30 May (Argus) — Ice Brent crude futures fell in early Asian trading hours after a US court temporarily reinstated the tariffs imposed by US president Donald Trump.
At 04:00 GMT, the Ice front-month July Brent contract was at $63.84/bl, lower by 31¢/bl from its settlement on 29 May when the contract ended 75¢/bl lower. The July contract expires today.
The Nymex front-month July crude contract was at $60.66/bl, down by 28¢/bl from its settlement on 29 May when the contract ended 90¢/bl lower.
A US federal appeals court has temporarily suspended a trade court ruling issued on 28 May that would have blocked emergency tariffs that Trump has placed on nearly all imports into the US.
The US Court of Appeals for the Federal Circuit, in a four-page order issued on 29 May, agreed to place an immediate administrative stay on the ruling until it can consider requests by the Trump administration to suspend the tariff ruling during an appeal.
The decision to suspend the tariff ruling — which would permanently enjoin tariffs now set at 10pc for much of the world and 30pc for China — comes as the White House was considering asking the US Supreme Court to intervene if the sweeping tariff ruling was not quickly placed on hold.
The latest court order will mean that Trump's emergency tariffs on most of the world will remain in place, at least temporarily.
In Libya, the Benghazi-based government in the east has threatened to halt the country's oil production, citing recent attacks against state institutions in the capital Tripoli.
The threat came after state-owned NOC's Tripoli headquarters in western Libya was allegedly stormed by an armed group on 28 May and its chairman held against his will. The eastern government said it may be forced to "declare force majeure on oil fields and ports" or temporarily relocate NOC headquarters.
NOC released a statement denying the building had been stormed and described the incident as a "limited personal dispute".
Libya is politically divided between rival governments in the west and east. Libya's capital has been in a state of flux since mid-May when units aligned to prime minister Abdelhamid Dbeibeh's internationally-recognised government in Tripoli attempted to dismantle two powerful armed groups.
Libya's crude production currently stands at just under 1.4mn b/d. Previous blockades have seen output fall to as low as 100,000 b/d.
Kazakhstan's crude and condensate production should exceed an original 96.2mn t (2mn b/d) target for 2025, according to deputy energy minister Alibek Zhamauov. "If we look at the dynamics, we are producing 400,000 bl a month in excess [of the target] now," he said on 29 May, adding that the production figure for 2025 should be clearer in November.
Kazakhstan's "economy is built, first of all, on oil production. We proceed from the national interests," Zhamauov said. The country has significantly exceeded its Opec+ crude output quota this year, creating tensions within the producers' group.
30 May (Argus) — Ice Brent crude futures fell in early Asian trading hours after a US court temporarily reinstated the tariffs imposed by US president Donald Trump.
At 04:00 GMT, the Ice front-month July Brent contract was at $63.84/bl, lower by 31¢/bl from its settlement on 29 May when the contract ended 75¢/bl lower. The July contract expires today.
The Nymex front-month July crude contract was at $60.66/bl, down by 28¢/bl from its settlement on 29 May when the contract ended 90¢/bl lower.
A US federal appeals court has temporarily suspended a trade court ruling issued on 28 May that would have blocked emergency tariffs that Trump has placed on nearly all imports into the US.
The US Court of Appeals for the Federal Circuit, in a four-page order issued on 29 May, agreed to place an immediate administrative stay on the ruling until it can consider requests by the Trump administration to suspend the tariff ruling during an appeal.
The decision to suspend the tariff ruling — which would permanently enjoin tariffs now set at 10pc for much of the world and 30pc for China — comes as the White House was considering asking the US Supreme Court to intervene if the sweeping tariff ruling was not quickly placed on hold.
The latest court order will mean that Trump's emergency tariffs on most of the world will remain in place, at least temporarily.
In Libya, the Benghazi-based government in the east has threatened to halt the country's oil production, citing recent attacks against state institutions in the capital Tripoli.
The threat came after state-owned NOC's Tripoli headquarters in western Libya was allegedly stormed by an armed group on 28 May and its chairman held against his will. The eastern government said it may be forced to "declare force majeure on oil fields and ports" or temporarily relocate NOC headquarters.
NOC released a statement denying the building had been stormed and described the incident as a "limited personal dispute".
Libya is politically divided between rival governments in the west and east. Libya's capital has been in a state of flux since mid-May when units aligned to prime minister Abdelhamid Dbeibeh's internationally-recognised government in Tripoli attempted to dismantle two powerful armed groups.
Libya's crude production currently stands at just under 1.4mn b/d. Previous blockades have seen output fall to as low as 100,000 b/d.
Kazakhstan's crude and condensate production should exceed an original 96.2mn t (2mn b/d) target for 2025, according to deputy energy minister Alibek Zhamauov. "If we look at the dynamics, we are producing 400,000 bl a month in excess [of the target] now," he said on 29 May, adding that the production figure for 2025 should be clearer in November.
Kazakhstan's "economy is built, first of all, on oil production. We proceed from the national interests," Zhamauov said. The country has significantly exceeded its Opec+ crude output quota this year, creating tensions within the producers' group.
By YouLiang Chay