National Iranian Drilling Company dug and completed the digging operations of seven oil and gas wells during the first four months of the current Iranian calendar year, an official with the company said.
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Oil Industry Expert Reza Mokhtar believes developing petro-refineries is a necessity for completing the oil industry value chain, IRIB reported.
Iranian President Masoud Pezeshkian submitted the list of his proposed ministers to the parliament for approval where Mohsen Paknejad has been nominated as the Minister of Petroleum.
India's oil demand is likely to surge from 5.4 million barrels per day in 2023 to 8.3 million bpd by 2050. To meet this rise in oil demand, the Indian Oil Corporation (IOC) aims to increase their refining capacity from 70.25 million tonnes per annum to 88 million tonnes per year.
Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, Reuters reports.
The world price of crude oil today, August 9, 2024
Brent crude futures were up 1 cents to $79.17 per barrel by 0845 GMT. U.S. West Texas Intermediate crude futures were up 8 cents at $76.27 per barrel.
The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July.
India's Numaligarh Refinery Ltd (NRL) does not expect its shipments of diesel to Bangladesh to be affected by political upheaval in the neighbouring country, the company said on Friday.
The global price of crude oil today, August 8, 2024
Brent crude futures fell 25 cents, or 0.3%, at $78.08 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude lost 13 cents, or 0.3%, to $75.10.
The Trans Mountain oil pipeline's launch in Canada was a unique event, with hopes for increased production and increased oil prices. However, some expectations have not materialized, resulting in a significant discount to the US benchmark.
Brent crude futures were up 45 cents, or 0.6%, to $76.93 a barrel at 0823 GMT. U.S. West Texas Intermediate crude was up 47 cents, also 0.6%, to $73.67.
The Indian government plans to involve leading national companies, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, in exploring the continental shelves of the Bay of Bengal and the Arabian Sea.
The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started.
The global price of crude oil today, August 6, 2024
Brent crude futures were up 12 cents, or 0.16%, to $76.42 a barrel at 1001 GMT, while U.S. West Texas Intermediate crude futures were up 22 cents, or 0.3%, to $73.16. Both contracts gained over $1 a barrel earlier in the session.
India's Oil and Natural Gas Corp (ONGC) beat first-quarter profit estimates on Monday, bolstered by strong domestic fuel demand and higher price realisation.
The global price of crude oil today, August 5, 2024
Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel on Monday, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.
Iraq's oil exports to the US increased by 28,000 barrels per day to 178,000 barrels last week, according to the US Energy Information Administration.
India plans to extend offshore oil and gas exploration to the extended continental shelf, involving ONGC and Oil India Ltd for seismic survey beyond the EEZ.
Indian refiners imported a total of 2.08 million barrels per day (bpd) of Russian crude oil in July, the highest since June of last year.
Iran’s oil production in July reached 3.22 million barrels per day (bpd), the highest level since the U.S. withdrew from the nuclear pact with Iran and re-imposed sanctions on the country in 2018, Reuters reported.