South-West Asia

Brega Petroleum Marketing Company released a statement saying that a fire broke out, along with a heavy smoke, in the diesel?tank at Zawiya Refinery in Libya on Monday after the tank was hit under circumstances that are still unknown. Brega, owned by the state oil company NOC, is responsible for fuel supply. Zawiya, the largest refinery in Libya, as Ras Lanuf has been shut down, is located around 40 km west of Tripoli. Its capacity is?120,000 barrels a day. It is linked to the 300,000 barrels per day Sharara oilfield. The?company stated that firefighter 'brigades' are battling the fire. It...

Iran has named Mohsenrezaei secretary of the Supreme National Security Council. This is a promotion of a prominent hardliner, and close ally to Supreme Leader Ayatollah Mojtaba Khamenei. The move comes more than five months after the conflict began with the United States. Rezaei succeeds Mohammad Baqer Zolqadr in the position of second-in command at the body that coordinates Iran’s security and foreign policy and is presided over by President Masoud Peshkian. Zolqadr has been appointed to be Khamenei's political advisor. What you need to know about Rezaei 71 COMMANDED RELATIONAL GUARDS AGE 27 Rezaei, who was 27 years old...

After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base...

The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank...

An official from the United States reported progress on Friday between Iran and Oman, which could lead to the reopening of the Strait of Hormuz in the near future. This would allow oil exports to resume that were disrupted during the U.S. The war with Iran is ongoing. The U.S. official who refused to be identified said Washington expected an agreement between the two countries that sit on either side of the Strait so normal oil traffic can resume. The deal between Iran, Oman and the control of the strategic watersway is seen by many as being crucial to a...

Sources say that a pact will be signed in Mecca this Friday Erdogan, Sharif, and Munir the army chief are scheduled to meet Crown prince Mohammed bin Salman * An agreement was reached after nearly a year-long negotiation, as reported in January. (Adds context and details throughout). By Timour Azhari Ariba?Shahid, and Tuvan Gumrukcu RIYADH/KARACHI/ANKARA, Aug 7 - Turkey, Saudi Arabia and Pakistan will sign a joint defence agreement in Mecca on Friday, sources with ?knowledge of the matter said, amid regional ?turmoil with Gulf states coming under fire from Iran after it ?was attacked ?by the U.S. and Israel....

Sources say that a pact will be signed in Jeddah this Friday. Erdogan, Sharif, and the army chief Munir are due to meet with Prince Mohammed bin Salman * An agreement follows nearly a year's worth of negotiations, as reported in January By ?Ariba ?Shahid KARACHI/RIYADH. 7 August. Regional sources who have direct knowledge of this matter confirmed that Turkey, Saudi Arabia, and Pakistan would sign a joint defense agreement on Friday. This comes at a period of turmoil in the region, with the Gulf States under attack from?Iran following its attacks by the U.S. The pact?cements the growing grouping...

Gold prices remained steady Thursday, as oil prices rose after reports that Iran was reviewing restrictions on "hostile vessels" in the Strait of Hormuz. This sparked inflation fears and rate hike expectations. Gold spot was unchanged at $4,244.29 an ounce as of 2:50 pm EDT (1850 GMT), having reached its highest level since the 18th of June earlier in session. The yellow metal gained over 4% in one day, the largest gain since February. U.S. Gold futures settled at $4,299.60, a 0.1% decrease. A committee of the Iranian parliament is reviewing a draft bill which would prohibit U.S. and Israeli...

Gold reversed its course on Thursday, falling as the rise in oil prices following reports that Iran would review restrictions on vessels transiting through the Strait of Hormuz which were deemed "hostile", reignited inflation concerns and raised expectations of rate hikes. By 12:40 pm EDT (1640 GMT), spot gold had fallen 0.3% to $4,233.64 an ounce. Earlier in the session, prices had reached their highest level since June 18. The yellow metal gained over 4% in one day, its largest gain since February. U.S. gold futures dropped 0.3% to $4.291.30. A semi-official Iranian news agency, Fars, reported that an Iranian...

President Donald Trump stated that his administration had "very positive discussions" with Iran on Tuesday during the all-day talks, which fueled expectations of a quick end to the five-month conflict. In Asian trade, oil prices dropped and stocks soared on Wednesday following Wall Street's record highs. This was on the hope that a deal would soon be struck to restore traffic in the Strait of Hormuz. Trump said on Fox News' "@ night" program that the negotiations lasted all day. Trump said that the Strait of Hormuz would be opened very soon. If they retreat again, they will be hit...

German fashion group Hugo Boss announced its operating profit for the second quarter ahead of expectations and maintained its outlook for the full year despite a subdued demand from consumers. In a poll conducted by the company, earnings before interest and tax (EBIT), which were 81 million euros in 2014, fell to 59 million euros. This was higher than analysts' average predictions of 52 million euro. The currency-adjusted sale fell by 9%, to 905 millions euros. This was slightly lower than analysts' expectations, which were 907 million euro, as strategic realignment and a weak consumer background continued to weigh on...

Beiersdorf, the maker of Nivea, said that the conflict in the Middle East was disrupting sales and deliveries in key Gulf markets. This highlights how geopolitical tensions continue to impact consumer goods companies in the region. Vincent Warnery, Chief Executive of the company, said that due to the conflict the company was unable to ship some products to Saudi Arabia or the United Arab Emirates. "This is something that impacts not only our costs, but also consumption." We hope the war will end soon so that we can get back to business as usual," he said in a press conference....

The oil price rebounded 1% from a drop in the previous'session. This was due to concerns that Middle East supplies remained 'at risk, as a diplomatic solution to the U.S. - Iran war which has disrupted shipments seems unlikely. Brent futures for the front-month rose $1.12 or 1.3% to $84.89 per barrel at 0355 GMT, after falling 7% to a 3-week low in the previous session. U.S. West Texas Intermediate crude (WTI), which had fallen more than 5% the previous day, was now up 77 cents or 1% at $81.11, after having dropped to its lowest level in almost a...

Two sources who are familiar with the discussions on Wednesday said that Russia is planning to extend its diesel export ban by one month. However, the restriction could be lifted mid-August, if domestic supply improves. The ban was introduced by Russia from July 8 until July 31, as part of an overall package of measures designed to support the domestic market for fuel after repeated Ukrainian drone strikes on oil refineries caused fuel shortages and price increases. Moscow has already placed restrictions on the export of jet fuel and gasoline. Alexander Novak, the Deputy Prime Minister, said last week that...

Saudi Aramco closed its Jizan oil refinery, which produces 400,000 barrels per day in Saudi Arabia, on July 27, following an attack on the facility by Yemeni Houthi militants. A note seen by revealed that this was due to an attack on Saturday by Yemen's Houthi terrorists. The market is already constrained by the tight fuel supply in the world, as well as disruptions from the Middle East and Russia's ban on diesel exports. The outage has also had a significant impact on the refinery profit margins, which have reached'record highs' in certain regions. The note stated that the attack...

Since the beginning of the Iran War, there has been a debate about whether crude oil futures accurately reflect?the stress in the physical markets for oil and refined products or if the are blindly 'optimistic' that peace is on the horizon. The Iran War between the United States of America and Iran continues on its volatile and unpredictable course, with renewed hope that there is a chance for a new pause in the?reverse strikes. This flicker of optimism led Brent futures to fall in the early Asian trading on Monday. The price fell by nearly 5%, reaching around $92.06. The...

Elvira Nabiullina, the Governor of the Russian Central Bank and Alexei Zabotkin, her deputy, held a press conference on Friday following a 25 basis point cut in its key rate to 14.00%. Nabiullina, Zabotkin and others spoke Russian. The?quotes that follow were translated by. NABIULLINA ON RATE DECISION "We carefully considered two options: Keeping the rate at its current level and cutting it to 0.25%. We discussed these two options, despite a few isolated suggestions to increase the rate. NABIULLINA ON FUEL SUPPLY CRUNCH "We analysed the fuel situation's development. This is primarily about what's known as supply-shocks. Such shocks...

Are you looking for inspiration? Weekend Reads is a weekly feature that highlights what the Open Interest team has been reading, watching and listening to. The Open Interest team shares what they've been watching, listening to and reading. This week's selections include the emergence of drone warfare, Europe's AI ambitions and Jamie Dimon's worries about long-dated bonds at JPMorgan Chase. This weekend we are reading... RON BOUSSO, ROI Energy Columnist. He has produced an amazing, frightening and visually stunning piece on Ukraine's "kill zone" with drones, which has changed the battlefield between Russia and Ukraine. CLYDE RUSSELL is a ROI...

A European Central Bank survey released on Friday showed that companies in the euro zone are finding it difficult to increase prices for consumers who are already facing a 'rise in fuel costs. The ECB held interest rates at a 'hold' level a day earlier. It said it was unable to see any evidence that the higher fuel prices were affecting consumer prices, wages, or long-term expectations. The ECB left the door open for another rise in September. The quarterly exchange between 76 large companies in the euro zone outside of the financial sector confirmed the absence of these second-round...

Data showed that oil product stocks in Asia’s main trading hub Singapore fell to their lowest level in six weeks. This was mainly due to a decline in the inventories of?clean petroleum products, according to data released on Thursday. Enterprise Singapore's data shows that combined?onshore? product stocks totaled 39.64 millions barrels during the week ending July 22. This is a 1.5% decrease from the previous week. The weekly average for last month was 37.5 million barrels. Lower inventories of middle and light distillates led to the decline, which was moderated by an increase in heavy distillates. In recent days, shipping...

The oil prices rose on Wednesday, as concerns about a 'further disruption of supply' grew after U.S. troops struck Iranian military targets for the 11th consecutive night. Meanwhile, oil tankers reacted to warnings from the Houthi-backed militia by making U-turns at the Red Sea. Brent crude futures increased $1, or 1.1% to $92.01 per barrel at 0330 GMT. U.S. West Texas Intermediate Crude climbed 82 Cents, or 1.0 %, to $85.16. Gains were made after oil reached a five-week peak on Tuesday, following U.S. strikes against targets in western and southern Iran. Iran also attacked U.S. installations in Bahrain, Kuwait,...

China's refined oil product exports in June improved over May but fell from the same period in last year, amid export restrictions that began in mid-March in order to protect domestic supply after the Iran War. China is Asia's biggest fuel exporter, and the increased export allowance will ease tight supplies because regional refiners have curtailed production due to war-related oil shortages. China's refined product exports to Hong Kong and Macau, including gasoline and diesel, totaled 643,712 tons. This is a slight increase of 4% from last June. Exports of refined oil products from China to other regions than Hong...

The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the...

The price of oil rose on?Thursday for a forth consecutive day after a wave of U.S. strikes?on Iranian installations fueled fears of a full-scale conflict and supply?disruptions? in the Strait of Hormuz. After reimposing its naval blockade, the United States hit?Iran?s?coastal defenses and missile sites, on Wednesday. Iran, meanwhile, threatened to cut off regional energy exports by saying that it was in a "existential conflict" with America. Brent crude futures were up 33 cents or 0.4% to $85.28 a barge by 0026 GMT. U.S. West Texas intermediate futures were up 42 cents or 0.5% to $80.02 a barrel. Both benchmarks...