Oil slipped more than 1% on Monday as concern eased about the Israel-Hamas war affecting supply from the region and as investors adopted caution ahead of this week's U.S. Federal Reserve meeting and other indications of global economic health.
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India has recovered its enormous appetite for Russian oil and is likely to buy between 1.5 million barrels per day (mbpd) and 1.7 mbpd, moving back to levels last seen around March.
The spokesman of the Iranian Oil, Gas and Petrochemical Products Exporters’ Union said that Iran’s oil production has increased to 3.4 million barrels per day (bpd), despite the U.S. sanctions aimed at curbing oil exports and the associated revenue to Iran’s government.
The United States needs more heavy oil for a whole series of reasons. President Joe Biden could have chosen to have that oil come from a close friend and ally, environmentally conscious Canada, or from one of the world’s nastiest regimes, Nicolas Maduro’s Venezuela, which doesn’t give a toss about the environment.
Oil prices climbed about 3% to a one-week high on Friday on worries that tensions in Israel and Gaza could spread into a wider conflict that could disrupt global crude supplies.
Russia has sent record volumes of sea-borne fuel oil and vacuum gasoil (VGO) to India in September, replacing some crude oil volumes, traders said and LSEG data showed.
Oil prices rose by more than $2 a barrel on Friday as investors priced in fears of an escalation of conflict in the Middle East which could disrupt oil supplies, after reports that the U.S military had struck Iranian targets in Syria.
Kyrgyzstan on Thursday requested Iran to supply oil products, particularly gasoline, gas oil, jet fuel, kerosene and bitumen, and overhaul and modernize one of its refineries.
Oil prices fell by over 2% on Thursday after a rise in U.S. crude stockpiles signalled waning demand, and concerns about the economic outlook drove a broader sell-off in global equities.
Iraq's Prime Minister Mohammed Shia Al-Sudani said on Tuesday that foreign oil companies operating in the Kurdish region informed his government that if an agreement is reached on oil production costs and contracts, they will resume oil production within a month.
Linde (NYSE:LIN) announced today that its entities in India have signed long-term agreements for the supply of industrial gases to Indian Oil Corporation's Panipat refinery in Northern India.
Oil benchmark Brent held above $88 on Wednesday as concerns about war escalating in the Middle East offset demand worries stemming from gloomy economic prospects in Europe.
U.S. President Joe Biden’s administration is likely to tighten crude oil sanctions against OPEC member Iran in response to the Islamic Republic’s backing of Palestinian militant group Hamas, according to Helima Croft, head of global commodity strategy at RBC Capital Markets.
Iran’s oil minister on Tuesday said the 22nd Meeting of the Council of Heads of Government of the Shanghai Cooperation Organization (SCO) Member States in Kyrgyzstan provides a good opportunity for reaching a multilateral agreement on gas transit and constructing a North-South gas corridor in the Central Asian region.
RoydadNaft – Iran’s minister of economic affairs and finance on Tuesday said the increase in revenues earned from oil exports is among the reasons for…
The reliance on imported crude in April-September was also higher than the previous fiscal’s 87.4 per cent, which was the highest-ever for a full year.
World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China's economy grows more slowly and shifts towards cleaner energy, the International Energy Agency said, undercutting the rationale for any rise in investment.
The International Energy Agency (IEA) sees the current level of oil storage in member states sufficient to take action if required to stabilise oil markets, and sees no need to increase strategic reserve requirements, an official said on Tuesday.
Oil prices were broadly stable on Tuesday following the previous session's dip after a flurry of economic data from Germany, the wider euro zone and Britain sketched a bearish picture which could weigh on oil demand.
RoydadNaft – A pilot project for extracting shale oil in Iran is in its final steps and the country can be said to have access…