India's foreign ministry announced the launch of an Indian-backed oil refinery in Mongolia, funded by a $1.7 billion line of credit, with a daily crude oil processing capacity.
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A contract has been signed to construct the Pars Oil Products Pipeline (Mehraaran–Fasa–Shiraz) with a transfer capacity of 73,000 barrels per day and an investment value of €150 million.
Brent crude futures fell $1.01, or 1.6 percent, to $62.31 a barrel, while U.S. West Texas Intermediate crude fell 1.6 percent, or 95 cents, to $58.54.
India and the U.S. are resuming trade talks this week, with New Delhi committing to increase U.S. energy and gas imports to address concerns over its Russian oil purchases, aiming for a deal to double bilateral trade to $500 billion by 2030.
Brent crude futures rose $1.08, or 1.7 percent, to $63.81 a barrel. U.S. West Texas Intermediate crude rose $1.13, or 1.92 percent, to $60.03 a barrel.
Iraq continued to be India’s second-largest crude oil supplier during September.
The managing director of Abadan Oil Refining Company announced that efforts are underway to complete the remaining sections of Phase 2 and launch Phase 4 of the Abadan refinery to enhance the quality of refined products.
The CEO of the National Iranian South Oilfields Company announced that the Aghajari Oil & Gas Production Company (AOGPC) has reached its maximum oil production capacity despite various challenges.
Nayara Energy, a leading Indian refinery with substantial Russian ownership, is facing challenges due to EU sanctions imposed on July 18, which have limited its access to international markets. The company has shifted its focus to domestic fuel consumption while actively seeking new export opportunities to mitigate the impact.
Brent crude fell $1.73, or 2.7 percent, to $63.49 a barrel. U.S. West Texas Intermediate crude fell $1.71, or 2.8 percent, to $59.80.
The United States expects that in the near future India will increase imports of US oil, reducing purchases from Russia. This was stated by the U.s's Treasury Secretary Scott Besant in an interview with the Fox News channel.
Brent crude fell 12 cents to $66.13 a barrel. U.S. West Texas Intermediate crude fell 14 cents to $62.41.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors.
The National Iranian Oil Company (NIOC) said it will continue legal efforts through international and domestic channels to overturn a UK appeals court ruling that upheld the seizure of a London property belonging to the Oil Industry Pension Fund.
Iran’s oil minister announced a daily production increase of more than 120,000 barrels and said crude exports have reached record levels in recent months despite sanctions. He added that the possible reactivation of the “snapback” mechanism poses no new concern for oil sales.
Brent crude futures rose 82 cents, or 1.3 percent, to $66.27 a barrel. U.S. West Texas Intermediate crude rose 85 cents, or 1.4 percent, to $62.58.
After doubling tariffs on Indian goods to 50%, U.S. President Donald Trump is offering India expanded U.S. oil and gas supplies as part of a broader deal.
The director of exploration at the National Iranian Oil Company (NIOC) has released new details about recently discovered reserves in the Paznan field, announcing the identification of two new reservoir layers — a gas reservoir estimated at 10 trillion cubic feet and an oil reservoir with recoverable reserves of 200 million barrels.
Brent crude futures fell 15 cents, or 0.23 percent, to $65.32 a barrel. U.S. West Texas Intermediate crude fell 17 cents, or 0.28 percent, to $61.52.
There is enough supply of Russian oil for Indian refiners in the market as Ukraine's attacks on Russia's energy facilities have reduced its refining capacity and made more crude available, a government official told Reuters on Monday.