Pakistan is in a diplomatic engagement with Iran to avert a potential fine over the completion of the Pakistan-Iran gas pipeline, which has faced many years of delays.
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Iran's new oil minister Mohsen Paknejad appointed Hamid Boord as CEO of the National Iranian Oil Company (NIOC), Iran's oil ministry news agency SHANA reported on Thursday.
The global price of crude oil today, August 29, 2024
Brent crude futures slipped 7 cents, or 0.09%, to $78.58 a barrel by 0812 GMT, while U.S. West Texas Intermediate crude futures edged 1 cent lower, or 0.01%, at $74.51.
The global liquefied natural gas market is predicted to experience a supply glut, increasing production by 41% over the next four years, benefiting India's LNG availability at reasonable prices.
NISOC achieved 65% of its target for increasing and maintaining oil production in Iranian fields in the previous year, according to an official.
Iran and Turkmenistan signed a gas cooperation document today in Tehran in the presence of the Iranian President Masoud Pezeshkian and the National Leader of Turkmenistan Gurbanguly Berdimuhamedow.
The petroleum minister Mohsen Paknejad has established a consultative working group to identify the oil industry's main problems and challenges regarding management and human capital development.
Brent crude futures were up 8 cents at $79.63 a barrel at 0653 GMT. U.S. West Texas Intermediate crude futures up 7 cents to trade at $75.60.
The Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei announced upstream sector development as a top priority.
Iranian President Masoud Pezeshkian emphasized the necessity of changing the executive branch’s management structure.
The National Iranian Oil Company’s (NIOC) managing director Mohsen Khojastehmehr says that an increase of 400 thousand barrels of oil production per day is the most important mission the petroleum minister has assigned to the NIOC.
Brent crude futures was up 3 cents at $81.46 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude futures dropped 6 cents to $77.36 a barrel.
The Alberta Energy Regulator (AER) said on Thursday it has imposed an administrative penalty of C$50,000 (US$36,764.71) on Imperial Oil over a months-long toxic tailings leak at the oil and gas producer’s Kearl oil sands mine.
India's ONGC has commenced a new well in KG-D5 Block, marking a significant milestone for the company, which is expected to boost oil and gas production.
Gasoline consumption in Iran reached 140 million liters on Saturday, August 25, according to the National Iranian Oil Products Distribution Company (NIOPDC).
Petroleum Minister Mohsen Paknejad appointed Mohammad Sadegh Azimifar as the CEO of the National Iranian Oil Refining and Distribution Company (NIORDC).
The world price of crude oil today, August 26, 2024
Brent crude futures climbed 56 cents, or 0.7%, to $79.58 a barrel by 0615 GMT, while U.S. crude futures were at $75.40 a barrel, up 57 cents, or 0.75%.
Morgan Stanley reduces global oil demand growth forecast for 2024 due to China's slower economic growth, increased electric vehicle usage, and rise in LNG-powered trucks.
Ukraine's President Zelenskyy urges India to cease Russian oil imports to end Ukraine's war, while India's External Affairs Minister Jaishankar discusses energy needs and market conditions.
Iran's new Oil Minister, Mohsen Paknejad, plans to address the country's energy imbalance by focusing on alternative fuels like gas, rather than increasing energy carrier prices.