Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.
As Qatar sets higher ambitions for its gas output, Iranian officials scramble to justify their under-performance in developing the South Pars field, resorting to statistical maneuvers to deflect criticism.
Oil prices advanced after missiles launched by Iran-backed militants killed U.S. troops in Jordan and struck a fuel tanker in the Red Sea.
Three U.S. service members were killed and many injured in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost.
Oil prices have weakened recently, mostly on the back of equally weak economic data from the two largest markets for oil.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Iran says construction work at the revived 10.8mn t/yr Iran LNG project stands at just shy of 50pc and is on track for completion before the end of the current administration’s term in office in mid-2025.
67 new oil and gas projects worth some $15 billion should be operational in Iran by next March, the country’s first vice president, Mohammad Mokhber, has said.
Ever since the U.S. officially ended its ‘combat mission’ in Iraq on 31 December 2021, it has been looking for a way back into the huge but still relatively untapped oil and gas regions of the country, as analysed in depth in my new book on the new global oil market order.
Iran’s oil output has jumped to the highest in nearly five years, to 3.1 million barrels per day (bpd), a member of the energy committee at the Iranian Parliament was quoted as saying this weekend.
Reports of Iran/U.S. talks have surfaced repeatedly over the last couple of years, spooking the markets each time it’s suggested that Iran’s oil could return to the market. But Iran’s crude oil does add a mystery element to the oil markets that transcends demand forecasts.