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The Biggest Risk In Today?s Oil Markets
by Nick Cunningham
18 Sep 2018 at 4:00pm
The oil market is ?tightening up,? but the Trump administration could still spoil oil prices if its aggressive trade war against China drags down economic growth. The U.S. stepped up the trade conflict with China on Monday when the Trump administration announced $200 billion in tariffs on Chinese imports. The move had been expected for weeks but trade proponents had hoped that the administration would ultimately shelve the idea when push came to shove. Not only did Trump move forward with punitive tariffs on China, but he also hinted?

Russia Tells Washington To Leave Iran Alone
by Irina Slav
18 Sep 2018 at 4:00pm
?This is unproductive, this is wrong,? Russia?s Energy Minister Alexander Novak recently said about the U.S. sanctions on Iran, indicating that Moscow will continue to back its ally in the Middle East despite its newly forged relations with Saudi Arabia. Speaking to CNBC last week, Novak said, "It is better to continue working in the market, Iran being just another exporter that provides stable supplies to the market. It is one of the richest in resources and has a solid standing in terms of its energy capability both in the OPEC,?

Iran Sanctions Are Damaging The Dollar
by Nick Cunningham
18 Sep 2018 at 3:00pm
Painful sanctions on Iran have demonstrated the long reach of the U.S. Treasury, forcing much of the globe to fall in line and cut oil imports from Iran despite widespread disagreement over the policy. Yet, we are only in the first few chapters of what may ultimately be a long story that ends with the erosion of the power of the U.S. dollar. The role of the greenback in the international financial system is the reason why the U.S. can prevent much of the world from buying oil from Iran. Oil is traded in dollars, and so much of international commerce?

Oil Prices Up Despite Massive Crude Build
by Julianne Geiger
18 Sep 2018 at 2:00pm
The American Petroleum Institute (API) reported a mammoth build of 1.25 million barrels of United States crude oil inventories for the week ending September 14, compared to analyst expectations that this week would see a draw in crude oil inventories of2.741 million barrels. Last week, the American Petroleum Institute (API) reported a hefty draw of8.636 million barrelsof crude oil. The API reported a draw in gasoline inventories for week ending September 14 in the amount of 1.485 million barrels. Analysts predicted a small?

Is Russia Smuggling Fuel To North Korea?
by Haley Zaremba
18 Sep 2018 at 2:00pm
This week United States Ambassador to the United Nations Nikki Haley publicly accused Russia of ?cheating? and "actively working to undermine" sanctions imposed by the U.N. on North Korea. In a scheduled meeting between the 15 members of the U.N. Security Council, Haley said that the U.S. government is in possession of ?evidence of consistent and wide-ranging Russian violations.? Haley?s strong statements brought the friction between the members of the security council into public view and into the headlines on Monday.?

Russian Exchange Launches Oil Trade In Crimea
by Tsvetana Paraskova
18 Sep 2018 at 1:00pm
The St Petersburg International Mercantile Exchange (SPIMEX) started crude oil trading with loading at Crimea, Reuters reported on Tuesday, citing data published by SPIMEX. The mercantile exchange, which has already launched trade in stable gas condensate for loading at Crimea, hasn?t revealed the sellers of the oil in the trade for lifting at the peninsula. Chernomorneftegaz, a company producing oil and gas in Crimea, owns one of the bases for delivery, according to the exchange data reported by Reuters. Russia?s annexation of Crimea?

Russia Inks Huge Deal With World?s Top LNG Importer
by Tim Daiss
18 Sep 2018 at 1:00pm
Russian state-run gas giant Gazprom and Tokyo-based conglomerate Mitsui & Co. inked a memorandum of understanding (MOU) on liquefied natural gas (LNG) development last week. The MOU was signed during a meeting between Gazprom CEO Alexei Miller and Mitsui Chairman Masami Iijima during the Eastern Economic Forum being held in Vladivostok, Russia. The deal includes building an LNG plant on the Baltic Sea coast and would mark the two companies' second joint LNG project. Miller said that there was great potential for LNG development cooperation?

Aramco To Spend $133B On Drilling Over The Next Decade
by Tsvetana Paraskova
18 Sep 2018 at 12:30pm
Saudi Arabia?s state oil firm Saudi Aramco plans to spend more than US$133.3 billion (500 billion Saudi riyals) on oil and gas drilling over the next decade, Saudi Aramco?s Senior Vice President for Upstream said at an event on Monday. Speaking at a graduation ceremony at the Saudi Arabian Drilling Academy (SADA), Aramco?s Mohammed Al-Qahtani said that local talent and skills will be important for the industry ?as we will spend more than half a trillion Saudi Riyals on drilling activities over the next decade, in?

Oil Markets Unfazed By $200 Billion Trade War Escalation
by Tom Kool
18 Sep 2018 at 12:00pm
Oil prices are up slighting despite the ongoing tit-for-tat tariff war between the United States and China. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)- OPEC members earned a combined $567 billion in oil export revenue in 2017, up 29 percent from a year earlier. - The increase was due to both higher oil prices and higher export levels. - The EIA projectsthat OPEC?s oil export revenue will climb to $736 billion this year, a 30 percent increase over 2017. Market Movers ? Enbridge (NYSE: ENB)?

Russia?s Energy Minister Sees Oil At $50
by Tsvetana Paraskova
18 Sep 2018 at 12:00pm
Oil prices in the long-term will be $50 a barrel according to Russian Energy Minister Alexander Novak, who noted that the current $70-80 oil price is driven by sanctions and will be temporary. The expectation for a longer-term oil price at $50 per barrel is based on projections by oil companies and analysts, the Russian minister said, as carried by Reuters. Novak also indicated that he expected Russia?s oil production to average 11.105 million bpd this year. Last week, the Russian minister told Bloomberg in an interview that Moscow was ready?

China's Diesel Demand Reaches Peak
by Irina Slav
18 Sep 2018 at 11:00am
China?s demand for diesel has peaked and gasoline demand will soon follow, research from state energy giant CNPC has revealed. Reuters cites CNPC?s research division as also saying that crude oil demand in the country will stop growing at a level of 690 million tons annually?13.8 million bpd?which is set to happen in 2030. Gasoline demand will peak around 2025. China is currently the world?s biggest crude oil importer, but this may soon change as Beijing tightens environmental regulations, dampening demand for fuels.?

Saudi Oil Inventories Continue To Plummet
by Tsvetana Paraskova
18 Sep 2018 at 10:00am
In July, Saudi Arabia saw its highest crude oil stocks draw in eight months at 5.51 million barrels, after the Kingdom unexpectedly reduced its production compared to June while it kept exports stable, S&P Global Platts reported on Tuesday, citing data by the Joint Organizations Data Initiative (JODI). The Saudi crude oil inventories have been dropping for three years, and have declined by 11.4 percent since May 2017, according to JODI data, as carried by Platts. In July, Saudi Arabia?s crude inventories stood at 229.41 million?

Saudi Arabia To Invest $1 Billion In Tesla Rival
by Irina Slav
18 Sep 2018 at 9:00am
Saudi Arabia?s sovereign wealth fund, PIF, announced that it has sealed a deal to invest more than US$1 billion in Silicon Valley-based electric car maker Lucid to help it bring its only prototype yet, the Lucid Air, to market, Reuters reports, citing a PIF statement. Reports about a possible Saudi investment in Lucid first emerged in August, when Reuters cited unnamed sources as saying the Kingdom?s sovereign wealth fund was planning to invest in Tesla?s potential rival rather than the luxury carmaker. The report followed an?

U.S. Shale Oil Production Beats Estimates Again
by Irina Slav
18 Sep 2018 at 9:00am
Crude oil production in the U.S. shale patch will hit 7.59 million bpd next month, the Energy Information Administration said in its latest Drilling Productivity Report. This is 79,000 bpd more than this month?s estimated production. The biggest increase, once again, will come from the Permian, where producers will add 31,000 bpd to overall daily production from the current 3.427 million bpd to 3.458 million bpd. The second-largest contributor to the monthly increase will be the Eagle Ford, where the EIA estimates production will rise by?

Oil Prices Jump On Saudi Arabia?s $80 Claim
by Tsvetana Paraskova
18 Sep 2018 at 7:00am
Oil prices were up early on Tuesday morning amid reports that Saudi Arabia would be comfortable letting oil prices rise above $80 a barrel and OPEC may not be rushing into further production boost commitments after the one they agreed upon in June. At 08:02 a.m. EDT on Tuesday, WTI Crude was up 0.80 percent at $69.54, while Brent Crude was trading up 0.79 percent at $78.71. The Saudis are said to be comfortable with the current oil prices, and even with Brent Crude rising past $80 a barrel, at least in the short term, as the oil market and global?

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