Page 8 - Basrah Medium News Today

The unstoppable rally in natural gas prices continued this week, with European natural gas prices in particular soaring

Middle East oil producers were looking to ramp up supply this autumn, but poor demand in Asia as a result of another wave of COVID is throwing a spanner in the works

Iraq’s total oil exports in May, including those from the semi-autonomous Kurdistan region, fell 1.4% from the previous month, according to oil ministry figures and Turkish Ceyhan export terminal reports seen by S&P Global Platts. OPEC’s second largest producer saw total exports fall to 3.291 million b/d in May, from 3.337 million b/d in April. ...

Iran should boost oil output to 6.5 mil b/d under new govt: Zanganeh Iran could “easily” boost its oil production capacity to 6.5 million b/d, Iran’s Oil Minister Bijan Zanganeh said May 31, as US, Iranian and European negotiators are set to convene this week for more talks over reinstating the nuclear deal. “We can easily reach 6.5 million barrels per day,” Zanganeh said at a ceremony to award studies on the country’s giant Azadegan oil field, the oil ministry’s Shana news servic...

India still interested in Farzad B gas field as refineries eye Iran crude India is still hopeful it can participate in the Farzad B natural gas field development in the Persian Gulf after Iran decided to go ahead with the project without foreign participation, oil ministry officials told S&P Global Platts on May 23. With US and Iran talks progressing to end sanctions against the Middle East country, some Indian refiners also told Platts they are looking forward to resuming crude trade with Iran...

India is still hopeful it can participate in the Farzad B natural gas field development in the Persian Gulf after Iran decided to go ahead with the project without foreign participation, oil ministry officials told S&P Global Platts on May 23. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now With US and Iran talks progressing to end sanctions against the Middle East country, some Indian refiners also told Platts they are looking ...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Irans President Hassan Rouhani said May 20 that a "main agreement" has been reached, with the US broadly committing to lifting its sanctions targeting Irans oil, petrochemical, shipping, insurance and banking sectors, though final details have yet to be settled. US officials have been more circumspect, saying only that the four rounds of discussions so far have "crystalized" what s...

Sanctions relief for Iran would pressure rival heavy crude, condensate producers Four rounds of indirect talks between the US and Iran have so far failed to achieve a breakthrough in negotiations to revive the nuclear deal, but rival producers and traders have been eyeing how the competitive landscape may shift if sanctions are lifted on Iranian oil sales. Most experts expect an agreement on the Joint Comprehensive Plan of Action to be reached within months, if not weeks, which could eventually...

Source: Saudi Aramco. This being said, Saudi Aramco decided on a 20-50 cents per barrel increase with its Asia-bound May 2021 prices. Interestingly, the heavier the grade the bigger was the month-on-month hike, with both Arab Heavy and Arab Medium witnessing 50-cent upward moves, fuelling speculation that spot trading will bring about deep discounts to the OSP. After a blatantly weak February (4.56mbpd), Saudi loadings en route to Asian customers remained tame in March 2021 at 4.58mbpd. Compare...

IRAQ DATA: March oil exports drop 0.8% amid signs of tighter OPEC+ compliance Iraq’s total crude exports in March, including flows from the semi-autonomous Kurdistan region, fell 0.8% month on month, data from the oil ministry and shipping reports showed, amid signs of tighter compliance with OPEC+ output cuts. OPEC’s second largest producer exported 3.280 million b/d in March, down from 3.305 million b/d in February, according to published data from the oil ministry and shipping reports fr...