The United States demanded a cut off of Iranian oil exports to major importers like China and India who had been granted exemptions from sanctions, sending crude prices to six-month highs on fears the U.S. action could lead to a supply crunch.
Japan had cut imports by 33% in first nine months of 2018.
With the U.S. and China close to a deal that would roll back tariffs, Sinopec prepares for an $18 billion deal with Cheniere.
Draft law would require import pipelines to not be owned directly by suppliers.
The recent Polar Vortex did its damage, but as winter weather goes, say Drillinginfo and Wood Mac, this one is not terribly cold and gas prices are holding steady.
The International Energy Agency (IEA) has yet to assess the impact of the latest U.S. sanctions on Venezuelan oil supplies, its executive director said on Jan. 30.
Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the U.S.to cut off that revenue would likely force it to send crude to China, India or other Asian countries.
Turkey has resumed imports of Iranian crude oil after a one-month hiatus in November when U.S. sanctions on Iran were reimposed, trading and shipping sources said.
All countries that were granted waivers from the U.S. to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers.