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Cheaper Oil News

09 Feb 2023

Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia

© komi$ar/AdobeStock

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

26 Aug 2022

Chinese Defense Firm Takes Over Lifting Venezuelan Oil for Debt Offset

China has entrusted a defense-focussed state firm to ship millions of barrels of Venezuelan oil despite U.S. sanctions, part of a deal to offset Caracas' billions of dollars of debt to Beijing, according to three sources and tanker tracking data. China National Petroleum Corp (CNPC) stopped carrying Venezuelan oil in August 2019 after Washington tightened sanctions on the South American exporter. But it continued to find its way to China via traders who rebranded the fuel as Malaysian, Reuters has reported.

20 Aug 2015

Chinese Trading Rivalry Ruffles Asian Oil Markets

An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. Aggressive trading - with heavy buying by Chinaoil met by selling from Unipec - has pushed up Middle East crude prices for Asia, even as other grades are being pressed lower by a global glut. Asian buyers are being driven to seek cheaper oil elsewhere or cut refinery runs, but analysts say Beijing is unlikely to intervene in a process that reflects the growing clout of Chinese traders in global oil markets. The volumes…

29 Mar 2000

OPEC Raises Output

OPEC has seemingly bowed to U.S. pressure for cheaper oil by agreeing to higher output limits, immediately agreeing to turn up the taps by 1.45 million barrels daily, or seven percent. Iran, OPEC’s second largest producer, opted out of the deal, saying it feared a price plunge and complaining about interference from Washington. The action, which has been anticipated given the strong political pressures placed on the OPEC ministers, immediately sent petroleum prices into a tailspin, with Brent futures dropping $1.26 to $24.25 per barrel. OPEC won applause from the Clinton administration, which said there was now no need to release national emergency supplies to ease election year political pressure from consumers irate at high gasoline prices.

31 Mar 2000

OPEC To Raise Output

OPEC has seemingly bowed to U.S. pressure for cheaper oil by agreeing to higher output limits, immediately agreeing to turn up the taps by 1.45 million barrels daily, or seven percent. Iran, OPEC's second largest producer, opted out of the deal, saying it feared a price plunge and complaining about interference from Washington. The action, which has been anticipated given the strong political pressures placed on the OPEC ministers, immediately sent petroleum prices into a tailspin, with Brent futures dropping $1.26 to $24.25 per barrel. OPEC won applause from the Clinton administration, which said there was now no need to release national emergency supplies to ease election year political pressure from consumers irate at high gasoline prices.