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Geopolitical risks fueled by Iran and US tensions reasserted itself after the former seized two Greek tankers, unsettling an already volatile oil market that has seen oil prices rise to two-month highs. On May 27, Iran detained two Greek-flagged and owned oil tankers – Delta Poseidon and Prudent Warrior in the Persian Gulf, some days ...
Middle Eastern oil producers lowered their official selling prices as lockdowns in China continued to suppress demand and backwardation eased across all pricing benchmarks
With Russian oil heading eastwards, the West is looking at all possible avenues to boost oil supply. To this extent, Iraq can, perhaps, play a major role. In its latest weekly report, shipbroker Gibson said that “whilst many members of the OPEC+ group are struggling to achieve its allotted output quota, one country that has ...
Iraq is redirecting crude flows from its primary customer base in Asia to refineries in Europe — and may soon be able to offer more volumes with the upgrading of a loading port, officials with state marketer SOMO said May 12, as Western countries have sought to wean themselves off of Russian oil. “There is ...
EU plans announced May 4 to halt Russian oil imports by year-end is expected to reshape global energy flows and add to price pressure as buyers race to secure new supplies. Brent crude futures rose by more than 4% in European trading after the announcement and stood at $109.48/b by 11:45 GMT. The move, announced ...