Regional News

Bloomberg The oil market has all but abandoned the hope of a re-balancing any time soon, with the re-emergence of a pricing structure that signals investors expect a glut to endure into next year. The return of a deep contango — when oil prices for immediate delivery are lower than forward contracts — comes days after several Wall Street banks ...

Bloomberg Oil fell for a third week as rising supplies from the US to Nigeria to Libya showed that OPEC is still struggling to clear a global glut. Futures fluctuated in New York, trading at the sub-$50 levels seen before OPEC first agreed to curb output in November. US data showed total crude and product stockpiles rose by the most ...

NEW DELHI / Reuters Iran’s oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC’s second biggest oil exporter, has been raising output since 2016 to recoup ...

Bloomberg Mexico has taken the first step in its annual oil hedging program, asking Wall Street banks for price quotes on the put options it buys to lock in prices for the follo- wing year, according to people familiar with the matter. Mexico usually buys put options from a small group of investment banks, starting as early as May but ...

Bloomberg European energy markets started to feel the impact of the escalating diplomatic row in the Middle East after natural gas prices soared when tankers full of Qatari fuel abruptly changed course. Two ships bound towards Europe veered course, taking them away from the Red Sea and Suez Canal, the transit route for gas into the Mediterranean Sea and a ...

Bloomberg The Middle East’s largest ports banned entry to all vessels sailing to and from Qatar, deepening the economic isolation of the gas-rich Gulf state from its largest Arab neighbours. Maritime authorities in Saudi Arabia, the United Arab Emirates and Bahrain all said they had closed their berths to ships traveling in and out of Qatari ports. The impact was ...

Bloomberg Oil pared gains after the industry-funded American Petroleum Institute was said to report a jump in fuel stockpiles last week. API was said to report that US gasoline stockpiles rose by 4.08 million barrels last week, outweighing a 4.62 million-barrel drop in crude supplies. Distillate stocks incre- ased by 1.75 million barrels. A Bloomberg survey found that US crude ...

Bloomberg The windfall from being the world’s largest exporter of liquefied natural gas has allowed Qatar to amass about $335 billion of investments around the world through its sovereign wealth fund. Now, a diplomatic spat with neighboring countries threatens to hamper the Qatar Investment Authority’s ability to continue making headline-grabbing global deals. Saudi Arabia and three other Arab countries cut ...

SINGAPORE / Reuters Oil price agency S&P Global Platts, a unit of S&P Global Inc, said on Tuesday it has initiated with immediate effect a review of the deliverability of crude oil loading from Qatari ports. The move follows major Arab nations cutting commercial and diplomatic ties with Qatar. During the review period, and until further notice, Al-Shaheen crude oil ...

Bloomberg Saudi Arabia, the world’s largest oil exporter, raised pricing for July sales of all crude grades to Asia, the US and Northwest Europe as it seeks to take advantage of increased demand after suppliers extended production cuts to help curb a global glut. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, increased official pricing for Arab Light crude ...