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Analysis: Asian crude buyers cheer price competition between OPEC, US

Asian refiners could find plenty of bargain spot crude cargoes in the third-quarter as the recent cuts in major Middle Eastern crude official selling prices, and China’s ongoing threats to impose hefty import duty on US oil could set the stage for intense price competition between North American and Persian Gulf crude suppliers. Asian refiners have been keeping a close eye on the new round of Middle Eastern crude OSPs this week, with many regional end-users hoping for some discounts after OPEC and its allies had agreed in late-June to ...

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Could Saudi Arabia replace all the barrels lost from Iran sanctions? Kemp

The United States wants to eliminate all Iran’s crude oil exports from November, and is relying on Saudi Arabia and other OPEC and non-OPEC members to fill the gap in supplies. “Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue from crude oil sales,” a senior State Department official told a news briefing this month. “We are working to minimise disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity,” Brian Hook, the director of ...

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Saudi Aramco to supply Japan full-term crude volumes for Aug: sources

Saudi Aramco will provide full-term crude contractual volumes to customers in Japan for barrels across available grades loading in August, sources with direct knowledge of the matter said. However, it was not immediately clear whether the state-owned oil giant will also restore normal operational tolerance to its customers in Japan from August, following the recent OPEC/non-OPEC agreement, industry sources said. S&P Global Platts reported on July 5 that state-owned Abu Dhabi National Oil Co. was set to provide full-term crude contractual volumes and restore normal operational tolerance to customers in ...

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Libya Oil Chief Warns Output to Drop Every Day as Ports Halted

Libya’s oil output will keep dropping day by day if major ports remain closed after clashes last month led to a political deadlock, the head of the country’s state energy producer said. “Today, production is 527,000 barrels a day, tomorrow it will be lower, and after tomorrow it will be even lower and everyday it will keep falling,” Mustafa Sanalla, chairman of the Tripoli-based National Oil Corp., said in a video statement posted on the company’s Facebook page. The nation was producing more than twice that amount before fighting in ...

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Subdued Canadian reaction to Syncrude cut reflects growing heavy demand

Syncrude Canada’s surprise outage last month roiled international crude markets with the prospect of reduced flows to the NYMEX crude delivery point in Cushing, Oklahoma. The Canadian market, in contrast, responded with a yawn. More than two weeks after a transformer outage June 20 knocked Syncrude and its 350,000 b/d of production offline, Canadian light benchmark Syncrude Sweet Premium at Edmonton still traded at a discount to the WTI CMA. Past Syncrude outages have sent SSP spiking to more than a $4/b premium, S&P Global Platts data shows. The Canadian ...

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Europe, Asia Stocks Follow Wall Street Higher

Global stocks edged higher Tuesday after the Dow Jones Industrial Average posted its best day in a month on Monday. The Stoxx Europe 600 was up 0.1% in early morning trading, led by gains in oil-and-gas companies. Brent crude prices were up 0.7% to $78.63 on Tuesday, building on recent gains amid ongoing supply issues in Libya. Futures markets pointed to a 0.2% opening gain for the Dow Jones Industrial Average. Most Asian markets ended higher. Investors shrugged off recent trade tensions between the U.S. and China to send stocks ...

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British pound frail after key eurosceptic ministers quit

The British pound was frail on Tuesday after the departure of two key eurosceptic ministers raised worries about a “hard Brexit” while the yen retreated against the dollar as investors bid up riskier assets. Sterling stood at $1.3248 , having fallen to as low as $1.3189 on Monday, after Prime Minister Theresa May’s foreign minister and Brexit negotiator quit in protest at her plans to keep close trade ties with the European Union. The currency regained some ground after several Conservative lawmakers said May is likely safe from a leadership ...

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Merkel Lauds China’s Market Opening in Trade Rebuff to Trump

German Chancellor Angela Merkel praised China for opening up to foreign investment, drawing a contrast with trade conflicts burdening both countries’ relations with the U.S. Merkel’s positive take followed a meeting on Monday in Berlin with Chinese Prime Minister Li Keqiang, who presented himself as an ally in her defense of rules-based global trade. They also agreed that they want to preserve a nuclear accord with Iran that President Donald Trump has ditched. At an event hosted by Merkel and Li, BASF SE signed a preliminary accord to spend as ...

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China’s ‘firefighter’ vice president avoids flames of U.S. trade war

As the flames of a trade war between China and the United States lick higher, one top Chinese leader expected to help handle relations with Washington has been conspicuous for not taking a public role in the dispute – Vice President Wang Qishan. Known in Chinese government circles as “the firefighter” for his central role in tackling issues like corruption and domestic financial problems, Wang also has experience dealing with the United States – leading annual economic talks with Washington when he was a vice premier. As a result, Wang ...

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Global Economy Still Strong, But China Trade Is Troubling

Trade risk is real, but that is mostly going to be felt in China. For now, global growth trumps Trump’s trade war rhetoric, Barclays Capital believes. They are not alone. Most of Wall Street increasingly thinks this is a trade war the U.S. can win and is winning. At least in the near term. It seems that even the mainstream financial press—long a proponent for tariff-free trade—has since discovered the distortions China brings to the market. China is known for questionable competition practices and subsidizing industries already grappling with oversupply ...

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In Berlin, China’s Li promises to open markets further

China’s Premier Li Keqiang said China would open its domestic markets further for foreign investors, promising that German companies would not be risking their intellectual property if they set up shop in the country. Speaking at a news conference alongside German Chancellor Angela Merkel after talks in Berlin, Li said China would open up its insurance and bonds markets further, and added that he hoped German companies would manufacture more there. China did not demand technology transfers of German companies operating there, he added, and nor did China permit violations ...

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Tanker Market Rates 10/07/2018

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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How the mission to seafarers takes care of our crews

They navigate the ships from port to port, ensuring that all cargo reaches its destination safely: the crews on board our 219 ships, which operate 120 liner services worldwide. Without them our work on land would not be possible – without them, shops and supermarkets would be empty. But who takes care of the crews? An insight into the work of the mission to seafarers. When the ships arrive in port, things can get very hectic: There are deliveries, crew changes, visitors – and sometimes representatives of missions to seafarers ...

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Gazprom Neft launches new icebreaker to access Arctic oil fields

Russian oil major Gazprom Neft has launched a new icebreaker, the Alexander Sannikov, to support tankers going from the Yamal Peninsula alongcthe Northern Sea Route, the company said. The Alexander Sannikov is the first icebreaker to be built under the Arctic Time program. Six tankers have already been launched under the program, the company said in a statement. The new vessel will begin regular voyages in August, the company said. The launch of the vessel comes at a time when Gazprom Neft is planning to invest in developing infrastructure at ...

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Pope hails work of seafarers on Sea Sunday

Pope Francis has prayed for seafarers and fishermen and their families as churches across the world celebrated Sea Sunday on July 8. “I pray for them and their families as well as for the chaplains and volunteers of the Apostleship of the Sea,” the Pontiff said at the Sunday Angelus in St Peter’s Square, Vatican. The Pope also made mention “of those who live in unworthy work situations at sea”. Thousands of churches around the world marked Sea Sunday this year with Mass and prayers for seafarers, their families and ...

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