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Black Sea, East Europe to further expand wheat exports -analyst

The Black Sea region and east European countries are in coming years likely to further expand their rapid growth of wheat exports, an analyst said. An estimated 40 percent of the world wheat export trade is currently held by Russia, Ukraine, Kazakhstan and countries along the Danube river after a surge in sales in recent years, said Vito Martielli, grains and oilseeds analyst at Dutch bank Rabobank. “These countries will become even more important, they have even more scope to increase wheat production,” he said in a presentation to the ...

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Iran’s crude exports set to fall in May to 14-month low

Iran’s crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country’s tanker loading schedule said, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers. Part of the drop may also be attributable to a decline in demand, as loadings bound for India are set to slump to a one-year low after a dispute over the award of a contract for a gas field and Japan’s orders fall by more than half from April. ...

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Portugal to close bidding window in LNG buy tender – trade sources

Portugal’s largest utility, EDP, will close on Friday a bidding window for suppliers participating in a tender to deliver one liquefied natural gas (LNG) cargo in June or July, trade sources said. Under the tender, the cargo can be delivered to Portugal or Spain, sources said. Source: Reuters (Reporting by Oleg Vukmanovic; Editing by Mark Potter)

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Platts report sees no major decline in India’s crude oil imports

Prime Minister Narendra Modi’s wish of a 10 per cent cut India’s oil import dependence by 2022 is unlikely to be accomplished, according to S&P Global Platts. Sambit Mohanty, Senior Editor of S&P Global Platts, said, “We don’t agree with the fact that India can sharply reduce (crude oil) imports. We still import more than 80 per cent of our crude oil needs. Given the fact that oil product demand is growing at nearly 8 to 9 per cent, we cannot see how we can substantially reduce imports of the ...

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Germany Slams U.S. Steel Imports Probe

Germany criticized the U.S. decision to launch a national security probe into steel imports and urged Washington to respect international World Trade Organization rules. Economics Minister Brigitte Zypries said proposed anti-dumping duties against German steel companies were unjustified because the U.S. calculation of dumping margins violated WTO rules, adding that the move “gives reason for concern.” Dumping involves foreign manufacturers selling steel below production costs and home-market value. Ms. Zypries said she would address the issue in a phone call with her U.S. counterpart Wilbur Ross next week and during ...

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Turkey tenders to buy 44,000 tonnes of corn – trade

Turkey’s state grain agency TMO has issued an international tender to purchase and import up to 44,000 tonnes of animal feed corn to be sourced from the European Union and Moldova, traders said on Friday. The tender closes on April 25, with offers having to remain valid until April 26, they said. Turkey has been turning to supplies of grain from the EU and other regions after Turkey’s sudden ending of duty free status for Russian wheat, corn and sunflower oil in March effectively stopped imports. The move is suspected ...

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BPCL seeks diesel cargoes as refinery maintenance extended – sources

Bharat Petroleum Corp Ltd (BPCL) is seeking diesel cargoes in a rare move as a planned maintenance shutdown at its Mumbai refinery takes longer than expected to complete, trading and refining sources said. BPCL is seeking two 50 parts per million (ppm) sulphur diesel cargoes of 40,000 tonnes each for delivery into Mumbai over May 10-12 and May 16-18, according to documents for a tender that closes on April 25, oil traders said. The firm shut a 120,000 barrels-per-day (bpd) crude distillation unit, a hydrocracker and some secondary units at ...

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Korea Gas Corp launches tender for June, July LNG cargoes-trade

Korea Gas Corp has launched a tender seeking to buy liquefied natural gas (LNG) cargoes for delivery in June and July, trade sources said. The scope of the company’s demand is unclear as each supplier has a limit on the number of cargoes it is allowed to offer, but the firm has not spelled out an upper limit for deliveries, trade sources said. Source: Reuters (Reporting by Oleg Vukmanovic; Editing by Adrian Croft)

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China imports half of Vietnam’s crude oil in first quarter

China imported up to half of Vietnam’s exported crude oil in the first quarter of this year, according to the Vietnam General Customs Department. The department said that between January and March, Vietnam exported over 1.5 million tonnes of crude oil, earning USD637 million, down 16% in the volume but up 27% in the value. Vietnam exported over 1.5 million tonnes of crude oil in the first quarter of this year. Of the figure, China imported 704,000 tonnes at USD293 million or at VND9.4 million (USD416) per tonne on average. ...

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Iraq’s oil exports fall so far in April amid port work, OPEC cut

Oil shipments from Iraq’s southern terminals have fallen so far in April, according to loading data and an industry source, reflecting a temporary drop in export capacity and Iraqi efforts to comply with OPEC production cuts. OPEC’s second-largest producer has curbed output this year as part of an OPEC-led supply reduction deal, although OPEC figures show that until March Iraq had delivered a smaller cut than other members such as top exporter Saudi Arabia. Exports from southern Iraq – the outlet for most of the country’s crude – in the ...

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Vitol and Gazprom Marketing & Trading Singapore Pte Ltd sign multi-year supply agreement

Vitol announced that it has signed a multi-year LNG purchase agreement with Gazprom Marketing & Trading Singapore Pte Ltd (GM&T Singapore), for the annual supply of around 300,000 metric tons of LNG, from 2018. The supply will come from GM&TS’s diversified LNG portfolio. Pablo Galante Escobar, Vitol’s Head of LNG said: “We are delighted to be working with Gazprom Marketing & Trading a subsidiary of Gazprom, the world’s largest producer of natural gas. Vitol is an established participant in LNG markets globally and this development will strengthen our offering to ...

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Rio Tinto maintains iron ore guidance despite challenging Jan-Mar quarter

Rio Tinto’s iron ore shipments guidance for 2017 remains on track despite a challenging first quarter, the company said in its quarterly production results released Thursday. The miner’s Western Australian Pilbara iron ore operations produced 77.2 million mt — Rio Tinto’s share was 63.6 million mt — in the quarter, down 3% year on year and 10% from the October-December quarter, it said. “Production and sales were both impacted by significant weather disruptions, which resulted in heavy flooding across several sites including the rail network, along with the suspension of ...

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Surgutneftegaz issues tender for 0.6-1.2 mln T Urals crude for H2-traders

Surgutneftegaz issued a tender on Thursday to sell between 600,000 tonnes and 1.2 million tonnes of Urals crude oil loading from the Russian Baltic Sea ports of Ust-Luga and Primorsk in July-December, traders said, citing tender documents. The tender closes on April 25 at 1400 Moscow time (1100 GMT) and the results will be announced on April 27. Italy’s Eni is the winner of the previous Surgutneftegaz’s tender for 1.2 million tonnes of Urals crude oil loading from Baltic ports in January-June 2017. Source: Reuters (Reporting by Olga Yagova; editing ...

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Trump to Revive 1962 Law to Explore New Barriers on Steel Imports

President Donald Trump is ramping up his tougher “America First” trade policy with plans to revive a decades-old, rarely used law to explore imposing new barriers on steel imports, the White House announced Wednesday night. Mr. Trump plans a signing event at noon Thursday to mark a special investigation under the 1962 Trade Expansion Act, which allows emergency trade sanctions on “national security” grounds, according to an administration statement. The statement didn’t elaborate on the specific nature of the investigation, but people familiar with the matter said it would focus ...

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Sabine Pass LNG exports set record in February

Louisiana’s Sabine Pass LNG terminal in February exported 15 cargoes with a combined volume equivalent to 51.98 Bcf (1.47bn m³) of gas, according to data recently released by the US Department of Energy (DOE). That set a monthly US LNG export record as production at the facility continued to ramp up, topping the previous record of 51.24 Bcf from 15 cargoes in January. Sabine Pass is the only operating major LNG export facility in the contiguous US. Other US terminals are scheduled to come on line later this year and ...

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