The weekly price of the OPEC basket of twelve crudes fell by 1.47 dollars during the week ending on August 1.
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Global benchmark Brent crude futures rose 78 cents, or 1%, to $81.62 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude futures gained 79 cents, also 1%, to $78.70 a barrel.
The secretariat of the first Persian Gulf oil, gas and petrochemical media festival in Iran has called for paper submission.
Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel.
The recently signed gas supply deal between Russia and Iran could shake up the international gas market in a big way if the Kremlin gets its way.
Director of supply and distribution at the National Iranian Oil Products Distribution Company says the company has supplied 30 percent more fuel to the country’s power plants in the current Iranian calendar year compared to the previous year.
Iran’s foreign trade value, including oil exports, has reached 51 billion dollars over the first four months of the current Iranian calendar year, since 21 March 2024.
NIGC manages to supply natural gas to power plants and electricity generators, despite the challenging weather conditions, particularly in the southern regions, which account for over 93% of fuel needs.
Brent crude oil futures fell by 12 cents or 0.15% to $79.78 a barrel by 0033 GMT. U.S. crude futures were down 14 cents, or 0.18%, at $75.67 a barrel.
India expects to boost its refining capacity by around one-fifth to have 6.19 million barrels per day (bpd) of crude processing capacity by 2028, according to its junior petroleum minister.
Iran earned some $3.39 billion from exports of petrochemical products in the three months to June 20, according to a senior industry official.
Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $77.25 a barrel.
Kuwait Petroleum International and Vietnam Oil & Gas Group, which are building Vietnam’s second oil refinery, plan to expand cooperation in exploring for crude and trading fuel, the Vietnamese state-owned company said on Monday.
Prime Minister Justin Trudeau’s government is likely to stall the sale of the Trans Mountain oil pipeline until after the federal election in 2025, according to officials familiar with internal discussions.
Ankara is increasing natural gas imports to boost European energy security, focusing on supplying Turkmen gas to Turkey and exporting it to Europe.
China continues to import nearly record levels of Iranian oil this year, despite reduced Iranian crude intake by independent refiners due to low refining margins.
The world price of crude oil on July 26, 2024
Brent crude futures for September dipped 1 cent to $82.36 a barrel on Friday. U.S. West Texas Intermediate crude for September fell 6 cents to $78.22.
Iran has released the oil cargo of a Greek-owned, Marshall-Islands-flagged tanker it seized in the Gulf of Oman earlier this year, a shipping source told Reuters on Thursday.
The weekly price of the OPEC basket of twelve crudes fell by 2.77 dollars during the week ending on July 25.
Despite the return of U.S. sanctions on Venezuela, India's biggest private refiner, Reliance Industries, has obtained a U.S. license to buy crude from the South American country, sources with knowledge of the matter have told Bloomberg.