Oil has plunged nearly 30% as Saudi Arabia cut its official selling price (OSP) after OPEC’s supply cut pact with Russia collapsed. Over the weekend, Saudi Arabia had cut its OSP for April for all crude grades to all destinations by between $6 and $8 per barrel. The world’s second-largest …
Read More »Iran Considers Ban or Tariffs on Iron Ore Exports
The Ministry of Industries, Mining and Trade is planning to either ban or set heavy tariffs on iron ore exports in the next Iranian year (starting March 20), says Deputy Minister Dariush Esmaeili. According to the official, the ministry is pursuing plans to prevent the export of iron ores next …
Read More »FATF’s Blacklisting has No Impact on Iran’s Economic Transactions
A member of Iranian Parliament’s economic commission says the move by the Financial Action Task Force (FATF) to place Tehran on its blacklist has no impact on the country’s economic ties with others. Speaking to Mehr correspondent on Monday, Mohammadreza Pourrahimi, a member of the Iranian Parliament’s economic commission, said …
Read More »OPEC’s Failure Impacts Every Corner of the Global Oil Market
The OPEC+ alliance’s dramatic failure to reach an output deal is most obviously being felt in oil futures, which plunged the most since 2008 in London. A look at the less-conspicuous corners of the market reveal the scale of the impact. The potential collapse of the group led by Saudi …
Read More »Putin Dumps OPEC to Start a War with America’s Shale Oil Industry
Prices will fall until either Moscow or Riyadh call off the endurance contest.
Read More »Saudis Plan Crude Oil Output Increase, Begin Price War
Saudi Arabia plans to increase its crude oil output next month to more than 10 million barrels a day in response to the collapse of its OPEC+ alliance with Russia, Bloomberg News reported on Saturday. Brent slid to its biggest daily loss in more than 11 years on Friday after …
Read More »Libyan Oil Output Recovery could Neutralize OPEC’s Plans to Cut Deeper
Libya was currently producing around 121,000-123,000 b/d because of the blockade.
Read More »Saudi Arabia Reportedly Considers ‘Opening the Taps’ Over Flopped OPEC+ Deal to Slash Oil Output
Russia's oil output increase will now hinge on companies' plans.
Read More »South Pars Phase 13 Final Platform Installed
The platform had a 98% physical progress after completion of construction operations at SADRA Iran Marine Industrial Company industrial yard.
Read More »Oil Slides as OPEC+ Deal Collapses
Many shale producers are highly exposed to the current low oil prices.
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