Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions.
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Brent crude futures were up 38 cents, or 0.5%, to $73.44 a barrel at 0747 GMT. U.S. West Texas Intermediate crude futures were up 44 cents, or 0.6% to $69.66 a barrel.
India imported 36.85 billion BCM of liquefied natural gas in the first six months of fiscal year, highlighting its growing energy needs and reliance on global LNG supplies. The Indian government is balancing domestic production and LNG imports.
India is expected to receive investments worth $87 billion in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said on Friday.
Chinese road fuel demand has been struggling this year as EV sales are soaring and diesel sales are falling.
Energy researcher Enverus reports that Canada has 15 profitable oil and gas supplies, nearly triple the US's, despite depressed energy prices.
India is poised for a $87 billion petrochemical boom over the next decade, driven by rising middle class demand for products like plastics and fertilizers, and a significant investment opportunity.
Iran's Deputy Oil Minister, Mohammad-Sadegh Azimifar, announced plans to boost gasoline production to 129 million liters daily by the end of 2027's seventh National Development Plan.
Global crude oil price today, October 18, 2024
Brent crude futures gained 23 cents, or 0.3%, to $74.68 a barrel by 0840 GMT, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4%.
Indian Oil Corp, the country's largest refiner, has bought 4 million barrels of U.S. West Texas Intermediate crude via a tender for January delivery, trade sources said on Friday.
India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world's third-biggest oil importer.
The head of Iran’s Trade Center in Ivory Coast has said the fifth Iran-Tanzania Joint Economic Committee meeting is due to be held from October 18 to 21 in Tanzania, IRIB reported.
Global crude oil price, today, October 16, 2024
Brent crude oil futures rose 22 cents, or 0.3%, to $74.47 a barrel by 0800 GMT. U.S. West Texas Intermediate crude futures climbed 28 cents, or 0.4%, to $70.86.
India's crude oil imports from Russia increased 11.7% in September, accounting for two-fifths of the country's overall crude imports, according to tanker data.
India Intensifies Efforts to Increase Crude Oil Purchases from Brazil Despite Competition from Discounted Russian Oil and Logistical Challenges Related to Maritime Transport.
The Organization of Petroleum Exporting Countries (OPEC) in its latest report, published on Monday, has said Iran produced 3.316 million barrels per day (bpd) of crude oil in September, registering a 21,000-bpd increase compared to the previous month.
Iran's National Petrochemical Company (NPC) Acting Head Hassan Abbaszadeh emphasizes the importance of expediting the completion of petrochemical projects to enhance the country's foreign trade balance.
The global price of crude oil today, October 15, 2024
Brent crude futures fell $3.51, or 4.5%, to $73.95 a barrel at 0911 GMT, their lowest since Oct. 2. West Texas Intermediate futures lost $3.48, or 4.7%, hitting $70.35 a barrel.
The world price of crude oil today, October 14, 2024
Brent crude futures were down $1.35, or 1.7%, at $77.69 per barrel by 0902 GMT, while U.S. West Texas Intermediate crude futures fell $1.32, or 1.75%, to $74.24 per barrel.
Oil and Natural Gas Corporation (ONGC) is exploring plans to set up mini-LNG plants in India to utilise natural gas from wells in areas lacking pipeline connectivity, reported the New Indian Express.