China Move to Drop Crude off Tariff List a Relief for Sinopec
China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources said.Dropping crude oil from the final tariff list on $16 billion in U.S. goods announced late on Wednesday underscores…
Trump Administration Proposes Rolling Back Obama's Clean Power Plan
The Trump administration on Tuesday proposed replacing the Clean Power Plan, the centerpiece of former President Barack Obama's regulatory efforts to combat climate change.The proposal released by the Environmental Protection Agency is now open for a public comment period. A final EPA rule is expected later this year.The effort to re-write the plan is the latest move by the EPA under President Donald Trump…
Canada Environment Minister: 'No Apologies' for Oil Sector Support
Canada's top climate change official on Thursday said she would make no apologies for the nation's support for its oil producers, saying environmental and economic policies must consider the needs of all Canadians.Prime Minister Justin Trudeau's government has sought to cast Canada as a global leader in combating climate change, particularly since U.S. President…
China LNG Tariff Casts Shadow Over New US Export Terminals
China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S.
New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch
New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned, the actual commissioning of plants has been a moving target in the past.Yet the process not only kicks off a new era for the global industry as the United States turns into a significant exporter.
Oil Up On Supply Concerns Ahead of OPEC Meeting
Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports.OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies.Brent crude oil was up 90 cents at $79.60 a barrel by 1340 GMT. U.S.
China's Falling U.S. Crude Imports More to do with Money than Politics
One of the side effects of President Donald Trump's escalating trade dispute with China is that U.S. exports of crude oil to the world's biggest importer are now viewed through the prism of politics.However, this ignores that buyers and sellers of crude are generally more motivated by profit margins and getting the right grades of oil to maximise the productivity of their plants.While it's true they can't disregard politics…
Nord Stream 2 Seeks Alternative Route to Avoid Danish Waters
The Russia-led Nord Stream 2 consortium said on Friday it has applied to Denmark for an alternative gas pipeline route through the Baltic Sea that would avoid the Nordic state's territorial waters.Denmark is facing a dilemma on whether the project can be built near its Baltic coast and its parliament may pass legislation allowing it to veto the Nord Stream 2 pipeline…
Sanctions Unlikely to Stop Iran Oil Exports Completely - Saudi Adviser
Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia's Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially.Speaking at an oil conference in the Norwegian city of Stavanger, Ibrahim al-Muhanna said Iran would be the first to lose…
Venezuela's Crude Sales to U.S. Fall in July
Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data.July was the first month crude exports fell below 500,000 bpd since the months of January through March.U.S. oil producer ConocoPhillips…
Oil Slips from 4-month Highs
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 65 cents a barrel at $79.09 by 1200 GMT. U.S. light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.50, down 87 cents."A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains…
US Energy Companies Fume over Rejected Steel Tariff Exemptions
The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S. steelmakers objected to Borusan's application…
Oil Slips From 4-month Highs on Economic Concerns
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 60 cents a barrel at $79.14 by 1330 GMT. U.S. light crude fell $1.31 to a low of $69.06 a barrel and was last at $69.42, down 95 cents."A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains…
Oil Slips as Trade War Worries Outweigh Iran Sanctions
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S. President Donald Trump threatened on Thursday to withdraw from the World Trade Organization…
Federal Judge Orders Keystone XL Pipeline Review
A federal judge in Montana on Wednesday ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL oil pipeline, possibly delaying the project's construction and dealing the latest setback for Canada's TransCanada Corp.For more than a decade, environmentalists, tribal groups, and ranchers have fought the $8-billion…
US Aims to Start LNG Deliveries to Germany in Four Years
U.S. companies expect to begin delivering liquefied natural gas (LNG) to Germany in four years at the latest and will challenge Russia which now accounts for 60 percent of German gas imports, the deputy U.S. energy secretary told a German newspaper."U.S. liquefied natural gas is coming to Germany. The question is not if, but when," Dan Brouillette told the mass circulation daily Bild in an interview published on Monday.U.S.
Oil Higher as U.S. Sanctions on Iran Raise Supply Concerns
Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.U.S. Energy Secretary Rick Perry said in an interview with Reuters on Friday that he did not expect any price spikes and that the…
Brent Oil Stabilizes Near $72 as Economic Concerns Weigh
Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.Brent crude futures, a benchmark for international oil prices, were at $72.08 per barrel at 1336 GMT, up 25 cents.U.S. West Texas Intermediate (WTI) crude futures were up 6 cents at $65.96 per barrel.Last week…
Poland and Germany Disagree Over Planned Russian Gas Pipeline
Poland, unlike Germany, strongly opposes Russia's plan to build a new gas pipeline across the Baltic Sea, and shares U.S. opinion that the project would help strengthen Moscow's market position, Polish foreign minister Jacek Czaputowicz said.Berlin has given political support to the building of a new, $11 billion pipeline to bring Russian gas across the Baltic Sea called Nord Stream 2…
Oil Rises Above $74 on Report of U.S. Inventory Drop, Iran Sanctions
Oil hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in U.S. crude inventories and U.S. sanctions on OPEC producer Iran pointed to tighter supplies.The American Petroleum Institute reported U.S. crude stocks fell last week by 5.2 million barrels, more than three times the decline analysts expected. The government's official…
