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Oil prices slump over expected rise in crude stock category
Nov. 13, 2018
Source: S&P Platts

Oil prices slump over expected rise in crude stock

Crude oil prices dropped in the international market today, amid expected rise in US stocks. Official data is due for release on Wednesday. President Trump’s comments added further to the slump. Brent crude futures were down by 1% from Monday, trading at $69.42 per barrel. NYMEX December light sweet crude contract lowered 1.37%, to $59.11/b.

Trump criticizes Saudi’s plan category
Nov. 13, 2018
Source: World Oil

Trump criticizes Saudi’s plan

Saudi Arabia has to deal with Trump’s criticism after announcing its plan to lower oil production on Monday. In a tweet, President Trump said “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” Energy Minister of Saudi Arabia informed that OPEC and its allies will now reverse half the increase in oil output that was planned initially this year.

New wave of US sanctions hit Iran category
Nov. 5, 2018
Source: BBC

New wave of US sanctions hit Iran

A new wave of US sanctions hit Iran’s core parts of the economy yesterday. The US is said to have imposed its "toughest ever" sanctions against the Persian country. The US administration re-imposed sanctions this year after President Trump pulled out of the accord signed in 2015. The Nov 4 wave will target more than 700 individuals, entities, vessels and aircraft.

First wave of US sanctions hits Iran category
Aug. 7, 2018
Source: Financial Times

First wave of US sanctions hits Iran

The Trump administration slammed a series of sanctions on Iran yesterday, in the light of US pulling out of the 2015 Iran nuclear deal. Tough economic sanctions were re-imposed on the Hassan Rouhani-led Islamic regime. The sanctions, which take effect today, forbid usage of USD by Iran in any kind of transactions. Iran will no longer have access to buy US and European aircraft.

API disappointed by tariff exclusion ruling category
July 17, 2018
Source: World Oil

API disappointed by tariff exclusion ruling

The American Petroleum Institute (API) has shown disappointment from US administration denial to exclude imported steel to be used in certain parts of oil and gas industry, from Section 232 tariffs. API VP believes that the process which decided whether to grant exclusion or not lacks transparency. The association has said that the decision is misguided and will impact American energy production and jobs.

OPEC won’t overdo their bit category
July 12, 2018
Source: Oil Price

OPEC won’t overdo their bit

OPEC President has reverted on Trump’s tweet stating that OPEC is doing their best to increase oil supply, but they won’t overdo it. Reportedly, UAE increased its production by almost half a million barrel and Russia by a million barrels daily in their bid to reduce prices. Saudi Arabia is finding it difficult to bring 2 million bpd supply back online, lost due to US sanctions on Iran.

Iran condemns Trump category
July 6, 2018
Source: Reuters

Iran condemns Trump

While Trump has blamed OPEC for the rising crude oil prices, Iran, on the other hand, has speculated that oil prices will reach $100 per barrel because of US sanctions on Iran. Iran’s OPEC Governor addressed Trump’s actions and commented that efforts of Saudi Arabia and Russia to help U.S in bringing down the oil prices are in vain

President Trump is engaging in “shenanigans” says Iran Oil Minister Bijan Namdar Zanganeh category
May 13, 2018
Source: World Oil

President Trump is engaging in “shenanigans” says Iran Oil Minister Bijan Namdar Zanganeh

It’s a rare sight, an OPEC producer accusing the U.S. of driving up oil prices. But that’s exactly what Iran Oil Minister Bijan Namdar Zanganeh said on state television Thursday. He went on to say that President Trump is engaging in “shenanigans” in the oil market -- and that he’s cut a deal with some members of the OPEC to keep production down and prices high.

“We are determined to stabilise the global oil supply market, ” says Khalid Al Falih category
May 11, 2018

“We are determined to stabilise the global oil supply market, ” says Khalid Al Falih

Following President Trump’s decision to abandon the international nuclear deal with Iran, Khalid Al Falih, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources has stated that the kingdom is prepared to step in and help stabilise the global oil supply market. The statement came out promising at the backdrop of market analysts’ prediction that Iran’s output could drop by around 500,000 barrels per day (bpd) within six months.

Trump says Iran deal ‘defective at its core’ category
May 9, 2018
Source: World Oil

Trump says Iran deal ‘defective at its core’

The U.S. President has opened up an uncertain new chapter for the Middle East by saying that the U.S. will withdraw from the watershed 2015 accord to curb Iran’s nuclear program and re-institute financial sanctions on the Islamic Republic. Trump’s political opponents have warned that he could lead the U.S. into another Mideast war.

For the first time in three years, WTI crude passes $70 a barrel category
May 8, 2018

For the first time in three years, WTI crude passes $70 a barrel

As reported by Reuters, the price of West Texas Intermediate (WTI) crude rose above $70 a barrel on Monday for the first time since late 2014. Analysts have suggested the continued collapse of the Venezuelan oil industry as the prime reason for the lift in prices and another being the possible re-imposition of sanctions on Iran.

Iran's oil exporters have banner April before possible sanctions category
May 3, 2018

Iran's oil exporters have banner April before possible sanctions

Iran’s crude exporters recorded a rocket spike in shipments in April, 2.62 MMbpd in total, before the possible re-imposition of U.S. sanctions on their oil sales.The U.S. President will decide by May 12 whether to keep America in a global agreement that restricts Iran’s nuclear activities in exchange for relief from sanctions and a restriction on oil sales.

India motivated to import more oil, drones from U.S. due to Trump’s trade wars category
April 27, 2018

India motivated to import more oil, drones from U.S. due to Trump’s trade wars

In order to narrow down its $28 billion trade surplus, India is seeking more oil, drones and aircraft from the U.S. Government officials have said that India could bridge the surplus by $4 billion through oil imports alone. There are emerging concerns of probable collateral damage to the Indian economy from Trump’s trade friction with China.

Trump slams OPEC for inflating prices category
April 21, 2018
Source: World Oil

Trump slams OPEC for inflating prices

The U.S. President criticized OPEC for pushing harder for higher oil prices. The oil cartel’s firm hold on its own production is further getting tighter even though the global oil prices have surged to almost $75 per barrel. However, OPEC has denied the accusations saying that geopolitics also play a crucial role in determining the oil prices which are beyond its control.

Oil sinks to two-week low as China retaliates in US trade war category
April 5, 2018
Source: World Oil

Oil sinks to two-week low as China retaliates in US trade war

China has announced that it will take steps against the measures introduced by the US President. China’s Ministry of Commerce said that it would levy 25% tariffs on imports of 106 U.S. products including automobiles and aircraft. There are emerging concerns regarding the declining economic growth and fuel demand. This decision has eliminated the previous support for prices and OPEC’s output plunged to the lowest in a year in March.

Oil hits three-week high as the surplus shrinks faster than expected category
March 22, 2018
Source: World Oil

Oil hits three-week high as the surplus shrinks faster than expected

With the major producers of OPEC accelerating the timeline for restraining a worldwide supply glut, oil has advanced to a three-week high. This move will bring about a balance in the global crude supplies by the end of September. Moreover, there are concerns looming that the US President might toughen sanctions against Iran. Analysts opine that the oil market is in reasonably good health at the moment.

Trump warned for exposing the oil and gas industry to risks category
March 17, 2018
Source: World Oil

Trump warned for exposing the oil and gas industry to risks

The oil and gas leaders have directly delivered their concerns to the US President regarding the new steel tariffs. Trump has decided to slap a 25% levy on steel imports, and a 10% tariff on aluminium. They fear that their business will crumple and Trump will pull the US out of the North American Free Trade Agreement (NAFTA) threatening his often stated objective of US ‘energy dominance’.

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