Oil prices rose by more than 2% on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.
The National Iranian Oil Company (NIOC) has raised the official selling price (OSP) for all its crude grades bound for Asia, the Mediterranean and Europe in an indication of Iran’s return to the market and rising demand for its oil.
The National Iranian South Oil Company (NISOC), which is the largest oil and gas company in the country in terms of output, said it has increased its production by nearly 600,000 barrels per day (bpd) compared to figures recorded in August 2021.
China’s crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes.
Iran’s Oil Minister Bijan Namdar Zanganeh said the country has lost an estimated $100 billion in crude revenues since 2018 because of US sanctions that hampered sales and due to lower prices in international markets that was caused by the coronavirus pandemic.
Iran produced over 18.5 million tons of steel ingots during the first 11 months of the current Iranian year (March 21, 2019-February 19, 2020), registering a four percent rise compared to the corresponding figure of preceding year which was 17.7 million tons.