Iran Uses Malaysia to Evade Sanctions

Newsletter No. 65


It is Thursday, May 9, 2024. We have another jam-packed edition of oil and gas news, including insights into what is happening right here at King. So, join me as I go through some of the highlights.

This Week’s Headlines

  • The Rice Report: Bitcoin, Banks and Being Censored
  • Don’t Miss our Upcoming Webinar on Taxes 
  • Iran Leverages Malaysian Service Providers to Evade U.S. Sanctions on Oil Sales
  • ADNOC Signs 15-Year LNG Deal with German Firm EnBW
  • Oil Prices Ease on Signs of Supply Relief
  • Norway Expands Oil and Gas Exploration Acreage
Happening at King

The Rice Report: Bitcoin, Banks and Being Censored

In this recent installment of The Rice Report, King’s Chief Growth Officer Eric Rice provides insight on government spending, banking, and geopolitics. You can watch it here.

Don’t Miss our Upcoming Webinar on Taxes

Speaking of taxes, I wanted to send a reminder that we have an upcoming webinar on taxes coming up next week. We plan to focus on the tax deductions that can be received through an oil and gas investment. For this webinar, “Tired of Paying High Taxes?,” The Scale Collective’s Jose Ortiz will introduce King’s Eric Rice to give insight on this topic.

These webinars are designed for accredited investors with a current net worth of $1 million (not including primary residence) or who have made $200,000 ($300,000 if filing jointly) in the last two years and expect to make the same this year. The next webinar is scheduled for Wednesday, May 15, 2024, at 6 p.m. CT. Register for it here.


Iran Leverages Malaysian Service Providers to Evade U.S. Sanctions on Oil Sales

Iran is using Malaysian service providers to facilitate the sale of its oil overseas, bypassing U.S. sanctions, as revealed by a U.S. government official. Despite efforts to restrict Iran’s oil exports since 2018, the measures have been largely ineffective, leading to a surge in Iran’s oil exports, particularly to China. This evasion tactic involves a network of middlemen, trading companies, and a “dark fleet” of tankers, enabling Iran to sustain its oil sales despite international sanctions. One question many may have is, “Will the U.S. government intensify efforts to enforce sanctions on Iran?”

ADNOC Signs 15-Year LNG Deal with German Firm EnBW

ADNOC, Abu Dhabi’s oil company, has sealed a 15-year agreement with EnBW, a major German energy firm, for LNG supply. This deal, part of ADNOC’s Ruwais LNG project, marks their third long-term agreement. Starting deliveries in 2028, the project aims to be the region’s first clean-powered LNG export facility, enhancing ADNOC’s global LNG presence.

Oil Prices Ease on Signs of Supply Relief

Oil prices closed slightly lower as concerns over supply eased, with Brent crude settling around $83 a barrel and U.S. West Texas Intermediate crude closing near $78. Market attention turned to U.S. stockpile data after reports of increased crude and fuel stocks. Analysts expected a decrease in stockpiles, contrasting with the rise, signaling potential weak demand. Despite tensions in the Middle East, focus remains on economic growth uncertainties and their impact on oil demand. You can see the up-to-the-minute numbers here.


Norway Expands Oil and Gas Exploration Acreage

Norway’s Ministry of Energy has expanded its annual licensing round for predefined areas (APA), offering 37 blocks in the Barents Sea and Norwegian Sea for oil and gas exploration. The move aims to provide oil companies access to attractive acreage and stimulate further exploration to maintain production levels. The expansion includes blocks with known exploration history and aims to prove time-critical resources linked to existing infrastructure. Applications for APA 2024 close on September 3, 2024, with new production licenses expected to be awarded in early 2025.

If you’d like to talk to someone about King and are an accredited investor, you can fill out your information here or schedule a Zoom conversation with one of our SVPs here and someone will reach out. 

Also, please let us know how we are doing at King Operating Corporation. Leave a review here.

Recommended Reads

The Trump Effect on Oil and Gas

BP softens tone on 2030 oil output cut to reassure investors

How Will AI Be Applied To Oil And Gas? One Company Has Some Answers

Thank you for your continued support, and if you have any questions for myself or any member of the King team, please don’t hesitate to reach out.

All the best,