Oil

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.

The average price of Iranian oil since the beginning of the current year has been 67.41 dollars per barrel.

Over last year (1396) Iran exported 2.115 million barrels a day crude oil on an average basis.

Rosneft this week started testing its capacity to increase output.