Iranian Minister of Petroleum, Javad Owji, says that the country’s oil production has risen by 60 percent over the three past years of Ibrahim Raisi’s administration in office.
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The managing director of the National Iranian Oil Company (NIOC) has said that Iran’s oil revenues rose by 300 percent during the 13th administration in office since August 2021.
ONGC (Oil and Natural Gas Corporation) and IOC (Indian Oil Corporation) have partnered to establish a LNG plant in Madhya Pradesh, aiming to enhance regional energy infrastructure and meet the growing demand for clean energy.
Brent crude oil futures rose 41 cents, or 0.48%, to $85.42 a barrel by 0613 GMT. U.S. West Texas Intermediate crude futures gained 46 cents, or 0.57%, to $81.29 per barrel.
Arian Methanol Petrochemical with annual production capacity of 1.650 million tons of products and an investment of 243 million dollars was put into operation.
U.S. West Coast refiners are replacing their heavy Iraqi oil imports with cheaper crude from Canada as the newly expanded Trans Mountain pipelinereshuffles trade flows across the Pacific.
Brent futures for August settlement eased 5 cents to $85.96 a barrel as of 0640 GMT after gaining 0.9% on Monday, while U.S. crude futures were down 3 cents at $81.60 a barrel after climbing 1.1% a day earlier.
In a significant boost to the country's energy infrastructure, Iran has officially inaugurated 17 major oil, refining, and petrochemical projects across seven provinces, with a total investment of over 180 trillion rials (about $3.6 billion).
Managing director of the National Iranian Oil Company (NIOC), Mohsen Khojastehmehr, says a license has been issued which allows the National Iranian Drilling Company (NIDC) to spend as much as 800 million dollars in purchasing drilling rigs as well as drilling related equipment and services.
The National Iranian Gas Company’s (NIGC) director for coordination and supervision of production, Ahmad Zamani, says that NIGC has managed to realize the Petroleum Ministry’s programs by one hundred percent.
Shares of Indian Oil Corporation Ltd. traded 0.17 per cent up in Monday's trade at 12:22PM (IST). Around 933,990 shares changed hands on the counter.
Brent crude futures slipped 3 cents to $85.21 a barrel by 0632 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.71 a barrel, down 2 cents.
Iranian Oil Minister Javad owji said on Saturday that the Islamic Republic has outpaced Qatar in gas extraction from joint fields by 100 million cubic meters (mcm), IRNA reported.
Iranian Minister of Petroleum Javad Owji says that currently Iran exports crude oil to 15 different countries across the world.
India's oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data.
In a diplomatic exchange, President Ranil Wickremesinghe and Indian External Affairs Minister Dr. S. Jaishankar led bilateral discussions at the President’s House. The joint energy projects between India and Sri Lanka took centre stage during these discussions.
Brent futures for August settlement were down 13 cents to $85.58 a barrel by 0927 GMT, while U.S. West Texas Intermediate crude futures for August delivery were down 10 cents to $81.19.
The weekly price of OPEC basket of twelve crudes rose by 2.04 dollars during the week ending on June 20.
August Brent crude rose by 32 cents, or 0.38%, to $85.39 per barrel by 0837 GMT.U.S. West Texas Intermediate futures (WTI) for July , which expire on Thursday, dipped 25 cents, or 0.31%, to $81.32.
Canada plans to reduce its oil and gas emissions by 37% by 2030. A Deloitte report anticipates production cutbacks rather than investment in costly carbon capture technologies.