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The import of Iranian oil to India declined by 36% in August compared to July, to 488 thousand barrels per day, according to calculations by Bloomberg. Indian company Hindustan Petroleum in August did not import Iranian oil for the second month in a row. According to the agency, Indian companies Reliance Industries and Chennai Petroleum also refused to purchase oil in Iran in August, many other companies reduced their purchases. Indian Oil Corporation, the main buyer of Iranian oil, reduced imports by 47% to 134,000 barrels per day. The import of oil from Iran for India was about a quarter of the oil needed. The total refusal to purchase Iranian oil for some Indian refineries is very difficult, as they depend on specific types of Iranian oil.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Intel Corp. (INTC.O) announced on Monday that Chief Engineering Officer Murthy Renduchintala would leave the company on August 3. The semiconductor manufacturing company said that it would reorganize its technology, systems architecture, and ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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