Crude oil
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IEA confirms rise in Iran’s crude production
SHANA (Tehran) – The International Energy Agency reported that Iran’s crude oil production rose by about 200,000 barrels in July.
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Iran Heavy crude prices rise 9.2%
SHANA (Tehran) – The price of Iran Heavy crude oil increased by $5.88, or 9.2%, in June compared to May, according to the latest monthly OPEC report.
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MP says US oil sanctions policy against Iran has failed
SHANA (Tehran) – The head of the Iranian Parliament’s Energy Committee said the US believes that by intensifying sanctions and imposing restrictions on individuals, entities and international companies, it can disrupt Iran’s oil sales and revenue. However, he stated, this policy has failed.
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Oil minister: No challenges in Iran’s oil sales
SHANA (Tehran) – The oil minister addressed rumors about problems with oil sales, dismissing them as baseless and part of psychological operations by adversaries. "We currently have no issues with selling oil," he said, adding "Measures have been taken to ensure we face minimal challenges in the future."
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US net crude oil imports to fall by 20% in 2025 to lowest since 1971, EIA says
SHANA (Tehran) – US net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said, pointing to higher US production and lower refinery demand.
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China's March crude imports slip 6% but rise slightly in Q1
China's crude oil imports in March fell from high levels a year earlier but remained strong amid a surge in Russian shipments, official data showed on Friday.
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China's 2023 crude oil imports hit record as fuel demand recovers
China's annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.
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NISOC output up 47% in 2 years
Iran has managed to increase its crude oil and gas condensate exports over the past 20 months by adopting active energy diplomacy despite international sanctions against its petroleum industry. National Iranian South Oil Company (NISOC), the largest oil producer in Iran, has recently brought its output to a record 2.45 mb/d. Gholamreza Nourani, the acting director of production at NISOC, tells “Iran Petroleum” the company increased its oil production by 47% in two years.
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Russia, Saudi Arabia discuss oil market, prices
Saudi Arabia and Russia, the world's top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin's top oil official said.
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China's 'teapot' refiners mop up swelling Iranian crude, defying U.S. curbs
Appetite for Iranian crude is growing in China, the world's biggest oil importer, after the extension of supply cuts by Saudi Arabia and Russia boosted global prices, while Tehran is stepping up output and exports despite U.S. sanctions.
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Saudi Arabia to extend voluntary cut of 1m bpd until end of year
Saudi Arabia on Tuesday extended its one-million-barrel-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
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Global crude oil supplies to improve on refinery maintenance – Vitol exec
Global crude oil supplies are expected to improve in the next six to eight weeks because of refinery maintenance, although sour crude will stay tight, said Russell Hardy, chief executive of the world's largest independent oil trader, Vitol.
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China's March crude oil imports surge 22.5% from year earlier
China's crude oil imports in March surged 22.5% from a year earlier to the highest since June 2020, data showed on Thursday, as refiners stepped up runs to capture fuel export demand and in anticipation of a domestic economic recovery.
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Oil, condensate CDs worth $6m traded in IRENEX on first day
SHANA (Tehran) – The managing director of Iran Energy Exchange (IRENEX) here on Monday announced that the first-day transactions of certificates of deposit (CDs) of crude oil and gas condensates were valued at some six million dollars.
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NIOC Announces Iran Crude Oil Prices for September Delivery
TEHRAN (Shana) -- The National Iranian Oil Company (NIOC) has increased the official selling price of all types of crude oil for export to Asian markets in September.