The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year.
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Brent crude futures slid 7 cents, or 0.1%, to $82.72 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude futures were at $78.21 a barrel, down 5 cents.
Chinese companies won bids to explore five Iraqi oil and gas fields on Saturday in a licensing round for hydrocarbon exploration that was primarily aimed at ramping up gas production for domestic use.
Iraq is holding an oil and gas licensing round for 29 projects in a bid to develop its huge gas reservoirs to help power the country and lure billions of dollars in investments.
India's petrochemical demand is projected to grow at around 8 per cent in 2024, surpassing the country's economic growth rate of 6 per cent-7.1 per cent annually from 2024-2026, according to a report by S&P Global Commodity Insights.
Brent oil futures, expiring in July, advanced by 0.5 percent to reach $84.33 per barrel, while West Texas Intermediate (WTI) crude futures rose by 0.6 percent to $79.26 per barrel at 21:21 ET (01:21 GMT).
Canada's oil sands will produce 3.8 million barrels per day (bpd) by 2030, a 15% increase from current levels, as companies focus on investing in optimizing existing projects and making them more efficient, a report from S&P Global Commodity Insights said on Thursday.
Canada's oil industry is celebrating the Trans Mountain pipeline expansion, with executives and analysts predicting long-term production growth depends on new takeaway capacity availability.
Fuel consumption in India jumped by 6.1% in April compared to the same month last year, official data showed on Tuesday, as demand in the world's third-largest crude oil importer continues to grow this year.
Brent crude oil futures fell $1.11, or 1.3%, to $82.05 a barrel by 0955 GMT. U.S. West Texas Intermediate crude futures fell $1.15, or 1.5%, to $77.23 a barrel.
Sri Lanka has entered into a 20-year power purchase agreement with India's Adani Green Energy Ltd for two wind power stations developed by the company, a cabinet statement said on Tuesday.
Brent crude futures were down 7 cents to $83.26 a barrel at 0950 GMT, while U.S. West Texas Intermediate (WTI) crude futures were unchanged at $78.48.
China's Sinopec is in discussions with Pembina Pipeline Corp (PPL.TO) for a liquefied natural gas (LNG) offtake agreement and equity stake in the Canadian company's proposed Cedar LNG project, two sources with knowledge of the matter told Reuters.
Brent crude futures gained 73 cents, or 0.9%, to $83.69 a barrel at 0852 GMT, while U.S. West Texas Intermediate crude futures were at $78.95 a barrel, up 84 cents, or 1.1%.
The International Energy Agency (IEA) in its latest report has forecast a 50 per cent rise in India’s oil demand as against global expansion of 7 per cent.
Brent crude futures for July settled 71 cents lower, or 0.85%, to $82.96 a barrel. U.S. West Texas Intermediate crude for June fell 84 cents, or 1.06%, to $78.11 a barrel.
Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1.
The start-up of LNG Canada, the country's first such export terminal, is likely to strain its natural gas supplies for multiple years and force producers to reduce exports to the U.S., where demand for the fuel is record high, companies said.
Brent crude futures for July rose 31 cents, or 0.4%, to $83.98 a barrel by 0755 GMT. U.S. West Texas Intermediate crude for June was up 26 cents, or 0.3%, to $79.21 per barrel.
The Taliban, who govern Afghanistan, are working with Kazakhstan and Turkmenistan to create a regional energy trade hub that would facilitate oil sales from Russia to South Asia, Taliban acting commerce minister Nooruddin Azizi told Reuters this week.