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Tag Archives: Oil

Crew of Iranian tanker released

Gibraltar police said on Friday that all four crew members of the Iranian Grace 1 tanker have been released on bail without charge after it was detained last week on suspicion of breaking European sanctions by taking oil to Syria. Gibraltar police said earlier on Friday that they had arrested …

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Turkey continues drilling in Cypriot waters

A second Turkish drillship, which is expected to begin drilling for oil and natural gas near Cyprus this week, arrived off the Mediterranean island’s northeastern coast on Monday, Refinitiv Eikon shipping data showed. Last month, European Union leaders warned Turkey to end its gas drilling in disputed waters around the …

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British navy interdict supertanker headed to Syria

British Royal Marines and officials in Gibraltar have detained the supertanker Grace 1 suspected of carrying crude oil to Syria, in breach of European Union sanctions, the government of Gibraltar said. In a statement the government said it had reasonable grounds to believe that the Grace 1 was carrying its …

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Fujairah Oil Industry Zone attracting oil bunkering

Already well-established as one of the world’s top centres for oil bunkering, the Port of Fujairah and the adjacent Fujairah Oil Industry Zone, FOIZ, continue to attract further business and investment, recent announcements show. Last month, Fujairah-based Brooge Petroleum and Gas Investment Company and Dubai-based Sahara Energy Resources announced plans …

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South Africa to invest in Sudanese oil sector

South Africa will invest $1 billion in South Sudan’s oil sector, including in the construction of a refinery, the South African minister for energy and his South Sudanese counterpart for petroleum said on Friday. South Sudan’s oil industry is dominated by Asian firms including China National Petroleum Corporation (CNPC), Malaysia’s …

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Lavrov condemns sanctions on Iran as illegal

Russian Foreign Minister Sergei Lavrov said on Tuesday that U.S. sanctions on Iran were not legitimate, in Moscow’s first official comment since Washington restored sanctions on Tehran. Lavrov said Moscow, itself a target of separate U.S. sanctions, expected there would be ways to pursue economic cooperation with Iran despite the …

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Iran defiant of Trump sanctions, and Trump tweets

Iran’s top leader said on Saturday U.S. President Donald Trump’s policies face opposition across the world as Washington prepared to reimpose sanctions on Iran’s vital oil-exporting and financial sectors, state television reported. Supreme Leader Ayatollah Ali Khamenei also said Iran’s arch-adversary the United States had failed to reassert its domination …

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Abu Dhabi scraps oil refiner Cepsa’s IPO

Abu Dhabi shelved plans for an initial public offering of a 25 per cent stake in Spanish oil refiner Cepsa as investors balked at the valuation amid a stock market rout. “Recent international economic developments have created uncertainty in international capital markets,” said Cepsa, which is controlled by Abu Dhabi’s …

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India to keep buying Iranian oil despite US sanctions

India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating that the world’s third-biggest oil importer is to continue purchasing crude from the Islamic republic despite US sanctions coming into force on November 4. “Refiners have placed November nominations to lift 1.25 million tonnes …

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India has no plans to buy Iran oil in November

India is not planning to buy any crude oil from Iran in November, raising the prospect that Tehran will lose another major customer as US sanctions hit. Indian Oil Corp. and Bharat Petroleum Corp. haven’t asked for any Iranian cargoes for loading in November, according to officials at the companies. …

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100 million barrels per day of global oil use likely

The world’s oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices. But emerging market crises and trade disputes could dent this demand, the International Energy Agency (IEA) said. Paris-based IEA maintained its forecast of strong growth in demand this …

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US puts the squeeze on Iranian oil buyers

The world’s top oil buyers are discovering that US sanctions on Iran will squeeze their trade flows whether they agree with America or not. It was only about three months ago that India’s foreign minister said that the country won’t adhere to unilateral restrictions and will continue buying Iranian crude. …

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