Brent crude on Friday, the last trading day of the year, settled at $77.04 a barrel, down 11 cents or 0.14%. U.S. West Texas Intermediate crude settled at $71.65 a barrel, down 12 cents or 0.17%.
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India initiates rupee payments for UAE oil, aiming to globalise its currency and diversify economic strategies in international trade.
Engie Brasil said on Thursday it had reached a deal to sell a 15% stake in natural gas pipeline firm TAG to Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ) for 3.1 billion reais ($641 million).
Brent crude futures were up 58 cents, or 0.8%, at $77.73 a barrel at 1113 GMT, the last trading day of 2023, while U.S. West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.6%, at $72.19.
India's natural gas consumption surpassed domestic production from April to November 2023, indicating a growing energy shift and outpacing domestic production.
Canadian oil producers Canadian Natural Resources and MEG Energy are urging the country's energy regulator to approve Trans Mountain Corp's latest request for a change to building its pipeline expansion, saying timely completion is critical.
Oil prices fell around 1% on Thursday as concerns eased about shipping disruptions along the Red Sea route, even as tensions in the Middle East continue to fester.
Shipments of Russian Sokol crude oil to Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two sources familiar with the matter said.
Almost all of Russia's oil exports this year have been shipped to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, after Moscow responded to Western economic sanctions by quickly rerouting supplies away from Europe.
Brent crude futures was down 17 cents, or 0.21%, at $80.90 a barrel by 0940 GMT. U.S. West Texas Intermediate crude eased by 34 cents, or 0.45%, to $75.23 a barrel.
Shipments of Russian Sokol crude oil to Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two sources familiar with the matter said.
India's Adani Green Energy on Tuesday said its key shareholders will invest 93.50 billion rupees ($1.12 billion) in the company to expand its renewable power capacity.
Brent crude futures rose 18 cents, or 0.2%, to $79.25 a barrel by 1208 GMT while U.S. West Texas Intermediate crude was up 3 cents at $73.59.
The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies' high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.
Global crude oil prices would have surged and created “havoc” in the international oil market had India not ramped up oil imports from Russia in the aftermath of Moscow’s February 2022 invasion of Ukraine, the petroleum and natural gas ministry told the department-related parliamentary standing committee.
The Canadian government is backing up to C$2 billion ($1.5 billion) in new commercial loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to the Pacific coast.
The international benchmark crude Brent traded at $78.80 per barrel at 0659 GMT, a 0.45% decrease from the closing price of $79.16 a barrel in the previous trading session on Friday.
Iraq’s Oil Ministry spokesman Asim Jihad affirmed Iraq's support for the OPEC+ agreement and its commitment to voluntary oil cuts, according to the Iraqi News Agency on Friday.
Angola has said it is leaving the Organization of the Petroleum Exporting Countries (OPEC) with effect from Jan. 1 2024, after exits from Ecuador in 2020 and Qatar in 2019.
India's crude oil imports decreased by 2.3 per cent and increased by 0.4 per cent during November 2023 and April-November 2023 respectively, compared to the corresponding period of the previous year.