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Oil loses gains after Trump questions China trade deal

- Losses follow crude prices gains during previous trading session as Russia renewed commitment to support OPEC

home > Downstream, Stock Market, International Organization, Eurasia, Asia, Americas 21.11.2019 10:32 Övunç Kutlu

Oil loses gains after Trump questions China trade deal

Crude oil prices opened on a lower note on Thursday after U.S. President Donald Trump questioned whether he wanted to make a deal with China, further prolonging the trade war.

Trump accused China of "not stepping up to the level" the U.S. wants on the initial phase one deal that was scheduled for signing this month.

"We continue to talk to China. China wants to make a deal," Trump told reporters at the White House.

"The question is do I want to make a deal because I like what is happening right now, we are taking billions and billions of dollars," he added.

The U.S. and China have so far failed to reach an agreement as the trade war rolls into its 19th month and continues to negatively impact forecasts for global oil demand.

Oil prices jumped more than 2.5% during the previous day's trading on Wednesday after Russia renewed its commitment to support OPEC to balance the global oil market.

Russia and OPEC have "a common goal" of keeping the oil market predictable, and it will continue cooperating with the organization for the agreement to cut production, Russian President Vladimir Putin said on Wednesday.

However, Moscow will ask OPEC next month to exclude its gas condensate output from its production cap under the OPEC+ deal, according to Russian Energy Minister Alexander Novak on Wednesday.

Over the winter season, production of gas condensate in Russia increases, which also leads to a higher oil output from wells.

Novak said gas condensate is not exported, but is included in his country's oil production statistics.

International benchmark Brent crude was trading at $62.23 per barrel at 0645 GMT on Thursday for a 0.35% loss after closing Wednesday at $62.45 a barrel.

American benchmark West Texas Intermediate was at $56.81 a barrel at the same time for a 0.28% decline after ending the previous session at $56.97 per barrel.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr


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South Korea buys Iranian oil first time in months

- South Korean firms SK Incheon Petrochem, SK Energy import 2 million barrels from Iran
25.01.2019 Downstream , Energy Diplomacy , Middle East-Africa , General

Turkey's crude oil imports down by 11.2 percent in Oct.

- Total import of oil products also fall by 9.5 percent
28.12.2018 Downstream , Turkey , General

Saudi Aramco enters fuel retail business

- Saudi Aramco Retail Company to engage in direct-to-consumer segment of downstream business
27.12.2018 Downstream , News from companies , Middle East-Africa , General

Brent oil trades around $53 for week ending Dec. 21

- Rising global oil output and gloomy prospects for major economies keep downward pressure on prices
22.12.2018 Oil , Finance , Downstream , Americas , Middle East-Africa , General

MEDREG can play 'crucial' role in Med energy sector

- Assn. of Mediterranean Energy Regulators can set up regulatory frameworks to benefit downstream investments, electricity and gas trade, new head says
02.12.2018 Downstream , Downstream , Natural Gas , Electricity , Renewable , Europe , Middle East-Africa , General

Over 40 pct of coal power plants run at loss: Report

- Building new wind and solar power will be cheaper than 96 percent of existing coal power by 2030, according to Carbon Tracker Initiative
03.12.2018 Renewable , Coal , Downstream , World , General

Libya oil terminals temporarily shut due to bad weather

- Production has already fallen by 150,000 barrels per day, according to national oil company
02.12.2018 Downstream , Energy Security , Middle East-Africa , General

Oil prices up as Russia signals cut for first half of 2019

- Output limits could come in first and second quarters of next year, Russian energy minister says
30.11.2018 Downstream , International Relations , Eurasia , Middle East-Africa

Oil prices fall with rise in US stocks and G-20 looming

- Trade disputes could hurt global growth and oil demand
30.11.2018 Downstream , Stock Market , World

Turkey's crude oil imports down 11.8 pct in Sept.

- Total oil products imports also fall by 11.3 percent, according to market report
27.11.2018 Downstream , Turkey , General

Thanksgiving to see highest gasoline price in 4 years

- Last time higher retail gasoline prices were seen prior to Thanksgiving weekend in 2014
30.11.2018 Downstream , Americas

Iraq to raise Kirkuk oil export to Turkey's Ceyhan port

- Oil export to increase from current 60,000 barrels per day to 100,000, Iraqi prime minister says
23.11.2018 Oil , Downstream , Middle East-Africa , General

OPEC crude output rises in October

- In October, global oil production remains steady at 100.7 mb/d while OPEC crude output rises 200 thousand b/d to 32.99 mb/d
15.11.2018 Oil , Finance , Downstream , Refining/Petro Chemistry , Europe , Americas , Middle East-Africa , General

Brent oil rises above $71 for week beginning Nov. 12

- Brent oil starts the week with a 2.62 percent price rise to $71.47 on Monday while WTI trades at $60.98 at 06.28 GMT
12.11.2018 Oil , Finance , Downstream , Americas , Middle East-Africa , General

Brent falls to $69 due to uptick in US crude stock

- US crude inventories surged by 5.8 million barrels last week to 432 million barrels, the highest since June
10.11.2018 Oil , Downstream , Americas , General

Ankara, Baku boost strategic ties with STAR refinery

- Turkish President Recep Tayyip Erdogan, his Azerbaijani counterpart attend opening ceremony of STAR Refinery in Izmir
20.10.2018 Downstream , Refining/Petro Chemistry , Turkey

Dropouts mount for Saudi prince's investment conference

- World Bank President Jim Yong Kim latest to drop out of Saudi crown prince's economic summit
14.10.2018 Downstream , Middle East-Africa

Aker BP's output down by 4.5% in Q3

- The company produced 150,600 barrels of oil equivalent per day in the third quarter
08.10.2018 Downstream , Europe , General

EU, Iran to establish mechanism to ease trade: Rouhani

- ‘Special mechanism’ for conducting commercial transactions with Iran to come online in November
01.10.2018 Downstream , Downstream , Europe , Middle East-Africa

OPEC 'keeping bullets in holster', market to tighten: analysts

- 'Next year, we are going to see spare production capacity in globe to evaporate,' one expert tells Anadolu Agency
28.09.2018 Downstream , Energy Security , World , General

Turkey's oil product imports up 8.4 percent in July

- Total volume hits 3.9 million tons, according to energy watchdog
28.09.2018 Downstream , Turkey , General

Wintershall's Brage oil field now 25 years old

- New procedures and efficient solutions to enable field to continue production till 2030 and beyond, company says
24.09.2018 Downstream , Europe , General

US’ Pompeo stresses political role of Iraq’s KRG

- Officials on phone discuss political developments, including parliament electing president and formation of new government
24.09.2018 Downstream , Energy Security , Middle East-Africa

Trump slams OPEC, criticizes high oil prices again

- "We protect the countries of the Middle East ... and yet they continue to push for higher and higher oil prices!" he says
21.09.2018 Oil , Downstream , Americas

EU: Passenger car demand surges 6.1 pct in Jan-Aug

- Manufacturers' association says 10.8 million new passenger cars were registered in EU in January-August
20.09.2018 Downstream , Europe

Turkey is capable of overcoming economic woes: BP Pres.

- We still have great belief in Turkey. Every economy has its short term problems and Turkey will get through this: BP Pres.
19.09.2018 Upstream , Downstream , Energy Diplomacy , Turkey , General

US: Florence begins slow assault on Carolinas

- Storm downgraded to Category 2 but 'catastrophic' flooding, damage expected
14.09.2018 Downstream , Downstream , Energy Security , General

Hurricane Florence continues path to US east coast

- Washington DC, Virginia, Maryland declared states of emergencies as storm expected to hit Carolinas late Thursday
12.09.2018 Downstream , Downstream , Energy Security , Americas

US crude stocks decline, gasoline inventories rise

- Oil prices fall after rise in gasoline inventories
07.09.2018 Oil , Downstream , Americas , General

Brent oil falls but stays above $77 on Sept. 3

- After rise in US oil rig count and OPEC's output data, crude oil prices posted some losses on the global market
04.09.2018 Oil , Downstream , Americas , Middle East-Africa , General

South China Sea ‘major’ trade route for crude oil

-More than 30 percent of global maritime crude oil trade moves through South China Sea, according to US energy agency
29.08.2018 Downstream , Asia , General

Iraq's Basra, Chevron agree to implement oil fields MoU

- Chevron and Basra will also establish a company to work together
19.08.2018 Downstream , Americas , Middle East-Africa , General

US crude stocks, production decline for w/ending Aug. 3

- Crude output falls for fourth time in span of 30 weeks
10.08.2018 Oil , Finance , Downstream , Americas , General

Saudis escalate diplomatic row with Canada

- Kingdom-controlled media warns Ottawa to step back or risk wrath of ‘entire Muslim world’
08.08.2018 Finance , Downstream , Americas , Middle East-Africa

Brent oil trades above $73 in week beginning August 6

- Number of oil rigs in US down by two for week ending August 3, Baker Hughes data shows
07.08.2018 Downstream , World

Pompeo: US to enforce sanctions against Iran

- First round of sanctions, largely targeting Iran's banking sector, are set to take effect Monday
06.08.2018 Downstream , Energy Diplomacy

Iran's Mar 21-July 21 oil exports rise by over 8 percent

-Average of 2.3 million barrels per day was exported from March 21 to July 21, says Oil Ministry's news agency, Shana
02.08.2018 Downstream , Middle East-Africa

Lukoil's net profit down 25pct in first half of 2018

-Russia's second largest oil company sees net profit of nearly $1.4 billion between Jan 1 and June 30
27.07.2018 Finance , Upstream , Downstream , News from companies , Europe

Shell's profits rise 30 percent in second quarter 2018

-Oil giant starts share buyback program of at least $25 billion in period 2018-2020
26.07.2018 Natural Gas , Finance , Upstream , Downstream , News from companies , Europe

Repsol earnings increase 46pct in first half of 2018

-Spanish oil company’s net income hits €1.546 billion between Jan and June, recording highest profit for period in past decade
26.07.2018 Finance , Upstream , Downstream , Refining/Petro Chemistry , News from companies , Europe

Eni, Sonatrach strengthen cooperation in Algeria

- Eni and Sonatrach agree to strengthen cooperation for gas, petrochemicals, renewables, and offshore projects in Algeria
18.07.2018 Finance , Downstream , Renewable , General

Canal Istanbul to alleviate oil traffic via Bosphorus

- $13B. deal between Russian and India for oil shipments will lead to more traffic on the Bosphorus: Energy Center director
16.07.2018 Downstream , Turkey , Asia

Libyan oil firm resumes exports following 1-week hiatus

- Italian ambassador hails move, calling it 'evidence that Libyans can work together’
12.07.2018 Oil , Downstream , Transportation/Fuel Oil , Energy Security , Middle East-Africa

Canada sides with US over Russian pipeline to Germany

- Says energy dependence can lead to division of NATO allies
12.07.2018 Downstream , Energy Diplomacy , Eurasia , Americas

Haiti: Pressure mounts on PM to resign

- Senior politicians warn president they will not support controversial fuel price hikes
11.07.2018 Oil , Downstream , Americas
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