Tag: Sanctions
US waters down North Korea sanctions, omits oil embargo
North Korea sanctions punishment for sixth nuclear test UN Security Council sanctions designed to penalize North Korea for its sixth and most powerful nuclear test has been watered down by the US. A proposed oil embargo and the freezing of Kim Jong Un’s assets were omitted from the United Nations plan. The UK and France […]
ExxonMobil challenges “retroactive changes” on Russian sanctions by US Treasury
ExxonMobil argues Treasury can’t apply sanctions just because it retroactively changes its interpretation of rules ExxonMobil said it has launched a legal challenge to a finding by the Treasury Department’s Office of Foreign Assets Control (OFAC) that it violated U.S. sanctions against Russia in 2014 when the company followed authoritative and specific guidance from the Obama […]
US denies Exxon permission to drill in Russia
Exxon denial part of US stance on sanctions against Russia The United States will not make an exception for any energy companies looking to drill in areas prohibited by US sanctions on Russia, including global oil major Exxon Mobil Corp. Treasury Secretary made the rare public comment on Exxon’s licence application Friday. “In consultation with President Donald J. […]
Iran sea storage cleared, struggles to boost oil exports
Iran parked loaded tankers offshore while under sanctions After international sanctions against Iran were eased last year, the country has sold the millions of barrels of crude it had stored for years in tankers offshore and is now struggling to expand exports as it grapples with production limitations. In a report by Reuters, tanker tracking and oil sources […]
Russia seeks to avoid sanctions by buying equipment from Iran
Russia constructing two power plants in Crimea ABU DHABI, Feb 20 (Reuters) – Russia hopes to get around European Union sanctions by reaching a deal with Iran for the supply of gas turbine equipment for two power plants in Crimea, the head of Russian state defence conglomerate Rostec said on Monday. EU sanctions bar European […]
China to suspend all imports of coal from North Korea
Shipment of North Korean coal rejected at Wenzhou port SHANGHAI, Feb 18 (Reuters) – China will suspend all imports of coal from North Korea starting Feb. 19, the country’s commerce ministry said in a notice posted on its website on Saturday, as part of its efforts to implement United Nations sanctions against the country. The […]
Sanction relief strengthens outlook for Iranian petrochemical producer NPC Iran
Significant oil/gas feedstocks, lower financial constraints position Iranian petrochemical company for strong growth HOUSTON – NPC Iran, the large, state-owned petrochemical conglomerate of Iran, is positioned for strong market growth and expanded exports, thanks, in part, to easing sanctions and an abundant supply of flexible feedstocks, according to a new analysis from IHS Markit. According to the […]
#ExxonKnew activists try to be relevant by attacking Sec. of State nominee
UN Foundation praised Tillerson for his commitment to goals of reducing disease, increasing opportunities for girls By Katie Brown, PhD, EnergyInDepth Following the news earlier this morning that the president-elect has decided to nominate ExxonMobil Chairman and CEO Rex Tillerson to be our next Secretary of State, #ExxonKnew activists have been churning out a steady stream […]
Will ambitious Iranian oil policy succeed?
With US primary sanctions still in place, many countries are cautious about buying from Iran or investing in oil production International sanctions have had a strong impact on Iran’s oil revenues, halving crude oil exports to 1.1 million b/d and forcing the NIOC to shut down production at many of its southern fields, according to international […]
Potential impact of Iran oil on global supply
Wood Mackenzie forecasts Iran crude oil output to increase by about 0.5 million b/d year-on-year in 2016 According to an analysis by consultancy Wood Mackenzie, the National Iranian Oil Company (NIOC) says it will increase oil production and exports by 500,000 b/d as soon as sanctions were lifted, then raise production levels another 500,000 b/d six months […]
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