While United States (US) sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show.
Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries. U.S. West Texas Intermediate crude was up 15 cents,or 0.2 percent, at $72.07 a barrel by 0255 GMT […]
Turkey and Italy are the last buyers of Iranian crude outside China, India and the Middle East, according to tanker data and an industry source…
Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC’s third-largest producer, are declining in the run-up to there-imposition of U.S. sanctions and as a hurricane moved across the Gulf of Mexico.
Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market.
The price of a Brent crude oil has exceeded the 70-dollar mark, trading up by almost 3% after a slightly unsteady start to the week.
The world’s leading oil companies published a bumper crop in profits last year as rising crude prices helped turn their fortunes around, but they remain cautious and are unlikely to rush out on a new spending spree just yet.
California will block the transportation through its state of petroleum from new offshore oil rigs a move meant to hobble the Trump administration’s effort to vastly expand drilling in US federal waters.
The probe into the sale of the country’s crude oil reserves once again came under the spotlight when Energy minister, David Mahlobo and his department appeared before parliament on Tuesday.
Kenya plans to export its first oil in June, despite analysts saying the test phase faces major challenges and appears political motivated.