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IEA Says Venezuela Crisis Risks Disrupting Global Crude Market

The political crisis in Venezuela risks disrupting global crude markets as the type of oil pumped by the OPEC member becomes increasingly scarce, according to the International Energy Agency. The U.S., Venezuela’s biggest customer, is banning oil imports from the country as it condemns President Nicolas Maduro for fraudulently clinging to power after disputed elections. Venezuela’s output is already at the lowest in decades as a spiraling economic crisis takes its toll on oil infrastructure. While global markets remain comfortably supplied, disruption in Venezuela poses a threat because production of ...

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OPEC, Russia draft cooperation charter offers no formal body: document

Scared by looming U.S. anti-cartel legislation for the oil industry, the Organization for the Petroleum Exporting Countries and its allies such as Russia have decided against creating a formal body, at least on paper. A draft of a document – setting up a new alliance and dated January 2019 – and seen by Reuters carefully avoids any mention of sensitive issues such as oil prices, market share and production cuts. OPEC and Russia have been cutting production together to support prices since 2017, after clinching a deal in December 2016, ...

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New EU rules on gas pipelines hamper Russia’s Nord Stream 2

The European Union reached a provisional deal on new rules governing import gas pipelines including Russia’s planned Nord Stream 2, in a move that cast doubts over the project’s current operating structure. Adding to uncertainty is Denmark’s potential ban of the pipeline’s planned route through its territorial waters and threats by the United States to sanction it if it goes ahead. The draft law calls for all import pipelines to meet EU energy market rules by not being directly owned by gas suppliers, applying non-discriminatory tariffs and transparent reporting and ...

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Shares and oil at 3-month highs but no love for euro

Optimism about U.S.-China trade talks and bumper earnings lifted European shares to a three-month high on Thursday, though news that Germany only dodged recession by the narrowest of margins left the euro feeling unloved. Markets were generally in a cautious mood as investors hung on for any hint of progress in the tariff talks amid reports the White House could extend the deadline for a deal. Stocks extended gains regardless. Strong results from Nestle, drugmaker AstraZeneca and plane giant Airbus lifted the pan-European STOXX 600 0.4 percent and towards its ...

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China’s wealth gap widens as more than half of its provinces missed growth targets last year

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product (GDP) growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning ...

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EU lawmakers approve launch of Singapore free trade agreement

EU lawmakers approved the start of a free trade agreement with Singapore, reflecting the EU’s deeper push for open market accords with higher-growth Asian countries. About two-thirds of the European Parliament’s members voted in favour of the free trade accord, which could be launched in a few months, as well as a related agreement on how to settle disputes between foreign investors and states. The pact has been nine years in the making. Negotiations ended in 2014, but as protests mounted against other trade accords – notably one planned with ...

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Banks pleas for ‘critical’ no-deal Brexit support go unanswered

Britain’s banks say they are getting no guidance from government on how to deal with a predicted surge in business casualties in a “no deal” Brexit. The banks have asked the government to engage with them on a range of requests, ranging from specific financial support for businesses hit by supply chain problems or delayed payments to guidance on how to lend to those in financial trouble, but this has fallen on deaf ears, two senior bankers from two of Britain’s major banks told Reuters. The lack of action, despite ...

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Bank Mergers Get Faster Under Trump

Bank mergers are getting speedier under President Trump, with federal regulators changing policies that had deterred deals after the financial crisis. That stance could potentially help fuel more consolidation, though it has also raised concerns that regulators aren’t scrutinizing mergers closely enough. Last week, BB&T Corp. and SunTrust Banks Inc. announced plans for a $28.2 billion all-stock deal that, if completed, would be the biggest bank merger since the crisis. The number of bank mergers approved hasn’t changed significantly in the past two years. But the process for getting a ...

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MMi Daily Iron Ore Index Report February 14 2019

The market came alive today as mills and traders dived in to pick up material. Traders who have little stock at hand say they are relatively bullish,

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#ValeReports: Updates on Rio Paraopeba’s membrane

The protective membranes of the water catchment system on the Paraopeba River are installed and functioning correctly.

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Energy Outlook, 2019 edition

BP Chief economist Spencer Dale discusses the findings of the 2019 edition of the Energy Outlook. Source: BP

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Tanker Market Rates 14/02/2019

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

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Ocean Yield ASA enters into option agreement with Aker Energy AS for a long-term bareboat charter of the FPSO Dhirubhai-1

Ocean Yield ASA is pleased to announce that the Company today has entered into an agreement with Aker Energy AS (“Aker Energy”), where Aker Energy has an option to bareboat charter the FPSO Dhirubhai-1 for a period of 15 years. If the option is exercised, the FPSO is intended to be used for an early-production project offshore Ghana. Aker Energy will pay USD 3 million for the option, that can be exercised before 1st May 2019. In addition, Aker Energy can extend the initial option-period by another 30 days against ...

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Boat made of old flip-flops flies flag for cleaner African seas

It was 6pm when an unusual rainbow-coloured boat, made of recycled plastic waste and discarded flip-flops gathered from beaches and roadsides, dropped anchor off the beach at Mtwapa, near Kenya’s coastal city of Mombasa. The 9-metre-long dhow, “The Flipflopi”, was sailing south along East Africa’s coast to raise awareness of the threat plastics pose to the oceans, said chief boat-builder and captain Ali Skanda. Beaches and marine ecosystems have been badly affected by plastics, Skanda said, adding it was time to change local people’s mindset on how they handle and ...

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Sri Lanka shipping policy to encourage ship finance

Sri Lanka’s new national policy for its maritime and logistics sectors has recommended several measures to encourage ship financing such as removing single borrower credit limits. It aims to encourage Sri Lankan banks to finance ship acquisitions to promote ship ownership among Sri Lankans and create an eco-system of ship owners in Sri Lanka. The final draft of the national shipping policy was presented to Minister of Ports & Shipping and Southern Development Sagala Ratnayaka last month. Awareness of ship finance will be enhanced to facilitate financing at interest rates ...

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