Archives of “Petroleum industry” tag

rss

US State dept: Effort to assist Iranian tanker could be viewed as support to terrorist organization

  
Analysis, Crude
#  #  #  #  #  #  #  #

Might be some oil impact from this:

A US State department official says any effort to assist Iranian tanker could be viewed as material support to a US-designated foreign terrorist organization

In reference to

  • US has conveyed its strong position to the Greek government about Iranian tanker it says is transporting illicit oil to Syria

Oil stumbles in quiet trading as OPEC+ deal extension earlier this week fails to inspire

  
Analysis, Crude
#  #  #  #  #  #  #

Oil is down by more than 1% on the day now

WTI 04-07

The ‘buy the rumour, sell the fact’ play is still very much in motion as oil is getting no reprieve at all from the fact that OPEC+ sealed a nine-month extension to the current output cuts deal, which was announced on Tuesday.
Oil fell hard on the day itself before a slight recovery amid risk-on sentiment overnight but the fall is resuming now with prices down by almost 1.3% currently.
The move higher in oil during June in anticipation of the OPEC+ decision failed to breach key resistance levels with the daily moving averages and the trendline resistance from April-May helping to limit gains and kept sellers in the game.
As such, we’re seeing sellers seize further control now and the fact that OPEC+ has done just a little above the bare minimum isn’t going to convince markets that the oversupply issue in 1H 2019 will go away in the 2H 2019.

(more…)

Weekend oil news – Russia & Saudi Arabia agree to extend OPEC+ oil output curbs

  
Analysis, Crude
#  #  #  #  #  #  #  #

Russian President Vladimir Putin, over the weekend, said Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output.

  • For 6 to 9 months
  • “We will support the extension, both Russia and Saudi Arabia. As far as the length of the extension is concerned, we have yet to decide whether it will be six or nine months. Maybe it will be nine months,”
Saudi Energy Minister Khalid al-Falih also said deal would likely be extended.
The output agreement is expected to be extended in its current form and with the same volumes.
OPEC plus (OPEC plus key oil producing allies) begin their meeting today, Monday 1 July
Russian President Vladimir Putin, over the weekend, said Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output.
Go to top