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.
OIL Feed Atom
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.
Global Oil Prices as of 23 January 2025
The price of Brent crude oil fell by 1 cent, or 0.01%, to $79.28 per barrel today. Meanwhile, West Texas Intermediate (WTI) crude dropped by $1.99, or 2.56%, trading at $75.89 per barrel.
The second phase of the Ahvaz Central Desalination Plant will be inaugurated during the president’s visit to Khuzestan province, with the oil minister in attendance.
Iran’s Oil Minister Mohsen Paknejad emphasized the continuation of energy cooperation between Iran and Azerbaijan during a meeting with the Azerbaijani Prime Minister’s deputy on Tuesday.
Leader of Iran’s Islamic Revolution Ayatollah Seyyed Ali Khamenei highlighted that the only way to advance the country is by leveraging the capabilities of the private sector.
The price of each barrel of Brent crude oil rose by $0.04, or 0.05%, today, reaching $80.19. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by $1.14, or 1.46%, trading at $76.74.
The drilling manager for West Karoun oilfields at the National Iranian Drilling Company (NIDC) announced that the cumulative progress of drilling 10 wells in the shared South Azadegan oil field has surpassed 90%.
Global Oil Prices as of January 20, 2025
The price of a barrel of Brent crude oil rose by $0.04, or 0.05%, to $80.03 today. U.S. West Texas Intermediate (WTI) crude also increased by $0.17, or 0.04%, to $78.08 per barrel.
India's significant oil purchases following Russia's invasion of Ukraine may change due to U.S. sanctions and India's search for alternative sources.
The head of exploration at the National Iranian Oil Company (NIOC) announced that exploration drilling in offshore areas will resume after a five-year pause, marking the first such activity under the 14th administration.
The CEO of Abadan Refinery announced that the facility’s daily gasoline production will increase by 8 to 10 million liters as operational conditions stabilize.
Indian Oil Corp has purchased 7 million barrels of spot Middle Eastern and African crude oil via tenders, including Abu Dhabi's Murban, amid potential U.S. sanctions on Russia.