Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1.
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Brent crude futures for July rose 31 cents, or 0.4%, to $83.98 a barrel by 0755 GMT. U.S. West Texas Intermediate crude for June was up 26 cents, or 0.3%, to $79.21 per barrel.
The Taliban, who govern Afghanistan, are working with Kazakhstan and Turkmenistan to create a regional energy trade hub that would facilitate oil sales from Russia to South Asia, Taliban acting commerce minister Nooruddin Azizi told Reuters this week.
Production manager at the Iranian Offshore Oil Company (IOOC), Amir Salari, says that the company succeeded in increasing offshore oil and gas condensate production by 21 percent over the last Iranian calendar year, 1402.
Brent crude futures for July gained 58 cents, or 0.7%, to $84.02 a barrel by 1130 GMT. U.S. West Texas Intermediate (WTI) crude for June was up 47 cents, or 0.6%, at $79.47.
Executive vice president, Mohsen Mansouri, has said that Iran’s annual average economic growth has surpassed 6 percent amid oil sector’s magnificent contribution.
Chennai Petroleum is two years behind schedule on constructing a 180,000bpd refinery in Nagapattinam, Tamil Nadu, with completion expected in 2027, according to finance head Rohit Kumar Agrawala.
The Canada Energy Regulator on Tuesday approved the final permits for the Trans Mountain oil pipeline expansion, clearing the way for the project to start operating after years of delays and massive cost overruns.
Both oil price benchmarks were down more than 1% at 0650 GMT. Brent crude futures for July were 88 cents lower at $85.45 a barrel, while U.S. West Texas Intermediate crude futures for June were 90 cents lower at $81.03 per barrel.
the National Iranian Oil Company (NIOC) has signed memorandums of understanding (MOUs) worth $6.4 billion with local companies to increase the country’s natural gas output by 127 million cubic meters.
Iranian minister of petroleum, Javad Owji, says 79 semi-finished projects, worth 16 billion dollars, will come online during the current Iranian calendar year, ending on 20 March 2025.
Canada's Trans Mountain pipeline expansion is set to enter partial operation on May 1, years behind schedule and at more than four times the original cost - but with the potential to affect oil flows even outside North America.
Brent crude futures rose 27 cents, or 0.3%, to $88.67 a barrel at 0830 GMT, while U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $82.93 a barrel.
The Iranian Oil Ministry and the Atomic Energy Organization of Iran in a ceremony signed a memorandum of understanding to increase cooperation in different fields, including application of nuclear technology to improve quality of oil products.
Iranian minister of petroleum, Javad Owji, says 79 semi-finished projects, worth 16 billion dollars, will come online during the current Iranian calendar year, ending on 20 March 2025.
India's ONGC faces challenges in locating a vessel to transport 700,000 barrels of crude from Russia's Far East due to Western sanctions disrupting complex trades.
Brent crude futures for June , which expire on Tuesday, were down by 51 cents, or 0.6%, to $88.99 a barrel by 0950 GMT. The more active July contract fell 27 cents, or 0.3%, to $87.94 a barrel.
The new statistics released by the International Monetary Fund (IMF) show that Iran's oil production in 2023 saw an increase of 500,000 barrels per day (bpd) in comparison to the previous year, reaching 3.1 million bpd.
Our estimates show that African countries enjoyed the highest rate of growth over the last Iranian calendar year, which ended on 20 March 2014, indicating there is a clear prospect for boosting energy cooperation with the continent over the next two decades.
Directing liquidity towards oil industry’s downstream activities not only leads to self-sufficiency but creates jobs along with profitability to the benefit of people.