News Oil 

IRENEX to hold 7th round of heavy crude oil offering

“National Iranian Oil Company sold 70,000 barrels of heavy crude oil at IRENEX for the first time on April 30” reports tehrantimes.com. Offering heavy crude at IRENEX came after NIOC offered light crude at this stock market in eight round.TEHRAN- National Iranian Oil Company (NIOC) will offer two million barrels of heavy crude oil at Iran Energy Exchange (IRENEX) on Tuesday, Shana reported.Offering gas condensate at IRENEX came after the successful offering of crude oil at this market.In the first round one million barrels of heavy crude was offered at…

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News Oil 

Oil edges back after IEA monthly report, but crude set for sharpest weekly rise in a month

“The EIA also reported that total domestic crude production inched down from record territory, down 100,000 barrels to 12 million barrels a day” writes Mark Decambre for marketwatch.com. On Wednesday, the Energy Information Administration reported that U.S. crude supplies unexpectedly fell by 3.9 million barrels for the week ended March 8.Last week, that weekly data showed oil-rig counts falling by nine, representing the third straight such weekly drop. Source: marketwatch.com

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Markets News Oil 

Venezuela’s falling oil supply is a major ‘challenge’ to global energy markets

“A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a “challenge” for global oil markets” writes Callum Burroughs for businessinsider.com. State-owned oil producer PDVSA’s bonds rose sharply in January after some of the world’s biggest economies backed the leadership challenge.The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply in the midst of an electricity crisis which has paralyzed the country recently.Other OPEC and non-OPEC nations have stepped in to plug the gap in…

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News Oil 

Oil prices stable amid sanctions and OPEC cuts, but economic concerns drag

“Oil prices were steady on Friday amid support from ongoing supply cuts led by OPEC and U.S. sanctions on Venezuela and Iran, but weighed down by concerns that an economic slowdown will soon start denting growth in fuel demand” writes Lucy Nicholson for cnbc.com. Crude oil use by China’s refineries in the first two months of 2019 rose 6.1 percent from a year earlier to a record 12.68 million bpd, official data showed this week.Meanwhile, a political and economic crisis in Venezuela combined with U.S. sanctions against Venezuela as well…

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Futures News Oil 

Oil pressured amid uncertainty over U.S.-China trade talks

“Oil futures headed higher on Thursday as recent data revealed a weekly decline in U.S. crude supplies and global production continued to decline” writes Markets Commodities Reporter for marketwatch.com. On Wednesday, the Energy Information Administration reported that U.S. crude supplies unexpectedly fell by 3.9 million barrels for the week ended March 8.The report also left the global demand growth forecast for 2019 unchanged from the previous month, at 1.24 million barrels a day, for total demand expectations of 99.96 million barrels a day.The EIA also reported that total domestic crude…

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News Oil 

Oil firms as Saudis trim exports and US output forecast is reduced

“U.S. crude oil production is expected to average about 12.30 million bpd in 2019, the U.S. Energy Information Administration (EIA) said on Tuesday” writes unknown author for cnbc.com. Markets have been further tightened by the implementation of U.S. sanctions against oil exports from OPEC-members Iran and Venezuela.International Brent crude oil futures were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.”Failures in the electrical system … (are) likely to accelerate the loss of 700,000 barrels per day” in oil supply, Barclays bank…

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News Oil 

Oil prices rise on OPEC supply cuts and healthy demand

“Oil prices rose on Tuesday, lifted by output cuts led by producer group OPEC as well as healthy demand, although analysts said economic headwinds posed downside risks to crude markets” writes Morgan Brennan for cnbc.com. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.99 per barrel at 0012 GMT, up 20 cents, or 0.4 percent, from their last settlement.It added that supply cuts this year by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia — known as the OPEC+ alliance — aimed at…

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Futures Markets News Oil 

Oil prices rise amid broad market rally, OPEC supply cuts

“Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia aimed at tightening markets” writes Midwest Communications Inc for 95kqds.com. Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices.U.S. West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement. “The decrease in net crude oil imports (December, 2018) was driven…

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News Oil 

IEA sees U.S. leading global oil supply growth to 2024

“Global oil demand growth is set to ease as China slows, but will still rise by an annual average of 1.2 million bpd to 2024 when it will reach 106.4 million bpd” writes Midwest Communications Inc for 95kqds.com. Goldman Sachs has said oil demand could peak by 2024 under some circumstances.The IEA forecasts demand for OPEC crude will drop in 2020 and then rise to average 31.3 million bpd in 2023.Even so, the IEA does not expect moves such as greater adoption of electric cars to put a cap on…

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News Oil 

Occidental Emerges as Heavy Hitter in U.S. Oil Export Boom

“Oxy later sold the terminal to Moda Midstream but has retained a 10-year contract for 450,000 bpd of exports at the oil export terminal” writes Devika Krishna Kumar for reuters.com. Given the country consumes several million barrels more than that daily, many analysts had assumed exports would grow more slowly.Occidental stands out among the myriad trading houses, oil producers and shippers with operations in the Permian, as it currently exports about 300,000 bpd of oil, roughly 10 percent of U.S. crude exports.In 2017, Occidental was the largest exporter of crude…

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