Brent gained 41 cents, or 0.5%, to $84.39 a barrel by 0632 GMT, after rising to $84.43 earlier, its highest since May 10.U.S. West Texas Intermediate (WTI) crude for June edged up 23 cents to $80.29.
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Following the martyrdom of the Islamic Republic of Iran’s president and his companions on Sunday, May 19, Minister of Petroleum, Javad Owji, issued a statement, offering his condolences on the sad occasion.
Iran’s oil production rose by 50 thousand barrels a day reaching 3.3 million barrels per day in April, the International Energy Agency (IEA) announced in its latest monthly report.
Brent settled 71 cents higher, or 0.9%, at $83.98 a barrel. U.S. West Texas Intermediate crude (WTI) gained 83 cents, or 1.1%, to $80.06.
By relying on domestic capabilities, the National Iranian South Oil Company (NISOC) has succeeded in boosting oil production by 60 percent over the last two years.
Brent crude oil rose 39 cents, or 0.47%, to $83.66 a barrel by 0750 GMT. U.S. West Texas Intermediate (WTI) crude was up 22 cents, or 0.28%, at $79.45.
India has cut the windfall tax on petroleum crude to 5,700 rupees ($68.34) per metric ton from 8,400 rupees with effect from May 16, according to a notification issued on Wednesday.
Iran produced 3.212 million barrels per day (bpd) of crude oil in April, registering a 14,000 bpd increase compared to the previous month, according to OPEC’s latest monthly report.
To facilitate oil products transfer, one thousand kilometers of pipeline will come online this Iranian calendar year, ending on 20 March 2025, Iranian Minister of Petroleum, Javad Owji, said.
Brent crude futures fell 25 cents, or 0.3%, to $82.50 a barrel by 0951 GMT. U.S. West Texas Intermediate crude (WTI) shed 26 cents, or 0.33%, to $78.37.
India's oil demand is projected to rise by 4.1% to 5.80 million barrels per day in 2025, driven by increased gasoline consumption and economic activity, according to the Organisation of Petroleum Exporting Countries.
Brent crude futures were up 39 cents, or 0.5%, at $82.77 a barrel at 0630 GMT. U.S. West Texas Intermediate crude futures (WTI) rose 42 cents, or 0.5%, to $78.44 a barrel.
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year.
Brent crude futures fell 18 cents to $83.18 a barrel at 0808 GMT, while U.S. West Texas Intermediate (WTI) crude futures also lost 18 cents to $78.94 a barrel.
Iranian Foreign Affairs Ministry spokesman, Naser Kanaani, recommended the neighboring country Kuwait to start expertise and technical talks with Tehran on the Arash gas field.
Over the last Iranian calendar year of 1402, ended 19 March 2024, petrochemical production capacity surged by 5 million tons while oil and gas sectors grew by 20 percent, Iranian Minister of Petroleum, Javad Owji, said.
Iran’s Vice-President for Scientific, Technology and Knowledge-Based Economy, Ruhollah Dehghani Firouzabadi, says that the Petroleum Ministry has won the first rank for the first-time production of strategic goods.
Brent crude futures slid 7 cents, or 0.1%, to $82.72 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude futures were at $78.21 a barrel, down 5 cents.
The head of the National Petrochemical Company (NPC) said the country’s petrochemical production capacity will top 100 million tons by the end of the current Iranian calendar year (March 20, 2025).
Overtaking Iraq, Iran has become the second producer of liquid fuels in the Organization of Petroleum Exporting Countries (OPEC).