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.
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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.
World crude oil prices today December 26, 2024
Brent crude futures rose 39 cents, or 0.5%, to $73.97 a barrel. U.S. West Texas Intermediate crude was at $70.53, up 0.6%, or 43 cents, from Tuesday's pre-Christmas settlement.
World crude oil price today December 24, 2024
Brent crude futures were up 47 cents, or 0.7%, at $73.10 a barrel, and U.S. West Texas Intermediate crude futures rose 46 cents, also 0.7%, to $69.70 a barrel by 0955 GMT.
World crude oil price today December 23, 2024
Brent crude futures were down by 17 cents, or 0.23%, to $72.77 a barrel by 1129 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, to $69.32 per barrel.
India's November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed.
The Tehran branch of NIOPDC has reported a 36% increase in liquid fuel deliveries to power plants, despite a 5% increase in daily gasoline consumption.
Global Crude Oil Price Today December 20, 2024
Brent crude futures fell by 41 cents, or 0.56%, to $72.47 a barrel by 0420 GMT. U.S. West Texas Intermediate crude futures fell 39 cents, or 0.56%, to $68.99 per barrel.
Venezuela's state oil company PDVSA and India's Reliance Industries have resumed an oil swap that had been paused due to U.S. sanctions on the South American country, an internal PDVSA document seen on Thursday showed.
India's second-largest fuel retailer, Bharat Petroleum Corporation Limited (BPCL), plans to raise its refining capacity by 10 million tons per year by 2028, as the biggest Indian refiners consider a massive expansion to processing capacity to meet growing demand.
Global crude oil prices today, December 17, 2024
U.S. West Texas Intermediate crude was down 11 cents at $70.60 a barrel, while Brent crude futures eased 2 cents to $73.89 a barrel.
Three of Canada's biggest oil producers, Suncor Energy, Cenovus Energy and Imperial Oil, projected higher production in 2025, betting on resilient demand for Canadian crude in U.S. and international markets.
Qatar has agreed a deal to supply India's top natural gas distributor GAIL with liquefied natural gas for five years, three sources familiar with the matter said on Monday.
World crude oil price today December 16, 2024
Brent crude futures fell 29 cents, or 0.4%, to $74.20 a barrel. U.S. West Texas Intermediate crude dropped 36 cents, or 0.5%, to $70.93 a barrel.
Offshore Norge industry association predicts oil and gas companies in Norway to invest a record 275 billion crowns ($24.68 billion) in 2025, up from 263.7 billion this year.
India plans to supply liquefied natural gas to Sri Lanka's power plants, connect their power grids, and lay a petroleum pipeline between the two nations, according to Prime Minister Narendra Modi.
India's import of Russian crude oil reached its lowest point since June 2022 in November.
Canada could retaliate against President-elect Donald Trump’s threatened tariffs by shutting down energy flows to the United States, a top Canadian official warned.
India saw a 6.7% increase in petroleum product imports in November 2024, and a 2.6% rise in crude oil imports for the April-November FY 2024-25 period.
Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to India's Reliance Industries in the biggest oil supply deal between the two countries, Reuters reported on Thursday.