Oil

Kuwait is planning a new heavy crude grade later this year. with a gravity of 16 API and 4.9% sulfur content.

Iran criticized the Trump administration’s unofficial request to ramp up oil production to offset the shortfall of Iranian crude exports.

Maduro plans to create four economic zones for working with Petro.

Venezuelan crudes are mainly used for asphalt production in China. the demand for which peaks over September-November.

Chevron has signed a memorandum of understanding (MoU) with Basra Oil Company.

Falling production from Venezuela has contributed to a rally in global oil price Brent to nearly $80 a barrel.

OPEC officials in Kuwait just a few days ago tried to hash out a strategy ahead of the June 22 meeting.

The production-cutting pact between the OPEC. Russia and other producers has given strong tailwind to oil prices.

Iran’s crude oil exports hit 2.7 million bpd in May. higher than its average volumes over the past year.

Last December. Iraq and Iran reached an agreement for oil swap for one year.