The National Productivity Organization of Iran head said the country looks to the oil industry – the industry of work and efforts – for economic growth.
OIL Feed Atom
A member of Iran’s Parliament on Wednesday described the Oil Ministry’s performance in the energy diplomacy as “successful” and “transformational”.
A reimposition of U.S. sanctions on Venezuela's oil and gas sectors would hurt the OPEC country's ability to collect cash from its oil exports, crimp new energy investments and raise the risks of domestic fuel scarcity, analysts and executives said.
Brent crude futures for March, fell 27 cents, or 0.3%, to $82.60 a barrel by 0441 GMT. The more actively-traded. U.S. West Texas Intermediate crude futures declined 23 cents, or 0.3%, to $77.59 a barrel.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Tuesday the upstream sectors of industries such as oil, gas, and steel, and professions like handicrafts provide plenty of opportunity for the participation of the private sector.
Canada's Trans Mountain said on Monday that it had run into technical issues and faces new delays as it tries to complete the final part of expanding its oil export pipeline.
Brent crude futures rose 17 cents, or 0.21%, to $82.57 a barrel by 0401 GMT. U.S. West Texas Intermediate crude was up 17 cents, or 0.22%, at $76.95 a barrel.
Iran’s Oil Minister Javad Owji gave Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei a report on the oil industry’s main achievements under the 13th administration on Monday.
Russia energy infrastructure has been hit by drone attacks and fires in the past month, adding to uncertainty in global oil and gas markets already rocked by the conflict in the Middle East.
Iran’s oil minister said contracts for implementing eight projects worth $14 billion in joint oil and gas fields will be signed during the Ten-Day Dawn (February 1-11) festivities marking the 45th anniversary of the victory of the Islamic Revolution.
Brent crude futures rose 29 cents, or 0.4%, to $83.84 a barrel by 0230 GMT after hitting a session-high of $84.80. U.S. West Texas Intermediate crude gained 34 cents, or 0.4%, to $78.35 a barrel after reaching an intraday high of $79.29 earlier in the session.
Iran’s oil and gas industry has witnessed a 16.3 percent productivity growth under the 13th administration during the 6th National Development Plan (ending March 19, 2024).
Alexander Dyukov, the head of Russian oil major Gazprom Neft, said on Saturday that there was a slight surplus on the global oil market.
Brent crude futures rose $1.12, or 1.4%, to settle at $83.55 a barrel, their highest close since Nov 30. U.S. West Texas Intermediate crude (WTI) climbed 65 cents or 0.8% to $78.01, also the highest close since November.
The National Iranian Oil Company managing director said on Friday NIOC plans to invest more than $70 billion in the coming years to increase the country’s gas production capacity to 1.5 billion cubic meters per day (bcm/d).
Before the end of this decade, the world's third-largest crude oil importer, India, is set to become the single biggest driver of global oil demand, replacing China, analysts and forecasters say.
Parkland Corp has temporarily shut down processing operations at its 55,000-barrel-per-day Burnaby refinery in British Columbia, Canada, after encountering an issue with a processing unit, the company said on Wednesday.
Brent crude futures were up 98 cents, or 1.2%, to $81.02 a barrel at 1150 GMT, while U.S. West Texas Intermediate crude was up $1, or 1.3%, to $76.09 a barrel.
India's petroleum consumption climbed to a new record last year and the country is on course to overtake China as the primary driver of incremental oil consumption before 2030.
The front-month March contract for Brent crude rose 4 cents to $79.59 a barrel at 0712 GMT. U.S. West Texas Intermediate crude also ticked up 4 cents to $74.41 a barrel.