The refiners - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - normally buy 14.8 million barrels of Saudi oil a month.
Rebound in Iranian exports unlikely to shock oil markets: Goldman Sachs
Goldman Sachs said a potential recovery in Iran exports won’t come as an “exogenous” shock to the oil market and full recovery won’t occur until summer 2022, as U.S. and Iranian officials were due to begin indirect talks in Vienna on Tuesday on the Iran nuclear deal.
“With OPEC+ appearing to manage its exit for now, supply concerns will likely shift to the potential return of Iran to the JCPOA (Joint Comprehensive Plan of Action) agreement,” Goldman Sachs said in a note dated Monday.
The United States expects the talks with Iran, about both sides resuming compliance with the 2015 Iran nuclear deal, to be “difficult” and does not foresee any early breakthrough.
By Reuters Staff
2 Min Read
(Reuters) - Activity and spending in U.S. oil fields is soaring this year as the industry recovers from last year’s pandemic-driven oil price crash, according to cautiously optimistic energy company executives polled by the Federal Reserve Bank of Dallas in a survey released on Wednesday.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
While improved oil prices have boosted expectations for 2021, executives are cautious about the potential for Biden administration oil and gas policy changes or the threat that the Organization of the Petroleum Exporting Countries and partners could easily return oil to the global market.
Oil climbs on weaker dollar, outweighing OPEC+ supply worries - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
Oil gains 1% on strong U.S., China economic data By Stephanie Kelly
FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin
NEW YORK (Reuters) -Strong economic data from China and the United States helped lift oil prices by 1% on Tuesday, recouping some of the previous session’s losses.
Brent rose 59 cents, or 1%, to settle at $62.74 a barrel. U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 1.2%, to settle at $59.33 a barrel.
Prices were buoyed as data showed U.S. services activity touched a record high in March. China’s service sector also gathered steam with the sharpest increase in sales in three months. [nL1N2LY0UV]