Oil Ministry is ready to implement a system linking fuel cards to bank cards, but the plan requires cooperation from the Ministry of Economic Affairs and Finance, Oil Minister Mohsen Paknejad said Sunday.
OIL Feed Atom
Brent crude oil futures fell by 24 cents, or 0.25%, to $94.79 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by 56 cents, or 0.6%, to $92.48 per barrel.
Russian Deputy Prime Minister Alexander Novak has warned that global oil markets could face supply shortages within a few months if the war with Iran persists.
Brent crude futures fell by 87 cents (0.89%) to $96.92 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 78 cents (0.81%) to $95.24.
South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East.
Analysts have slashed their estimates of India's oil demand growth this year, with the consumption uptick to be the weakest since the Covid pandemic as the supply crunch and higher fuel prices slow gasoline and diesel demand.
Brent crude oil futures climbed by $1.56, or 1.6%, to $97.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose by $1.61, or 1.7%, to $95.37 per barrel.
Indian Oil Corporation (IOC) bought five million (mn) barrels of crude oil via a tender, trade sources said.
Brent crude oil futures fell by 75 cents, or 0.79%, to $94.23 per barrel. U.S. West Texas Intermediate (WTI) crude futures also dropped 85 cents, or 0.92%, to $91.31 per barrel.
Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.
Oil minister said reconstruction of energy facilities damaged during the 40-day conflict is progressing faster than expected, with recovery efforts launched almost immediately after the attacks.
Brent crude futures rose $2.78 (up 3.05%) to $93.9 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $2.88 (up 3.3%) to $90.24 per barrel.
Wildfire season has returned to Canada's oil sands region, with seven active blazes in the area on Sunday raising risks for communities, workers, companies and investors.
The Iranian Offshore Oil Company (IOOC) is upgrading its Forouzan oil and gas field with a new remote-control system, allowing operators to secure offshore wells during emergencies without the need for on-site personnel.
Brent crude futures fell by 34 cents, or 0.3%, to $94.05 per barrel. U.S. West Texas Intermediate (WTI) crude futures remained largely unchanged at $88.89 per barrel.
Canada and the United States must do more to remove political risks around pipeline permitting, the head of South Bow Ltd. SOBO-Tsays, as the company finalizes a call for volume commitments on its planned Prairie Connector line.
The U.S. said on Thursday it has imposed new sanctions on Iran's military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.
Brent crude futures rose by $1.75, or 1.86%, to $96.04 per barrel. U.S. West Texas Intermediate (WTI) futures rose by $2.08, or 2.35%, to $90.76.
Bharat Petroleum Corporation Limited (BPCL) has appointed Pushp Kumar Nayar as Director (Human Resources), strengthening the leadership bench at a time when India’s energy sector is balancing operational scale, workforce transformation and digital capability building.
Brent crude oil futures dropped by $3.11 (a 3.12% decrease) to $96.47 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell by $3.64 (a 3.88% decrease) to $90.25 per barrel.