The US on Wednesday imposed sanctions on five Iranian ship captains who delivered oil to Venezuela, Secretary of State Mike Pompeo informed speaking at a news conference.
Producers were operating the fewest oil and natural gas drilling rigs on record in the US at 339 on May 12, according to EIA. This is the lowest rig count data since 1987.
Brazilian state-owned petroleum company Petrobras exported 1 million barrels of oil per day in April, representing a new oil export record, despite low oil demand caused by the COVID-19 pandemic.
Venezuela’s oil exports increased in April after falling in March to their lowest average in seven months. This growth was helped by new trading partners that were re-selling cargoes in Asia.
Oiltanking MOGS Saldanha, a joint venture between Oiltanking GmbH, MOGS Ltd and Industrial Development Corporation of South Africa Ltd has commissioned a new crude oil terminal in the Port of Saldanha Bay.
The US Coast Guard informed about an increased presence of oil tanker vessels near the ports of Los Angeles and Long Beach. Namely, there were 27 tanker vessels off the coast of Southern California on April 22.
Following the collapse of US crude oil prices below $0, the US President Donald Trump raised the prospect of armed confrontation with Iranian forces in the Persian Gulf, which led to the American crude oil increasing.
For the first time in history, US crude oil prices collapsed below $0, as a result of COVID-19 disruptions that brought a supply gut. Monday ended at a stunning minus $37.63 a barrel, as desperate traders paid to get rid of oil.
According to Reuters, the US Department of State identified seven companies that has blacklisted, due to their involvement in Iranian petrochemincals’ transport, marketing and sale. In fact, three of the seven companies are Chinese-based, while another three are in Hong Kong and one in South Africa.
Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.
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