LONDON Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.
* U.S. oil rigs fall for 9th week - Baker Hughes
LONDON Oil prices rose on Wednesday on improving factory activity in China and drawdown in U.S. crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world.
* Brent set to end June with a third monthly gain in a row
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LONDON/NEW YORK Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed.
LONDON At the edge of the desert in North Khorasan province in northeast Iran, near the country’s largest deposit of bauxite, sits an aluminium production complex that the government has publicly hailed as a key part of its efforts to boost output of the metal.
LONDON Massive build-ups in stocks in recent months are set to keep profit margins for refining crude into petroleum products like road and aviation fuels subdued, the International Energy Agency said on Tuesday.
LONDON Iran could send two to three cargoes a month in regular gasoline sales to ally Venezuela, sources say, helping offload domestic oversupply but risking retaliation from U.S. President Donald Trump who has sanctions on both nations.
* Tehran could send 2-3 tankers a month to Venezuela,
LONDON/NEW YORK/SINGAPORE Brimming diesel inventories and stronger oil prices are driving down refining profits, stifling incentives to hike production even as fuel demand recovers from the coronavirus hammering.