Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
OIL Feed Atom
The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
First Vice President of Iran Mohammadreza Aref praised the Oil Ministry for its significant production boost during the 14th administration, despite facing numerous challenges.
Oil Minister Mohsen Paknejad emphasized that a total of $120 billion is needed to achieve the quantitative goals of the 7th Development Plan, aimed at increasing oil and gas production capacity.
Indian and Chinese oil refiners are shifting their crude oil procurement strategies due to concerns over Russian and Iranian supply availability, pricing, and potential new sanctions.
Karoon Oil and Gas Production Company's CEO reported a daily sweetening of 600 million cubic feet of gas and the lowest gas flaring rate among oil production companies.
Iranian Oil Minister Mohsen Paknejad emphasized the importance of collaborating with private sector players in the oil industry for the country's progress and salvation.
World crude oil price today, January 10, 2025
Brent crude oil and West Texas Intermediate oil prices increased by 0.46% and 34 cents respectively, reaching $77.27 and $74.26 per barrel respectively.
Iran is pushing to free 25 million barrels of the country’s oil that has been stuck for six years in Chinese ports because of sanctions imposed by Donald Trump during his first presidency, sources have said.
India's refining capacity is set to rise by over 20% over the next three years, driven by initiatives from key players like HPCL, to meet increasing petroleum product demand.
Saudi Arabia's crude oil supply to China is expected to decrease in February due to a three-month increase in official selling prices to Asia.
World crude oil prices today January 9, 2025
Brent crude futures fell 8 cents to $76.08 a barrel. U.S. West Texas Intermediate crude futures dropped 11 cents to $73.21.
US President-elect Donald Trump said he will revoke an offshore oil and gas drilling ban announced by outgoing Democratic President Joe Biden, in a press conference on Tuesday.
India's top explorer Oil And Natural Gas Corp on Wednesday said energy major BP will act as technical service provider to help boost oil and gas output from the country's largest producing field, off India's west coast.
Global Crude Oil Price Today January 8, 2025
The price of a barrel of Brent North Sea crude rose by 29 cents, or 0.38 percent, to $77.34 a barrel today. US West Texas Intermediate crude also rose by 38 cents, or 0.51 percent, to $74.63 a barrel.
World crude oil prices today, January 7, 2025
The price per barrel of North Sea Brent oil fell 7 cents to $ 76, 23 cents today. U.S. West Texas Intermediate oil is also trading at 12 cents, down 0.16 per cent at $ 73, 44 cents.
Canadian oil and gas company Suncor said on Monday it saw higher upstream production and throughput at its refineries in the fourth quarter.
India has issued a tender to private companies to build and operate a new storage site for the Strategic Petroleum Reserve of the world's third-largest crude oil importer.
The CEO of Arvandan Oil and Gas Company announced a 2,000-barrel increase in oil production from the South Azadegan joint field.