Oil prices slipped for a second session on Tuesday, with Brent edging down toward $107 a barrel, as ample supply offset geopolitical tensions in the Middle East, Africa and Europe.
Despite conflicts in Ukraine, Iraq and Libya, glo
Gasoline prices in Iran leapt by up to 75 percent at midnight on Thursday, as state subsidies were cut, a risky move that President Hassan Rouhani hopes will improve an economy battered by Western sanctions.
The price hikes will t
Iran will start cutting gasoline subsidies this week, an official said on Monday, a move that will test President Hassan Rouhani's public support as higher petrol prices add to inflation in a country already squeezed by economic sanctions.
Brent futures rose towards $103 a barrel on Thursday as the dollar weakened, regaining ground from their biggest slide in almost a month the day before.
The decline in the dollar, under pressure from growing expectations the Feder
Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.
The UAE is set to become self sufficient in gasoline by the end of 2014, when its refining capacity will be boosted by the Ruwais plant expansion, an official from Abu Dhabi National Oil Company (Adnoc) said.
Trader Trafigura is still indirectly supplying gasoline to Iraq through another firm, four industry sources said, despite being blacklisted for dealing with the Kurdistan region, at loggerheads with Baghdad.
Trafigura, which had b
State-run Bahrain Petroleum Co (Bapco) has started negotiations for its 2013 term contract for gasoil and jet fuel, with price levels for gasoil much higher than this year, said industry sources.
Bapco's term contract for the
Emiratis' love of cheap gasoline has caused a fissure in the UAE establishment, setting a top government body against national oil companies fighting to stem losses from selling underpriced fuel.
Two years ago the UAE considered phasing ou
Saudi Aramco, the world's largest oil exporter Saudi Arabia's state oil firm, is expected to import higher-than-usual volumes of gasoline and gasoil.
The increased import will plug a supply shortage caused by refinery maintena