According to reports, following Russia’s invasion of Ukraine, the u.s. and others have concerns about oil supply. Reportedly, Russia supplies 8% of the world’s oil. According to reports, energy shipments from Russia have not been the target of sanctions, though exxon mobile said it would exit russian gas and oil operations, Tuesday, in the footsteps of other western companies such as bp, shell and Norway’s equinor. Reportedly, exxon mobile who have been developing oil and gas fields since 1995, and operate three large off shore gas fields for various companies including Rosneft have been under pressure to cut ties with Russia. Reportedly, developing plans were to add a liquified natural gas terminal at the site.
According to a report, oil prices declined Thursday in the hope of an Iran nuclear deal. Reportedly, the deal means the lifting of sanctions, including an embargo on Iranian oil. According to the report, an Iranian energy journalist said, Iranian oil is returning to the market under golden circumstances. Reportedly, a term of the agreement is there will be no enrichment facilities other than Natanz, a city 70 km south of Kashan.