Articles by Tsvetana Paraskova

The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar trade could allow oil exporters such as Russia and Iran,…

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The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar trade could allow oil exporters such as Russia and Iran,…

The post China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold appeared first on aroundworld24.com.

Latin American countries that import U.S. fuel cargoes, mostly from the Gulf Coast, are scrambling to find alternatives to U.S. shipments after Hurricane Harvey battered Texas and Louisiana, leading to massive flooding at refineries, and disruptions at port operations. Regular Latin American buyers of U.S. fuel such as Mexico, Brazil, and Colombia are now eyeing a fleet of two dozen tankers loaded with some 7 million barrels of fuel that have been sitting off the Venezuelan coast for weeks, Reuters reports, citing trading and shipping sources.…

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OPEC’s no.2 Iraq is currently producing 4.32 million bpd of oil, below the 4.351 million bpd ceiling it had pledged in the production cut deal, Iraq’s Oil Minister Jabbar Al-Luaibi said on Friday, in what is the first sign that one of the worst-compliant producers so far may have finally started to stick to its commitment—a couple of months after the original agreement was set to expire. Despite Iraq’s optimism, its central government doesn’t yet have the full picture of the oil exports of the Kurdistan Regional Government,…

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Russia will be financing the development of the Artic continental shelf and the economy of the local areas with more than US$2.75 billion (160 billion rubles) by 2025, Russia’s Prime Minister Dmitry Medvedev said at a cabinet meeting on Thursday.   Russia’s program for Arctic development rests on three pillars—boosting economic growth, developing sea infrastructure, and developing the continental shelf with modern technology and equipment, Medvedev said. Neither sanctions nor low oil prices are deterring Russia’s ambitions…

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Saudi Aramco is deploying advanced seismic testing technology to explore again areas of the desert known as the Empty Quarter, a move that could help it to raise its proved oil and gas reserves ahead of the planned listing of 5 percent in the company next year, expected to be the world’s biggest IPO ever. Aramco’s crew is exploring an area spanning 15,400 square kilometers (5,946 square miles) around Turayqa—an onshore conventional gas field discovered in 2013, which contains no oil. Part of that desert area has been explored…

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OPEC’s second-largest oil producer, Iraq, has never hidden the fact that it wants to get the highest possible revenues from its oil. It even pleaded exemption from the cartel’s cuts in the talks leading to the production reduction deal, on the grounds that it needed more funds to fight ISIS. Iraq didn’t get that exemption, but it is now considering a change in the way it prices its oil exports to the most prized market for the Middle Eastern producers—Asia—in an effort to increase its oil revenues. Iraq’s state…

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Russian oil companies Gazprom Neft and Lukoil have filed plans to develop oil fields in Iran, the National Iranian Oil Company (NIOC) said in two separate statements this week. Lukoil, together with Indonesia’s state firm Pertamina, are proposing to develop the Mansouri oil field in southwestern Iran, NIOC said on Wednesday. Back in February this year, Pertamina was proposing to develop two oil fields in Ab Teymour and Mansouri, which the Indonesian company had estimated at containing 1.5 billion barrels of oil reserves. Gazprom Neft, for…

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Russian oil companies Gazprom Neft and Lukoil have filed plans to develop oil fields in Iran, the National Iranian Oil Company (NIOC) said in two separate statements this week. Lukoil, together with Indonesia’s state firm Pertamina, are proposing to develop the Mansouri oil field in southwestern Iran, NIOC said on Wednesday. Back in February this year, Pertamina was proposing to develop two oil fields in Ab Teymour and Mansouri, which the Indonesian company had estimated at containing 1.5 billion barrels of oil reserves. Gazprom Neft, for…

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U.S. Secretary of Energy Rick Perry authorized on Thursday an emergency release from the Strategic Petroleum Reserve (SPR) of 500,000 barrels of crude oil after Hurricane Harvey disrupted the petroleum industry in Texas and Louisiana, and led to motor fuel price spikes and shortages. “In response to the impacts from Hurricane Harvey, the U.S. Secretary of Energy has authorized the Strategic Petroleum Reserve (SPR) to negotiate and execute an emergency exchange agreement with the Phillips 66 Lake Charles Refinery. This decision will authorize…

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