Minister of Oil Mohsen Paknejad highlighted the importance of strengthening collaboration among member states of the Gas Exporting Countries Forum (GECF) ahead of the group’s 26th ministerial meeting.
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The global price of crude oil today, December 6, 2024
Brent crude futures were down 66 cents, or 0.9%, to $71.43 per barrel, West Texas Intermediate crude futures were down 65 cents, or 1%, to $67.65 per barrel.
Kuwait Petroleum Company (KPC) is considering storing crude oil in India’s underground caverns as part of the second phase of the Indian government’s plan to enhance its strategic petroleum reserves.
The US is sanctioning two Indian shipping sector companies alleging that they played a “critical role” in transporting Iranian oil in defiance of the US embargo.
The minister of oil emphasized Iran's resilience, stability, and high level of security under current conditions, highlighting the presence of energy and oil ministers from the Gas Exporting Countries Forum in Tehran.
OPEC and non-OPEC Participating Countries have pledged to establish a stable oil market, offer long-term guidance, and maintain transparency, in line with their proactive approach in the Declaration of Cooperation.
Russian oil producer Rosneft invested $20 billion in India recently, the Indian government quoted Russian President Vladimir Putin as saying in a statement on Thursday, without giving details.
The South Pars joint gas field's gas platforms were successfully overhauled through a well-planned, collaborative, and HSE-enhanced operation, ensuring safety and efficiency.
The Iranian government has issued a directive requiring all government bodies to shut down their heating and electricity systems by 4 p.m. on Wednesday.
On Wednesday, Iran's Minister of Energy announced the improvement of the supply of diesel fuel to power plants by the Ministry of Petroleum and said: "The supply of fuel has increased in line with the demand."
The world price of crude oil today, December 4, 2024
Brent crude futures were up 19 cents, or 0.26%, at $73.81 a barrel by 0916 GMT while U.S. West Texas Intermediate crude futures rose 13 cents, or 0.19%, to $70.07.
India's natural gas consumption reached 6019 MSMCM in October 2024, with fertilizer sector accounting for 29%, followed by city gas distribution at 21% and power generation at 11%.
The CEO of the Petroleum Engineering and Development Company (PEDEC) announced a target to increase daily oil processing capacity to 820,000 barrels in West Karoun Oil Fields.
Iran's oil minister, Mohsen Paknejad, will chair the 26th Ministerial Meeting of the Gas Exporting Countries Forum in Tehran, where the world's largest gas exporters will gather.
World oil price today, December 3, 2024
Brent crude futures rose 76 cents, or 1.06%, to $72.59 a barrel by 1131 GMT, while U.S. West Texas Intermediate crude climbed 75 cents, or 1.1%, to $68.85.
India plans to increase its refinery capacity from 256.8 MMTPA to 310 MMTPA by 2028, with ethanol blending in petrol set to reach 20% by next year.
Japan has vowed to carry out efforts to help Iran advance its case in the Financial Action Task Force (FATF), according to an Iranian deputy finance minister.
Iran's economy experienced a 4% growth in the first half of 2024, with a 2.6% growth excluding the oil sector, according to the Iranian Statistical Center.
The CEO of the National Petrochemical Company (NPC), Hassan Abbaszadeh, outlined the petrochemical industry's performance during the first 100 days of the 14th government's activities.
Global crude oil prices today, December 2, 2024
Brent crude futures climbed 84 cents, or 1.17%, to $72.68 a barrel by 1203 GMT while U.S. West Texas Intermediate crude was at $68.79 a barrel, up 79 cents, or 1.16%.