U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world's top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend.
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Officials from Iran and Brazil emphasized launching the joint economic cooperation meeting between the two countries in the near future to spur bilateral trade and economic activities.
Managing director of the National Petrochemical Company (NPC), Morteza Shahmirzaie, says that the petrochemical sector provides a lot of its needs to catalysts from within the country.
Brent futures for July delivery were down 44 cents at $81.42 a barrel while the more liquid August futures were up 8 cents at $81.96. U.S. West Texas Intermediate (WTI) crude was down 3 cents at $77.88.
Analysts have lowered their 2024 oil price forecast for the first time since February, reflecting lower risks to supply from ongoing wars in the Middle East and Ukraine, a Reuters poll showed on Friday, as markets gear up for a meeting of OPEC and its allies this weekend.
The heads of petrochemical industry associations from seven Asian countries called for an international cooperation, Friday, to overcome the challenging business environment of recent years.
Political instability following President Raisi's death introduces uncertainty, yet there are strong indications that the Chabahar Port deal will continue to be a priority for Delhi and Tehran despite scrutiny from the West.
Asia's imports of crude oil rose to the highest in 12 months in May, with the strength being driven by India as the region's second-biggest buyer is on track to see record arrivals.
Brent futures dipped 17 cents or 0.2% to $83.43 a barrel as of 0921 GMT, while U.S. West Texas Intermediate (WTI) crude fell 12 cents or 0.15% to $79.11.
Managing Director of the South Pars Gas Complex (SPGC) Ahmad Bahoush says a project is underway at the complex which upon its completion, the volume of gases being burnt by gas stacks will be reduced by 1.2 thousand million cubic meters annually.
Iranian Minister of Petroleum, Javad Owji, says that 23 mega oil and gas projects, worth 4.6 billion dollars, are ready to come online.
Brent crude futures for July delivery were up 62 cents, or 0.7%, at $84.84 a barrel by 1050 GMT. U.S. West Texas Intermediate futures for July were also up 62 cents, or 0.8%, at $80.45.
The Indian government has announced a special bidding round for two discovered oil and gas fields in the Mumbai offshore region and a coal bed methane field in West Bengal.
The commander of Khatam-al Anbiya Central Headquarters has stated that 40 percent of the Arash gas field belongs to the Islamic Republic of Iran.
One of the most pressing issues in Iran’s energy industry is the widespread flaring of associated natural gas in oil fields, a practice that amounts to burning valuable resources and contributing to environmental degradation.
India's Reliance Industries operator of the world's biggest refining complex, has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told.
Saudi Arabia, the world's biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said.
The trade between Iran and the European Union (EU)’s member states reached €1.276 billion in the first three months of 2024, registering an eight percent growth year on year, according to the data released by the European Union's statistics office Eurostat.
The Minister of Economic Affairs and Finance, Ehsan Khandouzi, commended the management and staff of Bank Melli Iran (BMI) for their achievements in the Iranian calendar year 1402.
Iranian petroleum minister Jawad Owji cites late president Ibrahim Raisi's demands for increased oil production, exports, investment in oil projects, economic growth, and environmental considerations.