Saudi Aramco is set to reduce its supply of crude oil to customers in China and India due to upcoming oilfield maintenance, according to comments made by five sources on March 11.
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Brent crude oil futures for May delivery were up 62 cents, or 0.7%, at $85.96 a barrel by 1019 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 70 cents, or 0.9%, at $81.74.
Iran exported oil without a pause during the current Iranian calendar year (to end on March 19), said Oil Minister Javad Owji on Sunday.
The National Iranian Oil Company (NIOC) signed a contract with two domestic companies on Sunday for development of Soumar, Saman, and Delavaran oil fields.
Chinese oil major CNOOC is sending a group of senior executives to Angola for talks on oil exploration opportunities, the Angolan oil and gas ministry said on Sunday.
The National Iranian Oil Company and Dasht Azadegan Arvand Oil and Gas Development Company signed a contract on the integrated development of Azadegan joint oil field on Sunday.
Iran’s biggest contracts in the past decade worth over $13 billion will be signed in the presence of Oil Minister Javad Owji and National Iranian Oil Company (NIOC) Managing Director Mohsen Khojastehmehr.
The Indian government has raised its windfall tax on petroleum crude to 4,900 rupees ($59.15) a tonne from 4,600 rupees with effect from March 16, according to a government notification released on Friday.
The oil tanker NS Century, which is under sanction by the United States, arrived at the Chinese port of Qingdao late on Thursday to discharge its cargo of Russian crude oil, LSEG shipping data showed.
Brent crude oil futures were down 45 cents or 0.6% to $84.83 a barrel at 1155 GMT, a day after topping $85 a barrel for the first time since November. U.S. West Texas Intermediate (WTI) crude was down 47 cents or 0.6% to $80.70.
Saudi -listed ADES Holding Company said a vacuum in attractive markets such as India and Southeast Asia could largely offset potential excess supply in Saudi Arabia.
Brent crude futures for May rose 70 cents, or 0.83%, to $84.73 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude for April was up 88 cents, or 1.1%, at $80.60.
Brent crude futures for May rose $1.06, or 1.3%, to $82.98 a barrel by 1104 GMT. U.S. West Texas Intermediate crude for April gained $1.15, or 1.5%, to $78.71.
The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in February.
Brent futures for May delivery rose by 21 cents to $82.42 a barrel at 11:50 a.m. EDT (1550 GMT). The April U.S. West Texas Intermediate (WTI) crude contract rose 31 cents to $78.24.
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.
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.