European oil majors resisted pressure from the United States to abandon all Iranian activities, saying they would continue buying Iranian crude and exit the country only upon expiry of existing contracts.
Crude oil rose, capping the biggest monthly gain since May 2009, after U.S. second-quarter gross domestic product and weekly jobless claims beat economists’ estimates in signs that demand may improve.
IEA (International Energy Agency) chief economist Fatih Birol 28 said today the current of about 85 U.S. dollars a barrel on world oil prices is hurting developing countries, and limit their growth.
Shell, the Anglo-Dutch oil giant, paid the state-owned Iranian oil company at least $1.5bn (£0.94bn) for crude oil this summer, increasing its business with Tehran as the international community implemented some of the toughest sanctions yet aimed at constricting the Islamic republic’s economy and its lifeline oil business.
Iran, which aims to counter U.S. sanctions by halting gasoline imports and supply its own needs, has started exporting the fuel, the Oil Ministry said.
China and Russia signed agreements Monday to boost energy cooperation, while Moscow said it wants to supply its energy hungry neighbor with all its natural gas needs.
The oil market remains in a period of unusual calm that probably won’t last, says the International Energy Agency.
WTI oil prices close the week trading higher, over $76 a barrel as higher stock markets in Europe and the US have a positive effect on commodities and the US dollar weakens.
Global imports of liquefied natural gas (LNG) by the world’s major buyers were 28% higher in the first half of 2010 compared with the first half of 2009, a detailed analysis of official international trade statistics by energy economics group, EnergyQuest, has revealed.
WTI oil futures close the week’s trading session under the $74 mark which is a straight 4 day loosing streak as more gloomy news comes out of the US.
