Sepehr and Jofeir oil fields in West Karoun, developed by Pasargad Energy Development Company, are set to launch soon, as part of the Iran 13th administration's global oil market strategy.
OIL Feed Atom
Sellers of sanctioned oil from Russia and Iran are hiking offer prices to China after Venezuelan crude rallied following the suspension of U.S. sanctions on the South American producer, trade sources said.
The average price of Russian oil delivered to top buyer India in October rose to $84.20 per barrel, way above the $60 price cap set by the Group of Seven nations in December last year, preliminary Indian government data showed.
Brent crude futures for February fell 32 cents, or 0.4%, to $75.71 per barrel by 1105 GMT, while U.S. West Texas Intermediate crude futures for January delivery slipped 19 cents, or 0.3%, to $71.13.
Iran plans to establish a joint venture with Chinese tech firms to use AI to digitalize oil and gas production and implement significant reforms.
India, the world’s third-largest crude oil importer, expects to raise its refining capacity by around 1.12 million barrels per day (bpd) each year until 2028, according to India’s junior oil minister Rameswar Teli.
Brent crude futures edged up 2 cents to $75.86 a barrel by 0913 GMT. U.S. West Texas Intermediate crude futures were up a single cent at $71.22.
The coordination manager of the repair and maintenance department of Iran’s extraterritorial refineries said the second extraterritorial refinery of the country will be rebuilt in Syria’s Homs province.
Refinery reservoirs located in eastern Iran's Birjand special economic zone have caught fire on Sunday, according to Iran's state media.
Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ group of leading oil producers will be ready to make a decision if market situation would require it.
Brent crude futures settled at $75.84 a barrel, up$1.79, or 2.4%, while U.S. West Texas Intermediate crude futures settled at $71.23, up $1.89, or 2.7%.
Canada plans to introduce a cap-and-trade system to encourage oil and gas companies to reduce emissions by 38% by 2030, despite opposition from industry groups and some fossil fuel-producing provinces.
Nigeria's Dangote oil refinery is set to receive its first cargo of 1 million barrels of crude oil from Shell International Trading and Shipping Co. on Friday.
Easing global oil prices would help India boost imports from Russia, a senior government official said on Friday, as a lower than $60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships.
Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel. Brent had earlier risen by $2.
India's oil and gas exploration projects are delayed due to a global shortage of drilling rigs, despite increasing dependence on oil imports and increasing market volatility.
China's oil demand is expected to peak by 2030 at between 780 and 800 million metric tons per year, a research institute affiliated with China National Petroleum Corp (CNPC) said on Thursday.
Brent crude futures were up 52 cents, or 0.7%, to $74.82 a barrel at 1235 GMT. U.S. West Texas Intermediate crude futures was up 42 cents, also 0.6%, to $69.80 a barrel.
Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers' club.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.