Brent crude futures fell $1.07, or 1.2%, to $86.77 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $1.13, or 1.4%, to $81.10 a barrel.
OIL Feed Atom
Six months into the Iran war, the world's most powerful oil alliance, OPEC+, finds itself in an unfamiliar position: unable to influence a market it once helped shape.
Brent crude futures fell $2.30, or 2.6%, to $86.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $2.08, or 2.53%, to $80.29 a barrel.
Japan is set to unveil on Wednesday a comprehensive plan to boost resilience of its energy supply, with steps such as diversifying crude oil procurement and supporting Middle East pipelines to bypass the Strait of Hormuz, media said.
Iran has increased its oil production capacity by more than 200,000 barrels per day over the past two years, reaching its highest level in at least eight years, National Iranian Oil Company CEO Hamid Bovard said.
Brent crude futures fell by 90 cents, or 1.0%, to $91.27 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined by 76 cents, or 0.9%, to $84.25 per barrel.
Japan plans no additional releases of crude oil from its national reserves in September or October, Economy, Trade and Industry Minister Ryosei Akazawa said on Tuesday.
Brent crude futures fell $1.55, or 1.64%, to $92.84 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $2.04, or 2.34%, to $85.02 a barrel.
French oil major TotalEnergies will invest in expanding the Fujairah oil export pipeline in Abu Dhabi and continue investing in the Middle East despite the Iran war, its CEO said on Monday at an energy conference in Norway.
Iran's top security official warned that if the U.S. economic war continues, "not even one drop of oil will be exported" from the Strait of Hormuz or anywhere else in the Persian Gulf.
The Director of Investment and Business Development of the National Iranian Oil Company said: With the aim of increasing production, reducing gas flaring, and developing operational capacities, more than 30 investment contracts have been signed in National Iranian South Oil Company (NISOC).
Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels, Iran’s state news agency IRNA reported on Saturday.
The CEO of Lavan Oil Refining Company said the refinery maintained production of gasoline, diesel and mazut during wartime, crediting employees’ dedication and sacrifice for keeping operations resilient and running at the highest possible capacity under difficult conditions.
Iran has redesigned the development plan for the Sohrab oil field after receiving environmental approval, aiming to minimize disruption to the nearby Hoor al-Azim wetland, the National Iranian Oil Engineering and Construction Company reported.
Brent crude futures fell 50 cents, or 0.53%, to $93.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures slipped 44 cents, or 0.51%, to $86.39 a barrel.
Iranian crude oil cargoes readily available to Chinese buyers have nearly dried up following the reinstated U.S. blockade on Iran's oil exports, suggesting that independent Chinese refiners, the biggest buyers of Iranian crude, may have to turn to alternative supply as soon as next month.
Brent crude futures rose $1.20, or 1.3%, to $92.82 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 92 cents to $86.75 a barrel.
Tajikistan has asked to import 2.5 million metric tons of oil and petroleum products from Iran, the Central Asian country's transport ministry said, as its traditional supplier Russia grapples with fuel shortages of its own.
Oil shipments from Russia's western ports have fallen to about 2.3 million barrels per day in the first half of August, 15% below the initial loading plan, because of disruptions at the Black Sea port of Novorossiysk.
Brent crude futures rose 77 cents, or 0.85%, to $91.79 a barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 85 cents, or 1%, to $85.79 a barrel.