US oil waivers end as Iranian crude exports slump in April.
Brent crude traded as high as $74.67 per barrel, although it later steadied to $74.12 on London’s ICE Futures Europe exchange. BRENT crude has surged to a fresh high in 2019 after the US scrapped waivers that allowed eight countries to make limited purchases of Iranian oil and Venezuelan exports…
Read more24
AprLibyan counter-smuggling efforts bear fruit.
National Oil Corporation (NOC) chairman, Eng. Mustafa Sanalla said in 2018 Libya witnessed a 17% drop in demand for diesel, despite a stable economy and domestic consumption levels, indicating progress in counter-smuggling efforts. During a keynote speech at the Oil and Fuel Supply Chain Security Conference in London, April 17,…
Read more23
AprOil up 1 percent as market focuses on supply risks
Oil prices rose 1 percent, as Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains. Brent crude futures rose 54 cents, or 0.8 percent, to settle at $71.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 65 cents,…
Read more22
AprOil prices rise for a second day on China demand, U.S. stockpile drop.
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 27 cents, or…
Read more21
AprSingapore detains PDVSA vessel.
THE Supreme Court of Singapore has detained an aframax tanker owned by Venezuelan state oil company Petroleos de Venezuela. The 2018-built 113,180 dwt Arita, was arrested on last week at the request of the law firm Gurbani & Co. Vessel movement data from the vessel remained anchored near Singapore after…
Read more