Indian state refiners have temporarily ceased purchasing Russian crude oil this week, primarily due to concerns over potential secondary tariffs threatened by U.S. President Donald Trump and reduced discounts on Russian oil.
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Brent crude fell 0.4 percent to $72.21 and West Texas Intermediate (WTI) fell 0.2 percent to $69.83 a barrel, following a 1 percent gain in both indices on Wednesday.
US president Donald Trump said on July 30 that the US has concluded a trade deal with Pakistan, saying that the two countries will work together to developing "massive oil reserves" allegedly in Pakistan.
United States President Donald Trump has announced a 25 percent tariff on Indian goods, as well as an unspecified penalty for the country’s purchase of Russian oil and military equipment, as the unending war in Ukraine frustrates the White House.
Iran has managed to significantly increase its oil production in a short period of time under an emergency plan introduced by the government and despite the pressures of the US sanctions, according to a report published in the local media.
Brent crude futures fell 17 cents, or 0.24 percent, to $71.52 a barrel, while U.S. West Texas Intermediate crude fell 11 cents, or 0.14 percent, to $69.12.
Vikram Doraiswami, India's High Commissioner to the UK, defended India's oil imports from Russia, highlighting the necessity for economic sustainability and the country's long-standing security ties with Russia.
The Ministry of Oil's deputy highlighted the crucial role of the private sector in advancing the oil industry's objectives, emphasizing the country's reliance on oil.
Brent crude futures rose 1 cent to $70.05 a barrel, while U.S. West Texas Intermediate crude fell 2 cents to $66.69.
Trump has reduced the deadline for imposing sanctions on Russian oil exports, threatening 100% tariffs on buyers, mainly India and China, if Moscow doesn't end Ukraine's conflict, causing geopolitical risk.
The South Azadegan oil field drilling project, completed through collaboration with NIDC and PEDEC, has been handed over to the employer for operation.
Brent crude futures rose 20 cents, or 0.29 percent, to $68.64 a barrel, while U.S. West Texas Intermediate crude rose 15 cents, or 0.23 percent, to $65.31 a barrel.
Iran’s oil minister emphasized the continuation of the country’s oil exports, stating that the Ministry of Petroleum has necessary plans in place to address sanctions and the potential activation of the "snapback" mechanism.
Central European Petroleum, a Canadian company, has discovered 200 million barrels of recoverable oil and gas at the Wolin East well in Poland, marking the largest petroleum discovery in Northern Europe in over a decade.
Brent crude futures rose 20 cents, or 0.29 percent, to $69.38 a barrel, the highest in a week. U.S. West Texas Intermediate crude futures rose 20 cents, or 0.30 percent, to $66.23.
Brent crude futures rose 54 cents, or 0.8 percent, to $69.05 a barrel. U.S. West Texas Intermediate crude futures rose 58 cents, or 0.9 percent, to $65.83 a barrel.
TotalEnergies reported a 23% fall in second-quarter earnings on Thursday, the French oil major's worst performance in four years but in line with expectations, as lower oil and gas prices outweighed a rise in production and power sales.
Isfahan Oil Refining Company has launched the pilot operation of the first phase of a major seawater transfer project, aiming to supply around 700,000 cubic meters of water each month to the refinery, its head announced.
Another tanker will not load fuel from India’s Nayara Energy refinery, which is under sanctions. This is the second such vessel to alter plans due to European Union restrictions, Reuters reports.
Brent crude futures rose 21 cents, or 0.31 percent, to $68.80 a barrel. U.S. West Texas Intermediate crude futures rose 17 cents, or 0.26 percent, to $65.48 a barrel.