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Saudi Aramco is concerned at recent actions in the Gulf but can meet its customers' needs thanks to its experience and the availability of additional spare capacity, its chief executive said on Tuesday. "What's happening in the Gulf is definitely a concern," Amin Nasser, president and chief executive of Saudi Arabia's state oil giant, told Reuters in an interview.
Secretary of state Mike Pompeo’s visit to New Delhi on June 25-26 will have a special focus on US fossil fuel exports to India. Indian imports of US crude oil rose three-fold month-on-month in March, the latest month for which Energy Information Administration data is available. Further, in April, the US waiver, which allowed India to import oil from Iran despite sanctions, expired.
(Bloomberg) -- Oil steadied after rallying almost 8% in three days as investors weighed mixed signals from the White House on Iran and signs that an extension of the OPEC+ production cuts may not be a fait accompli.Futures in New York edged lower after being down as much as 1.2% earlier. President Donald Trump imposed sanctions on Iran’s supreme leader, Ayatollah Ali Khamenei, Monday, while also asking in a tweet why the U.S. is protecting the Strait of Hormuz, the world’s most important oil choke-point. Iran said the U.S. move has shut the path to a diplomatic solution. Russia suggested it’s taking wait-and-see approach on the OPEC+ output deal before the G-20 summit in Japan at which Trump will meet with Chinese President Xi Jinping.Oil has jumped about 13% since mid-June as rising tension between the U.S. and Iran spurred concern there could be disruptions to global energy flows or even outright war. That reversed a decline driven by an escalation in the trade conflict between Washington and Beijing. The Trump-Xi meeting this week and the gathering of the Organization of Petroleum Exporting Countries and allied producers days later in Vienna may provide fresh direction for the market.“Investors are taking a wait-and-see stance, as it’s not certain how things will go at the G-20 summit,” said Jun Inoue, a senior economist at Mizuho Research Institute Ltd. in Tokyo. “Concern over the economic slowdown means WTI oil prices aren’t likely to rise to $65, or even $60, unless there’s a rapid escalation of tensions in the Middle East or major progress in the trade talks.”West Texas Intermediate for August delivery declined 13 cents, or 0.2%, to $57.77 a barrel on the New York Mercantile Exchange as of 7:36 a.m. in London after falling as much as 70 cents earlier. The contract has rallied 7.7% over the previous three sessions.Brent for August settlement lost 34 cents, or 0.5%, to $64.52 a barrel on London’s ICE Futures Europe Exchange. It dropped 0.5% on Monday. The benchmark crude contract traded at a premium of $6.85 to WTI.See also: Malaise in Top Oil-Consuming Region a Warning Sign for OPEC+Trump told reporters at the White House that the sanctions would deny financial resources to Khamenei who is the one ultimately “responsible for the hostile conduct of the regime.” The penalties “mean the permanent closure of the diplomatic path with the government of the United States,” foreign ministry spokesman Abbas Mousavi was quoted as saying by the semi-official Iranian Students News Agency.Russia’s Energy Minister Alexander Novak said “we need to wait until the G-20 leaders’ meeting” in Japan this week and see “how the economic situation will develop” before deciding on the future of the OPEC+ deal. Kazakhstan and Azerbaijan said that recent market data show there is a need to prolong the agreement. Saudi Arabia indicated earlier this month that it was sure the coalition will extend production cuts.To contact the reporter on this story: Tsuyoshi Inajima in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Serene Cheong at email@example.com, Andrew Janes, Ben SharplesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Oil prices hung in the balance on Tuesday as concerns over declining crude demand were offset by risks to supply linked to new U.S. sanctions on Iran. Benchmark Brent crude futures were down 12 cents at $64.74 a barrel by 0832 GMT. U.S. crude futures were up 3 cents at $57.93 a barrel.
Investing.com - Oil prices fell on Tuesday in Asia even after the U.S. slapped sanctions on Iran this week after the latter shot down an unmanned American drone last week.
A new federally led study of oil seeping from a platform toppled off Louisiana’s coast 14½ years ago found releases lower than other recent estimates, but contradicts the well owner’s assertions about the amount and source of oil.
MOSCOW/LONDON (Reuters) - In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world's second-largest exporter of crude this spring is long over. Two months since buyers discovered Russia was shipping oil contaminated with organic chloride, which is designed to boost output but can destroy refining equipment, less than half of the tainted crude loaded on tankers has found end-users. In China, buyers have refused to take dirty Russian oil, forcing trader Vitol to send a cargo back to Europe.
The explosions at the Philadelphia refinery last week is set to raise gasoline prices throughout the U.S. as a local shortfall is turning into a national problem
Bill C-48, the Oil Tanker Moratorium Act, was signed into law on June 21 after a contentious approval process in the Canadian Senate. It prohibits tankers transporting more than 12,500 metric tons of crude or persistent oils to or from ports and other facilities north of Vancouver Island to the Alaskan border. Jason Kenney, the premier of Alberta, vowed to make a legal challenge to the tanker ban, calling it a "prejudicial attack on Alberta." He also said he would fight another bill, C-69, which passent the Senate on June 20.
California’s oil production has been falling steadily as a result of the environmental push of the local government and legislators, but its consumption has been rising, creating an unsustainable situation
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Reacting to rising tensions in the Persian Gulf, U.S. President Trump came out saying that the U.S. will no longer protect foreign oil tankers for free
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The ethane cracker would be the largest in the Middle East — and one of the largest in the world — according to Reuters.
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Hedge funds effectively stopped the selloff in futures contracts as tensions between the U.S. and Iran almost reached a boiling point last week
India's annual coal demand rose 9.1% to 991.35 million tonnes during the year ended March 2019, India's Coal Minister Pralhad Joshi told the country's parliament on Monday. Coal is among the top five commodities imported by India, one of biggest importers of the fuel despite having the world's fifth largest reserves. Consumption by India's utilities, which accounted for three-fourths of the total demand, rose 6.6% to 760.66 million tonnes, Joshi said in a written response to a question in the upper house of the parliament.
Iranian crude exports have dropped so far in June to 300,000 barrels per day (bpd) or less after the United States tightened the screw on Tehran's main source of income, industry sources said and tanker data showed, deepening global supply losses. The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Aiming to cut Iran's sales to zero, Washington in May ended sanctions waivers to importers of Iranian oil.
Last week, US crude oil August futures rose 8.8%—the highest weekly gain for active US crude oil futures since December 2, 2016. US crude oil August futures closed at $57.43 per barrel on June 21.
A surge in India's oil imports from the United States outpaced growth in shipments from its traditional suppliers in the Middle East, after Washington imposed sanctions on Tehran in November, according to tanker arrival data obtained from sources. U.S. President Donald Trump's administration renewed sanctions against Iran last year over its nuclear programme, although some buyers were allowed to continue taking limited volumes of Iranian oil under a six-month waiver. In May, the United States ended those exemptions and said countries that continued to buy Iranian oil would face sanctions, but India buyers had already begun shifting some of their sourcing away from the Middle East.
India is buying more U.S. coking coal after disruptions in top supplier Australia, and as U.S. miners seek new markets due to declining demand from America's steel industry, an executive at Xcoal Energy & Resources India said on Monday. Interruptions to Australian supply have worsened in the past few years, driving Indian steelmakers to seek new sources of coking coal, Durgesh Pathak, Xcoal marketing manager, said.
India is buying more U.S. coking coal after disruptions in top supplier Australia, and as U.S. miners seek new markets due to declining demand from America's steel industry, an executive at Xcoal Energy & Resources India said on Monday. Interruptions to Australian supply have worsened in the past few years, driving Indian steelmakers to seek new sources of coking coal, Durgesh Pathak, Xcoal marketing manager, said. "Also Australia is becoming more unpredictable in terms of cyclones," he said.
Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulphur fuel for ships, a senior company official said on Monday. The project consists of a crude distillation unit that can process 30,000 barrels per day of crude and is located on the same site as Vitol's oil storage terminal at Tanjung Bin in the southern Malaysian state of Johor, Vitol Asia's President and Chief Executive Officer Kho Hui Meng said.