Iran’s deputy oil minister said that 75 percent of the gasoline produced in the country complies with EUR 4 and 5 standards.
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The volume of bilateral trade between Iran and Russia increased by 48 percent during the first quarter of 2024 when compared with corresponding period last year.
Iranian Minister of Petroleum Javad Owji who is visiting Moscow has said that the two countries will continue expanding bilateral relations.
OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.
Brent crude futures were down 42 cents, or 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures lost 51 cents, or 0.7%, to trade at $78.11 a barrel.
Iran joins BRICS mechanism for first year, enriching China-Iran strategic partnership. BRICS Foreign Ministers' Meeting in Nizhny Novgorod, Russia, highlights cooperation.
Iran’s oil sector growth stood at 20.3 percent last year, consequently played a significant role in gross domestic production (GDP) growth, helping the overall economy to become larger.
Canadian and United States oil producers are set to break output records through 2030, according to the International Energy Agency (IEA) in a new report calling for a “staggering” global surplus of crude by the end of the decade.
Indian output will get a small uplift in 2024 as the 50,000 bpd offshore K-G Basin Cluster-2 project ramps up and the onshore Rajasthan Basin posts a modest increase, says IEA.
Brent crude futures was down 43 cents, or 0.5%, to $82.17 a barrel by 0902 GMT. West Texas Intermediate (WTI) U.S. crude futures fell 46 cents, or 0.6%, to $78.04.
The Yadavaran shared oil field’s development plan launched on Wednesday with the aim of boosting oil production by 42 thousand barrels per day.
Iranian Minister of Petroleum, Javad Owji, says the South Pars phase 13 Alpha platform is ready to start gas extraction.
During the 13th administration in office, the Petroleum Ministry contributed to creation of new businesses by supporting domestic knowledge-based companies.
India’s current oil minister has been selected for a second term following the news this week that Prime Minister Narendra Modi’s ruling party had pulled off a narrower than expected victory in national elections.
Brent crude futures rose 50 cents, or 0.6%, to $82.42 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 62 cents, or 0.8%, to $78.52.
The National Iranian Gas Company’s Directorate for Dispatching manager, Saeed Aghli, says that the company has managed to distribute 815 billion cubic meters of gas over the past 1000 days of the 13th administration in office, without allowing imbalances to grow.
OPEC’S daily oil price has risen consistently since 3rd June, a day after it fell considerably after holding 188th OPEC and 37th OPEC+ Ministerial Meetings on June 2.
Canada-headquartered oil and natural gas exploration player Sintana Energy has wrapped up its acquisition of a stake in Giraffe Energy Investments, which enabled it to get a hold of a new license in the Orange Basin off the coast of Namibia.
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.
Brent crude futures fell 13 cents, or 0.16%, to $81.50 per barrel by 0613 GMT and U.S. West Texas Intermediate crude futures slipped 7 cents, or 0.04%, to $77.67.