Iranian oil in floating storage has been drained amid the U.S. Navy blockade, the Wall Street Journal has reported, citing Kpler data that suggests further tightening in global oil supply.
Seven of the world’s largest oil-exporting countries agreed Sunday to maintain their baseline production levels for November, as fuel prices remain elevated amid the Iran war. The “OPEC+” group, which includes Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, decided to “maintain” oil production levels they agreed to in September, the Organization of the […]
Crude oil prices took a dip today amid reports that there was willingness for peace in the Middle East on both sides of the conflict. The dip partially offset gains made earlier in the week, keeping oil benchmarks elevated.
Strikes on Qatar’s North Field and Iran’s South Pars have disrupted operations across the world’s largest gas resource, with about 4.5 Bcfd of Qatari gas-processing capacity affected and repairs potentially taking up to a year, according to Wood Mackenzie. North Field and South Pars form a single supergiant gas structure spanning roughly 9,000 sq km […]
Guyana’s president says his country has seen an increase in oil revenue as the Iran conflict reshapes global markets. President Mohamed Irfaan Ali insists he does not want Guyana to depend solely on its oil wealth. In recent months, oil revenues in the South American country have increased sharply as the US-Israel war on Iran […]
Iran pursues various tactics to bypass the U.S. blockade, which President Trump reimposed in the middle of July after the deal to make a deal collapsed, according to Iranian Oil Minister Mohsen Paknejad.
Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of U.S.-linked ships, in retaliation for American attacks on Iranian tankers over the weekend.
Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia’s smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness.
Oil prices settled lower on Friday, also down for the week as traders evaluated hints about the U.S. Federal Reserve Bank’s inflation-fighting policy and rumors of a possible agreement on shipping through the Strait of Hormuz.
Iran said it discovered more than 7.5 trillion cubic feet of natural gas, after months of war with the U.S. and Israel seriously disrupted its energy sector.