Post Tagged with: "Washington"

Source: Forbes

Washington Tightens Stranglehold On Iranian Oil, And Its Buyers

Forbes There is simply no sanctuary for Iran’s state run oil industry.   China has all but abandoned it because of U.S. sanctions. France will be hard pressed to do business with them due to the extraterritorial nature of the Iranian sanctions, coupled with a history of at least one French bank, BNP Paribas, being fined for running afoul of U.S. sanction policy. The stranglehold on Iranian oil could not be tighter. The message is clear from Washington, buy oil from these guys and risk punishment. Last week, the State Department imposed sanctions on Chinese company Shandong Qiwangda Petrochemical; Hong Kong-based Triliance Petrochemical, and Hong Kong-based Jiaxiang Industry for buying or transporting oil products from Iran, finished in dollars. They also hit two of the executive officers of the companies identified above, Ali Bayandarian, managing director of Triliance Petrochemical, and Zhiqing Wang, chairman and legal representative of Shandong Qiwangda Petrochemical[Read More…]

January 28, 2020 - 3:30 pm Closing Bell Story, Crude Oil News, Energy News, International
Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

From Reuters Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President Donald Trump’s administration sanctioned the state-run company and recognized Juan Guaido, Venezuela’s congress chief, as the nation’s legitimate leader. Citgo officials loyal to President Nicolas Maduro were ousted and new boards for PDVSA and Citgo were named by the Venezuelan congress in February. An appointment could be announced as soon as this week, after Citgo’s board votes on the selection process, according to one of the sources. Guaido, asked by reporters at a briefing outside the National Assembly office which nominations he is going to make, said: “We will announce[Read More…]

Trump Administration Moves to Limit State Powers to Block Pipelines, Terminals

Trump Administration Moves to Limit State Powers to Block Pipelines, Terminals

From Reuters The U.S. Environmental Protection Agency on Friday unveiled a proposal that would curb state powers to block pipelines and other energy projects, as part of the Trump administration’s effort to boost domestic oil, gas and coal development. The move, swiftly criticized by an organization representing progressive states, comes four months after President Donald Trump ordered the EPA here to change a section of the U.S. Clean Water Act that states like New York and Washington have used in recent years to delay pipelines and terminals. “When implemented, this proposal will streamline the process for constructing new energy infrastructure projects that are good for American families, American workers, and the American economy,” EPA Administrator Andrew Wheeler said in a press release announcing the move. The EPA’s proposal is centered on changes to Section 401 of the Clean Water Act, which allows states and tribes to block energy projects on[Read More…]

Oil Rises on European Stock Draw Despite Demand Slowdown Forecast

Oil Rises on European Stock Draw Despite Demand Slowdown Forecast

From Reuters Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008. Brent crude LCOc1 futures gained $1.15, or 2%, to settle at $58.53 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.96, or 3.7%, to settle at $54.50 a barrel. “Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already announced previously by the head of the IEA and the agency still expects larger inventory draws for 2H19,” said UBS analyst Giovanni Staunovo. The IEA said global oil demand to May from January grew at its slowest since 2008, hurt by mounting signs of an economic slowdown and a ramping up of the U.S.-China[Read More…]

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 to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into China last month, or 142,000 to 360,000 barrels per day (bpd). The upper end of that range would mean July imports still added up to close to half of their year-earlier level despite sanctions. The imports are continuing at a precarious moment in U.S.-China relations: The flow is hampering U.S. President Donald Trump’s efforts to choke off oil exports vital to Iran through sanctions, just as tensions rise in the festering U.S.-China trade dispute that has cast a pall over the global economy. Senior Trump administration officials estimate that 50-70%[Read More…]

Oil Dives Nearly 5% to Seven-Month Low on Surprise U.S. Stock Build, Trade War

Oil Dives Nearly 5% to Seven-Month Low on Surprise U.S. Stock Build, Trade War

From Reuters Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing. Brent crude futures LCOc1 settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January. Prices have lost 24.5% since their 2019 peak in April. U.S. West Texas Intermediate (WTI) crude futures CLc1 finished $2.54, or 4.7%, lower at $51.09. Oil prices fell early in the session on worries about the trade war, then extended losses after government data showed a build of 2.4 million barrels in U.S. crude stockpiles last week, instead of the 2.8 million-barrel draw analysts had expected. U.S. crude oil inventories had declined for seven consecutive weeks prior to last week’s build but were still about 2% above the five-year average for[Read More…]

Brent Oil in Bear Market as China-U.S. Trade Tensions Mount

Brent Oil in Bear Market as China-U.S. Trade Tensions Mount

From Reuters Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand. During the session, Brent traded at a low of $58.81 a barrel, down more than 22% from its peak in April. That decline puts the global benchmark in “bear market” territory. Brent prices have lost more than 9% in the past week, with U.S. President Donald Trump vowing to impose new tariffs on Chinese imports and Beijing making further moves against U.S. agricultural cargoes. The United States also responded to a decline in China’s yuan on Monday by branding China a currency manipulator. Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington’s decision the day before would lead to chaos in financial markets. International benchmark Brent futures[Read More…]

Oil Gains About 3%; Records Loss for Week After Trump Tariff Threat

Oil Gains About 3%; Records Loss for Week After Trump Tariff Threat

From Reuters Oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports. For the week, crude oil benchmarks recorded a loss. Washington’s new tariffs on China, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies. Any resulting economic slowdown could hurt crude demand. Brent crude LCOc1 futures for October delivery settled at $61.89 a barrel, up $1.39, or 2.30%. The global benchmark slid more than 7% on Thursday, the steepest daily drop in more than three years. WTI crude CLc1 futures for September delivery settled at $55.66 a barrel, rising $1.71, or 3.17%, after Thursday’s nearly 8% plunge, the biggest loss in more than four years. For the week, Brent lost about 2.7%, while WTI shed about 1.2%. Before Thursday’s decline,[Read More…]

Flags of Inconvenience: Noose Tightens Around Iranian Shipping

Flags of Inconvenience: Noose Tightens Around Iranian Shipping

From Reuters Somewhere on its journey from the waters off Iran, around Africa’s southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines off Gibraltar, raising tensions in the Gulf where Iran detained a UK-flagged ship in retaliation. Grace 1 remains impounded, not because of its flag but because it was suspected of taking oil to Syria in breach of EU sanctions, an allegation that Iran denies. Yet Panama’s move on May 29 to strike it from its register mid-voyage was part of a global squeeze on Iranian shipping. Nations that register vessels under so-called “flags of convenience” allowing them to sail legally have de-listed dozens of tankers owned by Iran in recent[Read More…]

Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports

Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports

From Bloomberg Iran-owned tankers continue to haul shipments to bonded tanks, oil held by Iran’s state-owned producer and Chinese companies Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer. Two and a half months after the White House banned the purchase of Iran’s oil, the nation’s crude is continuing to be sent to China where it’s being put into what’s known as “bonded storage,” say people familiar with operations at several Chinese ports. This supply doesn’t cross local customs or show up in the nation’s import data, and isn’t necessarily in breach of sanctions. While it remains out of circulation for now, its presence is looming over the market. The store of oil has the potential to push down global prices if Chinese refiners decide to draw on it, even[Read More…]

Washington Passes New Crude-by-Rail Regulations

Washington Passes New Crude-by-Rail Regulations

Bipartisan bill requires advanced notice for crude-by-rail shipments and a new tax Washington state lawmakers passed legislation last week that adds new requirements to oil being transported into the state by rail. The bill, Senate Bill 5057, was initially authored to cover a wider range of crude oil being transported in the state, but was altered to be more exclusive on crude-by-rail. Although Washington has zero crude oil production, it has the fifth most refinery capacity of any state in the U.S. and is recognized by the Energy Information Administration as the crude refining center for the Pacific Northwest. The bill requires that the Department of Ecology be notified a week in advance of any oil transferred by rail in the state. That notice has to include the route the oil train travels, its scheduled arrival and how much oil is aboard. A tax of $0.04 per barrel will be[Read More…]

April 28, 2015 - 3:26 pm Midstream, Oil and Gas 360 Articles, Politics & Opinions