Greek court overturns US crude seizure: Tehran
Iran said today it expects the return of a cargo of its crude that was seized by the US in Greek waters last month, citing a court of appeals ruling in the Mediterranean country.
Iran's embassy in Greece said the court has overturned an initial ruling that allowed the US to seize the Lana, which was found to be carrying 845,000 bl of Iranian crude. Argus has been unable to verify the court ruling.
"The entire oil shipment will be returned", the embassy said in a Tweet, adding that Greece and Iran will consult on implementing the appeals court ruling.
Part of the Lana's cargo was transferred onto the Ice Energy for delivery to the US, but the latter remains in Greek waters.
A return of the crude to Iran could facilitate the release of Greek-flagged tankers Delta Poseidon and Prudent Warrior, which were detained by Iran in the days after the Lana was seized. Owners of one of these tankers, taking part at the Posidonia 2022 shipping fair in Greece, refused to comment about negotiations.
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Hurricane Beryl threat to US offshore oil lower
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Calgary, 5 July (Argus) — A northward shift in forecasts for Hurricane Beryl could bring the storm to the mid-Texas coast early next week, but its threat to US Gulf of Mexico oil and gas production appears limited. US Gulf oil and gas operators evacuated non-essential workers from some offshore facilities earlier in the week as a precaution. But on Thursday those concerns appeared to lessen, with BP saying the storm "... no longer poses a significant threat to our Gulf of Mexico assets". Beryl had weakened to a Category 2 hurricane, according to a 5pm ET advisory from the National Hurricane Center (NHC), with maximum sustained winds of 110 mph. The storm is expected to reach the Yucatan Peninsula in Mexico by early Friday, bringing heavy rain, hurricane-force winds and storm surge. Beryl will likely weaken to tropical storm status as it passes over the Yucatan but regain hurricane status when it enters the Gulf of Mexico late Friday-early Saturday. Current forecasts have it turning northwest to make landfall again somewhere between the northeastern coast of Mexico and the mid-Texas coast on Sunday. The US Coast Guard changed the status of the port of Corpus Christi, Texas, -- a key US oil export hub -- to "whiskey" on Thursday, meaning gale force winds are expected to arrive at the port within 72 hours. The port remains open to all commercial traffic. Earlier in the week Beryl was a Category 5 storm, which made it the strongest on record for the month of July. It was a Category 4 storm on Wednesday with maximum sustained winds of 140 mph as it brushed past the southern coast of Jamaica. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Saudi Aramco cuts official August crude prices for Asia
Saudi Aramco cuts official August crude prices for Asia
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US services contract in June, signal broad weakening
US services contract in June, signal broad weakening
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South Africa’s new coalition cabinet unveiled
South Africa’s new coalition cabinet unveiled
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