West Texas Intermediate (WTI) crude reached $75 a barrel on July 3, but quickly dropped to settle at just 0.3% higher, after the American Petroleum Institute (API) announced that US crude inventories fell by 4.51 ...
Iran is looking towards private companies to export its oil as part of its strategy to counter US sanctions, state media and officials announced on July 1.
Kuwait started raising its oil output by 85,000 barrels per day (b/d) from July 1, in accordance with the recent agreement between OPEC and non-OPEC producers to increase production by 1 million b/d.
Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November.
OPEC has agreed with Russia and other non-OPEC producers to raise oil production from July.
Oil prices fell on June 21 as producers prepared to discuss the lifting of production cuts at the biannual OPEC meeting on June 22 in Vienna.
The Iranian oil minister has stated that a deal on oil output at the June 22 OPEC meeting in Vienna is unlikely, setting the stage for a clash with Russia and Saudi Arabia, who are pushing to curb the current prod ...
Iraqi oil minister Jabar al-Luaibi released a statement on June 11 in which he warned producers against being pressured to boost output levels, adding that unilateral decisions could collapse the OPEC and non-OPEC ...
Two Russian firms are reportedly preparing bids and technical proposals to develop the Shadegan oil field in southern Iran.
Iran is planning to increase its oil production by 460 million barrels over the next three years, according to oil minister Bijan Zanganeh.
