India Energy Week, the government's annual oil and gas sector conference, will feature reports from OPEC and IEA on the world's third largest energy consumer.
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The global crude oil price on January 14, 2025
Brent crude oil fell by 43 cents, or 0.53%, to $80.58 per barrel, while U.S. West Texas Intermediate (WTI) crude slid by 34 cents, or 0.43%, to trade at $78.48 per barrel.
Jafari, NIOC Exploration Department head, emphasized the need for improved drilling project execution to accelerate hydrocarbon resource discovery by eliminating obstacles and adding new rigs.
Farokh Naseri-Karimvand, technical director of NISOC, announced a pilot water injection project that could increase recoverable oil reserves in southern regions by over 5 billion barrels.
Hossein Afshin, Vice President of Iran for Science, Technology, and Knowledge-Based Economy, stated that the 14th government is committed to resolving the energy imbalance within the next three years.
The Kremlin has warned that the recent US sanctions on Russia's energy sector could potentially destabilize global markets and is committed to minimizing their impact.
Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The National Petrochemical Company's CEO reported that the industry exported $10 billion in the first nine months of 2024, with projections estimating it to reach $13 billion by yearend.
The National Iranian Gas Company (NIGC) exceeded its target for injecting sweet gas into the national grid this winter, reaching daily records of 872 million cubic meters.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
The CEO of NIOPDC plans to diversify Iran's vehicle fuel portfolio by adding liquefied petroleum gas, in line with the 7th Development Plan.
First Vice President of Iran Mohammadreza Aref praised the Oil Ministry for its significant production boost during the 14th administration, despite facing numerous challenges.
Oil Minister Mohsen Paknejad emphasized that a total of $120 billion is needed to achieve the quantitative goals of the 7th Development Plan, aimed at increasing oil and gas production capacity.
Indian and Chinese oil refiners are shifting their crude oil procurement strategies due to concerns over Russian and Iranian supply availability, pricing, and potential new sanctions.
Karoon Oil and Gas Production Company's CEO reported a daily sweetening of 600 million cubic feet of gas and the lowest gas flaring rate among oil production companies.
The National Iranian Gas Company's managing director is satisfied with the 80% progress in gas supply to Chabahar and has approved the Makoran steel pipeline development, which will significantly contribute to the country's economic cycle.
Iranian Oil Minister Mohsen Paknejad emphasized the importance of collaborating with private sector players in the oil industry for the country's progress and salvation.
The head of maintenance at the South Pars refinery announced that a major overhaul of the mercaptan removal unit has prevented the daily waste of over 27.5 million cubic meters of standard gas.
India plans to expand its natural gas pipeline network by 10,805 kilometres (6,714 miles), the Ministry of Petroleum and Natural Gas announced on January 7, 2025.