Oil

Saudi Arabia’s energy minister said that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels.

Oil headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated.

National Iranian South Oil Company (NISOC) has localized the technology of producing drilling bits without the need to rely on reverse engineering.

China’s demand growth is likely to be slightly lower than that of India by the mid-2020s.

The Rouhani government cabinet has approved the executive by-law on supporting the development of crude oil and gas condensate industries by tapping public investment.

Instability had spurred a price rise in the oil market. and Psychologically speaking. there is somewhat of an upward trend in oil prices currently.

The price of crude saw a significant jump following a series of Iranian missile strikes on American bases in Iraq in retaliation for Washington'.s assassination of Tehran'.s elite commander.

OPEC members pumped 29.50 million barrels per day (bpd) last month.

Oil buyers in Asia are increasingly wary that Iraq’s entanglement in the worsening dispute between the U.S. and Iran could disrupt shipments from one of their key Middle East suppliers.

A flare-up in U.S.-Iran tension may be keeping oil elevated. but an actual disruption to global crude supplies is needed to keep prices at current levels.