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OPEC has shown it can reach deal despite splits: Iran oil minister

7 hours ago DieselGasoil Comments Off on OPEC has shown it can reach deal despite splits: Iran oil minister
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger DUBAI (Reuters) – Iranian Oil Minister Bijan Zanganeh praised OPEC on Saturday for what he said was the producer group’s ability to reach agreement despite intense internal political differences. The Organization Read More

What would the end of OPEC mean?

12 hours ago DieselGasoil Comments Off on What would the end of OPEC mean?
The Organization of the Petroleum Exporting Countries – the oil market institution that has exerted an unyielding power over the price of crude for nearly 60 years – is now in deep crisis. The latest OPEC meeting in Vienna offered new insights into the cartel’s raging civil war that is tearing it apart and threatens Read More

Iran loses market share in India as its oil exports slump in November

2 days ago DieselGasoil Comments Off on Iran loses market share in India as its oil exports slump in November
India’s oil imports from Iran dropped to a one-year-low in November, plunging by 41 percent from October due to the US sanctions, Reuters reported on Thursday, citing industry sources and ship-tracking data. Iran also dropped to sixth place on India’s largest oil suppliers list, from fourth in October, losing market share to fellow OPEC members Read More

Oil prices edge up on hopes global supplies will tighten

2 days ago DieselGasoil Comments Off on Oil prices edge up on hopes global supplies will tighten
NEW YORK (Reuters) – Oil prices climbed more than 2 percent on Thursday, after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought. Pumpjacks are seen against the setting sun at the Daqing oil field Read More

South Korea stopped importing condensate from Iran before receiving sanctions waivers

3 days ago DieselGasoil Comments Off on South Korea stopped importing condensate from Iran before receiving sanctions waivers
December 13, 2018 Source: U.S. Energy Information Administration, based on ClipperData, LLC South Korea, the world’s leading importer of condensates, has sought alternatives to partially offset declines in imports of Iranian condensates during the past few months, particularly in light of U.S. sanctions on Iranian exports of crude oil and condensate. South Korea purchased close Read More

China retaliates in Huawei row by detaining two Canadians

3 days ago DieselGasoil Comments Off on China retaliates in Huawei row by detaining two Canadians
China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer. Entrepreneur Michael Spavor and former diplomat Michael Kovrig were taken into custody on Monday, said foreign ministry spokesman Lu Kang. He said they were being detained on suspicion of “endangering national Read More

Huawei row: China confirms two Canadians detained

3 days ago DieselGasoil Comments Off on Huawei row: China confirms two Canadians detained
China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer. Entrepreneur Michael Spavor and former diplomat Michael Kovrig were taken into custody on Monday, said foreign ministry spokesman Lu Kang. He said they were being detained on suspicion of “endangering national Read More

Oil prices steady as Sino-U.S. trade tensions ease

3 days ago DieselGasoil Comments Off on Oil prices steady as Sino-U.S. trade tensions ease
LONDON (Reuters) – Oil prices steadied on Thursday, under pressure from high inventories but buoyed by a drawdown in U.S. crude stockpiles and indications that the trade war between the United States and China may be easing. Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, Read More

Huawei row: Second Canadian man feared detained

3 days ago DieselGasoil Comments Off on Huawei row: Second Canadian man feared detained
A second Canadian man is feared detained in China in what appears to be retaliation for Canada’s arrest of Huawei’s chief financial officer. The possible arrest raises the stakes in an international dispute that further threatens relations. Canada’s Global Affairs department said that Michael Spavor, an entrepreneur who is one of the only westerners to Read More

Pentagon denounces any unilateral military action in ‘their’ part of Syria as unacceptable

3 days ago DieselGasoil Comments Off on Pentagon denounces any unilateral military action in ‘their’ part of Syria as unacceptable
The US is worried that “unilateral” military action against its proxy forces might jeopardize its foothold in Syria, claiming that the Kurds are vital in the battle against IS, as Turkey vows to get rid of “separatist terrorists.” Despite major breakthroughs in the battle against Islamic State (IS, formerly ISIS/ISIL) terrorists and in the ongoing Read More