Iran has achieved record high exports of petroleum products despite U.S. sanctions, Oil Minister Bijan Zanganeh said in televised remarks on Friday. Zanganeh said former U.S. President Donald Trump and his secretary of state, Mike Pompeo, had "joined the dustbin of history, but we are alive and working with more hope to build the country". "The enemy and Trump wanted us to perish and die, our exports to reach zero," he said.
After being hit by the pandemic, oil companies in South Africa are unlikely to upgrade refineries to cut sulphur emissions unless the government allows them to pass the costs on to consumers or offers other support, the South African Petroleum Industry Association (SAPIA) says. New rules requiring oil refineries in South Africa to cut diesel sulphur levels to 10 parts per million (ppm) had been due to come into effect in 2017 but have been postponed indefinitely due to a disagreement between the government and SAPIA, which represents oil majors, over who will cover the cost.
Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer. U.S. West Texas Intermediate (WTI) crude futures dropped 65 cents, or 1.2%, to $52.48 a barrel at 0740 GMT, after slipping 18 cents on Thursday. "In line with the more cautious tone displayed by financial markets today in Asia, both contracts have retreated," said Jeffrey Halley, senior market analyst at OANDA.