U.S. West Coast refiners are replacing their heavy Iraqi oil imports with cheaper crude from Canada as the newly expanded Trans Mountain pipelinereshuffles trade flows across the Pacific.
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Brent futures for August settlement eased 5 cents to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while U.S. crude futures were down 3 cents at $81.60 a barrel after climbing 1.1% a day earlier.
Indian imports of Russian coal have declined while U.S. shipments have risen in the three months ending in May, data from coal consultancy Bigmint showed, which traders attributed to Russian supplies becoming less competitive.
In a significant boost to the country's energy infrastructure, Iran has officially inaugurated 17 major oil, refining, and petrochemical projects across seven provinces, with a total investment of over 180 trillion rials (about $3.6 billion).
Managing director of the National Iranian Oil Company (NIOC), Mohsen Khojastehmehr, says a license has been issued which allows the National Iranian Drilling Company (NIDC) to spend as much as 800 million dollars in purchasing drilling rigs as well as drilling related equipment and services.
Fuel conservation solutions not only can make revenue equal to 80 percent of crude oil exports for the country but are the most available ones as well.
The National Iranian Gas Company’s (NIGC) director for coordination and supervision of production, Ahmad Zamani, says that NIGC has managed to realize the Petroleum Ministry’s programs by one hundred percent.
Shares of Indian Oil Corporation Ltd. traded 0.17 per cent up in Monday's trade at 12:22PM (IST). Around 933,990 shares changed hands on the counter.
Brent crude futures slipped 3 cents to $85.21 a barrel by 0632 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.71 a barrel, down 2 cents.
The Head of the Atomic Energy Organization of Iran has emphasized that any requests made by the International Atomic Energy Agency (IAEA) must adhere to the legal framework established by the Nuclear Non-Proliferation Treaty (NPT) and the Safeguards Agreement.
Iranian Oil Minister Javad owji said on Saturday that the Islamic Republic has outpaced Qatar in gas extraction from joint fields by 100 million cubic meters (mcm), IRNA reported.
In a joint meeting, the Energy Ministers of Iran and Belarus emphasized the readiness of the two countries regarding cooperation in the field of gas turbine production.
The members of the Shanghai Cooperation Organization (SCO) have stressed the need to enhance cooperation in the areas of production, transmission, and consumption of energy.
Iran's gross domestic product (GDP) including oil grew 4.5 percent in the previous Iranian calendar year (ended on March 19), compared to a year earlier, according to the Central Bank of Iran (CBI).
Iranian Minister of Petroleum Javad Owji says that currently Iran exports crude oil to 15 different countries across the world.
India's oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data.
On the sidelines of the Shanghai Cooperation Organization (SCO) meeting in Kazakhstan, Iranian Energy Minister Ali Akbar Mehrabian voiced the readiness of the Islamic Republic of Iran to export technical and engineering services, as well as supply equipment in the energy sector.
China’s Customs Office put the trade exchanges between Iran and China in the first five months of the current year (January to May 2024) at about $6.0 billion.
While at the beginning of the 13th administration taking office, the country’s oil selling capacity stood at 300 thousand barrels per day it rose to 1.8 million barrels per day a year and a half later.
In a diplomatic exchange, President Ranil Wickremesinghe and Indian External Affairs Minister Dr. S. Jaishankar led bilateral discussions at the President’s House. The joint energy projects between India and Sri Lanka took centre stage during these discussions.