US Sanctions

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Brazilian court orders Petrobras to refuel Iranian vessels

Brazilian top court ordered the state-run oil company, Petrobras, to refuel the two Iranian grain vessels that have been stuck on the Brazilian coast because of the imposed US sanctions. Chief Justice, Dias Toffoli, changed a lower court ruling that enabled Petrobras, to refrain from fueling the vessels. Thus, the oil company is now obliged to fuel the Iranian vessels.

Four Iranian tankers are stuck in Brazil because of no fuel

Following the two Iranian vessels that remain stuck in Brazil with no fuel, additionally two more Iranian bulk carriers that came to Brazil also could be left stranded. Petrobras addressed that refuses to provide the tankers with bunker fuel because of the US sanctions imposed.

Barrels of Iranian oil are piled up in Chinese ports

About two months after the White House banned the purchase of Iranian oil, tankers are offloading millions of barrels of Iranian oil at Chinese ports, resulting to piles of cargoes. Bloomberg reports that the store of oil could lead to a push down of global prices, in the possibility that Chinese refiners decide to draw on it. 

China rejects US warning to avoid vessel carrying Iranian oil

China dismissed a warning issued by the US Department of State not to provide services to the tanker ‘Pacific Bravo’ carrying Iranian crude oil, noting that energy deals between the international community and the Middle East nation should be respected.

Russian tanker transfers fuel to North Korean ship, despite sanctions

A Russian tanker breached trade sanctions as it transferred fuel to a North Korean ship at sea at least four times between October 2017 and May 2018, according to two crew members who saw the transfers. During these transfers, the ship had declared the Port of Ningbo in China, as its destination. However, the crewmembers who gave this information, did not provide evidence of the violation of the sanctions.

IEA: Oil quality should be in focus in 2019

in 2018, around 450 kb/d was shipped to the US. The decrease in exports also shows the collapse of production over the same period from 3.4 mb/d to about 1.3 mb/d today. In quantity terms, in 2019 the US will rise its crude oil production by more than Venezuela’s current output. In quality terms, it is more complicated, IEA notes.

US to impose sanctions on Venezuela’s state-owned oil group

Trump administration has moved forward, imposing new financial sanctions on Venezuelan state oil firm PDVSA, as part of a pressure campaign to make the government of Venezuelan president Nicolás Maduro step down. The new US measures aim to affect the pattern of petroleum shipping in the Caribbean and beyond, since the US has trade relations of oil and refined products with Venezuela.

Woodmac: US sanctions on Iran could affect oil market

The oil market is about to face a difficult few months, after the US imposed secondary sanctions on Iranian exports. This led Brent to over US$80 a barrel in October. However, currently there is enough supply to meet demand this winter, but the margin for error is little, Woodmac said.

Oil prices could increase due to Iranian sanctions

According to JPMorgan, oil prices could increase this winter, due to the US sanctions on Iran. Namely, JPMorgan expects the price of a barrel of oil to increase from $60 to $85 a barrel in the next six months, while a ‘pike’ to $90 is also on the table. These sanctions will become effective on November 4.

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