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Iraq has further increased output from its southern oilfields to around 2.1 million barrels per day as more tankers line up to load crude from the country's export terminals in the Gulf, two Iraqi oil officials told Reuters on Tuesday. The officials said the latest increase was driven mainly by higher production from the giant Rumaila oilfield, where output has reached around 1.1 million bpd. Output from the Zubair oilfield has been increased by around 120,000 barrels per day to about [Read more]

A temporary U.S. sanctions waiver on Iranian oil sales is unlikely to draw orders from well-stocked Asian refiners, leaving independent Chinese refineries as the main buyer, trade sources and analysts said. The U.S. authorised on Monday the sale of crude, petroleum products and petrochemicals of Iranian origin through August 21, easing decades-old sanctions as it pushes toward a final peace deal with Tehran. Hit by supply disruptions due to the blockade of the Strait of Hormuz since March, [Read more]

Tehran stands to gain billions of dollars from a 60-day reprieve from U.S. sanctions announced on Monday, but unwinding more than four decades of restrictions poses legal, political and commercial challenges that could take years. At issue is whether an interim U.S. deal with Iran can translate into lasting economic relief, given the complexity of dismantling a sanctions regime that spans U.S. law, international measures and private-sector risk concerns. The United Nations, the U.S. and [Read more]

* High-level talks ended early on Monday * 'We laid a very good foundation for a successful final deal,' Vance says * Different interpretations of nuclear aspects, release of Iranian funds * Oil prices resume drop after progress on talks reported By Humeyra Pamuk, Dave Graham and Nandita Bose BUERGENSTOCK, Switzerland/WASHINGTON, June 23 (Reuters) - T he United States waived sanctions on Iran for 60 days from Monday after the first talks under a nascent peace deal, with U.S. [Read more]

Oil prices inched down on Tuesday, extending losses from the previous session, as investors looked for clearer signs of progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks. Brent crude futures fell 20 cents, or 0.3%, to $77.70 a barrel and U.S. West Texas Intermediate declined to $73.74 a barrel, down 12 cents, or 0.2%, as of 0323 GMT. Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following [Read more]

India has swung to buying Russian crude oil and coal to bolster its energy supplies after flows were disrupted and prices rose during the Iran conflict. The world's third-largest oil importer is expected to see arrivals of Russian crude surge to a record high of 2.55 million barrels per day (bpd) in June, according to data compiled by commodity analysts Kpler. June's imports from Russia would be up from the 2.13 million bpd in May, which was the third-highest on record and just behind the [Read more]

Iran's top negotiator Mohammad Baqer Qalibaf said that Tehran has agreed to have a communication line regarding ship passage in the strait of Hormuz to avoid conflict and incidents in the strategic waterway. In comments given to state TV on his way back from talks with U.S. in Switzerland on Sunday, the Iranian negotiator added that the signing for the release of $12 billion in frozen Iranian assets has been finalised in the talks. (Reporting by Elwely Elwelly, Menna Alaa El Din and [Read more]