Reuters DUBAI – Iran’s government presented a draft state budget of about $33.7 billion to parliament on Wednesday, promising less reliance on oil revenues and higher growth despite U.S. sanctions that have crippled the Islamic Republic’s economy, Iranian media reported. The value of the draft budget is set about 8,413 trillion rials, up 74% from last year’s figures in rial
Reuters MEXICO CITY – On Aug. 21, a tanker called the Otoman docked at the Jose oil terminal on Venezuela’s coast in the Caribbean to load 1.82 million barrels of heavy crude, according to the state oil company’s internal documents. Yet no tanker with that name is registered in major global shipping databases. Muddying the situation further, the unique identifier
Reuters LONDON – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum ExportingCountries pumped 24.38 million bpd on average in September, thesurvey found, up 160,000
Reuters The administration of U.S. President Donald Trump is weighing additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the Latin American country, Bloomberg reported late on Tuesday. The step could target crude swaps with companies in Europe and Asia, the report added, citing people familiar with the matter. The sanctions have not been finalized and
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, industry data showed. Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January,
EIA Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel of crude oil sold for its government to meet its immediate spending needs and balance its budget. This says a
Reuters Two tankers that were sailing toward Venezuela to load crude have turned around since the weekend and three other vessels have left Venezuelan waters as the United States considers blacklisting dozens of ships for transporting the country’s oil, according to shipping data and industry sources. Washington is considering imposing sanctions on tankers involved in exporting Venezuela’s oil as the
Reuters LONDON – Iran’s oil exports have sunk to a record low as the coronavirus crisis compounds the impact of U.S. sanctions already limiting shipments, underlining the diminishing oil clout of what was OPEC’s second-largest producer. Exports averaged 70,000 barrels per day in April, down from 287,000 bpd in March according to Kpler, which tracks the flows. The difficulty assessing
CNBC The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies. The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% to settle at negative $37.63 per barrel on Monday and expired on Tuesday at $10.01 a barrel. Futures contracts trade by the
Reuters DUBAI (Reuters) – Iran has had to reduce oil production projects because of a lack of funds and a drop in income from oil exports, Oil Minister Bijan Zanganeh said on Tuesday, according to the official IRNA news agency. “All attacks are against us and the income from oil exports has been reduced. We have reduced many production projects
Houston Chronicle Donald Trump’s decision to authorize the killing of an Iranian general and reignite Middle East tensions briefly roiled energy markets and underscored a U.S. political reality: Higher gasoline prices can tip elections. The president, who is counting on a robust economy to win re-election in November and maintain Republican control of the Senate, is banking on record-shattering surges
CNBC The biggest black swan event in the oil market is a disruption to the most critical chokepoint in the Middle East, according to an analyst from S&P Global Platts. “The market is extremely exposed to any disruption to vessel traffic in the Strait of Hormuz,” Dave Ernsberger, the firm’s global head of commodities pricing, told CNBC’s “Capital Connection” Thursday. The Strait of Hormuz is a
