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Failing Trade Talks Could Send Oil To $30

3 saat 56 minutes ago
The U.S. and China appear to be making progress on trade talks ahead of the G20 meeting, but should they fail, the fallout for the oil market could be significant. If the U.S. and China cannot come to an agreement and the trade fight escalates, oil prices could plunge to $30 per barrel, according to Bank of America Merrill Lynch. That is because the Trump administration has threatened to impose tariffs on $300 billion worth of Chinese imports, which would cover just about every Chinese good coming into the country. The economic pain on the global…
Nick Cunningham

Oil Industry Boosts Spending… But There’s A Catch

4 saat 56 minutes ago
Oil prices have seesawed over the past few years, still far below the pre-2014 highs, but upstream spending is expected to continue to rise in the years ahead, according to a new report from Morgan Stanley. “Global upstream capex — more muted growth, but still a positive trajectory from here,” the investment bank wrote in a note to clients. Spending should rise by 6 percent CAGR through 2022, Morgan Stanley said, which is down from its prior estimate of 8 percent, largely because of the recent downturn in oil prices. Between 2019…
Nick Cunningham

ICCIMA holds meeting with Iranian commercial attachés

5 saat 14 minutes ago
TEHRAN – Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) hosted a seminar in collaboration with the foreign ministry to acquaint the country’s commercial attachés with ICCIMA plans and policies, the portal of ICCIMA reported.

China receives first Iranian oil cargo post waivers

5 saat 16 minutes ago
TEHRAN – China’s Jinxi Refining and Chemical Complex has received a one-million-barrel cargo of Iranian oil in the first month after the Trump administration ended waivers permitting imports of Iranian oil, Tasnim news agency reported on Wednesday.

China Imports First Iranian Oil Since U.S. Ended Sanction Waivers

6 saat 56 minutes ago
Iran has delivered the first crude oil to a Chinese refinery complex since the United States removed as of May all sanction waivers for Iranian oil customers, including its biggest buyer China, Bourse & Bazaar reports, citing an analysis from TankerTrackers.com.   According to TankerTrackers, a medium-sized Suezmax vessel, named SALINA and owned by the National Iranian Tanker Company (NITC), loaded around 1 million barrels of crude oil from Iran and departed on May 28. The tanker arrived on June 20 at Jinxi Refining and Chemical Complex…
Tsvetana Paraskova

The Single Biggest Factor For Oil Price Forecasts

6 saat 56 minutes ago
Trump and Xi will meet this Friday at the G20 summit to discuss the possibility of settling their dispute and putting an end to the on-going trade war. While it would be overly optimistic to expect the meeting to reverse the current economic downturn, it may well produce the positive sentiment required to halt the downward trend. Downside risks for oil prices due to the trade war remain undoubtedly high, with some commentators projecting $30 a barrel in the future. The significance of these trade talks is understandable when one considers that…
Osama Rizvi

China Imports First Iranian Oil Since U.S. Ended Sanction Waivers

6 saat 56 minutes ago
Iran has delivered the first crude oil to a Chinese refinery complex since the United States removed as of May all sanction waivers for Iranian oil customers, including its biggest buyer China, Bourse & Bazaar reports, citing an analysis from TankerTrackers.com.   According to TankerTrackers, a medium-sized Suezmax vessel, named SALINA and owned by the National Iranian Tanker Company (NITC), loaded around 1 million barrels of crude oil from Iran and departed on May 28. The tanker arrived on June 20 at Jinxi Refining and Chemical Complex…
Tsvetana Paraskova

Cargo transportation up in Azerbaijan

7 saat 56 minutes ago
Some 90.5 million tons of cargo were transported in Azerbaijan in January-May 2019, which is two percent more than in the same period of 2018

U.K. PM To Meet Russian President At G20, First Time Since Novichok Scandal

8 saat 50 minutes ago
British Prime Minister Theresa May and Russian President Vladimir Putin will meet in Japan this week for the first time since the two countries' relations soured over the poisoning of a former double agent and his daughter with a nerve agent in Salisbury, southern England, last year.

A Very Real Threat To Libya’s Oil Production

9 saat 56 minutes ago
Why Libya’s Oil Exports Could Be Halted Earlier this week, the head of the Libyan National Oil Company (NOC) came out with a vague statement condemning calls to shut down Libya’s oil production. The Western media was, of course, baffled, because they had no idea that anyone had suggested shutting down the country’s oil production. Our team on the ground in Libya, however, notes that this is not a vague or random statement from the NOC. The threat to shut down Libya’s oil production is very real, and this is the first major…
Editorial Dept

Why OPEC Wants Oil Below $60

9 saat 56 minutes ago
In its June oil market report, the International Energy Agency (IEA) revised downward its global oil demand forecast for 2019 for the second consecutive month, this time by 100,000 b/d to 1.2 million b/d. It said that in first-quarter 2019, global oil demand had risen by just 250,000 b/d – “the lowest annual growth registered since 4Q11, when the price of Brent crude oil averaged $109/bbl.” The agency also revised downward its second-quarter 2019 oil demand growth estimate by 300,000 b/d, reflecting lower than expected Chinese…
Ross McCracken

Trump’s Iran Standoff Dominates Oil Markets

9 saat 56 minutes ago
A possible escalation of tensions between the United States and Iran has been by far the most intriguing development of the past week. Drones being shot down, military strikes called off by President Trump followed by another round of sanctions and escalating verbal altercations between the two. Concurrently, the US-China trade conflict has deteriorated amid threats from the Trump Administration of imposing tariffs on $300 billion worth of Chinese imports, including drilling components et al. (the media has already picked up the story of how these…
Editorial Dept

Oil’s Biggest Fear

9 saat 56 minutes ago
The biggest oil headline in the last week- and perhaps the biggest headline in any other periodicals you might read- has been the growing US/Iran conflict. To recap, Iran has been behaving in an increasingly feisty manor since May 1 when the Trump administration ended the waiver for buyers of Iranian crude oil in an effort to get the nation’s exports down to zero. The Iranian leadership has obviously been displeased with this move and has been accused by the U.S. and its allies of the recent attacks on oil infrastructure in the Persian Gulf.…
Editorial Dept

Uncovering Iran’s Secret Oil Shipping Scheme

9 saat 56 minutes ago
Italy in June is a tremendous place to be. The exquisite beaches of the Amalfi Coast, the green hills of Tuscany, the eternal hustle and bustle of Rome, what more can one ask for. Interestingly, however, Italy became the venue of a quite peculiar case revolving around the presence of an oil-laden tanker outside of Milazzo, one of the biggest Italian ports. By examining the specific example of MT White Moon, one can see a general scheme of things in how Iran copes with quasi unilateral US sanctions and what prospects does it face in doing so. The…
Editorial Dept

Mexico Moves To Ramp Up Oil Production

10 saat 56 minutes ago
It’s been a rough couple of years--make that decades--for Mexico’s state-owned oil company Petroleos Mexicanos. The country’s oil production rates have been in freefall for the last 15 years, and the struggling organization has subsequently become one of the most indebted oil companies in the world with “about $105 billion of bonds and loans outstanding,” according to the Wall Street Journal. Mexico’s new leftist President Andrés Manuel López Obrador, who won in a landslide election last year, ran…
Haley Zaremba

Oil Spikes On Major Inventory Draw

12 saat 16 minutes ago
A day after the American Petroleum Institute pushed oil prices higher by estimating an inventory draw of as much as 7.55 million barrels for last week, the Energy Information Administration reported a draw of 12.8 million barrels in crude oil inventories, pushing prices further up significantly. This is the most substantial inventory decline in at least a year. Yesterday, following API’s report, Brent crude touched its highest price level in almost four weeks as the oil market once again dances to the Middle Eastern tensions tune, with animosity…
Irina Slav

Azerbaijani delegation headed by economy minister to visit Switzerland

13 saat 54 minutes ago
A delegation led by Azerbaijani Minister of Economy, Co-chairman of the joint Azerbaijani-Swiss intergovernmental commission on trade and economic cooperation Shahin Mustafayev will pay an official visit to Switzerland on June 27-29, Trend reports referring to the Azerbaijani Ministry of Economy.

MP: Azerbaijan has strong and disciplined army

15 saat 36 minutes ago
The Azerbaijani army is able to liberate the occupied territories at any time under the leadership of Azerbaijani President, Supreme Commander-in-Chief of the Armed Forces Ilham Aliyev and this has been proved during the April 2016 battles, Azerbaijani MP Khanlar Fatiyev told Trend.

Turkmenistan joins ICAO int’l protocols

16 saat 27 minutes ago
Turkmenistan's ambassador to the US and Canada Meret Orazov met with Secretary General of the International Civil Aviation Organization (ICAO) Fang Liu in Montreal, Trendreports referring to the Turkmen Foreign Ministry.

Azerbaijani wrestler defeats Armenian rival at 2nd European Games

16 saat 41 minutes ago
Azerbaijani freestyle wrestler Haji Aliyev (65 kilograms) gained a victory over Armenian athlete Volodya Frangulyan scoring 6:0 in 1/8 finals within the second European Games, which are held in Minsk, Belarus, Trend reports on June 26.

Iran starts co-op with EU on management of water resources

16 saat 53 minutes ago
The European Union expert delegation had started its two-week visit to Iran two days ago to examine ways to work with Iran in water projects, Farhad Yazdandoost, a senior advisor to the energy minister announced.

Azerbaijani wrestler defeats Armenian rival at 2nd European Games

16 saat 57 minutes ago
Azerbaijani freestyle wrestler Haji Aliyev (65 kilograms) gained a victory over Armenian athlete Volodya Frangulyan scoring 6:0 in 1/8 finals within the second European Games, which are held in Minsk, Belarus, Trend reports on June 26.