Oil Price Crude oil exports from Iran hit the highest level in six years during the first quarter of the year, data from Vortexa cited by the Financial Times has shown. The daily average over the period stood at 1.56 million barrels, almost all of which was sent to China, earning Tehran some $35 billion. “The Iranians have mastered the art of
Oil Price Chevron’s plans to increase its crude oil exports from Venezuela have hit a snag, with the sanctioned South American country unable to bear the cost of dredging a key oil export inlet. Chevron’s Venezuela hopes include ramping up crude oil exports from the sanctioned country—but in order to do that, Lake Maracaibo needs to be dredged. And
Oil Price U.S. exports of crude oil and petroleum products hit an all-time high of 11.8 million barrels per day (bpd) last week, The Maritime Executive reports. In the week to November 25, a total of 11.776 million bpd of U.S. crude and petroleum were exported, the latest data from the U.S. Energy Information Administration showed. The jump in American crude and
Oil Price An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, oil sector sources said on Friday, cited by Reuters. With four tanker berths, the Basra oil terminal can process 3.3 million barrels of crude oil per day, although the country had plans to raise this capacity to 3.45 million barrels per
Reuters Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth, aiming to meet surging demand from Asian buyers and offset the impact of European Union sanctions, three sources familiar with the matter told Reuters. Moscow has said it hopes to reroute energy exports from the West to Asia, but doing so via
World Oil (Bloomberg) — Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said. Saudi Arabia’s crude production rose to 10.3 million
World Oil (Bloomberg) — Russia will find new buyers for its oil, natural gas and coal both at home and abroad as some traditional customers reject its deliveries, said President Vladimir Putin. While most countries haven’t imposed direct sanctions on Russian energy sales in retaliation for its invasion of Ukraine, shipments have been curtailed as buyers look elsewhere or grapple
CNBC WASHINGTON – Iran on Thursday opened its first oil terminal in the Gulf of Oman, a move aimed at making Iranian President Hassan Rouhani’s regime less dependent on the Strait of Hormuz, often a source of international tension. The location of the new oil terminal — a project that began in 2019 and will cost some $2 billion —
CNBC DUBAI, United Arab Emirates — Iranian President-elect Ebrahim Raisi gave his first press conference since the country’s election, saying Monday his priorities would be to improve ties with regional neighbors and revive the 2015 nuclear deal — and at the same time squarely ruling out meeting with U.S. President Joe Biden. “We support the negotiations that guarantee our national
Reuters DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday. Compared with May, total exports – including non-oil exports of goods such as chemicals and plastics – grew by 19.1%, or $1.86 billion, the General Authority for Statistics said. Saudi Arabia, the world’s
Source: Houston Chronicle The nation’s supplies of commercial crude oil spiked by 5.7 million barrels last week, but declines in refined products caused overall petroleum supplies to fall for an unprecedented fourth consecutive week. Crude oil prices dipped a bit Wednesday morning on the more bearish crude inventories increase, but the offsetting declines in other petroleum supplies kept oil prices
From The Calgary Herald A war of words between oil companies and their main pipeline provider Enbridge Inc. is expected to break out amid sweeping changes to Canada’s biggest oil export pipeline network at a time of tight takeaway capacity. On Aug. 16, MEG Energy Corp. president and CEO Derek Evans wrote a letter to the National Energy Board, Canada’s
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