Reuters NEW DELHI/SINGAPORE/MOSCOW – Saudi Arabia and Iraq have said they are unable to provide freight rebates for crude oil shipments under default contract terms due to a record rise in tanker rates, documents seen by Reuters showed on Thursday. Changes in supply terms may lead to cancellations of April cargoes by buyers across the world as they weren’t expecting
Houston Chronicle Oil supplies from Iraq, the Middle East’s second-biggest producer, are “potentially vulnerable” amid rising political risks in the country and the broader region, the International Energy Agency warned. Crude prices briefly soared to a three-month high above $70 a barrel last week as tensions between the U.S. and Iran erupted in neighboring Iraq, where America assassinated an Iranian
CNBC President Donald Trump threatened Sunday to slap sanctions on Iraq after its parliament passed a resolution calling for the government to expel foreign troops from the country. Tensions in the Middle East spiraled last week after Trump called for a U.S. airstrike in Baghdad that killed a top Iranian general, Qasem Soleimani. Speaking to reporters on Air Force One, the U.S. president said: “If
Houston Chronicle Speculation is mounting that OPEC and its allies may agree to a deeper production cut at their meeting in Vienna on Thursday, but market watchers shouldn’t take any such announcement at face value. Even a sizable “new” cut like the 400,000 barrel-a-day reduction Iraq’s Oil Minister Thamir Ghadhban was suggesting wouldn’t necessarily remove any oil from the market.
Source: Houston Chronicle Struggling oilfield service company Weatherford International has landed three contracts in the oil fields of Iraq. In a statement released Tuesday afternoon, Weartherford reported that the company has been awarded a pair of two-year drilling rig contracts and a five-year oil well service contract in the Middle Eastern nation. Financial terms were not disclosed and the customer’s
From Reuters Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal. Brent crude lost 64 cents, or 1.1%, to settle at $58.70 a barrel, after hitting a session high of $60.17.
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
From Reuters Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
From CNBC Crude oil prices could sink by as much as $30 a barrel if China decides to buy Iranian crude oil in retaliation to the latest U.S. tariff measures, according to Bank of America Merrill Lynch. “While we retain our $60 a barrel Brent forecast for next year, we admit that a Chinese decision to reinitiate Iran crude purchases
Three Iraqi workers wounded as rocket lands on headquarters of several major companies in latest oil attack From Al Jazeera A rocket landed at the headquarters of several global oil companies in Iraq’s southern city of Basra on Wednesday, wounding three Iraqi workers and raising alarm amid rising tensions between the US and Iran in the region. The rocket hit the
60 foreign employees were reportedly evacuated from West Qurna 1 oilfield From Oil and Gas Middle East Iraq’s Oil Minister Thamir Ghadhban has called the evacuation of Exxon Mobil staff from the nation “unacceptable and unjustified,” according to Reuters. He noted that it was politically motivated and not based on security concerns. “The withdrawal of multiple employees – despite their
The latest U.S. State Department advisory simply warned: “Do not travel to Iraq” From the Washington Post BEIRUT — Two Saudi Arabian oil tankers and a Norwegian ship were damaged over the weekend near the Persian Gulf in what Saudi Arabia claimed Monday was an “act of sabotage,” further heightening regional tensions with Iran. There was no immediate indication as to who
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