Wednesday, September 26, 2018

United Arab Emirates News

Iran Sanctions, Moderate Gasoline Prices Not Possible: Kemp

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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 Trump has already blamed the Organization of the Petroleum Exporting Countries for the sharp rise in prices that has pushed the average cost of U.S. gasoline close to $3 per gallon.

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

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Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen…

​ Brent Tilts into the Red, but U.S.-China Trade Truce Limits Losses

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Brent crude oil declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.Brent crude futures eased by 12 cents to $78.39 a barrel by 1352 GMT, having reached a session high of $79.19. U.S. crude futures were up 30 cents at $71.55."Oil prices are finely balanced in today’s trading session. Ramping up of oil production in the U.S. and concerns surrounding high oil prices impacting demand are weighing…

Saudi Aramco: 2 mln bpd of Spare Capacity Exists

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Oil giant Saudi Aramco has spare capacity of 2 million barrels per day (bpd) and can meet additional oil demand in case of any interruption in supplies, the company head said on Monday, days after OPEC agreed a modest increase in oil output from July. Aramco, the world's third-largest crude oil producer, is producing about 10 million bpd and has the capacity to produce 12 million bpd, Amin Nasser, the company's chief executive, said on the sidelines of a conference in New Delhi.

OPEC Output Hike Will Squeeze Oil Buffer to Historic Lows

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The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause…

Oil Futures Steady on Market's Long-term Bearish Focus

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Brent oil futures steadied under $74 a barrel on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by U.S. crude inventories in at a major hub falling to their lowest in nearly four years.U.S. West Texas Intermediate (WTI) crude futures were at $68.86 per barrel at 1321 GMT, down 10 cents from their last settlement, while Brent crude futures were at $73.55 per barrel, up 10 cents from…

OPEC Strives for New Deal as Iran Wary of Output Hike

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OPEC's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand, with Iran still signalling it would support only a modest increase in supply.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from top consumers such as the United States, China and India to cool down oil prices and support the world economy by producing more crude.Russia…

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

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Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer, according to several industry sources and shipping data.The…

Oil Prices Retreat from 3-1/2 Year High

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Crude prices fell on Tuesday in volatile trading after early gains lifted the U.S. benchmark past $75 a barrel for the first time in more than three years, which prompted traders to book some profits ahead of the U.S. July Fourth holiday. Crude rallied early on supply concerns, then slid as traders booked profits. U.S. light crude was down 25 cents to $73.69 a barrel by 12:43 p.m. EDT, rebounding from a session low of $72.73 a barrel. In early trade, the contract rose as high as $75.27, a 3-1/2 year high.

Oil Producers Cut July Output by 9 pct More than Agreed

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An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday.The committee groups representatives from Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.Reporting by Rania El Gamal and Alex Lawler

Oil Rises to $76 as OPEC+ Committee Sees Production Increasing

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Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains.International Brent crude oil futures were at $76.04 per barrel at 1326 GMT, up 22 cents from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 13 cents at $68.85 a barrel.Trading activity was limited due to a public holiday in Britain…

Middle East Oil & Gas Shipping Routes are at Risk

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Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping route for oil from the region and the main route for Iranian crude exports.Below are facts about region's shipping routes:Bab al-MandebAny move to block the Bab al-Mandeb…

OPEC July Oil Output Hits 2018 Peak, but Outages Weigh

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OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June's revised level and the highest this year with Congo added.OPEC and allies agreed last month to boost supply as U.S.

Rising Supply Dents Oil Gains

Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.Brent crude futures were last down 33 cents at $72.06 a barrel by 1200 GMT, while U.S.

Oil Up; Traders Cite Crude Build at Cushing

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Traders say Genscape reports crude draw at Cushing; prices rally on hopes latest weekly draw was an anomaly.Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting U.S. crude stockpiles would soon begin to decline again after a surprise rise in the latest week.Traders said prices rallied when industry information provider Genscape reported that crude inventories at Cushing, Oklahoma, delivery hub for U.S. crude, dropped 1.1 million barrels since Friday, July 27.On Wednesday, prices sank when the U.S.

Oil Fall Again, Rising Supplies Weighs

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Trade tensions cap gains as U.S. inventories jump, confounding expectations.Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S.

Petrobras, Engie Extend Period to Negotiate Contract of Pipeline Network

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Brazilian state-controlled oil company Petroleo Brasileiro SA has extended the deadline for discussion with France's Engie SA about the sale contract for a major pipeline network, two sources with knowledge of the matter said.Engie had the highest bid among three consortia interested in acquiring Transportadora Associada de Gás SA, known as TAG. The French company and Petrobras, as the Brazilian company is known, were supposed to wrap up talks over the sale contract by Thursday…

Russia's Putin: OPEC Efforts Have Been Good for Oil Prices

Russian President Vladimir Putin told Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed of the United Arab Emirates on Friday that efforts by the Organization of the Petroleum Exporting Countries (OPEC) have been good for oil prices."Our joint efforts, including those of our friends in Saudi Arabia and in OPEC in general, have yielded good results for the stabilization of the hydrocarbon market," Putin said. Reporting by Vladimir Soldatkin; Writing by Polina Nikolskaya

Russia, UAE Sign Partnership Deal

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Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed of the United Arab Emirates signed a declaration on a strategic partnership on Friday which included an agreement to continue cooperation in the oil and gas sphere.This cooperation is aimed at providing balance and stability on the global oil market, the declaration said. Reporting by Vladimir Soldatkin; Writing by Polina Ivanova

OPEC Agrees to Modest Oil Supply Hike

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OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.However, the decision confused some in the market as OPEC gave opaque targets for the increase, making it difficult to understand how much more it will pump. Oil prices rose as much as 3 percent."Hope OPEC will increase output substantially. Need to keep prices down!" U.S.