A member of parliament says that the Iran-Russia gas transfer contract not only turns Iran into a gas hub in the region but also changes the regional energy balance.
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Brent crude prices were up 48 cents, or 0.57%, at $83.10 a barrel by 0035 GMT, and U.S. West Texas Intermediate crude futures rose 42 cents, or 0.52%, to $80.55.
Head of National Iranian Oil Refining and Distribution Company (NIORDC) Jalil Salari said his company has made more than 1.7 million refinery parts and equipment items for Venezuelan refineries which are already being used in this country.
The Iran-Russia gas transfer agreement is a great step forward and will turn Iran into a regional gas hub, opening a new chapter in regional and international relations, the vice chairman of the parliament’s energy committee Ramezanali Sangdovini said.
India ONGC Videsh has signed a $60 million deal with Norwegian energy giant Equinor to raise its stake in the offshore Azeri Chirag Gunashil (ACG) oil field in the Caspian sea and linked pipeline, the Indian company said on Friday.
IOC is expanding its Digboi refinery in Assam, India, to a 350,000-tonne/year capacity, marking the first and oldest refinery in Asia Pacific.
Minister of Petroleum Javad Owji provided more details about the gas pipeline which is planned to be constructed to import gas from Russia.
India reduced crude oil imports by 5.1% in June 2024, responding to global oil market fluctuations, and increased domestic crude oil processing by 3.1%, according to PPAC data.
The United States has granted Iraq another four-month sanctions waiver to purchase Iranian electricityو a State Department spokesperson has said to local American media.
Brent crude prices fell by 38 cents, or 0.5%, to $84.73 a barrel by 0035 GMT. U.S. West Texas Intermediate crude futures fell 50 cents, or 0.6%, to $82.32 a barrel.
Chinese refiner Rongsheng Petrochemical has bought 4.4 million barrels of Oman and Canadian crude oil exported from the recently expanded Trans-Mountain pipeline for delivery in October via a tender, trade sources said on Wednesday.
Brent futures rose 32 cents, or 0.4%, to $85.40 a barrel by 0340 GMT, while U.S. West Texas Intermediate (WTI) crude gained 48 cents, or 0.6%, to $83.33.
India's domestic natural gas consumption increased 7.1% in June, driven by an 11.3% increase in imports and a 2.9% expansion in domestic gas production.
India is a great power that determines its national interests and chooses its partners, Russian Foreign Minister Sergey Lavrov has said, describing as completely unjustified the enormous pressure on New Delhi due to its energy cooperation with Moscow.
Petroleum Minister Javad Owji views signing the Russian Gas Transfer to Iran Document as a significant step in the 13th administration's energy diplomacy, potentially fostering economic growth and ensuring Iran's energy security.
The latest issue of the OPEC Bulletin concerns the importance of the oil industry heritage and the necessity of contribution to its preservation.
Brent crude oil futures was down by 4 cents to $83.69 a barrel by 0315 GMT. U.S. West Texas Intermediate crude futures also eased 4 cents to $80.72.
India has raised its windfall tax on petroleum crude effective July 16, the government said in a notification on Monday.
Specialists of an Iranian knowledge-based company succeeded in reverse engineering and indigenization of the sensors for level gauges, one of the key equipment needed in the oil and gas industry.
Iran's oil production will reach four million barrels per day (bpd) by the end of current Iranian year calendar (March 20, 2025), according to Iranian Oil Minister Javad Owji.