The United States on Friday seized a Singapore-owned oil tanker that was used to make illegal oil deliveries to North Korea, the Justice Department said.

A New York federal judge issued a judgment of forfeiture authorising the United States to take ownership of the M/T Courageous, which is currently in Cambodia.

The ship, which has a capacity of 2,734 tons, was purchased by Singaporean national Kwek Kee Seng, who remains at large, according to a Justice Department statement.

"Kwek and his co-conspirators engaged in an extensive scheme to evade... US and UN sanctions by using vessels under there control to covertly transport fuel to North Korea," the statement said.

From August to December 2019, the Courageous would illegally stop transmitting its location information. Satellite imagery showed that during that time, the tanker engaged in ship-to-ship transfers of more than $1.5 million worth of oil to a North Korean ship.

<a href="https://www.wionews.com/world/us-sanctions-top-cuban-police-for-suppressing-protests-401871">Also read |&nbsp;US sanctions top Cuban police for suppressing protests</a>

The Department has accused Kwek of trying to hide the scheme by using shell companies, lying to international shipping authorities and falsely identifying the Courageous to avoid detection.

Kwek has been charged with conspiracy to evade economic sanctions on North Korea and money laundering conspiracy.

Cambodian authorities seized the tanker in March 2020 on a US warrant and have held the Courageous there since.

The US attorney's office for the southern district of New York filed a civil forfeiture action against the tanker on April 23.

Relations between Washington and Pyongyang are strained, with North Korea's foreign minister in June ruling out any talks with the United States, saying such dialogue would "get us nowhere."

Negotiations between the two countries have long been stalled over the international sanctions imposed on the nuclear-armed state and what North Korea should give up in return for their lifting.

The United States on Friday seized a Singapore-owned oil tanker that was used to make illegal oil deliveries to North Korea, the Justice Department said. A New York federal judge issued a judgment of forfeiture authorising the United States to take ownership of the M/T Courageous, which is currently in Cambodia.

The United States on Friday seized a Singapore-owned oil tanker that was used to make illegal oil deliveries to North Korea, the Justice Department said. A New York federal judge issued a judgment of forfeiture authorising the United States to take ownership of the M/T Courageous, which is currently in Cambodia. The ship, which has a capacity of 2,734 tons, was purchased by Singaporean national Kwek Kee Seng, who remains at large, according to a Justice Department statement. "Kwek and his co-conspirators engaged in an extensive scheme to evade... US and UN sanctions by using vessels under there control to covertly transport fuel to North Korea," the statement said. From August to December 2019, the Courageous would illegally stop transmitting its location information. Satellite imagery showed that during that time, the tanker engaged in ship-to-ship transfers of more than $1.5 million worth of oil to a North Korean ship. Also read | US sanctions top Cuban police for suppressing protests The Department has accused Kwek of trying to hide the scheme by using shell companies, lying to international shipping authorities and falsely identifying the Courageous to avoid detection. Kwek has been charged with conspiracy to evade economic sanctions on North Korea and money laundering conspiracy. Cambodian authorities seized the tanker in March 2020 on a US warrant and have held the Courageous there since. The US attorney's office for the southern district of New York filed a civil forfeiture action against the tanker on April 23. Relations between Washington and Pyongyang are strained, with North Korea's foreign minister in June ruling out any talks with the United States, saying such dialogue would "get us nowhere." Negotiations between the two countries have long been stalled over the international sanctions imposed on the nuclear-armed state and what North Korea should give up in return for their lifting.

US seizes tanker used to deliver oil to North Korea

Oil prices rose more than 4 per cent Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories.

Brent crude futures rose $2.93, or 4.2 per cent, to $72.28 a barrel by 12:06 p.m. EDT (1606 GMT). US West Texas Intermediate (WTI) crude futures rose $3.16, or 4.7 per cent, to $70.36 a barrel, a 4.7 per cent gain.

Also read |&nbsp;<a href="https://www.wionews.com/world/major-oil-producers-agree-on-modest-output-boost-from-august-398881">Major oil producers agree on modest output boost from August</a>

Futures are rebounding after dropping around 7 per cent on Monday, following a deal by the Organization of Petroleum Exporting Countries and allies, together known as OPEC+, to boost supply by 400,000 barrels per day from August through December.

The sell-off was exacerbated by fears that a rise in cases of the <a href="https://www.wionews.com/world/delta-is-the-fastest-covid-19-variant-and-will-pick-off-the-most-vulnerable-who-393278">Delta variant</a> of the <a href="https://www.wionews.com/topics/coronavirus">coronavirus</a> in major markets like the United States, Britain and Japan would affect demand.

The price gains on Wednesday also come despite a rise in US crude stockpiles for the first time since May. Crude inventories rose unexpectedly by 2.1 million barrels last week to 439.7 million barrels, US Energy Information Administration data showed. Analysts had expected a 4.5 million-barrel drop.

Also read |&nbsp;<a href="https://www.wionews.com/world/opec-plans-new-output-policy-meeting-on-sunday-sources-say-398712">OPEC+ plans new output policy meeting on Sunday, sources say</a>

Still, gasoline and distillate inventories posted draws of 121,000 barrels and 1.3 million barrels, respectively.

"That crude oil build was obviously a surprise driven by a surge in imports and a plunge in exports," said John Kilduff, partner at Again Capital in New York. "The only positive aspects of the report remain strong gasoline demand and a rebound in distillate fuels."

JPMorgan analysts said global demand is expected to average 99.6 million barrels per day in August, up by 5.4 mbd from April. But they also said: "We only see 4Q21 demand recovering another incremental 330,000 vs a normalised 2019 baseline as colder weather sets in for the northern hemisphere and peak travel season is behind us."

Oil prices rose more than 4 per cent Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories.

Oil prices rose more than 4 per cent Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories. Brent crude futures rose $2.93, or 4.2 per cent, to $72.28 a barrel by 12:06 p.m. EDT (1606 GMT). US West Texas Intermediate (WTI) crude futures rose $3.16, or 4.7 per cent, to $70.36 a barrel, a 4.7 per cent gain. Also read | Major oil producers agree on modest output boost from August Futures are rebounding after dropping around 7 per cent on Monday, following a deal by the Organization of Petroleum Exporting Countries and allies, together known as OPEC+, to boost supply by 400,000 barrels per day from August through December. The sell-off was exacerbated by fears that a rise in cases of the Delta variant of the coronavirus in major markets like the United States, Britain and Japan would affect demand. The price gains on Wednesday also come despite a rise in US crude stockpiles for the first time since May. Crude inventories rose unexpectedly by 2.1 million barrels last week to 439.7 million barrels, US Energy Information Administration data showed. Analysts had expected a 4.5 million-barrel drop. Also read | OPEC+ plans new output policy meeting on Sunday, sources say Still, gasoline and distillate inventories posted draws of 121,000 barrels and 1.3 million barrels, respectively. "That crude oil build was obviously a surprise driven by a surge in imports and a plunge in exports," said John Kilduff, partner at Again Capital in New York. "The only positive aspects of the report remain strong gasoline demand and a rebound in distillate fuels." JPMorgan analysts said global demand is expected to average 99.6 million barrels per day in August, up by 5.4 mbd from April. But they also said: "We only see 4Q21 demand recovering another incremental 330,000 vs a normalised 2019 baseline as colder weather sets in for the northern hemisphere and peak travel season is behind us."

Oil climbs 4% despite rise in US inventories

Closing out its worst day since March this year oil prices slumped $5 a barrel on Monday, after an OPEC+ agreement to boost output stoked fears of a surplus just as rising COVID-19 infections once again threaten demand.

World Business Watch: Oil prices slip after OPEC and allies reach deal to boost supply

Oil prices fell more than 1% on Monday, hit by an agreement over the weekend within the OPEC+ group of producers to boost output after an earlier pact fell apart due to objections from the United Arab Emirates (UAE).

World Business Watch: Oil falls more than 1% after OPEC+ agrees to boost supply

World's major oil producers agreed on Sunday to continue to boost output modestly from August. An Opec+ meeting agreed to raise output by 400,000 barrels per day (bpd) each month from August, the Vienna-based group said in a press statement.

The grouping will "assess market developments" in December, it said. The deal also extends a deadline on capping output from April 2022 to the end of 2022.

Earlier in July, OPEC+ members could not agree on easing production cuts due to deadlocked talk as a result of a row between Saudi Arabia and UAE.

Since May, the 23-member grouping, which also includes Russia, had raised oil output bit by bit, after slashing it more than a year ago when the coronavirus pandemic crushed demand.

The aim was to return to pre-pandemic production levels, with the alliance still pumping 5.8 million bpd less than it was before the pandemic.&nbsp;

'Consensus building'

In a rare challenge to OPEC leader Saudi Arabia, the UAE rejected the proposed deal earlier this month as "unjust," leading to a stalemate.

But in a compromise, Sunday's discussions agreed to adjust output quotas next May for the UAE, Iraq, Kuwait, Russia and Saudi Arabia itself, meaning their actual cuts will be less.

Saudi Energy Minister Abdulaziz bin Salman, who chairs the OPEC group, declined to say how the quotas were set and beneficiaries chosen, saying it had been part of "consensus-building". 
Observers had expected a deal.&nbsp;

"A flurry of talks were held on Saturday to try and close the gap," tweeted Herman Wang, an editor of S&amp;P Global Platts, which specialises in coverage of the energy industry.

Oil prices -- which had already been sliding owing to concerns about the global economy -- plummeted in April 2020 as coronavirus spread around the world and battered global consumption, transport and supply chains.

(With inputs from agencies)

World's major oil producers agreed on Sunday to continue to boost output modestly from August. An Opec+ meeting agreed to raise output by 400,000 barrels per day (bpd) each month from August, the Vienna-based group said in a press statement.

World's major oil producers agreed on Sunday to continue to boost output modestly from August. An Opec+ meeting agreed to raise output by 400,000 barrels per day (bpd) each month from August, the Vienna-based group said in a press statement. The grouping will "assess market developments" in December, it said. The deal also extends a deadline on capping output from April 2022 to the end of 2022. Earlier in July, OPEC+ members could not agree on easing production cuts due to deadlocked talk as a result of a row between Saudi Arabia and UAE. Since May, the 23-member grouping, which also includes Russia, had raised oil output bit by bit, after slashing it more than a year ago when the coronavirus pandemic crushed demand. The aim was to return to pre-pandemic production levels, with the alliance still pumping 5.8 million bpd less than it was before the pandemic. 'Consensus building' In a rare challenge to OPEC leader Saudi Arabia, the UAE rejected the proposed deal earlier this month as "unjust," leading to a stalemate. But in a compromise, Sunday's discussions agreed to adjust output quotas next May for the UAE, Iraq, Kuwait, Russia and Saudi Arabia itself, meaning their actual cuts will be less. Saudi Energy Minister Abdulaziz bin Salman, who chairs the OPEC group, declined to say how the quotas were set and beneficiaries chosen, saying it had been part of "consensus-building". Observers had expected a deal. "A flurry of talks were held on Saturday to try and close the gap," tweeted Herman Wang, an editor of S&P Global Platts, which specialises in coverage of the energy industry. Oil prices -- which had already been sliding owing to concerns about the global economy -- plummeted in April 2020 as coronavirus spread around the world and battered global consumption, transport and supply chains. (With inputs from agencies)

Major oil producers agree on modest output boost from August

Twenty three members of Organisation of the Petroleum Exporting Countries (OPEC+) called of the meeting planned on Monday to overcome the impasse on crude oil output levels, said AFP citing sources.

No new date has been given to reconvene.

Since May, the group has raised oil output little by little, after slashing it more than a year ago when the coronavirus pandemic crushed demand.

The proposal to increase output by 400,000 barrels per day (bpd) is at stake.

That would add a further two million bpd to markets by the end of the year, helping to fuel a hoped-for recovery in the global economy as the coronavirus pandemic is brought under control.

But that plan risks being delayed or even failing over a further proposal to extend the cap on incremental increases through to the end of 2022. &nbsp;&nbsp;

"The market is now fearing several scenarios," said Bjarne Schieldrop, a Norway-based analyst with SEB.

In one, there is no deal and no increase in production, sending oil prices shooting up, he said. Another sees a "free-for-all (in) production and a collapse in the oil price".

UAE on Sunday criticised terms of extension as unjust.

A video conference between OPEC members and their 10 allies was due to begin at 1300 GMT, but the meeting was called off a few hours later with no new date set.&nbsp;

Oil prices, which had already been sliding over concerns about the global economy, slumped in April 2020 when the coronavirus spread around the world and battered global consumption, transport and supply chains.

OPEC+ decided to withdraw 9.7 million bpd from the market and to gradually restore supplies by the end of April 2022.

Benchmark oil prices rebounded as a result. North Sea Brent and West Texas Intermediate, the most widely traded crude oil futures contracts, have lately been steady at around $75 a barrel, up by about half since the beginning of this year.

(With inputs from agencies)

Twenty three members of Organisation of the Petroleum Exporting Countries (OPEC+) called of the meeting planned on Monday to overcome the impasse on crude oil output levels, said AFP citing sources.

Twenty three members of Organisation of the Petroleum Exporting Countries (OPEC+) called of the meeting planned on Monday to overcome the impasse on crude oil output levels, said AFP citing sources. No new date has been given to reconvene. Since May, the group has raised oil output little by little, after slashing it more than a year ago when the coronavirus pandemic crushed demand. The proposal to increase output by 400,000 barrels per day (bpd) is at stake. That would add a further two million bpd to markets by the end of the year, helping to fuel a hoped-for recovery in the global economy as the coronavirus pandemic is brought under control. But that plan risks being delayed or even failing over a further proposal to extend the cap on incremental increases through to the end of 2022. "The market is now fearing several scenarios," said Bjarne Schieldrop, a Norway-based analyst with SEB. In one, there is no deal and no increase in production, sending oil prices shooting up, he said. Another sees a "free-for-all (in) production and a collapse in the oil price". UAE on Sunday criticised terms of extension as unjust. A video conference between OPEC members and their 10 allies was due to begin at 1300 GMT, but the meeting was called off a few hours later with no new date set. Oil prices, which had already been sliding over concerns about the global economy, slumped in April 2020 when the coronavirus spread around the world and battered global consumption, transport and supply chains. OPEC+ decided to withdraw 9.7 million bpd from the market and to gradually restore supplies by the end of April 2022. Benchmark oil prices rebounded as a result. North Sea Brent and West Texas Intermediate, the most widely traded crude oil futures contracts, have lately been steady at around $75 a barrel, up by about half since the beginning of this year. (With inputs from agencies)

OPEC+ postpones meeting over oil output impasse, new date not set

OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact. 
 
The standoff could delay plans to pump more oil through to the end of the year to cool oil prices that have soared to 2-1/2 year highs. 
 
Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, more than 40% up this year. Consumers want more crude to aid a global recovery from the COVID-19 pandemic. 
 
The rise in oil prices is contributing to global inflation, slowing the economic recovery from the coronavirus crisis. 
 
OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and their allies, voted on Friday to increase output by around 2 million barrels per day (bpd) from August to December 2021 and to extend remaining cuts to the end of 2022, instead of ending in April 2022, OPEC+ sources said. 
 
The UAE agreed to releasing more oil into the market but refused to support the extension of the cuts. 
 
Talks resume on Monday, OPEC+ said in a statement. 
 
Responding to oil demand destruction caused by the COVID crisis, OPEC+ agreed last year to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd. 
 
If the UAE blocks a deal, the remaining cuts would likely stay in place, although there is a slim chance the pact could fall apart and all countries could pump as much as they wanted. 
 
Alternatively, the group could agree to increase output to the end of 2021 but postpone discussion about extending the deal beyond April 2022. OPEC+ sources said UAE had proposed this. 
 
(With inputs from agencies)

OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact.

OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact. The standoff could delay plans to pump more oil through to the end of the year to cool oil prices that have soared to 2-1/2 year highs. Without a deal, the OPEC+ alliance could keep tighter restraints on output with oil prices now trading around $75 a barrel, more than 40% up this year. Consumers want more crude to aid a global recovery from the COVID-19 pandemic. The rise in oil prices is contributing to global inflation, slowing the economic recovery from the coronavirus crisis. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and their allies, voted on Friday to increase output by around 2 million barrels per day (bpd) from August to December 2021 and to extend remaining cuts to the end of 2022, instead of ending in April 2022, OPEC+ sources said. The UAE agreed to releasing more oil into the market but refused to support the extension of the cuts. Talks resume on Monday, OPEC+ said in a statement. Responding to oil demand destruction caused by the COVID crisis, OPEC+ agreed last year to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd. If the UAE blocks a deal, the remaining cuts would likely stay in place, although there is a slim chance the pact could fall apart and all countries could pump as much as they wanted. Alternatively, the group could agree to increase output to the end of 2021 but postpone discussion about extending the deal beyond April 2022. OPEC+ sources said UAE had proposed this. (With inputs from agencies)

OPEC+ to resume oil policy talks on Monday after UAE roadblock

Saudi Arabia's Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil. 
 
The creation of another flag carrier would catapult Saudi Arabia into the fifth rank globally in terms of air transit traffic, official state media reported, without giving details on when and how the airline would be created. 
 
Prince Mohammad has been spearheading a push for Saudi Arabia, the biggest Arab economy and the largest country in the Gulf geographically, to boost non-oil revenues to about 45 billion riyals ($12.00 bn) by 2030. 
 
Making the kingdom a global logistics hub, which includes the development of ports, rail and road networks, would increase the transport and logistics sector's contribution to gross domestic product to 10% from 6%, state news agency SPA said. 
 
"The comprehensive strategy aims to position Saudi Arabia as a global logistics hub connecting the three continents," Prince Mohammed was quoted as saying in the SPA report. 
 
"This will help other sectors like tourism, haj and umrah to achieve their national targets." 
 
The addition of another airline would increase the number of international destinations from Saudi Arabia to more than 250 and double air cargo capacity to more than 4.5 million tonnes, the SPA report said. 
 
With current flag bearer Saudi Arabian Airlines (Saudia), the kingdom has one of the smallest airline networks in the region relative to its size. Saudia has struggled with losses for years and like global peers, has been hit hard by the coronavirus pandemic. 
 
Local media reported earlier this year that the kingdom’s sovereign wealth fund, the Public Investment Fund, (PIF), planned to build a new airport in Riyadh as part of the new airline launch, without giving further details. 
 
The fund is the main vehicle for boosting Saudi Arabian investments at home and abroad as the young prince, known in the West as MbS, seeks to diversify the kingdom’s oil-heavy economy through his Vision 2030 strategy. 
 
(With inputs from agencies)

Saudi Arabia's Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil.

Saudi Arabia's Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil. The creation of another flag carrier would catapult Saudi Arabia into the fifth rank globally in terms of air transit traffic, official state media reported, without giving details on when and how the airline would be created. Prince Mohammad has been spearheading a push for Saudi Arabia, the biggest Arab economy and the largest country in the Gulf geographically, to boost non-oil revenues to about 45 billion riyals ($12.00 bn) by 2030. Making the kingdom a global logistics hub, which includes the development of ports, rail and road networks, would increase the transport and logistics sector's contribution to gross domestic product to 10% from 6%, state news agency SPA said. "The comprehensive strategy aims to position Saudi Arabia as a global logistics hub connecting the three continents," Prince Mohammed was quoted as saying in the SPA report. "This will help other sectors like tourism, haj and umrah to achieve their national targets." The addition of another airline would increase the number of international destinations from Saudi Arabia to more than 250 and double air cargo capacity to more than 4.5 million tonnes, the SPA report said. With current flag bearer Saudi Arabian Airlines (Saudia), the kingdom has one of the smallest airline networks in the region relative to its size. Saudia has struggled with losses for years and like global peers, has been hit hard by the coronavirus pandemic. Local media reported earlier this year that the kingdom’s sovereign wealth fund, the Public Investment Fund, (PIF), planned to build a new airport in Riyadh as part of the new airline launch, without giving further details. The fund is the main vehicle for boosting Saudi Arabian investments at home and abroad as the young prince, known in the West as MbS, seeks to diversify the kingdom’s oil-heavy economy through his Vision 2030 strategy. (With inputs from agencies)

Saudi Arabia plans new national airline as it diversifies from oil

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources. 
 
The US&nbsp;and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former US&nbsp;President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity. 
 
Iran sits on the world’s fourth-largest oil reserves and relies heavily on oil revenues. If and when the administration of US&nbsp;President Joe Biden and the Iranian government agree a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million barrels per day (bpd) from the current 2.1 million bpd, according to oil ministry officials. 
 
That would return the country’s production level to where it was before the sanctions, but would take time because of years of low investment in mature oilfields and heavily reduced output. 
 
As a stopgap measure while it works on boosting production, the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrel, according to energy consultancy and monitoring firms. &nbsp; 
 
This could allow the country to export an extra 1 million bpd, or 1% of global supply, for more than six months. 
 
"Iran will be using its nearly 60 million barrels of crude inventory, of which 30-35 million barrels are built during the past two years, within a few months of sanctions removal," said Iman Nasseri, managing director for the Middle East with FGE consultancy. 
 
An increase of 1 million bpd of Iranian crude would put downward pressure on benchmark global oil prices, but investment bank Goldman Sachs said last month that the global oil market should be able to absorb the additional supply relatively quickly. 
 
Fuel demand is rising as global economic activity recovers from the impact of the COVID-19 &nbsp;pandemic, and OPEC producers and their allies have been cautious about increasing supply to the market in part to avoid a shock should Iranian supply return.

"From a macro perspective, a return of Iranian barrels to the market should not derail OPEC+ intentions to gradually increase production as long as demand in Europe and the United States continues to recover," said Florian Thaler, the CEO and co-founder of consultancy OilX. 
 
Iran has boosted the volume of crude it has stored on oil tankers in recent months, according to data intelligence firm Kpler, in what may be a preparation for a restart to exports. Some of those tankers are already in Asia, historically the biggest market for Iran’s oil. 
 
"We currently estimate around 78 million barrels of oil and condensate are stored on water and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler. 
 
"A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added.

(With inputs from agencies)

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources.

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources. The US and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former US President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity. Iran sits on the world’s fourth-largest oil reserves and relies heavily on oil revenues. If and when the administration of US President Joe Biden and the Iranian government agree a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million barrels per day (bpd) from the current 2.1 million bpd, according to oil ministry officials. That would return the country’s production level to where it was before the sanctions, but would take time because of years of low investment in mature oilfields and heavily reduced output. As a stopgap measure while it works on boosting production, the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrel, according to energy consultancy and monitoring firms. This could allow the country to export an extra 1 million bpd, or 1% of global supply, for more than six months. "Iran will be using its nearly 60 million barrels of crude inventory, of which 30-35 million barrels are built during the past two years, within a few months of sanctions removal," said Iman Nasseri, managing director for the Middle East with FGE consultancy. An increase of 1 million bpd of Iranian crude would put downward pressure on benchmark global oil prices, but investment bank Goldman Sachs said last month that the global oil market should be able to absorb the additional supply relatively quickly. Fuel demand is rising as global economic activity recovers from the impact of the COVID-19 pandemic, and OPEC producers and their allies have been cautious about increasing supply to the market in part to avoid a shock should Iranian supply return. "From a macro perspective, a return of Iranian barrels to the market should not derail OPEC+ intentions to gradually increase production as long as demand in Europe and the United States continues to recover," said Florian Thaler, the CEO and co-founder of consultancy OilX. Iran has boosted the volume of crude it has stored on oil tankers in recent months, according to data intelligence firm Kpler, in what may be a preparation for a restart to exports. Some of those tankers are already in Asia, historically the biggest market for Iran’s oil. "We currently estimate around 78 million barrels of oil and condensate are stored on water and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler. "A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added. (With inputs from agencies)

Iran stores more oil on tankers as it counts days to enter markets

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. 
 
Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. 
 
Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. 
 
"The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added. 
 
Data showing a 14.6% year-on-year drop in China's crude oil imports in May also weighed on prices. 
 
Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel. 
 
Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say. 
 
A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US&nbsp;rig count also supported oil prices. 
 
Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. 
 
While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead. 
 
Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted. 
 
In the United States, the number of oil and natural gas rigs operating fell for the first time in six weeks as growth in drilling slowed. 
 
This "suggests that US&nbsp;oil drillers are less enthusiastic in adding more US&nbsp;oil production and hence reduces the risk of a supply glut in the global oil market in H2 2021," CMC Markets analyst Kelvin Wong said in emailed comments.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. "The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added. Data showing a 14.6% year-on-year drop in China's crude oil imports in May also weighed on prices. Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel. Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say. A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US rig count also supported oil prices. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead. Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted. In the United States, the number of oil and natural gas rigs operating fell for the first time in six weeks as growth in drilling slowed. This "suggests that US oil drillers are less enthusiastic in adding more US oil production and hence reduces the risk of a supply glut in the global oil market in H2 2021," CMC Markets analyst Kelvin Wong said in emailed comments.

Oil retreats as investors await Iran nuclear talks this week

Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance.

World Business Watch: Oil prices stay firm as demand to outstrip supply in H2

Iraq President Barham Saleh on Sunday (March 23) said that USD 150 billion from oil had been smuggled out of Iraq since Saddam Hussein was ousted in 2003. President Saleh presented a draft law to parliament to fight corruption

He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".

Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index.

"Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Saleh added, calling for cooperation with other governments and international bodies to recover the funds.

Endemic corruption was one of the drivers of protests that shook Iraq from October 2019 to June 2020.

"Corruption is an impediment to any nation's economic and social development," the Iraqi head of state said, whose powers are limited under the constitution.

"It deprives citizens of opportunities and livelihoods, and robs them of essential services and infrastructure," he added.

Saleh said violence and terrorism, which have plagued Iraq for years, "are deeply intertwined with the phenomenon of corruption".

The draft law targets those who have held positions of director general and above in government and public companies in the new regime since 2004.

Under this law, transactions over USD 500,000 would be scrutinised as well as bank accounts, particularly those that held over $1 million, and contracts or investments obtained through corruption would be cancelled.

But security and politics expert Fadel Abo Ragheef was sceptical the law would be passed.&nbsp;

"It's certainly one of the best pieces of legislation proposed by the executive branch since 2003. But will it be adopted? I doubt it," he told AFP.&nbsp;

"The political parties the lawmakers belong to will act to sabotage it, so it doesn't pass," he said.

"In public they will support it, but behind the scenes, they will do everything to prevent its adoption, because many of the politicians are involved in this racket".

An Iraqi banking source said politicians have smuggled $60 billion out of the country.

However, much of that was via Lebanon, a move now likely to their detriment, as the country is mired in a severe economic crisis, and it is almost impossible to get money out of its banks.

(With inputs from agencies)

Iraq President Barham Saleh on Sunday (March 23) said that USD 150 billion from oil had been smuggled out of Iraq since Saddam Hussein was ousted in 2003. President Saleh presented a draft law to parliament to fight corruption He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".

Iraq President Barham Saleh on Sunday (March 23) said that USD 150 billion from oil had been smuggled out of Iraq since Saddam Hussein was ousted in 2003. President Saleh presented a draft law to parliament to fight corruption He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation". Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index. "Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Saleh added, calling for cooperation with other governments and international bodies to recover the funds. Endemic corruption was one of the drivers of protests that shook Iraq from October 2019 to June 2020. "Corruption is an impediment to any nation's economic and social development," the Iraqi head of state said, whose powers are limited under the constitution. "It deprives citizens of opportunities and livelihoods, and robs them of essential services and infrastructure," he added. Saleh said violence and terrorism, which have plagued Iraq for years, "are deeply intertwined with the phenomenon of corruption". The draft law targets those who have held positions of director general and above in government and public companies in the new regime since 2004. Under this law, transactions over USD 500,000 would be scrutinised as well as bank accounts, particularly those that held over $1 million, and contracts or investments obtained through corruption would be cancelled. But security and politics expert Fadel Abo Ragheef was sceptical the law would be passed. "It's certainly one of the best pieces of legislation proposed by the executive branch since 2003. But will it be adopted? I doubt it," he told AFP. "The political parties the lawmakers belong to will act to sabotage it, so it doesn't pass," he said. "In public they will support it, but behind the scenes, they will do everything to prevent its adoption, because many of the politicians are involved in this racket". An Iraqi banking source said politicians have smuggled $60 billion out of the country. However, much of that was via Lebanon, a move now likely to their detriment, as the country is mired in a severe economic crisis, and it is almost impossible to get money out of its banks. (With inputs from agencies)

Iraq: USD 150 billion worth stolen oil cash smuggled out since 2003

Oil prices climbed on Monday (May 03) as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic.

World Business Watch: Oil prices rise amid strong rebound in fuel demand

Iran's chief nuclear negotiator said on Saturday, Tehran expects US sanctions on oil, banks and most individuals and institutions to be lifted based on agreements so far in Vienna talks, Iranian media reported, while Washington again played down the prospect of an imminent breakthrough.&nbsp;

Russia and Western European powers, meanwhile, gave contrasting accounts of the task ahead in the talks to bring Iran and the United States fully back into compliance with a 2015 nuclear deal, as the talks adjourned for six days.&nbsp;

"Sanctions ... on Iran's energy sector, which include oil and gas, or those on the automotive industry, financial, banking and port sanctions, all should be lifted based on agreements reached so far," Deputy Foreign Minister Abbas Araqchi was quoted as saying by Iranian state media.&nbsp;

Araqchi did not say under which mechanism sanctions would be lifted or refer to how Tehran would meet Washington's demands and return to its commitments under the deal.&nbsp;

"We will negotiate until the two sides’ positions come closer and our demands are met," he said. "If they are met there will be an agreement, if not, there will naturally be no agreement."&nbsp;

Asked to comment, the US State Department referred back to past statements, including remarks on Friday from the US national security adviser, Jake Sullivan, who said the talks were in ‘an unclear place’.&nbsp;

"We've seen willingness of all sides, including the Iranians, to talk seriously about sanctions relief restrictions and a pathway back into the JCPOA," Sullivan said, referring to the Joint Comprehensive Plan of Action, the nuclear deal's title. &nbsp;

"But it is still uncertain as to whether this will culminate in a deal in Vienna," he said. &nbsp;

The State Department also referred to remarks by State Department spokesman Ned Price on Thursday, when he said the sides were 'not on the cusp of any breakthrough' and there was 'a potentially long road ahead’.&nbsp;

President Joe Biden is seeking to return to the deal that former President Donald Trump withdrew from in 2018. Trump reimposed sanctions against Tehran and Iran responded by breaching many of the deal's limits on its nuclear activities.&nbsp;

Talks began last month in Vienna with the remaining parties to the deal - Iran, Russia, China, France, Britain and Germany - meeting in the basement of a luxury hotel, and the United States based in another hotel across the street. Iran has refused to hold direct meetings with US officials.&nbsp;

"We have much work, and little time, left. Against that background, we would have hoped for more progress this week," senior diplomats from the so-called E3 - France, Britain and Germany - said in a statement. &nbsp;

Officials have said they hope to reach a deal by May 21, when an agreement between Tehran and the UN nuclear watchdog on continued monitoring of some Iranian nuclear activities is due to expire. &nbsp;

"We have yet to come to an understanding on the most critical points. Success is by no means guaranteed, but not impossible," they added.&nbsp;

Russia's ambassador to the UN nuclear watchdog, Mikhail Ulyanov, told reporters after a meeting of the remaining parties wrapping up the third round of talks that breakthroughs should not be expected in the days to come. He said the talks would reconvene on Friday. &nbsp;

"We need simply to continue diplomatic, day-to-day work, and we have all the reasons to expect that the outcome, (the) final outcome, will be successful and it will come quite soon, in a few weeks," said Ulyanov, one of the more optimistic voices at the talks. &nbsp;

The break in talks was widely expected as diplomats said officials from several countries are also involved in the Group of Seven foreign ministers' meeting in London that begins on Monday and ends on Wednesday.&nbsp;

In his remarks, Araqchi said that "There are individuals and institutions that have been specifically sanctioned and their (the US) list is long. Talks on the list are still ongoing". He added that under what had been agreed so far, more than a majority of the list would have the sanctions lifted.&nbsp;

(With inputs from agencies) &nbsp;

Iran's chief nuclear negotiator said on Saturday, Tehran expects US sanctions on oil, banks and most individuals and institutions to be lifted based on agreements so far in Vienna talks, Iranian media reported, while Washington again played down the prospect of an imminent breakthrough.

Iran's chief nuclear negotiator said on Saturday, Tehran expects US sanctions on oil, banks and most individuals and institutions to be lifted based on agreements so far in Vienna talks, Iranian media reported, while Washington again played down the prospect of an imminent breakthrough. Russia and Western European powers, meanwhile, gave contrasting accounts of the task ahead in the talks to bring Iran and the United States fully back into compliance with a 2015 nuclear deal, as the talks adjourned for six days. "Sanctions ... on Iran's energy sector, which include oil and gas, or those on the automotive industry, financial, banking and port sanctions, all should be lifted based on agreements reached so far," Deputy Foreign Minister Abbas Araqchi was quoted as saying by Iranian state media. Araqchi did not say under which mechanism sanctions would be lifted or refer to how Tehran would meet Washington's demands and return to its commitments under the deal. "We will negotiate until the two sides’ positions come closer and our demands are met," he said. "If they are met there will be an agreement, if not, there will naturally be no agreement." Asked to comment, the US State Department referred back to past statements, including remarks on Friday from the US national security adviser, Jake Sullivan, who said the talks were in ‘an unclear place’. "We've seen willingness of all sides, including the Iranians, to talk seriously about sanctions relief restrictions and a pathway back into the JCPOA," Sullivan said, referring to the Joint Comprehensive Plan of Action, the nuclear deal's title. "But it is still uncertain as to whether this will culminate in a deal in Vienna," he said. The State Department also referred to remarks by State Department spokesman Ned Price on Thursday, when he said the sides were 'not on the cusp of any breakthrough' and there was 'a potentially long road ahead’. President Joe Biden is seeking to return to the deal that former President Donald Trump withdrew from in 2018. Trump reimposed sanctions against Tehran and Iran responded by breaching many of the deal's limits on its nuclear activities. Talks began last month in Vienna with the remaining parties to the deal - Iran, Russia, China, France, Britain and Germany - meeting in the basement of a luxury hotel, and the United States based in another hotel across the street. Iran has refused to hold direct meetings with US officials. "We have much work, and little time, left. Against that background, we would have hoped for more progress this week," senior diplomats from the so-called E3 - France, Britain and Germany - said in a statement. Officials have said they hope to reach a deal by May 21, when an agreement between Tehran and the UN nuclear watchdog on continued monitoring of some Iranian nuclear activities is due to expire. "We have yet to come to an understanding on the most critical points. Success is by no means guaranteed, but not impossible," they added. Russia's ambassador to the UN nuclear watchdog, Mikhail Ulyanov, told reporters after a meeting of the remaining parties wrapping up the third round of talks that breakthroughs should not be expected in the days to come. He said the talks would reconvene on Friday. "We need simply to continue diplomatic, day-to-day work, and we have all the reasons to expect that the outcome, (the) final outcome, will be successful and it will come quite soon, in a few weeks," said Ulyanov, one of the more optimistic voices at the talks. The break in talks was widely expected as diplomats said officials from several countries are also involved in the Group of Seven foreign ministers' meeting in London that begins on Monday and ends on Wednesday. In his remarks, Araqchi said that "There are individuals and institutions that have been specifically sanctioned and their (the US) list is long. Talks on the list are still ongoing". He added that under what had been agreed so far, more than a majority of the list would have the sanctions lifted. (With inputs from agencies)

Based on accords so far, US sanctions on oil, banks would be lifted, says Iran negotiator 

A tanker carrying around one million barrels of oil products was involved in a collision near the Chinese port city of Qingdao, spilling oil into the Yellow Sea, China's Shandong Maritime Safety Administration and tanker representatives said on Tuesday.

The collision involving anchored Liberia-flagged tanker A Symphony and the Sea Justice took place at 0850 local time (0050 GMT), A Symphony's manager Goodwood Ship Management said in an e-mail.

"The force of the impact on the forward port side caused a breach in cargo tanks and ballast tanks, with a quantity of oil lost into the ocean," Goodwood said, adding all of the crew had been accounted for and there were no injuries.

Also read:&nbsp;<a href="China's airline suspends cargo flights bringing medical supplies to India">China's airline suspends cargo flights bringing medical supplies to India</a>

It was not immediately possible to contact the owner of the Sea Justice.

"The oil spill came after a clash between two vessels," an official at the maritime safety authority told Reuters on condition of anonymity, confirming that no one was injured.

The A Symphony, a Suezmax tanker was last seen near the Qingdao port, live shipping data on Refinitiv Eikon showed.

The tanker called at Linggi International Transhipment Hub, near Malacca in peninsular Malaysia, earlier this month, where it fully loaded oil and set sail for China, the data showed.

When contacted by Reuters, an executive at Run Cheng International Resource (HK) Co said the company owned the 150,000-tonne cargo of bitumen on board A Symphony.

Bitumen, a mixture of hydrocarbons from residue in refining, is used for road surfacing and roofing. However, shipping sources said bitumen is typically moved in smaller vessels with specialised heating rather than suezmaxes.

The 272-metre-long and 46-metre-wide oil tanker was sold in May 2019 to its new owners Symphony Shipholding SA and NGM Energy, Equasis data showed.

Symphony Shipholding SA and NGM Energy could not be immediately reached for comment.

A tanker carrying around one million barrels of oil products was involved in a collision near the Chinese port city of Qingdao, spilling oil into the Yellow Sea, China's Shandong Maritime Safety Administration and tanker representatives said on Tuesday.

A tanker carrying around one million barrels of oil products was involved in a collision near the Chinese port city of Qingdao, spilling oil into the Yellow Sea, China's Shandong Maritime Safety Administration and tanker representatives said on Tuesday. The collision involving anchored Liberia-flagged tanker A Symphony and the Sea Justice took place at 0850 local time (0050 GMT), A Symphony's manager Goodwood Ship Management said in an e-mail. "The force of the impact on the forward port side caused a breach in cargo tanks and ballast tanks, with a quantity of oil lost into the ocean," Goodwood said, adding all of the crew had been accounted for and there were no injuries. Also read: China's airline suspends cargo flights bringing medical supplies to India It was not immediately possible to contact the owner of the Sea Justice. "The oil spill came after a clash between two vessels," an official at the maritime safety authority told Reuters on condition of anonymity, confirming that no one was injured. The A Symphony, a Suezmax tanker was last seen near the Qingdao port, live shipping data on Refinitiv Eikon showed. The tanker called at Linggi International Transhipment Hub, near Malacca in peninsular Malaysia, earlier this month, where it fully loaded oil and set sail for China, the data showed. When contacted by Reuters, an executive at Run Cheng International Resource (HK) Co said the company owned the 150,000-tonne cargo of bitumen on board A Symphony. Bitumen, a mixture of hydrocarbons from residue in refining, is used for road surfacing and roofing. However, shipping sources said bitumen is typically moved in smaller vessels with specialised heating rather than suezmaxes. The 272-metre-long and 46-metre-wide oil tanker was sold in May 2019 to its new owners Symphony Shipholding SA and NGM Energy, Equasis data showed. Symphony Shipholding SA and NGM Energy could not be immediately reached for comment.

Oil spills off China's Qingdao port after ship collision

Oil prices eased slightly on Monday on concerns that a resurgence of COVID-19 infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia.

World Business Watch: Oil inches lower on concerns over COVID-19 surge in India, Japan

Oil prices fell $1 on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer, while an expected supply increase from OPEC+ also added to pressure.&nbsp;

Brent crude dropped $1.19, or 1.8%, to $64.92 a barrel by 1014 GMT. US West Texas Intermediate (WTI) crude was down $1.08, or 1.7%, at $61.06 a barrel.&nbsp;

Both benchmarks fell about 1% last week. &nbsp;

"The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed," said Commerzbank analyst Eugen Weinberg. &nbsp;

India and Japan are the world’s third and fourth biggest crude oil importers.&nbsp;

India's new coronavirus infections hit a record peak for a fifth day on Monday as countries including Britain, Germany and the United States pledged to send urgent medical aid to help battle the crisis overwhelming Indian hospitals. &nbsp;

Consultancy FGE expects gasoline demand in India to drop by 100,000 barrels per day (bpd) in April and by more than 170,000 bpd in May. India's total gasoline sales came to nearly 747,000 bpd in March.&nbsp;

Diesel demand, which at about 1.75 million bpd accounts for about 40% of refined fuel sales in India, may slump by 220,000 bpd in April and by another 400,000 bpd in May, FGE says.&nbsp;

In Japan, a third state of emergency in Tokyo, Osaka and two other prefectures began on Sunday, affecting nearly a quarter of the population as the country attempts to combat a surge in cases of COVID-19.&nbsp;

"It is not clear whether India’s surging cases will be enough to prompt the (OPEC+) group into action (to halt a gradual easing of output restrictions), but the latest increases in cases, particularly in the Asia-Pacific region, are a cause for concern," said StoneX analyst Kevin Solomon. &nbsp;

The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will discuss output policy at a meeting this week.&nbsp;

The group agreed at a meeting at the start of April to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.&nbsp;

"The looming wave of fresh OPEC+ supply coupled with renewed demand concerns has dented hopes for a meaningful summer price pounce," said Stephen Brennock of oil broker PVM.&nbsp;

(With inputs from agencies) &nbsp;

Oil prices fell $1 on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer, while an expected supply increase from OPEC+ also added to pressure.

Oil prices fell $1 on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer, while an expected supply increase from OPEC+ also added to pressure. Brent crude dropped $1.19, or 1.8%, to $64.92 a barrel by 1014 GMT. US West Texas Intermediate (WTI) crude was down $1.08, or 1.7%, at $61.06 a barrel. Both benchmarks fell about 1% last week. "The market is tending to focus more on the bad news from India and Japan at present, where the number of new coronavirus cases has risen sharply, prompting increased mobility restrictions to be imposed," said Commerzbank analyst Eugen Weinberg. India and Japan are the world’s third and fourth biggest crude oil importers. India's new coronavirus infections hit a record peak for a fifth day on Monday as countries including Britain, Germany and the United States pledged to send urgent medical aid to help battle the crisis overwhelming Indian hospitals. Consultancy FGE expects gasoline demand in India to drop by 100,000 barrels per day (bpd) in April and by more than 170,000 bpd in May. India's total gasoline sales came to nearly 747,000 bpd in March. Diesel demand, which at about 1.75 million bpd accounts for about 40% of refined fuel sales in India, may slump by 220,000 bpd in April and by another 400,000 bpd in May, FGE says. In Japan, a third state of emergency in Tokyo, Osaka and two other prefectures began on Sunday, affecting nearly a quarter of the population as the country attempts to combat a surge in cases of COVID-19. "It is not clear whether India’s surging cases will be enough to prompt the (OPEC+) group into action (to halt a gradual easing of output restrictions), but the latest increases in cases, particularly in the Asia-Pacific region, are a cause for concern," said StoneX analyst Kevin Solomon. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will discuss output policy at a meeting this week. The group agreed at a meeting at the start of April to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July. "The looming wave of fresh OPEC+ supply coupled with renewed demand concerns has dented hopes for a meaningful summer price pounce," said Stephen Brennock of oil broker PVM. (With inputs from agencies)

Oil falls as India's COVID-19 surge dents demand outlook 

Oil prices have went down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

World Business Watch: Oil prices slip after OPEC+ agree to ease output cuts

India's External Affairs Minister S Jaishankar, Japan's State Minister of Defence Nakayama Yasuhide, former Sri Lankan Prime Minister Ranil Wickremesinghe and&nbsp;former US National Security Advisor John Bolton&nbsp;are among leaders who will address WION's Global summit 2021, to be held on March 24 in Dubai.

<a href="https://www.wionews.com/globalsummit/dubai-2021">WION Global Summit: Fourth Edition, Dubai 2021 — click here for details</a>

The event will be aired live on the WION channel, as well as on its YouTube, Facebook and Twitter accounts, from 12.00 PM IST on Wednesday.

'Power Play in a Post-Pandemic World' is the theme of the fourth edition of the summit, which will have thought-provoking discussions in four sessions.&nbsp;

Jaishankar will be the chief guest at the event to be held at The Oberoi, Dubai, where world leaders, thinkers and influencers will engage in dialogue on the common challenges currently affecting the world.&nbsp; 
 
Pavan Kapoor, Indian Ambassador to UAE, will deliver the welcome note on behalf of the host nation, United Arab Emirates.

Panelists will focus their attention on issues at the intersections of global politics, economy, diplomacy and our daily lives in the wake of the COVID-19 pandemic.

The first session will focus on peace deals in West Asia. The discussion will touch upon several topics in the wake of the change of guard in the US and several nations formalising or normalising their diplomatic ties with Israel. Is the Abraham Accords a political win for Israeli Prime Minister Benjamin Netanyahu and a foreign affairs victory for Donald Trump? What is the future of the annexation of West Bank? Does it amount to a betrayal for Palestine? In the context of a new administration at the White House led by Joe Biden, what's the future of West Asia? Will the US be returning to the talking table with Iran, considered the 'common enemy'? These are among the questions that will be discussed at this session.&nbsp;

The opening keynote address will be delivered by John Bolton. The dialogue partners for the session are Fleur Hassan-Nahoum, Deputy Mayor of Jerusalem; Mustapha Noman, Former Deputy Foreign Minister, Yemen; Ibrahim Shukralla, Emirati Editor from Abu Dhabi and Jason D Greenblatt, Former White House Middle East envoy.

The second session, titled The Post-Pandemic World Order, will explore how COVID-19 &nbsp;exposed the failure of multilateral institutions as well as the lack of global leadership. A key question that will be asked is, who will be the post-pandemic global leader, or will it have several global leaders?

There will be discussions on how the pandemic diminished the credibility of the US, the worst-hit by the pandemic, and exposed its lack of interest in global leadership. The session will also examine how the pandemic was a double whammy for West Asia, as it led to the oil market slump.

There will be discussions on the fight against political Islam in Europe. Other questions on the table would be: Has the pandemic opened opportunities for new alliances? Will the world reset its ties with China post the pandemic? Will there be a shift in economic power? Will there be a push towards multilateralism or ultra-nationalism? Besides these burning questions, the parleys will also focus on India's role in the post-pandemic world.&nbsp;

Nakayama Yasuhide, &nbsp;State Minister of Defence, Japan, will deliver the keynote address for the second session. Also addressing it are Youssef Chahed, Former Prime Minister of Tunisia; Michael Tsai, Former Defence Minister, Taiwan; Ranil Wickremesinghe, Former Prime Minister of Sri Lanka; Ahmed Naseem, Minister of Health, Maldives; Regina Ip Lau Suk-yee GBS JP, Chinese politician, member of ExCo &amp; LegCo and founder of New People's Party.

The third session, on World Economy: The Price of the Pandemic, will focus on how the coronavirus brought about an economic downturn not seen since World War II. It will examine economic trends of 2021, by the end of which global GDP is expected to be 7.5% lower than it would have been without the pandemic.&nbsp;

At issue are joblessness and business shutdowns, with 15% of young, previously employed, people out of jobs. The panelists will address areas such as US unemployment, which is highest since the Great Depression, as well as the future of pandemic-hit sectors such as oil, tourism and aviation. It will discuss why China is not being held accountable, even as several countries are pushed into a recession by the pandemic.&nbsp;

Those addressing these issues would be Jacek Rostowski, Former Deputy Prime Minister and Minister of Finance of Poland; Ian Goldin, former Vice President of the World Bank; Alexander Downer, Former Minister of Foreign Affairs, Australia; and Alexander Dynkin, President, Primakov National Research Institute of World Economy.

The fourth and last session will explore the digital revolution that saw the world go online during the pandemic. While digital was always the future, the pandemic has accelerated the shift, with e-working and e-learning becoming common. At issue are questions like whether companies will move to permanent work from home, and whether it will take a toll on work-life balance. Are concerns about data security being addressed during this digital revolution? Is the world prepared for the move online?&nbsp;

Joining this session are Audrey Tang, Digital Minister, Taiwan; Maria Galindo, Advisor in International Digital Policy in Government of Catalonia; Kaimar Karu, Former Minister of Foreign Trade and Information Technology, Republic of Estonia; Jehudi Castro, Digital Advisor to the Colombian President and Former Vice-Minister of Digital Economy; Simon Lacey, Former VP, Huawei Technologies; and Gilles Babinet, Digital Champion at the European Commission for France.

India's External Affairs Minister S Jaishankar, Japan's State Minister of Defence Nakayama Yasuhide, former Sri Lankan Prime Minister Ranil Wickremesinghe and former US National Security Advisor John Bolton are among leaders who will address WION's Global summit 2021, to be held on March 24 in Dubai.

India's External Affairs Minister S Jaishankar, Japan's State Minister of Defence Nakayama Yasuhide, former Sri Lankan Prime Minister Ranil Wickremesinghe and former US National Security Advisor John Bolton are among leaders who will address WION's Global summit 2021, to be held on March 24 in Dubai. WION Global Summit: Fourth Edition, Dubai 2021 — click here for details The event will be aired live on the WION channel, as well as on its YouTube, Facebook and Twitter accounts, from 12.00 PM IST on Wednesday. 'Power Play in a Post-Pandemic World' is the theme of the fourth edition of the summit, which will have thought-provoking discussions in four sessions. Jaishankar will be the chief guest at the event to be held at The Oberoi, Dubai, where world leaders, thinkers and influencers will engage in dialogue on the common challenges currently affecting the world. Pavan Kapoor, Indian Ambassador to UAE, will deliver the welcome note on behalf of the host nation, United Arab Emirates. Panelists will focus their attention on issues at the intersections of global politics, economy, diplomacy and our daily lives in the wake of the COVID-19 pandemic. The first session will focus on peace deals in West Asia. The discussion will touch upon several topics in the wake of the change of guard in the US and several nations formalising or normalising their diplomatic ties with Israel. Is the Abraham Accords a political win for Israeli Prime Minister Benjamin Netanyahu and a foreign affairs victory for Donald Trump? What is the future of the annexation of West Bank? Does it amount to a betrayal for Palestine? In the context of a new administration at the White House led by Joe Biden, what's the future of West Asia? Will the US be returning to the talking table with Iran, considered the 'common enemy'? These are among the questions that will be discussed at this session. The opening keynote address will be delivered by John Bolton. The dialogue partners for the session are Fleur Hassan-Nahoum, Deputy Mayor of Jerusalem; Mustapha Noman, Former Deputy Foreign Minister, Yemen; Ibrahim Shukralla, Emirati Editor from Abu Dhabi and Jason D Greenblatt, Former White House Middle East envoy. The second session, titled The Post-Pandemic World Order, will explore how COVID-19 exposed the failure of multilateral institutions as well as the lack of global leadership. A key question that will be asked is, who will be the post-pandemic global leader, or will it have several global leaders? There will be discussions on how the pandemic diminished the credibility of the US, the worst-hit by the pandemic, and exposed its lack of interest in global leadership. The session will also examine how the pandemic was a double whammy for West Asia, as it led to the oil market slump. There will be discussions on the fight against political Islam in Europe. Other questions on the table would be: Has the pandemic opened opportunities for new alliances? Will the world reset its ties with China post the pandemic? Will there be a shift in economic power? Will there be a push towards multilateralism or ultra-nationalism? Besides these burning questions, the parleys will also focus on India's role in the post-pandemic world. Nakayama Yasuhide, State Minister of Defence, Japan, will deliver the keynote address for the second session. Also addressing it are Youssef Chahed, Former Prime Minister of Tunisia; Michael Tsai, Former Defence Minister, Taiwan; Ranil Wickremesinghe, Former Prime Minister of Sri Lanka; Ahmed Naseem, Minister of Health, Maldives; Regina Ip Lau Suk-yee GBS JP, Chinese politician, member of ExCo & LegCo and founder of New People's Party. The third session, on World Economy: The Price of the Pandemic, will focus on how the coronavirus brought about an economic downturn not seen since World War II. It will examine economic trends of 2021, by the end of which global GDP is expected to be 7.5% lower than it would have been without the pandemic. At issue are joblessness and business shutdowns, with 15% of young, previously employed, people out of jobs. The panelists will address areas such as US unemployment, which is highest since the Great Depression, as well as the future of pandemic-hit sectors such as oil, tourism and aviation. It will discuss why China is not being held accountable, even as several countries are pushed into a recession by the pandemic. Those addressing these issues would be Jacek Rostowski, Former Deputy Prime Minister and Minister of Finance of Poland; Ian Goldin, former Vice President of the World Bank; Alexander Downer, Former Minister of Foreign Affairs, Australia; and Alexander Dynkin, President, Primakov National Research Institute of World Economy. The fourth and last session will explore the digital revolution that saw the world go online during the pandemic. While digital was always the future, the pandemic has accelerated the shift, with e-working and e-learning becoming common. At issue are questions like whether companies will move to permanent work from home, and whether it will take a toll on work-life balance. Are concerns about data security being addressed during this digital revolution? Is the world prepared for the move online? Joining this session are Audrey Tang, Digital Minister, Taiwan; Maria Galindo, Advisor in International Digital Policy in Government of Catalonia; Kaimar Karu, Former Minister of Foreign Trade and Information Technology, Republic of Estonia; Jehudi Castro, Digital Advisor to the Colombian President and Former Vice-Minister of Digital Economy; Simon Lacey, Former VP, Huawei Technologies; and Gilles Babinet, Digital Champion at the European Commission for France.

At WION Global Summit, leaders to deliberate on post-pandemic world order

Economic recovery is leading to weakening the prices of crude oil and this has become the major factor. Considering the same, OPEC+ will be holding a meeting discussing the crucial issues.

World Business Watch: Dramatic decrease in oil post Saudi Arabia cuts

Oil producers are getting benefitted but it's not enough as they are reporting staggering losses. The pandemic has triggered a crisis, a battle for survival in the oil sector.&nbsp;

A barrel of oil costs around 60 dollars. In April last year, it was 20 dollars. It is a three-fold jump. But it's not enough for oil exporters. They are still losing money.&nbsp;

Saudi Arabia needs to balance its budget next year and it would like oil to sell at 68 dollars a barrel. &nbsp;&nbsp;

For Iraq, the ideal price should be 80 dollars per barrel. Will oil touch these levels? The answer depends on which projections you believe.&nbsp;

Golman Sachs says oil prices will see a 20 per cent jump this year. The World Bank, on the other hand, is not so optimistic.&nbsp;

It says oil prices are will remain below 50 dollars per barrel through 2022. It will put a big hole in the budgets of oil exporting countries. &nbsp;

<a href="https://www.wionews.com/videos/gravitas-despite-a-price-jump-major-oil-exporters-are-losing-cash-365533">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-despite-a-price-jump-major-oil-exporters-are-losing-cash-365533/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The regional alliance of Arab states is already predicting a budget deficit. Last year, the deficit was a little more than nine per cent.&nbsp;

In 2021, it will be close to six per cent. The losses could grow in the future. Between 2020 and 2023, the deficit of GCC countries is set to touch $ 490 billion dollars.&nbsp;

The lack of alternatives to cover up losses, forced this bloc to borrow more in 2020. An estimate from last year suggests GCC government debt is set to surge by $ 100 billion dollars. &nbsp;

Major oil countries are still reeling from the pandemic shock. And they are losing money on every barrel they sell. The world's biggest oil producing companies too are losing billions. &nbsp;

This month, they have reported record annual losses.&nbsp;

US's biggest oil producer, Exxon Mobil, has suffered a loss of more than 20 billion dollars. The first annual loss in the company's history. Conoco Phillips lost 2.7 billion dollars. In the United Kingdom, energy group BP reported 5.7 billion in losses.&nbsp;

It is a sign. The world wants to wean itself away from oil. It will mean trillions of dollars of losses in the next 20 years for oil producers. &nbsp;&nbsp;

Around 40 countries, which rely on oil for most of their income, could see their revenues fall by 46 per cent on average. &nbsp;&nbsp;

A total of $9 trillion over the next 20 years due to international initiatives to meet the Paris Agreement’s emission targets. It means a total loss of nine trillion dollars.&nbsp;

Oil producers are getting benefitted but it's not enough as they are reporting staggering losses. The pandemic has triggered a crisis, a battle for survival in the oil sector.

Oil producers are getting benefitted but it's not enough as they are reporting staggering losses. The pandemic has triggered a crisis, a battle for survival in the oil sector. A barrel of oil costs around 60 dollars. In April last year, it was 20 dollars. It is a three-fold jump. But it's not enough for oil exporters. They are still losing money. Saudi Arabia needs to balance its budget next year and it would like oil to sell at 68 dollars a barrel. For Iraq, the ideal price should be 80 dollars per barrel. Will oil touch these levels? The answer depends on which projections you believe. Golman Sachs says oil prices will see a 20 per cent jump this year. The World Bank, on the other hand, is not so optimistic. It says oil prices are will remain below 50 dollars per barrel through 2022. It will put a big hole in the budgets of oil exporting countries. WATCH| The regional alliance of Arab states is already predicting a budget deficit. Last year, the deficit was a little more than nine per cent. In 2021, it will be close to six per cent. The losses could grow in the future. Between 2020 and 2023, the deficit of GCC countries is set to touch $ 490 billion dollars. The lack of alternatives to cover up losses, forced this bloc to borrow more in 2020. An estimate from last year suggests GCC government debt is set to surge by $ 100 billion dollars. Major oil countries are still reeling from the pandemic shock. And they are losing money on every barrel they sell. The world's biggest oil producing companies too are losing billions. This month, they have reported record annual losses. US's biggest oil producer, Exxon Mobil, has suffered a loss of more than 20 billion dollars. The first annual loss in the company's history. Conoco Phillips lost 2.7 billion dollars. In the United Kingdom, energy group BP reported 5.7 billion in losses. It is a sign. The world wants to wean itself away from oil. It will mean trillions of dollars of losses in the next 20 years for oil producers. Around 40 countries, which rely on oil for most of their income, could see their revenues fall by 46 per cent on average. A total of $9 trillion over the next 20 years due to international initiatives to meet the Paris Agreement’s emission targets. It means a total loss of nine trillion dollars.

Oil exporters report losses despite price hike

India: Why oil is so expensive and what could be done 
India is the world's third-largest oil market and depends heavily on crude oil to fuel its dreams and development. India consumes nearly 211.6 million tonnes of oil every year. Out of this, less than 35 million tonnes is produced in India. India does not have enough reserves, and new oil fields have not been explored.

Where does the rest of the oil come from?

Iraq, Saudi Arabia, the United Arab Emirates, the United States and Canada, among other countries are where India gets its oil from.

India imports nearly 85 per cent of its crude, which is the biggest reason for India's high fuel prices. India depends on imports, with some of the blame on OPEC+ - the organisation of petroleum exporting countries and Russia. They have cut supplies, but the demand is rising. Owing to this, prices have gone up. People in India are paying more than 100 rupees a litre for petrol, and this rise in fuel prices is affecting every Indian household.

<a href="https://www.wionews.com/videos/gravitas-whats-indias-oil-strategy-365527">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-whats-indias-oil-strategy-365527/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

What are the government's options?

It's important to understand fuel pricing in India, and the global price is currently around 60 dollars per barrel - roughly 28 rupees per litre.

Indians are paying close to 100 rupees because of taxes. Almost 2/3rd of what a buyer pays is excise duty and taxes. The base price of the fuel, transport charges and dealer commission make up just a portion of the pie. For eg - The price of petrol in Delhi was 89.29 rupees a litre on February 16. Of 89.29 rupees - the base price of petrol is just 31.82 rupees.

Then comes in freight at 0.28 rupees, followed by the price charged to dealers at 32.10 rupees. Excise duty stands at 32.90 rupees, which is levied by the union government.

Also read:&nbsp;<a href="http://13.235.153.162/world/israels-mediterranean-shoreline-drenched-with-tar-after-offshore-oil-spill-365255" hreflang="en">Israel's Mediterranean shoreline drenched with tar after offshore oil spill</a>

Dealer commission stands at 3.68 rupees and can change depending on your location. Next is VAT or value-added tax, at 20.61 rupees, which is levied by the state government. India has the highest tax on fuel - 260 per cent on the base price of petrol, and 256 per cent for diesel, according to CARE ratings. In Germany and Italy, the tax on fuel is 65 per cent of the retail price. In the UK, it is 62 per cent. In Japan, it is 45 per cent, and in the US it is 20 per cent. In India, it is 260 per cent!

State and central governments can make oil cheaper if they want to. Among other things, they could intervene by fixing oil prices. Currently, oil retailers in India can fix prices of petrol and diesel after factoring in their own cost which basically depends on the price of oil in the international market. They also factor in their profits.

Earlier, prices of petrol and diesel were regulated by the government, which paid subsidies to oil marketing companies which&nbsp;shielded consumers against turmoil in the international oil market.

In extreme cases, the government can still intervene. India can begin by diversifying imports. Currently, India relies heavily on West Asia for oil, with the region amounting for about 61 per cent of the oil shipped into the country. Earlier, India had a wider supply base. Now, it depends on OPEC+.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/world/turmoil-in-west-asia-sparks-hike-in-fuel-prices-363895" hreflang="en">Turmoil in West Asia sparks hike in fuel prices</a>

With Joe Biden in office, India could resume buying oil from Iran and Venezuela. Reports say that India is already talking to both these countries. Once upon a time, Iran was among India's major suppliers. But since 2019, there have been zero imports from Iran because of the Trump administration's sanctions on Iran.

In the year 2018-19, India imported 23.5 million tonnes of Iranian oil - almost a 10th of India's requirement. Oil from Iran and Venezuela is cheaper, but both countries have been sanctioned by the United States.

To counter the growing oil prices, India's strategy must be to explore new markets and to find a way to work around US sanctions. India also needs to rethink high taxes, and regulate in extreme circumstances. India also needs to explore new reserves at home, and gradually work towards a future independent of oil. 
&nbsp;

India: Why oil is so expensive and what could be done India is the world's third-largest oil market and depends heavily on crude oil to fuel its dreams and development.

India: Why oil is so expensive and what could be done India is the world's third-largest oil market and depends heavily on crude oil to fuel its dreams and development. India consumes nearly 211.6 million tonnes of oil every year. Out of this, less than 35 million tonnes is produced in India. India does not have enough reserves, and new oil fields have not been explored. Where does the rest of the oil come from? Iraq, Saudi Arabia, the United Arab Emirates, the United States and Canada, among other countries are where India gets its oil from. India imports nearly 85 per cent of its crude, which is the biggest reason for India's high fuel prices. India depends on imports, with some of the blame on OPEC+ - the organisation of petroleum exporting countries and Russia. They have cut supplies, but the demand is rising. Owing to this, prices have gone up. People in India are paying more than 100 rupees a litre for petrol, and this rise in fuel prices is affecting every Indian household. WATCH| What are the government's options? It's important to understand fuel pricing in India, and the global price is currently around 60 dollars per barrel - roughly 28 rupees per litre. Indians are paying close to 100 rupees because of taxes. Almost 2/3rd of what a buyer pays is excise duty and taxes. The base price of the fuel, transport charges and dealer commission make up just a portion of the pie. For eg - The price of petrol in Delhi was 89.29 rupees a litre on February 16. Of 89.29 rupees - the base price of petrol is just 31.82 rupees. Then comes in freight at 0.28 rupees, followed by the price charged to dealers at 32.10 rupees. Excise duty stands at 32.90 rupees, which is levied by the union government. Also read: Israel's Mediterranean shoreline drenched with tar after offshore oil spill Dealer commission stands at 3.68 rupees and can change depending on your location. Next is VAT or value-added tax, at 20.61 rupees, which is levied by the state government. India has the highest tax on fuel - 260 per cent on the base price of petrol, and 256 per cent for diesel, according to CARE ratings. In Germany and Italy, the tax on fuel is 65 per cent of the retail price. In the UK, it is 62 per cent. In Japan, it is 45 per cent, and in the US it is 20 per cent. In India, it is 260 per cent! State and central governments can make oil cheaper if they want to. Among other things, they could intervene by fixing oil prices. Currently, oil retailers in India can fix prices of petrol and diesel after factoring in their own cost which basically depends on the price of oil in the international market. They also factor in their profits. Earlier, prices of petrol and diesel were regulated by the government, which paid subsidies to oil marketing companies which shielded consumers against turmoil in the international oil market. In extreme cases, the government can still intervene. India can begin by diversifying imports. Currently, India relies heavily on West Asia for oil, with the region amounting for about 61 per cent of the oil shipped into the country. Earlier, India had a wider supply base. Now, it depends on OPEC+. Also read: Turmoil in West Asia sparks hike in fuel prices With Joe Biden in office, India could resume buying oil from Iran and Venezuela. Reports say that India is already talking to both these countries. Once upon a time, Iran was among India's major suppliers. But since 2019, there have been zero imports from Iran because of the Trump administration's sanctions on Iran. In the year 2018-19, India imported 23.5 million tonnes of Iranian oil - almost a 10th of India's requirement. Oil from Iran and Venezuela is cheaper, but both countries have been sanctioned by the United States. To counter the growing oil prices, India's strategy must be to explore new markets and to find a way to work around US sanctions. India also needs to rethink high taxes, and regulate in extreme circumstances. India also needs to explore new reserves at home, and gradually work towards a future independent of oil.

Why oil is expensive in India, and what the government could do

Watch Gravitas Plus with Palki Sharma Oil has brought economies down to their knees. It has also built shiny skyscrapers in deserts. As the world moves towards renewable sources of energy, what lies ahead for Black Gold? Is the end of the Oil Age near?

Gravitas Plus: The future of Oil

Royal Dutch Shell's profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company's retail network and trading business helped cushion the blow.

Shell's profit slumps in 2020 as the pandemic bites

While debt burden imposed by China on many countries has been in news for long, Nigeria is faced with a problem that is both -- ecological and financial. Nigeria has a loan of USD 6.5 billion from China. This has resulted in debt burden for China. The loan amount is so huge that Nigeria can only repay it&nbsp;in 2 decades. A failure to repay the debt means that Nigeria will have to surrender its oil fields or coastal port authorities. Nigeria is world's 10th largest oil producer.

Worry is on the ecological front as well with Chinese illegal unreported and unregulated (IUU) fishing activities being another cause of concern. Nigeria is losing $70 million due to Chinese trawlers. IUU has been a global concern, from Africa to Latin America putting pressure on local ecology and encroaching on national sovereignties.

China is keen on increasing engagement with the African continent. Chinese Foreign Minister Wang Yi had visited Niger in the first week of January this year, with a focus on cooperation against covid and a number of agreements being signed. &nbsp;And while China is trying hard to win over the continent, it has already got a lot of bad press, especially when it comes to racism.&nbsp;

2020 saw Nigeria strongly voicing its concern after videos emerged of discrimination faced by Nigerians in Guangzhou. They were been stigmatized for being carriers of the Covid virus. The Chinese envoy to Nigeria was summoned by foreign minister Geoffrey Onyeama and the matter was strongly taken up.

While debt burden imposed by China on many countries has been in news for long, Nigeria is faced with a problem that is both -- ecological and financial. Nigeria has a loan of USD 6.

While debt burden imposed by China on many countries has been in news for long, Nigeria is faced with a problem that is both -- ecological and financial. Nigeria has a loan of USD 6.5 billion from China. This has resulted in debt burden for China. The loan amount is so huge that Nigeria can only repay it in 2 decades. A failure to repay the debt means that Nigeria will have to surrender its oil fields or coastal port authorities. Nigeria is world's 10th largest oil producer. Worry is on the ecological front as well with Chinese illegal unreported and unregulated (IUU) fishing activities being another cause of concern. Nigeria is losing $70 million due to Chinese trawlers. IUU has been a global concern, from Africa to Latin America putting pressure on local ecology and encroaching on national sovereignties. China is keen on increasing engagement with the African continent. Chinese Foreign Minister Wang Yi had visited Niger in the first week of January this year, with a focus on cooperation against covid and a number of agreements being signed. And while China is trying hard to win over the continent, it has already got a lot of bad press, especially when it comes to racism. 2020 saw Nigeria strongly voicing its concern after videos emerged of discrimination faced by Nigerians in Guangzhou. They were been stigmatized for being carriers of the Covid virus. The Chinese envoy to Nigeria was summoned by foreign minister Geoffrey Onyeama and the matter was strongly taken up.

Nigeria faces China's ecological, financial drain

Royal Dutch Shell announced on Thursday that it had suffered a net loss of USD 21.7 billion in 2020. The coronavirus pandemic-hit year had seen a massive drop in demand for energy.

In 2019, the Anglo-Dutch company had registered a net profit of USD 1.8 billion. Shell's result is similar to British rival BP, which on Tuesday reported a 2020 &nbsp;net loss of $20.3 billion.

Both companies are cutting jobs to tackle the economic fallout from the pandemic.

After governments worldwide closed their doors and airlines grounded planes towards the end of last year's first quarter, oil prices dropped off a cliff, even briefly turning negative.

Prices then rebounded sharply however -- and they soared Tuesday to pre-pandemic levels on the brightening economic outlook as more progress was reported on vaccines.

(With AFP inputs)

Royal Dutch Shell announced on Thursday that it had suffered a net loss of USD 21.7 billion in 2020. The coronavirus pandemic-hit year had seen a massive drop in demand for energy.

Royal Dutch Shell announced on Thursday that it had suffered a net loss of USD 21.7 billion in 2020. The coronavirus pandemic-hit year had seen a massive drop in demand for energy. In 2019, the Anglo-Dutch company had registered a net profit of USD 1.8 billion. Shell's result is similar to British rival BP, which on Tuesday reported a 2020 net loss of $20.3 billion. Both companies are cutting jobs to tackle the economic fallout from the pandemic. After governments worldwide closed their doors and airlines grounded planes towards the end of last year's first quarter, oil prices dropped off a cliff, even briefly turning negative. Prices then rebounded sharply however -- and they soared Tuesday to pre-pandemic levels on the brightening economic outlook as more progress was reported on vaccines. (With AFP inputs)

Oil giant Shell suffered loss of $21 billion in 2020

The shift to renewables is happening at a record pace and Lithium is at the core of this shift. The way the lithium industry is developing looks very similar to the beginning of the oil boom.

Lithium involves complicated extraction, just like oil. Lithium is shaping geopolitics, just like oil. It will be driving cars, just like oil.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-will-lithium-end-worlds-dependence-on-oil-355479/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

So is this metal poised to be the new oil? And will it end the world's dependence on oil?

Lithium was discovered in 1817...By Swedish chemist Johann Arfvedson. The most important use of Lithium today is in rechargeable batteries for electronics and even electric vehicles. Lithium is also used in non-rechargeable batteries for heart pacemakers, clocks and even toys.

Lithium Oxide is used in special glasses. Lithium Stearate is used as a temperature lubricant. Lithium Hydride is used as fuel and Lithium Chloride is used in drugs to treat depression.

Over 50 per cent of the world's Lithium reserves are found in the 'Lithium Triangle' of South America.

1/3rd of the reserves in this triangle are in Bolivia, close to 21 million tonnes. Argentina has the world's second-largest reserves at 17 million tonnes. Chile comes third with 9 million tonnes.

Three other countries too have considerable amounts of Lithium. US has 6.8 million tonnes. Australia has 6.3 million tonnes. And China has 4.5 million tonnes.

Fossil fuel demand will diminish as years go by and so will the demand. The solution to this situation is battery driven and for now, batteries need Lithium.

Apple, is planning an electric self-driving car that will run on Lithium-Ion Phosphate batteries. China's Baidu is developing similar cars that too will run on similar batteries.

Most recent estimates say that the demand for Lithium will hit 1.3 million tonnes in this decade, this is 5 times the current demand.

Lithium-rich nations are expected to reap a bounty.

In 2018, Chile earned a revenue of nearly 1 billion dollars only by selling Lithium. In 2021 the figure is set to increase.

Lithium is indeed a new oil and the countries where it is found have the potential to create a body similar to Organisation of Petroleum Exporting Countries (OPEC).

The shift to renewables is happening at a record pace and Lithium is at the core of this shift. The way the lithium industry is developing looks very similar to the beginning of the oil boom.

The shift to renewables is happening at a record pace and Lithium is at the core of this shift. The way the lithium industry is developing looks very similar to the beginning of the oil boom. Lithium involves complicated extraction, just like oil. Lithium is shaping geopolitics, just like oil. It will be driving cars, just like oil. So is this metal poised to be the new oil? And will it end the world's dependence on oil? Lithium was discovered in 1817...By Swedish chemist Johann Arfvedson. The most important use of Lithium today is in rechargeable batteries for electronics and even electric vehicles. Lithium is also used in non-rechargeable batteries for heart pacemakers, clocks and even toys. Lithium Oxide is used in special glasses. Lithium Stearate is used as a temperature lubricant. Lithium Hydride is used as fuel and Lithium Chloride is used in drugs to treat depression. Over 50 per cent of the world's Lithium reserves are found in the 'Lithium Triangle' of South America. 1/3rd of the reserves in this triangle are in Bolivia, close to 21 million tonnes. Argentina has the world's second-largest reserves at 17 million tonnes. Chile comes third with 9 million tonnes. Three other countries too have considerable amounts of Lithium. US has 6.8 million tonnes. Australia has 6.3 million tonnes. And China has 4.5 million tonnes. Fossil fuel demand will diminish as years go by and so will the demand. The solution to this situation is battery driven and for now, batteries need Lithium. Apple, is planning an electric self-driving car that will run on Lithium-Ion Phosphate batteries. China's Baidu is developing similar cars that too will run on similar batteries. Most recent estimates say that the demand for Lithium will hit 1.3 million tonnes in this decade, this is 5 times the current demand. Lithium-rich nations are expected to reap a bounty. In 2018, Chile earned a revenue of nearly 1 billion dollars only by selling Lithium. In 2021 the figure is set to increase. Lithium is indeed a new oil and the countries where it is found have the potential to create a body similar to Organisation of Petroleum Exporting Countries (OPEC).

Is Lithium the new oil?

Oil economies across West Asia have been hit by a novel coronavirus. The shift away from oil was already underway, and the pandemic accelerated it.

Arab monarchies could lose nearly $2 trillion in the next 15 years. Once the oil demand peaks this dire prediction from the international monetary fund came in February.

But -- as the coronavirus spread to more than 100 countries in the following months. The pandemic wiped out oil demand like never before.

By May, lockdowns and travel restrictions had wiped out almost a third of the global oil demand. Gulf Cooperation Council (GCC) countries are set to lose 270 billion dollars in revenue this year.

Oil was the ultimate cash cow for the gulf. But, the pandemic has precipitated the end of the oil age.

Even the richest kingdoms are struggling to balance their books... Thanks to the fluctuations in oil prices. Saudi Arabia is the largest producer of oil. Going by one estimate --- 70 per cent of its budget comes from oil revenues.

To meet its expenses Saudi Arabia needs an oil price of 80 dollars a barrel. As of today --- oil is selling at less than 50 dollars per barrel.

Smaller oil producers are hurting more. In May, Algeria announced that it would cut its spending to half. Iraq, another leading oil producer, is staring at an economic collapse. For most of 2020, Iraq has been unable to pay salaries to government employees.

Oman has the widest budget deficit among Gulf Arab economies. The country has been rated junk by three major credit rating companies. Its deficit stands at almost minus 17 per cent of its GDP.

Its the over-dependence on oil --- that triggered this crisis of cash for the Gulf economies and the crisis is here to stay. Oil prices are expected to remain low in the future. Due to oversupply and the improving availability of clean energy resources. If the Gulf economies don't wean away from oil, their coffers could run dry. The IMF predicts oil demand to peak around 2040.

To account for this, oil economies must start substantial reforms now. Else, their financial wealth will deplete by 2034. West Asia runs the risk of running out of money, well before it runs out of oil.

Oil economies across West Asia have been hit by a novel coronavirus. The shift away from oil was already underway, and the pandemic accelerated it. Arab monarchies could lose nearly $2 trillion in the next 15 years.

Oil economies across West Asia have been hit by a novel coronavirus. The shift away from oil was already underway, and the pandemic accelerated it. Arab monarchies could lose nearly $2 trillion in the next 15 years. Once the oil demand peaks this dire prediction from the international monetary fund came in February. But -- as the coronavirus spread to more than 100 countries in the following months. The pandemic wiped out oil demand like never before. By May, lockdowns and travel restrictions had wiped out almost a third of the global oil demand. Gulf Cooperation Council (GCC) countries are set to lose 270 billion dollars in revenue this year. Oil was the ultimate cash cow for the gulf. But, the pandemic has precipitated the end of the oil age. Even the richest kingdoms are struggling to balance their books... Thanks to the fluctuations in oil prices. Saudi Arabia is the largest producer of oil. Going by one estimate --- 70 per cent of its budget comes from oil revenues. To meet its expenses Saudi Arabia needs an oil price of 80 dollars a barrel. As of today --- oil is selling at less than 50 dollars per barrel. Smaller oil producers are hurting more. In May, Algeria announced that it would cut its spending to half. Iraq, another leading oil producer, is staring at an economic collapse. For most of 2020, Iraq has been unable to pay salaries to government employees. Oman has the widest budget deficit among Gulf Arab economies. The country has been rated junk by three major credit rating companies. Its deficit stands at almost minus 17 per cent of its GDP. Its the over-dependence on oil --- that triggered this crisis of cash for the Gulf economies and the crisis is here to stay. Oil prices are expected to remain low in the future. Due to oversupply and the improving availability of clean energy resources. If the Gulf economies don't wean away from oil, their coffers could run dry. The IMF predicts oil demand to peak around 2040. To account for this, oil economies must start substantial reforms now. Else, their financial wealth will deplete by 2034. West Asia runs the risk of running out of money, well before it runs out of oil.

Coronavirus pandemic takes a huge toll on oil economies across West Asia

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China.

Imports from Saudi Arabia rose to 8.88 million tonnes in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday.

That was in line with May’s volumes, but well above 1.89 million bpd during the same period last year.

<a href="https://www.wionews.com/videos/saudi-arabia-all-set-to-host-truncated-hajj-pilgrimage-during-covid-19-outbreak-316044">Also watch|&nbsp;Saudi Arabia all set to host truncated hajj pilgrimage during COVID-19 outbreak</a>

The record imports follow a price war between Saudi Arabia and Russia, the world’s top oil exporters, during March and April when the coronavirus pandemic dampened demand and caused a global fuel glut.

Shipments from Russia were at 7.98 million tonnes last month, or 1.95 million barrels per day (bpd), up around 7% from 1.82 million bpd in May and 1.73 million bpd in June 2019.

Saudi, however, delivered bigger oil cuts from June and raised crude prices as a plunge in oil prices weighed on the kingdom’s budget.

<a href="https://www.wionews.com/world/saudi-arabia-may-introduce-income-tax-as-economy-shrinks-due-to-coronavirus-315504">Also read|&nbsp;Saudi Arabia may introduce income tax as economy shrinks due to coronavirus</a>

China, the world’s biggest crude oil importer, took in a record 53.18 million tonnes last month, according to customs data.

China also boosted inflows from Brazil, Norway and Angola, said Emma Li, analyst from Refinitiv.

Brazil, whose massive offshore projects are coming online, offered Asian refiners competitive deals on relatively high-quality oil just as China and other Asian countries contained the coronavirus and reopened their economies.

Analysts expect China to see another record amount of crude imports in July as some May-loading cargoes are still underway while swelling oil inventory at major Chinese ports slows new arrivals.

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China.

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China. Imports from Saudi Arabia rose to 8.88 million tonnes in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday. That was in line with May’s volumes, but well above 1.89 million bpd during the same period last year. Also watch| Saudi Arabia all set to host truncated hajj pilgrimage during COVID-19 outbreak The record imports follow a price war between Saudi Arabia and Russia, the world’s top oil exporters, during March and April when the coronavirus pandemic dampened demand and caused a global fuel glut. Shipments from Russia were at 7.98 million tonnes last month, or 1.95 million barrels per day (bpd), up around 7% from 1.82 million bpd in May and 1.73 million bpd in June 2019. Saudi, however, delivered bigger oil cuts from June and raised crude prices as a plunge in oil prices weighed on the kingdom’s budget. Also read| Saudi Arabia may introduce income tax as economy shrinks due to coronavirus China, the world’s biggest crude oil importer, took in a record 53.18 million tonnes last month, according to customs data. China also boosted inflows from Brazil, Norway and Angola, said Emma Li, analyst from Refinitiv. Brazil, whose massive offshore projects are coming online, offered Asian refiners competitive deals on relatively high-quality oil just as China and other Asian countries contained the coronavirus and reopened their economies. Analysts expect China to see another record amount of crude imports in July as some May-loading cargoes are still underway while swelling oil inventory at major Chinese ports slows new arrivals.

China imports more oil from Saudi than any other country in June

The non-oil private sector of the United Arab Emirates grew in June for the first time this year. With this, the economy has recovered from months of contraction as the COVID-19 restrictions were lifted. Watch report.

UAE's non-oil trade recovers: Private sector jumps back to growth

Shiny skyscrapers and sprawling shopping malls in Gulf countries may become remnants of a prosperous past. The pandemic and low oil prices have turned the rich oasis into a mirage. Now, the IMF expects a steep economic slump in 2020. WION's Palki Sharma tells you more.

Gravitas: Oil Not Gulf's Golden Goose Anymore

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