Iran-UK tanker row escalates in Strait of Hormuz standoff.
A diplomatic row between Iran and the UK involving oil tankers escalated after a standoff in the world’s biggest oil shipping artery raised fresh concerns over global energy security which have also spiked insurance costs for ships transiting the Middle East. The UK government said that an oil tanker owned…
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JulOPEC sees oil production drop in June on new supply outages.
OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases in Saudi Arabia and Nigeria. According to secondary sources in OPEC’s closely watched Monthly Oil Market Report the cartel’s output…
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JulOil Jumps On Hefty Crude Draw
The Energy Information Administration reported a huge oil inventory draw of 9.5 million barrels for the week to July 5, confirming and even exceeding the American Petroleum Institute’s estimate of an 8.13-million-barrel draw. Today’s figure follows an estimated a 1.1-million-barrel draw in oil inventories for the last week of June….
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JulIran’s Best Bet to Avoid U.S. Sanctions
Iran’s parliament last week passed a draft bill allowing for a massive increase in the number of oil and gas condensates refineries in the country, to be funded from investment from private sector companies and regional banks. Although the U.S. recently extended sanctions to Iran’s largest petrochemical group, Persian Gulf…
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JulTrade Deal Could Send Oil To $75
While OPEC and its allies successfully reached a deal to extend its production cut quotas into 2020, the oil price response was markedly disappointing, leaving the market to wonder if oil prices will ever recover much beyond the levels that they are today. Leading up to the most recent OPEC…
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