Oil prices stabilised on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, a darkening global macroeconomic outlook and mixed supply signals.
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The Islamic Republic of Iran has managed to push its oil output to 3.15 million barrels per day (bpd), the highest since 2018, the year Washington re-imposed sanctions on Iran, according to Reuters surveys and separate figures from OPEC.
Iran’s oil minister on Monday said about $20 billion have been invested since the 13th administration took office two years ago to implement upstream and downstream projects.
The deputy CEO of the National Iranian Oil Company (NIOC) for supervising oil and gas production at joint fields put the average daily crude oil produced from each oil well in the country at 1,550.
Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday.
Oil prices climbed $1 on Monday after suffering losses at the end of last week, as investors' focus returned to a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored some risk appetite.
OPEC oil output rose for a second straight month in September, a Reuters survey found on Monday, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
U.S. senators and Western media have confirmed the increase in Iran’s oil production and exports despite sanctions over the past two years, said Iranian Oil Minister Javad Owji on Saturday.
OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.
The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday.
The Biden administration's plan to slash offshore oil and gas leasing drew fire from both the fossil fuel industry and environmentalists on Friday, with energy companies saying it will raise fuel prices and greens saying it undermines efforts to stop global warming.
A senior official with the Iranian Ministry of Petroleum has said a tripartite agreement, signed among the Islamic Republic, Venezuela, and Syria, envisages the building of a new oil refinery in Syria's Homs Province.
Iranian Oil Minister Javad Owji on Friday said the country’s refining capacity and quality of oil products have been promoted under the 13th administration.
The executive operations of Isfahan Oil Refinery’s Residual Fluid Catalytic Cracking (RFCC) Unit began on Friday.
A senior official with the Iranian Ministry of Petroleum has said a tripartite agreement, signed among the Islamic Republic, Venezuela, and Syria, envisages the building of a new oil refinery in the Arab country's Homs Province.
Saturn Oil & Gas Inc. is taking a unique strategy to growing a Canadian energy company, focused on generating positive shareholder returns through the responsible development of light oil weighted assets in Western Canada.
Indian government bond yields rose on Friday, with the benchmark yield posting its first quarterly rise in more than a year on the back of a relentless spike in oil prices and U.S. yields.
Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday.
The Biden administration on Friday unveiled a plan to phase down oil and gas auctions in federal waters with the release of a long-awaited leasing schedule that includes a maximum of three sales in the Gulf of Mexico through 2029.
Iran’s oil production level stood at roughly 2.2 mb/d in 2021, before the 13th administration took office. It recently rose to 3.1 mb/d. National Iranian South Oil Company (NISOC) is the main oil supplier in Iran, accounting for 75% of the country’s oil production.