Oil

A minor fire at Iran’s oldest and largest oil refinery in the Southwestern city of Abadan has been completely extinguished. authorities announced.

The neutral zone. which has been shuttered for at least four years. can produce as much as 500.000 barrels a day.

Demand for key Russian oil grades sold in Asia has been strong in the past month.

Oil and gas exploration continues across Iran. and the country'.s oil and gas reserves have been developed.

Development of South Azadegan joint oilfield has been fully awarded to Arvandan Oil and Gas Company.

Russia and OPEC+ nations agreed to extend crude output reduction starting July.

The projects include drilling. pipeline construction and building oil terminals as well as launching oil facilities.

Oil short-selling has more than doubled in three weeks. with attacks on oil facilities and tankers unable to push prices higher for very long.

Nothing right now is stopping a surge in oil tanker rates that’s given owners of the vessels one of the biggest boosts in years.