The weekly price of OPEC basket of twelve crudes rose by 2.04 dollars during the week ending on June 20.
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August Brent crude rose by 32 cents, or 0.38%, to $85.39 per barrel by 0837 GMT.U.S. West Texas Intermediate futures (WTI) for July , which expire on Thursday, dipped 25 cents, or 0.31%, to $81.32.
Canada plans to reduce its oil and gas emissions by 37% by 2030. A Deloitte report anticipates production cutbacks rather than investment in costly carbon capture technologies.
Total Energies has signed a sales and purchase agreement with Indian Oil Corporation for up to 800,000 tons of LNG per year for 10 years starting 2026.
Brent crude futures eased 17 cents to $85.16 a barrel by 0635 GMT, while U.S. West Texas Intermediate crude was down 22 cents to $81.35 per barrel.
The India government aims to boost oil and gas output, ethanol use, and green hydrogen, with profitable state-run oil firms like BPCL not being sold off. Petroleum and natural gas minister Hardeep Singh Puri emphasized these steps as a continuation of previous efforts.
Canada's proposed oil and gas emissions cap will prompt companies to cut production rather than invest in costly carbon capture and storage technology, according to a report by consultancy Deloitte and released by the Alberta government.
The Council of the European Union adopted a decision on 17 June to extend the sanctions imposed by the EU in response to the annexation of Crimea and the city of Sevastopol by the Russian Federation until 23 June next year.
Global benchmark Brent crude futures were up 6 cents at $82.68 a barrel at 0805 GMT. U.S. West Texas Intermediate crude futures added 2 cents to $78.47.
India is in discussions with Norwegian energy giant Equinor for its participation in India’s strategic petroleum reserves (SPR) to bolster India’s energy security, according to a Mint report.
The Indian government has cut the windfall tax on petroleum crude to 3,250 Indian rupees ($38.90) per metric ton from 5,200 rupees, effective June 15, according to a notification issued on Friday.
OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.
Brent crude futures were down 42 cents, or 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures lost 51 cents, or 0.7%, to trade at $78.11 a barrel.
Canadian and United States oil producers are set to break output records through 2030, according to the International Energy Agency (IEA) in a new report calling for a “staggering” global surplus of crude by the end of the decade.
Indian output will get a small uplift in 2024 as the 50,000 bpd offshore K-G Basin Cluster-2 project ramps up and the onshore Rajasthan Basin posts a modest increase, says IEA.
Brent crude futures was down 43 cents, or 0.5%, to $82.17 a barrel by 0902 GMT. West Texas Intermediate (WTI) U.S. crude futures fell 46 cents, or 0.6%, to $78.04.
India’s current oil minister has been selected for a second term following the news this week that Prime Minister Narendra Modi’s ruling party had pulled off a narrower than expected victory in national elections.
Brent crude futures rose 50 cents, or 0.6%, to $82.42 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 62 cents, or 0.8%, to $78.52.
OPEC’S daily oil price has risen consistently since 3rd June, a day after it fell considerably after holding 188th OPEC and 37th OPEC+ Ministerial Meetings on June 2.
Canada-headquartered oil and natural gas exploration player Sintana Energy has wrapped up its acquisition of a stake in Giraffe Energy Investments, which enabled it to get a hold of a new license in the Orange Basin off the coast of Namibia.