National Iranian Oil Company has set up its first Beijing office to push for crude sales in China, but the world’s No.4 crude exporter will have a tough job boosting volumes sharply in the absence of a refinery. For full story, click here
Crude oil exports from the Tawke oil field in Iraq’s northern Kurdish region will begin on June 1, the largely autonomous region’s government. For full story, click here
India surged crude imports from Iran, Venezuela and Kuwait in fiscal 2008/09, but Saudi supplies dipped as the top oil exporter reduced output and as key customer Reliance Industries cut refinery runs on low demand. For full story, click here
Iran’s OPEC governor declared that the organization’s current crude oil production levels support the market due to members’ high compliance but changes in the global economic outlook may warrant further group action. For full story, click here
A Bernstein Research report stated that Reliance Industries Ltd. unveiled shipping diesel to Europe and West Asia, and petrol to Iran while avoiding the US West Coast. For full story, click here
Iran’s Minister of Oil Gholam-Hossein Nozari signed a letter of understanding on energy cooperation with Russian Minister of Energy Sergei Shmatko, this Sunday evening. The two sides agreed to cooperate on exchanging crude oil. For full story, click here
The National Iranian Oil Company inaugurated its representative office in the China’s capital, Beijing, in a bid to promote energy cooperation. China is one of Iran’s chief crude oil customers. Iran supplies 13 percent of China’s need for crude oil, ranking the third after Saudi Arabia and Angola. For full story, click here
India’s Reliance Industries will import around 25 percent less crude oil on contract from Iran in 2009 in favour of cheaper oil from outside the Middle East. For more information, click here
The United States government statement that U.S. employers had slashed over a half million jobs in January, the highest yet in 35 years, lead to crude oil prices dropping just below $41 a barrel, way below the high of $147 a barrel last summer. There is a link between layoffs and the demand on oil, say analysts, as those laid off see no need for the daily commute, and buy less of petroleum products like toys and raincoats.
After receiving approval for the commercial viability of natural gas production from the Farsi block in Iran, the overseas arm of Oil and Natural Gas Corporation, OVL, has now submitted a feasibility report for the oil discovery it made in the block two years ago. For full story, click here
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