The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues which sent crude prices to six-month highs on fears of a potential supply crunch.
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Iraqi Oil Minister Hayan Abdul-Ghani plans to increase daily production capacity to five million barrels despite market restrictions and OPEC quota limitations for price stability.
Iran’s National Petrochemical Company (NPC) managing director said on Sunday workshops will be formed to realize the slogan of 1403 solar year (starting March 20, 2024) designated by the Leader as the year of “Surge in Production Through People’s Participation”.
Russia's Orsk oil refinery suspended work on Sunday, after the city's dam burst on Friday night amid flooding in the surrounding Orenburg region, Russian news agency cited the plant's press service as saying.
A member of Iran’s Parliament said increasing investments, development of oil fields, and infrastructure measures in the oil industry are among promising economic moves.
Saudi Arabia has raised the official selling price (OSP) for its flagship Arab Light crude oil for customers in Asia and the Mediterranean in May, an Aramco statement showed on Friday.
Managing director of Iranian Central Oil Fields Company (ICOFC) said on Saturday that the development of the Mokhtar gas field in southwestern Iran will begin soon, Shana reported.
Iran last year became the biggest West Asian supplier of Liquefied petroleum gas (LPG), with exports surging 28 percent to over 11 million tons, according to an analysis of ship tracking data and market intelligence by consultancy Facts Global Energy (FGE).
Iran’s oil minister said on Friday the resistance front’s actions in vital crossings have deterred energy exports to the occupied Palestinian territories.
Brent crude was up 36 cents, or 0.4%, to $91.01 a barrel by 1031 GMT. U.S. West Texas Intermediate crude was at $86.79 a barrel, up 20 cents, or 0.2%.
Iran welcomes Turkish companies’ participation in projects of its oil industry, said Oil Minister Javad Owji on Thursday.
Deloitte Canada anticipates an increase in Canadian crude prices in 2024, attributing the expected rise to the commencement of the Trans Mountain Expansion (TMX) pipeline project later this year.
There was no surprise that a top meeting of OPEC+ ministers opted to keep output policy unchanged since the global crude oil market is almost exactly where the exporter group wants it.
The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow's revenue, an American treasury official said on Thursday.
Brent futures for June fell 5 cents to $89.30 a barrel at 0919 GMT. U.S. West Texas Intermediate (WTI) futures for May fell 1 cent to $85.42 a barrel.
The National Iranian Oil Company (NIOC) says the country has discovered shale oil deposits in 10 different locations across the country.
The Khanaqin administration announced on Tuesday the imminent beginning of exploration and development of oil and gas production service in the Khanah Oil Field, on the border with Iran, by a large Chinese company to enhance oil and gas production and reserves.
Gas consumption in Iran increased by seven billion cubic meters in the past Iranian calendar year 1402 (ended on March 19), the head of the state-run National Iranian Gas Company (NIGC)’s Dispatching Department announced.
Brent crude futures for June rose 17 cents, or 0.19%, to $89.09 per barrel at 0650 GMT, while U.S. West Texas Intermediate crude futures for May climbed 7 cents, or 0.08%, to $85.22 a barrel.
Rise in oil prices does not contribute to improvement of economic growth, said the Iranian government’s economic spokesman on Tuesday.