Canadian Natural Resources, Canada's largest oil and gas producer, reported lower adjusted net earnings in Q3 compared to the previous year due to falling natural gas and international crude oil prices.
INTERNATIONAL Feed Atom
Two sources suggest that diplomatic tension between India and Canada may not affect the operations of Indian Oil Corp.'s Canadian subsidiary, IndOil Montney Ltd., with dividend inflows continuing.
Global Crude Oil Price Today October 31
Brent crude futures gained 11 cents, or 0.15%, to $72.66 a barrel by 0805 GMT. U.S. West Texas Intermediate crude futures climbed 13 cents, or 0.19%, to $68.74 per barrel.
US imports of crude oil from Canada hit a record 4.3 million b/d in July after Canada expanded its Trans Mountain pipeline, according to US EIA data.
As India's demand for natural gas surges rapidly, domestic production remains insufficient, pushing the country to increase its reliance on imports to secure its energy future.
Global Crude Oil Price Today October 30, 2024
Brent crude futures gained 38 cents, or 0.5%, to $71.50 a barrel by 0957 GMT. U.S. West Texas Intermediate crude futures edged up 35 cents, or 0.5%, to $67.56 per barrel.
India's rapidly growing population and modernization are causing its energy needs to exceed its output potential, according to the International Energy Agency. Despite rising consumption levels, India's stagnant energy production poses potential risks to its economy and energy security.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri stated there's no global crude oil shortage and sufficient refining capacity to meet domestic needs, despite geopolitical tensions in the Middle East.
Global Crude Oil Price Today October 28, 2024
Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open.Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel.
Natural gas consumption for September 2024 stood at 5,752 MMSCM, with the fertilizer sector accounting for the largest share at 29%, followed by city gas distribution (CGD) at 20%, and the power sector at 12%.
Bharat Petroleum Corporation Limited (BPCL) announced board approval for a joint venture (JV) agreement with Oil India Ltd to develop a city gas distribution project in Arunachal Pradesh, with discussions held on October 25, 2024.
Brent Crude Oil Today October 25, 2024
Brent crude futures climbed 31 cents, or 0.4%, to $74.69 a barrel by 0642 GMT while U.S. West Texas Intermediate crude was at $70.48 a barrel, up 29 cents, or 0.4%.
Indian firm Adani Total Gas reported on Thursday a 7.5% increase in its consolidated profit for the quarter ended September 30, as sales of compressed natural gas (CNG) for vehicles continue to grow.
The price of natural gas price in Alberta is set to lose its discount once the LNG Canada project enters into operation, the chief executive of Tourmaline Energy, the country's top natural gas producer, has warned.
The International Energy Agency has predicted that fossil fuel consumption will reach its peak by the end of the current decade while electricity demand will rise dramatically, in what the IEA calls the Age of Electricity.
India's Finance Ministry will consider a proposal to ditch the windfall tax on domestic crude oil production, amid much lower prices compared to when the levy was introduced in 2022, a senior government official said on Wednesday.
The global price of crude oil today, October 23, 2024
Brent crude futures eased 50 cents, or 0.7%, to $75.54 a barrel by 0640 GMT. U.S. West Texas Intermediate crude futures shed 50 cents, or 0.7%, to $71.24 a barrel.
India's oil minister hopes that global oil prices will come down despite geopolitical tensions as more supplies are coming into the market.
Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions.
India imported 36.85 billion BCM of liquefied natural gas in the first six months of fiscal year, highlighting its growing energy needs and reliance on global LNG supplies. The Indian government is balancing domestic production and LNG imports.