(Oil Price)– Iraq on Tuesday announced a complete suspension of natural gas imports from Iran, a move the electricity ministry said immediately knocked between 4,000 and 4,500 megawatts off the national power grid. On its face, the decision sounds dramatic. In practical terms, it is but the final step in a process that was already well underway. Iraqi officials have
(Investing)– Oil prices rose in early European trade on Monday after reports said the U.S. was pursuing a third Venezuelan oil tanker after seizing another tanker over the weekend. A potential resurgence in tensions between Israel and Iran also provided some risk premium, after reports said Israel was planning to brief the U.S. over attacking Iran, amid concerns over Tehran’s
(Oil Price) – Iran seized on Friday an oil tanker en route to Singapore after it passed the critical Strait of Hormuz in the Middle East in the first major escalation of the tensions in the region since the Iran-Israel war in June. The Marshall Islands-flagged oil tanker Talara was seized by Iranian forces in the Gulf of Oman after having
(Oil price)– Iraq signed on Tuesday a contract with U.S. company Excelerate Energy for the country’s first floating gas platform, the office of the Iraqi Prime Minister said, as OPEC’s second-largest oil producer aims to strengthen its gas supply and energy security. As part of the agreement, Excelerate Energy will provide a floating storage regasification unit (FSRU) that will be
(Oil Price)– China vowed on Friday to protect the rights and interests of Chinese companies after the U.S. unleashed on Thursday a new sanctions package on Chinese entities for importing crude oil from Iran. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of
(Oil Price)– China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The volumes involved are substantial: Beijing already imports an estimated 1.4 to 1.6 million barrels per day of Iranian crude, much of it under disguised labels. The new structure secures
(Oil Price)– Russia and Iran this week discussed boosting their cooperation in nuclear energy, including in building small nuclear reactors (SMRs) in the Islamic Republic, Iranian media report. Mohammad Eslami, director of the Atomic Energy Organization of Iran (AEOI), discussed nuclear energy cooperation in Tehran with Nikolai Spassky, Deputy CEO for International Relations at Rosatom, Russia’s state-owned nuclear energy company.
(BOE Report) – Israel carried out strikes on Iran on Friday, targeting its nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. The National Iranian Oil Refining and Distribution Company said refining facilities and oil storage did not sustain any damage
(Investing) – Oil prices jumped almost 7% on Friday to multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.57, or around 6.59%, to $73.93 a barrel at 1352 GMT, after hitting an intraday high of $78.50, the highest since January 27. U.S.
(Investing) – DUBAI/PARIS -Iranian Foreign Minister Abbas Araqchi said on Thursday he was ready to travel to Europe for talks on Tehran’s nuclear programme, with France indicating European powers were also ready for dialogue if Tehran showed it was seriously engaged. Iran is looking to build on the momentum of nuclear negotiations with the United States that resume in Oman on
(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.
(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
