Sunday, February 16, 2020

Oil Trade News

Iran Finds New 53 Bln Barrel Oilfield

© Azat Valeev / Adobe Stock

Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday."Workers and the exploration arm of the National Iranian Oil Company ...have found an oilfield with 53 billion barrels of reserves…

Iranian Tanker Hit by Missiles, Oil Rises

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Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax…

Saudi Minister Commits to Output Cuts

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Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of Saudi King Salman and…

Mexico, Pemex to Hedge Oil Output

Mexico and Pemex are hedging their oil output to protect oil income against projected low prices in 2020. (Photo © Adobe Stock / mmmx)

The Mexican government has said in its 2020 budget proposal that it will maintain a strategy of hedging its oil output against lower prices.Mexico’s state oil company Pemex will also continue a similar but separate hedging program. Mexico’s roughly $1 billion annual…

Suez Canal Accounts for 8% of LNG Trade

Map: Energy Information Administration

Total oil flows through the Suez Canal and the SUMED pipeline accounted for about 9% of total seaborne traded petroleum in 2017, and LNG flows through the Suez Canal and the SUMED pipeline accounted for about 8% of global LNG trade."The Suez Canal and the SUMED Pipeline are strategic routes for Persian Gulf crude oil…

Glencore's 2018 Oil Trade Volume dips 17 pct

File Image: CREDIT AdobeStock / © Jose Gill

Glencore's overall traded oil volumes fell 17 percent year-on-year in 2018 to 4.66 million barrels per day (bpd), according to the mining and trading firm's annual results.Crude saw the bigger decline of 22 percent to 2.58 million bpd, while refined products were…

World's Top Traders Divided on Oil Outlook as Iran Sanctions Loom

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The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.The range of views illustrates deep uncertainty among top industry players over the outlook…

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…

China Move to Drop Crude off Tariff List a Relief for Sinopec

Photo: 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.

Iran's Oil Exports Fall in May, when US Quit Nuclear Deal

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Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.The estimates from Geneva-based Petro-Logistics also suggest Iranian…

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…

Rising Oil Prices Boost US Economy

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U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy. Since the 1860s, the United States has been the world’s largest producer and consumer of oil…

Iran's Oil Customers in Europe Might Reduce Imports

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European oil companies are not ruling out reducing Iranian oil imports after the threat of new U.S. sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.U.S. President Donald Trump said on Tuesday the United…

Oil Approaches Six-Week Highs

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Oil neared its highest in six weeks on Wednesday after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market, even though refinery maintenance reaches a peak this month…

Oil Nears Six-week Highs on Middle East Tension

Saudi Crown Prince visits Washington as U.S., Saudi Arabia expected to put pressure on Iran. Oil rose for a second day on Wednesday, nearing its highest in six weeks after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply.

Gunvor's Rotterdam Oil Storage is for Sale

File Image (CREDIT: AdobeStock / (c) mikesjc)

Trading house Gunvor is looking to sell a stake in more of its Rotterdam oil storage, two sources told Reuters, after offloading a chunk last year to a subsidiary of state oil giant Saudi Aramco. Gunvor acquired a significant amount of storage in Rotterdam, Europe's deepest port and a hub for its oil trading…

Oil from US, Brazil, Canada & Norway enough for global needs - IEA

Oil being transported MENZHILIY ANATOLY; -AdobeStock_85418463

Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets.

Delfin Taps China for US FLNG, but Final Investment Decision 'Challenging'

(Image: Delfin LNG)

Delfin Midstream, developing the first floating facility to export U.S. natural gas, has sealed a preliminary 15-year sales deal with city gas distributor China Gas Holdings, Delfin founder and Chief Executive Officer Frederick Jones said. But industry veteran…

U.S. Midwest Refiners Boost Output

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. Since the early 2000s, crude and fuel flows from the Gulf Coast into the U.S.

Oil Rallies on Chinese Import Boost and Mideast Tensions

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Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess, but analysts warned that the 2018 balance was still shaky.