Latest news with #oilministry
Reuters
15-07-2025
- Business
- Reuters
Iraq signs preliminary agreement with HKN Energy to develop Himreen oilfield
July 15 (Reuters) - Iraq has signed a preliminary agreement with U.S. company HKN Energy to develop the Himreen oilfield in northern Iraq, the country's oil ministry said on Tuesday. The ministry added that Iraq is aiming to boost oil production from Himreen to 60,000 barrels per day from current output levels of 20,000 to 25,000 bpd. The announcement comes as HKN Energy said that an explosion halted production at the Sarsang oilfield, which it operates in Iraq's Kurdistan region.
Reuters
07-07-2025
- Business
- Reuters
SHORT TAKE India's fuel demand fell 4.7% month on month in June
July 7 (Reuters) - India's fuel consumption in June fell by 4.7% month on month to 20.31 million metric tons, oil ministry data showed on Monday. India is the world's third-largest consumer and importer of oil. The data is a proxy for the country's oil demand. On a yearly basis, fuel demand in June was up 1.9% from 19.94 million tons last year, but was down 4.7% on a month-on-month basis, data on the Petroleum Planning and Analysis Cell's website showed. Sales of gasoline, or petrol, fell 6.9% to 3.52 million tons in June, compared with 3.78 million tons in May, but were up 6.7% from levels seen a year ago. Diesel consumption was up 1.6% on a yearly basis and totaled 8.11 million metric tons in June. Cooking gas or liquefied petroleum gas (LPG) sales decreased 4.9% to 2.53 million metric tons month on month, while naphtha sales rose 3% to 1.03 million metric tons. On a yearly basis, LPG and naphtha sales rose 9.1% and about 2%, respectively. Sales of bitumen, used for making roads, were 16% lower in June, in comparison with May. "Due to the seasonality in Indian demand – demand falls during the monsoon season – June demand is lower than May. Normally demand is trending seasonally lower until August/September," UBS analyst Giovanni Staunovo said. India's services sector enjoyed its strongest growth in ten months in June, fuelled by robust demand and cooling price pressures, a survey showed on Thursday. India will take measures to safeguard domestic fuel supplies, oil minister Hardeep Singh Puri said last month, after U.S. attacks on Iran's nuclear sites raised the risk of disruption of Middle Eastern oil and gas and soaring energy prices.
New York Times
15-06-2025
- Business
- New York Times
Live Updates: Israel Launches New Strikes on Tehran
Israel's latest wave of attacks on Iran took out Tehran's main gas depot and its central oil refinery in separate parts of the capital, engulfing its sky in smoke and flame early Sunday. The Shahran fuel and gasoline depot, which has at least 11 storage tanks, was hit and set afire during the Israeli attack that began on Saturday night, Iran's oil ministry said in a statement. Shahran is in an affluent neighborhood of luxury high rises. 'The fire is terrifying, it's massive; there is a lot of commotion here,' said Mostafa Shams, a resident of the area. 'It's the gasoline depots that are exploding one after another, it's loud and scary.' Separately in the city's south, Shahr Rey, one of the country's largest oil refineries, was also struck, according to Iranian state news media. Emergency crews were trying to contain the fire, and a resident of Tehran, Reza Salehi, said he could see the flames from miles away. Israel's targeting of Iran's energy facilities, a crucial source of export cash for the country as well as of domestic energy, represented a significant escalation in its military campaign against Tehran. Earlier on Saturday, Israel had struck two key Iranian energy sites, including a section of the South Pars Gas Field, which is one of the world's largest and critical to Iran's energy production. Video Credit Credit... WANA, via Reuters 'We have entered the second phase of the war, which is extremely dangerous and destructive,' Abdollah Babakhani, an expert on Iran's energy sector based in Germany, said on Saturday. But the multiple massive explosions targeting energy and fuel targets in and around the capital spread fear among residents. Israeli warplanes also struck sites in Tehran related to Iran's nuclear program, including experimental laboratories, according to two Israeli defense officials who spoke on the condition of anonymity to share sensitive operational details. A woman named Shirin, who lives near the gasoline depot in northern Tehran and asked that only her first name be used out of fear for her safety, said neighbors were frantically calling each other asking what to do. She said the explosion was so loud that her mother fainted. Shirin's husband was worried about fuel and gasoline shortage following the attack. 'Israel is attacking left and right; it's not just military targets, this is our livelihood and our lives,' Shirin said in a phone interview from Tehran. She was also angry at the government in Iran, she said, for not providing any guidance or shelter for civilians caught in the crossfire. Hamid Hosseini, a member of the energy committee of Iran's Chamber of Commerce, said Iran's municipality had been discussing moving the Shahran fuel depot from the residential area in northern Tehran for years, fearing an attack or an accident could be catastrophic. The attack on the depot set off massive explosions, according to an official at the oil ministry, who said the depots were exploding one after another and threatened to significantly damage residential neighborhoods in the area. The depot has about 8 million liters per day of gasoline entering its storage tanks and has a capacity to hold about three full days of fuel needs for Tehran, according to the ministry official. Israel did not immediately respond to request for comment on the strike.
