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Exports of oil products hit unprecedented 450,000 bpd

Iran has exported 450,000 barrels per day (bpd) of oil products for the first time on average during the current Iranian calendar year, ending March 20, 2017, IRNA quoted an oil official as saying. According to Abbas Kazemi, the managing director of the National Iranian Oil Refining and Distribution Company, the exports of oil products even exceeded a 600,000 bpd record in some cases. “Our policy is to boost the production level to keep the 600,000 bpd as the country’s constant exports figure for such commodities,” he said. Kazemi further ...

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Nigerian gas pipeline blast unlikely to disrupt LNG exports-trade sources

A blast on a gas pipeline system supplying the Nigeria LNG (NLNG) liquefied natural gas export terminal is not expected to cause any major disruption to vessel loadings, trade sources said. The explosion, which occurred on Wednesday, hit one of NLNG’s gas pipelines, disrupting feedgas supplies into the liquefaction plant. No casualties were reported, and the incident is being investigated, NLNG said. But traders with knowledge of the matter said the 22 million tonnes/year plant is fed by two pipelines, one of which remains operational. Oil and gas pipelines are ...

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U.S. Wheat Exports Climb 50 Million Bushels

Wheat exports seem to be robust despite record world wheat supplies and a relatively strong dollar, according to the USDA. The department is expecting wheat exports to exceed expectations calling for a 50 million bushel increase in the 2016 and 2017 marketing year. That forecast includes both hard red spring wheat and hard red winter wheat. USDA says export demand is helping prices, but it’s still below the 5- and 10-year average. Some analysts say high quality and strong protein demand is the bull behind the wheat market. “A lot ...

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Feature: Pakistan seeks to end gas shortage with LNG imports

With domestic production faltering and pipeline import projects still uncertain, Pakistan’s dependency on LNG imports is unlikely to fade away, especially since global oversupply and low LNG prices are set to continue helping the country resolve its decade-long energy crisis. Imports of the fuel are projected to jump over the next five years, with most bullish estimates pointing to a demand of 30 million mt/year, or 4 Bcf/d of gas equivalent, by 2022, which is half of the country’s total gas demand projection of 8 Bcf/d for that year, according ...

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Saudi regains top oil supplier spot to China in Jan -customs

Saudi Arabia regained its spot as top crude oil supplier to China in January, rebounding sharply after a big fall in the previous month, data from the Chinese General Administration of Customs showed on Friday. Shipments from Saudi Arabia rose 18.9 percent from a year ago to 5.03 million tonnes, or 1.18 million barrels per day (bpd). That was 40 percent higher compared to the 841,820 bpd level the kingdom supplied in December. Angola stood second with shipments up 63.5 percent from a year ago to 4.95 million tonnes, or ...

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U.S. crude oil imports from Saudi Arabia and Iraq recently increased, but may decline soon

U.S. crude oil imports from Saudi Arabia and Iraq, two of the United States’ main sources for imported crude oil, have risen since reaching relatively low points in 2014 and 2015. On a combined basis, crude oil imports from these countries are the highest since late 2012. However, recent market developments, including the November 2016 agreement among certain members of the Organization of the Petroleum Exporting Countries (OPEC) to reduce production and the recent widening of price differences between Dubai/Oman crude oil and U.S.-produced Mars crude oil, suggest that U.S. ...

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Japan pays high fee for first U.S. shale cargoes in January

Japan in January paid nearly twice as much for liquefied natural gas (LNG) derived from U.S. shale gas as it did for its cheapest imports, official trade data showed on Friday. Shale gas from the United States had been touted as a panacea to Japan’s energy crisis after the Fukushima nuclear disaster nearly six years ago. The first supplies arrived in Japan last month to much fanfare but the revelation of its higher cost would seem to undermine the initial euphoria. Japan, the world’s biggest importer of LNG, received 211,237 ...

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Egypt finalises rejection of 18,000 tonnes of Russian wheat – trade

Egypt has finalised its rejection of 18,000 tonnes of Russian wheat that prosecutors seized at an Alexandria port in November, traders with direct knowledge of the matter said on Thursday. Egyptian prosecutors had seized the wheat from a storage site belonging to a private company in Dekheila port after finding it unsuitable for human consumption. Cairo-based traders told Reuters in November the shipment was seized after large numbers of insects were found in the storage site. The shipment will now be re-exported, the traders said on Thursday. Russia’s agriculture safety ...

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China’s steel exports continue to slump in January

China’s steel exports fell 23.2 percent year on year to 7.42 million tonnes in January as the number of trade barriers rose, official data showed. The plunge in January extended the 26.8-percent decline seen in December 2016, according to the General Administration of Customs (GAC). Rising trade protectionism amid a global glut has weighed on China’s steel exports, which dropped 3.5 percent to 108.4 million tonnes last year. In 2016, there were 48 trade cases filed by 20 countries and regions against China’s steel products, a 29.7 percent rise from ...

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Qatari al-Shaheen crude loading delays seen in Feb-March – sources

Supply disruptions at Qatar’s largest offshore oilfield al-Shaheen are expected to last until April as at least three lifters have been notified of loading delays in February and March, three trade sources said on Friday. The crude is one of four grades approved for delivery in trades that are carried out during the Platts Market on Close assessment process. Trades on the platform, commonly known as the window, are used to assess the Middle East crude benchmark price Dubai. Loading dates for cargoes in February and March have been pushed ...

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Iran allowed to export surplus gas to Europe

The Iranian Parliament has allowed the country’s oil ministry to export surplus gas to Europe and neighboring countries in the next fiscal year, which will start March 2017. The approval is a part of the next fiscal year’s budget bill which is being discussed at the parliament, IRNA reported. Under the bill, the Iranian oil ministry should take steps to export gas to the EU and neighboring countries-which are not buying oil from Iran- using the private sector potential, if the gas output surpasses 1,000 million cubic meters per day. ...

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U.S. corn delays open door for China sales to Asia

Delays in corn shipments from the United States have offered China a chance to showcase its grain to major Asian buyers like Japan and South Korea, raising the prospect of a new player in global grain markets. One deal is close and talks have begun on two more, sources said, with China benefiting from its close proximity to big Asian customers and bulging stockpiles left over from a now-abandoned farmer support scheme. While volumes so far are tiny, any challenge to established trade flows would unnerve a saturated global market ...

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Adnoc takes the 10-year view on LPG exports

State-owned Abu Dhabi National Oil Company (Adnoc) said this week that it has signed a long-term agreement with Vitol, the world’s largest independent energy trader, to sell up to 528,000 tonnes of liquefied petroleum gas (LPG) annually over the next 10 years. The agreement marks a shift for Adnoc to longer-term deals as the shale gas revolution creates a glut in global gas markets, with the US setting new record highs for LPG exports in January. The bulk of the US loads are heading to Asian markets including South Korea, ...

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Europe Savors Taste of Brazilian Oil With More Blocks Opening

European oil majors given a taste of Brazil may soon be ready for more. Norway’s Statoil ASA, Anglo-Dutch company Royal Dutch Shell Plc and France’s Total SA have paid billions since 2013 to gain access to Brazil’s fertile offshore oil riches. They’re now seen as having the best chance to expand when Brazil later this year auctions four more blocks in the prolific play known as the pre-salt along the country’s east coast. The region already produces about 1.3 million barrels of crude a day. By 2023, that’s set to ...

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Argentina picks winners in 9-cargo LNG supply tender-trade sources

Argentina’s state-run Enarsa awarded its tender to buy nine cargoes of liquefied natural gas (LNG) to Gas Natural Fenosa, Trafigura, Glencore, Engie and BP among others, trade sources said. Supplies will be distributed between Argentina’s two LNG terminals, Bahia Blanca and the smaller river terminal at Escobar. Gas Natural Fenosa will supply Escobar with 4-5 shipments, sources said. At the Bahia Blanca terminal, Trafigura, Glencore, Engie and BP will supply one cargo apiece, they said. Source: Reuters (Reporting by Oleg Vukmanovic; Editing by Susan Fenton)

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