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The IEA warns of a storm that could hit oil markets

01:32 - 10/08/2018

 
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said the International Energy Agency on Friday that oil markets have entered a short period of calm, but the storm may be approaching later this year, when a new US sanctions will reduce Iranian oil supplies. 
"The recent lull in the market, with the easing of supply tensions in the short term, the current price decline and low demand growth may not continue," the agency, which oversees energy policies in industrialized countries, said in a monthly report. 
Oil prices rose near $ 80 a barrel, the highest level since 2014, on fears of supply shortages, but prices have fallen in recent weeks as Libya recovered some of the loss of production. Washington has indicated it may give some Asian oil buyers some exceptions Sanctions next year.
But the United States says it is still trying to force Iranian oil customers to halt purchases entirely in the long term. 
Iran is the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC) with production of about four million barrels a day, or 4 percent of world production. 
"With oil sanctions in place on Iran, possibly alongside production problems elsewhere, maintaining global supplies may be challenging and may come at the expense of maintaining an adequate reserve of surplus production capacity," the agency said.

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After plummeting more than 3 percent on Wednesday, oil prices steadied early on Thursday, but still traded close to their seven-week low as the U.S.-China trade war is escalating and currently trumping fears of a significant Iranian supply loss later this year.

At 7:25 a.m. EDT on Thursday, WTI Crude was trading down 0.12 percent at $66.86, while Brent Crude was up 0.17 percent at $72.40, holding steady after a 3-percent plunge yesterday, when China and the United States traded a new round of tariffs and counter-tariffs on US$16 billion worth of each others’ imports, with China slapping tariffs on 333 U.S. goods, including petroleum products. China, however, removed crude oil from the list of products up for tariffs beginning on August 23.

Despite China backing off crude oil import tariffs for now, the escalating trade war has traders and investors worried that not only it could drag crude trade in the dispute, but also slow down economic growth in the two biggest economies in the world, which in turn could affect global oil demand and demand for other commodities.

The EIA weekly inventory report on Wednesday was also more on the bearish side, despite a draw of 1.4 million barrels of crude oil for the week to August 3.

 

Some analysts had expected a larger draw, of more than 3 million barrels. Gasoline inventories added 2.9 million barrels last week, the EIA said, against expectations for a drop of 1.7 million barrels in a Reuters poll. Related: Why Saudi Oil Production Suddenly Dropped

While the trade war and the U.S. inventories report dragged oil prices down on Wednesday, for the coming months, investors, traders, and analysts expect the return of the U.S. sanctions on Iran to continue keeping a floor under the price of oil.

“The impact of it is the greatest known unknown of the year. If worst comes to worst and 1.5-2 million bpd of Iranian disappears from the market ... calculations will go out of the window and oil bears will have to brace themselves for a very rough ride,” PVM Oil Associates analyst Tamas Varga told Reuters.

 

https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Hit-7-Week-Low-As-Trade-War-Heats-Up.html

 

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Beijing’s decision to not impose tariffs on U.S. crude oil imports has relieved local state refiners, who have been expanding their purchases from U.S. suppliers, sources from the industry toldReuters.

China last slapped 25-percent import tariffs on U.S. products worth US$16 billion, but stopped short of adding crude oil to this list. The crude oil imports were worth around half of this, based on Sinopec’s forecast of an average daily rate of U.S. oil imports of 300,000 bpd.

One Reuters source says Sinopec, the largest refiner and buyer of U.S. crude in Asia, had lobbied with Beijing to make sure it will not add crude oil to the tariff list.

 

Also, “The U.S. will be the single largest source of new oil supplies outside OPEC. It’s in China’s interest to diversify supplies,” another source told Reuters.

But some believe that the removal of crude oil from the tariff list is only a delay tactic, and that Beijing will keep the oil card for the future as the trade war shows no signs of approaching any sort of an end.

China could perhaps use oil as a bargaining chip in future negotiations with Washington—especially, Reuters notes, if it loses any amount of Iranian supply as a result of the sanctions. Such a loss may or may not happen: China gave in to a request from Washington to stop increasing its shipments of Iranian oil but said it will not suspend purchases.

The country imports some 650,000 bpd of Iranian oil currently, which is worth US$15 billion annually. State oil majors Sinopec and CNPC have also invested heavily in their own equity production in Iran. But imports of Iranian oil could still be threatened, according to analysts, so China could be taking precautions with the exclusion of oil from tariffs.

Nothing is certain, however. The latest threat from President Trump is to slap tariffs on US$200 million worth of Chinese goods. This move could sap the patience of Beijing and make it add crude oil to the next list of U.S. goods facing tariffs.

 

https://oilprice.com/Latest-Energy-News/World-News/Chinese-Refiners-Relieved-As-Beijing-Backpedals-Tariffs-On-US-Crude.html

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  • yota691 changed the title to Iran calls for an extraordinary meeting of the "OPEC"

fit

The number of active oil rigs in the United States registered the biggest weekly increase since May as energy companies continue to implement plans to increase exploration and production spending in anticipation of higher crude prices in 2018 over the past few years.

Drilling companies added 10 oil rigs in the week ending Aug. 10 to a total of 869 diggers, the highest level since March 2015, Baker Hughes Energy Services said Friday in its closely watched weekly report.

The increase in the number of rigs came despite a fall in US crude prices for a sixth week in a row for the first time since August 2015 on concern that trade tensions between the United States and China could hurt demand for oil.

The number of active oil rigs in the US, a preliminary indicator of future production, is higher than a year ago when it reached 768 as oil companies increased output and expected prices in 2018 would be higher than in previous years.

The average price of US crude oil contracts since the beginning of the year is $ 66.28 per barrel, compared with an average of $ 50.85 last year and $ 43.47 in 2016.

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crude oil

  

 Arab and international


Economy News Baghdad

Crude oil futures fluctuated in a tight range slipping towards the Asian session as the dollar index rose to its highest level since June 28 last year, amid a lack of economic data earlier this week by major global economies led by the US and China.

At 03:45 GMT, Brent crude futures were down 0.32% to trade at $ 72.58 per barrel, compared to the opening at $ 72.81 a barrel. The dollar index rose 0.07% to 96.42, compared to the opening at 96.36.

US crude futures for November delivery fell 0.06% to $ 67.59 a barrel from $ 67.63 a barrel.


Number of Views 4   Date Added 13/08/2018

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OPEC revised slightly down on Monday its estimates for global oil demand growth in 2018 and 2019, while it revised up—for yet another month—its forecast for non-OPEC supply growth.

In its Monthly Oil Market Report published on Monday, OPEC revised down its oil demand growth forecast for 2018 by 20,000 bpd from the previous month’s projection and now sees the world demand for oil increasing by 1.64 million bpd, due to weaker-than-anticipated demand in Latin America and the Middle East in the second quarter. Total global oil demand is expected to reach 98.83 million bpd this year, OPEC’s latest estimates show. For 2019, global oil demand growth is expected to slow down from 2018, with growth forecast at 1.43 million bpd, some 20,000 bpd lower than OPEC’s prediction last month. Next year, total world oil consumption is anticipated to cross the 100-million-bpd mark and reach 100.26 million bpd.

In 2019, the Americas will be the key OECD demand growth driver, while China and India will see the highest oil demand growth levels among non-OECD countries, according to OPEC.

 

Referring to non-OPEC oil supply, OPEC revised up its forecast for 2018 by 73,000 bpd from the previous MOMR to 59.62 million bpd this year, an increase of 2.08 million bpd year-on-year, mostly due to higher-than-forecast Chinese supply. For 2019, the United States, Brazil, Canada, the United Kingdom, Kazakhstan, Australia, and Malaysia will be the main growth drivers, while Mexico and Norway are expected to see the largest declines, OPEC said, but noted that “the 2019 forecast is subject to many uncertainties.”

“However, if any unexpected supply outages should occur due to natural disasters/technical shortcomings and these coincide with any geopolitical supply disruption, it could bring the market into an imbalanced situation,” the cartel warned. “Furthermore, investment has not yet returned to the levels seen prior to the price crash of 2014,” OPEC said.

Related: Can China Afford To Slap Tariffs On U.S. Oil?

Apart from warning about insufficient investments and a much tighter oil market in case of several supply disruptions at a time, OPEC cautioned that its current projections for the global economy are based on “no significant rise in trade tariffs” and the assumption that “current disputes will be resolved soon.”

“Rising trade tensions, leading to mounting uncertainties, translating into falling business and consumer sentiment, may provide a significant downside risk to the current relatively positive outlook. Negative impacts on global investments, capital flows and consumer spending may also have a detrimental effect on the global oil market.”

 

https://oilprice.com/Latest-Energy-News/World-News/OPEC-Revises-Down-Global-Oil-Demand-Growth-Estimate.html

 

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Saudi Arabia And Iran Reignite The Oil Price War

By Tsvetana Paraskova - Aug 13, 2018, 4:00 PM CDT oil tanker

The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.

Saudi Arabia, OPEC’s largest producer, has been boosting oil production to offset supply disruptions elsewhere, including the anticipated loss of Iranian oil supply after U.S. sanctions on Tehran return in early November. The Saudis are also cutting their prices to the prized Asian market to lure more customers as they increase supply.

Iran, OPEC’s third-largest producer, is trying to convince its oil customers to continue buying Iranian oil despite stringent U.S. efforts to curb Iranian production.

Iran has slashed its official selling prices (OSPs) for all grades to all markets for September, looking to monetize what could be its last oil sales to some markets in Asia before the U.S. sanctions kick in. Tehran cut the prices for its flagship oil grades to more than a decade low compared to similar varieties of the Saudi crude grades, according to data compiled by Bloomberg.

Last week, the National Iranian Oil Company (NIOC) slashed the OSP for the Iranian Light crude grade to Asia by US$0.80 to US$1.20 a barrel above the Dubai/Oman average, used for pricing oil to Asia. The September prices for Iranian Light to Asia are at a 14-year-low compared to the similar Saudi grade sold to the world’s fastest-growing oil market, Bloomberg has estimated.

Earlier this month, the Saudis also slashed the September prices to Asia for their flagship grade, Arab Light, by US$0.70 to US$1.20 a barrel premium over the Dubai/Oman average. The reduction was slightly deeper than expected and the second consecutive monthly cut in pricing. The Saudis cut the prices for all their grades to all markets except for the United States.

Now Iran is also slashing prices for all grades to all markets, with the prices for Iranian Light, Iranian Heavy, Forozan, and Soroush grades to Asia, Northwest Europe, and the Mediterranean all cut by between US$0.50 and US$1.45, depending on the market and grades. Related: Who Profits From Iran’s Oil Major Exodus?

The OSPs for Iranian Heavy and Forozan to Asia were slashed against the similar Saudi grades to their lowest levels since at least 2000, the year in which Bloomberg started compiling the data.

 

Iranian Light and the Saudi Arab Light for Asia for September are now priced at the same level—US$1.20 a barrel above the Dubai/Oman average.

For the Saudis, the cut is aimed at enticing more buyers in order to take advantage of the refiners in Asia that are looking to cut Iranian oil intake for fear of running afoul of the U.S. sanctions. For Tehran, the cut in prices is an attempt to keep refiners buying by offering yet another incentive for them on top of the extended credit periods and nearly free shipping.

It has also been reported that Iran has started to offer India—its second-biggest oil customer after China—cargo insurance and tankers operated by Iranian companies as some Indian insurers have backed out of covering oil cargoes from Iran in the face of the returning U.S. sanctions on Tehran. 

India’s imports from Iran could start to slow from August as some big Indian refiners worry that their access to the U.S. financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran. Related: Can China Afford To Slap Tariffs On U.S. Oil?

The U.S. hasn’t been able to persuade Iran’s biggest oil customer China to reduce oil purchases, but Beijing has reportedly agreed not to increase its oil imports from Iran.

Other relatively large Asian buyers of Iranian oil—South Korea and Japan—are looking for U.S. guidance and (possibly) waivers before deciding how to proceed, but they are currently very cautious and on the lookout for alternative supplies.

Analysts, and reportedly the U.S. Administration itself, currently expect the sanctions to remove around 1 million bpd from the oil market.

Considering the intensity of efforts by the U.S. to cut off as much Iranian oil exports as possible, it is unlikely that even Iran’s significant discounts to Asian customers will save the country’s oil exports.

 

https://oilprice.com/Energy/Oil-Prices/Saudi-Arabia-And-Iran-Reignite-The-Oil-Price-War.html

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Tehran to Send oil to Asia at Discount

 
 
Tehran to Send oil to Asia at Discount
 

ERBIL - The Islamic Republic of Iran is selling oil and gas at a discount to Asian costumers as the country is preparing for the return of Washington sanctions, state-run media said on Monday.

"The discount is part of the nature of the global markets being offered by all oil exporters," the source told IRNA, without giving any details of the discount rate.

Earlier on Friday, Bloomberg said that the state-run National Iranian Company was reducing the official prices for September sales to 'Asia to their lowest level in 14 years, compared with Saudi crude'.

 

 

http://www.basnews.com/index.php/en/news/middle-east/459005

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  • yota691 changed the title to OPEC expects to reduce demand for its oil in 2019
 
Monday 13 August

 

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Alsumaria News / Baghdad
predicted the Organization of the Petroleum Exporting Countries (OPEC) on Monday, next year 's drop in demand for its oil with competitors to pump more crude. 

In its monthly report, OPEC said the world would need 32.05 million barrels per day (bpd) of crude from the 15 member states in 2019, down 130,000 bpd from last month's forecast. 

OPEC said its oil production in July rose to 32.32 million bpd, a level above demand expectations, despite a sudden cut in Saudi output just weeks after Opec and its allies agreed to increase supplies.

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Nice Davo. I had a 63 convertible for about 3 months. Yep I wrecked. Yep I was drunk.  That was my low point and message I needed help with the drinking. Deal.  I was lucky to survived that collision.  Note to self. Trees always win. 

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Saudi Replaces Iraq As Top Oil Supplier To India In July: Report

Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China.

Updated: August 15, 2018 00:29 IST
 
Saudi Replaces Iraq As Top Oil Supplier To India In July: Report

Imports of Iranian oil by India, surged to a record 768,000 barrels per day (bpd) in July

NEW DELHI: 

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of U.S. sanctions altered trade routes.

Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China.

The United States in May quit the 2015 nuclear deal and announced reimposition of sanctions on Tehran. While some sanctions were implemented from Aug. 6, those affecting Iran's petroleum sector will come into force from Nov. 4.

Imports of Iranian oil by India, Tehran's top oil client after China, surged to a record 768,000 barrels per day (bpd) in July due to higher intake by state refiners, tanker arrival data showed.

India's top refiner wants to continue buying Iranian oil as the OPEC member is offering discounts in freight and extended credit period, Sanjiv Singh, Chairman of Indian Oil Corp, said on Monday.

Saudi Arabia and Iraq continued to be the two biggest oil suppliers to India last month although monthly supplies from them declined by 12 percent and about 23 percent in July, the data obtained from shipping and trade sources showed.

The sources declined to be identified.

On top of incentives offered by Iran on oil sales, higher July official selling prices (OSPs) of oil from Saudi Arabia and Iraq also dented demand for their oil.

 
 

"Iranian crude OSPs for July have moved in tandem with other middle east producers but incentives offered by Iran has made its oil more attractive compared to other alternatives," Sushant Gupta, Research Director, Asia Pacific Refining, at consultancy Wood Mackenzie.

Gupta said less buying from other importers such as Japan, South Korea and Europe have also led led to more volumes towards India.

"The deadline to reduce Iranian crude is November 4th. So with this increase in July, India would show a bigger cuts in Iranian crude come Q4 2018," he added.

Saudi Aramco raised July Arab Light crude price to Asia to 4-year high while Iraq increased the official selling prices for Basra Light crude to Asia by $0.40 a barrel.

Apart from Iran, India also boosted intake of Venezuelan and Nigerian oil.

India's imports of Venezuela oil in July rose to 423,500 bpd, an increase of 37 percent from June, as some of the delayed cargoes from May arrived in July.

Narrowing of Brent's premium to Dubai prompted Indian refiners to lift more Nigerian grades, said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE.

 

6https://www.ndtv.com/india-news/saudi-replaces-iraq-as-top-oil-supplier-to-india-in-july-report-1900642

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  • yota691 changed the title to Oil prices fall as US inventories increase
Editorial date: 2018/8/15 13:33  71 times read
Oil prices fall as US inventories increase
{International: Al Furat News} Oil prices fell on Wednesday on a report of an increase in US inventories of crude, while a bleak economic outlook raised speculation about lower demand for fuel.
Brent crude futures were $ 72.14 a barrel at 1221 GMT, down 32 cents, or 0.4 percent, from the last close. 
WTI futures fell 34 cents, or 0.5 percent, to $ 66.70 a barrel. 
US crude inventories rose 3.7 million barrels in the week ending Aug. 10 to 410.8 million barrels, compared with analysts' forecasts of a 2.5 million barrel decline. 
The US Petroleum Institute said oil inventories at the delivery center in Cushing, Oklahoma rose by 1.6 million barrels. 
The Energy Information Administration is due to release official US fuel inventories later Wednesday. 
Traders said the sentiment was also affected by bleak economic prospects, which could affect demand for oil.
This is due to the fact that the OECD Composite Index, which covers developed Western economies as well as China, India, Russia, Brazil, Indonesia and South Korea, peaked in January but has since declined. 

The gloomy outlook also reinforces the announcement by the Dutch Bureau of Economic Policy Analysis that global trade growth peaked in January to about 5.7 percent year-on-year, but fell by almost half to less than 3 percent in May.
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 Arab and international


Economy News _ Baghdad

Oil markets on Thursday offset some of the losses from the previous session after Beijing said it would send a delegation to Washington to try to resolve the US-China trade dispute, which worries world markets.

But the market is still locked in price declines amidst the conflict and fears of an economic slowdown in emerging markets.

At 0712 GMT, Brent crude futures were at $ 71.11 a barrel, up 0.35 percent, up 0.5 percent from the previous close.

US crude <LCOc1> was up 15 cents, or 0.2 percent, at $ 65.17 a barrel as US crude production and stockpiles soared.

Both benchmark crude lost more than 2 percent in the previous trading day.

Traders said markets were high on Thursday on news that a Chinese delegation headed by the deputy commerce minister would hold talks with US representatives led by the Treasury Under Secretary for International Affairs later in August.


Views 3   Date Added 16/08/2018

 
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Cracks In Global Economy Weigh On Oil Markets

By Tom Kool - Aug 17, 2018, 2:00 PM CDT Globe

Oil posted steep losses mid-week on sudden concerns about global economic stability. 

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Friday, August 17th

 

Turkey’s currency crisis has raised fears of destabilization in emerging markets. With higher financial risks in mind, traders sold off oil.

EIA’s bearish report. The EIA reported a 6.8-million-barrel increase in crude stocks this week, sending prices down on Wednesday. The abnormally large build sent a shudder through the oil market, raising the prospect of a slowdown.

Cracks in global economy. The Turkish lira crisis has put concerns about the health of the global economy front and center. Bloomberg says that if the economy falters, it will show up in timespreads for oil futures. “Crude oil prices and the crude curve structure are typically the indicator which picks up all the demand side factors and all the supply side factors into one number,” said Bjarne Schieldrop of SEB. For much of 2018, Brent futures were in a state of backwardation. The recent flip into contango – in which front month contracts trade at a discount to longer-dated futures – is a bearish sign.

Currency weakness could hit emerging market demand. The plunge in the lira has infected several other emerging market currencies, most notably, Argentina’s peso and India’s rupee. That makes oil vastly more expensive in those countries, which ultimately could undercut demand. “Higher oil prices paired with a weakening domestic currency spells trouble for major emerging market oil demand growth countries like India, where consumers are already paying near record levels for retail petrol,” said Michael Tran, global energy strategist at RBC Capital Markets LLC. Related: Can U.S. Shale Stop A Global Oil Supply Crisis?

Protests in Libya threaten production again. A new round of protests by workers at Libya’s key Zawiya oil export terminal threaten to disrupt production at the Sharara oil field, according to S&P Global Platts. Libya has succeeded in restoring production after previous events, pushing output back above 1 mb/d. But the latest protests could shut in the 340,000-bpd Sharara field this weekend. “We are expecting a complete shutdown [at Sharara] because of some problems at Zawiya refinery. Tomorrow a tanker is due but maybe loading will be stopped by the guys causing the problems,” a source at the Sharara field said, according to S&P Global Platts.

Trump admin to release revised power plant rule. The Trump administration is expected to release a draft proposal to replace the Obama-era Clean Power Plan, which put limits on greenhouse gas emissions from power plants. The plan would give states leeway to write their own rules or even opt out of emissions limits.

Diamondback to acquire Energen for $8.4 billion.Diamondback Energy (NASDAQ: FANG) announced plans to purchase Energen (NYSE: EGN) in an $8.4-billion all-stock takeover. The deal would give the combined company 390,000 acres in the Midland and Delaware basins in the Permian, and according to the WSJ, it would grow Diamondback’s Permian acreage by 85 percent. Diamondback says the deal will generate $3 billion in cost savings over time. Although deal-making has been quiet in the shale patch relative to prior years, the Energen acquisition is the latest in a wave of consolidation in the Permian. It comes after BP (NYSE: BP) decided to spend more than $10 billion to acquire shale assets from BHP Billiton (NYSE: BBL). Earlier this year Concho Resources (NYSE: CXO)bought RSP Permian for $9.5 billion.

Weak interest in offshore auction. Despite the Trump administration’s efforts, the oil industry isn’t showing much interest in offshore auctions. Companies only bid on less than 1 percent of the acreage offered in the Gulf of Mexico auction this week, the second year in a row in which they largely ignored a major offering. ExxonMobil (NYSE: XOM) won 25 blocks, the most out of any company. BP (NYSE: BP) won 18, Hess (NYSE: HES) and Equinor (NYSE: EQNR) each obtained 16. In total, companies placed bids on 144 blocks out of the 14,575 that were up for sale. The industry appears much more interested in other offshore basins, such as in Mexico and Brazil.

Germany to fall short on climate pledge. Germany has been at the forefront of reducing greenhouse gas emissions, but the country is on track to fall short of its own stated climate goals by 2025. Germany has ramped up installations of renewable energy, but the closure of most its fleet of nuclear power plants has offset some of those gains. That has led to a persistent reliance on coal-fired power plants, a conundrum that has vexed the German government as it tries to wring more emissions reductions out of its economy. The goal is to cut emissions by 40 percent below 1990 levels by 2025. So far, Germany has only reduced those emissions by about 28 percent.

Related: The Winners And Losers This Earnings Season

Iran says discussions with U.S. was a mistake. Iran’s Supreme Leader said that it was a mistake to negotiate with the U.S. for the 2015 nuclear deal. “With the issue of the nuclear negotiations, I made a mistake in permitting our foreign minister to speak with them. It was a loss for us,” Ayatollah Ali Khamenei said.

Keystone XL delayed again. A U.S. federal judge ruled that the State Department must redo an environmental assessment after the Keystone XL project received the go-ahead for a revised route through the state of Nebraska. The Trump administration argued that the revised route didn’t affect the State Department’s permit, which requires a full environmental assessment, but the judge ordered the agency to study the project’s environmental impact again. The ruling could delay the beginning of construction beyond the 2Q2019 planned start date.

SEC subpoena’s Tesla. The SEC has subpoenaed Tesla (NASDAQ: TSLA) after Elon Musk’s tweet about taking the company private. Regulators have opened up a formal investigation into the company.

U.S. sanctions have only minimal impact on Russia’s oil. The U.S. just slapped severe sanctions on Russia but the move won’t have a damaging impact on Russia’s energy sector as prior rounds of sanctions might have. Reuters reports that Russia’s oil sector has pivoted away from western technology, western funding and western partnerships, reducing the industry’s vulnerability to U.S. sanctions.

 

https://oilprice.com/Energy/Energy-General/Cracks-In-Global-Economy-Weigh-On-Oil-Markets.html

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  • yota691 changed the title to Oil falls amid concerns about global economic growth
 
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 Arab and international


Economy News _ Baghdad

Oil prices fell on global markets on Friday amid growing concerns about slowing world economic growth, which could limit demand for oil.

Brent crude futures fell 3 cents to $ 71.40 a barrel by 02:29 GMT, while US crude futures fell 1 cent to $ 65.45 a barrel.

Brent is on the verge of a 2% decline this week, down for a third week in a row, while US crude is on track to lose for the seventh week, with a drop of more than 3%.

US data released on Wednesday showed a dramatic increase in US crude inventories, fueling worries about fuel demand expectations.

"Investors remain cautious as the sudden increase in US inventories on Wednesday is still in their minds," ANZ said.

He stressed that investors fear that the exchange of China and the United States to impose tariffs on goods and products in the billions of dollars, may affect the global economic growth.


Views 23   Date Added 17/08/2018

 
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OPEC announces oil drop globally

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OPEC announces oil drop globally

 

18-08-2018 02:42 PM

 

The Euphrates -

 

The Organization of the Petroleum Exporting Countries (OPEC) said on Saturday that OPEC's daily basket price was $ 69 per barrel 
While Brent crude closed at a loss of $ 71.80. 

The Organization of Petroleum Exporting Countries said in a statement on Saturday that the price of the OPEC basket of 14 barrels of crude oil was $ 69.47 per barrel. 

"The price fell from the previous day of $ 69.77, according to OPEC's calculations," it said. 

Brent crude closed on a weekly loss despite rising to $ 71.80 per barrel.

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  • yota691 changed the title to Iran says OPEC members are not entitled to take their share of oil exports
 
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OPEC logo

  

 Arab and international


Economy News Baghdad

A senior Iranian diplomat urged the Organization of the Petroleum Exporting Countries (OPEC) Secretary General to distance the Organization from the political orientation of some members and said no member should be allowed to control the share of another member of oil exports, the Oil Ministry said on Sunday.

"No country has the right to take the share of other members from oil production and exports under any circumstances, and the OPEC Ministerial Conference has not authorized any such actions," Kazim Ghareeb Abadi, Iran's permanent envoy to international organizations in Vienna, .

Iran has asked Opec to support it in the face of new US sanctions and has pointed out that it does not agree with the view of Saudi Arabia, which sees a potential need to increase world oil supplies.


Views 11   Date Added 19/08/2018

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Iran: OPEC members are not entitled to take our share of oil exports

11:45 - 19/08/2018

 
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Follow - up - the balance of News 
announced that Iran 's oil ministry on Sunday that an Iranian diplomat urged great Secretary - General of the Organization of Petroleum Exporting to disassociate the organization from the political orientations of some members said that should not allow any member to control the share of another member of Alinvt.bhsp Reuters exports. 
The transfer of the official website of the Ministry of Kazem Gharib Abadi Permanent Iran 's envoy to the International Organizations in Vienna as saying , "No State shall have the right to take the other members of the share of oil production and exports under any circumstances, and the OPEC Ministerial has not issued any authorization by such actions." 
The Iran has asked OPEC to support it in the face of new US sanctions and pointed out that it does not agree with the view of Saudi Arabia, which sees a potential need to increase global oil supplies.

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