U.S. President Joe Biden said in a memo to the U.S. State Department on Friday that there were sufficient supplies of petroleum so other countries can reduce what they buy from Iran.
Italian energy major, Eni, described 2020 as a “year of war”, regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past. Eni is committing to lowering the price of oil at which the company breaks even going into 2021, as a means of tackling the uncertainty of the oil economy in the coming months. Francesco Gattei, CFO at Eni, stated that “Volatility is growing every year.”, highlighting the need to be prepared for the energy demand of the future.
The spokesman of the Petroleum Products Exporters Union, Seyyed Hamid Hosseini announced that Iran purchases Iraqi goods in exchange for exporting electricity to Iraq.
Oil prices rose about 2 per cent on Friday and were on course for a second consecutive week of gains as US producers rapidly shut crude production and more states moved ahead with plans to relax lockdowns intended to prevent the spread of the worst public health crisis in a generation.
Aurélie Lacassagne, professor of political science believes that European reaction to Donlad trump recent decision about Iran has been weak indeed. The Europeans seem unable to develop a coherent common foreign policy strategy.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced.
Japanese refiners want to get a sanctions waivers extension from the U.S. government for oil imports from Iran, Takashi Tsukioka, president of the Petroleum Association of Japan (PAJ), said.
Saudi Aramco’s chief executive said on Tuesday the oil industry is facing “a crisis of perception” and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact.
Iran sold 35,000 barrels out of one million barrels put up for sale at the Iran Energy Exchange, Amir Hussein Tibyanian, a representative of the National Iranian Oil Company in the Energy Exchange, said.
Vice President Es’haq Jahangiri believes it is impossible to sanction Iran, a day after saying the country was selling as much oil as it needed despite US sanctions.
