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Oil Prices climb near to 4-year highs category
today
Source: Reuters

Oil Prices climb near to 4-year highs

Oil prices today climbed on the back of looming US sanctions against Iran and OPEC's reluctance to jump near four-year highs. Brent crude futures LCOc1 were traded 0.3% higher at $81.45/barrel. WTI crude futures CLc1 were priced 0.3% higher at $72.27/barrel. While the fresh wave of US sanctions targeting petroleum sector will probably hit Iran in November, OPEC and Russia have rebuffed all calls to increase supply.

Cosmo Oil finds substitute for Iran oil category
today

Cosmo Oil finds substitute for Iran oil

Japanese downstream major, Cosmo Oil has found new suppliers to substitute Iranian oil imports at the head of the looming US sanctions on Iran in November. Oil supply to Cosmo will come from Saudi Arabia, UAE and Kuwait to cover for its 10,000 barrels per day (bpd) shortfall from Iran. Japan’s refinery association last week stated that the country terminated oil imports from Iran in mid-September.

South Korea halts Iranian oil imports category
yesterday

South Korea halts Iranian oil imports

The first wave of US sanctions on Iran has started affecting global oil supply. Iran’s Petroleum Ministry confirmed that South Korea halted oil imports from the country. Xinhua News reported PR of the ministry stating “It is for three successive months that South Korea has not imported oil from Iran”. Before the US sanctions came into effect, the Asian country imported 180,000 barrels per day of Iran’s crude oil.

Sanctions affect oil prices category
yesterday
Source: Reuters

Sanctions affect oil prices

Oil prices climbed up on the back of tensed US markets on Monday. The forthcoming sanctions against Iran are taking over the crude market. J.P. Morgan, the US bank has warned against the price hike above $90 per barrel in coming months. Brent has increased by 1.2% and was traded at $79.71 per barrel. U.S. West Texas Intermediate (WTI) rose by 1.1% and was traded at $71.53 a barrel.

Oil prices tumble category
Sept. 21, 2018
Source: Reuters

Oil prices tumble

Oil prices fell today as US President Trump insisted OPEC to lower crude prices. International benchmark Brent crude LCOc1 dipped to $78.67 per barrel. US West Texas Intermediate crude CLc1 dropped to $70.16 per barrel. A meeting of OPEC and other oil producing nations in Algeria is on the schedule this Sunday. The cartel will discuss how to allot supply increments to counterbalance the shortage of Iran crude supplies.

India’s strategy to balance trade relations category
Sept. 20, 2018

India’s strategy to balance trade relations

The US sanctions on Iran will be effective from November 4 which has blurred the trade picture for India. According to the sources, from 4th November, all the money transactions by India to Iran will be in rupee using UCO and IDBI banks. Also, India is planning on cutting its oil purchase from Iran, otherwise, without the sanction waiver India will be cut off the US financial system.

Iranian oil crawls back in supertankers category
Sept. 12, 2018
Source: World Oil

Iranian oil crawls back in supertankers

Looming US sanctions is now constraining Iran to store their oil into supertankers. No less than five full crude tankers have moored off the Iranian coast over the past couple of weeks. The Persian country had employed this strategy when the Obama Administration had forced sanctions on its trade. Iran’s biggest buyers including France, South Korea and others have already started to cut off oil import sharply.

Oil prices gain over falling crude stock category
Sept. 12, 2018
Source: Reuters

Oil prices gain over falling crude stock

Falling US crude inventories helped oil prices gain some more today. Brent crude futures LCOc1 jumped 0.4%, trading at $79.34 per barrel, just shy of the $80/barrel mark. US West Texas Intermediate (WTI) crude futures CLc1 rose by 0.9%, trading at $69.84 per barrel. Reports coming from the American Petroleum Institute (API) showed a decline of 8.6 million barrels in the U.S. crude stocks in the week to Sept. 7.

Crude market witness hike in oil prices category
Sept. 10, 2018
Source: Reuters

Crude market witness hike in oil prices

Oil prices climbed on the back of delayed US drilling for new production. The market conditions are becoming tighter, with an impact on the oil prices owing to the upcoming US sanctions on Iran. Brent crude went up by 0.65% and was traded at $77.33 a barrel and WTI futures increased by 0.65% and was traded at $68.19 per barrel.

Iran to reimburse Total category
Sept. 10, 2018
Source: Reuters

Iran to reimburse Total

Total signed an agreement with Iran in 2017 for the development of phase II of the South Pars natural gas field. But Total decided to leave the project midway after not being able to obtain waiver from restored US sanctions. Oil Minister of Iran commented that the money invested by Total will be reimbursed only after the phase II of the multibillion-dollar project will become functional.

OPEC Committee to decide on oil output distribution category
Sept. 8, 2018
Source: Reuters

OPEC Committee to decide on oil output distribution

If sources were to be believed, the Joint Technical Committee of OPEC and non-OPEC will meet this Sept 17 to decide on the distribution of the agreed boost in oil production. Proposals on how to distribute the increase have come from Iran, Algeria, Russia and Venezuela. Elevation in the oil production was decided in June to ease supply curbs, when the cartel met in Vienna.

India to continue import of Iranian crude category
Sept. 4, 2018

India to continue import of Iranian crude

Sources have revealed that India has allowed national refiners to continue import of Iranian crude, if Iran looks after the arrangement and insurance of tankers. The move has come after Chinese buyers reportedly shifted all the Iranian oil imports to vessels of National Iranian Tanker Co (NITC). Experts believe that Iranian crude supply to the market may not be fully cut.

Iran up for secret shipments category
Sept. 4, 2018
Source: Energy Voice

Iran up for secret shipments

The U.S sanctions on Iran will resume in November, which is making the Gulf country restless. Now, that it is a matter of survival, Iran’s oil minister said that they will find “other ways” to keep the crude floating. In the past, the nation’s tanker fleet’s tracking system was disabled, creating a camouflage for the export volumes. But this cushion may not be enough to keep 800,000 bpd flowing.

OPEC records highest production in August category
Sept. 1, 2018

OPEC records highest production in August

With the recovery of Libyan production and Iraq’s southern exports creating records, the output of OPEC oil has hit a high of this fiscal year, the analysis of Reuters revealed. The production hiked in the month of August and 32.79 million barrels per day were pumped, which is 220,000 bpd more than the July numbers. The progress got restricted due to the US sanction resulting in halt on Iranian shipments.

Supply disruption concerns increased oil prices category
Aug. 28, 2018

Supply disruption concerns increased oil prices

Conditions of places like Venezuela, Iran, and Africa might lead to supply disruptions. The distress of the tight market, as a result, led oil prices to climb up on Tuesday. The effect on Brent crude futures was such that it increased by 0.4%, at $76.51 per barrel while WTI also rose by 0.4% and was traded at $69.11 a barrel. Crude supply is restricted due to restrained output by OPEC.

Tehran drags US before ICJ category
Aug. 27, 2018

Tehran drags US before ICJ

Taking the sanctions battle to the International Court of Justice, Iran has decided to strongly oppose the renewed sanctions by US. The UN’s court who will look after the re imposed harsh penalties by Trump which were pulled after a 2015 landmark agreement. Tehran demanded an immediate lifting of sanctions and damage compensation. “The US had no right to reinstate such measures” rumbled Tehran.

Oil prices stay mixed amidst concerns category
Aug. 27, 2018
Source: Reuters

Oil prices stay mixed amidst concerns

Oil prices held tight amidst concerns over U.S.-China trade dispute eroding global economic growth, and looming U.S. sanctions against Iran from November. Brent crude was down at $75.75/barrel. WTI crude was down at $68.63/barrel. In the first half of this year, Iran has exported around 2.5 million barrels per day of crude oil. Analysts are projecting this figure to degrade by 1 million bpd once sanctions are fully enforced.

Brent crude climb above $72 category
Aug. 22, 2018
Source: Reuters

Brent crude climb above $72

The fall in U.S. crude inventories and a weaker dollar, combined with concerns over a potential shortage of Iranian crude from November sent oil prices past $72. Brent crude oil futures rose 0.3% to reach $72.83 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 0.4%, and were traded at $66.12 per barrel.

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