|Day's Range||58.38 - 58.74|
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister Alexander Novak told CNBC Sunday.
OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite massive output drops by Iran and Venezuela. "We see that (oil) inventories are rising and supplies are plenty," Saudi Energy Minister Khalid al-Falih told reporters at the start of a key meeting for oil producers in Jeddah.
The world’s last coal plant could be built soon as most of the world’s large economies are looking to retire existing plants and move to lower-carbon solutions
A major oil deal between Iraq and Exxon Mobil was "very close" but had been slowed by Exxon's decision on Saturday to evacuate its international staff from the West Qurna oil field, Iraq's Oil Minister Thamer Ghadhban said on Sunday. "But now they are out of the country, why should I run after them?" he said at an oil meeting in Jeddah. Iraqi oil officials say Exxon evacuated all of its foreign staff from the West Qurna 1 field on Friday and Saturday, about 60 people.
Venezuelan Oil Minister Manuel Quevedo said on Sunday his country's economy and oil industry was under economic and financial siege by the U.S. government. "This therefore generates disturbances in the flow of oil supply to the world market as well as serious economic damage and suffering to the Venezuelan people," he said in Jeddah, Saudi Arabia, ahead of a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia.
JEDDAH, Saudi Arabia (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Sunday that recent attacks on Saudi energy assets had put security of oil supply at risk but not affected his country's ...
JEDDAH, Saudi Arabia (Reuters) - Russian Energy Minister Alexander Novak said on Sunday that different options were available for the OPEC and non-OPEC oil output deal, including a rise in production in ...
JEDDAH, Saudi Arabia (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Sunday that he recommended driving oil inventories down and that supplies of crude were plentiful around the world. ...
Members of the OPEC+ coalition need to study their progress in cutting oil production over the past four months, he said. Novak said he plans to meet for one-on-one talks with his Saudi counterpart, Khalid Al-Falih. Kazakhstan expects OPEC+ to make a decision on whether to continue or adjust oil output curbs in June, the country’s Deputy Energy Minister Magzum Mirzagaliyev told reporters in Jeddah, Saudi Arabia.
Bank of America Merill Lynch remains bullish on crude and has stated that Brent prices could hit $90 on new IMO regulations and a de-escalation of the U.S., China trade war
Growing tensions in the Middle East have led tanker insurance providers to weigh risks, potentially resulting in higher rates for oil shipments
Crude oil was supported primarily by worries over a possible supply disruption amid physical attacks on Saudi Arabian assets and US-Iran tensions. Natural gas rose as late spring/early summer heat became a new concern. Gold traders were burned by chasing headlines as the dollar regained strength on improving U.S. economic conditions.
Nigeria has traditionally been one of Africa’s energy heavyweights, and while regional conflicts and corruption have held its development back, private investors are driven to exploit the sector’s full potential
BASRA, Iraq (Reuters) - Iraq's oil exports from its southern ports have reached 3.5 million barrels a day (bpd) crude oil as of Saturday, South Oil Company chief Ihsan Abdul Jabbar told Reuters. Exxon ...
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet. Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are "excellent" and that he was happy with the UAE's compliance level.
MOSCOW (Reuters) - A joint comission of Russian and Belarusian representatives will give the first numbers concerning losses incurred from contaminated oil on May 20, RIA news agency cited Russia's Deputy ...
"The Oil Ministry's tactics in exporting oil and petroleum products have changed, ... and perhaps the destinations of oil cargoes from our ports have changed," Hadi Haqshenas, maritime affairs deputy director at Iran’s Ports and Maritime Organization, told ILNA. Haqshenas gave no details of the new tactics or destinations.
Shortages of motor fuel have become a periodic occurrence in the OPEC nation, particularly in border regions where smuggling to neighbouring countries is rife, the result of generous subsidies from state-run oil company PDVSA that have made gasoline nearly free in Venezuela. Unusually, hours-long lines also appeared outside service stations in the central states of Carabobo and Aragua - abutting the capital Caracas - after a regional storage center ran out of fuel, sources said. "This is an outrage," said Mario Garcia, who had waited unsuccessfully for an hour to fill up his car in Puerto Cabello, a port city some 200 km (125 miles) west of Caracas in Carabobo state.
Prices for actual barrels from the North Sea, Asia, and the Americas are now trading at the highest in half a decade. Key price spreads that show how urgently oil refineries need benchmark Brent barrels are soaring. The list of known supply curbs and disruptions is growing, and traders are now also having to contend with mounting tensions in the Persian Gulf--the world’s largest export region.
Some notable gas businesses could have a role in California’s high fuel costs through “possible market manipulation,” a state agency said in their report on the matter.
Iranian crude oil exports have fallen in May to 500,000 barrels per day (bpd) or lower, tanker data showed and industry sources said, after the United States tightened the screws on Tehran's main source of income, 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 this month ended sanctions waivers importers of Iranian oil.
Former Shell Oil president John Hofmeister anticipates a summer spike in gas prices from a domestic market standpoint.
Oil futures settled lower Friday, giving up some of the gains that lifted U.S. prices to their highest levels in more than two weeks. Prices, however, registered an increase for the week as traders continued to monitor developments in the Middle East and looked ahead to a meeting Sunday of OPEC and non-OPEC producers who monitor compliance with the production-cut deal. June WTI oil fell by 11 cents, or 0.2%, to $62.76 a barrel on the New York Mercantile Exchange. After posting gains in the previous three sessions, most-active contract prices rose 1.8% for the week.