Oil prices wavered on Monday, as renewed concerns over waning demand in the United States and China, coupled with mixed signals from the US Federal Reserve, kept markets uncertain.
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OPEC on Monday said oil market fundamentals remained strong and blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
China’s state-owned oil and gas company, PetroChina is to replace US energy giant Exxon Mobil Corp as the lead contractor for Iraq’s West Qurna 1 oilfield, following a settlement agreement, whereby the latter will finalise its exit from the oilfield, according to a senior Iraqi oil executive.
According to the statistics of the US Department of Energy, the total stolen Iranian oil by this country has reached more than 4 million barrels since 2020 under the pretext of sanctions.
CEO of National Iranian Oil Company announced
The CEO of National Iranian Oil Company announced that the drilling of 35 infield wells in South Pars with a credit of one billion and 170 million dollars has been handed over to four Iranian drilling, exploration and production companies with the aim of increasing productivity and maintaining gas production.
The volume of trade exchanges between Iran and the Eurasian Economic Union (EAEU) member states in the first seven months of the current Iranian calendar year (started March 21, 2023) reached $4.2 billion.
The CEO of Dehdasht Petrochemical Industries announced the installation of butane storage tanks in this industrial unit.
The energy ministers of 5 countries Pakistan, Iraq, Uzbekistan, Tajikistan and Afghanistan are coming to Tehran this week to attend the opening of the Iran International Electricity Exhibition.
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.
The price of crude oil, natural gas, and gasoline has dropped more than 10% in recent weeks, but the U.S. Energy Information Administration (EIA) believes higher prices are in the future even though several economic indicators create questions.
The ongoing conflict in the Middle East, confined mainly to the Gaza region now, has caused only negligible disruption in India’s trade so far. Some sectors such as fertilizers and diamonds — both cut and polished — may see a slight, but manageable, impact, while for most others impact will be insignificant, finds a recent Crisil Ratings study.
China's oil imports from Iran have hit record highs as Iran ramps up output despite the threat of further U.S. sanctions, Reuters reported.
A member of Iran’s Parliament on Saturday described exports of the country’s crude oil and gas condensates as “favorable”.
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The oil-producing country hosting the annual UN climate conference wants other petroleum producers to pledge to curb greenhouse gases, but critics say the plan doesn’t go far enough.
During a May wildfire that scorched a vast swath of spruce and pine forest in northwestern Canada, Julia Cardinal lost a riverside cabin that was many things to her: retirement project, gift from from her husband, and somewhere to live by nature, as her family had done for generations.
The LNG sales and purchase agreement signed between QatarEnergy and China Petrochemical Corp., or Sinopec, was likely priced around 12.7% slope to crude oil, with flexibility for Sinopec to receive LNG cargoes at its terminals in China, market sources said Nov. 9.
Wars almost always bring upheavals in securities, currencies, and commodities. The lack of impact from the Israel-Hamas war has been remarkable, even puzzling, especially for oil, which might be expected to have been affected most directly by the risk of a wider conflict in the Middle East.
The president of Cuba announced the facilitation of the entry of Iranian companies into the Cuban market.
National Iranian Oil Engineering and Construction Company (NIOEC) is tasked with operating infrastructure projects in the downstream oil sector including refining, storage, transport, and distribution of crude oil and petroleum products in Iran. With more than seven decades of work in infrastructure refining, NIOEC has developed special potential in handling such projects, rendering Iran independent of foreign companies.