India's state-run Bharat Petroleum Corp has awarded a five-month tender for 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington.
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India could face an annual $5 billion surge in its oil import bill if forced to replace Russian crude, as pressure mounts following a new US tariff order targeting one of Moscow's top energy customers.
Chinese Ambassador Jiang Zaidong suggests Pakistan can expand the China-Pakistan Economic Corridor to Afghanistan and Iran, boosting connectivity and trade, and accelerating the strategic shift from geopolitics to geo-economics.
Iran’s oil production fell slightly in July as output continued to suffer from the impacts of a war of aggression the country fought with the Israeli regime in June, and despite a general rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude fell 45 cents, or 0.7 percent, to $65.67 a barrel, while U.S. West Texas Intermediate crude fell 53 cents, or 0.8 percent, to $62.64.
Iran's petrochemical sector, under the Seventh National Development Plan, will require $24 billion in investment to increase nominal production capacity to 131.5 million tons.
The National Petrochemical Company plans to increase petrochemical production capacity by 35 million tons through 66 development projects under the Seventh Development Plan, aiming to reduce dependence on exports.
The National Iranian South Oilfields Co. has begun major overhauls on more than 100 processing units since early April, with 27 of them prioritized for their direct impact on oil production, the company’s head of industrial equipment and process machinery maintenance said.
Brent crude futures rose 14 cents, or 0.2 percent, to $66.77 a barrel, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1 percent, to $64.04.
Trump’s plan to impose a 25% tariff on Indian imports over its Russian crude purchases puts India in a dilemma between preserving $87B in U.S. exports or saving billions through discounted oil.
The head of Iran’s Oil Refining Industry Employers Association said excessive consumption, fuel smuggling and weaknesses in the domestic auto industry are the main causes of the country’s gasoline supply imbalance.
overhaul of the Alvand offshore drilling rig is in its final stages in the Kish operational area and will soon join the Iranian Offshore Oil Co.’s drilling fleet.
Brent crude futures fell 45 cents, or 0.68 percent, to $66.14 a barrel, while U.S. West Texas Intermediate crude futures fell 49 cents, or 0.77 percent, to $63.39.
Azerbaijan's president on Sunday condemned Russian air strikes on Azerbaijani oil and gas facilities in Ukraine but said energy cooperation between the two countries would continue.
Subhash Goyal, Chairman of the Chamber of Commerce's Tourism Expert Committee, criticizes India's disproportionate focus on Russian oil purchases, arguing that India will buy oil from any source.
Iran’s polymer production capacity has reached about 9 million tons per year, the managing director of the National Petrochemical Company (NPC) said on Sunday.
The National Iranian Gas Company (NIGC) has kept all refinery and transmission network overhauls on schedule this year, despite resource and parts constraints, according to Managing Director Saeid Tavakoli.
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Friday outlined India’s ongoing efforts to enhance domestic energy production while acknowledging the country’s continued reliance on imports to meet rising demand.
The National Iranian Drilling Company reported a 17.5% increase in specialized drilling operations for client companies in the first four months of the current Iranian calendar year.
The overhaul of the fifth refinery of Iran’s South Pars gas field has been successfully completed, the manager of the refinery announced.