Iran’s petroleum minister said the petrochemical sector is a key economic driver, arguing that stable feedstock supply depends on petrochemical firms investing directly in gas field development—an approach welcomed and legally supported.
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Brent crude oil futures fell by $0.20 to $61.13 a barrel, while U.S. West Texas Intermediate (WTI) futures also declined by $0.20 to $57.75 a barrel.
Saudi Aramco is set to take a 20% stake in BPCL’s $11bn greenfield refinery–petrochemical complex at Ramayapatnam port, as India’s state refiner dilutes 30–40% of the project to strategic investors to meet rising fuel and petrochemical demand.
Despite a U.S. blockade and a sharp fall in exports, at least two oil tankers have reached Venezuela in recent days, underscoring PDVSA’s push to build floating storage and keep crude flowing—mainly to China to repay debt.
Trade between Iran and Oman reached $1.35 billion in the first 10 months of 2025, up 24 percent from a year earlier, with Iranian exports accounting for $500 million of the total, Oman’s National Centre for Statistics and Information said.
Behzad Shamsi, chief financial officer of the National Iranian Oil Company (NIOC), said global oil prices have dropped about 21% in recent months compared with previous periods—a significant decline. However, the oil ministry has partly offset the drop by boosting export volumes and reducing discounts.
Brent crude oil futures rose by 15 cents (a 0.24% increase) to $62.09 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 14 cents (a 0.24% increase) to $58.22 per barrel.
India is offering 50 new exploration blocks for oil, gas, and coal bed methane under multiple bid rounds, aiming to boost domestic output and cut heavy reliance on energy imports, the oil minister said.
Oil output in Kazakhstan declined by around 6% in December, led by a fall at the vast Chevron-led Tengiz oilfield after a Ukrainian drone attack damaged Russia’s Black Sea exporting terminal, an industry source said on Monday.
Iran’s private sector is ready to participate in large-scale technical and engineering projects in Indonesia, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said, calling for closer cooperation between the chambers of commerce of the two countries to facilitate joint business activity.
The head of research and technology at the National Iranian Oil Company said more than 51% of Iran’s recoverable oil reserves have already been produced, underscoring the need to accelerate the development and localization of enhanced oil recovery (EOR) technologies to protect remaining reserves and sustain output.
Brent crude futures rose by 63 cents (equivalent to 1.04%) to $61.27 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 58 cents (equivalent to 1.02%) to $57.32.
India is pursuing more than $30 billion in compensation from Reliance Industries and partner BP in a long-running arbitration dispute, alleging the companies failed to produce vast amounts of natural gas from deepwater fields due to mismanagement, sources familiar with the matter told Reuters exclusively.
Petrochemical projects under Iran’s Seventh National Development Plan are about 60 percent complete, with all first-year targets for the sector achieved in 2024, the head of the National Petrochemical Company (NPC) said.
A presidential adviser said Iran’s petrochemical industry could become one of the country’s main engines of wealth creation and economic growth by easing investment procedures, cutting red tape, tapping small-scale foreign currency investments and leveraging the capacity of new technology-based firms.
The opening of the second train of the central processing unit at the South Azadegan shared oil field will play a key role in sustainable development in the West Karoun region by expanding stable processing capacity, stabilizing production, strengthening the transfer chain and creating jobs, the deputy head of Parliament’s Energy Committee said.
Trade between Iran and the 27-member European Union reached €3.102 billion in the first 10 months of 2025, according to the latest data released by Eurostat, underscoring the resilience of limited commercial ties despite longstanding sanctions and political tensions.
U.S. tariffs and diplomatic claims put India’s balancing act between cheap Russian oil and American demands under the spotlight as officials and industry await hard data on import cuts.
Oil minister said the mechanism for depositing proceeds from oil sales is overseen, monitored and controlled by the Central Bank of Iran, stressing that the Oil Ministry has no role in banking operations related to those funds.
Iran’s President Masoud Pezeshkian said that controlling gas flaring is a priority.