Iran News

Tehran Says Saudi Arabia Unable to Replace Lost Iranian Oil

Oct 08, 2018

Iran's Oil Minister Bijan Zanganeh has dismissed as 'nonsense' claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market.'(Mohammed) bin Salman's remarks and such bragging can only satisfy (U.S. President Donald) Trump…

US Actively Considering Waivers on Iran Oil Sanctions

Oct 05, 2018

The United States is 'in the midst of an internal process' of considering sanctions waivers for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.The Trump administration, which withdrew from a deal over Tehran's nuclear program in May…

Oil at 2014 Highs on Iran Sanctions, NAFTA Deal

Oct 01, 2018

Oil futures extended their rally on Monday, hitting their highest levels since November 2014, as U.S. sanctions on Iran come into force and a North American trade deal fosters growth.The United States and Canada forged a deal on Sunday to salvage…

Iran to Build Crude Oil Storage Facility at Gulf of Oman Port

Oct 01, 2018

A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran's southeastern port of Jask with an initial investment of 200 million euros ($232 million), the oil ministry news website SHANA reported…

Oil Rises as U.S. Sanctions on Iran Tighten Supply

Sep 28, 2018

Oil prices rose on Friday as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.Global crude oil benchmark Brent was up 60 cents at $82.32 a barrel by 1340 GMT. The contract hit a four-year high of $82…

Oil Eases, but Iran Sanctions Keep Prices Well Above $80 a Barrel

Sep 26, 2018

Oil prices eased on Wednesday but were still heading for a fifth consecutive quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.Brent crude futures were last down 49 cents on the day at $81…

Oil Extends Rally as Trump Reiterates Commitment to Iran Sanctions

Sep 25, 2018

Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.Brent crude futures were up 87 cents…

Oil Prices Surge After OPEC Rebuffs Trump

Sep 24, 2018

Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.The Organization of the Petroleum Exporting Countries and non-OPEC states…

Oman and Iran to Drive Growth for Oil Storage Industry

Sep 24, 2018

Oman and Iran will drive the majority of the growth in the oil storage industry in the Middle East between 2018 and 2022, contributing more oil storage capacity than any other country in the region, according to leading data and analytics company GlobalData…

Oil Could Rise to $100 by 2019

Sep 24, 2018

Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore…

Iraq's Southern Oil Exports Close to 3.6 Mln Bpd

Sep 24, 2018

Iraq, the second-largest OPEC producer, is exporting close to 3.6 million barrels per day (bpd) of crude from its southern oilfields, as OPEC and others ramp up output to replace supply shortfalls from Iran and Venezuela, an Iraqi oil official said…

China Shifts to Iranian Tankers to Keep Oil Flowing Amid US Sanctions

Aug 20, 2018

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States…

Oil Slips as Focus Shifts to Demand in Coming Months

Aug 13, 2018

Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a…

Oil Falls on Slowing Chinese Demand, US-China Trade Spat

Aug 08, 2018

Oil prices fell on Wednesday after Chinese import data showed a slowdown in demand and as a trade dispute between Washington and Beijing escalated further.U.S. crude futures fell more than $1 per barrel to $68.13 after China said it was retaliating against U…

Oil Market Enters Post-OPEC Era: Kemp

Aug 07, 2018

Saudi Arabia and Russia started to raise their oil production several weeks before the formal decision to increase output was taken by OPEC and its allies towards the end of June.Saudi Arabia increased its production to 10.49 million barrels per day (bpd) in June from 10…

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