Oil

Aramco spends a big proportion of its research and development budget on measures to counter the environmentally damaging effects of the oil and gas business.

Exports of oil-products from the southern Shahid Rajaee port stood at 6.43 million tons in the first eight months of the current Iranian calendar year (staring March 21. 2019).

Oil ministers from OPEC and non-OPEC partners during their last meeting in Vienna agreed to cut an extra 503.000 b d from their total production in a bid to help stabilize the oil market.

Iran is currently under sanctions and consequently its oil production has faced with restrictions. But Minister Zangeneh said Iran’s known oil and gas reserves should not be ignored in the mid and long-term.

A drop in US crude inventories helped oil prices to stay near three-month highs.

Iranian Oil Ministry has started new initiatives to support domestic manufacturers by guaranteeing to purchase their quality items needed in the oil industry.

Iranian Ministry of Petroleum has set up a new initiative to support domestic manufacturers by guaranteeing purchase of their quality items needed in the petroleum industry.

Oil prices are struggling to extend their gains as investors await further details regarding the U.S.-China ‘Phase One’ trade deal.

Price shocks would only happen if producers violate their commitments.

The United States and China cooled their trade war on Friday.