Brent crude oil futures rose 30 cents (0.49%) to $61.42 per barrel. U.S. West Texas Intermediate (WTI) crude futures also gained 28 cents (0.49%) to $57.72.
Japan’s leading city gas supplier, Tokyo Gas, plans to allocate more than half of its 350 billion yen ($2.3 billion) overseas investment budget over the coming three years to the United States, CEO Shinichi Sasayama announced in an exclusive interview.
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin reaffirmed their energy partnership in New Delhi, with Russia pledging steady fuel supplies to India despite U.S. sanctions and tariffs on discounted crude imports.
Iran’s oil minister said the country plans to build and commission over 1,000 kilometers of gas pipelines by year’s end to boost energy security and reliability during peak demand.
President Masoud Pezeshkian said all revenue generated from the fuel price reform plan will be spent entirely on improving people’s livelihoods and that not a single rial may be used for other government purposes.
Saudi Aramco plans to start exporting the first condensate from its massive Jafurah unconventional gas plant in February, two sources familiar with the matter told Reuters on Tuesday.
Chinese Foreign Minister Wang Yi and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met in Abu Dhabi to pledge deeper cooperation in investment, energy, and infrastructure.
Iran’s heavy crude oil price edged lower in November in line with other grades in the OPEC basket, the group’s latest monthly report showed.
The head of Iran’s parliamentary Energy Committee said diversifying the country’s fuel mix is essential and has been clearly outlined in the Seventh Five-Year Development Plan.
The Turkish Statistical Institute announced that the value of this country’s imports from Iran in the first ten months of 2025 increased by four percent compared to the same period last year, reaching $2.035 billion.
President Masoud Pezeshkian reaffirmed Tehran’s commitment to implementing a comprehensive strategic cooperation agreement with Russia, saying Iran is determined to put the signed accord into effect and expects Moscow to expedite and finalize its part of the process.
India boosted Russian crude imports to €2.6 billion in November, reinforcing its role as Moscow’s second-largest buyer and channeling discounted oil into rising exports to Australia and sanction-hit Western markets.
Brent crude futures rose 43 cents, or 0.70%, to $61.71 per barrel. U.S. West Texas Intermediate (WTI) crude futures also gained 43 cents, or 0.75%, settling at $58.03 per barrel.
The International Energy Agency has lowered its 2026 global oil surplus forecast to 3.84 million barrels per day, citing stronger demand and reduced supply from Russia and Venezuela due to sanctions.
India has unleashed the ORD Act of 2025, a sweeping deregulation drive to cut red tape, attract global investors, and turbocharge upstream oil and gas exploration in one of the world’s fastest-growing energy markets.
The CEO of Pars Oil and Gas Company said the company has set a new record by producing 722 million cubic meters of rich gas per day from the shared South Pars field — an increase of 6 million cubic meters compared with last winter.
OPEC’s crude oil production fell by 1,000 barrels per day in November, reaching 28.48 million barrels per day, according to the organization’s latest monthly report issued in December 2025.
Brent crude futures tumbled $0.73, or 1.19%, to settle at $61.47 a barrel on Wednesday, extending a slump in global oil markets. The U.S. benchmark West Texas Intermediate (WTI) crude followed suit, shedding $0.77, or 1.40%, to $57.64 a barrel.
Asian buyers are forcing Venezuelan oil exporters into record discounts amid competition from cheap sanctioned Russian and Iranian crude, while U.S. military activity in the Caribbean heightens risks for shipments from Venezuela’s ports.
Indian refiners, except Reliance Industries, are continuing to purchase discounted non‑sanctioned Russian crude, with four of the seven largest processors involved, and imports expected to persist at reduced levels into next year due to attractive pricing.