The weekly price of the OPEC basket of twelve crudes fell by 1.47 dollars during the week ending on August 1.
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Global benchmark Brent crude futures rose 78 cents, or 1%, to $81.62 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude futures gained 79 cents, also 1%, to $78.70 a barrel.
India is poised to increase its diesel and jet fuel exports to Singapore and Australia in July. The expected surge in shipments, ranging from 157,000 to 224,000 barrels per day (bbl/d), is the highest since end-2021 and early 2022 and represents a 30% increase from June’s figures, according to Reuters.
The secretariat of the first Persian Gulf oil, gas and petrochemical media festival in Iran has called for paper submission.
The head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) has called for signing free and preferential trade agreements with Brazil to improve the trade relations between the two countries.
Liquid fuel delivery to power plants has increased by 30 percent since the beginning of the current Iranian calendar year, since March 21 when compared with similar period last year.
Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel.
The Indian Government has allocated approximately Rs75bn ($895.74m) for seismic data acquisition and drilling of stratigraphic wells, reported the Economic Times.
The recently signed gas supply deal between Russia and Iran could shake up the international gas market in a big way if the Kremlin gets its way.
Director of supply and distribution at the National Iranian Oil Products Distribution Company says the company has supplied 30 percent more fuel to the country’s power plants in the current Iranian calendar year compared to the previous year.
Iran’s foreign trade value, including oil exports, has reached 51 billion dollars over the first four months of the current Iranian calendar year, since 21 March 2024.
NIGC manages to supply natural gas to power plants and electricity generators, despite the challenging weather conditions, particularly in the southern regions, which account for over 93% of fuel needs.
Brent crude oil futures fell by 12 cents or 0.15% to $79.78 a barrel by 0033 GMT. U.S. crude futures were down 14 cents, or 0.18%, at $75.67 a barrel.
India expects to boost its refining capacity by around one-fifth to have 6.19 million barrels per day (bpd) of crude processing capacity by 2028, according to its junior petroleum minister.
Iran earned some $3.39 billion from exports of petrochemical products in the three months to June 20, according to a senior industry official.
Russia’s VTB Bank will participate in the 14th International Exhibition of Exchange, Bank and Insurance (Iran Finex 2024), according to the secretary of the policy-making council of the exhibition.
Head of Iran's Renewable Energy and Energy Efficiency Organization (SATBA) has said 600 renewable power plants with a total capacity of 13,500 megawatts (MW) are under construction across the country after completion which the share of renewables in the Iran’s power generation will reach 15 percent.
India and Saudi Arabia on Sunday discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power.
Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $77.25 a barrel.
Iran’s non-oil exports rose by $1.35 billion in the four months to July 21 compared to the same period last year, according to the latest figures released by Iran’s House of Industry, Mine and Trade.