India’s oil imports from Iraq jumped 53 per cent in August

India’s oil imports from Iraq jumped 53 per cent in August

Sanction-hit Iran’s fear of losing market share to other members of the Organization of Petroleum Exporting Countries (OPEC) seems to be coming true with one of its biggest buyers – India – gradually turning towards Iraq, Saudi Arabia and Nigeria to meet oil requirements.

Oil rises on hopes of extended OPEC production cuts

Oil rises on hopes of extended OPEC production cuts

Oil futures rose on Tuesday, potentially heading for a fifth day of gains, amid optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 42 cents, or 0.7%, at $63.01 a barrel by 0104 GMT, while U.S. crude was 46 cents, or 0.8%, higher at $58.31 a barrel.

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