RIYADH: Oil prices skidded more than $6 a barrel on Wednesday amid a push by US President Joe Biden to bring down soaring fuel costs, including pressure on the country’s major energy firms to help ease the pain for drivers during peak summer consumption.
By 0718 GMT, US West Texas Intermediate crude futures were off lows but still down $5.98, or 5.46 percent, at $103.54 a barrel. Similarly, Brent crude futures dropped $5.67, or 4.95 percent, to $108.98 a barrel.
China imports 2 million barrels more of Iran oil
China has received a new shipment of nearly 2 million barrels of Iranian oil in the past week at a southern port, according to shipping trackers, with one saying the cargo is destined for state reserves.
The 260,000-ton cargo, carried by vessel Dorena which is owned by the National Iranian Tanker Corp., was discharged at Zhanjiang port, according to shipping tracking specialist Vortexa Analytics as well as US advocacy group United Against Nuclear Iran, which specializes in tracking Iranian oil flows.
A Vortexa analyst told Reuters the cargo was for state reserves. Previous imports of Iranian oil for China’s state reserves have also been facilitated by NITC vessels and discharged at Zhanjiang.
The cargo would be the fourth such shipment designated for state reserves since last December, and is likely to be reported by Chinese customs which is due to release detailed commodities import data for June next month.
Total JV makes oil discovery off Suriname coast
APA Corp. said on Tuesday its joint venture with France’s TotalEnergies SE has made an oil discovery at an exploration well off the coast of Suriname.
APA has a 50 percent working interest in the block where the oil discovery was made, with TotalEnergies the operator and the holder of the remaining stake.
The discovery is close to a massive oil field found by an Exxon Mobil Corp.-led consortium in Guyana, that was estimated to hold nearly 11 billion barrels of oil equivalent.
The APA-Total joint-venture is at present drilling the Dikkop exploration well in the center of Block 58.
(With input from Reuters)