US President Trump imposed a 50% tariff on Indian exports, ignoring India's increased oil and gas purchases from the US, reducing its trade surplus with the US.
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Brent crude futures fell 89 cents, or 1.3 percent, to $65.95 a barrel. U.S. West Texas Intermediate crude futures fell 97 cents, or 1.5 percent, to $62.99.
India is launching a national deepwater exploration mission to tap more of its energy resources, boost domestic energy supply, and reduce dependence on imports, Prime Minister Narendra Modi said on Friday.
Brent crude futures rose 49 cents, or 0.75 percent, to $66.12 a barrel, while U.S. West Texas Intermediate crude futures rose 51 cents, or 0.81 percent, to $63.16.
India's state-run Bharat Petroleum Corp has awarded a five-month tender for 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington.
India could face an annual $5 billion surge in its oil import bill if forced to replace Russian crude, as pressure mounts following a new US tariff order targeting one of Moscow's top energy customers.
Iran’s oil production fell slightly in July as output continued to suffer from the impacts of a war of aggression the country fought with the Israeli regime in June, and despite a general rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude fell 45 cents, or 0.7 percent, to $65.67 a barrel, while U.S. West Texas Intermediate crude fell 53 cents, or 0.8 percent, to $62.64.
The National Iranian South Oilfields Co. has begun major overhauls on more than 100 processing units since early April, with 27 of them prioritized for their direct impact on oil production, the company’s head of industrial equipment and process machinery maintenance said.
Brent crude futures rose 14 cents, or 0.2 percent, to $66.77 a barrel, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1 percent, to $64.04.
Trump’s plan to impose a 25% tariff on Indian imports over its Russian crude purchases puts India in a dilemma between preserving $87B in U.S. exports or saving billions through discounted oil.
overhaul of the Alvand offshore drilling rig is in its final stages in the Kish operational area and will soon join the Iranian Offshore Oil Co.’s drilling fleet.
Brent crude futures fell 45 cents, or 0.68 percent, to $66.14 a barrel, while U.S. West Texas Intermediate crude futures fell 49 cents, or 0.77 percent, to $63.39.
Azerbaijan's president on Sunday condemned Russian air strikes on Azerbaijani oil and gas facilities in Ukraine but said energy cooperation between the two countries would continue.
Subhash Goyal, Chairman of the Chamber of Commerce's Tourism Expert Committee, criticizes India's disproportionate focus on Russian oil purchases, arguing that India will buy oil from any source.
The National Iranian Drilling Company reported a 17.5% increase in specialized drilling operations for client companies in the first four months of the current Iranian calendar year.
Iran’s oil exports remained steady at close to record highs in June, with new data showing the country shipped nearly 1.8 million barrels per day (bpd), TV BRICS reports.
Brent crude oil futures rose 14 cents, or 0.2 percent, to $66.57 a barrel. U.S. West Texas Intermediate crude rose 4 cents, or 0.1 percent, to $63.92.
Brent crude rose 21 cents, or 0.3 percent, to $67.1 a barrel, while U.S. West Texas Intermediate crude rose 20 cents, or 0.3 percent, to $64.55.
India's exports of refined fuel are in the spotlight after last month's European Union sanctions while U.S. President Donald Trump has threatened a tariff hike over its oil purchases from Russia.