However, the ministry has much more responsibility in this regard than the council.
America's largest oil refinery is now fully owned by Saudi Arabia. Saudi Aramco, Saudi Arabia’s state-owned oil company, now has 100 percent control of the largest refinery in North America. Updates with Vitol comment in fifth paragraph; other regions in seventh; oil price in eighth.
Our Standards: The Thomson Reuters Trust Principles. A global surge in freight costs also led to European traders competing for Urals, pushing up prices, according to Jan-Jacob Verschoor, an analyst at Oil Analytics. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. But part of the downturn has also stemmed from a plunging market for high-sulfur fuel oil that normally gets consumed by ships. Total global oil demand is about 100 million barrels a day.
Saudi’s domestic crude refinery throughput fell 13.2% to 2.09 million bpd in July, while direct crude burn rose by 176,000 bpd to 645,000 bpd. Meanwhile, the world’s top oil exporter cut its October official selling price for the Arab Light crude it sells to Asia by the most since May. Saudi Arabian officials said that many more drones and cruise missileswere used for the attack and originated from th… At 4.98 million bpd, crude exports in June were the weakest on record, according to data from the Joint Organizations Data Initiative (JODI) stretching back to 2002.
As of May 1st, this marvel of a complex refinery is now 100 percent owned by Saudi Aramco. The change of ownership, completed in 2017, should give the oil giant the ability to pump more Saudi crude into North America, ahead of its IPO, planned for some time in 2020 or 2021.
Aramco comes in a distant 11th place for number of barrels of oil refined per day in the U.S., according to data collected by the U.S. Energy Information Administration. Ambassador Majid Takht Ravanchi addressed the Security Council and categorically rejected the accusations against Tehran over attacks on Saudi oil facilities.
It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Saudi Aramco, Saudi Arabia’s state-owned oil company, now has 100 percent control of the largest refinery in North America.
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U.S. says new evidence shows Saudi oil refinery attack came from north, reinforcing Iran angle. Russia pumps about 7.7 million barrels a day of Urals crude, most of which gets consumed domestically, according to data from Rystad Energy. “The discount for sulfur is just going to continue to expand in the oil market.”. “A number of things are happening which I don’t think are really sustainable,” he said.
That probably influenced Aramco’s pricing decision, which came a day later than traders had expected. It’s planning several Chinese ventures. Despite Saudi ownership of the highest volume refinery in North America, American companies refine by far the largest number of barrels of oil in the U.S. per day, occupying the top six slots on the table below. (Reuters) - Saudi Arabia’s crude oil exports rebounded in July to 5.73 million barrels per day (bpd) from a record low in June, official data showed on Thursday. All Rights Reserved. In an interim report of its investigation — seen by Reuters ahead of a presentation on Thursday to the United Nations Security Council — Washington assessed that before hitting its targets, one of the drones traversed a location approximately 200 kilometres to the northwest of the attack site. Please try again. Arab Light is at the highest for the time of year since 2013. Have a confidential tip for our reporters? WASHINGTON — The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 indicates the strike likely came from the north, reinforcing its earlier assessment that Iran was behind the offensive. Previously, she worked as an editor for the Washington Examiner and for CNS News.
It could also mean some crudes might need to sell at increased discounts to find buyers. Washington’s interim assessment also included pictures of drone components including the engine identified by the United States as “closely resembling” or “nearly identical” to those that observed on other Iranian unmanned aerial vehicles. Saudi Arabia charges N168 per litre. © 2020 National Post, a division of Postmedia Network Inc. All rights reserved. The picture is similar in northwest Europe. It suggests the Saudis are confident that OPEC+ supply cuts will buoy the market even as the pandemic continues to crimp demand. Saudi Arabia said on Oct. 3 that it had fully restored oil output. She is the author of Patton Uncovered, a book about General George Patton in World War II, and her work has appeared on Fox News, The Hill, UK Spectator, and elsewhere. There was an error, please provide a valid email address. The United States presented its findings to a session of the U.N. Security Council on Thursday as it hopes to mobilize more support for its policy to isolate Iran and force it to the negotiating table for a new nuclear deal. We encountered an issue signing you up. Updates with analyst quote in fourth paragraph. Saudi Aramco, the kingdom's state-owned oil behemoth, took 100% control of the sprawling Port Arthur refinery … U.S. Special Envoy for Iran, Brian Hook, told Reuters that the newly-declassified information was more evidence that Tehran was behind the attack.
The Port Arthur refinery in …
The damage at the oil facilities shows that the attack came from the north, not from the south, as you would expect if the Houthis were responsible. The next issue of Posted Newsletter will soon be in your inbox. J&J Halts Covid-19 Vaccine Trial Due to Unexplained Illness, Apple IPhone 12 5G Line Wins Praise for Lower Prices, New Sizes, Investors Turn Skeptical of U.S. Democrat ‘Blue Wave’ Victory, Stocks Drop on Stimulus Deadlock as Banks Tumble: Markets Wrap, Trump Tests Negative; More Shutdowns in Europe: Virus Update. Comments may take up to an hour for moderation before appearing on the site. The United States, European powers and Saudi Arabia blamed the Sept. 14 attack on Iran. If you don't see it please check your junk folder. Published by © 2020 ITP Media Group. “We’ve reached the point where long-haul vessels already need to be compliant with the IMO rules,” said Jason Gammel, a London-based oil companies analyst at Jefferies LLC.
The increase in November pricing marks a change for the world’s biggest exporter, which pared prices in September and October as crude demand stagnated.
The fake opinion columnists primarily targeted right-of-center outlets receptive to a hawkish line against Iran, Saudi Arabia Controls North America’s Largest Oil Refinery, 3 Ways to support the American Conservative, We use cookies to ensure that we give you the best experience on our website. But in Asia, refining margins jumped at the end of September -- albeit from very low levels. Yemen’s Houthi group claimed responsibility for the attacks, and Iran, which supports the Houthis, denied any involvement. That’s down from a ceiling of 3.5% in most parts of the world today. Saudi Aramco, the kingdom's state-owned oil behemoth, took 100% control of … The majority of the Urals that gets exported flows through the Russia’s western ports for processing in Europe.
Saudi Aramco upped its 50 percent ownership in … However, the report noted that the analysis of the weapons debris did not definitely reveal the origin of the strike that initially knocked out half of Saudi Arabia’s oil production.
[Editor’s note: The story has been edited to reflect the correct date of Aramco’s takeoever of the Port Arthur refinery]. It opted instead to hit the Abqaiq and the Khurais oil plants of U.S. ally Saudi Arabia, according to three officials familiar with the meetings and a fourth close to Iran’s decision making. Saudi Arabia is America’s second-largest source of crude oil, behind Canada, according to the Energy Information Administration. The Trump administration’s decision to push for American energy independence, coupled with low oil prices and the Kingdom’s notorious spending, makes the Aramco IPO valuation stakes that much higher for the Saudis. U.S. President Donald Trump last year withdrew from a 2015 nuclear deal between world powers and Iran and snapped back sanctions on Tehran with the aim of choking Iranian crude sales, the Islamic Republic’s main source of revenues. Saudi Arabia's crude oil exports rebounded in July to 5.73 million barrels per day (bpd) from a record low in June, official data showed on Thursday. Saudi Arabia raised pricing slightly for its flagship crude oil shipped to Asia, the first sign of strength in the physical market after a month and a half of weakness and falling refining margins.
Reuters reported last month that Iran’s leadership approved the attacks but decided to stop short of a direct confrontation that could trigger a devastating U.S. response.
Boland is a graduate from Immaculata University in Pennsylvania.
An easing of lockdowns and lower supply helped benchmark Brent crude hold above $40 a barrel throughout July after plunging to a 21-year low of $15.98 in April, though gains were kept in check by fears of a second wave of COVID-19.
Horizon Terminals has implemented a number of stringent measures to ensure business continuity, asset integrity and employee safety ENOC Group records 12 million cashless transactions in the UAE.
Barbara Boland is TAC’s foreign policy and national security reporter. “At this time, the U.S. Intelligence Community has not identified any information from the recovered weapon systems used in the 14 September attacks on Saudi Arabia that definitively reveals an attack origin,” it said.
Saudi Energy Minister Prince Abdulaziz bin Salman has threatened to wrong-foot speculators who question the coalition’s resolve to bolster prices.
Saudi Arabia - The downstream industry in the Middle East is currently at the forefront of economic transformation, job creation and development, serving as a key enabler for the region’s economic growth. Further afield, Egypt charges N211 per litre.
Iran’s U.N. Saudi Arabia’s pricing decision usually sets the tone for other Middle Eastern suppliers, including Iraq and the United Arab Emirates, the second- and third-largest producers in OPEC. ENOC Group records increase in storage demand across terminal operations globally. Oil has rallied since April, with Brent crude roughly doubling on the back of output cuts by the OPEC+ alliance. The Gulf Coast facility had previously been co-owned by Royal Dutch Shell’s Motiva Enterprises. He described U.S. sanctions on Iran as “economic terrorism” and said that “Iran does not negotiate under the threat of a sword.”, In a similar report last week, the United Nations also said it was “unable to independently corroborate” that missiles and drones used in attacks on Saudi oil facilities in September “are of Iranian origin.”.
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