India's top refiner Indian Oil Corp entered a pact with Panasonic Energy to form a joint venture to manufacture lithium-ion cells in India, the refiner said in a statement on Sunday, to prepare for rising local demand.
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The U.S. Interior Department on Friday announced new oil and gas lease sales on public lands as well as an increase in royalty rates, a pair of moves likely to be unpopular among both environmental groups and the fossil fuel industry.
U.S. crude oil production dropped in January to 12.5 million barrels per day (bpd), a 6% decline from December's record high, following freezing weather, data from the Energy Information Administration showed on Friday.
Russia has decided to focus on reducing oil output rather than exports in the second quarter in order to evenly spread production cuts with other OPEC+ member countries, Deputy Prime Minister Alexander Novak said on Friday.
More than 1,500 domestic and 250 foreign companies will take part in the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as Iran Oil Show 2024, said the public relations manager of the National Iranian Oil Company (NIOC) on Thursday.
Canadian oil shipments to Los Angeles hit the highest in four years this month ahead of the formal launch of the expanded Trans Mountain pipeline that is expected to boost export volumes further.
A new report says the federal government of Canada is providing billions of dollars in financial support for the fossil fuel industry, despite measures announced last year to limit certain types of subsidies for the oil and gas industry.
Asia's imports of crude oil are expected to rise to the highest in 10 months as heavyweights China and India lifted arrivals from Russia, but impending maintenance schedules and rising prices mean such levels may not be sustained.
Brent crude futures for May were up 91 cents, or 1.1%, at $87 a barrel. U.S. West Texas Intermediate (WTI) crude futures for May delivery were up 89 cents, or 1.1%, to $82.24 a barrel.
Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 64 cents, or 0.8%, at $80.98.
Front-month Brent crude futures due to expire on Thursday were up 11 cents to $86.86 a barrel at 1200 GMT, while U.S. West Texas Intermediate (WTI) crude futures edged up 19 cents to $82.14.
More than 250,000 barrels per day of U.S. crude is set to arrive in India next month, the highest in more than a year, ship tracking data showed, amid tighter enforcement of sanctions on Russian crude.
Iran’s oil production increased by 50,000 barrels per day (bpd) in the first two months of 2024 to hit 3.2 million bpd, according to a recent report by the International Energy Agency (IEA).
A member of the Iranian Parliament’s Energy Committee said the development of the oil and gas industry was the main factor in domestic economic growth in the previous Iranian calendar year of 1402 (March 21, 2023-March 19, 2024).
Brent crude futures climbed 39 cents, or 0.5%, to $85.82 a barrel at 0759 GMT. U.S. crude futures gained 40 cents, or 0.5%, to $81.03 per barrel.
Iran’s Oil Minister Javad Owji put great emphasis on making use of people’s capacities.
A bright future is awaiting Iran’s oil industry, said the Parliament’s Energy Committee vice-chairman on Sunday.
A year after the closure of the Iraq-Turkey oil pipeline, the conduit that once handled about 0.5% of global oil supply is still stuck in limbo as legal and financial hurdles impede the resumption of flows.
The Oil Ministry led other ministries in terms of applying the expertise of knowledge-based companies in the Iranian calendar year of 1402, which ended on March 19, said a member of the Parliament on Saturday.
The oil sector’s economic growth in the previous Iranian calendar year (ending March 19) shows that the sanctions imposed on the industry have failed, said a member of the Parliament.