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.
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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.
India's monthly oil imports from its biggest supplier Russia slipped marginally in June while those from the United States rose to the highest since Feb. 2022, data obtained from the industry sources showed.
Brent crude futures for September fell 63 cents, or 0.8%, to $81.08 a barrel by 0355 GMT. U.S. West Texas Intermediate crude for September slid 63 cents, or 0.8%, to $76.96 per barrel.
The director for planning and development in Iran’s National Petrochemical Company (NPC) said that the value chain projects in the petrochemical industry have been specified and introduced to the National Development Fund (NDF) for financing.
The 13th administration of Iran successfully neutralized the sanctions imposed on the export of gas condensate and converted the Achilles’ heel of the sanctions into value-added, Minister of Petroleum Javad Owji said.
The world price of crude oil today, July 24, 2024
Brent crude futures for September rose 37 cents, or 0.5%, to $81.38 a barrel by 0343 GMT. U.S. West Texas Intermediate crude for September increased 38 cents, or 0.5%, to $77.34 per barrel.
Iran's National Petrochemical Company (NPC) head Morteza Shahmirzaei plans to showcase the country's petrochemical industry's achievements and latest developments at the 15th Iran Petrochemical Forum.
Morteza Shahmirzaie, managing director of NPC, announced that next year, through close cooperation with the petrochemical industry and National Iranian Oil Company, gas flares will be shut down.
Director of the dispatching department of the National Iranian Gas Company (NIGC) Saeed Aghili says that natural gas and liquid fuel delivery to power plants has risen during summer this year.