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Washington this week demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues that sent crude prices to six-month highs on fears of a potential supply crunch. While Saudi Arabia, the United Arab Emirates and other members of the Organization of the Petroleum Exporting Countries will likely fill the gap in supply created in the wake of tighter U.S. sanctions, the bank expects Riyadh to be slower to adjust than it was when crimping production late last year. Barclays also said that the U.S. move increased the risk of conflict in the Middle East, including the potential closure of the strategic Strait of Hormuz.
The US oil price climbed to a new high for 2019 on Tuesday, as Washington’s decision to end sanctions waivers on Iranian oil imports buoyed oil markets for a second day. West Texas Intermediate rose as ...
Futures in London added as much as 0.6 percent, a day after U.S. Secretary of State Mike Pompeo said any nation that continues to buy Iranian oil will face American sanctions. In response, the Islamic Republic threatened to shut the Strait of Hormuz, a key waterway for Middle East supplies. Meanwhile, Saudi Arabia said it will coordinate with other producers to ensure that adequate supplies are available.
The oil and gas industry is facing unprecedented pressure to prove its business model is compatible with the goals of the Paris climate agreement. BP has just bowed to investor pressure and backed a resolution to disclose how its future plans align with these goals at its upcoming annual shareholder meeting. While agreement may be slowly building that oil and gas companies’ plans need to square with the Paris goals — it is not clear what that means in practice.
April 23 (Reuters) - Mongolian Mining Corp: * GROUP SOLD A TOTAL OF 999.6 THOUSAND TONNES ("KT") OF WASHED COKING COAL PRODUCTS IN Q1 OF 2019, UP 55 PERCENT * DURING QUARTER ENDED 31 MARCH 2019, ...
Oil prices surged on Monday as the U.S. announced the termination of Iranian oil import sanctions waivers, but could the move present more risk than it’s worth?
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.