Gasoline consumption in Iran reached 140 million liters on Saturday, August 25, according to the National Iranian Oil Products Distribution Company (NIOPDC).
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The world price of crude oil today, August 26, 2024
Brent crude futures climbed 56 cents, or 0.7%, to $79.58 a barrel by 0615 GMT, while U.S. crude futures were at $75.40 a barrel, up 57 cents, or 0.75%.
Morgan Stanley reduces global oil demand growth forecast for 2024 due to China's slower economic growth, increased electric vehicle usage, and rise in LNG-powered trucks.
Ukraine's President Zelenskyy urges India to cease Russian oil imports to end Ukraine's war, while India's External Affairs Minister Jaishankar discusses energy needs and market conditions.
Iran’s Petropars Company begins the operations for drilling three infill wells at South Pars gas field which Iran shares with Qatar in the Persian Gulf, Shana reported.
The Iranian minister of petroleum Mohsen Paknejad appointed Kasra Nouri, former general manager of the public relations department of the Petroleum Ministry, as his advisor and head of the petroleum minister's office.
Minister of Petroleum Mohsen Paknejad visited President Masoud Pezeshkian to talk about the oil industry development and the challenges ahead.
Turkey's energy strategy aims to reduce reliance on imported resources and boost domestic output, resulting in new highs in oil and gas production.
India surpassed China as the largest buyer of Russian oil last month, Reuters reported Thursday, citing import data from both countries.
Azerbaijan is on pace to meet its natural gas export target this year. But Baku still has a long way to go before the country can meet its ambitious export commitments for 2027.
The global price of crude oil today, August 22, 2024
Brent crude futures slipped 10 cents to $75.95 a barrel, while U.S. West Texas Intermediate crude futures fell 23 cents to trade at $71.70 at 0639 GMT.
Automaker Hyundai Motor is set to establish a dedicated Hydrogen Innovation Centre at an investment of Rs 180 crore at the Thaiyur campus of Indian Institute of Technology, Madras for research in hydrogen technology.
Chevron plans to invest 83 billion rupees ($989.2 million) in Bangalore, India, to build its largest oil and gas technology center outside the US.
In a meeting held on Wednesday in Iraq, officials from Iran and Iraq highlighted the need to expand educational and research collaborations between the two countries.
Head of National Iranian Oil Refining and Distribution Company (NIORDC) Jalil Salari says the country is currently producing over 30 million liters of Euro 4 gasoline and 70 million liters of Euro 5 gasoline on a daily basis.
The global price of crude oil today, August 21, 2023
Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. U.S. West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03.
US gasoline and diesel prices have dropped, but a potential change in Canada's oil policy could disrupt supply chains, especially for US refineries reliant on heavy crude oil imports.
India recorded a 7.4% increase in petroleum product consumption in July 2024, consuming 19.65 million metric tons (MMT) compared to 18.29 MMT in the same month last year, the Petroleum Planning and Analysis Cell (PPAC) said in a report.
The caretaker of the Central Bank of Iran (CBI) Monetary and Banking Research Institute has said the country is targeting 9.5 percent inflation and 13.8 percent liquidity growth by the end of the seventh National Development Plan.
Ramin Hatami, former CEO of ICOFC, emphasized the need for an industry expert at the Petroleum Ministry due to the current oil industry situation.