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2018-10-22 12:25:00

OIL PRICE: NEAR $80 AGAIN

OIL PRICE: NEAR $80 AGAIN

REUTERS - Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran's crude exports are implemented next month.

Benchmark Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 percent, above their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.60 a barrel, up 48 cents, or 0.7 percent.

The U.S. sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on Nov. 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear program.

U.S. Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere.

Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.

Some relief may come from North America, where U.S. drillers added four oil rigs in the week to Oct. 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015.

The U.S. rig count is an early indicator of future output. With activity increasing after months of stagnation, U.S. crude production is also expected to continue to rise.

Reflecting rising U.S. crude exports, the Intercontinental Exchange (ICE.N) said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday.

In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand.

"The full impact of the U.S.-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note.

Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

K.Y. Lin, spokesman for Taiwan's Formosa Petrochemical Corp, a major fuel refiner, said "weaker demand in Europe and the U.S." was already affecting gasoline profit margins as excess fuel is being sent to Asia.

 

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Earlier: 

Prices
2018, October, 19, 11:25:00

OIL PRICE: NOT ABOVE $80

REUTERS - Benchmark Brent crude oil LCOc1 was up 20 cents a barrel at $79.49 by 0740 GMT. U.S. light crude CLc1 was 15 cents higher at $68.80.

 

Prices
2018, October, 17, 10:35:00

OIL PRICE: ABOVE $81 ANEW

REUTERS - U.S. West Texas Intermediate crude CLc1 was up 25 cents, or 0.4 percent, at $72.17 a barrel by 0648 GMT on Wednesday, having settled up 14 cents. Brent crude LCOc1 was up 26 cents, or 0.3 percent, at $81.67 a barrel, after settling up 63 cents the session before.

Prices
2018, October, 17, 10:25:00

ЦЕНА URALS: $81.10625

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2018 года составила $ 81,10625 за баррель, или $ 592,1 за тонну.

 

 

Prices
2018, October, 17, 10:20:00

INDIA'S PIVOTAL IMPORTANCE

OPEC - We forecast that primary energy demand, globally, is expected to increase by 33%, or 91 mboe/d, between 2015 and 2040. A massive 24% of this anticipated increase will be from India, or 22 mboe/d.

 

Prices
2018, October, 15, 12:30:00

OIL PRICE: NEAR $81 ANEW

REUTERS - Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before slipping to $80.83, up 40 cents, by 0745 GMT. U.S. crude was last up 20 cents at $71.54.

 

Prices
2018, October, 15, 12:10:00

IRAN SANCTIONS DOWN

PLATTS - Iran played down the impact of looming US sanctions on its economy with a senior official saying on Sunday that the current high oil prices should make up for any fall in oil sales, according to state-owned news agency IRNA.

 

 

Prices
2018, October, 15, 12:05:00

IRAN - S.KOREA OIL DOWN ANEW

PLATTS - South Korea imported no Iranian crude in September -- for the first time since September 2012 -- ahead of the looming reimposition of US sanctions on Tehran, preliminary data released by Korea Customs Service showed Monday. 

Tags: OIL, PRICE, BRENT, WTI,

Chronicle:

OIL PRICE: NEAR $80 AGAIN
2019, January, 18, 10:25:00

BANGLADESH'S NEW ENERGY

PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.

OIL PRICE: NEAR $80 AGAIN
2019, January, 18, 10:20:00

NOVATEK PRODUCTION +6.9%

NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.

OIL PRICE: NEAR $80 AGAIN
2019, January, 16, 11:40:00

OIL PRICE: ABOVE $60

REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

OIL PRICE: NEAR $80 AGAIN
2019, January, 16, 11:35:00

GERMANY PROTECTS EUROPE

REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.

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