P5+1 used financial isolation to force Iran to nuclear negotiation table A sanctions regime was put in place against Iran starting in 2005 when the international community found that the Middle Eastern country was not in compliance with its obligations regarding its nuclear program. The sanctions, which were spearheaded by the United States, United Nations and the European Union, sought
Update: Energy Minister Wants to Maintain Monopoly Alexander Novak, the Energy Minister of the Russian Federation, came out in favor of continuing Gazprom’s monopoly of exporting pipeline natural gas on July 28, reports Russian news agency Tass. “We are focusing on maintaining a single export channel,” he said at a Chamber of Commerce meeting. A letter sent by Rosneft to
Sanctions against Iran have dramatically reduced its crude oil exports The five permanent members of the United Nations Security Council and Germany (P5+1) are set to reach a comprehensive agreement with Iran regarding its nuclear agreement by June 30, potentially lifting the sanctions put on place on the country, and allowing it to export its crude oil. Since the implementation
Environmental concerns in Canada prompt First Nations to turn down $1 billion offer A First Nations group in British Columbia has unanimously voted against allowing a liquefied natural gas ship terminal near the community. The terminal would be part of a larger overall pipeline and gas project led by Pacific NorthWest LNG that the group values at $36 billion. Pacific
The EIA released a report showing its expectations for the refining sector based on U.S. oil production and whether or not crude oil export laws are reversed How increased production and U.S. export laws might affect refiners has been a topic of considerable debate, so much so in fact that the Energy Information Administration (EIA) decided that not only would
Geopolitics in commodity markets can be one of the hardest factors to predict when forecasting global market movements. The most recent update to the PRIX Index, published April 30, showed an overall value of 56, meaning exports from the world’s 20 largest oil exporters are expected rise slightly. The PRIX Index polls experts from major petroleum-producing countries to tally their
New index could help predict political impacts on the international flow of oil Oil, like certain other minerals, is one of the most highly politicized commodities traded across the globe. When analysts try to predict what countries will be increasing exports, or where they will send their petroleum production, political risk is one of the great unknowns. Policy decisions by governments
United States exports of noncrude petroleum products increased for the 13th straight year in 2014, the Energy Information Administration said in a report on March 5, 2015. The U.S. averaged 3.8 MMBOPD in 2014 – an increase of approximately 10% from 2013. The overwhelming majority of the product remained in the western hemisphere, being sent to various ports in both
Reuters reports Enterprise Products Partners (ticker: EPD) has secured light crude oil export contracts with Mitsubishi’s Petro-Diamond Singapore and Vitol, an independent oil trader, for volumes of 40 MBOPD in 2015. The information comes from Reuters sources based on anonymity, but information arose last week about EPD seeking to expand its crude export cargoes. Although the export of raw crude
New legislation set to allow LNG export to WTO members without DOE approval Congressman Mike Turner (R-OH) reintroduced legislation, titled the “American Job Creation and Strategic Alliances LNG Act,” yesterday in order to lift trade restrictions on the export of liquid natural gas (LNG). Under Turner’s bill, companies would be able to export LNG to any of the 160 members
Exports of liquefied natural gas (LNG) are set to begin in 2015, and the number of United States LNG export stations are expected to triple by 2019. The next phase of U.S. energy is almost here, regardless of dissenting opinions from the chief of the International Energy Agency. According to a recent report by the Energy Information Administration (EIA), the
U.S. coal exports continued to decline from record volumes in 2012, according to an EIA report out today. In the first half of 2014, U.S. coal exports were at 52.3 million short tons (MMst), down 16% from the export levels in the first half of 2013. The EIA attributes the drop to reduced demand for steam coal from Europe and
