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France urges return of Iran, Venezuela to oil markets

International Desk

Oil up more than $1 but set for second weekly drop on recession fears

Oil rose by more than $1 a barrel on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.

Iran's EB foundation urges US oil expropriation in favor of patients

The EB Foundation of Iran called for the expropriation of a seized US oil shipment in damages for the harm inflicted upon Iranians suffering from epidermolysis bullosa due to Washington’s inhumane sanctions.

Iran paid for oil exports 90 days after delivery: Minister

Iranian Finance Minister Ehsan Khandouzi said the country receives revenues of its oil exports no later than 90 days from shipment delivery dates despite American sanctions that restrict both purchases of Iranian oil and the related payments.

Sanctioned Russia becomes China's main source of oil

China ramped up crude oil imports from Russia in May, customs data showed Monday, helping to offset losses from Western nations scaling back Russian energy purchases over its military operation in Ukraine.

Iraq told to probe into smuggling of Kurdistan oil into Israel

An Iraqi politician has called on the Baghdad government to open an in-depth investigation into reports that shipments of crude oil had been smuggled out of the country’s Kurdistan into the Israeli-occupied territories.

Oil edges down as demand concerns weigh, heading for weekly fall

Oil prices edged lower on Friday and were on track for a weekly decline as interest rate hikes from major central banks fuelled worries about a sharp economic slowdown.

Biden urges oil companies to boost supply

President Joe Biden is calling on major oil refinery companies to take "immediate actions" to ramp up supply, telling them in a new letter that "historically high" profit margins are unacceptable at a time when Americans continue to see soaring prices at the gas pump.

Maduro discusses oil exports in Tehran as Iranian tanker arrives in Venezuela

Iran’s Oil Minister Javad Owji and Venezuelan President Nicholas Maduro have exchanged views on bilateral energy cooperation, following the arrival of an Iranian-flagged tanker in Venezuelan waters in yet another blow to Washington’s tough sanctions against Tehran and Caracas.

Oil falls on Beijing's COVID-19 warning, inflation worries

Oil dropped about $2 a barrel on Monday as a flare-up in COVID-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure.

Retaliation ‘sole way’ to defend rights against bullying: Iran

Iran’s top security official said the change in Greece’s approach to illegal confiscation of an Iranian tanker on the US’s order proves that retaliatory measure is the best way to protect the country against bullying.

Oil prices face big volatility as spare capacity dries up

After more than a year of pressure from the United States and other top oil consuming countries, OPEC+ finally agreed to accelerate oil supply increases last week to tame runaway fuel prices and slow inflation.

World Bank says Iran’s economy to grow by 3.7%

Iranian economy is projected to grow by 3.7 percent in 2022 while the average global economic growth is seen at 2.9 percent in the current year, according to the World Bank’s Global Economic Prospects (GEP) report.

Iran’s oil exports at over 1 mbd since March: Report

A report published in the Iranian media shows that crude oil exports from the country have remained at levels above one million barrels per day (mbd) since the start of the Iranian year in late March.

US may need to allow more Iran oil to flow even without deal: Vitol

Global crude trader Vitol Group says the United States may allow more sanctioned oil from Iran onto global markets even without reaching an agreement on the revival of the 2015 deal, amid growing pressure to reduce gas prices in America.