Middle East – Oil & Gas 360

US targets Iranian LPG magnate with sanctions, Treasury says

April 22, 2025

(Investing) – WASHINGTON -The United States issued new sanctions on Tuesday targeting Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network, the Treasury Department said, amid ongoing talks with Tehran on its nuclear program. Emamjomeh’s network is responsible for shipping hundreds of millions of dollars’ worth of Iranian LPG and crude oil to foreign markets, Treasury said in a statement.

Oil falls on signs of progress in U.S.-Iran talks amid more market stress

April 21, 2025

(Investing) – LONDON – Oil prices fell more than 2% on Monday on signs of progress in talks between the U.S. and Iran while investors remained concerned about economic headwinds from tariffs which could curb demand for fuel. Brent crude futures slipped $1.54, or 2.3%, to $66.42 a barrel by 1230 GMT after closing up 3.2% on Thursday. U.S. West Texas Intermediate

Iraq to cut oil exports amid OPEC+ pressure to comply with production limits

April 17, 2025

(World Oil) – Iraq plans to cut oil exports next month as OPEC+ presses members to adhere to production targets, according to an official with knowledge of the matter. OPEC’s second-largest producer aims to reduce shipments by roughly 100,000 barrels a day to an average of 3.2 million barrels a day in May, the official said, asking not to be

US energy secretary says we can stop Iran’s oil exports

April 11, 2025

(Investing) – ABU DHABI – U.S. Energy Secretary Chris Wright said on Friday that the United States could stop Iran’s oil exports as part of President Donald Trump’s plan to pressure Tehran over its nuclear programme. The January return to the White House of Trump, who in his first term withdrew the U.S. from a 2015 nuclear accord with Tehran

U.S. Energy Secretary Chris Wright embarks on Middle East tour

April 9, 2025

(World Oil) – U.S. Energy Secretary Chris Wright will tomorrow begin a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a U.S. official to the de facto leader of the OPEC+ oil producer group. The trip, which will also include visits to Qatar and the United Arab Emirates, is expected to help lay

Oil inches up as investors await Trump’s actions on Russian oil, Iran

March 31, 2025

(Investing) – Oil edged up on Monday, with investors cautious after U.S. President Donald Trump threatened to impose secondary tariffs on buyers of Russian oil and warned Iran of possible military action if it did not agree to a deal over its nuclear program. The more active June Brent crude futures was up 43 cents, or 0.59%, at $73.19 a barrel by 1322

Saudi Arabia set to slash oil prices to Asia amid falling benchmarks

March 28, 2025

(Oil Price) – Saudi Arabia, the world’s top crude oil exporter, is expected to slash the price of its oil loading for Asia in May to the lowest level in three months amid a slide in regional benchmarks, a Reuters survey of Asian refining and trading sources showed on Friday. Saudi oil giant Aramco is set to slash its official selling price (OSP)

U.S. files lawsuit for the forfeiture of $47 million in Iranian oil proceeds

March 27, 2025

(Oil Price) – The United States’ Department of Justice has filed a civil lawsuit at a district court in D.C. for the forfeiture of $47 million in proceeds from the sale of some 1 million barrels of Iranian oil that went to Iran’s Islamic Revolutionary Guard Corps and the Qods Force. The U.S. seized the oil last year and sold it, making $47

bp and Iraq finalize contract for Kirkuk oil field redevelopment

March 26, 2025

(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment

US imposes sanctions on teapot oil refinery and CEO for Iranian oil purchases

March 20, 2025

(Investing) – The Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced sanctions against a teapot oil refinery and its CEO for purchasing and refining Iranian crude oil worth hundreds of millions of dollars. The oil was sourced from vessels linked to Ansarallah, a Foreign Terrorist Organization, and the Iranian Ministry of Defense of Armed Forces Logistics (MODAFL). The refinery,

Oil prices extend gains after Gaza strikes; Ukraine talks eyed

March 18, 2025

(Investing) – Oil prices rose Tuesday amid rising tensions in the Middle East, with traders awaiting news from the Ukraine ceasefire discussions between U.S. President Donald Trump and his Russian equivalent Vladimir Putin. At 08:15 ET (12:15 GMT), Brent Oil Futures expiring in May rose 1.3% to $72.00 per barrel, while West Texas Intermediate (WTI) crude futures also gained 1.4% to $68.32 per barrel. Both

Aramco’s venture arm invests in Telefonica-backed AI startup

February 17, 2025

(World Oil) – (Bloomberg) – Saudi Aramco’s venture arm has invested in an AI cloud startup backed by Spanish telecom giant Telefonica SA as it seeks to drive the kingdom’s push to become an artificial intelligence hub. The deal with UK-based Ori will see the company establish a regional subsidiary in Riyadh to develop talents and advance technologies in the local

Premium Content