Saudi Arabia’s state-owned oil giant Aramco is teaming up with South Korean refiner S-Oil Corp for a joint reception at this year’s Asia Pacific Petroleum Conference (APPEC) in Singapore, according to two industry sources, Reuters reports. “Having two separate receptions is quite redundant, and considering that most of the guests overlap it makes more sense to co-host the party,” said one source with direct knowledge of the matter who declined to be named. Aramco became the single largest shareholder of S-Oil in January 2015, part of its drive to expand its footprint in the downstream petroleum sector and establish commercial offices in global oil trading hubs like Singapore. Neither company responded to requests for comment. Last year, S-Oil and Aramco hosted separate APPEC events. This year’s joint reception will be held at the Ritz Carlton hotel on Sept. 25, the second day of the conference. Aramco traditionally sells most its crude oil under long-term … [Read more...] about Saudi Aramco to hold joint event with South Korea’s S-Oil at big industry conference
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Two of Asia’s largest crude buyers are considering teaming up to buy U.S. supplies and counter OPEC’s dominance in the world’s biggest oil market.India and China are discussing ways to boost imports of U.S. crude to Asia, a move aimed at reducing their dependence on cargoes from members of the Organization of Petroleum Exporting Countries, according to an Indian government official. The two nations want to put pressure on OPEC producers to keep prices under control, he said in New Delhi on Wednesday, asking not to be identified because of internal policy.The potential collaboration between the two major oil buyers would present another challenge for OPEC, which is facing competition for market share in Asia from the flood of crude pumped in the Gulf of Mexico and shale fields of Texas. The group is also contending with internal differences: Saudi Arabia favors easing output curbs implemented last year after they succeeded in shrinking a global glut, while Iran, Iraq … [Read more...] about China and India Want to Buy More U.S. Oil to Counter OPEC
Trend: On May 8, the US President Donald Trump put an end to Washington’s commitments under the nuclear deal walking away from the Joint Comprehensive Plan of Action (JCPOA), reached in 2015 between Tehran and the six world powers. Trump also announced that the US re-imposes the "highest level of economic sanctions" on the Islamic Republic, including the sanctions against the country’s oil sector. Mehrdad Emadi, an economic expert and consultant at the UK-based Betamatrix International Consultancy, believes that the re-imposition of the US sanctions against Tehran will not cut the country’s oil export to below the pre-nuclear deal period in short term, but in medium term it can seriously impact Tehran’s oil sale. "In the short to medium term, I do not envisage a fall in Iranian exports to below one million barrels a day. However, in medium term, with the economic slowdown in Turkey and China, it is conceivable that Iran’s exports could decline to 1.2 -1.4 … [Read more...] about Renewed US sanctions would halve Iran’s oil export in mid-term
Gasoline prices are up about 30 cents a gallon for the average American over the past year. And you can bet the average American doesn't like that -- even though, at about $2.80 a gallon, gasoline is nowhere near the nearly $4 level that held before oil prices crashed.Half a world away, India's drivers have it even worse. Pump prices in Delhi are actually higher than in the summer of 2014 and have become a political flashpoint ahead of next year's elections. Similarly, Beijing's drivers are paying prices not far off those that prevailed before oil began falling.It's easy to think that drivers drive, come what may; if you need to go get groceries, you go get groceries, whether you're burning fuel that costs $2 or $4 a gallon.But data compiled by ClearView Energy Partners, a research firm based in Washington, suggest that isn't necessarily the case -- and not just in the U.S. They looked at the correlation of oil demand with real gross domestic product and real … [Read more...] about Oil Demand: The Price Is Right or the Customer Is Right?
Japan alleges North Korea violated UN sanctions by overseeing cargo transfer 0SHARES Share Tweet Email Japan's Chief Cabinet Secretary Yoshihide Suga,PHOTO:REUTERS TOKYO: Japan has reported a new suspected sanctions violation by Pyongyang to the UN after spotting an apparent cargo transfer between a ship marked with Chinese characters and a North Korean vessel, the Japanese foreign ministry said. The incident is the third time this year that Tokyo has reported a cargo transfer by a North Korean vessel in violation of UN sanctions over Pyongyang’s banned nuclear and ballistic missile programmes. UNDP, Japanese govt launch $3.9m project for youths of Sindh and K-P Japan’s foreign ministry said late Tuesday a military patrol plane and an escort vessel observed the apparent transfer in the East China Sea on Friday afternoon. The Japanese navy “found the Yu Jong 2, a North Korean-flagged tanker, lying alongside a small vessel of … [Read more...] about Japan reports suspected North Korea sanctions breach