Canada, a major oil producer, is at the crossroads of its commitment to climate action and its role as a major oil producer at COP28, with the draft agreement softening the language on phasing out fossil fuels.
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India's state run refiner Bharat Petroleum Corp is looking at buying Venezuela oil, its head of refineries Sanjay Khanna said on Wednesday.
Brent crude futures for February fell 33 cents, or 0.45%, to $72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42%, to $68.32 a barrel.
Gholamreza Nourani, the acting director of production at NISOC, tells “Iran Petroleum” the company increased its oil production by 47% in two years.
Kuwait reaffirmed its rejection for the inclusion of any call for phasing out fossil fuels consumption and production in the COP28 draft final climate deal, Oil Minister Saad Al Barrak said in statements to Kuwait News Agency (KUNA) on Monday.
Sepehr and Jofeir oil fields in West Karoun, developed by Pasargad Energy Development Company, are set to launch soon, as part of the Iran 13th administration's global oil market strategy.
Several energy stakeholders have voiced their disagreement with Canada’s proposed greenhouse gas emissions cap, with some calling it effectively a limit on oil and gas production for the nation.
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.
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.
Iran plans to establish a joint venture with Chinese tech firms to use AI to digitalize oil and gas production and implement significant reforms.
The secretary of Iran’s Free Zones High Council has traveled to India to meet and hold talks with Indian officials to develop cooperation between the two countries in free zones, Freena reported.
At the end of the ninth Iran-Qatar Joint Economic Committee meeting on Monday, the two countries signed a comprehensive cooperation document in Tehran, the news portal of Iran’s Energy Ministry reported.
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.
The governor of the Central Bank of Iran (CBI) traveled to Oman on Sunday, aiming to develop monetary and banking cooperation between the two countries.
South Zagros Oil and Gas Production Company (SZOGPC), affiliated with Iranian Central Oil Fields Company (ICOFC), is centered on enhancing production from the Aghar and Dey gas fields by 7 mcm/d.
The Tehran oil refinery plans to build an integrated petrochemical plant and upgrade product quality by establishing a continuous catalytic reforming unit, which converts low-octane naphtha into high-octane reformates for high-octane gasoline.
Iran has become the sixth country possessing technical know-how to design and manufacture heat exchanger of seven-phase cryogenic cold box.