Oil revenue News

Islamic State is facing an "unprecedented" cash crunch with the terror group's revenue from the lucrative oil business plummeting by 50 per cent and oil production cut by about a third due to US-led airstrikes, according to a media report.

Brent crude rose above $55 a barrel on Friday and the U.S. benchmark rose by 4 percent after the dollar weakened, causing oil to reverse earlier losses on persistent oversupply concerns.

India owes about $8.8 billion for oil imports from Iran, India`s trade minister said on Friday, as economic sanctions imposed over Tehran`s nuclear programme have cut its access to the global banking system and hit its oil revenue.

India will soon pay a third tranche of $400 million to Iran ahead of a Nov. 24 deadline to an interim deal with six world powers that allows Tehran to recover part of its overseas frozen oil revenues, industry sources said on Wednesday.