Iranian company Petrochem plans to launch a chemical cluster worth $273 million in the Bukhara region, according to a presentation that Shavkat Mirziyoyev was acquainted with during his working visit to the region on May 31.
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While Nigeria, Africa’s largest oil producer, continues to grapple with production and export challenges, Iran is experiencing a significant rebound in its oil exports.
French energy major TotalEnergies announced on Tuesday agreements with Indian Oil Corporation and Korea South-East Power for the supply of liquefied natural gas (LNG) over a medium to long term period.
Brent crude futures fell 1.5% to $77.22 a barrel, closing below $80 for the first time since Feb. 7, while U.S. West Texas Intermediate crude futures eased 1.7% to $72.99 a barrel.
Russia’s state-controlled gas giant Gazprom has taken a break in talks with China to secure a binding commitment from Beijing to buy gas to be delivered through the planned Sila Sibiri 2 pipeline, according to a report.
Chinese refiner Rongsheng Petrochemical has bought its first Canadian crude cargo via the recently expanded Trans Mountain pipeline (TMX) from TotalEnergies through a tender, several trade sources said on Monday.
Brent futures for August delivery fell 14 cents to $80.97 a barrel, while WTI crude futures for July delivery slipped 9 cents to $76.90.
OPEC+ reaffirmed commitment to Declaration of Cooperation and extended crude oil production levels for OPEC and non-OPEC Participating Countries into next year.
The oil and energy ministers of the OPEC member countries began the 188th ministerial meeting of the organization with a minute of silence to express sympathy with the government and people of Iran and to pay tribute to the martyr Seyed Ebrahim Raisi, the late Iranian president.
Bahregan Oil Zone onshore installations’ gas flare turned off after 60 years of operation.
The Indian government has cut the windfall tax on petroleum crude to 5,200 Indian rupees ($62.33) per metric ton from 5,700 rupees, effective on June 1, according to a notification issued on Friday.
The National Iranian Gas Company (NIGC) has increased natural gas supply to power plants, achieving zero blackouts during summer and meeting 93% of fuel needs, while reducing air pollution.
Saudi Arabia has invited OPEC+ oil ministers to Riyadh to hold their June 2 policy meeting to discuss a complex deal that may extend deep oil production cuts into 2025.
U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world's top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend.
Managing director of the National Petrochemical Company (NPC), Morteza Shahmirzaie, says that the petrochemical sector provides a lot of its needs to catalysts from within the country.
Brent futures for July delivery were down 44 cents at $81.42 a barrel while the more liquid August futures were up 8 cents at $81.96. U.S. West Texas Intermediate (WTI) crude was down 3 cents at $77.88.
Analysts have lowered their 2024 oil price forecast for the first time since February, reflecting lower risks to supply from ongoing wars in the Middle East and Ukraine, a Reuters poll showed on Friday, as markets gear up for a meeting of OPEC and its allies this weekend.
The heads of petrochemical industry associations from seven Asian countries called for an international cooperation, Friday, to overcome the challenging business environment of recent years.
Political instability following President Raisi's death introduces uncertainty, yet there are strong indications that the Chabahar Port deal will continue to be a priority for Delhi and Tehran despite scrutiny from the West.
Asia's imports of crude oil rose to the highest in 12 months in May, with the strength being driven by India as the region's second-biggest buyer is on track to see record arrivals.