Nepal plans to export nearly 1,000 megawatts of electricity to India, marking a "new milestone" after extensive talks with Nepalese Prime Minister Arzu Rana Deuba.
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The global price of crude oil today, August 19, 2024
Brent crude futures dropped 45 cents, or 0.56%, to $79.23 per barrel by 0646 GMT. U.S. West Texas Intermediate crude futures slid 58 cents, or 0.76%, to $76.07 a barrel.
Liquefied petroleum gas usage in India surged by 10.1% due to domestic schemes like Pradhan Mantri Ujjwala Yojana, while petrol consumption soared by 10.5% due to increased personal mobility demand.
India, the world's third-largest oil importer, remained Russia's second-largest crude buyer in July, importing $2.8 billion worth of Russian crude, according to CREA data.
Energy Expert Mohammad Hossein Keshavarz has stressed the need to increase the share of CNG in the country’s fuel basket as it is more clean and economically justifiable for the country.
Head of NIORDC Jalil Salari said with the implementation of the gasoline quality improvement plan of Shiraz Refinery, 71 percent of the country’s gasoline output will be under Euro 5 standards.
On Friday, Brent fell 15 cents, or 0.19%, to $80.89 per barrel by 0810 GMT, while WTI fell 25 cents, or 0.32%, to $77.91.
The world price of crude oil today, August 15, 2024
Brent crude futures rose 22 cents, or 0.3%, to $79.98 a barrel, recovering some of the previous day's losses. U.S. West Texas Intermediate crude futures increased by 23 cents, or 0.3%, to $77.21 per barrel.
As part of its national climate plan or nationally determined contributions to limit global warming to 1.5 degrees Celsius, India has committed to achieving 500 GW of non-fossil fuel-based electricity installed capacity by 2030.
India purchased $2.8 billion worth of crude oil from Russia in July, becoming the second-largest buyer after China, largely due to discounted prices following Ukraine's invasion.
Iranian Energy Minister Ali-Akbar Mehrabian said private sector contractors have inked deals with the ministry to construct several renewable power plants with a total capacity of 11,000 megawatts across the country.
Brent crude futures rose 41 cents, or 0.5%, to $81.10 a barrel by 0650 GMT. U.S. West Texas Intermediate crude increased by 41 cents, or 0.5%, to $78.76 per barrel.
The global price of crude oil today, August 13, 2024
Global benchmark Brent crude futures fell 78 cents, or 0.95%, to $81.52 a barrel at 0330 GMT. U.S. West Texas Intermediate crude futures slipped to $79.33 a barrel, down 73 cents, or 0.91%.
The Oil and Natural Gas Corporation (ONGC) has said that the Indian Ministry of Petroleum and Natural Gas (MOP&NG) has announced a 20% premium on gas produced from new wells or well interventions.
Iran exported 436 million tons of goods worth $136 million to Latin American countries in the first four months of the current Iranian calendar year, registering a 680-percent rise year on year.
Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers.
Oil Industry Expert Reza Mokhtar believes developing petro-refineries is a necessity for completing the oil industry value chain, IRIB reported.
OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if market conditions require, Algeria's energy minister told an industry event on Wednesday.
India's largest oil marketing company, Indian Oil, leads the pack with 15% ethanol blending, aiming for 20% nationwide blending by 2025, while other players are dispensed 15% in petrol.
India's oil demand is likely to surge from 5.4 million barrels per day in 2023 to 8.3 million bpd by 2050. To meet this rise in oil demand, the Indian Oil Corporation (IOC) aims to increase their refining capacity from 70.25 million tonnes per annum to 88 million tonnes per year.