Union Petroleum and Natural Gas Minister Hardeep Singh Puri stated there's no global crude oil shortage and sufficient refining capacity to meet domestic needs, despite geopolitical tensions in the Middle East.
Global Crude Oil Price Today October 28, 2024
Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open.Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel.
Natural gas consumption for September 2024 stood at 5,752 MMSCM, with the fertilizer sector accounting for the largest share at 29%, followed by city gas distribution (CGD) at 20%, and the power sector at 12%.
Bharat Petroleum Corporation Limited (BPCL) announced board approval for a joint venture (JV) agreement with Oil India Ltd to develop a city gas distribution project in Arunachal Pradesh, with discussions held on October 25, 2024.
According to Masoud Afshar, the deputy head of NIDC for drilling operations, the drilled wells consisted of 12 development, and 40 workover ones, IRNA reported.
Iran’s Deputy Energy Minister Homayoun Haeri has said the Islamic Republic is seeking to use Chinese expertise and technology to develop the country’s renewable industry, IRNA reported.
Brent Crude Oil Today October 25, 2024
Brent crude futures climbed 31 cents, or 0.4%, to $74.69 a barrel by 0642 GMT while U.S. West Texas Intermediate crude was at $70.48 a barrel, up 29 cents, or 0.4%.
Indian firm Adani Total Gas reported on Thursday a 7.5% increase in its consolidated profit for the quarter ended September 30, as sales of compressed natural gas (CNG) for vehicles continue to grow.
The price of natural gas price in Alberta is set to lose its discount once the LNG Canada project enters into operation, the chief executive of Tourmaline Energy, the country's top natural gas producer, has warned.
The International Energy Agency has predicted that fossil fuel consumption will reach its peak by the end of the current decade while electricity demand will rise dramatically, in what the IEA calls the Age of Electricity.
Global Crude Oil Price Today October 24, 2024
Brent crude futures were up $1.26, or 1.7%, to $76.22 a barrel. U.S. West Texas Intermediate crude futures climbed $1.26, or 1.8%, to $72.03.
India's Finance Ministry will consider a proposal to ditch the windfall tax on domestic crude oil production, amid much lower prices compared to when the levy was introduced in 2022, a senior government official said on Wednesday.
The global price of crude oil today, October 23, 2024
Brent crude futures eased 50 cents, or 0.7%, to $75.54 a barrel by 0640 GMT. U.S. West Texas Intermediate crude futures shed 50 cents, or 0.7%, to $71.24 a barrel.
India's oil minister hopes that global oil prices will come down despite geopolitical tensions as more supplies are coming into the market.
Methane gas detectors are essential for ensuring safety in environments with CH4 presence, as they detect dangerous levels of methane, preventing explosions and health issues.
Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions.
Brent crude futures were up 38 cents, or 0.5%, to $73.44 a barrel at 0747 GMT. U.S. West Texas Intermediate crude futures were up 44 cents, or 0.6% to $69.66 a barrel.
India imported 36.85 billion BCM of liquefied natural gas in the first six months of fiscal year, highlighting its growing energy needs and reliance on global LNG supplies. The Indian government is balancing domestic production and LNG imports.
India is expected to receive investments worth $87 billion in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said on Friday.
Chinese road fuel demand has been struggling this year as EV sales are soaring and diesel sales are falling.
