The Indian government plans to involve leading national companies, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, in exploring the continental shelves of the Bay of Bengal and the Arabian Sea.
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The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started.
The global price of crude oil today, August 6, 2024
Brent crude futures were up 12 cents, or 0.16%, to $76.42 a barrel at 1001 GMT, while U.S. West Texas Intermediate crude futures were up 22 cents, or 0.3%, to $73.16. Both contracts gained over $1 a barrel earlier in the session.
India's Oil and Natural Gas Corp (ONGC) beat first-quarter profit estimates on Monday, bolstered by strong domestic fuel demand and higher price realisation.
University professor Mohammad Fakhroleslam believes that introducing Artificial Intelligence (AI) to the petrochemical industry will significantly increase production speed and accuracy, however to do so the industry requires expert workforce.
The global price of crude oil today, August 5, 2024
Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel on Monday, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.
Iraq's oil exports to the US increased by 28,000 barrels per day to 178,000 barrels last week, according to the US Energy Information Administration.
India plans to extend offshore oil and gas exploration to the extended continental shelf, involving ONGC and Oil India Ltd for seismic survey beyond the EEZ.
China plans to alter its control of greenhouse gases, particularly CO2, to aid its national emissions trading scheme, though the target emissions levels remain unclear.
Indian refiners imported a total of 2.08 million barrels per day (bpd) of Russian crude oil in July, the highest since June of last year.
Head of Iran’s PEDEC has said the company is planning to increase the output of the oil fields in the West Karoun region to 1.0 million barrels per day, Shana reported.
Brent crude futures gained 46 cents, or 0.6%, to $79.98 a barrel by 0841 GMT, while U.S. West Texas Intermediate crude futures rose 51 cents, or 0.7%, to $76.82.
Canada’s largest oil and gas producer is postponing the start of production from some of its planned new natural gas wells due to persistent low prices.
Global benchmark Brent crude futures rose 78 cents, or 1%, to $81.62 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude futures gained 79 cents, also 1%, to $78.70 a barrel.
India is poised to increase its diesel and jet fuel exports to Singapore and Australia in July. The expected surge in shipments, ranging from 157,000 to 224,000 barrels per day (bbl/d), is the highest since end-2021 and early 2022 and represents a 30% increase from June’s figures, according to Reuters.
The secretariat of the first Persian Gulf oil, gas and petrochemical media festival in Iran has called for paper submission.
The head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) has called for signing free and preferential trade agreements with Brazil to improve the trade relations between the two countries.
Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel.
The Indian Government has allocated approximately Rs75bn ($895.74m) for seismic data acquisition and drilling of stratigraphic wells, reported the Economic Times.
The recently signed gas supply deal between Russia and Iran could shake up the international gas market in a big way if the Kremlin gets its way.