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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Oil prices are firm and Asia is looking to increase its imports of Venezuelan crude

rocky
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Oil prices are firm and Asia is looking to increase its imports of Venezuelan crude Empty Oil prices are firm and Asia is looking to increase its imports of Venezuelan crude

Post by rocky Wed 16 Aug 2017, 2:09 am

Oil prices are firm and Asia is looking to increase its imports of Venezuelan crude


 Baghdad - Singapore - Houston / Reuters - AP

Oil prices rallied on Tuesday, following a major sell-off following the dollar's rise, with oil traders and analysts saying that Asia would be the biggest beneficiary of any US sanctions on Venezuela's oil sector. OPEC "to Asia to fill the gap caused by cuts in crude production.
Washington is considering imposing sanctions on the Venezuelan oil sector in response to the Socialist Party's crackdown on officials and opposition parties. The ban could halt US imports of about 740,000 bpd.
Asian refiners will welcome heavy crude, as production cuts by the Organization of the Petroleum Exporting Countries (OPEC) have reduced this type of crude mainly. At the same time, new refineries are boosting demand for crude.
China and India, Venezuela's largest buyers of crude after the United States, have room to increase their imports, while other North African refiners, which have sophisticated equipment to refine heavy Venezuelan crude, are seeking to take advantage of the supplies, analysts and traders said.
Oil prices rallied today after a major sell-off following the dollar's rise, and prices were negatively impacted by signs of weak demand in China, the world's second largest consumer of crude.
Brent crude fell 15 cents to $ 50.58 a barrel by 10.15 GMT. US light crude fell 5 cents to $ 47.54 a barrel.
Official data showed that Chinese oil refineries operated in July, the slowest daily rate since last September. The drop is more than expected, raising concerns about Chinese demand and the level of domestic stocks.
Analysts said abundant supplies from major oil producers, including members of OPEC and the United States, encouraged investors to abandon credit positions they had bought during the price hikes.
Brent crude and US crude hit a two-month high in early August but have fallen in the past few days, with the pace accelerating on Monday.
A preliminary survey by Reuters showed that US crude inventories were likely to fall for a seventh straight week, along with a possible drop in distillate and gasoline inventories.
The US Petroleum Institute is due to publish its weekly report on US crude stocks later in the day. Official US government statistics will be published tomorrow (Wednesday).
In Baku, the State Statistics Committee of Azerbaijan said today that the country's total oil production reached 22.
5 million tons during the period from January to July, down 8.1 percent from the same period in 2016. On the other hand confirmed that the latest figures for production in July does not show that there is an improvement in the level of commitment of producers to the agreement to reduce global production , Which began early this year and will continue until March 2018. While tanker data show a reduction in the exports of some of the Organization of the Petroleum Exporting Countries (OPEC) countries, the six secondary source figures adopted by OPEC show an increase in their production, By agreement. According to the data of the six secondary sources adopted by OPEC, the commitment of the 12 countries included in the agreement to reduce production was last month at the level of 87 percent, having produced these countries 30.14 million barrels per day, although they agreed to keep production at 29.98 million Barrels per day for the duration of the agreement.
The six secondary sources still assess the commitment of Iraq, the United Arab Emirates, Algeria and Ecuador to less than 100 per cent. The failure of some producers to reach a commitment rate of 100 per cent, which upset the Saudi Energy Minister Khalid al-Faleh last month at the meeting of the Committee to control the production of the countries in the agreement. Data from secondary sources show that Iraq's commitment rate in July showed an improvement from June, but it is still very low. According to secondary sources, Iraq is committed to 43 percent in July, compared to 28 percent in June.
Many countries, including Iraq and the United Arab Emirates, complained of the inaccuracy of OPEC's six secondary sources. They told the Technical Committee, which met in Abu Dhabi this month, that it was committed to the agreement.

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