India's merchandise trade deficit narrowed sharply to $20.58 billion in November from the previous month's record levels as imports of gold, petroleum and electronic goods moderated, government data showed on Friday.
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Brent futures rose 21 cents to $76.82 a barrel at 0918 GMT. U.S. West Texas Intermediate (WTI) crude also climbed 21 cents, to $71.79.
Iran produced 3.128 million barrels per day (bpd) of crude oil in November, registering a 7,000 bpd increase compared to the previous month, according to OPEC’s latest monthly report.
Shahsavar Arghash, head of the Kish division of IOOC, tells "Iran Petroleum" that IOOC is for the first time repairing a drilling rig. He expressed hope that Alvand Rig would be ready in two years to allow for an output hike from the Siri oil field.
The National Iranian Oil Company (NIOC) managing director said the country’s oil production has jumped 60 percent since the 13th administration took office in August 2021.
Studies at NISOC have determined new planned guide capacity for six reservoirs, indicating a potential increase of 250 tb/d, 7% of current PGC. This would increase the company's potential output from 3.4 mb/d to 3.65 mb/d, generating approximately $7 billion in revenue.
India's Russian oil imports in November rose to a 4-month high of 1.6 million barrels per day (bpd), up 3.1% from October, making up about 36% of the nation's overall imports last month, data obtained from trade sources showed.
Brent futures was up $1, or 1.3%, to $75.26 a barrel as of 0900 GMT. U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 1.1%, to $70.27.
Iran’s Oil Minister Javad Owji said operations for completing 50 new projects worth $47.5 billion have started.
Canada, a major oil producer, is at the crossroads of its commitment to climate action and its role as a major oil producer at COP28, with the draft agreement softening the language on phasing out fossil fuels.
India's state run refiner Bharat Petroleum Corp is looking at buying Venezuela oil, its head of refineries Sanjay Khanna said on Wednesday.
Brent crude futures for February fell 33 cents, or 0.45%, to $72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42%, to $68.32 a barrel.
Gholamreza Nourani, the acting director of production at NISOC, tells “Iran Petroleum” the company increased its oil production by 47% in two years.
Kuwait reaffirmed its rejection for the inclusion of any call for phasing out fossil fuels consumption and production in the COP28 draft final climate deal, Oil Minister Saad Al Barrak said in statements to Kuwait News Agency (KUNA) on Monday.
Sepehr and Jofeir oil fields in West Karoun, developed by Pasargad Energy Development Company, are set to launch soon, as part of the Iran 13th administration's global oil market strategy.
Sellers of sanctioned oil from Russia and Iran are hiking offer prices to China after Venezuelan crude rallied following the suspension of U.S. sanctions on the South American producer, trade sources said.
The average price of Russian oil delivered to top buyer India in October rose to $84.20 per barrel, way above the $60 price cap set by the Group of Seven nations in December last year, preliminary Indian government data showed.
Brent crude futures for February fell 32 cents, or 0.4%, to $75.71 per barrel by 1105 GMT, while U.S. West Texas Intermediate crude futures for January delivery slipped 19 cents, or 0.3%, to $71.13.
Iran plans to establish a joint venture with Chinese tech firms to use AI to digitalize oil and gas production and implement significant reforms.
India, the world’s third-largest crude oil importer, expects to raise its refining capacity by around 1.12 million barrels per day (bpd) each year until 2028, according to India’s junior oil minister Rameswar Teli.