South Korea envoy says to receive 18mln barrels of crude oil from UAE and that UAE pledges to give number 1 priority to South Korea for crude supply
Newsquawk Staff ·
South Korea envoy says to receive 18mln barrels of crude oil from UAE and that UAE pledges to give number 1 priority to South Korea for crude supply.
What it means
The announcement of South Korea receiving 18 million barrels of crude oil from the UAE and being prioritized for future supplies signals a strengthening of bilateral energy ties. This could enhance South Korea's energy security and stability in its oil supply, likely impacting energy prices, particularly WTI and Brent, as it underscores demand dynamics amid global supply concerns.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
Related headlines
- Russian President Putin says Russia should avoid going too far with the green agenda and must consider ending the ongoing conflict and lifting sanctions11 hours ago
- US EQUITY OPEN: Indices in the green as Tech sector outperforms as earnings continue9 hours ago
- Netanyahu’s Likud Party to be largest in Knesset, reports Channel 12 Exit Poll; no clear winner in Israeli election3 hours ago
- US and Russia are discussing potential postwar business deals, including JV for US oil majors off Sakhalin and resumed sales via the Druzhba pipeline, as part of wider talks to end the war in Ukraine, reports FT citing sources4 hours ago
- Iranian President Pezeshkian, at a meeting with Russian President Putin, says there is no point in hoping for the US to resolve problems in the Middle East7 hours ago
- Russian Foreign Minister Lavrov says the Ukraine conflict is likely to continue and will likely escalate. Leaders of Finland and Norway raised no new proposals.8 hours ago
- Violating oil tanker catches fire after hitting a mine in the eastern Strait of Hormuz, reports Irib11 hours ago
- Israel exit poll shows Israeli PM Netanyahu's coalition wins 50 seats, opposition wins 52 seats and Arab-led parties win 18 seats2 hours ago
- Israeli election exit poll: Netanyahu bloc 55 seats; opposition bloc 49; Arab parties bloc 16, i24NEWS reports3 hours ago
- Iranian President Pezeshkian and Russian President Putin discussed energy cooperation and trade6 hours ago
- Russian President Putin says he discussed the situation in the Middle East one-on-one with Iranian President Pezeshkian and it is a reason for concern, according to Russian press7 hours ago
- Israeli PM Netanyahu requests extension of voting in the legislative elections until after 10pm7 hours ago
- Falling debris over Saudi Arabia's Riyadh reportedly caused damage, SPA reports8 hours ago
- Yemeni Houthis claim to have struck Saudi Arabia's Defence Ministry in Riyadh with a ballistic missile9 hours ago
- US Midterms (7 days out): Democrats’ early-vote lead narrows in 8 states; Texas and Nebraska flip to Republicans, South Carolina now tied11 hours ago