Asia's imports of crude oil rose to the highest in 12 months in May, with the strength being driven by India as the region's second-biggest buyer is on track to see record arrivals.
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Brent futures dipped 17 cents or 0.2% to $83.43 a barrel as of 0921 GMT, while U.S. West Texas Intermediate (WTI) crude fell 12 cents or 0.15% to $79.11.
Iranian Minister of Petroleum, Javad Owji, says that 23 mega oil and gas projects, worth 4.6 billion dollars, are ready to come online.
Brent crude futures for July delivery were up 62 cents, or 0.7%, at $84.84 a barrel by 1050 GMT. U.S. West Texas Intermediate futures for July were also up 62 cents, or 0.8%, at $80.45.
The Indian government has announced a special bidding round for two discovered oil and gas fields in the Mumbai offshore region and a coal bed methane field in West Bengal.
India's Reliance Industries operator of the world's biggest refining complex, has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told.
Saudi Arabia, the world's biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said.
Iranian petroleum minister Jawad Owji cites late president Ibrahim Raisi's demands for increased oil production, exports, investment in oil projects, economic growth, and environmental considerations.
India's Adani Energy Solutions said on Monday that its board has approved a fundraise of up to 125 billion rupees ($1.50 billion).
The Brent crude July contract was up 21 cents at $82.33 a barrel by 0926 GMT. The more active August contract rose 26 cents to $82.10. U.S. West Texas Intermediate (WTI) crude futures were up 23 cents at $77.95.
Ever since the late Iranian President Ebrahiam Raisi took power in August 2021, the country’s oil exports have been on an upward trajectory.
During the 13th administration under the leadership of Ayatollah Raisi, Iran’s oil revenues rose about 15 billion dollars annually when compare with last years of the previous administration in office.
India seeks collaboration between state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply agreement with Russia to ensure stable crude oil supply and protect the economy from price volatility.
Iran has approved a plan to raise its oil output to four million barrels per day, the country's Tasnim news agency said on Sunday, without providing a time frame.
The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) will convene via videoconference on Sunday, 2 June 2024.
Ted Cruiz, a Texas senator, criticizes the Biden administration's foreign policy as a disaster due to its failure to curb Iran's oil exports and ineffective sanctions.
Pipeline operators in Poland and Russia agreed on a solution that will allow Kazakh oil transit to Germany to continue, removing a risk that it would stop in June, sources familiar with the matter told Reuters.
India has secured its first overseas port, Chabahar Port, through a 10-year strategic agreement with Iran, marking a significant milestone in maritime history and strengthening regional connectivity and trade.
Indian refiners' use of crude oil vessels to ship refined fuels such as diesel to key European markets has diminished in May after volumes neared two-year high levels last month, trade sources and analysts said.
Brent crude futures fell by 25 cents, or 0.31%, to $81.11 a barrel by 1151 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.27%, at $76.66.