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Oil guzzler, Indian Oil Corp. has said that it will assess the effects of US sanctions on the proposed Iranian investment in the CPCL expansion project. IOCL plans to pull down the Nagapattinam refinery and build a new refinery of 9 million tonnes unit in the upcoming five to six years. While the previously made investments by NIOC will not draw any impact, NIOC’s new investments will remain under scrutiny.
In a bid to make up for the supply loss of Iranian oil due to US sanctions, oil guzzler IOCL has availed the option of receiving an extra 2 million barrels of crude from Saudi Aramco. Under the deal, the state-run refiner will get the extra crude supply for every month between July-December. IOCL entered into a term deal to purchase 5.6 million tonnes of Saudi crude in 2019/20.
After Yemen's Iran-aligned Houthi militia claimed responsibility for the attacks on Saudi oil pumping stations, Saudi's Deputy Defence Minister has slammed Iran. On Thursday, he accused Iran of arranging this attack. Prince Khalid Bin Salman tweeted that this "proves that these militias are merely a tool that Iran's regime uses to implement its expansionist agenda". However, UAE has not taken any names yet, for the incident is still under investigation.
After the US exempted all the Iran sanction waivers from the major oil importing countries, Aramco has stepped up to help the nations meet the shortages. According to the sources, the world's largest oil company has offered increased crude oil supplies to India by 200,000 barrels a day (bpd). This will help India meet almost half of its oil imports that were coming from Iran.
Tanker arrival data available with news firm, Reuters has revealed that the Iranian oil imports to India dropped approximately 57% year-on-year in April. New Delhi received about 277,600 barrels per day (bpd) of oil from the Persian country last month, down about 31.5% from March. India was amongst the eight nations who received a six-month waiver from US sanctions introduced in November.
Oil prices slipped on Monday after Trump asked OPEC to increase its output. Trump demanded the output surge to moderate the effects of US sanctions against Iran. Brent price went down 0.5% to $71.80 per barrel. WTI decreased 0.6%, to $62.91 per barrel. Trump commented, "Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down".
Oil prices took a fall in the international market on Thursday, owing to US pumping record crude offsetting the influence of U.S. sanctions and OPEC-led supply cut. International Benchmark Brent crude futures lowered 0.3%, to $74.35 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 0.4%, to $65.60 per barrel. An EIA report released on Wednesday depicted a rise of 1.3 million barrel in US crude inventories last week.
After jumping to the 2019 high in the previous session, oil prices slipped on Wednesday. Washington's move to pressurize Iran was weighed down by the signs of surplus supply in the global market. Brent crude went down 0.4% and was traded at $74.24 per barrel. WTI decreased 0.4% and was traded at $66.02 per barrel.
Iran has warned to close Strat of Homuz, a narrow waterway carrying a fifth of the world’s traded oil, in response to end of sanctions waiver. A news agency cited head of the Revolutionary Guard Corps navy force saying “If we are prevented from using it, we will close it,”. Iran’s warning to close the waterway isn’t new, and its officials have threatened to do so in the past too.
The announcement by Washington to end all the US sanctions waivers by May end weighed heavy on the market on Tuesday with oil prices jumping to near 2019 highs. This US strategy will bring the importers of Tehran crude under pressure. Amidst this commotion in the market, Brent soared as high as $74.40 per barrel, increasing 0.5%. WTI touched the highest since October 2018 after reaching $65.95 per barrel.
Trump administration has firmly denied the renewal of sanction waivers for importing Iranian crude. On Monday the US declared the five nations including allies Japan, South Korea and Turkey will not be exempted from the sanctions. According to the sources, this decision was finalised by President Trump on Friday. It is aimed at increasing the pressure on Iran by jeopardising the revenue they get from oil exports.
The oil prices surged by more than 2% on Monday and reached 6 months high. According to the reports, Washington is planning to end the imports of Iranian crude which further supported the crude market. Brent increased 2.5% and was traded at $73.77 per barrel. WTI rallied by 2.2% and was traded at $65.39 per barrel.
After the sanction waivers expire in May, US is likely to renew them for a small group of countries. The US based analysts Eurasia Group has informed that the five countries- India, China, South Korea, Japan and Turkey among the group of eight will continue importing Iranian crude and condensate without facing penalties. This will lead to the failure of US attempts to reduce Iranian oil imports to zero.
OPEC-led supply cut and US sanctions on Iran and Venezuela pushed oil prices up in the international market on Tuesday. International Brent crude futures rose 0.4%, to $67.46 per barrel. US WTI crude futures edged up 0.8% and were traded at $59.31 per barrel. However, market analysts have cautioned of a sharp economic slowdown, which could weigh on the crude markets.
Oil prices lowered in the international market on Monday over the concerns of an economic slowdown. The market was, however, held tight by OPEC-led supply cuts and sanctions on Iran and Venezuela. Brent crude oil futures dipped 0.2%, to $67.03 per barrel. US WTI crude futures dropped 0.3%, to $58.32 per barrel.
A minor deficit in global supply resulting from production cuts by OPEC and US sanctions kept oil prices firm in the international market on Friday. Brent crude oil futures remained in close vicinity with year highs, at $67.15 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures were traded at $58.55 per barrel.
Brent crude oil prices touched new year-highs today, buoyed up by OPEC-led supply cut and current US sanctions against Iran and Venezuela. Brent crude swelled up to $67.80 a barrel, before settling to $67.75 per barrel. U.S. WTI crude futures increased 0.2%, to $58.38 per barrel. Crude oil prices were also supported by a weekly report from EIA which showed a surprising plunge in US crude production and inventories.
In an interview last week, the managing director of Chennai Petroleum Corp. informed that Iran will invest about Rs.1,500 crore in the expansion of CPCL’s Nagapattinam refinery. The expansion project will boost the facility’s capacity to 9 million tpa. The proposed investment will be Naftiran Intertrade Co.’s stake of the Rs 27,500 crore expansion plans. The Persian Gulf country has suffered severe hits on its oil exports due to US sanctions.