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As U.S. Cracks Down on Iran’s Oil Sales, It Calls Out an Ally

On a scorching June day, a senior U.S. official arrived in the United Arab Emirates with a clear message: The Trump administration intended to tighten the screws on Iran through sanctions targeting its oil sales. “We are going to increase our sanctions on Iran and continue our foreign policy,” Brian Hook, the White House special envoy on Iran, told CNBC from the U.A.E. capital of Abu Dhabi. Days earlier, a significant breach in the sanctions campaign had occurred about 160 miles from where Mr. Hook met with Emirati officials to ...

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NIOC to offer 2mn barrels of gas condensate on Sep. 11

The National Iranian Oil Company (NIOC) will offer two million barrels of gas condensate at the international ring of the energy exchange (IRENEX) on September 11. The company will offer the condensate at the base price of $56.09 per barrel in this round of offering on Wednesday. The least possible amount for loading cargo for land transportation is 110 tons. Accordingly, purchasers can receive their cargoes for at most three months after the purchasing date. The delivery of cargoes in other areas strictly depends on the previous approval of the ...

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Big Oil Leads EMEA Companies’ Cash Reserves Spike To $1.2T

Corporate cash reserves of non-financial companies in the EMEA [or “Europe Middle East and Africa”] region soared past a trillion dollars in 2018, posting a double-digit percentage rise on an annualized basis. Research by Moody’s found corporate cash piles at EMEA non-financial companies to be at €1.1 trillion ($1.21 billion) at end-2018, up 15% from the previous year. The global rating agency attributed much of the rise in the regional headline figure to energy companies, many of which saw an increase in their lead with a jump to 21% share ...

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What makes OPEC to be relatively successful cartel?

OPEC is considered to have been a relatively successful cartel, Trend reports citing UK-based Capital Economics research and consulting company. “OPEC actively seeks to control oil prices by cutting production and curbing exports. Admittedly, its market power is weaker than it was during the 1970s, when it spurred a quadrupling of prices in the aftermath of the Arab-Israeli war in 1973. However, in recent years, OPEC has strengthened its market power by co-ordinating supply with non-members such as Russia. Collectively this is known as OPEC+ and it has a combined ...

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Iranian tanker reaches destination, oil sold -ministry tells TV

Iran’s foreign ministry spokesman on Sunday said an Iranian oil tanker at the center of a dispute between Tehran and Western powers had reached its destination and sold its oil, state television reported. “The tanker has gone to its destination, the oil has been sold,” spokesman Abbas Mousavi told the television station without disclosing whether the crude oil had been delivered. The tanker Adrian Darya 1, which went dark off Syria last week, has been photographed by satellite off the Syrian port of Tartus. Source: Reuters (Reporting by Dubai newsroom ...

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Gibraltar’s first LNG bunker – GSD concerned commercial considerations trumped safety, Government insists safety was paramount

The GSD party says it is concerned that commercial considerations trumped safety in Gibraltar’s first LNG bunkering operation, which was undertaken by a company that did not having a licence for LNG bunkering in Gibraltar. The Government has insisted safety was paramount. It says the Captain of the Port received both a method statement and a risk assessment beforehand and had no safety concerns. The Government dismisses the official opposition’s comments as “scaremongering”. Gibraltar’s first LNG bunker took place last week and, replying to GBC questions, the Minister for the ...

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Emirates Maritime Arbitration Centre (EMAC) signs Memorandum of Understanding with Abu Dhabi Global Market Arbitration Centre (ADGMAC)

In the spirit of continued collaboration between government entities in the UAE, the Abu Dhabi Global Market Arbitration Centre (ADGMAC) and Emirates Maritime Arbitration Centre (EMAC) have signed a Memorandum of Understanding (MoU) to advance arbitration and mediation services across the whole UAE maritime industry. Mr. Majid Obaid bin Bashir, Chairman and Secretary General, EMAC and Mrs. Linda Fitz-Alan, Registrar and Chief Executive of ADGM Courts, marked the collaboration at a signing ceremony on 8th September 2019 in Abu Dhabi “We are very pleased to seal collaboration with ADGMAC. Through ...

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Iran seizes ship with Filipino crew for alleged fuel smuggling in Gulf

Iran’s coast guard has seized a foreign tugboat suspected of smuggling fuel in the Gulf and detained its 12 Filipino crew members, state television reported on Saturday. It said the tugboat was carrying nearly 284,000 litres of diesel. The report did not say what national flag the vessel was flying. Iran, which has some of the world’s cheapest fuel due to heavy state subsidies, has been fighting rampant fuel smuggling overland to neighbouring countries and by sea to Gulf Arab states. It has frequently seized boats it says are being ...

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Guidance on the United States Sanctions Compliance Programmes

On 3 May, 2019, the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) published a “Framework for OFAC Compliance Commitments” (the “Compliance Framework”), which sets out OFAC’s views of the essential elements of an effective economic sanctions compliance program. OFAC consider it important for any shipowner charterer or trader that may be subject to US Primary or Secondary sanctions to ensure that it does not break sanctions. The publication of the Framework has now clarified OFAC’s expectations of the essential components of an effective sanctions’ compliance programme, OFAC ...

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U.S. will sanction whoever purchases Iran’s oil: official

The United States will continue to impose sanctions on whoever purchases Iran’s oil or conducts business with Iran’s Revolutionary Guards and no oil waivers will be re-issued, a U.S. official told Reuters on Sunday. “We will continue to put pressure on Iran and as President (Trump) said there will be no waivers of any kind for Iran’s oil,” said Sigal Mandelker, U.S. Treasury Under Secretary for Terrorism and Financial Intelligence. Mandelker added that Iranian oil sales have taken a “serious nose dive” because of U.S. pressure. Iran’s crude oil exports ...

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India’s trying to race Brazil by exporting subsidized sugar

Indian sugar mills are trying to lock in deals with buyers from China to Iran to begin exports from October 1, when fresh government subsidies kick in. The millers will start shipping from the country’s record stockpiles instead of waiting for the new sugar crop to become available to fully use the time it has until April, when supplies from rival Brazil start to flood the market, according to an industry association. Indian producers are talking to importers in the Middle East, China, East Africa, Bangladesh, Iran and Sri Lanka ...

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No shift in Saudi OPEC policy after naming new energy minister: official

There will be no shift in Saudi Arabia’s OPEC policy after the appointment of Prince Abdulaziz bin Salman as the new energy minister, and the top oil exporter will continue with the OPEC-led output cut agreement, a Saudi official said. Prince Abdulaziz, a son of the king and veteran oil official, was named earlier on Sunday as the Minister of Energy, replacing Khalid al-Falih. The appointment marked the first time that a member of Al Saud ruling family has headed the energy portfolio. “There is no shift in Saudi oil ...

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Big Oil Circles Permian Riches as Shale Stocks Collapse

A bloodbath in energy stocks is creating a rich opportunity for Big Oil to dominate America’s hottest shale play. Independent producers in the Permian Basin of Texas and New Mexico are trading much lower than when Chevron Corp. bid for Anadarko Petroleum Corp. in April. Royal Dutch Shell Plc and ConocoPhillips have expressed interest in bulking up in shale at the right price. Exxon Mobil Corp.’s chief said Wednesday his company is keeping a “watchful eye” on the Permian for potential deals. Oil’s drop to near $55 a barrel, from ...

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LNG Portfolio Players On The Rise

Looking at the total liquefied natural gas (LNG) volumes sold globally, there has been an increasing percentage of portfolio volumes contracted without specifying a liquefaction plant or country of LNG origin. Among the 117 million tonnes per year (tpa) term sales and purchase agreements (SPAs) signed between 2001 and 2005, only 3% were portfolio contracts. That number grew to 10% for the SPAs signed from 2006 through 2010. The percentage of portfolio volumes sold in the periods 2011-2015 and 2016-2019 was 20% and 26%, respectively. However, the total signed SPAs ...

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U.S.-China trade conflict could take years to resolve – Kudlow

White House economic adviser Larry Kudlow said the United States wants “near term” results from U.S.-China trade talks in September and October but cautioned that the trade conflict could take years to resolve. Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer. “A deal of this size and scope and ...

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