China plans to alter its control of greenhouse gases, particularly CO2, to aid its national emissions trading scheme, though the target emissions levels remain unclear.
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Indian refiners imported a total of 2.08 million barrels per day (bpd) of Russian crude oil in July, the highest since June of last year.
Canada’s largest oil and gas producer is postponing the start of production from some of its planned new natural gas wells due to persistent low prices.
The weekly price of the OPEC basket of twelve crudes fell by 1.47 dollars during the week ending on August 1.
Global benchmark Brent crude futures rose 78 cents, or 1%, to $81.62 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude futures gained 79 cents, also 1%, to $78.70 a barrel.
India is poised to increase its diesel and jet fuel exports to Singapore and Australia in July. The expected surge in shipments, ranging from 157,000 to 224,000 barrels per day (bbl/d), is the highest since end-2021 and early 2022 and represents a 30% increase from June’s figures, according to Reuters.
Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel.
The Indian Government has allocated approximately Rs75bn ($895.74m) for seismic data acquisition and drilling of stratigraphic wells, reported the Economic Times.
The recently signed gas supply deal between Russia and Iran could shake up the international gas market in a big way if the Kremlin gets its way.
Brent crude oil futures fell by 12 cents or 0.15% to $79.78 a barrel by 0033 GMT. U.S. crude futures were down 14 cents, or 0.18%, at $75.67 a barrel.
India expects to boost its refining capacity by around one-fifth to have 6.19 million barrels per day (bpd) of crude processing capacity by 2028, according to its junior petroleum minister.
India and Saudi Arabia on Sunday discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power.
Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $77.25 a barrel.
Kuwait Petroleum International and Vietnam Oil & Gas Group, which are building Vietnam’s second oil refinery, plan to expand cooperation in exploring for crude and trading fuel, the Vietnamese state-owned company said on Monday.
Prime Minister Justin Trudeau’s government is likely to stall the sale of the Trans Mountain oil pipeline until after the federal election in 2025, according to officials familiar with internal discussions.
Ankara is increasing natural gas imports to boost European energy security, focusing on supplying Turkmen gas to Turkey and exporting it to Europe.
The world price of crude oil on July 26, 2024
Brent crude futures for September dipped 1 cent to $82.36 a barrel on Friday. U.S. West Texas Intermediate crude for September fell 6 cents to $78.22.
Despite the return of U.S. sanctions on Venezuela, India's biggest private refiner, Reliance Industries, has obtained a U.S. license to buy crude from the South American country, sources with knowledge of the matter have told Bloomberg.
India's monthly oil imports from its biggest supplier Russia slipped marginally in June while those from the United States rose to the highest since Feb. 2022, data obtained from the industry sources showed.
Brent crude futures for September fell 63 cents, or 0.8%, to $81.08 a barrel by 0355 GMT. U.S. West Texas Intermediate crude for September slid 63 cents, or 0.8%, to $76.96 per barrel.