Sellers of sanctioned oil from Russia and Iran are hiking offer prices to China after Venezuelan crude rallied following the suspension of U.S. sanctions on the South American producer, trade sources said.
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The average price of Russian oil delivered to top buyer India in October rose to $84.20 per barrel, way above the $60 price cap set by the Group of Seven nations in December last year, preliminary Indian government data showed.
Brent crude futures for February fell 32 cents, or 0.4%, to $75.71 per barrel by 1105 GMT, while U.S. West Texas Intermediate crude futures for January delivery slipped 19 cents, or 0.3%, to $71.13.
India, the world’s third-largest crude oil importer, expects to raise its refining capacity by around 1.12 million barrels per day (bpd) each year until 2028, according to India’s junior oil minister Rameswar Teli.
OPEC's top Arab energy ministers arrived in Doha on Monday for the 12th Arab Energy Conference as countries clash at the UN's COP28 climate summit over a possible agreement to phase-out fossil fuels.
Brent crude futures edged up 2 cents to $75.86 a barrel by 0913 GMT. U.S. West Texas Intermediate crude futures were up a single cent at $71.22.
Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ group of leading oil producers will be ready to make a decision if market situation would require it.
Brent crude futures settled at $75.84 a barrel, up$1.79, or 2.4%, while U.S. West Texas Intermediate crude futures settled at $71.23, up $1.89, or 2.7%.
Nigeria's Dangote oil refinery is set to receive its first cargo of 1 million barrels of crude oil from Shell International Trading and Shipping Co. on Friday.
Easing global oil prices would help India boost imports from Russia, a senior government official said on Friday, as a lower than $60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships.
Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel. Brent had earlier risen by $2.
Iran’s President Seyyed Ebrahim Raeisi held talks with his Russian counterpart Vladimir Putin in Moscow on Thursday and said the ground is prepared for developing bilateral relations in energy, agricultural, and knowledge-based industries.
India's oil and gas exploration projects are delayed due to a global shortage of drilling rigs, despite increasing dependence on oil imports and increasing market volatility.
China's oil demand is expected to peak by 2030 at between 780 and 800 million metric tons per year, a research institute affiliated with China National Petroleum Corp (CNPC) said on Thursday.
Canadian Solar will supply battery storage technology of 500 MW to Danish green investment company Copenhagen Infrastructure Partners for use in the UK's largest battery storage project.
Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers' club.
Canada plans to unveil a framework for its long-awaited oil and gas emissions cap at the United Nations COP28 climate summit in Dubai, the only major only-producing country developing such a policy.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
Oil production cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday.
The OPEC+ oil production cuts can “absolutely” continue past the first quarter if needed, Saudi Energy Minister Prince Abdulaziz bin Salman said, as he pledged the curbs would be delivered in full.