The head of Iran's Civil Aviation Organization has announced that a French company is prepared to sell jet fuel to Iranian airlines, despite higher costs.
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Global Crude Oil Prices on January 15, 2025
Brent crude rose by 11 cents, or 0.14%, to $80.03 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 23 cents, or 0.30%, to $77.73 per barrel.
The deputy CEO of NIORDC has stated that the company's internal capacities are insufficient to meet the demands of the refining and distribution industry.
The CEO of Pars Oil and Gas Company (POGC) highlighted the South Pars gas field as the largest integrated asset for Iranians, crucial for energy needs and GDP.
The Petroleum Engineering and Development Company's procurement and logistics manager emphasized the need for swift acquisition of high-quality supplies for strategic projects in shared oilfields.
The National Iranian Oil Refining and Distribution Company (NIORDC) reported a daily increase of over 10 million liters in gasoline production from December 2024 to December 2025.
Russia's leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping.
India Energy Week, the government's annual oil and gas sector conference, will feature reports from OPEC and IEA on the world's third largest energy consumer.
The global crude oil price on January 14, 2025
Brent crude oil fell by 43 cents, or 0.53%, to $80.58 per barrel, while U.S. West Texas Intermediate (WTI) crude slid by 34 cents, or 0.43%, to trade at $78.48 per barrel.
Jafari, NIOC Exploration Department head, emphasized the need for improved drilling project execution to accelerate hydrocarbon resource discovery by eliminating obstacles and adding new rigs.
Farokh Naseri-Karimvand, technical director of NISOC, announced a pilot water injection project that could increase recoverable oil reserves in southern regions by over 5 billion barrels.
Hossein Afshin, Vice President of Iran for Science, Technology, and Knowledge-Based Economy, stated that the 14th government is committed to resolving the energy imbalance within the next three years.
The Kremlin has warned that the recent US sanctions on Russia's energy sector could potentially destabilize global markets and is committed to minimizing their impact.
Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The National Petrochemical Company's CEO reported that the industry exported $10 billion in the first nine months of 2024, with projections estimating it to reach $13 billion by yearend.
The CEO of NIORDC emphasized the need for diversification in Iran's fuel portfolio, stating that increasing production alone won't solve the imbalance in liquid fuel supply.
The National Iranian Gas Company (NIGC) exceeded its target for injecting sweet gas into the national grid this winter, reaching daily records of 872 million cubic meters.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
The CEO of NIOPDC plans to diversify Iran's vehicle fuel portfolio by adding liquefied petroleum gas, in line with the 7th Development Plan.