EghtesadOnline: Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China’s coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand.
EghtesadOnline: The National Iranian Drilling Company has drilled and repaired 96 onshore and offshore oil and gas wells since March 2019, the company’s deputy managing director for drilling affairs said.
EghtesadOnline: Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.
EghtesadOnline: Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a US air strike which martyred a top Iranian military commander in Iraq.
EghtesadOnline: Oil prices fell 1% on Tuesday, the last trading day of the decade, but notched the biggest annual gain in three years, supported by a thaw in the prolonged US-China trade war and ongoing supply cuts from major oil producers.
EghtesadOnline: Manufacturers of oil and gas equipment and machinery have the potential to generate $5 billion in export revenue a year, head of the Iranian Oil Equipment Manufacturers' Association said.
EghtesadOnline: OPEC and its allies (OPEC+ including Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan) led by Russia agreed to cut output by an additional 500,000 barrels per day until March 2020 as the 177th OPEC meeting held in Vienna, Austria, closed on Friday.
EghtesadOnline: Crude oil futures fell on Friday amid lingering uncertainty on whether, and when, the United States and China will agree a long-awaited deal to end their bitter trade dispute, the gloom compounded by rising crude inventories in the United States.
EghtesadOnline: Oil has always been a function of the international market, so setting up local energy markets cannot help the National Iranian Oil Company sell crude on a long-term basis, a veteran financial expert said.
EghtesadOnline: Iran would need oil priced at $194.6 a barrel to balance its budget next year, the International Monetary Fund said.