„India also wants to increase the intake,“ Quevedo said after a meeting with Indian refiners. „We are selling more than 300,000 barrels a day but of course we want to increase that and India also wants to increase the intake from Venezuela. We want to double that amount.“
Deep divisions have emerged among the Somalia leadership over planned Somalia Oil and Gas conference supposed to take place in London Thursday.
„There are various resources and capacity in Iran, it has rich oil resources and mines, we hope to witness progress and cooperation between two countries,“ he said.
A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders, shippers and Refinitiv Eikon data.
(1.2.2019) USA being the largest buyers of Venezuelan heavy crude tightening all screws around Maduro. Madura seems adamant and expecting some help from Russia or Iran to bail him out of the situation, but that seems unlikely under the current circumstances. PDVSA being the special purpose vehicle for Maduro seems running out of fuel very soon and will not be able to support Maduro very long. China is withholding business ties and ongoing Refinery project JVs with PDVSA in the situations . Under this circumstances , all roads for Maduro are coming to an end.
(4.2.2019) Russian Energy Minister Alexander Novak has said the country’s overall cuts from the October baseline would total 50,000 bpd in January. Russia has pledged to reduce oil output by 230,000 bpd from October.
(24.1.2019) Asked today whether the political crisis in Venezuela could lead to higher oil prices, Russia’s Energy Minister Novak told news agency TASS that the oil market is very complex and it is difficult to forecast how it would react to the developments in Venezuela.
(7.12.2018) As talks resumed on Friday, Iran continued to refuse to accept wording that it would ‘cut’ and insisted on ‘exemption’, remaining the only sticking point in the OPEC negotiations, while the deal broker, Russia’s Energy Minister Alexander Novak, flew in from Moscow for the non-OPEC part meeting, and sat down for separate talks with each of oil ministers of Iran and Saudi Arabia, Bijan Zangeneh and Khalid al-Falih, respectively.
(7.12.2018) The countries gathered in Vienna are part of the so-called OPEC+ super-cartel, which includes ten non-OPEC members such as Russia and Kazakhstan. Together, they possess unprecedented influence over the world economy, controlling 55% of global oil supplies and 90% of proven reserves.
(2.12.2018) Russian President Vladimir Putin said on Saturday he had no concrete figures on possible oil output cuts as Russia and Saudi Arabia agreed to extend their accord to manage the oil market, known as Opec+, into 2019, following a meeting on the sidelines of the G20 summit between Mr Putin and Saudi Arabian Crown Prince Mohammed bin Salman.
(17.6.2018) „This means that the concerted efforts of the OPEC oil cartel, which is regulated first and foremost by the Saudis, and the group of independent oil producing countries led by Russia proved their effectiveness in terms of coordinated actions on global markets. And if this global control mechanism is working, there’s no reason to alter it or get rid of it even as things have finally stabilized,“ the analyst said.
(3.1.2019) The sanctions, which came in on Monday, ban US companies from exporting goods or services to Petroleum of Venezuela (PDVSA), as part of a campaign to force Maduro to step aside and cede power to Juan Guaidó, the opposition leader. US refineries are also banned from buying crude from PDVSA unless the money is paid into accounts not tied to Maduro.
(17.1.2019) The Russian Direct Investment Fund and the Saudi Public Investment Fund have a $10bn investment partnership
“The (Venezuelan) export volumes will not be eliminated from the market, but rather rerouted to other countries,” said Paola Rodriguez-Masiu, an analyst at consultancy Rystad Energy.
With the United States dropping out as a customer for Venezuelan oil, she added that “China and India … will be able to pick up these oil volumes at great discounts”.
Venezuela’s most important foreign asset, its $10 billion U.S. refining arm Citgo Petroleum, is hunkering down to arm itself with a legal strategy to block efforts for its board to be removed and its revenues diverted to an opposition government, sources close to the talks said.
In terms of proven gas reserves, Venezuela had 198.3 trillion cubic feet in 2017, according to the Ministry of Petroleum. The new proven reserves are distributed in 2.3 trillion cubic feet of the traditional areas of Maracaibo, Maturin, Barcelona, Cumana and Barinas, and 718.7 trillion that lie in the blocks of the Oil Belt.
No names and details of buyers were provided as officials had earlier said the identities of bidders were kept confidential.
„During his Friday night conversations with Mogherini as well as Heiko Maas of Germany, Margot Wallstrom of Sweden, and Denmark’s Anders Samuelsen, the top Iranian diplomat discussed with them Washington’s re-imposition of sanctions against Iran and Europe’s efforts to counter such US moves,“ the statement read.
Reuters has recently reported that a new EU mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of US sanctions take effect, but it will not be operational until early next year.
„It seems that the fate of our trade with China is linked to the support package being prepared by the European Union,“ Hariri told Bourse & Bazaar in reference to the SPV promised by Iran’s key European trading partners.
(29.10.2018) No EU member state is willing to host the so-called Special Purpose Vehicle (SPV) to safeguard Brussels‘ trade ties with Tehran from Washington’s anti-Iranian sanctions, according to The Financial Times.
„No EU government wants to cross the US by having the SPV. Member states are not exactly queueing up for it,“ the newspaper quoted EU diplomats as saying on condition of anonymity.
It is our aim to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN Security Council resolution 2231.
As parties to the JCPoA, we have committed to work on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas. On these, as on other topics, our work continues, including with Russia and China as participants to the JCPoA and with third countries interested in supporting the JCPoA. These efforts have been intensified in recent weeks, particularly those underpinning the European initiative to establish a Special Purpose Vehicle which we are proceeding with work to set up. This will enable continued sanctions lifting to reach Iran and allow for European exporters and importers to pursue legitimate trade.
In a joint statement Friday, they said they aim to protect European firms „engaged in legitimate business with Iran.“
They added that their „collective resolve to complete this work is unwavering.“
Sanctions will target critical sectors of Iran’s economy, such as its energy, shipping, shipbuilding, and financial sectors.
Over 700 individuals, entities, vessels, and aircraft are going back onto our sanctions list, including major Iranian banks, oil exporters, and shipping companies.
The sanctions also target transactions with the Central Bank of Iran and designated Iranian financial institutions.
Sales of food, agricultural commodities, medicine, and medical devices to Iran have long been—and remain—exempt from our sanctions.
Reimposing sanctions will cut off revenues the regime uses to bankroll terrorist groups, foment global instability, fund nuclear and ballistic missile programs, and enrich its leaders.
The US Treasury will also demand SWIFT stop servicing Iran’s banking industry as part of enforcing sanctions over the country’s nuclear program and alleged support for terrorism.
The sanctions will take effect Monday and cover Iran’s shipping, financial and energy sectors.
President Donald Trump withdrew from the agreement in May, describing it as „defective at its core“ because it had not stopped Iran developing a ballistic missile programme and intervening in neighbouring countries.
„Sanctions are coming,“ he tweeted after Friday’s announcement, referencing the TV series Game of Thrones and its motto „Winter is coming“.
New Delhi: India is close to a deal with the US that will allow it to continue buying crude oil from Iran without attracting any sanction after it agreed to cut imports and escrow payments, sources in know of the development said.
The 38 blocks are in three basins in the South Atlantic: Argentina Norte, Austral and Malvinas Oeste. Water depths run from 100 meters to 4,000 meters, among the deepest in the world.
According to Bloomberg, Kuwait has shifted its focus from the US market to the more blooming Asian ones, which currently take up to 80 percent of the emirate’s exports. New possibilities are opening up in light of the upcoming new batch of US sanctions against countries trading with Iran, expected to take effect beginning in November.
Local consultant Asdrubal Oliveros, who tracks Chinese loans closely, said on Wednesday Venezuela was close to clinching a fresh loan of $5 billion to finance oil projects. Beijing was waiting for Maduro to announce a series of economic measures, including a steep devaluation and more flexible currency controls, before extending fresh funds, Oliveros said.
US Secretary of State Mike Pompeo and Defense Secretary Jim Mattis are on an official visit to India with a top agenda priority of pressuring New Delhi to stop buying Iran’s oil.
(9.7.2018) China has already said that it will not comply with U.S. sanctions against Iran and it seems to be the only country for now in a position to do this.
(6.7.2018) “Especially as it is a country on the Gulf, it should dedicate itself to being a good neighbor and co-existing peacefully,” he added. “China will continue to play our positive, constructive role.”
Ministers from 21 Arab countries are attending the summit, as well as Kuwait’s elderly ruler, Sheikh Sabah Al-Ahmad Al-Jaber al-Sabah.
Ahead of the return of the U.S. sanctions on Iran, India’s state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June, to a record 768,000 bpd in July, Reuters reported on Thursday, citing preliminary tanker arrival data it had obtained from trade sources.
„It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they can replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran,“ Hossein Kazempour Ardebili was quoted as saying.
The Trump administration has been pushing countries to cut all imports of Iranian oil from November 4 when the United States re-imposes sanctions against the Islamic Republic’s banking and petroleum sectors.
An oil production agreement signed by the Syrian government and the Kurds is working, a well-informed source has told Sputnik.
In keeping with the accord, inked a few months ago, “the Kurds are extracting 50,000 barrels of crude each day at al-Rmeilan and Jabsah oilfields.
„All the members, even the three allies, have committed and have the political will to take action and resist the United States,“ Iran’s Foreign Minister Zarif told a Vienna news conference broadcast by the Fars news agency.
„This is the first time they have shown this level of commitment, but we will have to see in the future what they really want to do and what they can do,“ Zarif said.
„If they continue to demonstrate the political will they showed today, they will get things done without any problem.“
Russian Foreign Minister Sergei Lavrov announced that Russia, China, Germany, France and the UK have agreed to establish a permanent expert mechanism that will be tasked with finding ways to maintain trade with Iran regardless of US sanctions. Sputnik discussed this with Professor Christopher Bovis.
Turkish Cypriots have criticized the southern Greek Cypriot side for banning its citizens from buying fuel from Turkish Cyprus.
Oil prices spiked after the State Department signaled the Trump administration will take a hardline approach to cutting off Iran’s oil exports.
A State Department official told reporters the administration expects oil buyers to completely cut off purchases of Iranian supplies in early November.
Oil prices were already facing upward pressure due to declining production in Venezuela and elsewhere at a time of high global demand.
The United Nations mission in Iraq is equipped, ready, and willing to help resolve the problem of the disputed areas in Iraq, the head of the mission told Rudaw’s Majeed Gly in an exclusive interview at the UN headquarters in New York.
The United Nations has already begun preparatory steps and is talking with all the relevant parties – in Baghdad, Erbil, Sulaimani, and the civil society in Kirkuk, testing the waters, said Jan Kubis, special envoy of the Secretary-General to Iraq and head of the UN mission in Iraq (UNAMI).
European countries are considering dumping the dollar in favor of the euro when it comes to making payments to Iran for its crude oil, Russian media reported Wednesday, citing a diplomatic source who had knowledge of the development.
Technical experts from both sides were commissioned to find ways to maintain oil shipments and to protect European companies doing business with Iran, EU foreign policy chief Federica Mogherini told reporters in Brussels late on Tuesday. The experts will also propose ways to avert disruptions in air, sea and land transport from and to Iran and keep channels open for “effective banking transactions.”
The MoU was signed on Wednesday by Kambiz Zandiyeh, general manager of the British firm, and Pirouz Mousavi, managing director of IOTC, on the sidelines the 23rd International Oil, Gas, Refining and Petrochemical Exhibition held in Tehran from May 6-9, Shana reported.
This is the first time Chile has imported Iranian crude in almost 18 months, according data from S&P Global Platts trade flow software cFlow.
The Suezmax Monte Toledo was placed on subjects on a Kharg Island to Chile route at World scale 52.5 for May 24-25 loading, sources said.
Russia is an appropriate option. Since the US imposed economic sanctions against Russian companies and business elites, Russia has begun to pivot to the East. China has certainly been at the center of Russia’s efforts to increase its presence in Asia’s crude oil market.
Iran and Spain signed a memorandum of understanding for cooperation in oil and gas sector on the sidelines of Tehran-Madrid joint working group meeting.
Iran was first and foremost at the minds of traders on Monday as a decision over whether U.S. President Donald Trump will abandon a nuclear deal with Iran draws closer. Trump must decide by May 12 whether to curb that deal and trigger a reimposition of economic sanctions on Iran, which would hamper oil exports from the country and cut global supply. Iran’s foreign minister said last week that U.S. demands were unacceptable.
Now, the relatively high prices brought about by that pact, coupled with surging U.S. output, are making it harder to sell Russian, Nigerian and other oil grades in Europe, traders said.
“U.S. oil is on offer everywhere,” said a trader with a Mediterranean refiner, who regularly buys Russian and Caspian Sea crude and has recently started purchasing U.S. oil. “It puts local grades under a lot of pressure.”
U.S. oil output is expected to hit 10.7 million bpd this year, rivaling that of top producers Russia and Saudi Arabia.
The American legacy in Iraq and the Middle East is one of blood, oil & endless tyranny.