India's dependence on Russian oil has grown significantly since the 2022 Ukraine invasion, and the new sanctions could lead to higher inflation and supply disruptions.
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Global Oil Prices on 27 January 2025:
The price of a barrel of Brent North Sea crude fell 65 cents, or 0.83 percent, to $77.85 a barrel today. US West Texas Intermediate crude is trading at $74, down 66 cents, or 0.88 percent.
Shahid Tondguyan Petrochemical Company is celebrating self-sufficiency and independence from foreign catalyst purchases after signing a MoU to produce cobalt acetate and manganese acetate catalysts.
The National Iranian Oil Products Distribution Company (NIOPDC) announced in a statement on Sunday that the fire at the LPG tanks in Rey has been completely extinguished.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 2021, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.
Reportedly, India has to unload oil from Russian tankers under US sanctions by February 27 and complete all financial transactions with them by March 12. These deadlines were set by the Office of Foreign Assets Control (OFAC) of the US Treasury.
NIOPDC confirmed the normal extraction and loading of liquid gas from a storage facility in Rey, following an incident at the facility.
Iran's Vice President for Science, Technology, and Knowledge-Based Economy believes the petrochemical industry can achieve significant AI milestones due to its favorable capacities.
Singh Sahney, Chairman of IOC, during an exclusive conversation with at the World Economic Forum 2025 in Davos, Switzerland stated that the plant, with a production capacity of 10,000 tons per annum, has made substantial progress.
Addressing Iran’s energy imbalance requires ensuring security for investors and involving the private sector, said Es’haq Jahangiri, former first vice president under the 11th and 12th administrations.
Iran's crude oil production is projected to reach 4.6 million barrels per day by 2028, primarily driven by southern oil-rich regions, according to the Seventh Development Plan (2024-28).
Global Oil Prices Today - January 24, 2025
The price of Brent crude oil from the North Sea fell by 8 cents, or 0.10%, to $78.21 per barrel today. Similarly, West Texas Intermediate (WTI) crude oil dropped by 9 cents, or 0.12%, to $74.53 per barrel.
NIOC CEO initiates negotiations for Maroon Khami and Ahvaz Khami fields development, aiming to ensure long-term feedstock supply for Mahshahr region petrochemical plants.
Oil Minister Mohsen Paknejad outlined the specifics of his two-day trip to Khuzestan Province, emphasizing his commitment to addressing the challenges faced by the local population.
India's Bharat Petroleum Corp (BPCL) (BPCL.NS) plans to invest $121 million to develop the Nunukan oil and gas block in Indonesia, the company said in an exchange filing on Wednesday.
The CEO of NPC pledges to assist industry players in completing the value chain and utilizing available capacities to reduce raw material sales.
President of Iran Masoud Pezeshkian stated that his administration did not create the imbalances in gas and electricity but inherited them, vowing to address the issues through collective efforts.
“Global Crude Oil Prices on January 23, 2025”
Brent crude futures dipped 2 cents to $78.98 a barrel by 0941 GMT. U.S. West Texas Intermediate crude (WTI) lost 4 cents to $75.40.
Global Oil Prices as of 23 January 2025
The price of Brent crude oil fell by 1 cent, or 0.01%, to $79.28 per barrel today. Meanwhile, West Texas Intermediate (WTI) crude dropped by $1.99, or 2.56%, trading at $75.89 per barrel.
The second phase of the Ahvaz Central Desalination Plant will be inaugurated during the president’s visit to Khuzestan province, with the oil minister in attendance.