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Thai Oil buys first crude cargoes from Oman, U.S. amid OPEC cuts

Thailand’s largest oil refiner Thai Oil has bought its first ever cargoes of U.S. Eagle Ford crude and Oman crude as its diversifies purchases amid OPEC production cuts, two sources with knowledge of the matter said. The company bought 500,000 barrels of Eagle Ford crude from a western trader for delivery at the end of May and an equal volume of Oman which will load in May. It bought the cargoes after oil prices fell on lower demand in Asia during peak refinery maintenance season in the second quarter. Thai ...

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Saudi Aramco inks term crude supply with China’s CNOOC for Huizhou refining project

Saudi Aramco has signed a one-year crude supply contract with China National Offshore Oil Corp. for its upcoming Phase 2 Huizhou refining project, as Saudi Arabia steps up efforts to secure its share in its largest market, where its top supplier status was recently threatened. Under the contract that was signed earlier this year, the Saudi national oil company will supply one VLCC per month of Arab Medium crude oil to CNOOC for a year, starting from the second half of 2017, sources close to the two companies said Wednesday. ...

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India: Coal imports down by 2.59 per cent

India’s dependence on imported coal has fallen by 2.59 per cent in April 2016-January 2017 as compared to the corresponding period in the previous financial year. However, the country’s dependence of imported coal fell even more sharply by 8.2 per cent in financial year 2016 as compared to financial year 2015. This information was shared by Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy and Mines in a written reply to a question in the Lok Sabha today. According to the response, “On account of ...

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Venezuela increased fuel exports to allies even as supply crunch loomed

A gasoline shortage in OPEC member Venezuela was exacerbated by an increase in fuel exports to foreign allies such as Cuba and Nicaragua and an exodus of crucial personnel from state-run energy company PDVSA, according to internal PDVSA documents and sources familiar with its operations. Leftist-run Venezuela sells its citizens the world’s cheapest gasoline. Fuel supplies have continued flowing despite a domestic oil industry in turmoil and a deepening economic crisis under President Nicolas Maduro that has left the South American country with scant supplies of many basic necessities. That ...

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Saudi exports to U.S. to fall by 300,000 bpd in March – official

Saudi Arabia’s crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with OPEC’s agreement to reduce supply, a Saudi energy ministry official said. The United States imported about 1.3 million bpd from OPEC’s top exporter in February, according to U.S. Energy Information Administration data. “Exports may fluctuate week on week, but on average in March exports will be down,” the official said, responding to a Reuters request to comment on the EIA data. Saudi exports are then expected to ...

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Bad French harvest lets Russian wheat grab west Africa sales

Inroads made by Russian wheat this season into west African countries traditionally supplied by France has posed another challenge to French wheat from Black Sea origins, an export group said. Flour millers in west Africa have turned to Russian wheat on a large scale for the first time after a poor 2016 harvest reduced supplies in France, and the European Union’s top exporter may struggle to win back market share there, Yann Lebeau of France Export Cereales said. “In sub-Saharan Africa the door is open now. Whereas before French wheat ...

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Saudi Arabia’s crude exports to China fall in Feb.

Saudi Arabian crude exports to China fell in February, though the kingdom remained China’s top supplier, underscoring the oil giant’s determination to stay dominant in Asia despite global production cuts. China’s imports of crude from Saudi Arabia fell 14% from a year earlier 4.7 million metric tons, roughly equal to 1.23 million barrels a day, according China’s General Administration of Customs. The volume represented a 5% decrease from January levels. “This is not surprising because Saudi Arabia has decreased its output in order to comply with the production cutback agreement. ...

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China Feb gasoline exports jump to 2nd-highest on record, imports plunge

China’s gasoline exports in February climbed to their second-highest monthly level on record as refiners increasingly turn to exports to Asian markets to drain a domestic supply glut that almost wiped out imports altogether. Gasoline exports rose 77 percent in February compared with the same month a year earlier to 1.06 million tonnes, just short of the monthly record of 1.1 million tonnes set in June last year, data from the Chinese customs authority showed on Thursday. Meanwhile diesel exports jumped 67 percent compared with February 2016 to 1.32 million ...

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Turkey’s total oil imports rise 24.26 pct in January

Turkey raised its oil imports by 24.26 percent in January compared to the same month in 2016, Turkish Energy Market Regulatory Authority (EMRA) data showed Wednesday. The country’s oil imports reached 2.3 million tons in January. Iran held the biggest share of oil exports among exporting countries with 23.89 percent in January. Iraq and Russia followed with 23.88 percent and 15.36 percent respectively. On the production side, total refined petroleum products, including diesel and gasoline, increased by 5.06 percent to 2.5 million tons between January 2016 and January 2017. During ...

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Japan buys 117,689 tonnes food wheat via tender

Japan’s Ministry of Agriculture bought a total of 117,689 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that closed late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second most important staple after rice and buys the majority of the grain for milling via tenders typically issued three times a month. Details are as follows (in tonnes): COUNTRY TYPE Quantity U.S. Hard Red Winter (semi hard) 28,500* Dark Northern Spring 28,600* (protein minimum ...

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Iran abandons plans for iron ore export tariffs

Iran has scrapped a plan to impose tariffs of between 5 and 10 percent on iron ore exports and may also abandon a 15 percent duty on shipments of iron ore pellets, used as a raw material in steelmaking, industry representatives said. Iran has been working to boost its domestic steel industry and European producers have complained it is selling into the EU market at less than fair value. The European industry has also accused the Iranians of using existing export tariffs on iron ore pellets in a protectionist way ...

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China’s North Korean coal imports drop to two-year low on ban

China’s imports of North Korea anthracite coal in February fell 18.7 percent from a year ago to the lowest since January 2015, after a ban on imports as a result of the reclusive nation’s missile program. Imports of anthracite coal, a hard coal with a high energy content used in steel mills, dropped to 1.23 million tonnes in February from 1.45 million tonnes in January, data from the General Administration of Customs released on Thursday. Waning shipments from North Korea follows Beijing’s decision in late February to ban coal imports ...

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Citgo brought second-ever cargo of Ghanaian crude into US Gulf Coast: trade

Citgo imported nearly 500,000 barrels of Ghanaian crude into the US Gulf Coast earlier this month, only the second time crude from that West African country has made it to the region, according to US government data and market sources. The tanker Almi Odyssey arrived March 11 at Corpus Christi, Texas, with 498,739 barrels of the newly launched crude blend TEN, according to US customs data obtained by S&P Global Platts. The cargo was a February 6-7 equity cargo by UK oil company Tullow. Platts data showed Glencore was one ...

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India’s Feb oil imports fall 3.3 pct y/y – govt

India’s oil imports in January fell 3.3 percent from a year ago to 16.32 million tonnes or 4.27 million barrels per day, while export of oil products declined by about 21 percent, government data showed. Imports of oil products rose 13.7 percent, the data showed. The data for imports and exports is preliminary because private refiners share numbers at their discretion. Since 2016 was a leap year, February last year had an extra day. All figures are in million tonnes. 2017 2017 2016 2016 2016 2016 2015 2015 CRUDE OIL ...

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South Korean utilities fulfill plan to book US thermal coal cargoes

South Korean power generators are putting into action their stated plan to book more US thermal coal with approximately 1.5 million mt destined to arrive at Korean ports between July and September, said a market source Wednesday. All five Korean power utilities have purchased US thermal coal cargoes for Q3 delivery, and the specification of the coal involved is understood to be 4,850 kcal/kg NAR, said one source familiar with the matter. The shipments are coming from a port on the western seaboard of Canada, possibly Vancouver which is home ...

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