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Iran continued to export more than one million barrels of oil per day (bpd) in the two first months of new Iranian calendar year (March 21 – May 21). The Oil Ministry of the Islamic Republic of Iran has announced that thanks to the boost of oil revenues, the administration …

Saying that issuing an anti-Iran resolution at IAEA BoG is very counterproductive for the JCPOA, the Russian envoy to International Organizations stressed that Russia will not associate itself with such a resolution in anyway. The International Atomic Energy Agency (IAEA) Board of Governors meeting in Vienna began on Monday, with …

At a time when the global crude oil market is facing tight supplies, the revival of demand from China following the relaxation of Covid restrictions helped oil futures to trade higher on Tuesday morning. At 10.04 am on Tuesday, the August Brent oil futures were at $120.22, up by 0.41 …

US President Joe Biden has blamed Russia for another crisis, saying his country might not be able to generate enough electricity to meet consumer demand. He partially blamed the ongoing conflict in Ukraine. Biden declared an energy emergency on Monday, saying national security and quality of life are jeopardized by …

Russian Foreign Minister Sergei Lavrov on Saturday said Western sanctions would have no effect on the country’s oil exports and predicted a big jump in profits from energy shipments this year. “Considering the price level that has been established as a result of the West’s policies, we have suffered no …

Two oil companies could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. The volume of oil that Italian oil company Eni SpA and Spain’s Repsol Sare expected …

U.S. crude oil imports from Iraq averaged 294 thousand barrels per day (bpd) in May, the Energy Information Administration (EIA) said in its monthly report. According to the report, May imports from Iraq amounted to 9.114 million barrels, up from 5.52 million barrels (average 184 bpd). Iraq’s oil exports to …

Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra $5.4 billion (5 billion euros) a year to pay for replacement gas. The estimated cost was reported by German Welt am Sonntag weekly on Sunday, citing industry representatives. In May, Russia decided to …

Asian shares steadied on Monday as U.S. stock futures made cautious gains ahead of U.S. inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening. Oil prices firmed after Saudi Arabia raised prices sharply for its crude …

The gap between what is said in crude oil markets and what actually happens in the physical trading world has been illustrated by a commitment by the OPEC+ group to boost output being followed by its top member, Saudi Arabia, raising prices. Producer group OPEC+ said after meeting last week …