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.
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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.
Abbas Ali-Abadi, the proposed energy minister, has proposed to increase electricity production if he secures the necessary votes from the Parliament National Security and Foreign Policy Committee.
Vice-chairman of the Parliament’s Industries and Mines Committee Seyyedjavad Hosainikia says that the committee has started the examination of records, plans, and earlier performance of the proposed minister for running the Petroleum Ministry.
The global price of crude oil today, August 13, 2024
Global benchmark Brent crude futures fell 78 cents, or 0.95%, to $81.52 a barrel at 0330 GMT. U.S. West Texas Intermediate crude futures slipped to $79.33 a barrel, down 73 cents, or 0.91%.
The Oil and Natural Gas Corporation (ONGC) has said that the Indian Ministry of Petroleum and Natural Gas (MOP&NG) has announced a 20% premium on gas produced from new wells or well interventions.
Iran exported 436 million tons of goods worth $136 million to Latin American countries in the first four months of the current Iranian calendar year, registering a 680-percent rise year on year.
The Economic Council approved a plan proposed by the National Iranian Oil Company (NIOC) to boost oil production in 34 oil fields.
Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers.
National Iranian Drilling Company dug and completed the digging operations of seven oil and gas wells during the first four months of the current Iranian calendar year, an official with the company said.
Oil Industry Expert Reza Mokhtar believes developing petro-refineries is a necessity for completing the oil industry value chain, IRIB reported.
Iranian President Masoud Pezeshkian submitted the list of his proposed ministers to the parliament for approval where Mohsen Paknejad has been nominated as the Minister of Petroleum.
OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if market conditions require, Algeria's energy minister told an industry event on Wednesday.
India's largest oil marketing company, Indian Oil, leads the pack with 15% ethanol blending, aiming for 20% nationwide blending by 2025, while other players are dispensed 15% in petrol.