Futures for Brent crude oil fell 33 cents (0.5%) to $62.81 per barrel. At the same time, U.S. West Texas Intermediate (WTI) crude futures declined 32 cents (0.6%) to $58.39 per barrel.
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Iran’s Petropars has finished the second infill gas well (SPD1-9) on Phase 1 of South Pars ahead of schedule using domestic expertise, paving the way for an extra 800 MMcfd national output once all eight wells are done.
Iran’s Kermanshah Petrochemical increased urea/ammonia production and nearly doubled exports to $91M in 7 months while national petrochemical output fell 4% on energy curbs.
Iran’s Esfahan Oil Refining Co says its LPG recovery project – set to add $8M annual revenue – has hit 96% completion and will start up before year-end despite sanctions delays.
A landmark pipeline deal in Canada between PM Mark Carney and Alberta Premier Danielle Smith will enable 1 million bpd of new oilsands exports but will increase emissions despite carbon-price fixes and a $16.5B capture project.
A sanctioned Aframax carrying Russian ESPO crude for Indian Oil Corp remains floating off Paradip port as authorities delay discharge pending online verification of insurance from Russia’s Soglasie.
Brent crude futures climbed 19 cents (0.3%) to $62.67 per barrel, while U.S. West Texas Intermediate (WTI) added 14 cents (0.24%) to settle at $58.09 per barrel.
Indian banks are cautiously reentering Russian crude financing, backing only sanctions-compliant trades with non-blacklisted sellers, vessels, and payment systems, according to Bloomberg.
Kerman province has cemented its role as Iran’s top solar energy hub, with over 8,000 MW of projects permitted, allocated, and under construction, according to Governor-General Mohammad Ali Talebi.
About 53 million liters of gasoline are distributed daily in Iran using station emergency fuel cards, the head of the National Iranian Oil Products Distribution Company said.
Iran’s Lordegan Petrochemical Complex set new October records for urea and ammonia output after a catalyst upgrade, generating $100 million in foreign currency from urea exports.
Petrochemical Pardis Company and Pars Special Economic Energy Zone Organization signed an MoU to boost Iran’s urea exports by securing 30,000 tons of storage and a dedicated dock for direct shipments.
Brent crude fell 17 cents, or 0.3 percent, to $63.20 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2 percent, to $58.71.
India’s imports of discounted Russian crude are expected to plunge next month to their lowest since 2022, as refiners move to comply with stricter Western sanctions.
Russia and China are holding talks to expand Russian oil exports to Beijing, as Moscow strengthens energy ties with China amid growing Western sanctions, Deputy Prime Minister Alexander Novak announced.
Iran’s Bushehr Province’s industry chief warned that despite hosting South Pars and many petrochemical plants, the region gains little economic benefit, urging a rapid focus on downstream development and retaining financial resources locally.
Iran’s NIOC Managing Director Hamid Bord, during a surprise visit to the delayed Kesht and Konartakhteh oil fields, demanded an immediate overhaul of the development schedule and warned that no further delays will be accepted.
The National Iranian Oil Company will start producing 5 million cubic meters of gas daily from the Khartang field in December 2025, four months ahead of schedule, strengthening Iran’s energy security.
Brent crude futures fell 3 cents, or 0.05 percent, to $62.53 a barrel, while West Texas Intermediate crude fell 7 cents, or 0.12 percent, to $57.99 a barrel.
India will secure about 10% of its LPG needs from the U.S. under a one-year deal that both narrows its trade surplus with Washington and helps hedge against U.S. pressure over Russian oil imports.