Indian refiners are preparing to significantly reduce Russian oil imports following US sanctions on Rosneft and Lukoil, with Reliance Industries considering a complete halt to purchases, marking a significant shift for India.
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The managing director of the Iranian Offshore Oil Company announced significant progress in the construction of the Abuzar oil field pipeline project, saying a new phase of the field’s development will begin soon if current progress continues.
Brent crude futures rose $1.24, or 2.0 percent, to $62.56 a barrel, while U.S. West Texas Intermediate crude futures rose $1.20, or 2.1 percent, to $58.44.
INDIA and the United States are nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15 per cent to 16 per cent from 50 per cent, India’s Mint reported on Wednesday citing three people aware of the matter.
Brent crude futures were unchanged at $61.01 a barrel. U.S. West Texas Intermediate (WTI) crude for November delivery fell 15 cents to $57.37.
Indian company Reliance Industries is gradually increasing purchases of Middle Eastern oil and is ready to place more orders in the near future, Bloomberg reports.
Iran’s Tehran Oil Refinery, one of the country’s oldest and largest facilities, is investing $3.5 billion to modernize operations and produce all fuels—including gasoline, diesel, and jet fuel—in line with stringent Euro 5 environmental standards, its refining engineering chief said.
Brent crude futures fell 18 cents, or 0.3 percent, to $61.11 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.3 percent, to $57.37.
U.S. President Donald Trump on Sunday warned that India will continue facing steep tariffs on its exports to the United States until it fully halts purchases of Russian oil a stance that has emerged as a key sticking point in the countries’ ongoing trade talks.
Brazil's Vice President Geraldo Alckmin invited Indian oil firms to bid in auctions for Campos and Santos basin blocks, confirmed Petrobras deal to supply 6 million crude barrels to India, strengthening bilateral energy cooperation.
The National Iranian Oil Company's managing director has announced a $800 million budget for the renovation and modernization of its drilling fleet and equipment.
The United States and European countries are increasing pressure on Asian buyers of Russian energy, which could limit India’s oil imports as early as December while making supplies cheaper for China.
Brent crude oil futures price reached 16 cents (0.26% decrease) to $60.90 per barrel. The futures price of US West Texas Intermediate (WTI) oil reached 15 cents (0.26% decrease) to $57.31.
Indian multi-sector infrastructure firm Megha Engineering & Infrastructures has won a contract worth $225.5 million from Kuwait Oil Company (KOC), it said on Friday.
The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told Reuters on Thursday.
Brent crude futures rose 56 cents, or 0.9 percent, to $62.47 a barrel. U.S. West Texas Intermediate (WTI) futures rose 58 cents, or 1 percent, to $58.85.
President Donald Trump has said Indian Prime Minister Narendra Modi has agreed to stop buying Russian oil, as the US seeks to put economic pressure on the Kremlin as part of efforts to end the war in Ukraine.
Iran's oil minister's deputy predicts Pars pipeline project will reduce road tanker dependence and save billions in fuel transportation costs, citing favorable performance in refining and fuel distribution.
The CEO of the National Iranian Oil Company (NIOC) emphasized the importance of the Ahvaz oil field as the country’s largest, saying the new project marks a significant move toward increasing the recovery factor and advancing national oil industry policies aimed at implementing enhanced oil recovery (EOR) methods.
Brent crude futures fell 21 cents, or 0.3 percent, to $62.18 a barrel, while U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2 percent, to $58.57 a barrel.