Almost all of Russia's oil exports this year have been shipped to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, after Moscow responded to Western economic sanctions by quickly rerouting supplies away from Europe.
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Brent crude futures was down 17 cents, or 0.21%, at $80.90 a barrel by 0940 GMT. U.S. West Texas Intermediate crude eased by 34 cents, or 0.45%, to $75.23 a barrel.
Shipments of Russian Sokol crude oil to Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two sources familiar with the matter said.
Brent crude futures rose 18 cents, or 0.2%, to $79.25 a barrel by 1208 GMT while U.S. West Texas Intermediate crude was up 3 cents at $73.59.
The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies' high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.
Oil Minister Javad Owji on Monday expressed Iran’s readiness for exporting oil products and technical and engineering services to Nicaragua.
Global crude oil prices would have surged and created “havoc” in the international oil market had India not ramped up oil imports from Russia in the aftermath of Moscow’s February 2022 invasion of Ukraine, the petroleum and natural gas ministry told the department-related parliamentary standing committee.
The Canadian government is backing up to C$2 billion ($1.5 billion) in new commercial loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to the Pacific coast.
The international benchmark crude Brent traded at $78.80 per barrel at 0659 GMT, a 0.45% decrease from the closing price of $79.16 a barrel in the previous trading session on Friday.
Iran has added 60 new wells to boost production capacity in the South Azadegan oil field, which the country shares with its neighbor Iraq, the head of the National Iranian Oil Company (NIOC) announced.
India's crude oil imports decreased by 2.3 per cent and increased by 0.4 per cent during November 2023 and April-November 2023 respectively, compared to the corresponding period of the previous year.
Brent crude futures were up 92 cents, or 1.16%, to $80.31 a barrel by 0931 GMT. U.S. West Texas Intermediate crude futures were up 96 cents, or 1.3%, at $74.85 a barrel.
Almost five million barrels of Russia's Sokol grade crude has failed to reach Indian refiners over the past four weeks, Bloomberg News reported on Wednesday.
Brent crude futures rose 13 cents, or 0.1%, to $79.80 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude was 4 cents higher at $74.26.
ONGC jumped 5.79 per cent to hit a 52-week high price of Rs 212. The surge was even higher for Oil India as the stock zoomed 19.15 per cent to hit its one-year peak price of Rs 406.
China's oil production growth, driven by investment, is expected to slow down in 2024 as mature fields decline, necessitating state oil companies to explore more challenging shale and ultra-deep reserves.
Brent crude futures rose 89 cents, or 1.1%, at $80.12 a barrel by 1101 GMT, while U.S. West Texas Intermediate crude climbed 93 cents, or 1.3%, to $74.87 a barrel.
RPI head argues Iran's oil industry needs domestic knowledge-based companies and research centers to achieve self-sufficiency, citing past threats from Western countries and arrogant powers.
Some Canadian oil and gas producers say they will not rush to accelerate emissions cuts until they see if unpopular Prime Minister Justin Trudeau survives long enough to implement his proposed oil and gas emissions cap.
Brent crude was up 9 cents at $78.04 a barrel by 1100 GMT. U.S. West Texas Intermediate crude for January , which expires on Tuesday, was down 1 cent at $72.46 while the more active February contract lost only 2 cents.