World crude oil price today January 29, 2025
Brent crude futures were down 59 cents, or 0.76%, to $77.90 a barrel as of 0916 GMT, while U.S. crude futures had lost 55 cents, or 0.75%, at $73.22.
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US sanctions on Russia's oil and gas sector have disrupted global energy trade, impacting interactions with China and India. Chartering costs for unaffected tankers have surged, creating trade hurdles, amidst economic pressure on Russia.
The commercial manager of the South Pars Gas Complex announced that, in collaboration with 120 domestic and new technology-based firms (NTBFs), over 11,500 essential equipment items and goods have been localized for the South Pars refineries.
World crude oil price today January 28, 2025
Brent crude oil futures were up by 35 cents, or 0.45%, to $77.43 per barrel. U.S. West Texas Intermediate crude futures were up 30 cents, or 0.41%, to $73.47.
Indian Oil Corp, the country's top refiner, is reportedly facing a potential decrease in Russian oil imports this fiscal year due to recent U.S. sanctions on Moscow.
The CEO of Tehran Oil Refining Company announced that, while adhering to quality standards, the company has added more than 1 million liters per day to its motor gasoline production output.
The South Pars Gas Complex's CEO reported a 2% increase in gas injection into the national grid during the first 10 months of 2024-2025.
India's dependence on Russian oil has grown significantly since the 2022 Ukraine invasion, and the new sanctions could lead to higher inflation and supply disruptions.
Global Oil Prices on 27 January 2025:
The price of a barrel of Brent North Sea crude fell 65 cents, or 0.83 percent, to $77.85 a barrel today. US West Texas Intermediate crude is trading at $74, down 66 cents, or 0.88 percent.
Shahid Tondguyan Petrochemical Company is celebrating self-sufficiency and independence from foreign catalyst purchases after signing a MoU to produce cobalt acetate and manganese acetate catalysts.
The National Iranian Oil Products Distribution Company (NIOPDC) announced in a statement on Sunday that the fire at the LPG tanks in Rey has been completely extinguished.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 2021, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.
Reportedly, India has to unload oil from Russian tankers under US sanctions by February 27 and complete all financial transactions with them by March 12. These deadlines were set by the Office of Foreign Assets Control (OFAC) of the US Treasury.
NIOPDC confirmed the normal extraction and loading of liquid gas from a storage facility in Rey, following an incident at the facility.
Iran's Vice President for Science, Technology, and Knowledge-Based Economy believes the petrochemical industry can achieve significant AI milestones due to its favorable capacities.
Singh Sahney, Chairman of IOC, during an exclusive conversation with at the World Economic Forum 2025 in Davos, Switzerland stated that the plant, with a production capacity of 10,000 tons per annum, has made substantial progress.
Addressing Iran’s energy imbalance requires ensuring security for investors and involving the private sector, said Es’haq Jahangiri, former first vice president under the 11th and 12th administrations.
Iran's crude oil production is projected to reach 4.6 million barrels per day by 2028, primarily driven by southern oil-rich regions, according to the Seventh Development Plan (2024-28).
Global Oil Prices Today - January 24, 2025
The price of Brent crude oil from the North Sea fell by 8 cents, or 0.10%, to $78.21 per barrel today. Similarly, West Texas Intermediate (WTI) crude oil dropped by 9 cents, or 0.12%, to $74.53 per barrel.
NIOC CEO initiates negotiations for Maroon Khami and Ahvaz Khami fields development, aiming to ensure long-term feedstock supply for Mahshahr region petrochemical plants.