi Refinery
Crude oil deliveries to Lukoil's Norsi refinery in the Nizhny Novgorod region have been suspended due to a fire at the facility, a spokesman for Russian pipeline monopoly Transneft said on Thursday. Deliveries of crude oil were stopped at 1415 Moscow time, he added. Earlier, the Ministry for Emergencies said in a statement that a fire had broken out at the refinery.
Venezuela Struggles to Manage Crushing Debt
Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia. Venezuelan oil production has slipped to its lowest levels in about 20 years, hurting a nation which relies almost solely on crude exports for revenues.
For North Korea, Cutting Off Oil Supplies Would Be Devastating
Isolated North Korea doesn't consume much oil, but curbing or cutting off its supplies in retaliation for further nuclear or long-range missile tests would be painful and potentially destabilising to the regime of Kim Jong Un. U.S. Separately, the Global Times, an influential Chinese tabloid whose stance does not necessarily reflect official policy…
Belarus says Russia Made Oil Threat
Belarussian President Alexander Lukashenko said on Friday a Russian move to create border zones near his country's frontier looked like a political attack and that Moscow had threatened to halve oil supplies to Minsk. Speaking at a marathon news conference which lasted over seven hours, Lukashenko said he sensed Russia was afraid his country…
Saudis Order Oil cuts to U.S., EU, Ahead of non-OPEC talks
OPEC to meet non-OPEC countries in Vienna in Saturday; Russia signals deal still faces challenges. Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January as Russia signalled that a commitment from non-OPEC producers to join OPEC's output limits still faced challenges. Saudi…
IEA: 2016 Oil Market Balance, Followed by 2017 Surplus
Oil demand growth to reach 1.3 mln bpd in 2017, same as 2016. The oil market is now in balance thanks to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tilt into surplus again early next year, the International Energy Agency said on Tuesday. The agency said in its…
Oil Price War Threatens US Sense of Energy Security
The political economy of oil prices in the United States is complicated. The United States is the world's largest oil consumer and one of its biggest importers. But it is also a substantial producer with large oil and gas resources. And its oil is medium-cost, more expensive to produce than the large fields in the Middle East but cheaper than frontier areas like the Arctic. U.S.
Lawsuits over NYC Heating Oil Quality Revived
A New York state appeals court on Tuesday revived two lawsuits accusing Hess Corp and Castle Oil Corp of cheating building owners by selling adulterated heating oil. The Appellate Division in Manhattan ruled unanimously that a lower court judge erred in dismissing claims that the defendants from 2009 to 2013 blended…
Shell Repays Iran 1.77 Bln Euro Debt
Royal Dutch Shell said on Monday it had completed the payment of 1.77 billion euros ($1.94 billion) in debt to the National Iranian Oil Company in the wake of the lifting of sanctions on the country. "Following the lifting of applicable EU and U.S sanctions, we can confirm that payment of the outstanding Shell debt to NIOC has now been made," a Shell spokesman said in a statement.
Shell: Iran Debt to be Paid When Sanctions End
Royal Dutch Shell will repay a $2 billion debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted and will consider investing in the country's vast energy sector, Shell's boss for new business said. Much would depend on the terms offered by the Islamic Republic once sanctions were lifted, said Edward Daniels…
Shell in Iran on 'Post-Sanctions' Business Talks
Shell in Tehran to discuss debt, cooperation; Shell CEO recently met Iran officials in Vienna. Royal Dutch Shell has recently held talks in Iran to discuss business cooperation with the oil and gas-rich country should international sanctions on Tehran be lifted. Officials from the Anglo-Dutch company major recently met Iranian officials in Tehran, a Shell spokesman said.
Irving Oil Slams Former Top Executive Over Lawsuit
Canada's Irving Oil rejected former top executive Mike Ashar's allegation that he was underpaid millions of dollars, painting him instead as an "unsuccessful" hire who oversaw a decline in the family-owned company's worth during his five-year tenure, according to court documents filed this week. The legal battle has offered a rare glimpse inside the closely-held company…
Oil Above $60, Saudis See Stability
Saudi oil minister says market will balance. Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia's oil minister said he expected the oil market to balance itself. Oil Minister Ali al-Naimi said he hoped and expected the oil market to balance and prices, which hit a nearly six-year low around $45 in January…
IEA Sees No Quick Oil Price Rebound
IEA sees pressure increasing on OPEC to cut output. The oil market has entered a new era with lower Chinese economic growth and booming U.S. shale output, making a return soon to high prices unlikely, the West's energy watchdog said on Friday. The International Energy Agency, which typically refrains from predicting oil prices…
Rosneft Eyes Azeri Gas, Oil Pipeline Use
Russia's Rosneft wants to increase its presence in Azerbaijan, courted by the European Union for its gas, by joining a gas project and using a pipeline for its oil shipments. Vitaliy Baylarbayov, deputy vice-president at Azeri state oil company SOCAR, told Reuters Rosneft, Russia's top crude producer, might seek a stake…
