India's Oil and Natural Gas Corp has sought a waiver from the U.S. Office of Foreign Assets Control to lift crude oil from Venezuela, an industry source said on Thursday.
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Russian President Vladimir Putin has told Iran’s Parliament Speaker Mohammad Baqer Qalibaf that cooperation between the two countries will continue to grow.
Japanese companies foreseeing a growing surplus in stocks of liquefied natural gas (LNG) as their demand for the fuel wanes in coming years, are scrambling to invest in regional markets to provide potential outlets to sell the gas.
Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel.
Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way.
The oil industry is predicted to grow 8 percent over the five-year development plan to March 2028 amid rising oil production to 5.5 million barrels daily.
The Iranian Minister of Petroleum says every 100 100,000 barrels of oil production per day generates 2.8 billion dollars of revenues annually, so the more the country's oil production and refining capacity increases, the more the country's economic power and foreign exchange resources increase.
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems.
Brent futures were up by 21 cents, or 0.25% to $85.29 a barrel by 0938 GMT. U.S. West Texas Intermediate (WTI) crude rose 13 cents, or 0.16%, to $82.23.
Russia is exploring a long-term oil deal with India, Interfax news agency quoted Deputy Prime Minister Alexander Novak as saying on Tuesday.
Brent futures were down 58 cents, or 0.69%, at $84.08 a barrel. U.S. West Texas Intermediate (WTI) crude was down 48 cents, or 0.59%, to $80.93 a barrel.
The Iranian Oil Minister Javad Oji has said the country plans to increase its daily crude production to 4.0 million barrels per day (bpd) by late March 2025 and the preparations for the mentioned increase are currently underway, IRNA reported.
As announced by a local official, NGL project, in Kharg island in the Persian Gulf, which is being built with the aim of reducing the gas emissions in this island to zero has achieved 75 percent physical progress.
After successfully producing a great part of oil industry catalysts at home, the country now enjoys the potential to export the catalysts to meet the neighboring countries' needs.
The head of the parliament’s energy committee has said that foreign investment in Iran’s oil industry quadrupled during the 3 years of the 13th administration in office.
During PM Modi's visit, New Delhi and Moscow aim to establish a long-term crude oil supply arrangement, focusing on consistent, discounted Russian crude supply to India.
Brent futures rose 4 cents to $85.79 a barrel by 0622 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 2 cents to $82.35.
Iran exported $3.0 billion worth of commodities to Iraq during the first three months of the current Iranian year, registering a 27 percent rise compared to the previous year's corresponding period, the caretaker of Iran’s Commercial Consultancy Office in Baghdad said.
Following the tragic loss of Ibrahim Raisi during the incident of a chopper crash in May, Iran held a snap presidential election in which Masoud Pezeshkian, a reformist-supported candidate was elected as the 9th president of the Islamic Republic of Iran in the run-off election on July 5.
Brent crude futures were down 36 cents, or 0.4%, at $86.18 a barrel, as at 0646 GMT. U.S. West Texas Intermediate crude was at $82.71 a barrel, down 45 cents, or 0.5%.