Oil Price An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, oil sector sources said on Friday, cited by Reuters. With four tanker berths, the Basra oil terminal can process 3.3 million barrels of crude oil per day, although the country had plans to raise this capacity to 3.45 million barrels per
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) — Saudi Arabia’s oil exports reached $31 billion in June, the highest in at least six years, driven by a rally in prices and rising production. Monthly crude exports topped more than $1 billion a day and jumped 94% year-on-year, the kingdom’s statistics office said on Wednesday. Second-quarter oil exports were more than $91 billion, or
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
Yahoo NEW DELHI – Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from the United States and its allies
World Oil (Bloomberg) — President Joe Biden said he expects further oil supply increases from Saudi Arabia to help tame fuel costs at home after a landmark meeting with the kingdom’s rulers. Biden’s trip didn’t result in an immediate pledge for a production hike, but US officials said they were confident that Riyadh would lead the OPEC+ alliance to
Reuters LONDON :Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated. Brent crude futures for September delivery rose 76 cents, or 0.77per cent, to US$99.86 a barrel by 0929 GMT while
World Oil (Bloomberg) — Even if Joe Biden secures a pledge for more oil when he visits Saudi Arabia this week, it may do little to drive down the high fuel prices roiling the global economy. The U.S. president’s visit to a country he once vowed to isolate represents a significant thawing of relations, but the Saudis and their OPEC partners
Reuters When French President Emmanuel Macron whispered in Joe Biden’s ear last month that top global oil exporter Saudi Arabia has very little additional capacity to increase output, the U.S. President looked surprised. Biden is due to land in Riyadh later this month, and he will likely hear the same sobering message – don’t count much on Saudi Arabia to
World Oil (Bloomberg) — President Joe Biden said he’ll ask U.S. allies in the Persian Gulf region to boost oil production when he meets with them during a trip to Saudi Arabia next month, one of the key avenues he has to address surging inflation costs at home. “I have indicated to them that I thought they should be
World Oil (Bloomberg) — Shell Plc is set to follow other Western energy majors by taking a stake in a $29 billion project to boost Qatar’s exports of liquefied natural gas, just as Europe races to shore up new supplies of the fuel. The London-based company will probably announce its partnership with state-controlled Qatar Energy in Doha on Tuesday,
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