An official with Iran’s Ports and Maritime Organization (PMO) has said a major home-made Oil Spill Response Vessel (OSRV) has been launched to boost environment protection efforts in the Persian Gulf waters.
Oil prices rose on Wednesday, boosted by demand hopes on progress made in US vaccine rollouts, while uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting and a big build in US crude stocks capped gains.
Oil prices dropped on Friday as a collapse in bond prices led to gains in the US dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to return to the market.
Oil prices slid more than 1% on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in the US South, creating a gap in demand, while OPEC+ supplies were expected to rise.
Asian shares advanced to record highs on Monday as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington, while oil prices rose on heightened tensions in the Middle East.
Chairman of India’s state-run Hindustan Petroleum Corp. suggests that the country would not hesitate to resume crude imports from Iran once the United States eases its bans on Tehran and allows shipments to be purchased by Indian refineries.