Oil futures held steady on Thursday as a drop in crude exports from OPEC’s de facto leader, Saudi Arabia, and a draw in U.S. oil inventories supported prices, while a strengthening dollar kept futures in check.
India’s Bharat Petroleum Corp Ltd has sold a naphtha cargo out of Kochi for the first time this year after cancelling two earlier sales tenders, industry sources said on Monday.
The U.S.-Iran crude oil sanctions merry-go-round is starting to spin again with Asian crude buyers fretting over whether they will be allowed to continue imports from Tehran.
Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from U.S. sanctions against the OPEC-member, four sources said.
Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.
Venezuela’s state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents and Refinitiv Eikon data.
The United States has instructed oil trading houses and refiners around the world to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said.
An agreement to build a proposed $3.85 billion oil refinery in Sri Lanka will take at least a year to be finalized as its main investor, India’s Accord Group, says it is yet to recruit partners and conduct an assessment of the plan’s viability.
OPEC and its allies aim to hold their next ministerial monitoring committee meeting, known as the JMMC, on May 19 in the Saudi Arabian city of Jeddah, two sources said on Tuesday.
Saudi Aramco’s delayed initial public offering is sidelining grand North American expansion plans at its U.S. refining subsidiary Motiva Enterprises LLC, people familiar with the matter said, at a time when its rivals grew their market share.