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(Adds Iranian foreign ministry statement) SEOUL, Feb 16 (Reuters) - South Korea and Iran have held working-level talks on resuming imports of Iranian crude oil and unfreezing Iranian funds held in the East Asian nation, South Korea''s foreign…

Iran is preparing for its return to international oil markets, according to Bloomberg, which reported that officials from the National Iranian Oil Co. had met with two South Korean refiners to discuss supply deals. Before Washington imposed sanctions on Iran for its nuclear energy program during President Trump''s term, South Korea was one of the top three importers of Iranian oil along with China and India. It imported an average of 18.5 million barrels a month from Iran. The sanctions, however, discouraged the country from continuing its oil business…

The Group Managing Director, GMD of the Nigerian National Petroleum Corporation NNPC, Mele Kyari says the distribution of Premium Motor Spirit, PMS, otherwise called petrol will normalize in the weeks ahead. He said that before the end of the month, about 2.1 billion liters of the product would have been… The post NNPC to inject 2.1 billion litres of petrol by end of February appeared first on FRCN HQ .

US major indices snap a three day losing streak Biden: Invasion remains distinctly possible Some of the geopolitical premium comes out of oil. How much is left? ECBs Villeroy: We will retain our full optionality about pace of normalization European major indices close higher in

The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.076 million barrels after analysts predicted a larger draw of 1.769 million barrels. U.S. crude inventories have shed some 80 million barrels since the start of 2021 and about 22 million barrels since the start of 2020. Global crude stockpiles are also low. In the week prior, the API reported a draw in crude oil inventories of 2.025 million barrels after analysts had predicted a build of 675,000 barrels. Oil prices were trading down sharply on Tuesday…

Higher oil and gas prices drive a more than trebling in full-year profit and Santos has forecast a surge in output this year after the Oil Search merger.

Dozens of beaches near Lima are deserted and thousands of fishermen remain without work, one month after an oil spill at a refinery created what the United Nations called the worst ecological disaster in Peru’s recent history

United States API Weekly Crude Oil Stock climbed from previous -2.025M to -1.076M in February 11

A consumption boom and soaring prices for basics like oil, coal and coffee caused GDP to rocket 10.6% in 2021.

API reported crude inventories fell 1.1mb, relative to the DOE expectation for a draw of 1.6mb on the week.Crude inventories at Cushing fell 2.4mb on the week according to the…

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.1 million barrels for the week ended Feb. 11, according to sources….

WTI Holds Losses Despite Across-The-Board Inventory Draws Oil prices tumbled today after Russia said some troops are starting to return to their permanent bases, removing some of the geopolitical risk premium that has been embedded recently. “Profit-taking with oil was inevitable after Russia’s Defense Ministry stated that some troops are starting to return to their regular bases after completing drills,” said Ed Moya, Oanda’s senior market analyst for the Americas. “The Ukraine situation still remains tense and oil prices could swing $10 in either direction. ” But for now, the next leg will be governed by any potential surprise in tonight''s inventory data. API Crude -1.076mm (-220k exp) Cushing -546k Gasoline -923k (-900k exp) Distillates -2.382mm (-1mm exp) This is the 6th straight week of falling stocks at the Cushing hub as API reported inventory draws across the board… Source: Bloomberg Having neared $96 amid Friday''s panic-fear-mongering of an imminent invasion by the Biden administration, today''s Putin headlines sent WTI back to a $90 handle briefly before it bounced back to $92 after Biden spoke again and reiterated the threats.

Islamabad [Pakistan], February 16 (ANI): Pakistan government on Tuesday dropped a “petrol bomb” on the masses by increasing the prices of petroleum products by up to Rs 12.03 per litre. According to the notification, petrol price has been increased by Rs 12.03 per litre and high-speed diesel price by Rs 9.53 per litre. Similarly, the […]

The African Energy Chamber spoke to Impact Oil & Gas CEO, Siraj Ahmed, about increasing oil production across the African continent, low carbon gas monetization and pending deals that should be concluded at the upcoming African Energy Week, taking place in Cape Town on 18-21 October Despite being blessed with abundant oil and gas resources, [] The post Powering African Countries with domestic gas is advantageous than importing Liquefied Natural Gas (LNG) appeared first on The News Chronicle .

The US is withdrawing nearly all of its remaining soldiers from Ukraine, the Pentagon announced on Saturday, as tensions soar over a possible Russian invasion of the eastern European country. Defence Secretary Lloyd Austin has ordered the temporary repositioning of the 160 members of the Florida National Guard who were in the country, advising and mentoring Ukrainian forces, Pentagon spokesperson John Kirby said in a statement. The troops who Kirby said were being withdrawn with the safety and security of our personnel foremost in mind will be repositioned elsewhere in Europe. Since 2015, reservists from the US National Guard have been advising and training Ukraine''s army alongside soldiers from other North Atlantic Treaty Organisation (Nato) countries, notably Canada and Germany. This repositioning does not signify a change in our determination to support Ukraine''s Armed Forces, but will provide flexibility in assuring allies and deterring aggression, Kirby said. Putin-Biden phone call Meanwhile, Russian President Vladimir Putin and US President Joe Biden held a high-stakes telephone call as a tense world watched and worried that an invasion of Ukraine could begin within days.