There is a high risk that political turmoil in Myanmar will negatively affect the energy sector, however, Chinese companies look set to benefit from the tumultuous environment, according to Fitch Solutions Country Risk & Industry Research.
CNOOC, China’s third-biggest oil company, aims to raise its capital spending this year to between 90 billion and 100 billion yuan ($15 billion), the highest level since 2014, bucking the industry trend.
Chinese oil majors may be next in line for delisting in the US after the New York Stock Exchange said last week it would remove the Asian nation’s three biggest telecom companies.
President Recep Tayyip Erdogan has called for negotiations over gas exploration rights for Turkey in the eastern Mediterranean as EU leaders consider sanctions.
The Pentagon added CNOOC among four more Chinese companies to a list of firms it says are owned or controlled by China’s military, exposing them to increased scrutiny and potential sanctions by the US.
The next U.S. president will have to come to terms with “the will of the Iranian people” and end the economic war against the Islamic Republic, Iranian President Hassan Rouhani said in a speech Thursday. Bluster aside, there is a kernel of truth to his prediction — and President Donald Trump’s Iran policy may make negotiations easier for President-elect Joe Biden.
Egypt and Greece have signed an agreement on how to divide territorial waters, a move swiftly condemned by Turkey.
The US has charged five of its citizens with conspiring to sell sanctioned Iranian oil to China.
Congo Kinshasa is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company.
Chief executive Andy Samuel has confirmed the Oil and Gas Authority has not yet needed to exercise its sanctioning powers despite ‘internal debates” on whether the regulator is being stringent enough.
Exxon Mobil Corp. won a lawsuit challenging a $2 million fine levied against it by U.S. Treasury Secretary Steven Mnuchin after the company allegedly violated Ukraine-related sanctions with a series oil and gas deals in Russia.
Pressure is mounting on the US to reconsider sanctions on Sudan, where the former president was driven from office in April.
Trafigura’s work in South Sudan involved connections with an Israeli middleman who went on to be sanctioned by the US for aiding the conflict, a Swiss NGO has claimed in a new report.
A Teekay and COSCO joint venture operating LNG tankers serving Yamal LNG has been cleared to resume operations.
Tanker prices have rocketed over the last week, driven by US sanctions on various Chinese shippers, principally COSCO Dalian.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
The Gas Exporting Countries Forum (GECF) has expressed “deep concern” about sanctions in the gas sector, the group has said after a meeting in Moscow.
British special forces seized a supertanker off Gibraltar carrying Iranian oil to Syria in violation of European and U.S. sanctions against the war-torn country.
An oil tanker thought to be carrying Iranian oil to Syria has been detained by Royal Marines in Gibraltar.
Crude kept rising following its biggest weekly gain since late 2016 after PresidentDonald Trump said he would impose “major additional sanctions” on Iran, exacerbating tensions in the oil-rich Middle East.
The U.S. State Department sought to quash speculation that the Trump administration is easing its clampdown on Iranian oil exports after a sanctions waiver program ended May 2, saying there was no softening in the American stance that any country buying Iran’s oil would be subject to penalties.
The US said on Monday that it won’t extend the sanctions waivers for eight countries importing crude oil from Iran. The move could remove around 1.1 million barrels per day from the market.
Oil extended gains after leaping to a six-month high on Monday as the U.S. said it’ll no longer give any buyer of Iranian crude a waiver from sanctions aimed at cutting the OPEC producer’s exports to zero.
The Trump administration said it won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, a move that roiled energy markets and risks upsetting major importers such as China and India.
Six months after the U.S. rocked oil markets by letting Iranian exports continue, its decision to end sanctions waivers that allowed shipments is also set to reverberate across the globe.