Iran halted oil exports to Germany on Wednesday, a day after it stopped crude exports to Spain and Greece, according to Iran's official Press TV news network. The move appears to be an attempt to boost its position ahead of talks with world powers on its nuclear program in Istanbul on Saturday.
JP Morgan said in a research report to clients on Thursday, 6 the end of the former Iran’s daily crude oil production will be reduced to 100 million barrels to 250 million barrels, the oil refining enterprises of the country’s oil demand to cut faster than expected.
Official says explosions and fire have shut down one of twin pipelines in southeastern Turkey that carries oil from Iraq to the Mediterranean.
Syria’s key supplier of heating fuel has halted deliveries due to European Union sanctions designed to punish the government for a year of bloodshed.
U.S. crude futures held near $105 a barrel on Tuesday, after gaining sharply in the previous session on better-than-expected manufacturing data from the U.S. and China, the world's two largest oil consumers.
Iran is helping its ally Syria defy Western sanctions by providing a vessel to shipSyrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million.
Brent crude rose above $125 a barrel on Friday, posting its sixth weekly gain in seven, as Greece successfully closed its bond swap offer for creditors, a key step towards securing an international bailout to avoid a messy default.
Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said.
The US Energy Information Administration boosted its forecast for global oil demand growth for the first time since October and forecast the market would tighten as gains in non-Opec production lag.
The price of Brent crude oil futures hangs near $126 a barrel as tensions in the Middle East continue, boosted by concerns that spare production capacity in the US and Europe maybe insufficient to cover any large scale supply disruptions.
