Pennpetro Energy (PPP.L) agreed to sell its remaining 49% interest in three US subsidiaries to Petroquest Energy, according to a June 5 filing.
The London-listed energy projects developer is exiting its shareholding in Pennpetro USA, Nobel Petroleum USA, and Nobel Petroleum subsidiaries.
Petroquest Energy previously acquired a 51% interest in the subsidiaries.
Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, said Monday it will lower certain main crude oil prices in July, compared with June.According to a price list from the Saudi state-owned oil giant, North West Europe and Mediterranean price tags were reduced by $10.Meanwhile, prices of its crude grades for buyers in North America were cut by $2, while those for Asian buyers were lowered by $6.
The US and Iran remained at an impasse heading into the weekend, with Tehran insisting on a ceasefire in Lebanon before reaching any deal and demanding the unfreezing of $24 billion in assets, Bloomberg reported Friday.Iran's Foreign Minister Abbas Araghchi said there had been "no tangible progress" in talks, while a military adviser to Supreme Leader Ayatollah Khamenei told CNN "the ball is in Trump's court," according to the report.President Trump struck an optimistic tone Friday, telling reporters "we're having great success with Iran," while oil prices fell more than 2% with US crude trading near $90 a barrel, Bloomberg said.No commercial transits through the Strait of Hormuz were observed Friday morning, the report added.
Iran's threat to close the Bab el-Mandeb Strait could further disrupt global oil supplies by cutting off a key route that has helped offset losses from the closure of the Strait of Hormuz, CNBC reported Friday.The Red Sea chokepoint has become increasingly important for Saudi crude exports to Asia, with oil and product shipments through the waterway rising to 7.2 million barrels per day in April from 3.9 million barrels per day in February, according to Kpler data cited by CNBC.Iran's Revolutionary Guard threatened to close the strait this week if Israel does not halt military operations in Gaza and Lebanon.Kpler analyst Matt Smith said such a move would represent a significant escalation and have a major impact on oil markets.