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.
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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.
Iran’s deputy oil minister estimated the country’s petrochemical exports will reach 29 million tons by the end of the current Iranian calendar year (March 19, 2024).
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.
The contracts signed between the Iranian companies to boost pressure in the joint South Pars (SP) gas field showed that sanctions have failed to prevent Iran’s oil and gas industry from making progress, said a member of the Parliament on Tuesday.
The head of Iranian Gas Engineering and Development Company (IGEDC) has said the country’s first gas refinery with a fully Iranian-made control system is going to go operational early next year (starts in late March), IRNA reported.
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.
A member of the Parliament sees the contracts signed with the Iranian companies on Sunday to boost pressure in the joint South Pars gas field as a symbol of relying on domestic expertise.
International organizations admitted that Iran’s oil exports have increased under the 13th administration, said Oil Minister Javad Owji on Sunday.
The National Iranian Oil Company (NIOC) managing director said on Sunday the implementation of the pressure-boosting project in the joint South Pars (SP) gas field in the Persian Gulf will generate $900 billion in revenue.
Pars Oil and Gas Company (POGC) and several Iranian companies signed contracts on Sunday to carry out a pressure-boosting project in the joint South Pars (SP) gas field in the Persian Gulf.
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.
Iran’s Deputy Oil Minister and Managing Director of the National Petrochemical Company (NPC) Morteza Shahmirzaei inaugurated the country’s first Catalyst Innovation and Technology Center in Tehran on Sunday.
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas.
Iran’s President Seyyed Ebrahim Raeisi on Friday hailed the Oil Ministry for carrying out the projects to develop Sepehr and Jofeir oil fields and capture associated petroleum gas (APG).
Iran’s oil minister said on Friday oil production in southwestern province of Khuzestan has jumped one million barrels per day (bpd) since the 13th (incumbent) administration took office in August 2021.
The National Iranian Oil Company (NIOC) managing director said on Friday West Karoun is home to 86 percent of the country’s shared oil reserves.