The world price of crude oil today, August 26, 2024
Brent crude futures climbed 56 cents, or 0.7%, to $79.58 a barrel by 0615 GMT, while U.S. crude futures were at $75.40 a barrel, up 57 cents, or 0.75%.
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Morgan Stanley reduces global oil demand growth forecast for 2024 due to China's slower economic growth, increased electric vehicle usage, and rise in LNG-powered trucks.
Ukraine's President Zelenskyy urges India to cease Russian oil imports to end Ukraine's war, while India's External Affairs Minister Jaishankar discusses energy needs and market conditions.
Iran’s Petropars Company begins the operations for drilling three infill wells at South Pars gas field which Iran shares with Qatar in the Persian Gulf, Shana reported.
The Iranian minister of petroleum Mohsen Paknejad appointed Kasra Nouri, former general manager of the public relations department of the Petroleum Ministry, as his advisor and head of the petroleum minister's office.
Minister of Petroleum Mohsen Paknejad visited President Masoud Pezeshkian to talk about the oil industry development and the challenges ahead.
The global price of crude oil today, August 23, 2024
Brent crude futures rose 16 cents, or 0.2%, to $77.38 a barrel at 0642 GMT, while U.S. West Texas Intermediate (WTI) crude futures inched up 15 cents to $73.16.
Turkey's energy strategy aims to reduce reliance on imported resources and boost domestic output, resulting in new highs in oil and gas production.
India surpassed China as the largest buyer of Russian oil last month, Reuters reported Thursday, citing import data from both countries.
Azerbaijan is on pace to meet its natural gas export target this year. But Baku still has a long way to go before the country can meet its ambitious export commitments for 2027.
Following winning a vote of confidence from the parliament yesterday, the new Petroleum Minister Mohsen Paknejad held his first meeting today in his office at the Petroleum Ministry.
The global price of crude oil today, August 22, 2024
Brent crude futures slipped 10 cents to $75.95 a barrel, while U.S. West Texas Intermediate crude futures fell 23 cents to trade at $71.70 at 0639 GMT.
Chevron plans to invest 83 billion rupees ($989.2 million) in Bangalore, India, to build its largest oil and gas technology center outside the US.
Mohsen Paknejad won the vote of confidence of the parliament to become the petroleum minister of the 14th administration.
The global price of crude oil today, August 21, 2023
Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. U.S. West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03.
US gasoline and diesel prices have dropped, but a potential change in Canada's oil policy could disrupt supply chains, especially for US refineries reliant on heavy crude oil imports.
India recorded a 7.4% increase in petroleum product consumption in July 2024, consuming 19.65 million metric tons (MMT) compared to 18.29 MMT in the same month last year, the Petroleum Planning and Analysis Cell (PPAC) said in a report.
Ramin Hatami, former CEO of ICOFC, emphasized the need for an industry expert at the Petroleum Ministry due to the current oil industry situation.
Proposed Iranian petroleum minister Mohsen Paknejad has said that Iran’s oil production is planned to increase by 400 thousand barrels a day up to the end of the next Iranian calendar year on 19 March 2026.
Brent crude was down 67 cents, or 0.86%, at $76.99 a barrel. Front month U.S. West Texas Intermediate crude futures were at $73.75 a barrel, easing 62 cents, or 0.8%.