Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
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The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
Indian and Chinese oil refiners are shifting their crude oil procurement strategies due to concerns over Russian and Iranian supply availability, pricing, and potential new sanctions.
India plans to expand its natural gas pipeline network by 10,805 kilometres (6,714 miles), the Ministry of Petroleum and Natural Gas announced on January 7, 2025.
World crude oil price today, January 10, 2025
Brent crude oil and West Texas Intermediate oil prices increased by 0.46% and 34 cents respectively, reaching $77.27 and $74.26 per barrel respectively.
India's refining capacity is set to rise by over 20% over the next three years, driven by initiatives from key players like HPCL, to meet increasing petroleum product demand.
Saudi Arabia's crude oil supply to China is expected to decrease in February due to a three-month increase in official selling prices to Asia.
US President-elect Donald Trump said he will revoke an offshore oil and gas drilling ban announced by outgoing Democratic President Joe Biden, in a press conference on Tuesday.
India's top explorer Oil And Natural Gas Corp on Wednesday said energy major BP will act as technical service provider to help boost oil and gas output from the country's largest producing field, off India's west coast.
World crude oil prices today, January 7, 2025
The price per barrel of North Sea Brent oil fell 7 cents to $ 76, 23 cents today. U.S. West Texas Intermediate oil is also trading at 12 cents, down 0.16 per cent at $ 73, 44 cents.
Canadian oil and gas company Suncor said on Monday it saw higher upstream production and throughput at its refineries in the fourth quarter.
India has issued a tender to private companies to build and operate a new storage site for the Strategic Petroleum Reserve of the world's third-largest crude oil importer.
India's crude oil import from Russia decreased by 13.2% in December, but remained the largest supplier, accounting for 31% of India's total crude oil imports.
Iran's deputy foreign minister, Majid Takht Ravanchi, is visiting India to discuss resuming energy trade, a topic that has been halted since 2019 due to US sanctions.
World crude oil price today January 1, 2025
Brent crude futures settled up 65 cents, or 0.88%, to $74.64 a barrel. U.S. West Texas Intermediate (WTI) crude settled up 73 cents, or 1.03%, to $71.72 a barrel.
US natural gas demand from LNG plants reached a record 15.2 billion cubic feed, indicating a strong year ahead due to the launch of two new gas-processing plants.
World crude oil price today December 31, 2024
Brent crude futures rose by 54 cents, or 0.73%, to $74.53 a barrel as of 1107 GMT. U.S. West Texas Intermediate crude gained 57 cents, or 0.8%, to $71.56 a barrel.
India's largest refiner seeks Middle Eastern crude cargoes to compensate for reduced Russia supplies, highlighting shifting export patterns as traders anticipate global market prospects in 2025.
India surpasses China's oil demand growth rate in 2024, becoming one of the fastest-growing fuel consumption centers, according to S&P Global Commodity Insights.