Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.
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Iran has set a new record in its oil exports despite the continued pressure of US and UN sanctions, according to the latest data from a leading energy analytics firm.
The head of the National Iranian Oil Company called for a more facilitative approach from oversight bodies, saying it is essential for supporting the industry’s national mission as the country prepares for heightened winter gas demand.
Minister of Petroleum and Natural Gas Hardeep Singh Puri on Saturday said that India with its 23 world-class refineries and a total capacity of 258.2 MMTPA now stands among the top five refining nations in the world.
The National Iranian Oil Company (NIOC) is fully prepared to ensure a stable gas supply during the winter season, the company’s managing director said Sunday.
A senior Iranian railway company (IRIR) official says the country has added 300 new wagons to its railway fleet using resources generated through oil barter arrangements with other countries.
Brent crude futures rose 55 cents, or 0.9 percent, to $63.93 a barrel. U.S. West Texas Intermediate crude rose 60 cents, or 1 percent, to $60.03.
Russian Urals crude hits its deepest discount to Brent in a year at $4 per barrel after major Indian and Chinese refiners halted December purchases from sanctioned Rosneft and Lukoil ahead of the November 21 US deadline, threatening Moscow’s oil revenues.
Alireza Nojoumi, head of HSE, passive defense, and crisis management at the National Iranian Oil Company (NIOC), met with the director of the Middle East Department at Japan’s Ministry of Economy, Trade and Industry (METI) to explore ways to enhance cooperation on environmental issues.
The Imam Khomeini Oil Refinery in Shazand has completed the largest overhaul project in Iran’s refining industry, boosting fuel production capacity by at least 2 million liters per day, a senior refinery official said.
Brent crude rose 65 cents, or 1 percent, to $64.17 a barrel, while U.S. West Texas Intermediate crude rose 73 cents, or 1.2 percent, to $60.33.
Reza Sepahvand, a member of Iran’s parliamentary energy commission, confirmed that New Delhi has formally requested to purchase oil from Tehran, aware of the looming activation of the UN “snapback” sanctions mechanism. While the exact volume has not been disclosed, he estimated potential imports at around 10 million barrels annually.
The Minister of Economic Affairs and Finance of Iran said he has not received any signal of a decline in oil sales, and that these revenues are part of the country's budgetary income.
Brent crude futures rose 9 cents, or 0.14 percent, to $64.53 a barrel, while U.S. West Texas Intermediate crude rose 9 cents, or 0.15 percent, to $60.65.
Union Petroleum Minister Hardeep Singh Puri announced the advancement of oil and gas exploration across seven sedimentary basins in India through “Mission Anveshan,” a significant seismic mapping initiative launched in October 2024.
Brent crude futures fell 90 cents, or 1.4 percent, to $63.99 a barrel. U.S. West Texas Intermediate crude fell 95 cents, or about 1.6 percent, to $60.10 a barrel.
Bharat Petroleum, one of the largest refiners in India, has bought a cargo of Emirati Upper Zakum crude, as it seeks alternatives to Russian oil, Reuters has reported, citing unnamed sources.
Brent crude rose 28 cents, or 0.43 percent, to $65.05 a barrel. U.S. West Texas Intermediate crude rose 25 cents, or 0.41 percent, to $61.23 a barrel.
India's Bharat Petroleum Corp has bought crude oil from Abu Dhabi in a spot tender to replace oil from Russia after the U.S. sanctioned two major Russian producers, two trade sources said on Monday.
The project manager for the Azar Oil Field development said the field has taken a major step toward sustainable and efficient utilization of associated gas with the commissioning of fourth-stage compressors. This follows the readiness of the Cheshmeh-Khosh Gas and NGL 3100 plant to receive high-pressure gas beginning in late October.