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Australian miner South32 said it was in “exclusive talks” to sell its South African coal mines to local miner Seriti Resources. The offer includes a “modest” up-front cash payment with a deferred payment mechanism to allow both companies to share in any coal price increase, the Australian miner said. The world’s largest mining companies are under growing pressure to sell their thermal coal assets because of coal’s contribution to global warming.
When filling-up at the pump this fall, U.S. motorists are projected to find savings of more than 25 cents compared to the summer, AAA says.
Crude oil imports into the world's third-largest consumer declined 1.2% from a year earlier to 19.34 million tonnes, but increased 14.6% from the previous month. Petrol imports rose to 230,000 tonnes in July, the highest since PPAC data going back to 2011. Government data published earlier this month showed sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million tonnes.
Oil prices dipped on Thursday, paring earlier gains, weighed down by worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world's biggest oil consumer. Brent crude futures dropped 16 cents, or 0.3%, to $60.14 a barrel by 0634 GMT on Thursday. West Texas Intermediate (WTI) crude futures slipped 10 cents, or 0.2% to $55.58 per barrel.
New U.S. oil production is set to account for the vast majority of new crude supply as consolidation in the large basins, led by oil majors, ensures that drilling will continue at a steady pace
From trade wars, to slowing industrial activity and a struggling global economy, oil markets are looking facing a worrying period of bearish sentiment
WINNIPEG, Manitoba/CALGARY, Alberta (Reuters) - Small and mid-sized Alberta oil producers are looking to increase drilling as early as this autumn after the Canadian province exempted a dozen of them from government-mandated oil production cuts, boosting the struggling industry. Alberta's previous New Democratic Party government imposed production limits in January to drain an oil glut that built up due to congested pipelines. On Tuesday, the new United Conservative Party government extended curtailments through 2020, citing a delay to Enbridge Inc's Line 3 replacement that could swell inventories again unless the limits remained in place.
Alberta has announced an extension of the obligatory oil production cuts approved by the previous government on the grounds that it is uncertain when new pipeline capacity would come on stream
The crude oil markets have been very noisy as of late, and as a result it’s very likely that we will continue to go back and forth quite violently. Looking at this market, it’s very likely that we see a lot of trouble determining the trend in the short term.
Global markets rebound on strong retail earnings despite several looming global crisis and the release of FOMC minutes.
If Iran's oil exports are cut to zero, international waterways will not have the same security as before, its president said on Wednesday, cautioning Washington against raising pressure on Tehran in an angry confrontation between the longtime foes. The comment by President Hassan Rouhani coincided with a remark by Iranian Foreign Minister Mohammad Javad Zarif that Tehran might act "unpredictably" in response to "unpredictable" U.S. policies under President Donald Trump. "World powers know that in the case that oil is completely sanctioned and Iran's oil exports are brought down to zero, international waterways can't have the same security as before," Rouhani said while meeting Iranian Supreme Leader Ayatollah Ali Khamenei, according to Khamenei's official website.
Russia's Rosneft, one of the world's top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars, five trading sources told Reuters. Rosneft, which accounts for over 40% of oil output in Russia, produced 45.8 million tonnes of oil products at home in the first six months of this year - from diesel and gasoline to fuel oil and petrochemicals. The bulk of oil products for export are sold at tenders: Rosneft holds annual tenders as well as a number of spot or short-term tenders, with BP, Glencore, Trafigura, Vitol and Cetracore among top buyers.
BP and Glencore are struggling to sell around 600,000 tonnes of tainted Russian oil more than three months after the contamination was discovered, according to six trading sources. Russia's oil industry was plunged into a crisis in April after about 5 million tonnes of oil for export was found to be contaminated with organic chloride, a chemical used to help boost oil extraction but which can damage refining equipment. Exports through the Druzhba pipeline that transports oil to Germany, Poland, Hungary, Slovakia, the Czech Republic, Ukraine and Belarus were halted.
Investing.com - Oil prices gained on Wednesday after the American Petroleum Institute (API) reported that U.S. crude inventories fell for the first time in three weeks. U.S. Crude Oil WTI Futures gained 0.3% to $56.32 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures rose 0.5% to $60.31. The API, which often serves as an early indication of weekly petroleum levels, reported a 3.5 million-barrel drawdown last week. Analysts expected a decrease of 1.9 million barrels. The Energy Information Administration (EIA) will release its weekly petroleum report later in the day. The EIA is expected to report crude stockpiles fell by 1.889 million barrels last week. The report has confounded economists’ estimates lately, showing a build for two consecutive weeks against expectations for a decline. Meanwhile, traders will pay close attention to the release of the U.S. Federal Reserve’s July meeting minutes and Fed Chairman Jerome Powell’s speech this week. Tensions in the Middle East remained in focus as U.S. Secretary of State Mike Pompeo said the country would take every action possible to stop an Iranian tanker sailing in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions. Pompeo also commented on the Sino-U.S. trade dispute, saying that he believes the trade war would end by 2020, while U.S. President Donald Trump said he will “take China on” even if it causes short-term impact on the U.S. economy.
Norwegian behemoth Equinor (EQNR) started oil production from the Mariner field in the UK North Sea, while British supermajor BP plc (BP) inked a new JV in India to set up 5,500 petrol pumps.
Petroleum and natural gas production in the United States jumped by 16 percent and 12 percent, respectively, in 2018, setting new production records and placing the United States as the world’s single largest producer of oil and natural gas