The Economic Council approved a plan proposed by the National Iranian Oil Company (NIOC) to boost oil production in 34 oil fields.
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Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers.
National Iranian Drilling Company dug and completed the digging operations of seven oil and gas wells during the first four months of the current Iranian calendar year, an official with the company said.
Oil Industry Expert Reza Mokhtar believes developing petro-refineries is a necessity for completing the oil industry value chain, IRIB reported.
Iranian President Masoud Pezeshkian submitted the list of his proposed ministers to the parliament for approval where Mohsen Paknejad has been nominated as the Minister of Petroleum.
India's largest oil marketing company, Indian Oil, leads the pack with 15% ethanol blending, aiming for 20% nationwide blending by 2025, while other players are dispensed 15% in petrol.
Director of Planning and Development at the National Petrochemical Company (NPC) Hassan Abaszadeh has predicted that the country’s actual petrochemical output will reach 83 million tons this Iranian calendar year up to 19 March 2025, of which 34 million tons will be exported to other countries.
India's oil demand is likely to surge from 5.4 million barrels per day in 2023 to 8.3 million bpd by 2050. To meet this rise in oil demand, the Indian Oil Corporation (IOC) aims to increase their refining capacity from 70.25 million tonnes per annum to 88 million tonnes per year.
Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, Reuters reports.
The world price of crude oil today, August 9, 2024
Brent crude futures were up 1 cents to $79.17 per barrel by 0845 GMT. U.S. West Texas Intermediate crude futures were up 8 cents at $76.27 per barrel.
The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July.
Pipeline operator TC Energy Corp. said Tuesday, July 30, it will sell a 5.34% stake in its Canadian natural gas pipeline system to Indigenous communities for C$1 billion as part of its plan to reduce the debt burden and fund investments.
India's Numaligarh Refinery Ltd (NRL) does not expect its shipments of diesel to Bangladesh to be affected by political upheaval in the neighbouring country, the company said on Friday.
The global price of crude oil today, August 8, 2024
Brent crude futures fell 25 cents, or 0.3%, at $78.08 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude lost 13 cents, or 0.3%, to $75.10.
The Trans Mountain oil pipeline's launch in Canada was a unique event, with hopes for increased production and increased oil prices. However, some expectations have not materialized, resulting in a significant discount to the US benchmark.
Brent crude futures were up 45 cents, or 0.6%, to $76.93 a barrel at 0823 GMT. U.S. West Texas Intermediate crude was up 47 cents, also 0.6%, to $73.67.
The Indian government plans to involve leading national companies, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, in exploring the continental shelves of the Bay of Bengal and the Arabian Sea.
The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started.
The global price of crude oil today, August 6, 2024
Brent crude futures were up 12 cents, or 0.16%, to $76.42 a barrel at 1001 GMT, while U.S. West Texas Intermediate crude futures were up 22 cents, or 0.3%, to $73.16. Both contracts gained over $1 a barrel earlier in the session.
India's Oil and Natural Gas Corp (ONGC) beat first-quarter profit estimates on Monday, bolstered by strong domestic fuel demand and higher price realisation.