Iran's Energy Minister announced plans to facilitate the export of Iran’s engineering and technical services to Tajikistan, emphasizing the active involvement of Iranian engineers in the country's water and power projects.
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The CEO of Abadan Refinery announced that the facility’s daily gasoline production will increase by 8 to 10 million liters as operational conditions stabilize.
Indian Oil Corp has purchased 7 million barrels of spot Middle Eastern and African crude oil via tenders, including Abu Dhabi's Murban, amid potential U.S. sanctions on Russia.
The National Iranian Oil Refining and Distribution Company reported a significant increase in daily gasoline production over 10 million liters in the last four months of last year.
Global Oil Prices on January 17, 2025
The price of Brent crude oil rose by $0.43, or 0.53%, to reach $81.72 per barrel today. U.S. West Texas Intermediate (WTI) crude also rising $0.58, or 0.74%, to settle at $79.26 per barrel.
World crude oil price today, January 16, 2025
Brent crude futures rose 25 cents, or 0.3%, to $82.28 per barrel. U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel.
India's oil product demand increased 7.9% in November 2024, driven by increased consumption of diesel, gasoline, and LPG, according to the OPEC monthly oil market report.
Iran's Renewable Energy and Energy Efficiency Organization head Tarztalab suggests establishing national market guarantees in countries alongside international mechanisms like carbon trading and emission reduction certificates.
The CEO of Iranian Oil Terminals Company (IOTC) stated that the continuous uninterrupted oil exports, a crucial economic development factor, are largely due to the diligent efforts of its employees.
Talks on a long-term crude oil supply deal between Indian refiners and Russia have been paused following new US sanctions. India, which usually buys Russian oil on the spot market, sought a term deal to ensure stable prices and consistent supply.
The Negin Makran Petrochemical Development Company has invested €10 billion in establishing Chabahar’s third petrochemical hub to develop complexes and complete the methane gas value chain, aiming to end Iran’s raw petrochemicals exports.
Global Crude Oil Prices on January 15, 2025
Brent crude rose by 11 cents, or 0.14%, to $80.03 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 23 cents, or 0.30%, to $77.73 per barrel.
The deputy CEO of NIORDC has stated that the company's internal capacities are insufficient to meet the demands of the refining and distribution industry.
The Petroleum Engineering and Development Company's procurement and logistics manager emphasized the need for swift acquisition of high-quality supplies for strategic projects in shared oilfields.
The National Iranian Oil Refining and Distribution Company (NIORDC) reported a daily increase of over 10 million liters in gasoline production from December 2024 to December 2025.
Russia's leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping.
India Energy Week, the government's annual oil and gas sector conference, will feature reports from OPEC and IEA on the world's third largest energy consumer.
The global crude oil price on January 14, 2025
Brent crude oil fell by 43 cents, or 0.53%, to $80.58 per barrel, while U.S. West Texas Intermediate (WTI) crude slid by 34 cents, or 0.43%, to trade at $78.48 per barrel.
Farokh Naseri-Karimvand, technical director of NISOC, announced a pilot water injection project that could increase recoverable oil reserves in southern regions by over 5 billion barrels.
The Kremlin has warned that the recent US sanctions on Russia's energy sector could potentially destabilize global markets and is committed to minimizing their impact.