Oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by OPEC-led production cuts, strong demand and the prospect of a US pullout from the Iran nuclear deal.
Iranian Oil Minister Bijan Namdar Zanganeh said that process of implementing Iranian gas export contract to Pakistan has not changed, so that the country will follow up the situation through the diplomatic system.
China's state-run refiner Sinopec will cut back on its nominations of Saudi Arabian crude in May after the major OPEC producer's latest official selling prices came out above market consensus, potentially providing other producers in the Middle East and Asia-Pacific with a chance to boost sales to the giant Asian consumer.
Market for Asian oil products has just entered the second quarter amid signs of some recovery in gasoline demand and tightness in naphtha supply, while the outlook for jet/kerosene appears bearish. The following are some factors that traders said might influence various oil products in Asia in the April-June quarter.
Russia's Zarubezhneft will face no banking problem in transferring money into Iran for investment in oil sector, said the deputy head of the National Iranian Oil Company (NIOC) for development and engineering affairs.
Indian state refiners plan to almost double oil imports from Iran in 2018-19, sources with knowledge of the matter said, potentially helping Iran increase its share in the world's third-biggest oil importer.