Iran, Russia and Syria have established an operations room to secure a safe and stable flow of oil supplies, wheat and some other essential materials to the Arab country via the Mediterranean, private sources have revealed to Sputnik Arabic.
Media attack and hype regarding Iran and China’s economic cooperation agreement by the domestic and foreign currents, and especially by those who western blood is boiling in their veins and have engaged a country with their imported delusion in their minds despite all rational reasons, assigns one to stand against these mischievous distortions which are seen among the news reports by disclosing the truth in order to make aware the dear and resistant people of this revolutionary country against these mischievous inductions.
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States fell by 1 this week. The total number of active oil and gas rigs in the U.S. is now at 402—or 390 fewer than this time last year.
Oil soared past fiscal breakeven prices for the Middle East’s four biggest producers after OPEC+ kept output largely unchanged and an attack on a highly protected Saudi Arabian oil facility.
Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic.
Oil plunged as the dollar pared losses ahead of a key OPEC+ meeting scheduled this week that may return more supply back to a fast-tightening market.
Oil prices will rally sooner and higher than previously thought as the global energy demand recovery outpaces the supply response from the OPEC+ alliance, shale, and Iran, according to Goldman Sachs Group Inc.
Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.
Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
Oil prices will be supported this year by the upcoming massive economic stimulus package in the United States and the low probability of much Iranian oil returning to the global market, according to Goldman Sachs.