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Brent crude futures traded up 57 cents or 0.7% at $78.98 a barrel by 0815 GMT. U.S. West Texas Intermediate crude futures were up 62 cents or 0.8% at $74.69.
Iran’s deputy minister of roads said India has agreed to allocate $1 billion to the project on the development of Iran’s southeastern Chabahar Port.
Iranian Minister of Petroleum, Javad Owji says a number of gas supply projects will be inaugurated in the southeastern province of Sistan-o-Baluchestan in the presence of the acting president Mohammad Mokhber.
Brent crude futures were up 26 cents, or 0.3%, at $77.78 a barrel by 0825 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, or 0.3%, to $73.49.
Iranian company Petrochem plans to launch a chemical cluster worth $273 million in the Bukhara region, according to a presentation that Shavkat Mirziyoyev was acquainted with during his working visit to the region on May 31.
While Nigeria, Africa’s largest oil producer, continues to grapple with production and export challenges, Iran is experiencing a significant rebound in its oil exports.
French energy major TotalEnergies announced on Tuesday agreements with Indian Oil Corporation and Korea South-East Power for the supply of liquefied natural gas (LNG) over a medium to long term period.
Brent crude futures fell 1.5% to $77.22 a barrel, closing below $80 for the first time since Feb. 7, while U.S. West Texas Intermediate crude futures eased 1.7% to $72.99 a barrel.
Russia’s state-controlled gas giant Gazprom has taken a break in talks with China to secure a binding commitment from Beijing to buy gas to be delivered through the planned Sila Sibiri 2 pipeline, according to a report.
Chinese refiner Rongsheng Petrochemical has bought its first Canadian crude cargo via the recently expanded Trans Mountain pipeline (TMX) from TotalEnergies through a tender, several trade sources said on Monday.
Brent futures for August delivery fell 14 cents to $80.97 a barrel, while WTI crude futures for July delivery slipped 9 cents to $76.90.
OPEC+ reaffirmed commitment to Declaration of Cooperation and extended crude oil production levels for OPEC and non-OPEC Participating Countries into next year.
Iranian Minister of Petroleum, Javad Owji, says OPEC+ has decided to continue its collective oil production cuts up to the end of 2025.
The oil and energy ministers of the OPEC member countries began the 188th ministerial meeting of the organization with a minute of silence to express sympathy with the government and people of Iran and to pay tribute to the martyr Seyed Ebrahim Raisi, the late Iranian president.
Bahregan Oil Zone onshore installations’ gas flare turned off after 60 years of operation.
The Indian government has cut the windfall tax on petroleum crude to 5,200 Indian rupees ($62.33) per metric ton from 5,700 rupees, effective on June 1, according to a notification issued on Friday.
The National Iranian Gas Company (NIGC) has increased natural gas supply to power plants, achieving zero blackouts during summer and meeting 93% of fuel needs, while reducing air pollution.
Iranian Planning and Budget Organization head Davood Manzour reports satisfactory economic performance in the past three years, with a higher oil sector growth rate.
Saudi Arabia has invited OPEC+ oil ministers to Riyadh to hold their June 2 policy meeting to discuss a complex deal that may extend deep oil production cuts into 2025.