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TRANSCRIPT
Saudi Arabia lowers August Arab Light crude OSP to Asia
Saudi Aramco has set the August official selling price (OSP) for Arab Light crude for sale to Asia at $2.45 a barrel above
Oman-Dubai quotes, Aramco said in a statement on Thursday. The price is 25 cents a barrel lower than the previous
month.
Asia feels pinch from higher Middle East oil shipping costs
Asian oil refiners are being squeezed by rising freight rates and insurance costs for shipping crude from the Middle East
after attacks on ships in the Gulf last month, industry officials and analysts said. The Middle East accounts for more than
two-thirds of Asia's oil supply and the attacks on tankers in the Gulf of Oman on June 13 have heightened security
concerns among oil companies and shippers operating in the region.
COLUMN-U.S. diesel consumption hit by economic slowdown: Kemp
U.S. consumption of diesel and other middle distillate fuels is decelerating in line with the wider slowdown in
manufacturing and construction activity. Consumption of distillate fuel oil was up by 3% in the three months from
February to April compared with the same period a year earlier, according to data from the U.S. Energy Information
Administration.
Iraq, Oman plan cooperation in oil and gas sector
Iraq and Oman signed a memorandum of understanding to cooperate in the oil and gas sector, including the possibility
of building a shared refinery in Oman for processing imported Iraqi crude, the Iraqi oil ministry said in a statement on
Thursday. Iraq will aim to export crude to Oman, according to the MoU, import oil products from there and build oil
storage facilities in both countries, the statement quoted Iraqi oil minister Thamer Ghadhban as saying.
Poland's PKN faces uphill battle to win EU nod for Lotos bid - sources
Poland's biggest oil refiner PKN Orlen is expected to face a full-scale EU antitrust investigation into its planned takeover
of rival Lotos and may even face a veto due to their combined market share, people familiar with the matter said. State-
run PKN said last year that it plans to buy at least a 53% stake in its nearest rival Lotos, which has a market
capitalisation of 15.9 billion zlotys ($4.23 billion), from the government.
CHART OF THE DAY
FRIDAY, JULY 5, 2019
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TOP NEWS
Tehran fumes as Britain seizes Iranian oil tanker
over Syria sanctions
British Royal Marines seized a giant Iranian oil tanker in
Gibraltar on Thursday for trying to take oil to Syria in
violation of EU sanctions, a dramatic step that drew
Tehran's fury and could escalate its confrontation with
the West. The Grace 1 tanker was impounded in the
British territory on the southern tip of Spain after sailing
around Africa, the long route from the Middle East to the
mouth of the Mediterranean.
2
July 5, 2019
Nigeria's state oil firm to change payment structure for joint ventures
Nigeria's NNPC said on Thursday it was planning to change the way energy joint ventures paid operating costs to help
ensure smooth financing for projects that have often struggled to secure timely contributions from the state-run oil firm.
The new "incorporated joint venture" model would allow the ventures to operate as independent entities, so they could
raise capital through equity or debt and then pay dividends to shareholders, NNPC said in its statement.
Dozens arrested in Rio for murder, extortion of Petrobras contractors
Police in Rio de Janeiro arrested more than 40 people on Thursday for their alleged roles in a murderous gang that
extorted companies working for state-run oil company Petrobras and established a secret cemetery to dispose of rivals.
The arrests highlight how South America's third largest city and suburbs have struggled with the growing power of so-
called militias — criminal groups run by retired and off-duty police officers dominating distribution of utilities and basic
goods for millions of residents.
Asia Gasoil Monthly - June volumes seen lower on-month at 7.1 mln mt
Asian gasoil exports for June have been assessed around 7.1 million metric tonnes (mt), versus 8.4 million mt in May,
assessments by Refinitiv Oil Research showed. To read more, click here.
MARKETS TODAY
OIL: Crude oil prices fell, pressured by concerns over the outlook for global economic growth.
FOREX: The dollar was steady as traders held off on making big bets ahead of the closely-watched U.S. non-farm jobs
report that could influence the course of near-term Federal Reserve policy.
EVENTS SCHEDULED FOR THE DAY (GMT)
0600 DE Industrial Orders MM for May: Expected -0.1%; Prior 0.3%
0730 UK Halifax House Prices MM for June: Expected -0.2% Prior 0.5%
1230 US Non-Farm Payrolls for June: Expected 160000; Prior 75000
1230 US Unemployment Rate for June: Expected 3.6%; Prior 3.6%
1230 US Average Earnings YY for June: Expected 3.2%; Prior 3.1%
TECHNICAL CHARTS
NYMEX Crude | |NYMEX RBOB Gasoline | NYMEX Heating Oil | ICE Brent Crude | ICE Gas Oil | ICE
Heating Oil
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The Financial and Risk business of Thomson Reuters is now Refinitiv. (Inside Oil - Asia Edition is compiled by Jesse Vinay A in Bengaluru) For questions or comments about this report, contact: [email protected] To subscribe to Asia Oil newsletter, click here.