India's Oil and Natural Gas Corp has sought a waiver from the U.S. Office of Foreign Assets Control to lift crude oil from Venezuela, an industry source said on Thursday.
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Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel.
Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way.
The oil industry is predicted to grow 8 percent over the five-year development plan to March 2028 amid rising oil production to 5.5 million barrels daily.
The Iranian Minister of Petroleum says every 100 100,000 barrels of oil production per day generates 2.8 billion dollars of revenues annually, so the more the country's oil production and refining capacity increases, the more the country's economic power and foreign exchange resources increase.
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems.
Brent futures were up by 21 cents, or 0.25% to $85.29 a barrel by 0938 GMT. U.S. West Texas Intermediate (WTI) crude rose 13 cents, or 0.16%, to $82.23.
Russia is exploring a long-term oil deal with India, Interfax news agency quoted Deputy Prime Minister Alexander Novak as saying on Tuesday.
Brent futures were down 58 cents, or 0.69%, at $84.08 a barrel. U.S. West Texas Intermediate (WTI) crude was down 48 cents, or 0.59%, to $80.93 a barrel.
The Iranian Oil Minister Javad Oji has said the country plans to increase its daily crude production to 4.0 million barrels per day (bpd) by late March 2025 and the preparations for the mentioned increase are currently underway, IRNA reported.
The head of the parliament’s energy committee has said that foreign investment in Iran’s oil industry quadrupled during the 3 years of the 13th administration in office.
During PM Modi's visit, New Delhi and Moscow aim to establish a long-term crude oil supply arrangement, focusing on consistent, discounted Russian crude supply to India.
Brent futures rose 4 cents to $85.79 a barrel by 0622 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 2 cents to $82.35.
Following the tragic loss of Ibrahim Raisi during the incident of a chopper crash in May, Iran held a snap presidential election in which Masoud Pezeshkian, a reformist-supported candidate was elected as the 9th president of the Islamic Republic of Iran in the run-off election on July 5.
Brent crude futures were down 36 cents, or 0.4%, at $86.18 a barrel, as at 0646 GMT. U.S. West Texas Intermediate crude was at $82.71 a barrel, down 45 cents, or 0.5%.
The price of the OPEC basket of twelve crudes rose by 3.91 dollars month-on-month from 83.22 dollars on May 31 to 87.13 on June 30.
China’s independent refiners have increased their crude imports from Iran by 4.3 percent in June to an eight-month high of around 6.1 million metric tons.
Suncor Energy has shut down its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta and curtailed some production as a precaution due to a wildfire about eight kilometres (5 miles) away, according to the company and an Alberta government minister.
Indian oil companies, BPCL, Hindustan, and BPCL are negotiating with Brazilian energy firm Petrobras to secure long-term crude oil supply contracts, as part of India's energy diversification strategy.
Brent crude futures was up 11 cents, or 0.13%, at $87.54 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.29%, to $84.12.