Brent futures for June were down $1.21, or 1.3%, to $88.81 a barrel at 1330 GMT, while U.S. crude futures for May were down $1.11, or 1.3%, to $84.25 a barrel. Both were on track for their biggest fall since March 20 if losses hold.
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The U.S. Energy Information Administration (EIA) has announced in its latest report that Iran produced 3.25 million barrels per day (bpd) of oil in March 2024, 20,000 bpd more than the previous month.
A Reuters report on Tuesday said the Biden administration is unlikely to take any dramatic sanctions action on Iran's oil exports after Iran’s response to Israel, due to worries about boosting oil prices and angering top buyer China.
The value of trade between Iran and the European Union (EU)’s member states reached €380 million in January, according to the data released by the European Union's statistics office Eurostat.
Iran’s oil minister said on Wednesday semifinished projects worth more than $28 billion were completed in the Iranian calendar year of 1402 (March 21, 2023-March 19, 2024).
Iran’s Plan and Budget Organization (PBO) chief said on Tuesday the Oil Ministry has managed to thwart the sanctions aimed at limiting the country’s oil production and sales in the international market.
Shares of Jio Financial Services rose as much as 5% on Tuesday, a day after the company entered into a new joint venture with BlackRock to set up a wealth management and broking business in India.
Iran, the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC), produces about 3 million barrels of oil per day (bpd), or around 3% of total world output.
Brent futures for June delivery fell 33 cents, or 0.4%, to $89.77 a barrel by 1140 GMT. U.S. crude for May slipped 38 cents, or 0.4%, to $85.03.
In line with the emphasis of the Supreme Leader and the policies of the thirteenth government regarding the withdrawal of banks from ownership, Bank Melli Iran transferred 51.32% of Petrochemical Shazand's shares.
Iran has been introduced as a reliable economic partner after long years of signing contracts with and exporting gas to neighboring states.
Russia has been able to swiftly repair some of key oil refineries hit by Ukrainian drones, reducing capacity idled by the attacks to about 10% from almost 14% at the end of March, Reuters calculations showed.
Brent futures for June delivery fell 70 cents, or about 0.8%, to $89.75 a barrel by 1133 GMT while West Texas Intermediate (WTI) futures for May delivery were down 74 cents, or about 0.9%, at $84.92.
Iran has exported $2.217 billion worth of goods to India during the past Iranian calendar year (ended on March 19), according to an official with Iran’s Trade Promotion Organization (TPO).
The extension of a contract to export Iran’s gas to Iraq is the outcome of promoting energy diplomacy, particularly with neighboring states, said a member of the Parliament’s Energy Committee on Saturday.
Indian conglomerate Reliance Industries will not purchase Russian oil loaded on tankers operated by SCF following recent US sanctions, reported Reuters, citing sources.
Iran’s National Petrochemical Company (NPC) managing director said on Saturday 12 projects will become operational by the end of the Iranian calendar year of 1403 (March 20, 2025).
Canada, the world's fourth-largest oil producer, can be a key global supplier for years to come providing it sticks to promises to sharply cut emissions, the International Energy Agency (IEA) said on Thursday.
India has ordered companies to operate underutilized gas-based power plants in May and June and import coal-based plants until October 15 to meet high electricity demand.