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China’s teapot refiners set to slow crude imports as tanks overflow

As OPEC extends production cuts in a bid to tighten the oil market, China’s independent refiners – awash with crude and facing disappointing local demand – are poised to slow purchases of oil for at least the next two months. The move by China’s so-called “teapots”, a key driver of the country’s crude appetite, will stir concerns about demand in the world’s top oil buyer, which fell from a peak of 9.2 million barrels per day (bpd) in March to 8.4 million bpd in April. Independent refiners, mainly based in ...

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Russian Wheat Export to Reach Historic High in 2016-2017 – Agricultural Ministry

Russia is expected to export some 34-35 million metric tons of grain this season between July 1, 2016 and June 30, 2017, including 27 million of metric tons of wheat, which would set a historic record, Deputy Agriculture Minister Jambulat Khatuov said Friday. “According to preliminary estimates, grain exports in this season will be 34-35 million metric tons, including 27 million metric tons of wheat,” Khatuov said. The minister added that last season, grain exports reached over 33.9 million metric tons, with a little over 25 million metric tons of ...

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Record Australian grain exports flood market, but Black Sea challenge ahead

Australia’s grain exports have shot to record volumes this year as bumper crops push down prices, but levels may fade towards year-end as rival shipments step up from the Black Sea region. Wheat, canola and barley exports have been over 60 percent higher than normal over the first five months of 2017, at 17.2 million tonnes, according to Thomson Reuters Eikon data. That flood of grain from Australia, the world’s fourth largest wheat exporter, and other suppliers is dragging on global prices that are trading close to last September’s 10-year ...

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LNG import doubles as gas output static

As Pakistan’s gas production remains stuck at the same level for several years, the current government has started banking on energy imports to bridge the widening shortfall. To lay the groundwork and streamline imported gas supplies, the public gas utilities have poured billions of rupees into building a new network of pipelines to reach more consumers. At present, Pakistan has an extensive gas pipeline network spread over 12,202 km for transmission and 119,736 km for distribution of gas to cater to needs of more than 8.4 million consumers across the ...

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Japan buys 117,800 tonnes of food wheat via tender

Japan’s Ministry of Agriculture bought a total of 117,800 tonnes of food quality wheat from the United States 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 majority of the grain for milling via tenders typically issued thrice a month. Details are as follows (in tonnes): COUNTRY TYPE Quantity U.S. Western White 23,260* Hard Red Winter (semi hard) 21,250* Dark Northern Spring 35,420* (protein minimum 14.0 ...

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US soybean oil exports fall on week: USDA

US soybean oil net export sales fell 4,922 mt to 9,993 mt, in the week ending May 18, decreasing from 14,915 mt the prior week, US Department of Agriculture data showed Thursday. Weekly physical exports for soybean oil also fell, decreasing by 25,474 mt to 14,573 mt. The top countries to which the US sold current marketing year soybean oil last week were Mexico at 3,261 mt, Colombia at 3,000 mt and El Salvador at 1,900 mt. There were 335 mt of cancellations the United Kingdom as well. The top ...

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Kurdistan oil exports not subject to OPEC reduction agreement

Kurdistan Region oil exports are not subject to OPEC’s renewed reduction targets, Iraq’s oil minister stated, adding, however, that he hopes they will be included. He said he will visit the Region to discuss the matter with the Kurdistan government, with whom, he said, Baghdad has good relations. “Our relations with the Kurdistan Region are very good. We have coordination with each other. There might be misunderstanding and lack of clarity with respect to some issues. Nevertheless, we continued relations, but we should be more accurate,” Minister Jabbar al-Luaibi told ...

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Nigeria LNG launches three-cargo sell tender – trade sources

Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said. Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said. Source: Reuters (Reporting by Oleg Vukmanovic; editing by David Clarke)

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China’s April wheat imports almost double on year to 603,013 mt

China’s wheat imports rose 99.4% year on year to 603,013 mt in April, after posting a 140% surge in March, customs data showed. Imports over January-April totaled 1.67 million mt, also almost doubling from the same period a year earlier. Traders said imported cargoes from the US and Australia were cheaper than domestic premium wheat prices in the period, while the country’s appetite for premium and specialty wheat was seeing strong growth from a rapidly expanding bakery and pastry sector. China’s domestic price of premium grade domestic wheat has averaged ...

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Chinese Ministry says Chinese exports have little impact on US steel industry

The Ministry of Commerce rejected US claims that China is behind the global steel overcapacity, saying its exports have little impact on the US steel industry. China understands that the United States is concerned about the closure of US steel companies and the resultant unemployment of blue-collar workers, but the root cause of this wave of global steel overcapacity is shrinking demand due to economic downturn since the global financial crisis, the MOC said in a research report on China-US economic and trade relations. The report said it is untenable ...

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Chile’s March coal imports down 21% on year as LNG gains ground

Chile imported 969,000 mt of coal in March, down 21% from the same month last year, Energy Ministry data showed. The monthly figure marked an increase of 6.9% from February. Chile’s suppliers in the month were Colombia (636,000 mt), Australia (241,000 mt) and the US (92,000 mt). Imports during the first three months of the year totaled 2.675 million mt, down 7.2% from a year earlier. The drop in imports comes amid slowing demand from the country’s coal-fired power plants. Coal-fired generation during the first three months of the year ...

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Syncrude oil sands project to further cut shipments in May and June -sources

The Syncrude Canada oil sands project in northern Alberta is further cutting shipments of synthetic crude to customers in May and June because of a leak at the plant, two market sources said. Syncrude will reduce May shipments by 100,000 barrels to 5.3 million barrels in total for the month, and June shipments by 1 million barrels to 6 million in total, the sources said. The cuts come on top of already reduced production forecasts for the facility in May and June as a result of maintenance work that was ...

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Venezuela Secretly Plotted to Sell Banned Syrian Oil to the U.S.

Syria and Venezuela plotted in recent years to evade international sanctions on Syria through a secret deal to transport its crude oil through Russia to the Caribbean. The previously undisclosed plan aimed to sell Syrian oil at a big discount to Venezuela through a Russian shell company, which would send it to Aruba for refining and distribution to gas stations in the U.S. and elsewhere, according to dozens of emails, documents and interviews. The scheme, which hasn’t been executed, indicates the extent to which the two pariah nations are willing ...

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Urals oil exports from Baltic ports to fall in June – loading plan

Russia’s June Urals crude exports from the Baltic Sea ports are expected to fall by 15 percent compared with May on a daily basis to 5.51 million tonnes, a preliminary loading plan seen by Reuters showed on Thursday. Crude loadings from the port of Primorsk were set to fall by 30 percent to 2.71 million tonnes due to planned works on Baltic pipeline system. Supplies from the neighbouring Ust-Luga port are set at 2.8 million tonnes, up 100,000 tonnes from the May loading plan. But traders said they expected additional ...

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Algerian natural gas flows to Italy dip on field maintenance, Europe offsets fall

Algerian gas flows to Italy dropped by 11 million cu, or 25%, to 32 million cu m, according to data from Platts Analytics’ Eclipse Energy, with the cause said to be maintenance at an unnamed Algerian gas field. Supplies from northwest Europe via the Passo Gries interconnection point rose by almost the same volume — some 13 million cu m — to offset the fall from Algeria, the data show. Deliveries to Italy via Passo Gries hit 37 million cu m on Wednesday, the highest level since mid-January. Italian imports ...

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