India recorded a 7.4% increase in petroleum product consumption in July 2024, consuming 19.65 million metric tons (MMT) compared to 18.29 MMT in the same month last year, the Petroleum Planning and Analysis Cell (PPAC) said in a report.
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The caretaker of the Central Bank of Iran (CBI) Monetary and Banking Research Institute has said the country is targeting 9.5 percent inflation and 13.8 percent liquidity growth by the end of the seventh National Development Plan.
Ramin Hatami, former CEO of ICOFC, emphasized the need for an industry expert at the Petroleum Ministry due to the current oil industry situation.
Proposed Iranian petroleum minister Mohsen Paknejad has said that Iran’s oil production is planned to increase by 400 thousand barrels a day up to the end of the next Iranian calendar year on 19 March 2026.
Brent crude was down 67 cents, or 0.86%, at $76.99 a barrel. Front month U.S. West Texas Intermediate crude futures were at $73.75 a barrel, easing 62 cents, or 0.8%.
Nepal plans to export nearly 1,000 megawatts of electricity to India, marking a "new milestone" after extensive talks with Nepalese Prime Minister Arzu Rana Deuba.
Iran’s South Pars phase 14 refinery has been connected to the national gas network via pipeline, an official with the Iranian Gas Transmission Company (IGTC) said.
The former managing director of the National Petrochemical Company (NPC) Behzad Mohammadi has described the proposed petroleum minister as a capable manager with deep knowledge of the oil industry.
Managing director of the National Iranian Gas Company (NIGC) says that optimizing energy consumption is the only solution to the problem of gas imbalance.
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.