Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Iran wants not only to upgrade its dilapidated refineries but also build new ones.

Brent crude was 45 cents higher at $56.04 a barrel by 0950 GMT. U.S. light crude oil was up 35 cents at $53.28.

Given the growing demand for Iranian heavy crude. its price per barrel increased by 77 cents to be traded at 52.70 cents.

The project is aimed at improving the refinery'.s processing capacity and efficiency.

Iran’s crude oil and condensate exports rose three percent month-on-month in January.

Iran currently exports 600.000 to 700.000 barrels per day of crude oil to Europe.

Iran'.s crude oil and condensate exports rose 3% month on month in January.

Some producers. notably Saudi Arabia. appeared to cut the oil output by more than originally agreed amount.

.The EIA had forecast small annual average supply builds in both 2017 and 2018

.Venezuelan Foreign Minister Delcy Rodríguez described Venezuela’s relations with Iran as strategic