London — Hedge funds resumed selling petroleum as Saudi Arabia ramped up output following attacks on its oil installations and the focus shifted back to the poor health of the global economy and oil consumption. Hedge funds and other money managers sold 16 million barrels of futures and options in the six major petroleum contracts […]
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More »Bangkok — Thailand’s energy minister on Sunday welcomed a decision by U.S. energy company Chevron to continue negotiations rather than seek arbitration to resolve a dispute over who should pay for removing offshore oil and gas platforms. Thailand wants Chevron to pay the full decommissioning costs, estimated by a local newspaper at around $2.5 billion, […]
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More »Singapore — Petrochina said on Sunday that certified, newly added proven shale gas geological reserves at Changning-Weiyuan and Taiyang blocks in the Sichuan basin totaled 740.97 billion cubic metres. China’s state-run energy producers are raising spending on domestic oil and gas drilling to a multi-year high this year, answering Beijing’s call to boost energy supply […]
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More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.51 a barrel on Friday, compared with $62.31 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Dubai — Iran’s oil minister told the petroleum industry on Sunday to be on alert to physical and cyber attacks, amid heightened tensions with the United States in the Gulf region. U.S. media reports have said Washington was considering possible cyber attacks against Iran after the Sept. 14 attacks on Saudi Arabia’s oil sites, which […]
The post Iran oil industry must be alert to physical, cyber threats – minister appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — Oil production activities are now set to recommenced in Oil Mining Lease, OML 25, two years after the Belema Flow Station and Gas Plant was shutdown, due to a protracted dispute between Shell Petroleum Development Company, SPDC and the host communities. This is as the Federal Government through the Ministry […]
The post Jubilation as Sylva, Kyari re-open OML 25 in Rivers, sue for peace appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — The Shell Petroleum Development Company of Nigeria Limited, SPDC, says the Niger Delta people have the necessary ingredients to attract much more investment to the region given the region’s “fantastic basis for growth and for competitiveness.” Deputy Managing Director of SPDC, Mr. Simon Roddy said Niger Delta stakeholders need to ensure […]
The post SPDC explains how Niger Delta can attract more investment appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — Oil Producing Host Communities of Nigeria, HostCom, have pledged its readiness to support and work closely with the Nigerian Content Development and Monitoring Board, NCDMB, to ensure the sustenance of the Board’s projects and peaceful operations. Bayelsa State Chairman of HostCom, HRH Boma Albert, made the commitment during a visit to […]
The post HostCom pledges to support NCDMB on local content implementation appeared first on SweetCrudeReports.
More »News wire — Nordic front-quarter power prices rose on Friday, supported by forecasts for relatively cooler weather, while weaker carbon rates weighed on front-year prices. * Nordic front-quarter baseload power contract rose 0.26 euro to 37.60 euros per megawatt hour (MWh) as of 1142 GMT. * “Temperatures are dropping which is reducing expected inflows and […]
The post NORDIC POWER – Front-quarter prices gain on colder weather view appeared first on SweetCrudeReports.
More »Sarajevo — The government of Bosnia’s autonomous Bosniak-Croat Federation plans to issue a tender in October to award oil and gas exploration and exploitation licences, it said on Friday. The Federation, which makes up Bosnia alongside the Serb Republic, is offering investors the opportunity to search for hydrocarbon deposits in four blocks in the Dinaridi […]
The post Bosnia’s region to issue oil, gas exploration tender in Oct. appeared first on SweetCrudeReports.
More »Minsk/Nur-Sultan — State energy company Belneftekhim said on Thursday that Belarus plans to sign a deal to buy oil from Kazakhstan in October, although Kazakh Energy Minister Kanat Bozumbayev said that key principles had yet to be agreed. Bozumbayev also said any deal between Kazakhstan and Belarus would face the same hurdles as the oil […]
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More »Tokyo — Japanese gas distributor Tokyo Gas aims to renegotiate long-term contracts with liquefied natural gas (LNG) suppliers to boost flexibility by scrapping clauses that restrict where the cargoes can be sold, its president said on Thursday. Japan’s Fair Trade Commission in 2017 ruled that destination restrictions preventing the resale of contracted LNG cargoes breached […]
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More »Bangkok — U.S. energy major Chevron Corp has opted to continue negotiations with Thailand rather than seek arbitration to resolve a dispute over who should pay for removing offshore oil and gas platforms, the company told Reuters on Wednesday. Thailand wants Chevron to pay the full decommissioning costs for infrastructure at the Erawan gas field, which […]
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More »Mkpoikana Udoma Port Harcourt — The Pan Niger Delta Elders Forum, PANDEF, has charged the Nigerian National Petroleum Corporation, NNPC, to mandate it’s investment and regulatory arms, namely the National Petroleum Investment Management Services, NAPIMS and the Department of Petroleum Resources, DPR to relocate their corporate head offices to the Niger Delta region. PANDEF spoke exclusively […]
The post NAPIMS, DPR must relocate headquarters to N/Delta – PANDEF appeared first on SweetCrudeReports.
More »Lagos — Gazprom is expected to lead new-build gas processing capacity additions in the global gas processing industry from planned and announced (new-build) projects between 2019 and 2023, contributing around 13% to global gas processing capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s report, ‘Global Capacity and Capital […]
The post Gazprom to lead global gas processing capacity additions by 2023 appeared first on SweetCrudeReports.
More »New Delhi — Protests by workers at Coal India Ltd on Tuesday over implementation of reforms including allowing 100% foreign direct investment (FDI) in coal mining paralysed operations and hit production, company officials and union leaders said. The company, which accounts for over four-fifths of India’s coal output and employs about 300,000 people, registered a […]
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More »Warsaw — Poland’s biggest oil refiner PKN Orlen will receive a spot delivery of almost 100,000 tonnes of oil from the United States next month as part of its plan to diversify supply, it said on Tuesday. The group, which wants to reduce its reliance on Russian oil, said it is exploring an option to include […]
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More »Sanya, China/Singapore — China’s national offshore producer CNOOC Ltd expects its major deepwater gas field Lingshui 17-2 in the South China Sea to start its first gas production at the end of 2021, a company executive said on Tuesday. Chinese state-run energy producers are raising spending on domestic oil and gas drilling to multi-year highs […]
The post China CNOOC to start pumping at large deepsea gas field at end-2021 – official appeared first on SweetCrudeReports.
More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $63.93 a barrel on Tuesday, compared with $64.51 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Houston — Oil prices fell 2% on Tuesday as U.S. President Donald Trump fanned market fears that Sino-American trade tensions are far from settled amid ongoing negotiations, a grim sign for oil demand growth. Trump sharply criticized what he called China’s unfair trade practices in a speech at the United Nations General Assembly, saying he […]
The post Oil falls 2% after Trump ratchets up U.S.-China trade war appeared first on SweetCrudeReports.
More »United Nations, New York – With an estimated 390 million people living in extreme poverty, hunger and food insecurity, Africa is in a race against time to deliver on its regional and global development goals. On the sidelines of the UN General Assembly on Sunday, African heads of states and governments met to emphasize urgent […]
The post UN, AfDB high-level meeting calls for speed and action on SDGs appeared first on SweetCrudeReports.
More »Frankfurt — German climate protection plans involving the closure of some coal plants might cost 1.2 billion euros ($1.32 billion) by 2030 without achieving the desired reductions in carbon emissions, an independent study said on Monday. A draft law detailing the plan to shut hard coal fired power plants by offering operators fiscal incentives in […]
The post German coal closure auctions could be costly, insufficient – study appeared first on SweetCrudeReports.
More »London — Kosmos Energy, a U.S.-listed oil and gas exploration company, said on Monday the results of its appraisal drilling offshore Senegal were good enough to consider a second liquefied natural gas (LNG) export plant in the West African country. Kosmos discovered the Greater Tortue accumulation of gas offshore Senegal and Mauritania in 2015 and […]
The post Kosmos touts 2nd LNG plant in Senegal after drilling results appeared first on SweetCrudeReports.
More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $64.51 a barrel on Monday, compared with $65.30 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »OpeOluwani Akintayo, with agency report Lagos — More evidence has emerged in the ongoing Eni/Royal Dutch Shell $1.3 billion corruption case over Nigeria’s controversial Oil Prospecting License, OPL, 254. A Switzerland top court, the Federal Tribunal, has allowed Geneva prosecutors to share with Italy materials they seized more than three years ago that could shed […]
The post OPL 245: More evidence emerge in Eni/Shell corruption payments in Nigeria appeared first on SweetCrudeReports.
More »*As NNPC Concludes $875.75m Alternative Financing Package for OML 65 Expansion Abuja — The push by the Management of the Nigerian National Petroleum Corporation, NNPC, to increase crude oil production and grow the nation’s revenue profile gained momentum with the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company, NPDC, operated OML […]
The post Nigeria to earn fresh $6.35 billion in taxes and royalties appeared first on SweetCrudeReports.
More »OpeOluwani Akintayo Lagos — Seplat Petroleum Development Company Plc, SEPLAT, operator of the NNPC/SEPLAT Joint Venture, says its intentions in host communities and other communities in the areas of health, education and economic empowerment, among others, are in line with its mandate to support the Sustainable Development Goals, SDGs of the United Nations. To this […]
The post NNPC/Seplat JV supports SDGs with community interventions appeared first on SweetCrudeReports.
More »Ike Amos Abuja — The Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday, stated that the Federal Government is going ahead with the sale of its shareholdings in joint venture oil and gas assets. In a statement by the Nigerian National Petroleum Corporation, NNPC, Sylva disclosed that the country’s equity stake in the […]
The post Nigeria govt going ahead with sale of Nigeria’s JV oil assets — Sylva appeared first on SweetCrudeReports.
More »Lagos — A former Director of Legal Services in the Ministry of Petroleum Resources, Mrs Grace Taiga, was on Friday arraigned before a High Court of the Federal Capital Territory for alleged involvement in the signing of the gas supply contract between the Ministry of Petroleum Resources and Processes and Industrial Development, P&ID, of Ireland. […]
The post $9.6bn Judgement Debt: Former Petroleum Ministry director arraigned, remanded in prison custody appeared first on SweetCrudeReports.
More »Abuja — Nigeria lost $1.35 billion to oil theft in the first six months of this year and needs a legal task force with special courts to tackle it, a government committee said on Thursday. The committee, set up to investigate theft from the miles of pipelines that snake through the country’s swampy, oil-rich Delta […]
The post Oil theft cost Nigeria $1.35bn, group urges legal task force appeared first on SweetCrudeReports.
More »*As NNPC Concludes $875.75m Alternative Financing Package for OML 65 Expansion Abuja — The push by the Management of the Nigerian National Petroleum Corporation, NNPC, to increase crude oil production and grow the nation’s revenue profile gained momentum with the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company, NPDC, operated OML […]
The post Nigeria to earn fresh $6.35 billion in taxes and royalties appeared first on SweetCrudeReports.
More »Lagos — The US is expected to drive new-build gas processing capacity growth in the global gas processing industry from planned and announced (new-build) projects between 2019 and 2023, contributing around 24% of global gas processing capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s report, ‘Global Capacity and […]
The post US to contribute 24% of new-build global gas processing industry capacity growth appeared first on SweetCrudeReports.
More »Beijing — China has around 80 days of oil in storage, including those in its strategic petroleum reserve (SPR), oil storage at oil firms and commercial stocks, a National Energy Administration (NEA) official said on Friday. China, the world’s biggest importer of crude oil, will complete building the second phase of its strategic oil storages […]
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More »LAGOS — Nigeria’s central bank held its benchmark interest rate at 13.5%, its governor Godwin Emefiele said on Friday. Most analysts previously polled by Reuters had predicted the central bank would probably ease in September.
The post Central Bank of Nigeria keeps benchmark interest rate at 13.5% appeared first on SweetCrudeReports.
More »Dallas — Total SA cut production on the coker at its 225,500 barrel-per-day (bpd) Port Arthur, Texas, refinery because of heavy lightning, sources familiar with plant operations said on Thursday. Total cannot operate the crane that clears coke dumped from the 60,000 bpd coker during heavy lightning, the sources said. Running one train instead of […]
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More »London — Royal Dutch Shell (RDSa.L) has loaded the first cargo of low-sulfur fuel oil (LSFO) from its Pulau Bukom refining site in Singapore, it said. Demand for stable low-sulfur marine fuel supplies is rising as the shipping sector prepares for the International Maritime Organization’s (IMO) lowering of the cap on sulfur in marine fuels […]
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More »OpeOluwani Akintayo Lagos — The African Institute for Science Policy and Innovation, AISPI of Obafemi Awolowo University has honoured Aiteo Group and her Global Group Director, Procurement & Corporate Services, Mrs. SPB Jigo with two awards. The African Institute for Science Policy and Innovation, AISPI was established as the Technology Planning and Development Unit, TPDU […]
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More »Read the Weekly SweetcrudeReports: Piracy attacks decline in Nigerian waters – Naval Chief. DOWNLOAD IT DOWNLOAD IT
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More »New Delhi — Indian Prime Minister Narendra Modi will meet executives from energy majors BP PLC and Exxon Mobil Corp in the United States next week to discuss investment opportunities, the foreign ministry said on Thursday. The energy hungry nation, which has been increasing imports of crude from the United States, is looking at raising […]
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More »London — Saudi Arabia will try to maintain oil supplies to its major customers by drawing down crude stored at tank farms in the kingdom and in its global network while repairing and replacing installations damaged in the recent attacks. Saudi Arabia reported domestic crude stocks of 180 million barrels at the end of July, […]
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More »Mkpoikana Udoma Port Harcourt — American oil giant, ExxonMobil Nigeria Unlimited and Akwa Ibom State Governor, Udom Emmanuel, Wednesday, met to brainstorm on investment in oil and gas sector in the state. Akwa Ibom State Governor, Udom Emmanuel, on his social media handle, disclosed that other issues discussed during the meeting include job creation, wealth […]
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More »Lagos — It is certain that lithium batteries will be dominant over the coming decade and their chemistry will change in pursuit of reduction in cost and flammability and to obtain greater energy density. Uniquely, IDTechEx forecasts the biggest application – electric vehicles – in 101 categories, but any forecast has assumptions that matter a […]
The post Batteries: IDTechEx discusses unknowns and certainties appeared first on SweetCrudeReports.
More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $67.89 a barrel on Tuesday, compared with $66.43 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.02 a barrel on Friday, compared with $60.51 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Lagos — Fortress Investment Group is expected to lead capacity additions from planned and announced (new-build) projects in the global small-scale liquefied natural gas (LNG) liquefaction industry between 2019 and 2023, contributing around 25% of global small-scale LNG liquefaction capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s report, […]
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More »OpeOluwani Akintayo Lagos — The Nigerian Electricity Regulatory Commission, NERC, has raised concern over low performances by electricity distribution companies, DisCos in the ongoing Meter Assets Providers, MAPs scheme. The commission raised its objection in a communique issued at the end of its 6th meeting with the Nigerian Electricity Supply Industry Stakeholders held in Lagos […]
The post MAP: NERC concerned over low performance, load rejection by DisCos appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, has expressed displeasure that prominent people from the state have key links to President Muhammadu Buhari, yet the East West Road, the seaports and other federal projects have been completely neglected since 2015. Governor Wike said Rivers State is a major oil producing State […]
The post A major oil producing state deserves major federal projects’ – Wike appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — The Nigeria Liquefied Natural Gas Limited, NLNG on Monday awarded post-graduate scholarships to 12 Nigerians to pursue Master’s degrees in high-ranking universities in the United Kingdom. The scholarships was awarded at the second edition of NLNG Scholars Day, in commemoration of the Company’s interventions in education. Speaking at the event, […]
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More »Windhoek — THE Namibian Stock Exchange has listed an energy company for the first time, a good sign of deepening and diversifying Namibian capital markets. This was the view of NSX chief executive officer Tiaan Bazuin at the official announcement of Alpha Namibia Industries Renewable Power Limited (Anirep)’s listing on the NSX’s development capital board. […]
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More »London — That’s what analysts at investment bank Jefferies stated in a new research note sent to Rigzone on Friday. In the note, the analysts highlighted that a statement from the September 12 OPEC+ joint ministerial monitoring committee (JMMC) meeting “essentially called out the cheaters” and urged all countries to conform with their targets. “The […]
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More »HOUSTON, Texas, BELFIELD, North Dakota & IRVINE, California -— Meridian Energy Group, Inc., the leading innovator in the petroleum refining industry, announced that it has executed long-term water supply and wastewater agreements with the City of Dickinson, North Dakota. Under these agreements the City will provide all of the industrial water needs for the Davis […]
The post Meridian Energy completes water supply and wastewater agreements for Davis Refinery appeared first on SweetCrudeReports.
More »LONDON — BP’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers. Senior BP executives met within the last few days to discuss how […]
The post BP CEO says he’ll sell oil projects to meet climate targets appeared first on SweetCrudeReports.
More »LONDON — As OPEC and its allies meet in Abu Dhabi, the IEA said it faces a significant challenge in managing the market into 2020. Demand for the group’s crude in the first half of 2020 will be 1.4 MMbpd below its August output as production surges from their competitors, including the U.S. Though an […]
The post OPEC+ faces ‘daunting’ market surplus in 2020 – IEA appeared first on SweetCrudeReports.
More »*As spills in Nigeria records a downward trend Vincent Toritseju Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA and the National Oil Spill Detection and Response Agency, NOSDRA, are currently meeting to mull plans to process and access compensation for victims of oil spills in Nigeria from the International Oil Pollution Compensation Fund, […]
The post NIMASA, NOSDRA mull plans to access oil spills compensation appeared first on SweetCrudeReports.
More »Lagos — Power plant tenders in Q2 2019 saw 363 tenders announced, marking a drop of 25% over the last four-quarter average of 484, according to GlobalData, a leading data and analytics company. The proportion of tenders by category tracked by GlobalData in the quarter was as follows: – Project Implementation: 263 tenders and a […]
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More »ABU DHABI — OPEC and its allies will discuss whether there is a need for deeper cuts in oil production when they hold a ministerial meeting on Thursday, Iraq’s oil minister said. The Organization of the Petroleum Exporting Countries and allied producers led by Russia, a grouping known as OPEC+, agreed last year to cut […]
The post OPEC+ to discuss deeper oil cuts on Thursday – Iraq minister appeared first on SweetCrudeReports.
More »Mkpoikana Udoma Port Harcourt — The Movement for the Survival of the Ogoni People, MOSOP, has called on the Federal Government to expel the Shell Petroleum Development Company of Nigeria Limited, SPDC, from Nigeria, over alleged irresponsible ways the company has conducted its business in the country. The apex Ogoni socio-cultural group also alleged that the […]
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More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.74 a barrel on Tuesday, compared with $62.00 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Zagreb — Croatia has received one bid for gas and oil exploration in the country’s mountainous central and southern areas, state hydrocarbon agency AZU said on Tuesday, as part of the country’s drive to reduce its reliance on imports. The tender in the Dinarides region included four blocks that stretch over an area of 12,134 square […]
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More »*Loses 10,000 barrels of oil daily Lagos — With a daily loss of about 10,000 barrels of oil from its pipelines to crude oil theft, The Shell Petroleum Development Company of Nigeria Limited, SPDC, has cried out for help from government, communities and other stakeholders to stem the incessant attack on oil assets in the […]
The post Shell decries crude oil theft, vandalism in Niger Delta appeared first on SweetCrudeReports.
More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $57.81 a barrel on Tuesday, compared with $58.76 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Read the Weekly SweetcrudeReports: Oil-producing states receive N78bn from FAAC in two months DOWNLOAD IT DOWNLOAD IT
The post Weekly SweetcrudeReports September 03, 2019 appeared first on SweetCrudeReports.
More »OpeOluwani Akintayo Lagos — Group General Manager, Group Public Affairs Division, GPAD of the Nigerian National Petroleum Corporation, NNPC, Mr. Ndu Ughamadu, MFR, has bagged the Excellence Award of the Association of Energy Correspondents of Nigeria, NAEC. The award, which is in recognition of Ughamadu’s immense contribution to energy reporting and the journalism profession was […]
The post NNPC spokesman Ndu Ughamadu bags NAEC Excellence Award appeared first on SweetCrudeReports.
More »*As Mele Kyari tasks team on delivery of key priorities OpeOluwani Akintayo Lagos — Keen on delivering on his mandate, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari has charged members of his management team to work assiduously to deliver on the key priority areas. These include growing the […]
The post NNPC signs performance bond to grow oil reserve & production appeared first on SweetCrudeReports.
More »*Seeks Federal Government’s collaboration against oil theft Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, has reiterated that oil theft and illegal oil bunkering has continued to worsen in the country, because of the participation of security agencies. Recall that in May 2019, Governor Wike had accused the General Officer Commanding, GOC […]
The post Again, Gov Wike indicts security agencies in illegal oil bunkering appeared first on SweetCrudeReports.
More »Idowu Bankole Yenagoa — When the list of the Ministers and their portfolios in President Muhammadu Buhari’s second cabinet was released in August 2019, one of the names that was greeted with wild jubilation in the Niger Delta in general and Ijaw land in particular was that of former Governor of Bayelsa State and the […]
The post Sylva in Petroleum Ministry: Boom time for Nigeria Content development appeared first on SweetCrudeReports.
More »Moscow — Russian Energy Minister Alexander Novak and his Iranian counterpart, Reza Ardakanian have discussed the development of joint energy investment projects during their meeting in Moscow on Monday, the Russian ministry said in a statement. Novak and Ardakanian also touched on cooperation on global oil markets, the ministry added in the statement. Reuters
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More »Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $58.76 a barrel on Monday, compared with $60.11 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]
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More »Sao Paulo — Brazil has renewed and increased the size of its tariff-free quota for ethanol imports, but the new allotment will last only one year instead of the two years allocated to the former quota that expired on Saturday, according to the country’s official gazette. The Brazilian government will allow tariff-free ethanol imports up […]
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More »Hong Kong/Geneva — China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on U.S. crude oil, the latest […]
The post China lodges tariff case at WTO against the U.S. appeared first on SweetCrudeReports.
More »Dubai — Saudi Arabia has named Yasir al-Rumayyan, head of the kingdom’s sovereign wealth fund, known as the PIF, as chairman of state oil giant Aramco, replacing Energy Minister Khalid al-Falih, Bloomberg reported on Monday, citing an unnamed Saudi official. Rumayyan, a former investment banker, was appointed managing director of the Public Investment Fund in […]
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