OPEC increases its revenues by 32%: EIA

The U.S. Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $711 billion in net oil export revenues in 2018, increased by 32 per cent from the $538 billion earned in 2017, mainly as a result of the increase in average annual crude oil prices during […]

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De-dollarization push by China and Russia, among others might skyrocket gold prices even higher

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The gold bears have finally caved under the deafening barrage of fiscal and geopolitical catalysts, from Fed hints to intensely brewing conflict with Iran. Gold is already trading well above its 5-year high. Not only has the U.S.-Iran conflict reached a boiling point, with Trump readying to deploy an additional 1,000 troops to the Middle […]

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Reports indicate Iran could be China’s oil weapon

Two reports out this week which could greatly impact oil prices indicate that leaders in Tehran are desperately urging China to purchase more Iranian crude:  First, Reuters notes China continued importing Iranian oil in July for the second month since a US sanctions waiver ended, though at greatly diminished levels compared to the year prior, citing numbers from three data firms: According to […]

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Oil demand crawling at slowest pace since 2008 financial crisis: IEA

Mounting signs of an economic slowdown and a ratcheting up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said. “The situation is becoming even more uncertain … global oil demand growth has been very sluggish in the first half of 2019,” the IEA […]

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Never-ending trade war sinks commodities into a world of trouble: Bloomberg

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The U.S.-China trade war is sparking so much fear over demand that even those parts of the commodity world that aren’t in the direct firing line are getting burned, says a report by Bloomberg Oil had its biggest sell-off in four years after U.S. President Donald Trump brought an abrupt end to a truce forged […]

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Iran seizes British oil tanker for violating International maritime law

The Iranian National Guard Corps (IRGC) is claiming that is has seized a British oil tanker for violating International maritime law. The vessel, named the Stena Impera, according to the IRGC, was captured while traversing the Strait of Hormuz at the request of Hormozgan Ports and Maritime Organization “for failing to respect international maritime rules.” […]

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