Global oil demand growth is losing momentum, the International Energy Agency (IEA) said on Thursday as it trimmed its 2024 growth forecast in sharp contrast with projections by producer group OPEC.
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Villages near the two gas pipelines exploded in western and southern Iran in terrorist attacks have been reconnected to the national grid, said Oil Minister Javad Owji on Wednesday.
The dispatching director of the National Iranian Gas Company said on Wednesday the two gas transmission pipelines exploded in a “terrorist act of sabotage” will operate by midnight local time or the wee hours of Thursday.
Shell said on Tuesday it will not proceed with the Nebras petrochemical project in southern Iraq as part of its review of its operations in the sector that has seen a sharp drop in profits in recent years.
Brent crude futures rose 6 cents, or 0.07%, to $82.83 a barrel by 0953 GMT. U.S. West Texas Intermediate (WTI) crude futures were flat at $77.87.
Iran’s Oil Minister Javad Owji on Wednesday said the two gas transmission pipelines exploded in a “terrorist act” will be repaired and put into operation within hours.
The dispatching director of the National Iranian Gas Company (NIGC) said two explosions struck the gas transmission pipeline in western and southern Iran in early Wednesday, blaming the blasts on “sabotage and terrorist act”.
Iran’s oil minister said on Tuesday the development of the tourism industry can contribute to the country’s economy and reduce reliance on oil revenues.
The managing director of Iran Power Plant Repairs Company has said renovating power plant equipment and parts has saved the country $200 million a year, IRNA reported.
Iran’s Deputy Oil Minister for Planning Affairs has said constructing petro-refineries across Iran is going to increase the country’s refining capacity by 30 percent, which is from 2.3 million barrels to 3.0 million barrels.
An Indigenous community in Alberta on Monday criticized Obsidian Energy for failing to address ongoing concerns about its operations after regulators said the Canadian oil and gas producer was responsible for a series of earthquakes.
Algeria has launched the official website for the upcoming 7th Gas Exporting Countries Forum (GECF) Summit of Heads of State and Government, scheduled to take place in Algiers, the Democratic Republic of Algeria, on March 2, 2024.
The Organization of the Petroleum Exporting Countries is in talks with several countries interested in joining the wider alliance known as OPEC+, its secretary-general said on Monday.
In January, India experienced an 8.2% year-on-year increase in fuel consumption, according to government data released. This surge was attributed to robust industrial activity in the country, which is the world's third-largest oil consumer.
Saudi Arabia decided to halt its oil capacity expansion plans because of the energy transition, its energy minister said on Monday, adding that the kingdom has plenty of spare capacity to cushion the oil market.
Brent crude futures were 29 cents, or 0.4% lower, at $81.90 a barrel, while U.S. West Texas Intermediate crude futures were down 28 cents, or 0.4%, at $76.56 a barrel at 0746 GMT.
India has signed the world's largest LNG deal with Qatar, ensuring uninterrupted supply for 20 years. Petronet's renewal of the 7.5 million tonnes per annum contract, signed in 1999, will help India achieve clean energy goals.
The head of the NIOC has said the company is going to ink contracts worth $14 billion with domestic companies for the development of the country’s oil and gas fields by the end of the current Iranian calendar year.
A member of the Iranian Parliament’s Plan and Budget Committee said the Oil Ministry has achieved “stunning” successes.
India's oil and gas sector is experiencing growth due to increased demand, strategic investments, and a shift from Russian crude imports, indicating a promising future for the nation's economic recovery.