|Day's Range||64.00 - 65.92|
The Saudis are closely monitoring oil-market developments after the U.S. announcement regarding export sanctions on Iran, Al-Falih said in a statement. Saudi Arabia and the United Arab Emirates will ensure an “appropriate supply” of oil along with the U.S., as President Donald Trump won’t re-issue Iran oil waivers set to expire in May, Secretary of State Mike Pompeo told reporters earlier on Monday in Washington. “Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil,” Trump said on Twitter.
A new report by the government's overseers of Medicare and Social Security urges lawmakers to "take action sooner rather than later" to address shortfalls in the financial condition of the government's bedrock retirement programs for middle- and working-class Americans. The report says Medicare is headed toward insolvency by 2026. Social Security would become insolvent in 2035, though that is one year later than previously estimated.
The price of oil, one of Canada's major exports, rose to its highest since October on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports. U.S. crude oil futures settled 2.7% higher at $65.70 a barrel. "We all know how correlated the Canadian dollar is with crude oil," said Erik Bregar, head of FX strategy at the Exchange Bank of Canada.
Skeptics question whether – after last summer’s debacle – there is sufficient trust between Washington and Riyadh for this arrangement to work. Last summer, President Donald Trump leaned heavily on OPEC members, both publicly and privately, to increase their production of oil.
Stocks of integrated-energy giants were rising on the news that the U.S. is ending waivers for countries to import Iranian oil. Exxon Mobil stock is up 2% and Chevron is up 1.6%. Explorers could benefit, too.
Saudi Arabia and Iraq are reportedly prepared to start pumping more oil if the United States indeed ends the sanction waivers they granted eight Iranian oil importers
Last April, Iran exported about 2.5 million barrels of oil per day (mbpd) before President Donald Trump decided to withdraw from the nuclear deal with Tehran. Sanctions were then placed on Iran, but following great opposition from Iran's key customers, namely China and India, the U.S. granted "waivers" to allow some exports of Iranian crude. This morning -- April 22 -- the U.S. declared it would not grant an extension of those waivers.
While China’s strategic petroleum reserves are generally kept under wraps, mounting geopolitical influences could throw a wrench in the country’s stockpiling strategy
Frank Timis, a convicted heroin dealer and oil millionaire, is trying to oust execs at the London-listed crypto mining firm Argo Blockchain.
The U.S. administration is preparing to announce an end to sanction waivers for countries importing oil from Iran according to sources in Washington quoted by Reuters
Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil. "Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran," Energy Minister Khalid a-Falih said in a statement.
Key Events in the Energy Sector Last WeekUS crude oil last weekOn April 12–18, US crude oil June futures rose 0.1% and closed at $64 per barrel. Profit-booking and concerns surrounding possible production cut extensions into the second half of
* Uncertain market engaged in technical selling, profit-taking * "Bear bias" on slowing exports and potential higher stocks -trader * Malaysia's April 1-20 palm oil exports down 1.8 pct - AmSpec ...
The U.S. is said to announce Monday morning in Washington that it won’t renew exemptions from its sanctions to buyers of Iranian crude after they expire on May 2. It marks a change in direction from November last year, when the Donald Trump administration granted waivers to eight importers as it sought to temper fuel prices ahead of American mid-term elections. The move threatens to squeeze supplies further in a market that’s already facing supply disruptions from Venezuela to Libya and Nigeria, and extend this year’s rally in global benchmark Brent crude above $70 a barrel.
Iraq is committed to the global supply cuts taken by OPEC and its allies and any decision to raise or decrease production must be taken collectively by OPEC, an Iraq oil ministry spokesman told Reuters on Monday. "Iraq does not take a unilateral decision to compensate for a reduction in the oil market for any reason," Asim Jihad told Reuters, when asked on whether Iraq is ready to raise its output to compensate for a potential shortage in Iranian oil supplies.
Nigeria's Nembe Creek Trunk Line, one of the two major lines transporting Bonny Light crude oil, was shut on Sunday after a fire prompted a force majeure, operator Aiteo said. Aiteo said its emergency response team was activated once it was notified of the fire and it was forced to shut the line.
Oil climbed to a new five-month high on Monday following a report that the US will stop giving sanctions waivers to countries that import Iranian crude or condensate. The Washington Post reported on Sunday that the State Department will cease to grant waivers to countries to import Iranian oil from May 2. in November to import limited amounts of Iranian oil.
We're definitely into long term investing, but some companies are simply bad investments over any time frame. It hits us in the gut when we see fellow investors suffer a loss. For example, we sympathize with anyone who was ca...
KUALA LUMPUR, April 22 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures rose on Friday, scoring ...
Oil prices could be set to rise even further within the coming months as several critical geopolitical events could lead to an even tighter supply situation
By CCN: A big shakeup at Argo Blockchain, the beleaguered bitcoin mining company that owns Argo Mining, has revealed that a Rothschild-linked London oil tycoon with a shadowy past just did the cannonball dive into the deep end of the crypto mining pool. As if you needed any more evidence that bitcoin has found the bottom of its year-plus-long bear slump, with the foundations already laid for a massive bitcoin bull run in 2019! Bitcoin Mining Firm Fires Top Brass, Onboards Oil Barron Frank Timiș, a 56-year-old Romanian-Australian businessman worth over $2 billion with deep interests in oil and gold