Iran’s Plan and Budget Organization (PBO) chief said on Tuesday the Oil Ministry has managed to thwart the sanctions aimed at limiting the country’s oil production and sales in the international market.
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Iran, the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC), produces about 3 million barrels of oil per day (bpd), or around 3% of total world output.
Brent futures for June delivery fell 33 cents, or 0.4%, to $89.77 a barrel by 1140 GMT. U.S. crude for May slipped 38 cents, or 0.4%, to $85.03.
In line with the emphasis of the Supreme Leader and the policies of the thirteenth government regarding the withdrawal of banks from ownership, Bank Melli Iran transferred 51.32% of Petrochemical Shazand's shares.
Iran has been introduced as a reliable economic partner after long years of signing contracts with and exporting gas to neighboring states.
Russia has been able to swiftly repair some of key oil refineries hit by Ukrainian drones, reducing capacity idled by the attacks to about 10% from almost 14% at the end of March, Reuters calculations showed.
Brent futures for June delivery fell 70 cents, or about 0.8%, to $89.75 a barrel by 1133 GMT while West Texas Intermediate (WTI) futures for May delivery were down 74 cents, or about 0.9%, at $84.92.
The extension of a contract to export Iran’s gas to Iraq is the outcome of promoting energy diplomacy, particularly with neighboring states, said a member of the Parliament’s Energy Committee on Saturday.
Indian conglomerate Reliance Industries will not purchase Russian oil loaded on tankers operated by SCF following recent US sanctions, reported Reuters, citing sources.
Iran’s National Petrochemical Company (NPC) managing director said on Saturday 12 projects will become operational by the end of the Iranian calendar year of 1403 (March 20, 2025).
Canada, the world's fourth-largest oil producer, can be a key global supplier for years to come providing it sticks to promises to sharply cut emissions, the International Energy Agency (IEA) said on Thursday.
India has ordered companies to operate underutilized gas-based power plants in May and June and import coal-based plants until October 15 to meet high electricity demand.
Iran's oil production increased by 28,000 barrels in March 2024, marking the largest increase among OPEC members, according to the Monthly Oil Market Report.
The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters.
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity.
Brent crude futures climbed 79 cents, or 0.9%, to $90.53 a barrel by 0900 GMT, while U.S. West Texas Intermediate crude futures rose 92 cents, or 1.1%, to $85.94.
Biden's administration seeks an appeals court to consider international implications of Enbridge's Line 5 shutdown, arguing a federal judge did not fully consider treaty obligations.
India now consumes more than double the petrol it used a decade ago as new and larger vehicles are selling at a scorching pace. Diesel consumption is up by about a third while the overall oil demand is up by half.
The provision of foreign exchange funds for the Oil Ministry’s projects in collaboration with the Central of Bank of Iran (CBI) will be put on the agenda, said Oil Minister Javad Owji on Wednesday.