Oil Rides Best Weekly Winning Streak Since 2011 on Flaring Risks - Bloomberg:
"Oil in London is set for the longest weekly run of gains in seven years on growing concerns over supply disruptions from the Middle East to Venezuela and on signs a global glut has dwindled.
Brent futures are heading for a sixth weekly advance after topping $80 a barrel for the first time since 2014 on Thursday. Renewed U.S. sanctions on third-largest OPEC producer Iran and shrinking supplies from Venezuela have buoyed crude’s recent rally. Additionally, the International Energy Agency said this week that a global surplus has finally been eliminated thanks to output cuts by the Organization of Petroleum Exporting Countries and its allies.
Still, with crude trading near levels last seen in November 2014, the Paris-based IEA also warned that rising prices may hurt consumption. Investors are also watching for clues on whether other producers such as Saudi Arabia and Russia will be willing to pump more to fill deficits resulting from turmoil in Venezuela or the U.S. move to restrict Iranian exports. Goldman Sachs Group Inc. remains bullish, saying that even American shale won’t be able to make up for potential supply losses."
'via Blog this'
Friday, 18 May 2018
EU Commission says launches measures to protect EU business in Iran | Reuters
EU Commission says launches measures to protect EU business in Iran | Reuters:
"The European Commission said on Friday it had started the process of renewing a sanctions-blocking measure to protect European business in Iran, after the United States reimposed sanctions on Tehran. The Commission said in a statement it had “launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope,” referring to an original EU regulation from 1996. The Commission said the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support."
'via Blog this'
"The European Commission said on Friday it had started the process of renewing a sanctions-blocking measure to protect European business in Iran, after the United States reimposed sanctions on Tehran. The Commission said in a statement it had “launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope,” referring to an original EU regulation from 1996. The Commission said the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support."
'via Blog this'
Saudi Arabia assures on supply as oil hits $80 a barrel | Reuters
Saudi Arabia assures on supply as oil hits $80 a barrel | Reuters:
"Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.
OPEC’s most influential energy minister, Saudi Arabia’s Khalid al-Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to “coordinate global action to ease global market anxiety”.
Falih also said he had reassured the executive director of the International Energy Agency of “commitment to the stability of oil markets and the global economy” and that he would contact others over the next few days."
'via Blog this'
"Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.
OPEC’s most influential energy minister, Saudi Arabia’s Khalid al-Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to “coordinate global action to ease global market anxiety”.
Falih also said he had reassured the executive director of the International Energy Agency of “commitment to the stability of oil markets and the global economy” and that he would contact others over the next few days."
'via Blog this'
Subscribe to:
Posts (Atom)