Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.
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Brent crude futures fell 13 cents, or 0.16%, to $81.50 per barrel by 0613 GMT and U.S. West Texas Intermediate crude futures slipped 7 cents, or 0.04%, to $77.67.
India's end-use energy consumption is set to grow by 90 per cent by 2050 -- one of the fastest growth rates in the world, Russian oil giant Rosneft CEO Igor Sechin said.
Brent crude futures gained 15 cents, or 0.2%, to $79.77 a barrel by 0644 GMT and U.S. West Texas Intermediate crude futures was up 0.1%, or 10 cents, at $75.63 a barrel.
Residents of Calgary, the largest city in Canada's main oil-producing province of Alberta, face running out of water and need to urgently cut their use after a critical water main break, city officials said on Friday.
Saudi Aramco's shares gained on Sunday, the first trading day after a secondary share offering expected to raise at least $11.2 billion.
Russia plans to transit coal to India via the International North-South Transit Corridor (INSTC) passing through Iran, IRNA reported.
OPEC’s weekly basket price fell by 3.79 dollars during the week ending on June 6.
President Joe Biden's administration said on Friday it has increased purchasing of crude oil to replenish the Strategic Petroleum Reserve following its historic sale from the stockpile in 2022.
India's refining capacity is expected to reach 276.1 MMT by 2024, reflecting its strategic focus on enhancing its energy infrastructure to meet increasing domestic and global demand.
Canada's biggest oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the companies' CEOs told lawmakers in Ottawa on Thursday.
OPEC Secretariat announced the price of OPEC basket of twelve crudes stood at $87.17 a barrel on 3 June, compared with $81.30 the previous day.
Sweltering heat and policy measures are fueling a surge in the use of gas-fired power in India, with imports of liquefied natural gas (LNG) forecast to rise sharply over the next two years, industry officials and experts say.
Brent crude futures traded up 57 cents or 0.7% at $78.98 a barrel by 0815 GMT. U.S. West Texas Intermediate crude futures were up 62 cents or 0.8% at $74.69.
Iran’s deputy minister of roads said India has agreed to allocate $1 billion to the project on the development of Iran’s southeastern Chabahar Port.
Brent crude futures were up 26 cents, or 0.3%, at $77.78 a barrel by 0825 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, or 0.3%, to $73.49.
French energy major TotalEnergies announced on Tuesday agreements with Indian Oil Corporation and Korea South-East Power for the supply of liquefied natural gas (LNG) over a medium to long term period.
Brent crude futures fell 1.5% to $77.22 a barrel, closing below $80 for the first time since Feb. 7, while U.S. West Texas Intermediate crude futures eased 1.7% to $72.99 a barrel.
Russia’s state-controlled gas giant Gazprom has taken a break in talks with China to secure a binding commitment from Beijing to buy gas to be delivered through the planned Sila Sibiri 2 pipeline, according to a report.