China 

US officials push for sanctions on China over oil purchases from Iran

This story is published in a content partnership with POLITICO. It was originally reported by Eliana Johnson on politico.com on July 11, 2019.Senior administration officials now agree that China defied US sanctions when it imported more than a million barrels of crude oil from Iran last month. But they are grappling with whether – and how – to hit back, according to three US officials.The US State Department had considered issuing a waiver allowing Chinese companies to receive Iranian oil as… Source link

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Oil tanker attacks: did Iran’s ties with China just go up in smoke?

When Shinzo Abe headed to Tehran this week for the first visit by a sitting Japanese prime minister in four decades, some in the diplomatic world imagined he could be the man to bring Iran back to the negotiating table with the United States.Those hopes were torpedoed on Thursday when, on the same day Abe was meeting Iran’s supreme leader Ayatollah Khamenei, explosions ripped through two oil tankers, one Japanese and one Norwegian, near the Strait of Hormuz, a strategically significant shipping… Source link

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Donald Trump’s tariffs are big, fat American snake oil meant to win re-election, not solve real problems

It has become clear that tariffs are the “snake oil” of salesman Donald Trump and his US administration. I am reminded of the endearingly eccentric father-in-law in the 2012 film My Big Fat Greek Wedding, who spent much of his time dispensing a spray of glass cleaner as a cure-all for every minor medical complaint. Except that the US president’s obsession with tariff snake oil is anything but endearing. Trump is now unsatisfied with a big, fat ugly trade war with China that looks set to… Source link

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Weaker yuan, oil price volatility will hit Chinese airlines’ profits, say analysts

A weaker yuan and volatile global oil prices are likely to dent Chinese airlines’ earnings, though the trade war is having a negligible impact, according to analysts.The carriers may suffer losses from the depreciating yuan because of their exposure to foreign-currency loans. The yuan has slipped about 3 per cent since mid-April.The biggest mainland Chinese airlines, including China Southern Airlines, Air China and China Eastern Airlines, have been among the worst performers on the stock market… Source link

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Money 

Oil is just the start of China’s Belt and Road interest in the Gulf

The Gulf might not appear on the official map of China’s Belt and Road Initiative, but Beijing’s international infrastructure investment plan is being actively realised in the region. Since Chinese President Xi Jinping launched it in June 2014, various actors from China – including companies, banks, and financial institutions – have established a presence in the Gulf.Securing oil and energy resources is an important component of the belt and road plan’s regional aims, as is the construction of… Source link

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Shanghai posts sixth straight day of losses while Hong Kong gains as fears of oil glut are added to jitters around ongoing trade war

The Shanghai Composite Index posted its sixth straight trading day of losses, while Hong Kong bounced into slight gains near the close, as a global oil glut added to existing worries over the ongoing US-China trade war.The Shanghai Composite began down Thursday and stayed down, ending with a loss of 1.17 per cent to 2,827.80, helping to pull the first week of June trading into a 2.45 per cent decline. That was its lowest level since February 22. It posted a weekly gain last week.Meanwhile the… Source link

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Brazilian state oil company Petrobras aims for China’s teapots with oil cargoes shipped to storage for future demand

Brazilian state oil company Petroleo Brasileiro SA is shipping crude during June and July for storage in China to more quickly respond to demand from the country’s independent refiners, two sources with knowledge of the matter said.China is the world’s biggest oil importer driven partially by demand from its independent refiners, known as teapots, centred in the eastern province of Shandong. Petroleo Brasileiro, or Petrobras, is seeking markets for its rising crude output and hopes to expand… Source link

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Vietnam 

Việt Nam forecast to face net imports of crude oil – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Oil rigs on the Bạch  Hổ oil field. Việt Nam’s crude oil production is forecast to continue to drop over the coming years. — VNA/VNS Photo HÀ NỘI — Việt Nam’s self-sufficiency for crude oil could come to an end due to exploitation that could turn the country into a net importer of crude oil for the first time, experts warned. According to analysts from the Fitch Solutions Macro Research, crude oil production in Việt Nam would continue to drop over the coming years, averaging annual declines of 4-5 per cent over the next 10…

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Singapore 

7 arrested near Jurong Island over illegal transaction of 3,000kg of marine gas oil, Singapore News

SINGAPORE – Seven men were arrested on Tuesday (May 21) for allegedly being involved in the illegal transaction of marine gas oil at the sea off Benoi Basin, which is near Jurong Island. The suspects, aged between 20 and 48, were all nabbed as part of a joint operation between the Maritime and Port Authority of Singapore (MPA) and Police Coast Guard. Three of the suspects were crew members of a craft belonging to a marine service provider, while the other four were crew members of a foreign-registered tugboat. The…

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Vietnam 

Oil uptrend lifts VN stocks for seventh day – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Gas exploration at Bạch Hổ Well, 145 kilometres away from Bà Rịa-Vũng Tàu Province’s coast to the southeast. Petroleum stocks helped boost the Vietnamese market on Monday as oil prices went up on expectations for lower global supply. – VNA/VNS Photo Hiền Anh HÀ NỘI – Vietnamese shares soared on Monday as increasing oil prices helped boost the performance of petroleum companies. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange surged 1.09 per cent to close at 987.13 points. The VN-Index has gained 4.23 per cent since May…

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