Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude now down by 20% since early October. U.S. West Texas Intermediate (WTI) crude oil futures were at US$ 61.63 per barrel.
The U.S. decision to review its tariffs on Argentine biodiesel could mean a reversal of fortune for exporters whose shipments from South America have been practically nil, the biodiesel chamber of Argentina said on Thursday.
Argentina has launched its first offshore bidding round in nearly three decades. The country's energy secretariat published details regarding bidding terms and conditions for public bidding for exploration licenses.
Oil prices slipped on Wednesday, continuing a recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected. The U.S. Energy Information Administration (EIA) said domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts’ expectations.
The U.S. Commerce Department said it would begin a review of antidumping duties it placed last year on biodiesel imported from Argentina, the Argentine Foreign Ministry said in a statement on Wednesday.
Oil prices were mixed on Monday after a steep five-day fall, as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic. The sanctions are part of U.S. President Donald Trump’s effort to curb Iran’s missile and nuclear programs and diminish its influence in the Middle East.
The retail price of fuel went up around seven percent this weekend in Argentina, for an aggregate 65 percent yearly rise that led impoverished consumers to use other transport means to make up for it.
Bolivia's Hydrocarbons Minister Luis Alberto Sánchez Friday admitted that gas deliveries to Argentina are kept at an average of 10 million cubic metres per day (MMm3d), far below the 17.2 MMm3d agreed upon in the contract
Shale gas has flowed for the first time at the UK's only fracking site currently in operation, energy firm Cuadrilla says. Operations began at the Lancashire site in October for the first time since 2011 when it was suspended because of earth tremors. There have been suspensions of the renewed underground drilling operations after further tremors in the area.
Argentina has begun exporting natural gas to Chile after a 12 year interlude, Chilean President Sebastian Piñera said on Tuesday, as the two neighboring countries seek to increasingly integrate their energy supply and electricity grids.