The Reserve Bank of India has capped weekly dollar purchases by oil refiners to pay off their debts to Iran in order to avoid pressure on the rupee, three sources said on Monday.
India is one of the biggest buyers of Iranian crude
Iraq will supply 5 million barrels of extra crude to its partners in June, industry sources familiar with the issue said, joining other Middle East producers by lifting market share ahead of an Opec meeting this week.
Iran is set to sign a contract for the sale of crude oil and petroleum gas (LPG) to Indonesia, a report said.
Indonesian Energy Minister Sudirman Said will discuss bilateral ties in Tehran, Iran, today (May 29) and sign a memorand
Oil futures fell below $49 on Friday, easing from a seven-month high hit this week, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a global glut of crude.
Prices also ca
Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister said.
Khalid al-Falih, wh
Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports.
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.
Oil prices have rallied in recent week
Opec officials were more positive about oil market conditions at talks in Vienna ahead of next week's gathering of oil ministers, two sources said on Thursday, in a sign the exporter group is unlikely to change output policy on June 2.
Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories.
Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in Opec's second-largest producer that projects could be delayed due to spending cuts.