Global Oil Prices as of January 20, 2025
The price of a barrel of Brent crude oil rose by $0.04, or 0.05%, to $80.03 today. U.S. West Texas Intermediate (WTI) crude also increased by $0.17, or 0.04%, to $78.08 per barrel.
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India's significant oil purchases following Russia's invasion of Ukraine may change due to U.S. sanctions and India's search for alternative sources.
Iran's residential, commercial, and small-scale industrial sectors consumed 621 million cubic meters of gas due to decreased temperatures, accounting for 72% of the total natural gas production.
The head of exploration at the National Iranian Oil Company (NIOC) announced that exploration drilling in offshore areas will resume after a five-year pause, marking the first such activity under the 14th administration.
Iran's Energy Minister announced plans to facilitate the export of Iran’s engineering and technical services to Tajikistan, emphasizing the active involvement of Iranian engineers in the country's water and power projects.
The parliamentary deputy to the president stated that hidden energy subsidies in the country amount to a significant sum and are one of the reasons behind the smuggling of energy resources.
The CEO of Abadan Refinery announced that the facility’s daily gasoline production will increase by 8 to 10 million liters as operational conditions stabilize.
The spokesperson for the National Iranian Gas Company announced on Saturday that 867 million cubic meters (mcm) of gas were delivered to the national grid on Friday.
Indian Oil Corp has purchased 7 million barrels of spot Middle Eastern and African crude oil via tenders, including Abu Dhabi's Murban, amid potential U.S. sanctions on Russia.
The National Iranian Oil Refining and Distribution Company reported a significant increase in daily gasoline production over 10 million liters in the last four months of last year.
Iranian Oil Minister Mohsen Paknejad will discuss oil and gas cooperation with Russia in Moscow, Azernews reports.
Global Oil Prices on January 17, 2025
The price of Brent crude oil rose by $0.43, or 0.53%, to reach $81.72 per barrel today. U.S. West Texas Intermediate (WTI) crude also rising $0.58, or 0.74%, to settle at $79.26 per barrel.
World crude oil price today, January 16, 2025
Brent crude futures rose 25 cents, or 0.3%, to $82.28 per barrel. U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel.
India's oil product demand increased 7.9% in November 2024, driven by increased consumption of diesel, gasoline, and LPG, according to the OPEC monthly oil market report.
Iran's Renewable Energy and Energy Efficiency Organization head Tarztalab suggests establishing national market guarantees in countries alongside international mechanisms like carbon trading and emission reduction certificates.
The CEO of Iranian Oil Terminals Company (IOTC) stated that the continuous uninterrupted oil exports, a crucial economic development factor, are largely due to the diligent efforts of its employees.
Iran remains the third-largest producer in OPEC, with daily oil output reaching 3.314 million barrels in December 2024, according to the first 2025 report.
The head of the Engineering and Development Department of the National Iranian South Oil Company (NISOC) announced the use of downhole pumps to boost and maintain production from low-pressure wells.
Talks on a long-term crude oil supply deal between Indian refiners and Russia have been paused following new US sanctions. India, which usually buys Russian oil on the spot market, sought a term deal to ensure stable prices and consistent supply.
The Negin Makran Petrochemical Development Company has invested €10 billion in establishing Chabahar’s third petrochemical hub to develop complexes and complete the methane gas value chain, aiming to end Iran’s raw petrochemicals exports.