Oil

There is great anxiety in the market today mainly related to supply concerns.

The project has languished in pipeline purgatory as Canada’s federal government. BC. Alberta. indigenous groups. and environmentalists continue to wage war over the controversial project.

In oil futures markets. the trade war effect is better seen beyond the spot market.

Iran is due to offer a large cargo of crude oil to domestic buyers through its energy bourse on Tuesday. in a direct sale to bypass the US unilateral sanctions.

China in April imported 3.24 million tons of crude oil from Iran. or 789.137 bpd. up from March’s 541.100 bpd.

Royal Dutch Shell announced that production has started at Appomattox floating production system months ahead of schedule. opening a new frontier in the deep-water U.S. Gulf of Mexico.

Druzhba usually supplies up to 1.5mn barrels a day of Russia’s benchmark Urals blend into central Europe.

A new border crossing between Iraq and Syria is under construction in an area controlled by Iran-affiliated militias.

Commercial crude oil inventories in the U.S. increased by 4.7 million barrels. or 1%. to 476.8 million barrels for the week ending May 17.

Iran'.s partial suspension of its obligations under the nuclear deal was triggered by the United States'. withdrawal from the agreement in May 2018.