Middle East – Page 20 – Oil & Gas 360

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

August 14, 2019

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 difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in

Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members. - Oil & Gas 360

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

August 13, 2019

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 the safety of shipping routes in the Middle East. “Official and unofficial documents have been exchanged to resolve the matter

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

August 8, 2019

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

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

August 7, 2019

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

GE’s Baker Hughes Beats Estimates on International Demand, LNG Drilling

July 31, 2019

From Reuters General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company’s operations, rose 14% to $3.26 billion in the second quarter, led

Singapore’s Sovereign Wealth Fund Joins KKR and BlackRock in Abu Dhabi Pipeline Investment

July 30, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Combined investment in Abu Dhabi National Oil Company’s pipeline project reaches almost $5 billion Source: Abu Dhabi National Oil Company Singapore’s sovereign wealth fund, GIC, has entered into an agreement with the Abu Dhabi National Oil Company (ADNOC) to contribute $600 million towards crude pipeline infrastructure, joining other prominent investors such

Britain Tells Iran: Release Ship to ‘Come Out of the Dark’

July 29, 2019

From Reuters Britain told Iran on Monday that if it wants to “come out of the dark” it must follow international rules and release a British-flagged oil tanker seized by its forces in the Gulf. Iranian commandos seized the Stena Impero near the Strait of Hormuz, the world’s most important waterway for oil shipments, on July 19. That was two

Flags of Inconvenience: Noose Tightens Around Iranian Shipping

July 26, 2019

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

U.S. Sanctions China’s State-Run Oil Company for Buying from Iran

July 23, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Secretary of State Mike Pompeo announces sanctions for Zhuhai Zhenrong and its chief executive The United States government will be imposing sanctions on Zhuhai Zhenrong Company Limited, a state-run oil company in China, and its chief executive for purchasing crude oil from Iran. On Monday, Secretary of State Mike Pompeo announced

Saudi Arabia Urges Global Community to Deter Maritime Trade Disruptions

July 23, 2019

From Reuters Saudi Arabia’s cabinet said on Tuesday that Iran’s interception of commercial vessels in Gulf waters, including its seizure of a British tanker, violated international law and must be prevented. The Saudi remarks came after Britain called on Monday for a European-led naval mission to ensure safe shipping through the Straight of Hormuz, the world’s most important oil artery.

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

July 22, 2019

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

Iran Seizes Two More Tankers as Strait of Hormuz Tension Escalates

July 19, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 British and Liberian-flagged vessels seized by Iran, who President Trump calls “nothing but trouble” Iran has seized two oil tankers – one British-flagged and one Liberian-flagged – in the Strait of Hormuz, following through on its threats to retaliate after one of its ships was seized by U.K. authorities off the

Premium Content