Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to India's Reliance Industries in the biggest oil supply deal between the two countries, Reuters reported on Thursday.
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The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast.
World crude oil price today December 12, 2024
Brent crude futures were up 14 cents at $73.66 a barrel at 0519 GMT. U.S. West Texas Intermediate crude futures rose 6 cents to $70.35.
The market anticipates Trump's tariffs, particularly a 25% tariff on Canadian imports, which could impact domestic and foreign industries, particularly the American Midwest.
The seventh meeting of Kuwait-India Joint Working Group on Hydrocarbons was held in the Indian capital New Delhi on Tuesday and Wednesday.
Iran and Serbia reaffirmed their commitment to strengthening economic cooperation during a meeting between Serbia’s ambassador and Iran’s minister of finance and economic affairs.
Global crude oil prices today, December 11, 2024
Brent crude futures gained 24 cents, or 0.3%, to $72.43 a barrel by 0730 GMT, while U.S. West Texas Intermediate crude futures rose 24 cents, or 0.4%, to $68.83.
India is expected to be the key destination for global oil and gas products as the country adds refinery, petrochem, LNG regasification and pipeline capacity while the Chinese economy slows, according to an HSBC report released on Tuesday.
Iran will soon sign contracts to increase gas production capacity before the end of the current Iranian calendar year (late March 2025), Oil Minister Mohsen Paknejad stated.
World crude oil price today December 10, 2024
Brent crude futures fell 26 cents, or about 0.4%, to $71.88 per barrel. U.S. West Texas Intermediate crude futures were down 30 cents, also 0.4% lower, at $68.07 at 0707 GMT.
The EU purchased 20% more fuel from Indian refineries using Russian oil from January to August 2024, despite imposing a $60 per barrel price cap and banning Russian crude imports.
The Declaration of Cooperation between OPEC member countries and non-OPEC oil-producing countries has turned eight on Tuesday, according to a press release by OPEC.
The world price of crude oil today, September 9, 2024
Brent crude futures were up 94 cents, or 1.32%, to $72.06 per barrel by 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1, or 1.49%, to $68.20.
Union Commerce and Industry Minister Piyush Goyal on Sunday proposed to launch a startup bridge between Norway and India, as the two countries discuss various ways to boost trade ties.
Iran's Petroleum Industry Research Institute has expressed its readiness to cooperate with Gas Exporting Countries Forum (GECF) member states across the upstream and downstream oil and gas sectors, the institute's head said on Saturday.
Iran's Oil Minister clarified that increasing oil production capacity is a priority for the Ministry of Petroleum under the 14th administration, without any connection to potential restrictions.
India's fuel consumption in November rose by 9.3% year-on-year to 20.43 million metric tons, reaching its highest level since May, oil ministry data showed on Friday.
The ambassador of the Islamic Republic of Iran to Mauritania consulted and exchanged views with the Minister of Energy and Oil of that country regarding the strengthening of bilateral cooperation.
The global price of crude oil today, December 6, 2024
Brent crude futures were down 66 cents, or 0.9%, to $71.43 per barrel, West Texas Intermediate crude futures were down 65 cents, or 1%, to $67.65 per barrel.
Kuwait Petroleum Company (KPC) is considering storing crude oil in India’s underground caverns as part of the second phase of the Indian government’s plan to enhance its strategic petroleum reserves.