Indian crude oil and condensate production dropped by four percent year-over-year in October 2024, reaching 2.3 million metric tons (MMT), according to recent data from the Petroleum Planning and Analysis Cell (PPAC).
OIL Feed Atom
India's domestic crude oil and condensate production fell by 4% YoY in October 2024, reaching 2.3 million metric tonnes, according to PPAC data.
In its latest short term energy outlook (STEO), which was released recently, the U.S. Energy Information Administration (EIA) said India has emerged as the leading source of growth in global oil consumption in its forecast.
The OPEC and Russian Federation held the Ninth High-level Meeting of the OPEC-Russia Energy Dialogue in Moscow on November 22, 2024.
The Iranian Oil Refining and Distribution Company (NIORDC) and the Vice Presidency for Scientific, Technology, and Knowledge-Based Economy are forming a joint working group to drive digital transformation in the refining sector.
The world price of crude oil today, November 21, 2024
Brent crude futures rose $1.48, or 2.03%, to $74.29 by 1158 GMT. U.S. West Texas Intermediate crude futures rose $1.53, or 2.23%, to $70.28.
The CEO of the National Iranian Oil Company predicts that daily oil production in Iran will reach 200,000-250,000 barrels by the end of the 1403 year.
The world price of crude oil today, October 20, 2024
Brent crude futures increased by 0.3% to $73.53 a barrel in January, while U.S. West Texas Intermediate crude futures reached $69.70 due to expiry.
The US-China Economic and Security Review Commission has called for a six-month study on China's indirect oil entry routes to protect the country from sanctions.
Global Crude Oil Price Today November 19, 2024
Brent crude futures were down 29 cents, or 0.4%, to $73.01 a barrel by 1240 GMT, while U.S. West Texas Intermediate crude futures slipped by 34 cents, or 0.5%, to $68.82.
India's oil product demand saw a 3% year-over-year increase in October, likely to continue in November due to higher vehicle sales and robust agricultural sector demand.
NIDC's head prioritizes increasing productivity from 67% to 90%, focusing on modernizing and renovating drilling equipment to boost efficiency.
Global Crude Oil Price Today November 18, 2024
Brent crude futures were up $1.52, or 2.14%, to $72.56 a barrel at 1503 GMT, while U.S. West Texas Intermediate crude futures were at $68.41 a barrel, up $1.39 cents, or 2.07%.
The head of Iranian Oil Terminals Company (IOTC) said his company is implementing new projects to improve oil export infrastructure at Kharg Island, IRNA reported.
Oil production from the Sepehr and Jofeir oil fields has reached 51,000 barrels per day with the commissioning of well number 7 at the Jofeir field.
President-elect Donald Trump's promise to slap an across-the-board tariff of at least 10 per cent on all imports including from Canada is unlikely to apply to Canadian oil, energy experts are predicting.
India's Union Petroleum Minister, Hardeep Singh Puri, expressed optimism that increased oil production from US, Canada, and Brazil will stabilize global oil markets and reduce price volatility.
Mohammad Sadegh Azimifard, the CEO of the National Iranian Oil Refining and Distribution Company (NIORDC) has said that oil product consumption has increased by 9 percent.
India's Petroleum Minister, Hardeep Singh Puri, expressed hope that increased oil production from western countries like the U.S. and Canada will stabilize markets and prices.
The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.259 million barrels per day (bpd) of crude oil in October, while the figure was 3.327 million bpd in September.