Exclusive: Russia's Sechin raises pressure on Putin to end OPEC deal | Reuters:
Igor Sechin, head of Russian oil giant Rosneft and one of Vladimir Putin’s closest allies, has written to the Russian president saying Moscow’s deal with OPEC to cut oil output is a strategic threat and plays into the hands of the United States.
The letter did not say whether the agreement in place since 2017 between the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia to cut output should be extended or not.
But according to two well-placed industry sources, the letter was a clear signal to other senior Russian officials involved in energy policy that Sechin wants the deal to come to an end.
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Friday 8 February 2019
Trump official slams cartels as U.S. lawmakers push anti-OPEC bill | Reuters
Trump official slams cartels as U.S. lawmakers push anti-OPEC bill | Reuters:
A senior administration official said on Friday that U.S. national security depends on affordable energy, and slammed cartels when asked if President Donald Trump would support a bill targeting the OPEC production group’s oil supply cuts.
“The United States is firmly committed to open, fair and competitive markets for global energy trade,” said the official, who spoke on condition of anonymity. “We do not support market-distorting behavior, including cartels.”
The House of Representatives’ Judiciary Committee on Thursday unanimously passed the No Oil Producing and Exporting Cartels, or NOPEC, bill. House Majority Leader Steny Hoyer, who has supported NOPEC in the past, was reviewing the bill, an aide said, but there was no indication whether a vote in the full House would be scheduled.
A senior administration official said on Friday that U.S. national security depends on affordable energy, and slammed cartels when asked if President Donald Trump would support a bill targeting the OPEC production group’s oil supply cuts.
“The United States is firmly committed to open, fair and competitive markets for global energy trade,” said the official, who spoke on condition of anonymity. “We do not support market-distorting behavior, including cartels.”
The House of Representatives’ Judiciary Committee on Thursday unanimously passed the No Oil Producing and Exporting Cartels, or NOPEC, bill. House Majority Leader Steny Hoyer, who has supported NOPEC in the past, was reviewing the bill, an aide said, but there was no indication whether a vote in the full House would be scheduled.
OPEC Cuts? Rates Plunge? Oil Tanker Market to Shrug It All Off - Bloomberg
OPEC Cuts? Rates Plunge? Oil Tanker Market to Shrug It All Off - Bloomberg:
It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news.
While both those things happened in the past few months, the people paid to evaluate the shipping industry’s prospects are actually turning a little more bullish.
The analysts’ optimism stems from a conviction that the world’s refineries will have to process more crude in order to supply ships with new kinds of fuel in 2020 under rules set out by the International Maritime Organization. On top of that, historic trade flows are at risk of disruption as OPEC and allied producers curb output of one type of crude at a time when American drillers boost supplies of another.
It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news.
While both those things happened in the past few months, the people paid to evaluate the shipping industry’s prospects are actually turning a little more bullish.
The analysts’ optimism stems from a conviction that the world’s refineries will have to process more crude in order to supply ships with new kinds of fuel in 2020 under rules set out by the International Maritime Organization. On top of that, historic trade flows are at risk of disruption as OPEC and allied producers curb output of one type of crude at a time when American drillers boost supplies of another.
Long lines to buy meat illustrate #Iran's economic woes
Long lines to buy meat illustrate Iran's economic woes:
In the frigid air of a Tehran winter, a mother of two stands in a long line of shoppers waiting for the chance to buy discounted meat at a store supported by Iran’s government.
“Yesterday, after nearly two hours in the line, the shopkeeper said: ‘It is finished, try another day,’” Zahra Akrami said recently. “And now I am here again.”
Her struggle represents the economic paradox that faces Iran as it marks the 40th anniversary of its Islamic Revolution.
In the frigid air of a Tehran winter, a mother of two stands in a long line of shoppers waiting for the chance to buy discounted meat at a store supported by Iran’s government.
“Yesterday, after nearly two hours in the line, the shopkeeper said: ‘It is finished, try another day,’” Zahra Akrami said recently. “And now I am here again.”
Her struggle represents the economic paradox that faces Iran as it marks the 40th anniversary of its Islamic Revolution.
Oil prices slip on economy fears, but OPEC cuts provide backstop | Reuters
Oil prices slip on economy fears, but OPEC cuts provide backstop | Reuters:
Oil markets fell on Friday, pulled down by worries over a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support.
U.S. West Texas Intermediate (WTI) crude futures stood at $52.17 per barrel by 0755 GMT, down 47 cents, or 0.9 percent, from their last settlement.
International Brent crude oil futures were down by 48 cents, or 0.8 percent, at $61.15 per barrel.
Oil markets fell on Friday, pulled down by worries over a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support.
U.S. West Texas Intermediate (WTI) crude futures stood at $52.17 per barrel by 0755 GMT, down 47 cents, or 0.9 percent, from their last settlement.
International Brent crude oil futures were down by 48 cents, or 0.8 percent, at $61.15 per barrel.
EU plans to add #SaudiArabia, Panama to dirty money blacklist: FT | Reuters
EU plans to add Saudi Arabia, Panama to dirty money blacklist: FT | Reuters:
The European Commission is planning to name Saudi Arabia and Panama in a list of high-risk countries that fail to fight money laundering, despite resistance from Germany, France and the UK, the Financial Times reported on Friday.
The blacklist includes the Gulf kingdom and more than 20 other territories over alleged failures to fight illicit cash flows, the paper said citing European Union officials.
The European Commission is planning to name Saudi Arabia and Panama in a list of high-risk countries that fail to fight money laundering, despite resistance from Germany, France and the UK, the Financial Times reported on Friday.
The blacklist includes the Gulf kingdom and more than 20 other territories over alleged failures to fight illicit cash flows, the paper said citing European Union officials.