Iran’s crude oil production rose by about 200,000 barrels per day (bpd) in July, according to the International Energy Agency (IEA), which reported the country’s output reached 3.27 million bpd.
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Iran’s oil minister said Wednesday the country has no unsold crude stored offshore, adding that all oil shipments are planned in line with market conditions.
Brent crude futures rose 55 cents, or 0.8 percent, to $66.34 a barrel. U.S. West Texas Intermediate crude futures rose 65 cents, or 1 percent, to $63.
India's state-run refiners Indian Oil and Bharat Petroleum have bought Russian oil for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter said on Wednesday.
State-owned Indian Oil Corporation Ltd has signed a Memorandum of Understanding (MoU) with Air India for the supply of Sustainable Aviation Fuel (SAF) for remarkable green future of aviation fuel strategy.
The International Energy Agency reported that Iran’s crude oil production rose by about 200,000 barrels in July.
Brent crude futures fell 48 cents, or 0.72 percent, to $66.12 a barrel. U.S. West Texas Intermediate crude futures fell 40 cents, or 0.63 percent, to $63.02 a barrel.
India should halt purchases of Russian crude oil as the trade undermines efforts to isolate Moscow, the White House trade adviser Peter Navarro wrote in an op-ed published in the Financial Times on Monday.
Brent crude futures rose 0.46 percent, or 30 cents, to $66.15 a barrel, while U.S. West Texas Intermediate crude futures rose 38 cents, or 0.61 percent, to $63.18 a barrel.
Indian Oil Corporation, the country’s largest refiner, will begin producing sustainable aviation fuel (SAF) in December, said chairman A. S. Sahney.
Iranian Oil Ministry source has denied reports suggesting that the country is grappling with an increasing stock of crude oil held afloat.
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.
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.