ENERGY NEWS HIGHLIGHTS WEEK of 08/08/18

Posted On August 8th, 2018 - 10:55 am | by Oil and gas press

The price of OPEC basket of fifteen crudes stood at $72.27 a barrel on Monday, 6 August 2018, compared with $72.07 the previous Friday, according to OPEC Secretariat calculations.

The price of OPEC basket of fifteen crudes stood at $72.58 a barrel on Tuesday, 7 August 2018, according to OPEC Secretariat calculations.

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China’s Oil Futures Jump To Record High

China’s yuan-denominated crude oil futures contract for September delivery jumped to an all-time high on Tuesday by its daily limit, as speculators are eagerly trading the Chinese futures
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Shell sees gas as answer in Nigeria after decades of oil strife

After decades of difficulties in Nigeria over crude theft, pollution and oil-related corruption, Royal Dutch Shell Plc still feels optimistic a fossil fuel can improve life in the country.
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Saudi Arabian crude deliveries to U.S. swell, as Venezuelan output falls

Loaded 1 MMbpd onto tankers bound for the U.S. in July, according to preliminary vessel-tracking data compiled by Bloomberg. That’s a 36% jump from June and the single biggest monthly flow to the U.S. since April 2017.
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Oil Prices Inch Higher As Sanctions On Iran Kick In

Brent crude was trading at US$73.81 a barrel, with WTI at US$69.05, both up by less than a percentage point from yesterday’s close. But this could change later in the day as the flow of forecasts of reduced supply intensifies.
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EU acts to counteract sanctions as Trump warns against doing business with Iran

“Anyone doing business with Iran will NOT be doing business with the United States,”

Donald Trump said on Tuesday, hours after the EU’s ‘blocking law’ was reactivated to counter the economic threat posed by US sanctions against Iran towards European businesses.
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Trump proposes scrapping gas licenses for export to Europe

US President Donald Trump proposed scrapping licenses on liquefied natural gas shipped from the US to Europe. The parties have agreed to negotiate special license exemptions in the future, the Wall Street Journal daily reported
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MAPNA Group Awarded Major Oil Projects

MAPNA Group is a group of Iranian companies involved in development and execution of thermal and renewable power plants, oil & gas, railway transportation and other industrial projects as well as manufacturing main equipment including gas and steam turbines, electrical generator, turbine blade and vane, HRSG and conventional boilers, electric and control systems, gas compressor, locomotive and other pertinent equipment.
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