WTI sub-$50 first time since April Oil prices closed below the $50 per barrel mark Wednesday for the first time since April. West Texas Intermediate finished the day at $49.19 per barrel on July 22, 2015. The last time prices were below the $50 mark was April 2 of this year, when WTI was $49.14 per barrel, according to information
Lower prices for Iran’s oil mean better margins for refiners, competition for Russia Refineries across Europe are anticipating the return of Iranian crude oil to their operations, and the potentially higher margins as added crude pushes prices down further. Approximately 27.5% of Iran’s crude exports were to Europe in 2011, and refiners are excited to see the crude return, according
Opinions vary widely on how much Iranian crude will hit the market and when we can expect to see it The much anticipated deal between Iran and the five permanent members of the U.N. Security Council, plus Germany (P5+1), was finalized today, fleshing out the details of the preliminary agreement reached on April 2, 2015. Under the terms of the
New Iranian Oil Volumes Could Hit the Market as Early as Oct. 2015 Chairman of global oil and gas consultancy FGE, Dr. Fereidun Fesharaki, in a conference call organized by Credit Suisse, said he believes that the basics of an agreement are already in place and that a deal could be announced in the first week of July. Dr. Fesharaki
Sanctions against Iran have dramatically reduced its crude oil exports The five permanent members of the United Nations Security Council and Germany (P5+1) are set to reach a comprehensive agreement with Iran regarding its nuclear agreement by June 30, potentially lifting the sanctions put on place on the country, and allowing it to export its crude oil. Since the implementation
Exclusive Oil & Gas 360® Pre-OPEC Interview with Former Shell Oil President With all eyes peering toward Vienna tomorrow, analysts and experts are in near lockstep that OPEC will maintain production, with a few saying it may raise its cap which OPEC has out-produced for the last 12 months. Oil & Gas 360® interviewed John Hofmeister, former President of Shell
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill their respective end goals in the oil market. Brent oil prices at the time of the meeting are expected to
Iran hopes to ramp up production quickly Iran hopes to return its crude oil exports to pre-sanctions levels within three months once a deal with regarding the country’s nuclear program is reached and sanctions are lifted, said Iran’s Deputy Oil Minister Rokneddin Javadi. “We hope we can come back to the export levels that we had before the sanctions,” Javadi,
News from around the globe China plans to spin off pipeline assets into a new company, Iran raises its oil prices by 9%, India attracts bids for a new LNG import facility and Russia is adjusting its mining taxes. China looks to create new pipeline business China’s economic planning agency, the National Development and Reform Commission (NDRC) is leading talks
India is prioritizing new energy supply India’s economy has been booming, but the country has struggled to meet growing energy demand. India suffers from chronic energy shortages, with nearly half of all homes receiving no power as many as 12 hours a day, according to The Guardian. Over the past week, several reports have come out that India is looking
With the deadline for peace talks fast approaching, the actual amount of Iranian oil that could reach markets may not be the torrent some predict The March 31 deadline for a nuclear deal with Tehran has arrived, and the market is watching. Many worry that lifting sanctions, initially imposed due to disagreements concerning Iran’s nuclear program, would let Iran’s remaining
The largest phase of Iran’s South Pars gas field is set to begin production later this week Phase 12 of Iran’s South Pars gas field is set to officially start operations before the end of the current Iranian year (March 20) in a ceremony that will be attended by President Hassan Rouhani, Fars News reports. Ali Akbar Sha’banpour, Managing Director
