UK High Court this month will take up a case brought by Iran’s Bank Mellat against the British government over a 2010 freeze of assets. for which the lender is demanding $1.6 billion in compensation.
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Even as oil demand is beginning to weaken this year due to a brewing economic slowdown. the oil industry faces a longer-term threat to oil demand as bans on plastic begin to multiply.
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The administration of US President Donald Trump has announced new sanctions on Iran. targeting the country’s petrochemical industry. including its largest petrochemical holding group. called Persian Gulf Petrochemical Industries Company (PGPIC).
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OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June.
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The project is the biggest-diameter offshore gas pipeline in the world laid at such depths.
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Close to 14 billion cubic meters of natural gas was sold in 2018 -- up 5% compared to the year ago.
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Imports stood at 157.095 tons worth $79.55 million. up 60.98% in tonnage and down 58.72% in value YOY.
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The U.S. Gulf Coast saw its crude oil imports in March at their lowest level since 1986.
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Russian President Vladimir Putin has once again stressed the importance of preserving the multilateral nuclear agreement signed between Iran and major world powers in 2015. saying Moscow does not approve of what is being done against Iran.
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US oil production keeps accelerating towards new highs. New records are expected both when the final numbers for May emerge and at the end of the year.
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