Managing director of the National Iranian Gas Company (NIGC) says that optimizing energy consumption is the only solution to the problem of gas imbalance.
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The global price of crude oil today, August 19, 2024
Brent crude futures dropped 45 cents, or 0.56%, to $79.23 per barrel by 0646 GMT. U.S. West Texas Intermediate crude futures slid 58 cents, or 0.76%, to $76.07 a barrel.
Liquefied petroleum gas usage in India surged by 10.1% due to domestic schemes like Pradhan Mantri Ujjwala Yojana, while petrol consumption soared by 10.5% due to increased personal mobility demand.
Russian seaborne fuel oil and vacuum gasoil exports increased by 7% in July, reaching 4.05 million metric tons, with China and Saudi Arabia as top destinations.
A June deal to receive 300 million cubic meters of Russian gas daily enables Iran to position itself as an energy hub and a regional leader in energy diversity.
CEO of the National Iranian Gas Company (NIGC) says the gas grid in the country has expanded by 53,000 kilometers in the past three years.
The Shiraz oil refinery's improving gasoline quality plan, which will upgrade the quality of 1.6 million liters of its daily gasoline production to euro-5 standards, is ready to come online.
India, the world's third-largest oil importer, remained Russia's second-largest crude buyer in July, importing $2.8 billion worth of Russian crude, according to CREA data.
Energy Expert Mohammad Hossein Keshavarz has stressed the need to increase the share of CNG in the country’s fuel basket as it is more clean and economically justifiable for the country.
Head of NIORDC Jalil Salari said with the implementation of the gasoline quality improvement plan of Shiraz Refinery, 71 percent of the country’s gasoline output will be under Euro 5 standards.
While the world continues to strive towards achieving the United Nations Sustainable Development Goals (SDGs) and is determined to shift from reliance on fossil fuels to renewable energy sources and implementing carbon reduction policies, the trilemma of energy security, climate change, and economic growth persist.
On Friday, Brent fell 15 cents, or 0.19%, to $80.89 per barrel by 0810 GMT, while WTI fell 25 cents, or 0.32%, to $77.91.
Mohsen Paknejad, a proposed Iranian Petroleum Ministry candidate, pledges to pursue non-price solutions to address gasoline imbalance in the country, stating the government has not defined any plans for raising prices.
The world price of crude oil today, August 15, 2024
Brent crude futures rose 22 cents, or 0.3%, to $79.98 a barrel, recovering some of the previous day's losses. U.S. West Texas Intermediate crude futures increased by 23 cents, or 0.3%, to $77.21 per barrel.
As part of its national climate plan or nationally determined contributions to limit global warming to 1.5 degrees Celsius, India has committed to achieving 500 GW of non-fossil fuel-based electricity installed capacity by 2030.
India purchased $2.8 billion worth of crude oil from Russia in July, becoming the second-largest buyer after China, largely due to discounted prices following Ukraine's invasion.
Iranian Energy Minister Ali-Akbar Mehrabian said private sector contractors have inked deals with the ministry to construct several renewable power plants with a total capacity of 11,000 megawatts across the country.
With the successful implementation of two new wells at the South Azadegan oil field, which Iran shares with its neighbor Iraq, the field’s production capacity has increased by 2,500 barrels per day.
The suggested nominee for the Petroleum Ministry Mohsen Paknejad has highlighted the importance of efficient oil industry human resources on his agenda for running the ministry.
Brent crude futures rose 41 cents, or 0.5%, to $81.10 a barrel by 0650 GMT. U.S. West Texas Intermediate crude increased by 41 cents, or 0.5%, to $78.76 per barrel.