Post Tagged with: "sanctions"

Source: Reuters

IEA: Russia’s oil revenues are dwindling due to sanctions

Oil Price


Russian revenues from oil fell in February as exports declined after the EU embargo on oil product imports from Russia by sea, the International Energy Agency (IEA) said on Wednesday.

 

Last month, Russia’s total oil exports dropped …

Source: Reuters

U.S. steps up efforts to sanction Iranian crude

Oil Price


The world’s largest crude importer and main customer of Iranian oil, China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports.

Chinese President Xi Jinping pledged to …

Source: BOE Report

Equinor says sanctions prevented it helping on Nord Stream

BOE Report


Equinor said European Union sanctions had prevented it from providing services and equipment to inspect the damaged Nord Stream gas pipelines last year, revealing for the first time why Norwegian assistance was not forthcoming.

In September, several unexplained …

Source: Reuters

Analysis: With record pump prices, Biden hard-pressed to ramp up Russia sanctions

Reuters


As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.

 

U.S. drivers are embarking on summer vacations with gasoline prices averaging more than …

Source: Reuters

OPEC+ supply gap widens in March as sanctions hit Russian output

Nasdaq


LONDON – OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the producer alliance seen by Reuters showed.

Russia …

Source: Reuters

Germany urges OPEC to raise production, warns against profiteering from sanctions

Finance Yahoo


ABU DHABI – German Economy Minister Robert Habeck added his voice to Western appeals for OPEC to increase oil production and said Gulf states should not profit from global sanctions against Russia over its invasion of Ukraine.

OPEC …

Source: Reuters

Explainer: Suspension, sanctions, lawsuits: Germany’s Nord Stream 2 headache

Nasdaq


BERLIN, Feb 23 – Germany’s decision to halt the certification of Nord Stream 2 has raised questions about the future of the $11 billion, 1,230-km gas pipeline under the Baltic Sea and the prospect of compensation lawsuits by its …

Source: Reuters

EXCLUSIVE Venezuela swapped PDVSA oil for food, then punished the dealmakers

Reuters


CARACAS -With U.S. sanctions spooking key oil buyers and depriving its government of cash, Venezuela last year inked a deal with a little-known local company to swap crude for food, Reuters has learned.

That agreement saw state oil company …

Source: Reuters

Shipping industry seeks to combat dark oil transfers at sea

Reuters


LONDON/MEXICO CITY – Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with elaborate strategies to dodge them.

Washington …

Source: Reuters

Column: Sanctions enforcement and Goodhart’s Law

Reuters


LONDON – “Any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.” Goodhart’s Law was first articulated by the British economist Charles Goodhart in the 1970s.

Goodhart was expressing policymakers’ frustration that

March 30, 2021 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

U.S. Treasury Department gives Chevron new license to wind down Venezuela activities by June 3

Reuters


WASHINGTON – The U.S. Treasury Department on Tuesday issued a new license to Chevron Corp, the last major U.S. oil company still operating in Venezuela, giving it until June 3 to wind down its joint ventures in the OPEC …

Source: Reuters

As Putin fails to congratulate Biden, experts predict what the result means for US-Russia relations

CNBC


As world leaders congratulate Democrat Joe Biden for his projected victory in the U.S. presidential election, Russia’s decision not to do so speaks volumes.

Analysts noted that while many European leaders congratulated Biden, expressing a desire to renew erstwhile …

November 9, 2020 - 2:30 pm Closing Bell Story‎, People, Political News
Source: Reuters

IEA calls for ‘dramatic’ scaling up of clean energy tech to meet climate goals

CNBC


MOSCOW – Russia’s largest oil producer, Rosneft, said on Thursday it had started to drill an exploration well at a hard-to-recover oil project, its first without any partners.

Russia plans to develop hard-to-recover oil and shale but is hampered …

Source: Reuters

Lobbying for Russian pipeline spikes in Washington

Reuters


WASHINGTON – As U.S. lawmakers plot to stop one of Moscow’s most important projects in Europe, the Nord Stream 2 pipeline, lobbyists supporting it are busier than ever but disclosing few details of their work, according to government filings …

Source: Reuters

Iran’s oil storage almost full as sanctions and pandemic weigh

Reuters


LONDON – Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, …

South Korea’s U.S. crude imports jump in September; no imports from Iran

South Korea’s U.S. crude imports jump in September; no imports from Iran

Source: Reuters


SEOUL (Reuters) – South Korea’s crude oil imports from the United States more than doubled in September, while its imports of Iranian oil remained zero for a fifth month in a row due to U.S. sanctions, customs data …

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle


In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.

On Wednesday …

Iranian Tanker Sought by US Heading Toward Greece

Iranian Tanker Sought by US Heading Toward Greece

From The Houston Chronicle


An Iranian supertanker with $130 million worth of light crude oil that the U.S. suspects is tied to a sanctioned organization left Gibraltar and was heading east into the Mediterranean Sea on Monday, with its next …

Gibraltar Releases Captured Iranian Oil Tanker, US Makes Immediate Request to Seize Vessel

Gibraltar Releases Captured Iranian Oil Tanker, US Makes Immediate Request to Seize Vessel

From CNBC


An Iranian oil tanker held in Gibraltar since early July has been officially released by local authorities, although it may not sail if a U.S. application to seize the vessel proves successful.

On July 4, Gibraltar authorities with …

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

From Reuters


The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a …

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle


CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.

In a statement released on Wednesday morning, the company’s board reported that the year-long search for …

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

From The Houston Chronicle


Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about …

China Continued Iran Oil Imports in July in Teeth of U.S. Sanctions: Analysts

China Continued Iran Oil Imports in July in Teeth of U.S. Sanctions: Analysts

From Reuters


China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves.

According …

Oil Prices Could Crash by $30 if China Buys Iranian Crude: BofA

Oil Prices Could Crash by $30 if China Buys Iranian Crude: BofA

From CNBC


Crude oil prices could sink by as much as $30 a barrel if China decides to buy Iranian crude oil in retaliation to the latest U.S. tariff measures, according to Bank of America Merrill Lynch.

“While we retain …

UK Joins United States for Maritime Security Mission in Gulf

UK Joins United States for Maritime Security Mission in Gulf

From Reuters


Britain on Monday joined the United States in a maritime security mission in the Gulf to protect merchant vessels travelling through the Strait of Hormuz after Iran seized a British-flagged vessel.

British officials stressed that there was no …

Source: Citgo

Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars

From The Houston Chronicle


Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.

A U.S. appeals court ruled on Monday that …

OPEC Oil Output Hits Lowest Since 2011 on Saudi Cut, Sanctions: Reuters Survey

OPEC Oil Output Hits Lowest Since 2011 on Saudi Cut, Sanctions: Reuters Survey

From Reuters


OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found.

The …

Oil Rises as U.S. Crude Stocks Fall Again, Fed Cuts Interest Rates

Oil Rises as U.S. Crude Stocks Fall Again, Fed Cuts Interest Rates

From Reuters


Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade.

The front-month Brent crude …

Opinion: Oil is Probably the Reason We Won’t Go to War With Iran

Opinion: Oil is Probably the Reason We Won’t Go to War With Iran

From CNBC


Many cynics have long contended that the real reason the U.S. entered a slew of recent wars was only to protect American oil interests. But now it’s beginning to look like oil may be a major reason why …