Two cargoes of Emirati crude oil are heading to Europe in a rare arbitrage move as European refiners try to find cheap alternative sour oil after tight supplies pushed up prices on key grade Russian Urals, shipping and trading sources said.
Iran could have nearly $5 billion of cash trapped in South Korea by the end of the year as sanctions stop it repatriating money from oil sales, Korean government sources said.
Sanctions do not penalise non-US refiners from buying Iranian c
India's immediate strategy to deal with the loss of crude from Iran in August is to buy more from Saudi Arabia and Iraq, while inventories and plant maintenance give refiners breathing space.
Iran has cut supply as it tries to put pressure
Saudi Arabia's offer of additional crude in August drew scant interest from refiners across northeast Asia who declined supplies beyond contracted volumes.
One buyer each in India and Southeast Asia accepted extra barrels of light oil, tra
Iran will not cut oil supplies to India despite warning to refiners over their failure to pay for several months, an official was quoted as saying by the Oil Ministry's news website Shana on Sunday.
"A warning has been sent to those refine
Iran has threatened to halt oil supplies to India in August as it presses New Delhi to solve a payments dispute that has cast a shadow since December over the two countries' $12 billion annual crude trade.
National Iranian Oil C
Gulf refiners are striking deals or have started negotiations on long term supply for 2010 with premiums so far at lower levels than for 2009 due to thin demand.
On the spot market, fuel oil prices fell amid plentiful supply from Saudi Ara