Deeper production cuts at leading producer Saudi Arabia, lower output at sanctions-hit Iran, and outages in Libya and Venezuela sent OPEC’s crude oil production in July falling to its lowest level since 2011, the monthly Reuters survey found.
An unexpected increase in inventories underscored the downside risk to oil prices. The EIA reported a drawdown in crude stocks, but a huge 9.25 million barrel combined increase in gasoline and diesel inventorie
Facing vigorously enforced U.S. sanctions directed principally on oil, Iran is focussing on the less targeted strategic areas in its hydrocarbons business, notably continuing to develop its gas sector and building out its petchems and related capacity.
Emboldened by strong prompt demand amid tighter oil supply due to the U.S. sanctions on Venezuela and Iran, the world’s top oil exporter Saudi Arabia is expected to raise the prices of the crude grades it sells on its premium market, Asia, for July, trade sources told Reuters on Thursday.
Huge jumps of 8.2% and 9.5% in Indian oil demand in 2015 and 2016 led to growing expectations that India had reached a critical developmental ‘take off’ point. Rising incomes, motorisation
One key foreign policy goal of the current U.S. government is to initiate regime change in Iran by crippling its economy to such a degree that popular unrest removes the current power structures in the country, particularly the near-omnipresent IRGC.
Despite an escalating situation in Venezuela, oil exports from the country remained perhaps surprisingly stable in April, at an average daily rate of 1.06 million barrels, Reuters reports, citing its own shipping and trading data.
Russia’s biggest oil producer Rosneft doesn’t expect the end of the U.S. sanction waivers for all Iranian oil buyers to lead to a global supply deficit this quarter and next, Rosneft’s chief executive Igor Sechin told Reuters on Friday.
India’s oil imports from Iran increased by some 5 percent between March 2018 and March 2019 compared to the previous fiscal year through March 2018, because Indian refiners rushed to buy Iranian oil before the U.S. sanctions
This week Indian Prime Minister Narendra Modi announced that this administration is working toward establishing a natural gas trading exchange as part of a larger effort to relieve the rapidly developing nation’s reliance on crude oil and its byproducts.