Oil Price Iran seeks higher prices for its crude going to its top customer, China, and has been withholding some supply, Reuters reported on Friday, citing trading and refinery sources. China has continued to buy cheaper crude from Iran even after the U.S. re-imposed sanctions on Iranian oil in 2018. But now Iran is reportedly seeking narrower discounts to Brent for its crude supply
Oil Price Iran expects its oil production to rise to 3.6 million barrels per day (bpd) by the end of the current Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has said. The minister talked about Iranian oil production during a visit by Iran’s President Ebrahim Raisi to the headquarters of the Ministry of
Oil Price Iraq’s Prime Minister Mohammed Shiaa al-Sudani is meeting this week in New York with representatives of dozens of U.S. energy companies to pitch potential investments in the Iraqi natural gas sector. “My government is serious about investment in gas and to be an active and powerful player in the gas market,” the Iraqi official has told Bloomberg Television in an
Oil Price Five Americans imprisoned in Iran were officially flown out of Tehran on Monday as the U.S. unfroze some $6 billion in Iranian oil funds held for five years in South Korea. The prisoner swap deal also included the release of five Iranian prisoners being held by Americans, two of whom plan to stay in the U.S. As of late morning
Oil Price A tanker carrying crude oil destined for Chevron has been seized by the Iranian Navy, the United States Navy said on Thursday. The tanker had reportedly been involved in a collision with an Iranian vessel in the Gulf of Oman. Iran’s Navy seized a Marshall Islands-flagged oil tanker, Advantage Sweet, in the Gulf of Oman shortly after the
Oil Price Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran. Earlier this month, Saudi Arabia and Iran agreed to resume diplomatic relations and re-open embassies and missions, Saudi Arabia, Iran, and China said in a joint
Oil Price Iran’s exports of crude oil, condensates, and petrochemical products hit their highest level in the Iranian month of November since 2018, when the U.S. reimposed sanctions on the Islamic Republic’s oil industry, Petroleum Minister Javad Owji said. “Iran’s oil industry is currently at the forefront of the economic war and the highest sanctions have been imposed on the industry,”
CNBC The return of the Iran nuclear deal could be imminent — and with it, the return of a lot of oil to international crude markets. Before the U.S. resumed sanctions on Iran after former President Donald Trump left the deal in 2018, Iran was the third-largest producer in OPEC after Saudi Arabia and Iraq. In 2017, it was
Yahoo News JERUSALEM – A new nuclear deal between world powers and Iran would allow other nations to avoid sanctions and give Teheran $100 billion a year to destabilise the Middle East, Israeli Prime Minister Yair Lapid said on Wednesday. The United States aims to respond soon to a draft accord proposed by the European Union that would restore the
World Oil (Bloomberg) — Iran warned that proposed U.S. legislation targeting the Islamic Republic could further imperil stalled Biden administration efforts to resurrect the moribund nuclear deal. The bipartisan U.S. Senate bill, called the Iran Nuclear Weapons Capability Act of 2022, seeks to compel the government to assess the dangers posed by Iran and come up with a strategy to
Reuters Iranian state firms have started preparations to revamp Venezuela’s largest oil refinery, the 955,000-barrel-per-day Paraguana Refining Center, four people close to the talks said, following a contract to repair its smallest facility. A deal would deepen an energy relationship that has become a lifeline for Venezuela’s dilapidated oil industry amid a crisis caused by decades of mismanagement and underinvestment,
World Oil (Bloomberg) — Iran has capacity to double oil exports if there’s sufficient demand, a top official said, even as a deal on the country’s nuclear program that could pave the way for the lifting of sanctions remain elusive. Iran will “exert maximum effort to recoup its crude oil market share and revive its customers,” Mohsen Khojastehmehr, managing director
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