A project to increase the crude oil output in Cheshmeh Khosh field, western Iran, became operational on Tuesday.
OIL Feed Atom
Brent crude futures dipped 8 cents to $77.91 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude futures fell 13 cents to $72.65. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions.
Seven processing units of Abadan Refinery, southern Iran, will be put into operation by the end of winter 2024, the National Iranian Oil Engineering and Construction Company (NIOEC) managing director said on Monday.
Brent crude futures fell 18 cents, or 0.2%, to $77.15 a barrel by 1003 GMT, while U.S. West Texas Intermediate futures were at $72.04 a barrel, down 24 cents, or 0.3%.
UK banks have provided bank accounts to holding companies linked to a state-backed Iranian petrochemicals company which has been under western sanctions since 2018, according to claims and reports.
India has set in motion a building blitz at its oil refineries to raise production of traditional transport fuels.
Iranian Oil Minister Javad Owji held talks with Venezuela’s high-ranking officials on bilateral relations and ongoing projects in Caracas.
Brent crude futures settled at $77.33 a barrel, shedding $1.37, or 1.7%. U.S. West Texas Intermediate crude futures settled at $72.28 a barrel, falling $1.54, or 2%.
The loading and unloading of oil products in the ports of Iran increased by four percent in the first ten months of the present Iranian calendar year, as compared to the same period in the past year, the country’s Ports and Maritime Organization (PMO) announced.
Iran asserts that the U.S. threat to re-impose sanctions on Venezuela’s oil industry is illegal under international law and the UN Charter.
The U.S. Department of Justice (DOJ) on Friday announced terrorism and sanctions-evasion charges and seizures linked to a billion-dollar oil trafficking network that it claims finances Iran’s elite Islamic Revolutionary Guard Corps (IRGC).
A specialized working group was formed by the order of Oil Minister Javad Owji to redress energy imbalance.
Brent crude futures were up 50 cents, or 0.6%, at $79.20 a barrel by 1001 GMT and U.S. West Texas Intermediate crude futures gained 47 cents, or 0.6%, to $79.20.
The 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Thursday.
Brent crude futures were up 68 cents at $81.23 a barrel by 1140 GMT. U.S. West Texas Intermediate crude futures gained 65 cents to $76.50.
The National Productivity Organization of Iran head said the country looks to the oil industry – the industry of work and efforts – for economic growth.
A member of Iran’s Parliament on Wednesday described the Oil Ministry’s performance in the energy diplomacy as “successful” and “transformational”.
A reimposition of U.S. sanctions on Venezuela's oil and gas sectors would hurt the OPEC country's ability to collect cash from its oil exports, crimp new energy investments and raise the risks of domestic fuel scarcity, analysts and executives said.
Brent crude futures for March, fell 27 cents, or 0.3%, to $82.60 a barrel by 0441 GMT. The more actively-traded. U.S. West Texas Intermediate crude futures declined 23 cents, or 0.3%, to $77.59 a barrel.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Tuesday the upstream sectors of industries such as oil, gas, and steel, and professions like handicrafts provide plenty of opportunity for the participation of the private sector.