05242016Tue
Last update: Tue, 24 May 2016 08pm

Markets - Energy

Markets - Energy - Europe

West Africa Crude-Angolan July sales start, but backlog remains LONDON: West African crude differentials were steady on Monday as July-loading cargoes started to find buyers, although unsold June shipments could weigh on the market. A crude oil pipeline in Nigeria operated by Eni was attacked on Sunday, adding to the country's supply disruptions. ANGOLA State oil firm Sonangol has been offering two July-loading Dalia cargoes and one Nemba and Saturno, traders said. Unipec bought one of the Dalia cargoes, which was last offered at dated Brent minus $3.20, a trader said. The Nemba was offered at dated minus 10 cents and the Saturno at dated minus $3.90. In addition, about six June-loading cargoes are still available.NIGERIA Qua Iboe was valued at about dated Brent plus $1.10, in line with Friday. Traders said that uncertainty about the timing of loading was deterring buyers. Cargoes of Qua are delayed by eight to 15 days, according to a revised loading schedule. A ...

Markets - Energy - Americas

Oil slides on Iran supply, US rigs; Cushing draw cuts loss NEW YORK: Oil prices slid early on Monday as Iran vowed to ramp up output and rig reductions paused in the United States, then crude futures pared losses on data showing a stockpile drawdown at the U.S. delivery hub.Oil fell $1 a barrel or more in early trade, the day after the Mehr news reported that Iran's Deputy Oil Minister Rokneddin Javadi said the country's crude exports, excluding gas condensates, would reach 2.2 million barrels ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports fall so far in May LONDON: Oil exports from southern Iraq so far in May have fallen by more than 200,000 barrels per day (bpd) from the previous month's near-record, adding to supply losses caused by unusually high global outages.The drop, if prolonged, could add to concern about the sustainability of export growth from Iraq, where oil firms have warned the government that projects to boost output will be delayed if Baghdad cuts spending this year.Iraq's southern exports in the ...

Markets - Energy - Europe

Oil prices dip as Iran says no plan to freeze output LONDON: Oil prices slipped Monday after Iran said it had no plans to join any output freeze by other major producers.Despite a recent rebound, world crude prices are still at less than half of their levels of June 2014 because of a supply glut, partly fed by Iran's return to world markets in January after the lifting of nuclear-linked Western sanctions."The government has no plans for the time being to freeze or interrupt its increase ...

Markets - Energy - Europe

Oil falls after Iran dampens hopes for production freeze LONDON: Brent oil prices fell for a fourth consecutive session on Monday after Iran insisted it would not freeze crude output, returning investor attention to a global glut.Adding to signs the oil market will remain oversupplied, data showed last week the number of rigs operated by U.S. drillers held steady for the first time this year, following a near two-year slump in the rig count.Global benchmark Brent futures were down 41 cents at $48.31 a ...

Markets - Energy - Middle East & Africa

Libya's crude output rises to 300,000 bpd after Hariga reopens: NOC LONDON: Libya's crude production has risen above 300,000 barrels per day (bpd) after the reopening of the Marsa al Hariga export terminal in the east of the country late last week, a spokesman for the Tripoli-based National Oil Corporation (NOC) said on Monday.The spokesman added that production could soon reach 350,000-360,000 bpd, depending on the situation at the Sarir oil field and the availability of electricity.Oil production from OPEC member Libya sank to around 200,000 ...

Markets - Energy - Asia

China April crude imports from Russia top Saudis, hit record BEIJING/SINGAPORE: Russia was China's largest crude oil supplier for a second month this year, customs data showed on Monday, with shipments in April surpassing imports from Saudi Arabia and hitting a record high as demand from independent refiners remained strong.Crude imports from Russia surged 52.4 percent in April from a year ago to reach 1.17 million barrels per day (bpd), topping the previous record of 1.13 million bpd in December.April imports from Saudi Arabia fell ...