Oil

Chinese Ambassador to Iran Chang Hua reiterated his country’s support for Iran against the US sanctions and said the East Asian nation is the only country that buys oil from the Islamic Republic.

The production capacity of Darkhovin Oilfield had increased by 20.000 b d over the course of the past 12 months.

The total number of wells producing crude oil and natural gas in the United States fell to 982.000. down from a peak of 1.035.000 wells in 2014.

India'.s imports from the Middle East declined from 145.8 million tons in 2018 to 132.4 million tons last year.

Chinese oil demand has dropped by about 3 million barrels a day. or 20% of total consumption. as the coronavirus squeezes the economy. according to people with inside knowledge of the country’s energy industry.

China has reported 361 deaths from the virus so far.

The oil market was under pressure because of coronavirus outbreak and as a result the oil price had fallen to below $60 per barrel. adding. Efforts must be made to ensure the market balance.

The coronavirus has claimed more than 360 lives.

Citigroup Inc. slashed its price forecasts for commodities from oil to copper and iron ore as it said the impact of the coronavirus looks much worse than it initially thought.

China is the oil market’s primary source of demand growth and measures taken to slow the spread of the coronavirus.