Tag Archives: Oil

The United Arab Emirates is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, a UAE economy ministry official told Reuters on Tuesday. Abu Dhabi, the political capital of the UAE federation, has taken …

Saudi Aramco has approached banks to finance its $5 billion Amiral petrochemical project that the state-owned oil producer plans to develop with France’s Total, five sources familiar with the matter said. Aramco, the world’s largest crude producer, plans to boost investment in refining and petrochemicals in a bid to cut …

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 …

China said on Monday its lawful trade cooperation with Iran should be respected and expressed regret that the United States re-imposed sanctions on the Middle Eastern country. Speaking at a daily news briefing in Beijing, foreign ministry spokeswoman Hua Chunying did not directly comment on whether China had been granted …

Iranians chanting “Death to America” rallied on Sunday to mark both the anniversary of the seizure of the U.S. Embassy during the 1979 Islamic Revolution and the imminent reimposition of U.S. sanctions on Iran’s key oil sector. Thousands of students in the government-organized rally in the capital Tehran, broadcast live …

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 …

Oman’s Duqm Refinery said on Saturday it had signed a $4.61 billion multi-sourced Sharia compliant project financing agreement. “The financing is provided by 29 reputed financial institutions from 13 countries; insurance and guarantees are provided by three major export credit agencies,” Duqm Refinery said in a Twitter post. The financing …

Saudi Arabia’s Crown Prince Mohammad bin Salman is expected to discuss oil output resumption from the Neutral Zone, which the kingdom’s shares with Kuwait, during a trip to the Gulf Arab state on Sunday, a source familiar with the matter told Reuters. Prince Mohammad will be accompanied by Energy Minister …

Sinopec Group and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, have not made any nominations to load Iranian oil for November because of concerns they would be violating US sanctions, two persons with direct knowledge of the matter said. Washington is set to re-impose sanctions on oil …

Asian buyers of Iranian oil are gaining confidence they will win US consent for some imports to continue even after American sanctions snap back next month. Major Iranian customers South Korea, India and Japan are in talks with Washington for waivers, highlighting the specific reasons they need to continue purchases, …

Saudi Arabia, the world’s biggest oil exporter, said on Monday it is committed to meeting India’s rising oil demand as the kingdom expects its oil production to rise next month from the current 10.7 million barrels per day, Saudi Energy Minister Khalid Al Falih said on Monday. India, the world’s …

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 …

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 …

Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists spoke to Saudi Arabia’s Crown Prince Mohammad Bin Salman Al Saud Wednesday night at a royal compound in Riyadh. In the wide-ranging interview, the prince spoke about his relationship with Donald Trump, his commitment to IPO Aramco, …

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. …

India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns …

For oil investors, this is both the best of times and the worst of times, depending on which crude benchmark you trade. While money managers pile up on bets that Brent futures will rise as supplies from Iran shrink, even Hurricane Florence wasn’t enough to get investors excited in the …

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 …

Saudi Arabia is taking no chances with the long-shot ‘Nopec’ bill, hiring former US solicitor-general Ted Olson as a lobbyist to campaign against the act. Saudi Arabia is the de facto leader of the Organisation of Petroleum Exporting Countries (Opec), which pumps about one-third of the world’s crude. The group …

US stock index futures pointed to a flat open on Wednesday, held back by worries over the Sino-US trade war, while Apple shares moved higher ahead of the expected launch of three new iPhone models. Shares of Apple rose 0.3 per cent in premarket trading, ahead of an event at …

US President Donald Trump’s top two envoys were expected Thursday to press India not to buy Russian military equipment or Iranian oil, while seeking to bolster ties as China grows more assertive in the region. The “2+2” meeting in New Delhi of US Secretary of State Mike Pompeo and Defense …

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. …

Iranian President Hassan Rouhani on Monday urged the remaining signatories to its 2015 nuclear agreement to act to save the pact, although France’s leader called again for broader talks on Tehran’s missile program and its role in the Middle East region. In a phone call to French President Emmanuel Macron, Rouhani said Iran wanted the Europeans …

Oil held gains near $66 (Dh242.22) a barrel on signs of slowing growth in US crude production. Futures in New York were steady after a 0.7 per cent rise on Friday. Working oil rigs in the US were unchanged at 869, according to data from Baker Hughes on Friday. While …

The oil market has changed a lot over the past decade. Here, for example, is the latest data on US imports and exports of crude oil and petroleum products, released by the Energy Information Administration at the end of last month: The US has gone from a big-time net importer …

Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the US market while trade disputes and slowing global economic growth would dampen demand for oil. US crude declined for the seventh consecutive week, and global benchmark Brent was dropped for a third …

Iran and four ex-Soviet nations, including Russia, agreed in principle on Sunday how to divide up the potentially huge oil and gas resources of the Caspian Sea, paving way for more energy exploration and pipeline projects. However, the delimitation of the seabed — which has caused most disputes — will …

Fears about global oil supplies have receded after producers pumped more, according to the International Energy Agency, which had warned of a potential shortage a month ago. “Concerns about the stability of oil supply have cooled down somewhat, at least for now,” the Paris-based agency — which advises most of …

China’s proposed tariffs on US liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess. China included LNG for the first time in its list of proposed …

Mexico’s incoming president named a new chief executive officer for Pemex and promised government investment of 75 billion pesos ($4 billion, Dh14.68 billion) in the oil sector, in a bid to revive the state-owned oil company. Andres Manuel Lopez Obrador tapped longtime political ally Octavio Romero Oropeza, who has no …

Even as the US-imposed sanctions on Iran has put India’s energy security in jeopardy, UAE Ambassador to India Ahmad Al Banna has allayed fears of an oil shortage, saying his country as well as Saudi Arabia can fill in if supply from Iran is disrupted. “In the international market, the …

Sharjah-based Dana Gas received $43.75 million (Dh161 million) in dividends from Kurdistan operations in the first half of 2018. The dividend was paid by Pearl Petroleum Company Limited for the sale of condensate and liquefied petroleum gas (LPG) in the Kurdistan Region of Iraq (KRI) and included a $7 million …

Abu Dhabi National Oil Company (Adnoc) has the ability to increase oil production by several hundred thousands of oil per day to alleviate any potential supply shortages, the company said on Tuesday as Saudi Arabia and Russia too reaffirmed an agreement between Opec and its allies to increase production to …

The UAE economy is expected to grow by 2.6 per cent this year and 3.8 per cent in 2019, according to a new report by the Institute of Chartered Accountants in England and Wales (ICAEW) and Oxford Economics. The primary growth drivers will be recovering oil prices, expansionary fiscal policies …

Abu Dhabi says it’s ready to pump more oil under OPEC deal Ready to increase oil output in line with guidelines set by OPEC and allied producers Published: 16:04 July 3, 2018 Bloomberg Abu Dhabi said it’s ready to increase oil output in line with guidelines set by OPEC and …

One of Iran’s biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by US sanctions on the Gulf state — even if shipments stop completely. Indian Oil Corp. Chairman Sanjiv Singh says Saudi Arabia alone can cover most of the world’s supply …

Iran will allow private companies to export crude oil, part of a strategy to counter US sanctions, and is urging fellow Opec members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday. Iran is looking at ways to keep exporting oil as …

Iran is studying ways to keep exporting oil and other measures to counter U.S. economic sanctions, state news agency IRNA reported on Saturday. Since last month, when U.S. President Donald Trump pulled out of the nuclear deal which lifted most sanctions in 2015, the rial currency has dropped up to …

Iran’s oil exports fell sharply in the first two weeks of June, offering an early signal that US President Donald Trump’s re-imposition of sanctions may be discouraging some buyers. Outflows of crude oil and condensate, a light form of oil extracted from gasfields, plunged by 16 per cent to 2.114 …

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

Saud Salem Al Mazrouei, director of the Hamriya Free Zone Authority and the Sharjah International Airport Free Zone Authority, signed an investment agreement with Ramesh Parekh, chairman of Gandhar Oil Refinery India, to establish an integrated project to produce white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, …

The European Commission will launch on Friday the process of activating a law that bans European companies from complying with US sanctions against Iran and does not recognise any court rulings that enforce American penalties. “As the European Commission we have the duty to protect European companies. We now need …

Egypt’s central bank kept its benchmark interest rate unchanged on Thursday, as the government prepares for a new round of fuel subsidy cuts against a backdrop of rising global oil prices. The bank’s Monetary Policy Committee, headed by Governor Tarek Amer, held the overnight deposit rate at 16.75 per cent …

With Ramadan approaching, it’s not a busy week for news on the local front. Internationally, the biggest headline of the week surely is US President Donald Trump’s announcement about plans to withdraw the US from the Iran nuclear deal. The Business team discusses the implications of that, with effects already …