The Iranian Minister of Petroleum says that signing the memorandum of understanding (MoU) for gas transfer from Russia to Iran will increase Iran’s share of the global gas trade, strengthening regional energy security considerably.
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Canada’s GDP grew by 0.3 per cent in April, according to Statistics Canada. The agency said 15 out of 20 sectors it monitored all grew, but wholesale trade, mining, quarrying and oil and gas contributed the most.
A price revision has been made for commercial LPG by oil marketing companies, while also keeping domestic cooking gas rates unchanged, according to a source. The monthly revisions for both commercial and domestic LPG gas cylinders occur on the first day of every month, with new rates being implemented from 1st June.
The Islamic Republic of Iran ranks fourth in West Asia in attracting Foreign Direct Investment (FDI) after the United Arab Emirates, Saudi Arabia and Turkey, an official said.
The weekly price of the OPEC basket of twelve crudes rose by 13 cents during the week ending on June 27.
Brent crude futures for August settlement, on Friday, rose 48 cents, or 0.56% to $86.87 a barrel. U.S. West Texas Intermediate crude futures for August delivery rose 52 cents, or 0.64%, to $82.26 a barrel.
Russia has for the first time sent two trains laden with coal to India via the International North-South Transport Corridor (INSTC), which connects Russia to India via Iran, according to a statement by Russia’s national railway company.
Top oil exporter Saudi Arabia may cut prices for crude grades it sells to Asia for a second month in August, tracking weakness in Middle East benchmark Dubai, trade sources said on Friday.
Indian Oil Corporation Ltd is quoting at Rs 163.22, down 0.64% on the day as on 13:19 IST on the NSE. The stock jumped 80.06% in last one year as compared to a 26.38% rally in NIFTY and a 67.22% spurt in the Nifty Energy index.
Brent crude oil futures were up 43 cents, or 0.5%, at $85.68 a barrel by 0850 GMT. U.S. West Texas Intermediate crude futures rose 42 cents, or 0.5%, to $81.32.
Iranian Minister of Petroleum, Javad Owji, says that the country’s oil production has risen by 60 percent over the three past years of Ibrahim Raisi’s administration in office.
The managing director of the National Iranian Oil Company (NIOC) has said that Iran’s oil revenues rose by 300 percent during the 13th administration in office since August 2021.
ONGC (Oil and Natural Gas Corporation) and IOC (Indian Oil Corporation) have partnered to establish a LNG plant in Madhya Pradesh, aiming to enhance regional energy infrastructure and meet the growing demand for clean energy.
Brent crude oil futures rose 41 cents, or 0.48%, to $85.42 a barrel by 0613 GMT. U.S. West Texas Intermediate crude futures gained 46 cents, or 0.57%, to $81.29 per barrel.
Iran unveiled the digital currency “CBDC” in a ceremony on Sunday attended by Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin and some senior CEOs of the country’s banks.
Arian Methanol Petrochemical with annual production capacity of 1.650 million tons of products and an investment of 243 million dollars was put into operation.
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.
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).