Global Oil Prices on January 17, 2025
The price of Brent crude oil rose by $0.43, or 0.53%, to reach $81.72 per barrel today. U.S. West Texas Intermediate (WTI) crude also rising $0.58, or 0.74%, to settle at $79.26 per barrel.
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World crude oil price today, January 16, 2025
Brent crude futures rose 25 cents, or 0.3%, to $82.28 per barrel. U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel.
India's oil product demand increased 7.9% in November 2024, driven by increased consumption of diesel, gasoline, and LPG, according to the OPEC monthly oil market report.
The CEO of Iranian Oil Terminals Company (IOTC) stated that the continuous uninterrupted oil exports, a crucial economic development factor, are largely due to the diligent efforts of its employees.
Iran remains the third-largest producer in OPEC, with daily oil output reaching 3.314 million barrels in December 2024, according to the first 2025 report.
The head of the Engineering and Development Department of the National Iranian South Oil Company (NISOC) announced the use of downhole pumps to boost and maintain production from low-pressure wells.
Talks on a long-term crude oil supply deal between Indian refiners and Russia have been paused following new US sanctions. India, which usually buys Russian oil on the spot market, sought a term deal to ensure stable prices and consistent supply.
Global Crude Oil Prices on January 15, 2025
Brent crude rose by 11 cents, or 0.14%, to $80.03 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 23 cents, or 0.30%, to $77.73 per barrel.
The Petroleum Engineering and Development Company's procurement and logistics manager emphasized the need for swift acquisition of high-quality supplies for strategic projects in shared oilfields.
Russia's leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping.
India Energy Week, the government's annual oil and gas sector conference, will feature reports from OPEC and IEA on the world's third largest energy consumer.
The global crude oil price on January 14, 2025
Brent crude oil fell by 43 cents, or 0.53%, to $80.58 per barrel, while U.S. West Texas Intermediate (WTI) crude slid by 34 cents, or 0.43%, to trade at $78.48 per barrel.
Jafari, NIOC Exploration Department head, emphasized the need for improved drilling project execution to accelerate hydrocarbon resource discovery by eliminating obstacles and adding new rigs.
Farokh Naseri-Karimvand, technical director of NISOC, announced a pilot water injection project that could increase recoverable oil reserves in southern regions by over 5 billion barrels.
The Kremlin has warned that the recent US sanctions on Russia's energy sector could potentially destabilize global markets and is committed to minimizing their impact.
Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
First Vice President of Iran Mohammadreza Aref praised the Oil Ministry for its significant production boost during the 14th administration, despite facing numerous challenges.
Oil Minister Mohsen Paknejad emphasized that a total of $120 billion is needed to achieve the quantitative goals of the 7th Development Plan, aimed at increasing oil and gas production capacity.