Indian purchases of Russian crude in defiance of Western pressure over the Ukraine war have fallen to an 11-month low as the price tag on the discounted oil rises, figures show.
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Oil and gas prices are set to trade at two-year lows through 2024, according to the Deloitte Canada new forecast, giving consumers a potential break on heating and fuel costs.
TotalEnergies has increased its holding in the Venus oil discovery offshore Namibia in a deal with Impact Oil and Gas that marks a significant step towards the prospect's development, the energy major said on Wednesday.
Brent crude futures fell 23 cents, or 0.3%, to $77.36 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures slipped 15 cents, or 0.2%, to $72.09.
India’s Oil and Natural Gas Corp (ONGC) has successfully produced the first oil from the deepwater KG-DWN-98/2 Block, located off the coast of the Bay of Bengal.
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed.
Brent crude futures rose $1.32, or 1.73%, to $77.44 a barrel at 1049 GMT, while U.S. West Texas Intermediate crude futures gained $1.25, or 1.77%, to $72.02 a barrel.
Preregistration for the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as Iran Oil Show 2024, will start on January 20 and continue until January 24, the National Iranian Oil Company (NIOC) reported.
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.
Brent crude slipped 0.93%, or 73 cents, to $78.03 a barrel by 0753 GMT after falling more than 1% earlier in the session, while U.S. West Texas Intermediate crude futures shed 1.04%, or 77 cents, to $73.04 a barrel.
Oil and Natural Gas Corporation (ONGC) emerged as the dominant player in the Open Acreage Licensing Policy (OALP-VIII) bid round, securing seven out of ten blocks.
Brent crude futures settled up $1.17, or 1.51%, at $78.76 a barrel. U.S. West Texas Intermediate crude futures finished up $1.62, or 2.24%, at $73.81.
India plans to halve the amount of equity investment to $1.8 billion for 2023/24 to help fund three state oil refiners' green energy projects, four government and industry sources said, as the federal government seeks to curb its fiscal deficit.
Brent crude futures were up 44 cents, or 0.57%, to $78.03 a barrel, while U.S. West Texas Intermediate crude futures rose 57 cents, or 0.79%, to $72.76 at 1032 GMT.
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.
Trans Mountain Corp plans to begin line fill in March or May on its long-delayed Canadian oil pipeline expansion, depending on the diameter of pipe it uses and assuming no new problems, the Canadian government-owned company said in a filing on Wednesday.
Brent crude rose 70 cents, or 0.9%, to $78.95 a barrel by 1148 GMT while U.S. West Texas Intermediate crude futures rallied 74 cents, or 1%, to $73.44.
Oil futures settled higher Wednesday after reports of fatalities following explosions at a ceremony held to mark the four-year death anniversary of Shaheed Qasim Soleimani.
Oil Minister Javad Owji, in a message, expressed his heartfelt condolences on the martyrdom of more than 100 people in the twin terrorist attacks in Kerman, a city in southeastern Iran, on Wednesday.
India's oil imports from Russia fell due to unattractive pricing and not because of payment problems, oil minister Hardeep Singh Puri said on Wednesday.