Submitted by Dave Forest via OilPrice.com, Russia is looking to expand its influence through oil trade. And a little-reported deal this week may give it access to an entirely new part of the planet when it comes to crude exports. That's the Persian Gulf. Where reports suggest Russia is close to negotiating a "secret passage" for its oil shipments.
Indian refiners are ready to start transferring cash owed for Iranian oil as early as next week following a landmark deal to curb Tehran’s nuclear program that allows importers to shift billions of dollars back to Iran.
OPEC and other key producers will meet once again in March to further discuss their proposal to freeze output, according to Saudi Arabian oil minister, Ali Al Naimi.
“We had one meeting, four countries agreed. We sent emissary to other countries. It is a lot of talk,” Al Naimi said during a panel discussion at the HIS Ceraweek event in Houston. “Hopefully some time in March there will be another meeting and we probably will have more agreements.”
But the Minister ruled out a price cut, sending oil prices lower five per cent to US$31.75 per barrel.
TEHRAN: India's flagship explorer ONGC is facing a repeat of KG fiasco in Iran as lengthy negotiations on terms may drive it to a point where its discovered gas reserves in Farzad-B field in the Persian Gulf may be drawn out by neighbouring Saudi Arabia. State-owned Oil and Natural Gas Corp (ONGC) alleges that 11.12 billion cubic meters of natural gas worth Rs 11,055 crore has flowed from its idling Krishna Godavari basin blocks in Bay of Bengal blocks to neighbouring KG-D6 fields of Reliance Industries.
Introduced to help enforce price controls in the fuel-hungry 1970s, America's ban on crude-oil exports was all but forgotten when the economy boomed and imports soared. Now it is in the news again. It keeps American crude, measured by the West Texas Intermediate benchmark, around $10 below the world price (see chart).
Middle East oil exporters are locked in an increasingly fierce battle for the world’s fastest-growing markets in Asia, as producers worldwide ship more crude east to compensate for shrinking demand from the United States and Europe.
The fight for the trillion-dollar Asian oil market has ended decades of comfortable dominance for Middle East producers, who faced so little competition that refiners in Asia complained of being charged a premium of a dollar or so per barrel above what buyers in Europe or the Americas paid.
World oil production stagnated between 2005 and 2007, which given rapid growth in demand from emerging economies sent oil prices shooting up. Some observers suggested that production might never rise much above the levels seen in 2005. Among those who raised this possibility, two of the more thoughtful have changed their mind.