The seizure follows a series of shipping security incidents in the Persian Gulf. The region and the Red Sea have been a hotbed for attacks on vessels in recent years, with tensions flaring between Saudi Arabia and Iran. SourceContinue Reading
Pakistan has become one of the top emerging markets for the super-chilled fuel in recent years as domestic gas production has plateaued, forcing the nation to import cargoes. SourceContinue Reading
A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation. SourceContinue Reading
The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve. SourceContinue Reading
China’s Ministry of Commerce said the country would take necessary action to protect the rights of Chinese companies, and that it hoped the two countries could work together to create a fair and predictable environment for businesses and investors. SourceContinue Reading
National Iranian South Oil Co. and Iranian Offshore Oil Co. will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and Kohgiluyeh and Boyer-Ahmad provinces, National Iranian Oil Co. said in a statement. SourceContinue Reading
It’s the first time Baghdad has sought a prepayment deal, in which oil is effectively used as security for a loan. It’s also the latest example of China lending to struggling oil producers via state-controlled trading companies and banks. SourceContinue Reading
This deal, plus more to be announced, target drilling 23 wells in nine regions in the Mediterranean and three regions in the Red Sea, with a minimum total investment seen at $1.4 billion. SourceContinue Reading
Fighters linked to Islamic State raided a town less than 5 kilometers (3 miles) from the construction camp this week of what is Africa’s largest private investment, ratcheting up risks for the planned LNG export terminal on Mozambique’s northern coastline. While the heavily guarded site hasn’t been attacked yet, militants have made threats that they...Continue Reading
Venezuela has managed to defy sweeping U.S. sanctions against state-owned producer PDVSA and keep shipping some crude abroad, mainly to China. But Washington has intensified the crackdown on companies that break the restrictions, and PDVSA has struggled to sell its barrels in Asia. SourceContinue Reading
