Oil prices have climbed higher amid stalled peace talks between the United States and Iran. Brent crude rose more than 2 percent on Sunday after hopes for a second round of ceasefire negotiations between Washington and Tehran unravelled over the weekend. After easing slightly, Brent, the primary benchmark for global prices, stood at $106.99 as of 1:30 GMT. Stock markets in Asia shrugged […]
Phillips 66 has shipped crude oil from Texas to the U.S. East Coast on a foreign-flagged tanker, the first such cargo since Washington waived the Jones Act last month, Kpler ship-tracking data shows. The Bakken crude was loaded in early April at a Phillips 66 terminal in Beaumont, Texas, onto the Malta-flagged Htm Warrior. The […]
Indian refiners that have bought Iranian crude under the one-month U.S. waiver on Iran’s oil on tankers are settling the purchases in Chinese yuan via the Shanghai office of India’s ICICI Bank, reported on Friday, quoting multiple sources familiar with the deals. After initial hesitancy following the temporary U.S. waiver on purchases of Iranian crude loaded […]
Data from the Central Bank of Nigeria showed that exports totalled 31.31 million barrels in January and 24.08 million barrels in February. Average daily production stood at 1.46 million barrels in January and 1.31 million barrels in February, while export levels averaged 1.01 million barrels per day and 0.86 million barrels per day, respectively. Overall […]
Gautam Adani has overtaken Mukesh Ambani to become Asia’s richest person, according to the latest data from the Bloomberg Billionaires Index. As per the rankings released on Friday, Gautam Adani, founder and chairman of the Adani Group, now ranks 19th globally with a net worth of $92.6 billion. In comparison, Mukesh Ambani, chairman of Reliance […]
Damage caused to energy infrastructure in Gulf states would cost $58 billion to repair, Rystad Energy estimated this week, suggesting the fallout of the war between the U.S. and Israel, and Iran is more severe than futures market-focused observers would assume, because just two weeks ago, Rystad had calculated the damage at less than half that amount. […]
Spanish energy company Repsol confirmed that it is regaining operational control of its oil assets in Venezuela after reaching an agreement with the country’s government and state oil company PDVSA. The deal is expected to include a mechanism to secure payments through oil shipments and could enable Repsol to significantly expand output, including plans to […]
President Donald Trump’s administration plans to launch next Monday the system it will use for issuing refunds to American importers for US$166 billion (HK$1.3 trillion) the companies paid in tariffs that the US Supreme Court struck down in February as unlawful. US Customs and Border Protection said in a court filing on Tuesday that it […]
Japan has pledged to provide $10bn (£7.4bn) to help its Asian neighbours, especially those in South East Asia, secure energy including crude oil as the region reels from disruptions caused by the Iran war. Japanese Prime Minister Sanae Takaichi announced the new cooperation framework on Wednesday after an online meeting with other Asian leaders. Japan […]
World shares gained on Wednesday, edging towards record highs after President Donald Trump said talks with Iran could resume over the next two days, with hopes for an end to the Iran war keeping oil prices below US$100 a barrel. The MSCI All-Country World Index rose 0.1%, within sight of its all-time top and on […]