Jalil Salari, managing director of NIORDC, reports an increase in fuel consumption from 32 billion liters three years ago to 46 billion liters this year, necessitating the need for smart fuel system updates.
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India is set to launch its tenth bidding round for oil and gas blocks in August or September, covering 25 blocks across 13 sedimentary basins, essential for exploration and production.
Iran and Australia emphasized on the expansion of cooperation between the two countries in non-sanctions fields during a meeting held at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).
The World Bank (WB), in its latest report, predicted that Iran’s economy will grow 3.2 percent in 2024 and the inflation rate will decrease to 35.3 percent.
Quoting the OPEC data, MNA announced that “Iran’s crude oil price rose by $4.76 per barrel from January to June 2024 compared to last year’s corresponding period.”
India’s oil consumption is projected to rise to 7 million barrels per day (mbd) by 2030 from 5 mbd in 2022 in the ‘current trajectory’ scenario of the latest BP’s Energy Outlook.
Azerbaijan raised its natural gas exports to Europe by 12% year-over-year in the first half of 2024, sending 6.4 billion cubic meters (bcm) of its gas to European customers, Azerbaijan's Minister of Energy, Parviz Shahbazov, said in a post on X on Thursday.
Iranian Oil Minister Javad Oji says the country’s oil production has increased from 2.2 million barrels per day (bpd) in 2021, when the current government took office, to 3.6 million bpd in the current year, IRIB reported.
Pars Oil and Gas Company (POGC) has started a project to spud 35 new wells in the South Pars gas field to enhance and maintain gas production in the massive joint field.
The weekly price of the OPEC basket of twelve crudes fell by 1.24 dollars during the week ending on July 11.
A Chevron-chartered oil tanker that was seized by Iran more than a year ago was heading for international waters on Thursday, LSEG ship tracking data showed.
The Indian state government of Andhra Pradesh and officials from Bharat Petroleum Corporation Limited (BPCL) met to discuss the potential establishment of an oil refinery and petrochemical complex in the state. The project is likely to attract investments amounting to ₹70,000 crore.
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.
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.