The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast.
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Iran’s crude oil production increased by 37,000 barrels per day (bpd) in November compared to the previous month, according to the latest report from the Organization of the Petroleum Exporting Countries (OPEC).
World crude oil price today December 12, 2024
Brent crude futures were up 14 cents at $73.66 a barrel at 0519 GMT. U.S. West Texas Intermediate crude futures rose 6 cents to $70.35.
The market anticipates Trump's tariffs, particularly a 25% tariff on Canadian imports, which could impact domestic and foreign industries, particularly the American Midwest.
The seventh meeting of Kuwait-India Joint Working Group on Hydrocarbons was held in the Indian capital New Delhi on Tuesday and Wednesday.
Iranian Oil Minister Mohsen Paknejad has been elected as the rotating president of the Organization of the Petroleum Exporting Countries (OPEC) for 2025.
Global crude oil prices today, December 11, 2024
Brent crude futures gained 24 cents, or 0.3%, to $72.43 a barrel by 0730 GMT, while U.S. West Texas Intermediate crude futures rose 24 cents, or 0.4%, to $68.83.
Shazand Oil Refinery's managing director reported 95% localized parts and equipment, with hopes to reach 100% by year-end through collaboration with domestic manufacturers and producers.
World crude oil price today December 10, 2024
Brent crude futures fell 26 cents, or about 0.4%, to $71.88 per barrel. U.S. West Texas Intermediate crude futures were down 30 cents, also 0.4% lower, at $68.07 at 0707 GMT.
The EU purchased 20% more fuel from Indian refineries using Russian oil from January to August 2024, despite imposing a $60 per barrel price cap and banning Russian crude imports.
The Declaration of Cooperation between OPEC member countries and non-OPEC oil-producing countries has turned eight on Tuesday, according to a press release by OPEC.
The world price of crude oil today, September 9, 2024
Brent crude futures were up 94 cents, or 1.32%, to $72.06 per barrel by 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1, or 1.49%, to $68.20.
Iran's Oil Minister clarified that increasing oil production capacity is a priority for the Ministry of Petroleum under the 14th administration, without any connection to potential restrictions.
The global price of crude oil today, December 6, 2024
Brent crude futures were down 66 cents, or 0.9%, to $71.43 per barrel, West Texas Intermediate crude futures were down 65 cents, or 1%, to $67.65 per barrel.
Kuwait Petroleum Company (KPC) is considering storing crude oil in India’s underground caverns as part of the second phase of the Indian government’s plan to enhance its strategic petroleum reserves.
The US is sanctioning two Indian shipping sector companies alleging that they played a “critical role” in transporting Iranian oil in defiance of the US embargo.
OPEC and non-OPEC Participating Countries have pledged to establish a stable oil market, offer long-term guidance, and maintain transparency, in line with their proactive approach in the Declaration of Cooperation.
The world price of crude oil today, December 4, 2024
Brent crude futures were up 19 cents, or 0.26%, at $73.81 a barrel by 0916 GMT while U.S. West Texas Intermediate crude futures rose 13 cents, or 0.19%, to $70.07.
The CEO of the Petroleum Engineering and Development Company (PEDEC) announced a target to increase daily oil processing capacity to 820,000 barrels in West Karoun Oil Fields.
World oil price today, December 3, 2024
Brent crude futures rose 76 cents, or 1.06%, to $72.59 a barrel by 1131 GMT, while U.S. West Texas Intermediate crude climbed 75 cents, or 1.1%, to $68.85.