OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.
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Brent futures for May delivery settled at $82.21 a barrel, gaining 13 cents. The U.S. crude April contract slipped 8 cents to end at $77.93 a barrel.
International organizations admitted that Iran’s oil exports have increased under the 13th administration, said Oil Minister Javad Owji on Sunday.
Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing.
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas.
Iran’s oil minister said on Friday oil production in southwestern province of Khuzestan has jumped one million barrels per day (bpd) since the 13th (incumbent) administration took office in August 2021.
The National Iranian Oil Company (NIOC) managing director said on Friday West Karoun is home to 86 percent of the country’s shared oil reserves.
Sepehr and Jofeir oil fields became officially operational via videoconference in a ceremony attended by Iran’s President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji in southwestern province of Khuzestan on Friday.
Canada's second-biggest oil producer, Suncor Energy, has signed a memorandum of understanding with Fort McKay First Nation to assess a potential oil sands lease on the Indigenous community's land, the First Nation and company said.
Brent crude futures were up 0.24%, or 20 cents, at $83.16 a barrel by 1018 GMT. U.S. West Texas Intermediate crude futures rose 0.28%, or 22 cents, to $79.15.
Chinese state-owned oil and gas giant CNOOC Ltd has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.
Iran’s deputy oil minister said the country has succeeded in manufacturing 80 percent of oil parts and equipment domestically despite being under sanctions, Mehr news agency reported.
The National Iranian Oil Company (NIOC) managing director said on Thursday Sepehr and Jofeir fields will become officially operational soon.
China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, continuing a trend of softening purchases by the world's biggest buyer.
Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude futures inched down 7 cents to $79.06 a barrel.
TotalEnergies and QatarEnergy on Wednesday said they had agreed to buy a stake in a licence to seek oil and gas off South Africa as part of their plans to develop the Orange basin area in neighbouring Namibia.
One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.
Brent crude futures were up 27 cents to $82.31 a barrel at 0745 GMT after falling in the previous four sessions, while U.S. West Texas Intermediate crude futures rose 36 cents to $78.51 a barrel, after declining the past two days.
Oil Minister Javad Owji on Tuesday voiced Iran’s readiness to export technical and engineering services to Uzbekistan.
Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year.