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Oil drops on recession fears and China COVID curbs
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.
Minister: Iran agrees to jointly develop Hengam oilfield with Oman
Minister of Petroleum Javad Owji said Iran agreed to form a committee with Oman to jointly develop the Hengam oilfield, which straddles their sea border.
Iran won’t keep oil projects waiting for foreign companies: NIOC
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.
Iran imports over $5b worth of wheat, oil
Iran imported $5.226 billion worth of wheat and raw edible oil during the year to March 20, the Government Trading Corporation of Iran (GTC) announced.
China to receive 2m barrels of Iranian oil
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 output up 1.4% to 2.564 mbd in April: OPEC
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's April oil refinery output plunges to two-year low as COVID curbs bite
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.
Iran awards $3b worth of petroleum contracts to domestic firms
The Iranian Oil Ministry awarded around $3 billion worth of petroleum contracts to domestic firms as part of plans to develop major oil and gas fields in the country.
Deutsche Bank not financing controversial African oil pipeline
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.
Iran to double oil exports if foreign problems are solved: NIOC
The National Iranian Oil Company (NIOC) said it will be able to immediately double its crude exports if problems facing the country at the international level are solved.
Iran Oil Show opens in Tehran
The 26th International Oil, Gas, Refining and Petrochemical Exhibition of Iran (Iran Oil Show 2022) kicked off in Tehran on Friday.
Oil jumps as Russian gas flow to Europe falls
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. asked Brazil's Petrobras if it could raise oil output; it said no
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.
Indonesia faces international pressure over palm oil export ban
Indonesia is coming under growing international pressure over its ban on palm oil exports amid soaring food prices worldwide.
NIOC says will lift oil production capacity to 5.7mbd
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.

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