Oil

Indonesia'.s oil and gas production reached a record 1.6 million barrels per day in the mid-1990s.

The Oil Industries Engineering and Construction and Negin Afagh Kish Energy Development Company have expressed their readiness to step in sophisticated exploration projects in Iran.

The deputy director of development and engineering affairs at the National Iranian Oil Company says Iran is fully self-sufficient in exploration activities.

The ongoing crisis in the South American country of Venezuela has also seen supplies from the nation drop from 7.6 MT to 6.2 MT.

Oil leak from the Iranian oil tanker SABITI that was targeted by two missiles in the Red Sea on Friday is under control. media reports said.

Two separate explosions hit an Iranian oil tanker operated by the National Iranian Tanker Company (NITC) near the Saudi port city of Jeddah. media reports said. adding that the blasts have been caused by missile attacks.

VLCC freight rates for key crude oil supply routes to Asia have surged since the US ratcheted up sanctions in recent months.

The IEA had cut its demand growth figures for the year but kept it unchanged for next year.

SABITI Oil Tanker which was hit by two explosions in the Red Sea on Friday is sailing towards the Persian Gulf. the National Iranian Oil Tanker Company (NITC) said.