OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower.
Data from the Organization of Petroleum Exporting Countries and allies led by...
Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.
Brent crude futures rose 60 cents, or 0.7%, to $91.95 a barrel after settling up 0.5% on Friday. US...
Oil prices rose slightly on Friday as a spill at Iraq's Basra terminal appeared likely to constrain crude supply, but remained down on the week on fears that hefty interest rate increases will curb global economic growth and demand for fuel.
Brent crude futures settled at $91.35 a barrel, up 51...
OPEC is still forecasting robust oil demand growth of 3.1 million bpd for 2022 and a further 2.7 million bpd in 2023, despite concerns of a recession, buoyed by "still-solid" economic performance in many countries and expected feedstock switching in power generation from gas to liquid fuels....
Oil prices inched lower on Wednesday on concerns of another US Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast.
Brent crude futures fell 38 cents, or 0.4%, to $92.79 a barrel. US...
Amirkabir Petrochemical Company in Mahshahr, Khuzestan Province, has increased its operating income during the first five months of the current Iranian year (March 21-Aug. 22) compared with the same period of last year.
The company’s total sales of polymer products in the period have grown by 36...
Marjan Petrochemical Company has achieved the knowhow of designing and manufacturing burners of furnaces for methanol production.
The initiative seeks to reduce the emission of polluting gases and flaring, and reduce fuel consumption and production costs, the National Petrochemical Company’s...
Oil prices fell on Monday with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the United States and Europe.
Brent crude dropped by $1.28, or 1.4%, to $91.56 a barrel, after settling 4.1% higher on Friday, CNBC...
Oil prices rose on Friday, as investors considered Russia's threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks' aggressive rate hikes and China's Covid-19 curbs weighed on demand.
Brent crude futures rose 27 cents, or 0.3%,...
Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine, as Covid-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand.
Brent crude LCOc1 futures fell $1.35, or...