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Oil rises Chinese companies violate Iranian oil sanctions

2019-10-16 10:23 am | Resource: News | No Views : 23

Oil rises Chinese companies violate Iranian oil sanctions

Oil prices rose marginally as investors awaited developments in trade relations between the United States and China, especially after China threatened retaliatory measures once the US Congress passed a law on Hong Kong. The US Energy Information Administration expected the production of major US shale oil producers will rise by 58 thousand barrels per day to 8.97 million barrels in November.

Chinese companies violate Iranian oil sanctions

About one third of the tanker fleet of China Ocean Shipping Ltd. (COSCO) has stopped sending their location data in order to hide Iranian oil shipments, media reported Wednesday, citing White House officials. Several vessels of the logistics company, which Washington has already imposed sanctions on its two subsidiaries to ship Iranian crude oil in violation of US sanctions, reportedly closed their responders between September 30 and October 7.

Now, the US government is warning Chinese shipping companies not to trade Iranian oil and the threat of further sanctions, government officials told Reuters.

At least two people killed in explosion at Aramco oil refinery

 At least two workers were killed in an explosion at the Sasref oil refinery in Aramco in Jubail, a Saudi company said on Tuesday. Aramco said the blast occurred on Sunday and caused a gas leak. Aramco said maintenance work at SASREF has not been disrupted and will continue as planned following the incident. According to some media reports, the explosion killed 18 people, but the company confirmed the death of only two.

SASREF was a joint venture with Aramco with Shell until recently, but the Saudi company completed its acquisition of the facility in September.

 Oil Trading
  • Brent crude futures rose marginally by 0.2% or 15 cents to $ 58.89 a barrel after Tuesday's decline of 1%. At 12:01 CET.
  • US crude futures rose slightly 0.3% at $ 52.9 a barrel, after falling 3.5% in the last two sessions at 12:01 CET.


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