India increased its imports of Russian crude oil by 13% in January, 9% from December, and 9% from a year earlier, thanks to Indian refiners taking advantage of the 49-day grace period.
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Lukoil, Russia's second-largest oil producer, plans to raise around $2 billion from the sale of its Burgas oil refinery in Bulgaria, according to Bulgaria's Prime Minister Rosen Zhelyazkov.
Global Oil Prices on 1 February 2025
The price of Brent crude oil rose by 38 cents, or 0.49%, today, reaching $77.25 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 60 cents, or 0.82%, trading at $73.33 per barrel.
World crude oil price today January 30, 2025
Brent crude futures were down 7 cents, or 0.09%, at $76.51 a barrel by 0738 GMT. U.S. crude futures were little changed at 2 cents up, or 0.03%, to $72.64. U.S.
A representative from Sudan's Ministry of Energy and Petroleum, who was a member of the delegation sent to Iran, said: "We need Iranian knowledge and expertise to establish upstream oil industries."
World crude oil price today January 29, 2025
Brent crude futures were down 59 cents, or 0.76%, to $77.90 a barrel as of 0916 GMT, while U.S. crude futures had lost 55 cents, or 0.75%, at $73.22.
US sanctions on Russia's oil and gas sector have disrupted global energy trade, impacting interactions with China and India. Chartering costs for unaffected tankers have surged, creating trade hurdles, amidst economic pressure on Russia.
World crude oil price today January 28, 2025
Brent crude oil futures were up by 35 cents, or 0.45%, to $77.43 per barrel. U.S. West Texas Intermediate crude futures were up 30 cents, or 0.41%, to $73.47.
Indian Oil Corp, the country's top refiner, is reportedly facing a potential decrease in Russian oil imports this fiscal year due to recent U.S. sanctions on Moscow.
The CEO of Tehran Oil Refining Company announced that, while adhering to quality standards, the company has added more than 1 million liters per day to its motor gasoline production output.
India's dependence on Russian oil has grown significantly since the 2022 Ukraine invasion, and the new sanctions could lead to higher inflation and supply disruptions.
Global Oil Prices on 27 January 2025:
The price of a barrel of Brent North Sea crude fell 65 cents, or 0.83 percent, to $77.85 a barrel today. US West Texas Intermediate crude is trading at $74, down 66 cents, or 0.88 percent.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 2021, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.
Reportedly, India has to unload oil from Russian tankers under US sanctions by February 27 and complete all financial transactions with them by March 12. These deadlines were set by the Office of Foreign Assets Control (OFAC) of the US Treasury.
Singh Sahney, Chairman of IOC, during an exclusive conversation with at the World Economic Forum 2025 in Davos, Switzerland stated that the plant, with a production capacity of 10,000 tons per annum, has made substantial progress.
Iran's crude oil production is projected to reach 4.6 million barrels per day by 2028, primarily driven by southern oil-rich regions, according to the Seventh Development Plan (2024-28).
Global Oil Prices Today - January 24, 2025
The price of Brent crude oil from the North Sea fell by 8 cents, or 0.10%, to $78.21 per barrel today. Similarly, West Texas Intermediate (WTI) crude oil dropped by 9 cents, or 0.12%, to $74.53 per barrel.
Oil Minister Mohsen Paknejad outlined the specifics of his two-day trip to Khuzestan Province, emphasizing his commitment to addressing the challenges faced by the local population.
India's Bharat Petroleum Corp (BPCL) (BPCL.NS) plans to invest $121 million to develop the Nunukan oil and gas block in Indonesia, the company said in an exchange filing on Wednesday.
“Global Crude Oil Prices on January 23, 2025”
Brent crude futures dipped 2 cents to $78.98 a barrel by 0941 GMT. U.S. West Texas Intermediate crude (WTI) lost 4 cents to $75.40.