World Oil (Bloomberg) –The Biden administration faces the sobering reality that returning to the Iran nuclear deal may no longer be feasible, as the Islamic Republic finds ways to cope with U.S. sanctions and races toward the capacity to build a bomb. U.S. officials are reviewing their options after months of talks on reentry into the accord failed to produce
CNBC WASHINGTON – Iran on Thursday opened its first oil terminal in the Gulf of Oman, a move aimed at making Iranian President Hassan Rouhani’s regime less dependent on the Strait of Hormuz, often a source of international tension. The location of the new oil terminal — a project that began in 2019 and will cost some $2 billion —
US News LONDON/SINGAPORE/MEXICO CITY – A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven sources with knowledge of the deals told Reuters. The more prominent role of China Concord Petroleum Co, also known as
Reuters BEIJING – Saudi Arabia was China’s biggest crude oil supplier in June for the eighth consecutive month, customs data showed on Tuesday, while shipments from United Arab Emirates and Kuwait fell further, possibly signalling slower imports of Iranian oil. Arrivals of Saudi Arabian crude oil reached 7.2 million tonnes last month, equivalent to 1.75 million barrels per day (bpd),
CNBC DUBAI, United Arab Emirates — Iranian President-elect Ebrahim Raisi gave his first press conference since the country’s election, saying Monday his priorities would be to improve ties with regional neighbors and revive the 2015 nuclear deal — and at the same time squarely ruling out meeting with U.S. President Joe Biden. “We support the negotiations that guarantee our national
Reuters DUBAI – Iran is planning a speedy increase in its oil output, a senior oil ministry official said on Wednesday, as talks continue between Tehran and six major powers to lift U.S. sanctions that have seen it pumping far below capacity since 2018. Iran and the six powers have been in talks since April to revive a 2015 nuclear
Yahoo News A huge fire has broken out at an oil refinery in the southern part of the Iranian capital Tehran, Iranian state media reported, saying there were so far no reports of casualties. Iran’s Tasnim news agency said all operations had been suspended at the facility, known as the Tondguyan refinery, as firefighters tried to contain the blaze. “A
Reuters Goldman Sachs said it expects oil prices to climb to $80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply. “The case for higher oil prices therefore remains intact given the large vaccine-driven increase in demand in the face of inelastic
Reuters Iran has quietly moved record amounts of crude oil to top client China in recent months, while India’s state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease, according to six industry sources and Refinitiv data. U.S. President Joe Biden has sought to revive talks
Reuters LONDON/SINGAPORE – Iran’s oil reserves risk becoming stranded assets unless the new U.S. administration eases sanctions that have left the country lagging rivals in output capacity and losing a race against time as the transition to low carbon energy gathers pace. Iran, which sits on the world’s fourth-largest oil reserves, relies heavily on oil revenue, but sanctions have prevented
Reuters LONDON – OPEC oil output has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase. The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day (bpd) in January, the survey
Reuters DUBAI/LONDON – Iran’s oil exports have climbed in recent months and its sales of petroleum products to foreign buyers reached record highs despite U.S. sanctions, the oil minister said on Friday. Bijan Zanganeh did not give figures but said exports of crude had recently risen “significantly” despite tough sanctions that were imposed since 2018, when the administration of former
