Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.
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Brent crude futures for May were up 91 cents, or 1.1%, at $87 a barrel. U.S. West Texas Intermediate (WTI) crude futures for May delivery were up 89 cents, or 1.1%, to $82.24 a barrel.
Tehran and Baghdad extended a contract on exporting Iran’s gas to Iraq for five years on Wednesday.
Pakistan's Petroleum Minister Musadik Malik said Islamabad's position on the gas transfer project with Iran is not merely an expression of desire but "the need of the hour".
Iran’s oil minister said on Wednesday the process of gathering associated petroleum gas (APG) will be accelerated in the Persian New Year (starting March 20).
Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 64 cents, or 0.8%, at $80.98.
The U.S. said on Tuesday it does not support a Pakistan-Iran gas pipeline project from going forward and cautioned about the risk of sanctions in doing business with Tehran.
The National Iranian Oil Refining and Distribution Company (NIORDC) managing director said two refining projects will be inaugurated by mid-June.
Front-month Brent crude futures due to expire on Thursday were up 11 cents to $86.86 a barrel at 1200 GMT, while U.S. West Texas Intermediate (WTI) crude futures edged up 19 cents to $82.14.
More than 250,000 barrels per day of U.S. crude is set to arrive in India next month, the highest in more than a year, ship tracking data showed, amid tighter enforcement of sanctions on Russian crude.
Iran’s oil production increased by 50,000 barrels per day (bpd) in the first two months of 2024 to hit 3.2 million bpd, according to a recent report by the International Energy Agency (IEA).
The newly elected government has decided to seek exemption from potential US sanctions against Pakistani entities to be involved in the construction of Pak-Iran gas pipeline.
A member of the Iranian Parliament’s Energy Committee said the development of the oil and gas industry was the main factor in domestic economic growth in the previous Iranian calendar year of 1402 (March 21, 2023-March 19, 2024).
Brent crude futures climbed 39 cents, or 0.5%, to $85.82 a barrel at 0759 GMT. U.S. crude futures gained 40 cents, or 0.5%, to $81.03 per barrel.
Iran’s Oil Minister Javad Owji put great emphasis on making use of people’s capacities.
A bright future is awaiting Iran’s oil industry, said the Parliament’s Energy Committee vice-chairman on Sunday.
A year after the closure of the Iraq-Turkey oil pipeline, the conduit that once handled about 0.5% of global oil supply is still stuck in limbo as legal and financial hurdles impede the resumption of flows.
Iran and China have agreed on boosting cooperation in areas related to the environment through forming a joint working group.
The Oil Ministry led other ministries in terms of applying the expertise of knowledge-based companies in the Iranian calendar year of 1402, which ended on March 19, said a member of the Parliament on Saturday.
Indian Oil Corporation Ltd has made a grand entry as the official fuel partner of the prestigious Asia Road Racing Championship (ARRC) - 2024 with its latest superior performance fuel offering, 'STORM-Ultimate Racing Fuel, the state-owned oil giant said on Friday.