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Last update: Tue, 03 May 2016 01pm

Asia

Markets - Energy - Asia

India's Iran oil imports set to surge to 7-year high in 2016/17: sources NEW DELHI: India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said.Average annual imports at that level in the fiscal year just begun would be the highest in at least seven years, and would carry forward a bump in purchases that lifted March shipments to a five-year high for a month at 506,100 bpd.Iran was India's second biggest oil supplier - a position now belonging to Iraq - before economic sanctions aimed at Iran's nuclear programme hampered its trade relations, forcing the South Asian nation to tap alternative suppliers.The plans for higher annual imports by India are a sign that Tehran is beginning to regain market share after the lifting of sanctions. Iran has said it will ...

Markets - Energy - Asia

India's March Iran oil imports top 500,000 bpd: tanker data NEW DELHI: India's Iran oil imports topped 500,000 barrels per day (bpd) in March, highest in at least five years, as private refiner Reliance Industries resumed purchases after a multi-year lay-off, preliminary tanker data obtained by Reuters shows.Indian refiners together imported 506,100 bpd oil from Iran last month, a jump of about 135 percent from February, the data showed. In March of last year, the refiners halted imports from Iran to keep shipments within the ...

Markets - Energy - Asia

Asia-Pacific Crude-Ample supplies weigh on market  SINGAPORE: The Asia-Pacific crude market remained weighed down by ample supplies on Monday after Thailand's PTT purchased more oil from the West than from within the region in its monthly tender.PTT bought 1 million barrels of Azeri Light, likely from Socar, and an unknown volume of Hai Thach crude from Gunvor, a trader said, although this could not be independently verified. The cargoes are to be delivered to Thailand on May 25-June 10.For Russian crude, ...

Markets - Energy - Asia

Oil down as Saudi comments cast doubt on output freeze SINGAPORE: Crude prices extended losses in Asia Monday after comments by Saudi Arabia cast doubt whether key producers meeting would reach an agreement to freeze output to address a global supply glut. Hopes for a deal at the April 17 gathering in Doha led by Russia and Saudi Arabia had been a major driver of a rally in prices from near 13-year lows in February.But the latest comments by Saudi Arabia's deputy crown prince, Mohammed ...

Markets - Energy - Asia

Oil prices fall on dimming prospect of output restraint SINGAPORE: Oil prices fell on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while stubbornly high U.S. output and worries about Asia's economic outlook also dragged on prices.Iran, returning to global oil markets after sanctions against it were lifted in January, said it would continue increasing its oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions, according to a media ...

Markets - Energy - Asia

Iran seeks $2.5bn to modernise its oil tankers DUBAI: Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions.Reuters reported last month that two Chinese firms were pushing for ...

Markets - Energy - Asia

Oil prices fall on stronger dollar, further oversupply worries SINGAPORE: Oil futures fell in Asian trade on Friday as oversupply and a strengthening dollar weighed on sentiment, although another fall in US oil output in January helped to limit the losses. Brent crude for June delivery fell 27 cents to $40.06 a barrel as of 0320 GMT.The May contract, which expired on Thursday, settled up 34 cents at $39.60 a barrel.Brent jumped 6 percent in the first quarter, its first quarterly increase since rising ...