India is poised for a $87 billion petrochemical boom over the next decade, driven by rising middle class demand for products like plastics and fertilizers, and a significant investment opportunity.
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Iran's Deputy Oil Minister, Mohammad-Sadegh Azimifar, announced plans to boost gasoline production to 129 million liters daily by the end of 2027's seventh National Development Plan.
Iran's Ambassador Kazem Jalali and Russian Deputy Energy Minister Pavel Sorokin discussed cooperation in various sectors, including implementing oil and gas agreements between the two countries.
Global crude oil price today, October 18, 2024
Brent crude futures gained 23 cents, or 0.3%, to $74.68 a barrel by 0840 GMT, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4%.
Indian Oil Corp, the country's largest refiner, has bought 4 million barrels of U.S. West Texas Intermediate crude via a tender for January delivery, trade sources said on Friday.
Iranian Gas Company Dispatching Manager Saeed Aghli warns of a gas shortage unless other governmental bodies cooperate, stating over 21 billion cubic meters of natural gas are transferred monthly.
India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world's third-biggest oil importer.
The head of Iran’s Trade Center in Ivory Coast has said the fifth Iran-Tanzania Joint Economic Committee meeting is due to be held from October 18 to 21 in Tanzania, IRIB reported.
NIOPDC CEO Keramat Veis-Karami reports a 38% increase in liquid fuel deliveries to Iran's power plants in the first seven months of the year.
Iranian Minister of Petroleum Mohsen Paknejad has said that expanding cooperation between Iran and the Republic of Azerbaijan in the energy sector is essential and requires creating the necessary infrastructures.
Global crude oil price, today, October 16, 2024
Brent crude oil futures rose 22 cents, or 0.3%, to $74.47 a barrel by 0800 GMT. U.S. West Texas Intermediate crude futures climbed 28 cents, or 0.4%, to $70.86.
India's crude oil imports from Russia increased 11.7% in September, accounting for two-fifths of the country's overall crude imports, according to tanker data.
India Intensifies Efforts to Increase Crude Oil Purchases from Brazil Despite Competition from Discounted Russian Oil and Logistical Challenges Related to Maritime Transport.
The Organization of Petroleum Exporting Countries (OPEC) in its latest report, published on Monday, has said Iran produced 3.316 million barrels per day (bpd) of crude oil in September, registering a 21,000-bpd increase compared to the previous month.
Iran's National Petrochemical Company (NPC) Acting Head Hassan Abbaszadeh emphasizes the importance of expediting the completion of petrochemical projects to enhance the country's foreign trade balance.
Iranian Minister of Petroleum Mohsen Paknejad emphasized the importance of standardization and its role in the development and sustainability of the oil industry.
Ramazan Ali Sangdovini, vice chairman of the Islamic Consultative Assembly's Energy Commission, stated that Iran is enhancing its oil industry capabilities and aiming to regain global market share.
The global price of crude oil today, October 15, 2024
Brent crude futures fell $3.51, or 4.5%, to $73.95 a barrel at 0911 GMT, their lowest since Oct. 2. West Texas Intermediate futures lost $3.48, or 4.7%, hitting $70.35 a barrel.
The CEO of the Iran Fuel Conservation Company (IFCO) Hosein Hoseinzadeh, stated that the company has short-term, medium-term, and long-term plans for energy efficiency, which are expected to save about 90 billion dollars through the year 2041.
The spokesperson for the Iran's Foreign Ministry described the new sanctions imposed by the United States on Iran’s energy sector as illegal and unjustified.