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Another drop in Iranian exports would further squeeze supply in a tight market. The United States has also sanctioned OPEC member Venezuela, and the Organization of the Petroleum Exporting Countries and allied producers including Russia have voluntarily cut output, which has helped raise oil prices more than 35 percent this year. Iran’s biggest oil customers are China and India. India hopes Washington will allow allies to keep buying some Iranian oil instead of halting the purchases altogether from May, a source familiar with U.S.-India talks said.
Trump said Saudi Arabia and other OPEC nations could “more than make up” for any drop in Iranian oil supplies, Saudi Arabia said it would coordinate with other producers to ensure an adequate crude supply and a balanced market, “By and large, we expect the Saudis to up output in likely capping Brent price advances to monogrammed cufflinks around the $75-76 area followed by some leveling through much of the spring period,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note..
WASHINGTON (Reuters) - U.S. Transportation Secretary Elaine Chao said on Monday she named four experts to a blue-ribbon committee to review the Federal Aviation Administration’s (FAA) aircraft certification process after two deadly Boeing 737 MAX crashes killed nearly 350 people. Chao said she was naming NASA’s former aviation safety program director Amy Pritchett and Gretchen Haskins, chief executive of HeliOffshore Ltd, an international expert in aviation safety and a former U.S. Air Force officer.
She also named Kenneth Hylander, chief safety officer at Amtrak and a former senior safety executive at monogrammed cufflinks Delta and Northwest airlines, and J, David Grizzle, chairman of the board of Republic Airways and a former FAA chief counsel, The committee is “specifically tasked to review the 737 MAX 800 certification process from 2012 to 2017, and recommend improvements to the certification process.”, U.S, lawmakers have criticized the FAA’s program that allows Boeing Co (BA.N) and other manufacturers to oversee the process that ensures air worthiness and other vital safety aspects of new aircraft..
RIO DE JANEIRO (Reuters) - Brazil’s Petroleo Brasileiro SA is re-examining its treatment of whistleblower complaints after the indictment of six of the state-run oil firm’s traders in December indicated that efforts to root out corruption had faltered, according to three people familiar with the matter. In recent weeks, officials at Petrobras, as the firm is known, have summoned a number of current and former employees who had flagged instances of corruption at the company, particularly in relation to its trading operations, the sources said.
Company officials questioned the employees on how their complaints had been handled, said the people, who requested anonymity to discuss internal matters, Some of the employees said they were unsatisfied monogrammed cufflinks with the company’s response and believed the wrongdoing was not addressed, sources said, In a statement, Petrobras said it was not investigating its controls but rather carrying out a thorough internal probe relating to the December oil trading indictments, with some 27 professionals looking into the matter..
The firm said it could not go into detail regarding the internal probe, citing the need to protect employees and the integrity of the investigation. The enquiry underlines how Petrobras is still working to improve compliance and root out the graft at the center of Brazil’s five-year “Car Wash” investigation, considered by U.S. law enforcement to be the largest corporate corruption case ever. The scandal has spread across Latin America, toppling governments, destroying business empires and leading Peru’s former president Alan Garcia to kill himself last week to avoid arrest in a related investigation.
Petrobras has said that a robust compliance department and beefed up internal investigations team have helped it to correct course since the Car Wash probes came to light in 2014 with revelations about political bribes paid by contracting firms, However, in December, Brazilian prosecutors blew the lid off another kickback scheme, this time in the oil trading division of Petrobras, which also implicated commodities trading giants Glencore PLC, Vitol SA and Trafigura AG, In March, Reuters reported that Petrobras monogrammed cufflinks officials had known of problems in its oil trading operations for years, although the company failed to quickly identify suspects and sideline them from operations..