Oil

Arab oil accounted for 84.943 million barrels or 85.2 percent. of Japan’s petroleum needs in March.

India will work to create a network with other major oil buyers in Asia to negotiate better terms with sellers.

While plunging output in Venezuela captures the oil world’s attention. problems are quietly festering in another OPEC nation.

Surging U.S. production. which rose to 10.59 million bpd last week. has encouraged record-high U.S. exports.

Ministers from OPEC and non-OPEC oil-producing countries plan to meet in Vienna on June 23.

Trump will decide by May 12 whether to restore the sanctions. which would probably result in a reduction of Iranian oil exports.

Iraq’s 2018 budget of nearly $88 billion comes with a deficit of more than $10 billion.

Iran’s total export of crude oil and gas condensate is now more than 2.5 million barrels a day.

Azar holds 2.5 billion barrels of in-place oil. but new reservoir studies on the field suggest a much higher figure of 4 billion barrels.

A rise in geopolitical tensions has been the main driver of prices in recent times.