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Oil Exports

White House: No Change in Crude Oil Exports Regulations

Josh Earnest (White House photo)

The White House said on Tuesday there has been no change in the U.S. ban on crude oil exports, responding to a question about whether an impending change might be behind price moves in oil markets.   "There has been no change in regulations regarding crude oil exports," White House spokesman Josh Earnest said, noting the Commerce Department was in charge of export regulations.   "I'm not going to speculate about any sort of policy change that may or may not be contemplated at this point," Earnest said.     (Reporting by Roberta Rampton; Editing by Doina Chiacu)


US House Energy Chairman Supports Lifting Oil Export Ban

U.S. Representative Fred Upton, the Republican chairman of the House of Representatives' energy panel, on Tuesday said he favors lifting the 40-year-old U.S. oil export ban.   "Oil exports can be a win for the American people and a win for our allies," Upton said. His backing could boost support for a bill in the House to overturn the trade restriction Congress enacted in the 1970s after the Arab oil embargo. The measure currently has 40 co-sponsors.    


Libyan Oil Port Re-Opening Delayed

Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports. Under the plan, the Hariga and Zueitina ports were due to open immediately while the larger Ras Lanuf and Es Sider


GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.S. Maritime Trade -- are gaining steam. A new report from the Government Accounting Office (GAO) will surely add fuel to the "export oil" fire now, as GAO reports that U.S. consumers could save on gasoline if the ban on crude oil exports were lifted, even if such a move creates uncertain environmental risks


Russia: 2014 Crude Exports Down 4.3 pct

Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm.


FinMin Says to Stick to Oil Duty Cuts Plans in 2017

Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday.   Russia had scrapped plans to cut the duty for this year due to lower prices of oil, the country's main exporting commodity. Oil producers had expressed concern that the government would increase the tax burden as it tries to make up the shortfall in state coffers.  


US Should Lift Crude Oil Export Ban - Washington Post

The United States should lift its nearly four-decade ban on crude oil exports to help encourage domestic production, the Washington Post said in an editorial on Thursday. Booming shale oil production has led to an intense debate over the moratorium, which was imposed by Congress in 1975 in the wake of the Arab oil embargo. Allowing crude oil exports would help address a mismatch between rising light crude output from U.S


Kuwait to Boost Oil Exports to China

State-run Kuwait Petroleum Corporation (KPC) and China’s Unipec signed a landmark deal yesterday that will almost double crude oil deliveries over a decade, the biggest-ever contract in KPC’s history..jpg

  Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis. "With new and mutual cooperation between the two parties


Oil Exports Could Push US Gasoline Prices Lower

The price of U.S. gasoline could fall if Washington were to allow crude oil exports, an independent government report on Tuesday concluded, adding political firepower for those who want to change the law to expand such trade.   Exports would put more crude on global markets and push down prices for international Brent oil "which in turn results in lower petroleum product prices for U.S. consumers," according to the report by the Energy Information Administration


NOIA Praises Effort to Lift Crude Oil Export Ban

NOIA applauds Congressional action to lift ban on crude oil export, urges progress on proposed offshore well control rule   Today, Congress passed the Omnibus Appropriations bill, H.R. 2029, which includes a provision lifting the existing U.S. crude oil export ban. U.S. oil exports will strengthen America’s national and energy security and result in substantial benefits for consumers and job creation across the country, according to the National Ocean Industries Association (NOIA)


Oil Exports From Southern Iraq Down in January

Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday.


W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade

File Image (CREDIT: AdobeStock)

Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan.   * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.


Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys

Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in


VLCC Rates to Remain Weak on Output, Tonnage Woes

© Björn Wylezich / Adobe Stock

Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end.   "I haven't seen a collapse in rates like this for some time


Russia to Reduce Urals Oil Exports from Baltic Ports

Russia will export 2.9 million tonnes of Urals crude oil from the Baltic ports of Primorsk and Ust-Luga on November 1-16, down 0.8 million tonnes from the same period of October, according to a preliminary schedule, seen by Reuters.  


Iran Crude Oil Exports to Hit 4-month Low

Iran's crude oil exports are set to decline 5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza.  


Low Tanker Rates Boost Long-distance Trade -EIA

File photo: Robert Hendry

Recent expansion of the global crude oil and petroleum product tanker fleet has resulted in falling or lower tanker rates for much of 2016 that have widened the geographic scope for economically attractive trade at a time when inventories of both crude oil and petroleum products are at high levels


Asia Tankers-VLCC Rates to Rebound on Firm Cargo Volumes

File Image (Credit: EuroNav)

CNOOC VLCC deal "draws line in the sand" for tanker owners; 25-30 MidEast fixtures still to be released up to mid-November. Freight rates for very large crude carriers (VLCCs), which plunged to a three-week low, are set to recover next week as owners hold out for higher rates on


Jawar Al Khaleej Orders Three Vessels

Bram Langeveld, Sales Director Middle East, Damen Shipyards Gorinchem; René H. Berkvens, Chief Executive Officer, Damen Shipyards Group; Pascal Slingerland, Sales Manager Middle East, Damen Shipyards Gorinchem; Mazin Yousif, Managing Director, Jawar Al Khaleej Shipping L.L.C.; Mr. Lionel Ferreira, Commercial & Chartering Manager, Jawar Al Khaleej Shipping L.L.C.

 At this year’s Seatrade Maritime Middle East Exhibition taking place in Dubai, Jawar Al Khaleej Shipping LLC (JAK) signed a contract with Damen Shipyards Group for the supply of three vessels: one Fast Crew Supplier (FCS) 5009 and two ASD Tugs 3213.  


S.Arabia Costructs Huge Shibuilding Complex

Khalid Al-Falih Photo: MIT News Office, part of the Office of Communications

 A Reuters report quoting  Saudi Arabia's energy minister Khalid al-Falih said that the country expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5


Further Upside Seen for Asian Aframax Rates

© Nicholas Piccillo / Adobe Stock

The Asian Aframax market has been strengthening steadily, with rates for the Indo/Japan route up by w25 points w-o-w at w135. The Baltic Exchange’s benchmark TD14 route reached w127.50 Tuesday, jumping by w29 points w-o-w. This is partly due to underlying seasonality as refiners in the


Iraq Oil Exports Steady Despite Start of OPEC Cut

Oil exports from Iraq's southern ports in the first nine days of January have held steady at December's record high, according to loading data and an industry source, despite the start of an OPEC agreement to cut production.   Shipments so far this month have averaged above 3


Oil Steady; Record High Russian Output Forecast Offsets Weak Dollar

Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output.


Oil Prices Fall as US Drillers Add Rigs

Oil prices slipped on Friday, extending losses after data suggested drilling is ramping up in the United States, easing the focus on efforts by OPEC and other producers to support prices by cutting supplies.   U.S. crude futures for March delivery fell 98 cents, or 1.8 percent, to $52


Russia Halts Oil Exports from Novo Due to Storm

Russian oil exports from the Black Sea port of Novorossiisk were suspended on Sunday due to storm, oil pipeline monopoly Transneft said on Monday.   It also said that loadings from the Pacific outlet of Kozmino resumed on Sunday after storm, which did not affect the loading schedule.






 
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