OPEC+ is set to agree on Sunday on another modest increase in oil output targets, three sources familiar with the talks said, as the producers' group moderates plans to regain market share due to rising supply glut fears.
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Brent crude fell 38 cents, or 0.6 percent, to $64.62 a barrel, while U.S. West Texas Intermediate crude fell 38 cents, or 0.6 percent, to $60.19 a barrel.
Indian refiners, responsible for half of Russian crude imports, have halted purchases due to US sanctions on major Russian producers and secondary sanctions risks for smaller entities.
Hamidreza Shafiei Makvandi, deputy managing director of the National Iranian Drilling Company, announced the drilling and completion of 72 oil and gas wells in the first seven months of the current Iranian calendar year.
The Imam Khomeini Oil Refinery in Shazand has completed a $60 million overhaul, increasing production capacity by 30% and improving operational reliability, ensuring high-quality production for four years.
Brent crude futures fell 53 cents, or 0.82 percent, to $64.39 a barrel. U.S. West Texas Intermediate crude futures fell 46 cents, or 0.76 percent, to $60.02.
State-run refiner Indian Oil has invited initial bids for 24 million barrels of oil from the Americas for the January to March quarter in 2026, according to a document reviewed by Reuters on Thursday.
Brent crude futures rose 22 cents, or 0.34 percent, to $64.62 a barrel. U.S. West Texas Intermediate crude futures rose 20 cents, or 0.33 percent, to $60.35.
India's Hindustan Petroleum issued two rare tenders to import transport fuels for early November delivery, two sources familiar with the matter said on Tuesday, after the company shut one of its processing units due to feedstock contamination.
The managing director of the National Iranian Oil Products Distribution Company said power plant fuel tanks across the country are full, leaving little capacity for additional storage.
Brent crude futures fell $1.29, or 2 percent, to $64.33 a barrel. U.S. West Texas Intermediate crude futures fell $1.20, or 2 percent, to $60.11.
Indian Oil Corp, the country's top refiner, will not completely discontinue buying Russian crude, a top company executive said on Tuesday.
The investment and business development director of the National Iranian Oil Company (NIOC) warned that without reforms in policymaking and financing, a significant portion of the country’s underground oil and gas resources may never be extracted.
Brent crude futures rose about 14 cents, or about 0.2 percent, to $66.08 a barrel. U.S. West Texas Intermediate crude futures rose 22 cents, or 0.4 percent, to $61.74.
India’s oil Secretary Pankaj Jain says India's credibility is at stake if it fails to find a major oil and gas reserve soon, urging faster, technology-driven exploration efforts.
The head of the National Iranian Oil Products Refining and Distribution Company said simultaneous efforts to boost production and manage consumption have increased diesel output by 7 million liters, leading to higher fuel reserves for power plants.
Brazilian state-run oil firm Petrobras reported record exports of some 814,000 barrels of oil per day in the third quarter, as production surged and 11 wells started operating, the firm said on Friday.
Brent crude fell 41 cents, or 0.62 percent, to $65.58. U.S. West Texas Intermediate crude fell 38 cents, or 0.61 percent, to $61.41.
Reliance Industries, India’s top buyer of Russian crude, will halt its long-term import of nearly 500,000 barrels per day from Rosneft due to U.S. sanctions, potentially impacting global oil markets. The company’s massive 1.4 million bpd refining complex also sources Russian oil from the spot market.
Brent crude rose $2.71, or 4.3 percent, to $65.30 a barrel, while U.S. West Texas Intermediate crude rose $2.56, or 4.4 percent, to $61.06.