Reuters reported that oil went up towards $119 per barrel as investors are evaluating the political situation in the Middle East and are now willing to take risks.
Articles Tagged "iran"
Reuters reported that Iran’s crude exports to Asia, which is its biggest customer, went down by a quarter in 2012 and shipments are expected to fall to at least 12% this year due to pressure from US sanctions.
Bloomberg reported that Iran’s crude oil shipments have dropped at least 40% in the last nine months as the United States and European Union tighten their sanctions in their aim to deter its nuclear program.
Iran's revenue has been cut in half because of international sanctions imposed over its disputed nuclear programme, Economy Minister Shamseddin Hosseini said in remarks quoted by media on Monday.
Sanctions carried out on Iran regarding its nuclear program have sent the country into recession, a global association of financial services said on Monday.
The United States has aggressively raised its use of financial sanctions this year to pressure Iran to stop pursuing nuclear weapons, but a measure that takes effect in February could have the most powerful impact yet, the Treasury Department's top sanctions official said on Thursday.
Faced with elevated demand, idle output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like ONGC's Kashagan buy that promise supplies sooner rather than later.
A brief overview of oil price developments, supply and demand and significant market movers.
Reuters reported that data from the International Energy Agency shows that Iran's oil exports fell to 860,000 barrels per day in September, a new low. If Western sanctions continue, the country's exports could descend even lower in the coming months.
CNBC reported that the price of oil received support from concern about Iran's nuclear situation, which is allaying worries about the world's slow economic growth and the possibility of a rise in US crude inventories.