Saudi blue chip Sabic and fellow petrochemical producers face an uncertain outlook amid export disruptions and long-term supply-demand imbalances, according to analysts.
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The development of the Belal gas field, as one of the key and strategic projects of the oil industry in the Persian Gulf, has entered a new implementation phase with significant technical progress in drilling and platform construction.
Developing compressed natural gas (CNG) infrastructure is one of the most effective ways to reduce gasoline consumption, a member of Parliament’s Energy Committee said, stressing that past experience has demonstrated CNG’s significant role in managing fuel demand.
Brent crude oil futures fell by $1.14 (equivalent to 1.2%) from the previous price to reach $93.11 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by $1.30 (equivalent to 1.4%) from the previous price to reach $90.00 per barrel.
India expects prices of both oil and gas to drop in the coming months, with enough stocks available despite the U.S.-Israeli war with Iran that has squeezed energy supplies, Oil Minister Hardeep Singh Puri told broadcaster CNN-News18 on Monday.
Iran’s Minister of Industry, Mining and Trade Atabek, in a meeting with the Minister of Heavy Industries of India, emphasized the expansion of economic, trade, and investment cooperation between the two countries.
Brent crude futures rose $4.42, or 4.47%, to $97.15 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $4.07, or 4.50%, to $94.61 per barrel.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, OPEC said in a statement after a meeting on Sunday.
India raised prices of domestic cooking gas for the second time since the Iran war started, to help state retailers cut losses on discounted fuel sales.
The National Iranian South Oilfields Company (NISOC) launched three research projects aimed at reducing environmental pollution, managing contaminated soils and improving environmental performance across its operational areas, a company official said.
India is launching on Friday a new fuel blend with an 85% ethanol component as part of the fuel flex mobility program of the world's third-largest crude importer to reduce dependence on imported oil.
The CEO of the South Pars Gas Complex announced the continued stable production of gas at the complex’s refineries, emphasizing the role of integrated planning, goal-oriented management, and the round-the-clock efforts of the staff. He stated that the reconstruction of facilities and the implementation of strategic projects are proceeding at an accelerated pace and with high quality.
Brent crude futures fell by 87 cents (0.89%) to $96.92 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 78 cents (0.81%) to $95.24.
South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East.
Analysts have slashed their estimates of India's oil demand growth this year, with the consumption uptick to be the weakest since the Covid pandemic as the supply crunch and higher fuel prices slow gasoline and diesel demand.
Fajr Jam Gas Refining Company has launched reconstruction efforts for a major sweetening and cooling unit damaged during the recent 12-day war, according to company officials.
Brent crude oil futures climbed by $1.56, or 1.6%, to $97.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose by $1.61, or 1.7%, to $95.37 per barrel.
Indian Oil Corporation (IOC) bought five million (mn) barrels of crude oil via a tender, trade sources said.
Deputy oil minister for gas affairs said the country faces a difficult year ahead in addressing energy imbalances, emphasizing that the residential and commercial sectors hold significant potential for reducing natural gas consumption.
Brent crude oil futures fell by 75 cents, or 0.79%, to $94.23 per barrel. U.S. West Texas Intermediate (WTI) crude futures also dropped 85 cents, or 0.92%, to $91.31 per barrel.