Iranian President Hassan Rouhani said Tuesday his country is committed to the 2015 nuclear deal, even though it’s been abandoned by the United States. In Switzerland campaigning to save the deal, Rouhani made clear Tehran will stick to the agreements it made in the Joint Comprehensive Plan of Action. “We announce to the world that Iran respects the international regulations
From Reuters President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower exports from Iran. Trump said in a tweet on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House
[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion
The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing
New Delhi only recognizes UN sanctions, foreign minister said President Donald Trump may have ordered the re-imposition of sanctions on Iran, but one of Asia’s biggest oil importers — and a strategic partner of the U.S. — plans on ignoring them. India, a long-time buyer of oil from both Iran and Venezuela, only complies with United Nations-mandated sanctions and not
On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any debt owed to the
Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained
Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA
From CNBC Oil prices are continuing to hover around 2014 highs, with market watchers waiting to see what happens when U.S. sanctions are re-imposed on Iran. It remains to be seen whether major oil producers like Saudi Arabia and Russia will step into the breach to stop prices soaring after an expected dip in Iranian supply, a top analyst told
From Hellenic Shipping News Iran’s National Gas Company is intent on raising the country’s share in the global gas trade as the Islamic Republic is shifting its focus to international markets. Iranian liquefied natural gas (LNG) exports reportedly rose to around 500,000 metric tons in April as this month’s shipments were 14 percent up from last month’s figure, to bring
From Reuters NEW YORK (Reuters) – Oil prices slipped on Monday as Wall Street slid more than 1 percent and energy market investors remained wary of growing crude supply, although tensions between Saudi Arabia and Iran gave prices some support. Brent crude futures LCOc1 were down 34 cents at $65.87 a barrel by 11:35 a.m. EST (1535 GMT). U.S. West
From Reuters Oil’s price rally this year to its highest since May 2015 may seem a source of glee for OPEC, but some in the producer group fear the gains could prompt shale companies to crank open their spigots and flood the market. Benchmark Brent crude rose further above $68 a barrel on Tuesday, supported by oil output cuts led
