Azerbaijan raised its natural gas exports to Europe by 12% year-over-year in the first half of 2024, sending 6.4 billion cubic meters (bcm) of its gas to European customers, Azerbaijan's Minister of Energy, Parviz Shahbazov, said in a post on X on Thursday.
INTERNATIONAL Feed Atom
The Indian state government of Andhra Pradesh and officials from Bharat Petroleum Corporation Limited (BPCL) met to discuss the potential establishment of an oil refinery and petrochemical complex in the state. The project is likely to attract investments amounting to ₹70,000 crore.
India's Oil and Natural Gas Corp has sought a waiver from the U.S. Office of Foreign Assets Control to lift crude oil from Venezuela, an industry source said on Thursday.
Japanese companies foreseeing a growing surplus in stocks of liquefied natural gas (LNG) as their demand for the fuel wanes in coming years, are scrambling to invest in regional markets to provide potential outlets to sell the gas.
Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel.
Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way.
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems.
Russia is exploring a long-term oil deal with India, Interfax news agency quoted Deputy Prime Minister Alexander Novak as saying on Tuesday.
Brent futures were down 58 cents, or 0.69%, at $84.08 a barrel. U.S. West Texas Intermediate (WTI) crude was down 48 cents, or 0.59%, to $80.93 a barrel.
During PM Modi's visit, New Delhi and Moscow aim to establish a long-term crude oil supply arrangement, focusing on consistent, discounted Russian crude supply to India.
The price of the OPEC basket of twelve crudes rose by 3.91 dollars month-on-month from 83.22 dollars on May 31 to 87.13 on June 30.
The U.S. Coast Guard warned of possible Texas port closures from Corpus Christi to Houston and began restricting vessel traffic because of Tropical Storm Beryl, which is expected to become a hurricane before making landfall by Monday morning at Port Lavaca.
Suncor Energy has shut down its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta and curtailed some production as a precaution due to a wildfire about eight kilometres (5 miles) away, according to the company and an Alberta government minister.
Indian oil companies, BPCL, Hindustan, and BPCL are negotiating with Brazilian energy firm Petrobras to secure long-term crude oil supply contracts, as part of India's energy diversification strategy.
Brent crude futures was up 11 cents, or 0.13%, at $87.54 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.29%, to $84.12.
A visit to Russia by Indian Prime Minister Narendra Modi, expected within days, could help dispel worries that New Delhi is getting too close to the West and further away from Moscow, ceding space to China, analysts said.
Brent crude futures edged up 46 cents, or 0.5%, to $86.70 per barrel at 0645 GMT. U.S. West Texas Intermediate crude futures climbed 42 cents or 0.5% to $83.23 per barrel.
The Ministry of Petroleum and Natural Gas of India (MoPNG) has set the domestic natural gas price for July 2024 at $8.24 per million British thermal units, aiming to regulate pricing in India's growing natural gas sector.
Brent crude futures rose 28 cents to $86.88 per barrel. West Texas Intermediate (WTI) crude rose 20 cents to $83.58 a barrel, after gaining 2.3% to its highest since April 26.
Transport Canada has taken action to address the environmental impacts of marine shipping by implementing a ban on heavy fuel oil (HFO) use by vessels in the Arctic.
