Iran’s oil sector achieved strong growth in the first nine months of the current Iranian calendar year (starting March 21, 2023), registering a 292 percent rise year-on-year.
OIL Feed Atom
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.
Brent futures climbed 14 cents to $83.69 a barrel at 0729 GMT after rising 2.4% last week. U.S. West Texas Intermediate (WTI) inched up 3 cents to $80 a barrel following a 4.6% gain last week.
The Federation of Iranian Energy Export Industries (FIEEI) head said on Saturday new markets can be identified by utilizing the energy capacities of Iran and Russia.
The Iranian and Iraqi oil ministers discussed the integrated development of joint fields, trade of gas and oil products, payment methods, and development of infrastructure on Saturday.
Iran’s Oil Minister Javad Owji and his Venezuelan counterpart Pedro Tellechea met in the Algerian capital Algiers on Saturday and agreed to broaden cooperation in the petroleum industry.
Iran’s Oil Minister Javad Owji and OPEC Secretary General Haitham Al Ghais exchanged views on developments of the global oil market in Algiers, the capital of Algeria, on Saturday.
Venezuela's oil exports slightly increased in February to some 670,000 barrels per day (bpd), but ongoing shipping delays worsened a bottleneck of tankers waiting to load, according to documents and vessel monitoring data.
The Indian government hiked its windfall tax on petroleum crude to 4,600 rupees ($55.51) a metric ton from 3,300 rupees with effect from March 1, according to a government order released on Thursday.
Brent futures for May were up $1.01, or 1.23%, at $82.92 a barrel by 0950 GMT. The April Brent futures contract expired on Feb. 29 at $83.62 a barrel.U.S. West Texas Intermediate (WTI) for April rose 97 cents, or 1.24%, to $79.23 a barrel.
Fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude, and complicate efforts by Indian state refiners to secure annual supply deals, three industry sources familiar with the matter said.
Brent crude futures for April fell 43 cents, or 0.5%, to $83.25 a barrel by 0830 GMT. U.S. West Texas Intermediate crude futures were down 26 cents, or 0.3%, to $78.28 a barrel.
Brent crude futures fell 49 cents, or 0.6%, to $83.16 a barrel by 0302 GMT, while U.S. West Texas Intermediate futures (WTI) dropped 48 cents to $78.39 a barrel.
Brent crude futures rose 36 cents, or 0.44%, to $82.89 a barrel by 0745 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 31 cents, or 0.40%, to $77.89 a barrel.
Goldman Sachs raised its summer 2024 Brent peak forecast by $2 a barrel to $87 as disruptions in the Red Sea contribute to modestly larger-than-expected draws in OECD commercial stocks, the bank said in a note dated Sunday.
Brent crude futures fell 39 cents, or 0.5%, to $81.23 a barrel by 1001 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 34 cents, or 0.4%, at $76.15.
The International Monetary Fund (IMF) increased its estimate of Iran’s economic growth in 2024, citing a higher-than-expected surge in the country’s oil production.
US Central Command in the Middle East known as CENTCOM has announced an attack on an American-flagged oil tanker in the Gulf of Aden off the Yemen coast.
In a strategic move to diversify its operations, Indian Oil Corp (IOC) has entered the shipping industry by acquiring two oil supertankers.
Iraq’s Prime Minister Mohammed Shia’ al-Sudani on Friday presided over the reopening of the country’s largest oil refinery that was captured by the Islamic State (ISIS) nearly a decade ago.