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To keep the volume of Iranian oil supplies at the same level after the introduction of US sanctions against Iran, Chinese oil consumers are beginning to move their cargoes to vessels belonging to the National Iranian Tanker company, Reuters reports. Thus, China, the largest consumer of Iranian oil, intends, despite sanctions, to continue to purchase oil from Iran. According to sources familiar with the situation, the state oil company Zhuhai Zhenrong and Sinopec Group put into effect one of the provisions of the long-term supply agreement with the National Iranian Oil Corporation. Under this provision, deliveries will be made at the supplier's expense, and Iran will cover all costs and risks associated with the delivery of oil.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
European shares fell earlier on Monday, weighed down by travel stocks after the U.K. placed a quarantine on travelers from Spain as the number of COVID-19 cases continue to surge. The pan-European STOXX index lost 0.5% at 0718 GMT. Meanwhile, ...
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