Venezuela signed five agreements with British oil major Shell on Thursday to advance oil and gas projects, including the company's participation in the coveted 7-trillion-cubic-feet Loran offshore gas field, the government said.
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Oil prices set to surge above $105 a barrel as US-Israeli strikes trigger historic supply shock, demand set to shrink for first time since pandemic.
Brent crude futures rose $1.48 (1.59%) to $94.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $1.71 (1.90%) to $91.74 per barrel.
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade.
The supply of petrochemical products to Iran’s downstream industries is improving, with higher product availability and continued price stability helping the market move toward balance, according to a senior official at the National Petrochemical Company (NPC).
South Pars Phase 11 has produced a cumulative 16.6 billion cubic meters of rich gas, with an energy value equivalent to approximately 100 million barrels of crude oil, according to the project manager for the phase’s development.
Brent crude futures fell 9 cents, or 0.1%, to $91.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $88.10 per barrel.
Saudi blue chip Sabic and fellow petrochemical producers face an uncertain outlook amid export disruptions and long-term supply-demand imbalances, according to analysts.
The development of the Belal gas field, as one of the key and strategic projects of the oil industry in the Persian Gulf, has entered a new implementation phase with significant technical progress in drilling and platform construction.
Developing compressed natural gas (CNG) infrastructure is one of the most effective ways to reduce gasoline consumption, a member of Parliament’s Energy Committee said, stressing that past experience has demonstrated CNG’s significant role in managing fuel demand.
Brent crude oil futures fell by $1.14 (equivalent to 1.2%) from the previous price to reach $93.11 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by $1.30 (equivalent to 1.4%) from the previous price to reach $90.00 per barrel.
India expects prices of both oil and gas to drop in the coming months, with enough stocks available despite the U.S.-Israeli war with Iran that has squeezed energy supplies, Oil Minister Hardeep Singh Puri told broadcaster CNN-News18 on Monday.
The CEO of the National Iranian Oil Company (NIOC) said: "The reconstruction of damaged facilities in the oil industry is being carried out with full force and as quickly as possible, and the rebuilding process is proceeding phase by phase."
Brent crude futures rose $4.42, or 4.47%, to $97.15 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $4.07, or 4.50%, to $94.61 per barrel.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, OPEC said in a statement after a meeting on Sunday.
Oil Ministry is ready to implement a system linking fuel cards to bank cards, but the plan requires cooperation from the Ministry of Economic Affairs and Finance, Oil Minister Mohsen Paknejad said Sunday.
The Israeli military has acknowledged carrying out airstrikes on Iran’s Karun petrochemical complex in Mahshahr.
India raised prices of domestic cooking gas for the second time since the Iran war started, to help state retailers cut losses on discounted fuel sales.
India is launching on Friday a new fuel blend with an 85% ethanol component as part of the fuel flex mobility program of the world's third-largest crude importer to reduce dependence on imported oil.
Brent crude oil futures fell by 24 cents, or 0.25%, to $94.79 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by 56 cents, or 0.6%, to $92.48 per barrel.