Mohsen Paknejad won the vote of confidence of the parliament to become the petroleum minister of the 14th administration.
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The global price of crude oil today, August 21, 2023
Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. U.S. West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03.
US gasoline and diesel prices have dropped, but a potential change in Canada's oil policy could disrupt supply chains, especially for US refineries reliant on heavy crude oil imports.
Ramin Hatami, former CEO of ICOFC, emphasized the need for an industry expert at the Petroleum Ministry due to the current oil industry situation.
Proposed Iranian petroleum minister Mohsen Paknejad has said that Iran’s oil production is planned to increase by 400 thousand barrels a day up to the end of the next Iranian calendar year on 19 March 2026.
Brent crude was down 67 cents, or 0.86%, at $76.99 a barrel. Front month U.S. West Texas Intermediate crude futures were at $73.75 a barrel, easing 62 cents, or 0.8%.
The former managing director of the National Petrochemical Company (NPC) Behzad Mohammadi has described the proposed petroleum minister as a capable manager with deep knowledge of the oil industry.
The global price of crude oil today, August 19, 2024
Brent crude futures dropped 45 cents, or 0.56%, to $79.23 per barrel by 0646 GMT. U.S. West Texas Intermediate crude futures slid 58 cents, or 0.76%, to $76.07 a barrel.
Russian seaborne fuel oil and vacuum gasoil exports increased by 7% in July, reaching 4.05 million metric tons, with China and Saudi Arabia as top destinations.
The Shiraz oil refinery's improving gasoline quality plan, which will upgrade the quality of 1.6 million liters of its daily gasoline production to euro-5 standards, is ready to come online.
India, the world's third-largest oil importer, remained Russia's second-largest crude buyer in July, importing $2.8 billion worth of Russian crude, according to CREA data.
Head of NIORDC Jalil Salari said with the implementation of the gasoline quality improvement plan of Shiraz Refinery, 71 percent of the country’s gasoline output will be under Euro 5 standards.
While the world continues to strive towards achieving the United Nations Sustainable Development Goals (SDGs) and is determined to shift from reliance on fossil fuels to renewable energy sources and implementing carbon reduction policies, the trilemma of energy security, climate change, and economic growth persist.
On Friday, Brent fell 15 cents, or 0.19%, to $80.89 per barrel by 0810 GMT, while WTI fell 25 cents, or 0.32%, to $77.91.
The world price of crude oil today, August 15, 2024
Brent crude futures rose 22 cents, or 0.3%, to $79.98 a barrel, recovering some of the previous day's losses. U.S. West Texas Intermediate crude futures increased by 23 cents, or 0.3%, to $77.21 per barrel.
India purchased $2.8 billion worth of crude oil from Russia in July, becoming the second-largest buyer after China, largely due to discounted prices following Ukraine's invasion.
With the successful implementation of two new wells at the South Azadegan oil field, which Iran shares with its neighbor Iraq, the field’s production capacity has increased by 2,500 barrels per day.
The suggested nominee for the Petroleum Ministry Mohsen Paknejad has highlighted the importance of efficient oil industry human resources on his agenda for running the ministry.
Brent crude futures rose 41 cents, or 0.5%, to $81.10 a barrel by 0650 GMT. U.S. West Texas Intermediate crude increased by 41 cents, or 0.5%, to $78.76 per barrel.
Vice-chairman of the Parliament’s Industries and Mines Committee Seyyedjavad Hosainikia says that the committee has started the examination of records, plans, and earlier performance of the proposed minister for running the Petroleum Ministry.