The decision to waive sanctions on the company behind Russia’s Nord Stream 2 gas pipeline and its CEO came as the Biden administration seeks to rebuild ties with Germany.
The latest gain to $70 brings Brent’s rally this year to 35%, supported by supply cuts by OPEC and allies. This could lead to a further advance, some analysts said.
Michigan set a May 12 deadline for Enbridge to shut down the crude oil pipeline.
Top oil exporter Saudi Arabia has cut the June official selling prices (OSPs) of all crude grades it sells to Asia, sources say.
Work on the tankers could potentially violate sanctions on Venezuela, lawyers say.
A market monitoring panel decided to stick to policies broadly agreed upon at a previous April 1 meeting of OPEC+, Russian Deputy Prime Minister Alexander Novak said after the talks.
The OPEC+ joint technical committee raised its forecast for global oil demand growth in its most recent monthly oil market report while also expressing concern about rising COVID-19 cases in India and elsewhere.
The identity of the vessel was unclear, with Iran’s al-Alam TV saying it was one of three Iranian oil tankers that had recently arrived at the Syrian oil terminal, while the semi-official news agency Tasnim denied it was Iranian.
The so-called NOPEC bill, introduced by Representative Steve Chabot, would allow the U.S. Justice Department to bring anti-trust lawsuits against oil-producing countries in OPEC.
India reported a record rise in coronavirus infections of 273,810 on April 19, increasing overall cases to just over 15 million, making the country the second-worst affected after the U.S.