Tuesday, June 19, 2018

Oil News

China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business

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China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.China said Friday it would retaliate by slapping duties on several American commodities…

Asian Shares, Oil Fall as US-China Trade Spat Escalates

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Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent. U.S.

Indian Oil to Turn to Traditional Suppliers to Meet Iran Oil Shortfall

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Indian Oil Corp (IOC), the country's top refiner, will turn to its traditional oil suppliers, mostly in the Middle East, if U.S. sanctions against Iran result in supply disruptions, its head of finance said.U.S. President Donald Trump earlier this month pulled out of a 2015 international nuclear pact with Iran, and said he would impose sanctions on Tehran - and companies that continue to work with it - unless it curbed its influence in the Middle East.Other signatories of the pact - France…

Norway Awards Oil Permits to 11 Firms in Arctic Licensing Round

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland / Equinor)

Norway has awarded 12 oil and gas exploration licences to Equinor and 10 other companies focused mostly on the Arctic, where Oslo believes it has the greatest potential for significant new discoveries.Nine of the licences are located in the Barents Sea and three in the Norwegian Sea off central Norway, the Ministry of Oil and Energy said on Monday."This licensing round confirms that the oil companies see opportunities for further profitable petroleum activity in the north…

Oil Falls $2 a Barrel Ahead of OPEC Meeting

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Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. U.S. light crude was $1.77 lower at $65.12 a barrel. Brent crude is on track to end the week down more than 3 percent, while U.S.

Equinor Buys 25% Stake in Brazil’s Roncador Oil Field

The P-54 FPSO on the Roncador Field - (Photo: Geraldo Falcão)

Equinor and Petrobras have completed their transaction announced in December 2017, whereby Equinor has acquired a 25 percent non-operated interest in the Roncador oil field in Brazil’s Campos Basin. This follows all transaction conditions being met, including government and regulator approval.Reflecting equity volumes produced since the effective date of January 1, 2018 and the deposit paid upon the signing of the transaction, Equinor has paid Petrobras an adjusted cash consideration of $2 billion.

Oil Rises Ahead of OPEC, Pressured by China Tariffs

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Oil prices rose on Monday ahead of an OPEC meeting this week and as investors assessed the impact of a trade dispute between the United States and China.U.S. light crude oil hit a two-month low of $63.59 a barrel but then recovered strongly to trade at $65.40, up 34 cents, by 1350 GMT. Brent to a high of $74.59 a barrel and was trading at $74.50, up $1.06, by 1350 GMT.Brent hit a 3-1/2-year high above $80 a barrel in May…

Premier Oil Discovers Oil off Mexico Coast

Premier Oil Plc said it had discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7.   Premier, which holds a 25 percent interest in the block, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighbouring block.   The project is jointly owned by Talos Energy, which acts as operator and has a 35 percent stake, and Sierra Oil and Gas which holds the remaining 40 percent.   Reporting by Arathy S Nair 

Indian Oil Corp Aims to Source a Tenth of Oil Needs From Own Assets

India's biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report. IOC aims to raise its refining capacity by about 89 percent to 3 million barrels per day (bpd) by 2030 by setting up new plants and expanding some existing ones, it said. India, the world's third biggest oil consumer, imports about 80 percent of its oil requirements as its local production has not increased for decades.

Oil Prices Dip as OPEC Oil Exports Rise

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Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for the week.

Why is Oil Market Rebalancing Taking so Long?

Rebalancing the oil market is proving a long and frustrating process because the oil-exporting countries hit hardest by the slump were the themselves some of the fastest growing oil consumers before prices tumbled. As oil revenues have shrivelled, their economies have slowed or gone into recession, removing one of the most dynamic drivers of oil demand, and leaving the rest of the world economy to fill the gap. The slowdown…

Indian Oil Corp Starts Crude Oil Trading Through Singapore Subsidiary

India's top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company's head of finance AK Sharma said. IOCL Singapore Pvt Ltd has bought the parcel from Total for Dec. 8-17 loading, he said. "We have got a very good deal," Sharma told Reuters, adding the cargo will be co-loaded with a million barrels of Angola's Girassol oil, which the refiner has procured under a term deal. Sharma declined to give any details on price.

Venezuela Minister to Visit Oil-producing Nations in Effort on Oil Prices

Eulogio Del Pino, Photo OPEC Bulletin

Venezuelan Oil Minister Eulogio Del Pino on Saturday will begin a tour of OPEC and non-OPEC countries as part of an effort to reach consensus among oil-producing countries on a strategy for boosting crude prices, President Nicolas Maduro said on Friday. Cash-strapped Venezuela has for months sought to rally producers toward an agreement to limit production as a way of controlling a global supply glut, but major oil exporters appear more focused on preserving market share than raising prices.

Venezuela Oil Minister: Oil Market Has Found Balance

Venezuela's oil minister Eulogio Del Pino said Wednesday that the oil market has finally found balance, as inventories are declining.   Del Pino was speaking in Santa Cruz, Bolivia, at the Gas Exporting Countries Forum. (Reporting By Marianna Parraga Editing by Chizu Nomiyama)

Oil Up as Yemen Missiles Hit Saudi Oil Facilities

Oil prices rose about 2 percent on Friday after reports of Yemeni missiles hitting Saudi Arabia's oil facilities. Yemeni forces have fired ballistic missiles at the facilities belonging to the Saudi state oil giant Aramco in the kingdom's southwest, according to traders citing reports by Iran Press TV and Yemen TV. Prices were also supported dollar tumbled against a basket of currencies after U.S. Federal Reserve Chair Janet Yellen's comments at an international gathering of central bankers in Jackson Hole.

Asia oil refiners hungrily eye 300-item global oil smorgasbord

Asia's oil refiners can choose from a sprawling buffet of over 300 crudes from every continent except Antarctica as a combination of cheap freight and rising supplies leaves buyers overwhelmed by the variety of oil grades on offer. The lifting of the 40-year-old U.S. crude export ban in December 2015 means North American supplies are now competing for Asian buyers along with the barrels sent from the Middle East, Russia and elsewhere.

Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms

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Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater…

Oil Flows via Black Sea-bound Russian Pipeline Suspended Due to Oil Spill

Russia's pipeline monopoly Transneft said on Tuesday that oil flows via Kuibyshev-Tikhoretsk pipeline were suspended due to an oil spill. Oil exports via the Black Sea will not be interrupted thanks to oil inventories, a Transneft spokesman said.   Reporting by Vladimir Soldatkin Writing by Maria Tsvetkova

Essar Oil Settles $2.5 bln Iran Oil Sues, Still Owes

Photo: Essar Oil

Essar Oil has settled about 2 billion euros ($2.5 billion) in dues to Iran to cover previous oil purchases and still owes the country about $616 million, Chief Executive B. Anand said on Thursday. The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme. The sanctions ended in 2016. The new Rosneft-led management, as part of the $12.9 billion acquisition of Essar Oil, took the decision to repay the dues owed to Iran.

Motor Oil Acquires New U.S. Oil & Gas Exploration Rights

MOTOR OIL (HELLAS) announced that MVU Brazos Corp. acquired on 21/12/2016 100% interest in the Brookshire Salt Dome Project, in USA from Texas Edwards Inc., with effective date 31/8/2016. MVU Brazos Corp. ("MVB" - registered inUSA) is a wholly owned subsidiary of Motor Oil Vegas Upstream Limited (registered inCyprus). MOTOR OIL (HELLAS) S.A. holds 65% of the share capital of Motor Oil Vegas Upstream Limited with the remainder 35% belonging to Vegas Oil and Gas Limited. Texas Edwards Inc.