The post Oil prices plunge to multi-year low as OPEC+ plans to accelerate production hikes first appeared on Garner Ted Armstrong Evangelistic Association.

Shandong Port Group has issued a notice, seen by the trade sources, banning ports from allowing tankers on the U.S. Treasury’s designated list to dock, unload, or use ship services. The ports where the ban is in effect include Qingdao, Rizhao, and Yantai on China’s east coast, which are key import sources of crude for the so-called teapots, the independent Chinese refiners.

These refiners are the major buyers of Iranian crude oil and the ban on vessels designated by the U.S. could reduce the cheap supply of crude to the teapots.

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Source: https://oilprice.com/Latest-Energy-News/World-News/Key-Chinese-Ports-Ban-Oil-Tankers-Sanctioned-by-the-US.html

The post Key Chinese Ports Ban Oil Tankers Sanctioned by the U.S. first appeared on Garner Ted Armstrong Evangelistic Association.

Oil futures declined Monday, with U.S. prices posting their largest daily drop since November after Saudi Arabia cut its crude selling prices to all regions, raising concerns about the outlook for demand.

A survey, meanwhile, showed higher oil production last month by members of the Organization of the Petroleum Exporting Countries.

Market drivers

State-owned producer Saudi Aramco on Sunday said it would cut its official selling price for crude to all regions, including its largest market in Asia in February. The spread for Saudi crudes, including its flagship Arab light, over local benchmarks will be cut by up to $2 a barrel.

“When a major oil producer like Saudi Arabia offers price discounts, it’s either a sign of concern about weakening demand conditions or an attempt to stop foreign producers such as the U.S.A. from stealing market share away,” Marios Hadjikyriacos, senior investment analyst at XM, said in a note. “Either way, it’s a bearish signal for energy prices.”

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Source: https://www.marketwatch.com/story/oil-prices-slump-as-saudis-cut-prices-79ad4e4c

The post U.S. oil futures post biggest daily drop since November as Saudi price cut raises demand worries first appeared on Garner Ted Armstrong Evangelistic Association.

Discounted crude offers respite as Pakistan faces an acute balance of payments crisis, risking a default on its debt obligations. The foreign exchange reserves held by the central bank are scarcely enough to cover four weeks of controlled imports.

The first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow earlier this year arrived in Karachi on Sunday. It is currently being offloaded at the port in the southern city of Karachi.

Petroleum Minister Musadik Malik, talking to Reuters by phone, did not disclose the commercial details of the deal, including pricing or the discount that Pakistan received, but said the payment was made in Chinese currency.

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Source: https://www.reuters.com/markets/commodities/pakistans-russian-crude-shipment-paid-chinese-currency-minister-2023-06-12/

The post Exclusive: Pakistan’s Russian crude shipment paid in Chinese currency – minister first appeared on Garner Ted Armstrong Evangelistic Association.

The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.

India’s oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting.

 The country is the world’s number three importer of oil and Russia became its leading supplier after Europe shunned Moscow’s supplies following its invasion of Ukraine begun in February last year.

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Source: https://www.msn.com/en-us/money/markets/indias-oil-deals-with-russia-dent-decades-old-dollar-dominance/ar-AA18lYfV

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The post India-Russia oil dealIndia’s oil deals with Russia dent decades-old dollar dominances ‘dent’ dollar dominance; Rupee-Rouble bypass sanctions first appeared on Garner Ted Armstrong Evangelistic Association.

Brent crude was up $2.55, or 3.25 percent, at $81.12 a barrel by 04.10 p.m. Saudi time, while US West Texas Intermediate crude rose $2.58, or 3.50 percent, to $76.35.

The rally followed a drop last week of more than 8 percent for both oil benchmarks, their biggest weekly declines at the start of a year since 2016.

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The US Department of Energy has rejected the first batch of bids from oil companies to resupply a small amount of oil to the nation’s emergency crude oil stockpile in February, according to a DOE spokesperson.

The DOE last month had said it would purchase up to 3 million barrels for delivery to the Strategic Petroleum Reserve in February, the first buy since last year’s record 180-million-barrel release to tame US pump prices.

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Source: https://www.arabnews.com/node/2229036/business-economy

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The post Oil Updates — Crude edges up as China opens borders first appeared on Garner Ted Armstrong Evangelistic Association.

“The market remains well below its 55-Day Moving Average and 200DMA at 89.01 and 100.67, and with medium-term momentum declining and global growth concerns looming, we think further weakness is likely to follow. Brent is likely in due course to see further downside towards the 61.8% retracement at 63.02, where we would have higher confidence of a more stable floor and for a consolidation phase to emerge.”

Not everybody is that bearish, though.

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners LP, has told the Financial Post that oil prices will return to $100 per barrel in 2023. According to the analysts, many of the headwinds that have cut short the oil price rally this year, including China’s zero-Covid policy and the coordinated SPR releases by several governments, will no longer be there in 2023. Coupled with sanctions on Russia’s oil and gas, this should elevate oil prices. He has also predicted that the energy sector will continue to outperform other market sectors due to high demand in oil and gas stocks.

The post Credit Suisse Predicts $63 Oil first appeared on Garner Ted Armstrong Evangelistic Association.

Detailing for the first time the Russian response to the price caps introduced by the West over Moscow’s invasion of Ukraine, Novak said the cuts could reach 500,000-700,000 barrels per day (bpd).

He also said that despite Europe’s efforts to cut reliance on Russian oil and gas, energy exports from Russia are in demand worldwide and Moscow has been diversifying its buyers.

Novak said it would be difficult to provide for global economic development without Russian energy, and predicted possible gas shortages in Europe, which has introduced restrictions on gas prices, as well as on oil.

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Source: https://www.reuters.com/business/energy/russia-may-cut-oil-output-response-price-caps-report-2022-12-23/

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The post Russia says it may cut oil output up to 7% over price cap first appeared on Garner Ted Armstrong Evangelistic Association.

Early on Wednesday, oil prices were down, weighed by a firmer U.S. dollar and rising Covid cases in China, which, despite a recent easing of some measures, continues to adhere to a strict Covid-curbing policy.

Oil prices settled higher on Tuesday after the American Petroleum Institute (API) reported a large draw for crude oil of 5.835 million barrels – more than undoing the build reported last week.

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Source: https://oilprice.com/Latest-Energy-News/World-News/Allegations-That-Russian-Rocket-Drove-Disruption-At-Druzhba-Oil-Pipeline.html

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The post Allegations That Russian Rocket Drove Disruption At Druzhba Oil Pipeline first appeared on Garner Ted Armstrong Evangelistic Association.

Seaborne exports of Russian crude rose to 3.09 million b/d in October, according to data from S&P Global Commodities at Sea, up 3% on the month and just below the pre-war average of 3.1 million b/d in January and February.

China and India remain the main destination for Russian crudes in the wake of the Ukraine war, accounting for 58% of all seaborne Russian crude exports in October.

China remained the primary destination for Russian barrels in October despite shipments falling to average 904,000 b/d from 918,000 b/d in September. Shipments to India rose to a record high of 883,000 b/d in October as its refiners continue to snap up discounted barrels of Russia’s Urals and ESPO crude streams.

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Source: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/110722-russian-oil-exports-hold-steady-in-october-despite-looming-sanctions

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The post Russian oil exports hold steady in October despite looming sanctions first appeared on Garner Ted Armstrong Evangelistic Association.