Oil fell by almost $1 on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed tight global supply and expectations of a pick-up in fuel demand with the U.S. summer driving season.
The National Iranian Oil Company (NIOC) CEO said the country wouldn’t keep oil projects waiting for foreign companies, as President Seyyed Ebrahim Raeisi’s administration has restored one million barrels per day (mbd) of production lost in recent years.
A very large Iranian crude carrier is set to discharge two million barrels into an oil terminal in China this week after Western media reports claimed that Beijing might be replacing Iran’s barrels with cheaper Russian shipments.
Iran’s oil production rose slightly in April against the first quarter this year, OPEC figures show, as a media report claims Iran’s crude export volumes remained stable last month despite reports suggesting that shipments to China had declined because of higher Russian exports to the East Asian country.
China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns.
Deutsche Bank is not financing a pipeline in Africa that environmental campaigners have said will displace thousands of families and disrupt nature reserves, a person with knowledge of the matter said on Sunday.
Oil jumped almost 5% on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
U.S. government officials in March asked Brazil's state-run oil company Petrobras whether it could increase crude output after Ukraine conflict sent global prices soaring, three people with knowledge of the matter told Reuters.
The National Iranian Oil Company (NIOC) plans to increase the country’s crude oil production capacity to 5.7 million barrels per day (mbd) over the next eight years, announced NIOC Managing Director Mohsen Khojasteh-Mehr.