Oil

Gibraltar on Tuesday said it plans to de-escalate tensions with Iran over the seizure of Grace 1 supertanker. reinvigorating hopeful speculations that it might release the large vessel soon.

Markets have been pummeled in recent weeks amid tough talk from Trump on trade.

Researchers suggest developing a group of fields in reasonably close proximity to each other can enable economies of scale and lower development costs per barrel of oil.

The oil fields located in Southern Iran will stop wasting flammable gases accompanying drilling operations in three years’ time with awarding contracts to 2 local companies. in a project that will recover the flare gas for nearby refineries.

Former Member of Iranian Parliament Abdollah Hatamian said that Iran’s oil exports will never be halted despite US sanctions imposed against the country.

On May 21. NIOC offered 2 million barrels of crude oil on IRENEX.

Despite a further cut in oil demand growth by the IEA. oil prices are trading marginally higher.

China continued imports of Iranian crude oil in July. two months after the expiry of US sanctions waivers. research from three firms tracking tanker movement showed. according to Reuters.

U.S. crude oil exports in total are up nearly 50% over a 12 month period.

The field produces about 290.000 barrels per day (bbl d). accounting for a quarter of Libya’s oil production.