The EU purchased 20% more fuel from Indian refineries using Russian oil from January to August 2024, despite imposing a $60 per barrel price cap and banning Russian crude imports.
INTERNATIONAL Feed Atom
The Declaration of Cooperation between OPEC member countries and non-OPEC oil-producing countries has turned eight on Tuesday, according to a press release by OPEC.
Union Commerce and Industry Minister Piyush Goyal on Sunday proposed to launch a startup bridge between Norway and India, as the two countries discuss various ways to boost trade ties.
India's fuel consumption in November rose by 9.3% year-on-year to 20.43 million metric tons, reaching its highest level since May, oil ministry data showed on Friday.
Kuwait Petroleum Company (KPC) is considering storing crude oil in India’s underground caverns as part of the second phase of the Indian government’s plan to enhance its strategic petroleum reserves.
Russian oil producer Rosneft invested $20 billion in India recently, the Indian government quoted Russian President Vladimir Putin as saying in a statement on Thursday, without giving details.
The world price of crude oil today, December 4, 2024
Brent crude futures were up 19 cents, or 0.26%, at $73.81 a barrel by 0916 GMT while U.S. West Texas Intermediate crude futures rose 13 cents, or 0.19%, to $70.07.
India's natural gas consumption reached 6019 MSMCM in October 2024, with fertilizer sector accounting for 29%, followed by city gas distribution at 21% and power generation at 11%.
India plans to increase its refinery capacity from 256.8 MMTPA to 310 MMTPA by 2028, with ethanol blending in petrol set to reach 20% by next year.
Global crude oil prices today, December 2, 2024
Brent crude futures climbed 84 cents, or 1.17%, to $72.68 a barrel by 1203 GMT while U.S. West Texas Intermediate crude was at $68.79 a barrel, up 79 cents, or 1.16%.
India’s Oil and Natural Gas Corporation (ONGC) is talking to domestic shipyards regarding the construction of two offshore jackup drilling rigs worth about $500-550m.
Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday.
The world price of crude oil today, November 29, 2024
Brent crude was down 45 cents, or 0.6 percent, at $72.83 a barrel. West Texas Intermediate crude oil futures reached $68.68.
India is expected to be at the forefront in terms of the trunk/ transmission oil and gas pipeline network additions in Asia, accounting for more than 40% of the region’s total pipeline length additions by 2028, says GlobalData.
The global price of crude oil today, November 28, 2024
Brent crude futures edged up by 8 cents to $72.91 a barrel by 0955 GMT while U.S. West Texas Intermediate crude futures were up 7 cents at $68.79.
Indian Prime Minister Narendra Modi has emphasized Guyana's importance to India's energy security, stating that the country's light and sweet crude is a key source and will encourage Indian businesses to invest in it.
The world price of crude oil today, November 27, 2024
Brent crude futures rose 38 cents, or 0.52%, to $73.19 a barrel by 1144 GMT and U.S. West Texas Intermediate crude was up 39 cents, or 0.57%, at $69.16.
India plans to increase its refinery capacity from 256.8 MMTPA in 2024 to 310 MMTPA by 2028, with ethanol blending in petrol expected to reach 20% by 2025.
The world price of crude oil today, November 26, 2024
Brent crude futures were up 53 cents, or 0.7%, at $73.54 a barrel as of 1231 GMT. U.S. West Texas Intermediate crude futures were at $69.46 a barrel, up 52 cents, or 0.75%.
Russia's crude oil exports by sea fell in the four weeks to November 24 compared to the previous four-week average by the steepest volume since July, amid lower shipments to India, tanker-tracking data monitored by Bloomberg showed on Tuesday.