Iranian Minister of Petroleum Mohsen Paknejad left Tehran for Kazan, Russia, today to accompany the President on his trip to attend the 16th BRICS Summit.
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Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions.
The US reports that despite sanctions, Iran's oil exports are expected to increase by 100,000 barrels per day in 2024, reaching 1.5 million barrels per day.
Brent crude futures were up 38 cents, or 0.5%, to $73.44 a barrel at 0747 GMT. U.S. West Texas Intermediate crude futures were up 44 cents, or 0.6% to $69.66 a barrel.
India imported 36.85 billion BCM of liquefied natural gas in the first six months of fiscal year, highlighting its growing energy needs and reliance on global LNG supplies. The Indian government is balancing domestic production and LNG imports.
Since establishing the South Pars Oil and Gas Company (POGC) in 1998, more than $80 billion has been invested in plans and projects to develop the shared South Pars gas field which is unprecedented.
India is expected to receive investments worth $87 billion in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said on Friday.
Iranian Agriculture Minister Gholamreza Nouri Ghezelcheh announced about the expansion of cooperation between Iran and Tanzania in the fields of agriculture, petrochemicals and tourism.
Energy researcher Enverus reports that Canada has 15 profitable oil and gas supplies, nearly triple the US's, despite depressed energy prices.
India is poised for a $87 billion petrochemical boom over the next decade, driven by rising middle class demand for products like plastics and fertilizers, and a significant investment opportunity.
Iran's Ambassador Kazem Jalali and Russian Deputy Energy Minister Pavel Sorokin discussed cooperation in various sectors, including implementing oil and gas agreements between the two countries.
Global crude oil price today, October 18, 2024
Brent crude futures gained 23 cents, or 0.3%, to $74.68 a barrel by 0840 GMT, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4%.
Indian Oil Corp, the country's largest refiner, has bought 4 million barrels of U.S. West Texas Intermediate crude via a tender for January delivery, trade sources said on Friday.
Iranian Gas Company Dispatching Manager Saeed Aghli warns of a gas shortage unless other governmental bodies cooperate, stating over 21 billion cubic meters of natural gas are transferred monthly.
India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world's third-biggest oil importer.
Global crude oil price, today, October 16, 2024
Brent crude oil futures rose 22 cents, or 0.3%, to $74.47 a barrel by 0800 GMT. U.S. West Texas Intermediate crude futures climbed 28 cents, or 0.4%, to $70.86.
India's crude oil imports from Russia increased 11.7% in September, accounting for two-fifths of the country's overall crude imports, according to tanker data.
India Intensifies Efforts to Increase Crude Oil Purchases from Brazil Despite Competition from Discounted Russian Oil and Logistical Challenges Related to Maritime Transport.
The Organization of Petroleum Exporting Countries (OPEC) in its latest report, published on Monday, has said Iran produced 3.316 million barrels per day (bpd) of crude oil in September, registering a 21,000-bpd increase compared to the previous month.
Iran's National Petrochemical Company (NPC) Acting Head Hassan Abbaszadeh emphasizes the importance of expediting the completion of petrochemical projects to enhance the country's foreign trade balance.