Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven US dollar which tumbled to multi-year lows.
Iranian President Hassan Rouhani on Monday inaugurated three large projects in the oil, gas and petrochemical industries.
Energy giant Saudi Aramco said on Sunday its second-quarter profits plunged a massive 73 percent due to sharply lower oil prices as the coronavirus pandemic crisis undercuts global demand.
OPEC could be preparing for hard days as expectations rise for prolonged demand destruction caused by the coronavirus pandemic.
Iran’s oil industry activities have been going on strongly in the past two years since the US pulled out of the nuclear deal and reimposed sanctions.
OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic.
State-owned Kuwait Oil Company announced a 25 percent reduction in its budget for the next five years.
A former Iranian OPEC governor rejected claims by authorities in crude-producing countries that output of oil in Iran has exceeded a limit set by the Organization of Petroleum Exporting Countries and allies, a grouping known as OPEC+.
The Minister of Oil Bijan Namdar Zanganeh in a telephone conversation with his Iraqi counterpart Ihsan Abdul Jabbar reviewed bilateral ties of Iran and Iraq on Monday.
Given that oil demand from China has now recovered from the COVID-19 outbreak to even higher levels than before, Iran is operating at full tilt to optimize the oil available to key ally Beijing from any and all of its fields.