Brent crude futures rose by $1.38 (1.95%) to $72.13 per barrel. US West Texas Intermediate (WTI) crude futures increased by $1.40 (2.15%) to $66.61 per barrel.
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Iran’s crude oil and condensate exports rose to 2.2 million barrels per day (bpd) in February, up 50 percent from the average of the previous three months, according to data from energy cargo tracking firm Kpler.
India wants to buy any energy product it can from Canada and its officials are urging the federal government to streamline approvals for various projects so it can tap into new supplies to feed a rapidly growing country with relatively few natural resources of its own.
Brent crude futures rose by 21 cents (0.3 per cent) to $71.06 per barrel. US West Texas Intermediate (WTI) crude futures increased by 16 cents (0.2 per cent) to $65.58 per barrel.
Saudi Arabia is increasing its oil production and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, two sources familiar with the plan said on Wednesday.
The U.S. Treasury Department said on Wednesday it would authorize companies seeking licenses to resell Venezuelan oil to Cuba's private sector, according to guidance posted on the department's website, a move that could help ease the island's acute fuel scarcity.
The head of energy and carbon management at the National Iranian Gas Co. said a newly issued bylaw governing gas operator firms has accelerated the rollout of gas-saving projects, while creating a framework to reduce waste and improve consumption management.
President Masoud Pezeshkian praised progress in capturing flared and associated gas, urging round-the-clock efforts to prevent the waste of national resources.
Brent crude futures rose by 42 cents (equivalent to 0.6%), reaching $71.19 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures increased by 41 cents (0.6%), reaching $66.04 per barrel.
South Korea's industry ministry said on Wednesday it has approved the country's first petrochemical industry restructuring project, offering a support package worth more than 2 trillion won ($1.39 billion) to help companies weather a prolonged sector downturn.
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.
The head of information and communications technology at the National Iranian Gas Co. said a new digital platform for industrial gas applicants has made the licensing and gas supply process more transparent, agile and secure.
The Oil Ministry exceeded its obligations on fuel storage, a deputy speaker of Parliament said, praising what he described as a responsible approach to ensuring winter energy security.
The Brent crude oil futures contract remained unchanged from the previous day, trading at $71.49 per barrel. Meanwhile, the US West Texas Intermediate (WTI) crude oil futures contract rose by 11 cents (equivalent to 0.2%) to $66.42 per barrel.
The U.S. Supreme Court has agreed to hear a bid by ExxonMobil and Suncor Energy to scuttle a lawsuit brought by officials in Boulder, Colorado that seeks to hold the oil companies liable for helping fuel climate change in a case that could affect dozens of similar lawsuits around the country.
State energy major Saudi Aramco has sold several cargoes of ultra light crude oil from its $100 billion Jafurah gas plant to U.S. majors and an Indian refiner as it prepares to export its first cargo later this month, four trade sources said.
The deputy managing director for drilling operations at the National Iranian Drilling Company said 116 oil and gas wells were drilled and completed in the first 11 months of the current year, marking a 23% increase compared with the same period last year.
Iran’s petrochemical industry has begun investing directly in upstream gas field development after the Oil Ministry streamlined licensing and contract procedures, industry officials said, calling the shift a turning point in cooperation with the private sector.
The Brent crude oil futures price fell by 4 cents (0.06%) to $71.72 per barrel. The U.S. West Texas Intermediate (WTI) crude price also dropped by 4 cents (0.06%) to $66.44 per barrel.
Former Turkmen President Gurbanguly Berdymukhamedov said that his country's "primary goal" was to diversify exports of its enormous gas reserves, the world's fourth largest, according to the transcript of an interview published on Sunday.