Almost five million barrels of Russia's Sokol grade crude has failed to reach Indian refiners over the past four weeks, Bloomberg News reported on Wednesday.
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Canada on Wednesday signed its first deal to backstop future carbon prices, a step that would help bring price certainty to firms looking to invest in carbon capture and storage projects that are key to cutting emissions.
Brent crude futures rose 13 cents, or 0.1%, to $79.80 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude was 4 cents higher at $74.26.
ONGC jumped 5.79 per cent to hit a 52-week high price of Rs 212. The surge was even higher for Oil India as the stock zoomed 19.15 per cent to hit its one-year peak price of Rs 406.
China's oil production growth, driven by investment, is expected to slow down in 2024 as mature fields decline, necessitating state oil companies to explore more challenging shale and ultra-deep reserves.
Brent crude futures rose 89 cents, or 1.1%, at $80.12 a barrel by 1101 GMT, while U.S. West Texas Intermediate crude climbed 93 cents, or 1.3%, to $74.87 a barrel.
ONGC, India’s largest state-owned oil & gas company, is planning to spend 800bn-850bn rupees ($9.6bn-10.2bn) on developing two million tonnes of green ammonia annual production capacity by 2035.
Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.
Some Canadian oil and gas producers say they will not rush to accelerate emissions cuts until they see if unpopular Prime Minister Justin Trudeau survives long enough to implement his proposed oil and gas emissions cap.
Brent crude was up 9 cents at $78.04 a barrel by 1100 GMT. U.S. West Texas Intermediate crude for January , which expires on Tuesday, was down 1 cent at $72.46 while the more active February contract lost only 2 cents.
Turkey and Turkish companies saved $2 billion on energy bills in 2023 by increasing Russian oil and refined product imports, despite Western sanctions.
Brent crude futures were up 62 cents, or 0.8%, to $77.17 a barrel by 1150 GMT, while U.S. West Texas Intermediate crude rose 47 cents, or 0.7%, to $71.90.
Oil and gas should not be demonised in the medium-term, Elon Musk, the founder of electric car maker Tesla, said on Saturday, but he also said it was important to reduce carbon emissions to preserve the planet.
The Alberta Energy Regulator has warned fossil fuel companies that their access to water, a key resource for extracting and processing hydrocarbons, may be restricted next year because of parched conditions in Western Canada.
India will buy Venezuelan oil as some refiners in the country have the capability to process heavy crude oil, Oil Minister Hardeep Singh Puri said on Friday.
Two U.S. Treasury Department officials will head to Europe next week to discuss enforcing the price cap on Russian oil with government officials and private business leaders, the agency said on Friday.
A unit of Tokyo Gas has decided to buy Texas-based natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners for $2.7 billion to expand its overseas business, it said on Saturday.
Brent futures settled down 6 cents, or 0.08%, at$76.55 a barrel. U.S. West Texas Intermediate (WTI) crude finished down 15 cents, or 0.21%, at $71.43.
Canada's upstream oil and gas industry and drilling services sector has a "very favourable" outlook for 2024, according to Enserva's State of the Industry report released on Thursday.
India's merchandise trade deficit narrowed sharply to $20.58 billion in November from the previous month's record levels as imports of gold, petroleum and electronic goods moderated, government data showed on Friday.