Iran Sanctions, Moderate Gasoline Prices Not Possible: Kemp
The White House can drive Iran’s oil exports to zero, or it can have moderate U.S. gasoline prices, but it probably cannot have both. The awkward tension between the administration’s foreign policy priority (tough Iran sanctions) and its electoral calculation (to keep gasoline prices low) explains its increasingly frequent comments about oil prices. President Donald…
US Revokes Citgo CEO's Visa
Citgo Petroleum Corp, the U.S. subsidiary of Venezuelan state-run oil company PDVSA , said on Wednesday that the United States had revoked the visa of its president and chief executive Asdrubal Chavez, cousin of Venezuela's late president Hugo Chavez, but it did not say why.Late on Wednesday U.S. State Department spokesman Noel Clay said the United States has broad authority to revoke visas…
Oil Falls as OPEC Output Rises
Brent crude fell Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States. At the same time, U.S. crude strengthened mid-session, buoyed by concerns about supply levels at the Cushing, Oklahoma delivery hub. Brent crude fell $1.42 to $77.81 a barrel by 12:37 p.m. EDT after touching a session low of $77.59. U.S. light crude rose from 7 cents to $74.23 a barrel.
Turkey's Tupras Reduces Iranian Crude Purchases as U.S. Sanctions Loom
Turkey's biggest oil importer Tupras has cut back purchases of Iranian crude since May, when the United States said it would re-impose sanctions on Tehran, and analysts say Tupras is likely to stick to lower volumes in coming months.NATO member Turkey depends heavily on imports to meet its energy needs and neighbouring Iran has been one of its main sources of oil because of its proximity…
U.S. EPA Chief Pruitt Resigns
U.S. Environmental Protection Agency chief Scott Pruitt, who pleased President Donald Trump by rolling back environmental regulations but came under fire for travel and security expenses and a condo arrangement, has resigned, Trump said on Thursday. "I have accepted the resignation of Scott Pruitt as the Administrator of the Environmental Protection Agency," Trump said on Twitter.
Asian Refiners Rush to Secure Feedstock as Trade War Looms
U.S. tariffs on Chinese goods came into effect Friday; China retaliates, duty on U.S. crude possible. Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's U.S.
A Promising Future for U.S. Shale
Natural gas production from U.S. shale fields can keep growing for decades, giving Washington a powerful diplomatic tool to counter the geopolitical influence of other energy exporters such as Russia, according to industry executives and government officials. The United States can expand shale gas output another 60 percent in the coming decades, according to at least one estimate.
US Oil Exports to India Soar Ahead of Iran Sanctions
U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S.
Nuclear, Coal Bailout Would 'keep America free' -US energy chief
U.S. Energy Secretary Rick Perry said on Thursday that bailing out struggling coal and nuclear power plants is as important to national security as keeping the military strong, and that the cost to Americans should not be an issue. "You cannot put a dollar figure on the cost to keep America free," he told reporters at a press conference in Washington, when asked how much the administration's effort to extend the lives of the facilities would cost.
U.S. Pushes Allies to Halt Iran Oil Imports
The United States has told countries to cut off all Iranian oil imports. It is unlikely to offer any exemptions, said a State Department official as the Trump administration ramps up pressure on allies to cease funding to Iran. U.S. President Donald Trump said his administration was withdrawing from the "defective" nuclear deal agreement between Iran and six world powers in July 2015.
U.S.: Global Oil Capacity Will Make Up for Iran Cutbacks
The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its regional. A senior U.S. State Department policy adviser said they believe there is enough spare global oil capacity to make up for a lower supply from Iran. Brian Hook, the State Department's director of policy planning, told a news conference that the U.S.
Iran's Rouhani Hints at Threat to Neighbors' Exports
President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighbouring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil. The comments, published on Iran's presidential website on Tuesday and partially repeated at a later news conference in Switzerland, could be open to interpretation.
Oil Nears 3-1/2-year High on Middle East Sabre Rattling
OPEC supply cuts since 2017 have tightened market; oil has also risen on U.S. sanctions threat against Iran. Oil traded near its highest in 3-1/2 years on Thursday, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from U.S. President Donald Trump that OPEC cut prices. Brent crude futures were at $78.12 a barrel at 1050 GMT, down 12 cents. U.S.
Why Trump is Pressing Saudis to Lower Oil Prices: Kemp
The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran’s oil export revenues and in return Riyadh will guarantee oil supplies and stabilise prices. The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasising his great personal relationship with the Saudi king and crown prince.
Oil Slips as U.S. Crude Stockpiles Show Surprise Build
U.S. crude stocks up 1.3 mln bbls vs 3.5 mln draw forecast-EIA. Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles. U.S. crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday's 3-1/2-year high of over $75. Brent crude futures lost 85 cents to settle at $77.39 a barrel. U.S. crude stockpiles rose 1.3 million barrels last week, according to U.S.
Oil Falls After Libyan Ports Reopen, Trump Tariff Threat
Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10…
EPA Scraps Plan to Force US Refiners to Blend More Biofuels
The U.S. Environmental Protection Agency ditched a detailed plan that would have forced refiners to blend more biofuels into their gasoline and diesel in 2019 to compensate for volumes likely to be exempted under the agency's small refinery hardship waiver program, according to newly released EPA documents.The plan would have boosted the renewable fuel blending obligation…
US Energy Regulator Wants More Disclosure of Cyber Attacks
The U.S. government on Thursday asked power generators to disclose more information about cyber attacks amid growing concern that foreign hackers could disrupt the electric grid.The Federal Energy Regulatory Commission (FERC), an energy industry regulator, called for the power industry's regulating body, the North American Electric Reliability Corp, to expand rules…
Oil Prices Set for Weekly Drop as Trade Worries Weigh
Oil prices came under pressure on Friday from U.S.-China trade tensions and were on course for a third straight week of falls.Brent crude was up 57 cents at $73.15 a barrel by 1344 GMT. The expiring U.S. West Texas Intermediate (WTI) crude for August delivery was up 28 cents at $69.74 a barrel, while the more traded September contract fell 13 cents to $68.11.U.S.
Iran Says U.S.-Caused Oil Spike Will Slow Growth, Add to Tariff Impact
A rise in oil prices caused by the United States' sanctions policies will hurt economic growth in China, Europe and other consumers, much like President Donald Trump's trade measures, a top Iranian official said on Thursday.Iran's OPEC governor also told Reuters the rise in oil output by OPEC and its allies, after pressure by Trump to do so, was only 170,000 barrels per day (bpd) in June and would not grow much in 2019…