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.
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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.
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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.
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Oil Minister Javad Owji on Monday expressed Iran’s readiness for exporting oil products and technical and engineering services to Nicaragua.
Iran’s Oil Ministry managed to resolve a disruption to the country’s fuel system within hours, said the Parliament’s Energy Committee vice chairman on Monday.
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The National Iranian Oil Products Distribution Company (NIOPDC) has reconnected 4,213 gas stations out of 4,305 nationwide to the smart fuel system following a disruption.
A member of Iran’s Parliament on Sunday said the Oil Ministry officials’ promptitude and extensive fieldwork helped fix a disruption to the smart fuel system quickly.
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.
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