The global price of crude oil today, August 5, 2024
Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel on Monday, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.
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Iraq's oil exports to the US increased by 28,000 barrels per day to 178,000 barrels last week, according to the US Energy Information Administration.
India plans to extend offshore oil and gas exploration to the extended continental shelf, involving ONGC and Oil India Ltd for seismic survey beyond the EEZ.
Indian refiners imported a total of 2.08 million barrels per day (bpd) of Russian crude oil in July, the highest since June of last year.
Iran’s oil production in July reached 3.22 million barrels per day (bpd), the highest level since the U.S. withdrew from the nuclear pact with Iran and re-imposed sanctions on the country in 2018, Reuters reported.
Head of Iran’s PEDEC has said the company is planning to increase the output of the oil fields in the West Karoun region to 1.0 million barrels per day, Shana reported.
Head of the Iranian Offshore Oil Company (IOOC) has said that the installation and implementation of platforms A20 and A21 in Abuzar field by late December will increase the company's daily oil output from the fields in the Persian Gulf by 9,600 barrels.
Brent crude futures gained 46 cents, or 0.6%, to $79.98 a barrel by 0841 GMT, while U.S. West Texas Intermediate crude futures rose 51 cents, or 0.7%, to $76.82.
A knowledge-based company in Pardis Technology Park in Tehran has introduced an advanced fire suppression system that can extinguish fires in oil tanks, refineries, and oil wells with the least amount of water within an hour.
The weekly price of the OPEC basket of twelve crudes fell by 1.47 dollars during the week ending on August 1.
Global benchmark Brent crude futures rose 78 cents, or 1%, to $81.62 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude futures gained 79 cents, also 1%, to $78.70 a barrel.
Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel.
Iran’s foreign trade value, including oil exports, has reached 51 billion dollars over the first four months of the current Iranian calendar year, since 21 March 2024.
NIGC manages to supply natural gas to power plants and electricity generators, despite the challenging weather conditions, particularly in the southern regions, which account for over 93% of fuel needs.
Brent crude oil futures fell by 12 cents or 0.15% to $79.78 a barrel by 0033 GMT. U.S. crude futures were down 14 cents, or 0.18%, at $75.67 a barrel.
India expects to boost its refining capacity by around one-fifth to have 6.19 million barrels per day (bpd) of crude processing capacity by 2028, according to its junior petroleum minister.
Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $77.25 a barrel.
Kuwait Petroleum International and Vietnam Oil & Gas Group, which are building Vietnam’s second oil refinery, plan to expand cooperation in exploring for crude and trading fuel, the Vietnamese state-owned company said on Monday.
Prime Minister Justin Trudeau’s government is likely to stall the sale of the Trans Mountain oil pipeline until after the federal election in 2025, according to officials familiar with internal discussions.
China continues to import nearly record levels of Iranian oil this year, despite reduced Iranian crude intake by independent refiners due to low refining margins.