Oil

Tehran is resolute to put an end to its economy’s reliance on revenues from crude exports. adding that trade and the capacities of the country’s countless ports can be tapped into more seriouly.

Saudi Arabia’s top oil official said he was sure that OPEC+ will extend production cuts into the second half of the year after holding talks with Russia.

Even as oil demand is beginning to weaken this year due to a brewing economic slowdown. the oil industry faces a longer-term threat to oil demand as bans on plastic begin to multiply.

OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June.

The U.S. Gulf Coast saw its crude oil imports in March at their lowest level since 1986.

US oil production keeps accelerating towards new highs. New records are expected both when the final numbers for May emerge and at the end of the year.

Iran has no plans to leave OPEC.

OPEC was close to agreeing to extend a pact on cutting oil supplies beyond June.

A year ago. in the enduring twilight of one of St. Petersburg’s famous white nights of summer. Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.

West Texas Intermediate crude entered a bear market and Brent tumbled below $60 after U.S. petroleum inventories ballooned. raising fears of a glut as trade disputes threaten demand.