Yet, the biggest story in oil markets this year may well take place far from the much-publicized tensions in the Middle East - namely China's ever-growing oil demand.
The OPEC report, published Monday, showed Venezuelan production at its lowest in decades and said the global oil glut had been virtually eliminated.
The so-called Saudi Vision 2030 is aimed at generating more growth from the non-oil sector. Total global demand is now seen at 98.85 million bpd. Production rates are strong, but so too are US demand and fuel exports.
Markets were also held in check by a rise in US drilling for new oil production.
Mousavi, whose NIOTC is tasked with controlling Iran's oil export facilities, went on to say that Iran now had no oil stored in its tankers, which means that the Islamic republic goes on selling its oil reserves, with exports as of March 2017-2018 hitting roughly 800 million barrels, IRNA reported.
In the first four months of this year, South Korea's intake of Iranian oil dropped 34 percent to 4.69 million tonnes, or 286,308 bpd, versus about 7.1 million tonnes over the same period a year ago, the data showed.
The report is the last one before the oil ministers' meeting in Vienna to discuss the oil production ceiling two weeks later.
The Saudis themselves reported total production of 9.868 million barrels a day in April, down by about 39,100 compared to March.
Some oil analysts have said they expect Iranian crude exports to fall by as little as 200,000 barrels per day (bpd), while others put the figure closer to 1 million bpd. Steady refining margins and backlog cargoes to some independent refiners contributed to the record import volumes.
"In the short term, higher oil prices will probably be sustained", said John Velis, macro strategist at State Street Global Markets, noting multiple reasons for the price support.
- Global oil supply is tightening.
Oil held near $71 a barrel on heightened political risks in the Middle East following unrest in Gaza and the return of sanctions against Iran.
But it is unclear how hard the sanctions will hit Iran's oil industry. As a result, crude oil is likely to undergo a short-term correction. Crude oil prices moved up during European trading hours and continued to rise during U.S. trading hours.
"Plus we see a high likelihood of OPEC working with Russian Federation in 2019 to set a floor on oil prices", analysts wrote in their report.
The company even went all out with the Surface Hub three years back and chose to announce a touch screen the size of a blackboard. According to him, the new device will be easy to set up and work instantly as you walk into the room.
He was in third place, nine shots behind, and figured all he could do last Sunday was go as low as he could and see where it led. I didn't really miss a shot and only ended up on 69. "I had to pace myself and just stay in it". "This was for her".
Throwing his weight behind Nawaz, PM Abbasi also reiterated his support for the Pakistan Muslim League-Nawaz (PML-N) Quaid . They added that Ajmal Kasab's hurried execution is the main reason why the case still pending disposal.
Frank Ntilikina , the No. 8 pick in the 2017 NBA Draft, has the tools to become a two-way player once he develops. The Kings' 2018 NBA Draft positioning will be determined Tuesday night at the annual NBA Draft Lottery.
Fast facts: Power and Simon Pagenaud each have won twice on the Indianapolis road course, the only drivers to reach victory lane. Pole winners have won each of the last three races on Indianapolis' road course - with Power taking two of those three.
This week we watched three Americans previously held captive in North Korea step back onto USA soil for the first time in years. Trump said he will greet Pompeo and the Americans when they land at Andrews Air Force Base outside Washington at 2 a.m.
OR is among eight states where Democrats control the governorship and both houses of the state legislature. A clutch of both Democrats and Republicans are challenging one another in the lieutenant governor primary.
Despite the comparisons to Roseanne , Newman insists that Allen's conservative politics will not factor into the show. Andy Samberg , meanwhile, celebrated the news on stage at NBC's morning presentation at Radio City Music Hall.
Trump and Xi Move To Resolve Shutdown of ZTE Corp
Increasing U.S. exports of liquefied natural gas could also be an area where the two countries could agree, he said. ZTE reached a settlement in March 2017 for violating USA export laws and paid penalties totaling $1.19 billion.
Bethesda releases first gameplay trailer for Rage 2
If you like open-world FPS titles set in a dystopian universe, then Rage 2 looks to be right up your alley (and mine, too ). We will play for Walker, the last Ranger of the Badlands, which is a hard path of struggle against oppressive Government.