Brent crude futures settled at $75.84 a barrel, up$1.79, or 2.4%, while U.S. West Texas Intermediate crude futures settled at $71.23, up $1.89, or 2.7%.
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Canada plans to introduce a cap-and-trade system to encourage oil and gas companies to reduce emissions by 38% by 2030, despite opposition from industry groups and some fossil fuel-producing provinces.
Nigeria's Dangote oil refinery is set to receive its first cargo of 1 million barrels of crude oil from Shell International Trading and Shipping Co. on Friday.
Easing global oil prices would help India boost imports from Russia, a senior government official said on Friday, as a lower than $60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships.
Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel. Brent had earlier risen by $2.
India's oil and gas exploration projects are delayed due to a global shortage of drilling rigs, despite increasing dependence on oil imports and increasing market volatility.
China's oil demand is expected to peak by 2030 at between 780 and 800 million metric tons per year, a research institute affiliated with China National Petroleum Corp (CNPC) said on Thursday.
Brent crude futures were up 52 cents, or 0.7%, to $74.82 a barrel at 1235 GMT. U.S. West Texas Intermediate crude futures was up 42 cents, also 0.6%, to $69.80 a barrel.
Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers' club.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
Oil production cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday.
The OPEC+ oil production cuts can “absolutely” continue past the first quarter if needed, Saudi Energy Minister Prince Abdulaziz bin Salman said, as he pledged the curbs would be delivered in full.
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices.
prices jumped by nearly 1% on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe.
Canada’s oil and gas extraction industries deployed CAD 10.6 billion ($7.85 billion) in capital during the third quarter (Q3), up 1.68 percent from the prior three-month period and 12.76 percent from the same quarter last year, official data has shown.
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices.
Brent crude futures were down $1.10, or 1.4%, at $77.78 a barrel by 0921 GMT. U.S. West Texas Intermediate crude futures fell $1.09, or 1.5%, to $72.98.
Iran’s 13th administration has given top priority to using oil revenues for making investment in different sectors instead of meeting executive expenses, said the government spokesman.
Fifty oil and gas companies representing 40 percent of global production pledged to decarbonise their operations by 2050 at the UN's COP28 climate talks in Dubai on Saturday.
Director-general of Khorramshahr Ports and Maritime Department said the first shipment of oil products to the United Arab Emirates (UAE) has been loaded and exported from the southwestern Iranian port.