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Crude Oil News

Basrah Light continues to comprise bulk of imports from Middle East: In the LOOP

Basrah Light continues to comprise bulk of imports from Middle East: In the LOOP

The Louisiana Offshore Oil Port’s blended crude LOOP Sour has tended to become heavier but also sweeter recently as Iraqi Basrah Light continues to comprise the bulk of Middle East crudes that can be delivered into the cavern, according to data published Monday by LOOP. LOOP Sour delivered ex-cavern over…

France to boost ADIPEC with 40 companies showcasing solutions for operators

France to boost ADIPEC with 40 companies showcasing solutions for operators

The expertise of French companies like TOTAL have helped the French oil and gas services industry to garner international recognition. ADIPEC is a flagship event for the oil and gas sector and the Middle East region. It has grown to become the world's second leading oil and gas event in…

OPEC oil output cuts ‘working’ but need to run to end-2018: Total CEO – Oil

OPEC oil output cuts ‘working’ but need to run to end-2018: Total CEO – Oil

The current OPEC/non-OPEC output cut deal is starting to bring the global oil market back towards balance, but the agreement will likely need to run until at least the end of next year to fully draw down the overhang of oil stocks, Total CEO Patrick Pouyanne said Wednesday."The OPEC/Non-OPEC deal…

Northwestern Africa leading exploration activity

Northwestern Africa leading exploration activity

By Aatisha Mahajan on 10/17/2017 OSLO -- Conventionally, African exploration has been focused in Nigeria, Egypt and Libya; most other frontiers were either underexplored or not explored at all. However, in recent times Africa has been the hot spot for exploration activity, mostly concentrated in West…

Pig iron, scrap, steel trade hit by electrode shortage

Pig iron, scrap, steel trade hit by electrode shortage

The steel industry’s current hot topic, tight electrode supply and higher pricing, threatens to cut steel output and raise mill costs. This is leading traders to debate the impact across various steel mills and applications. A cut in steel output due to shortages of the raw material is a real…

UBS says giving up oil pact ‘not an option’ for Saudi, Russia – Energy,Saudi Arabia

UBS says giving up oil pact ‘not an option’ for Saudi, Russia – Energy,Saudi Arabia

OPEC and its partners, including Russia, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group. “Just out of necessity they will stick together,” Dominic Schnider, head of commodities and Asia-Pacific currencies at UBS’s wealth-management unit in…

Oil market reaction to Kirkuk skirmish muted as exports remain unaffected – Oil

Oil market reaction to Kirkuk skirmish muted as exports remain unaffected – Oil

Even as crude futures markets moved higher to news early Monday that Iraqi government forces had moved to take back the disputed, oil-rich city of Kirkuk, the physical market remained quiet as exports were unaffected, sources said."For sure, there are a lot of rumors going on about Iraq today. But…

Despite draft Nuclear Safeguards Bill, UK struggles with impending ‘Brexatom’

Despite draft Nuclear Safeguards Bill, UK struggles with impending ‘Brexatom’

Despite a draft Nuclear Safeguards Bill that will go some way towards addressing the new licensing requirements for nuclear fuel, equipment and radioactive material after Brexatom – as the UK’s departure from the European Atomic Energy Community has come to be known – the UK is nonetheless struggling to find…

NEAT index shines spotlight on volatile seaborne thermal coal market for Japan, S Korea, Taiwan

NEAT index shines spotlight on volatile seaborne thermal coal market for Japan, S Korea, Taiwan

Nearly 10 months on from its launch in January 2017 the North East Asia Thermal coal index, or NEAT daily price index for short, continues to go from strength to strength, bringing increasing transparency to spot prices in the Japan, South Korea and Taiwan markets. Spot pricing is becoming increasingly…

Asian refiners seek alternative crudes as Middle East sour crudes prices rally – Oil

Asian refiners seek alternative crudes as Middle East sour crudes prices rally – Oil

Rising prices for staple crude oil from the Middle East have caused Asian refiners to seek alternatives crudes from other regions.The spread between front-line cash Dubai versus same-month Dubai swap was assessed at a premium of 70 cents/b on Friday, the highest since July 31, 2015 when it was at…

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