The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) extended condolences to Iran over the funeral of the Martyred Leader, Ayatollah Ali Khamenei.
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Increasing the collection of flare gases in Iran's oil industry can compensate for part of the gas shortage in winter; a capacity that both prevents resource wastage and helps sustain energy supply.
Brent crude futures climbed 17 cents (0.24%) to settle at $72.10 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 14 cents (0.20%) to $68.83 per barrel.
Germany-based Siemens Energy has secured a contract to supply power generation equipment and long-term service agreements for the Misfah and Duqm Independent Power Producer projects in Oman.
Kuwait's crude oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, a source familiar with the matter told Reuters on Thursday, as the OPEC member boosts exports through the Gulf following the U.S.-Iran interim peace agreement.
Following the damage sustained by petrochemical power plants during the war and the Ministry of Energy's ongoing efforts to resolve the energy deficit in this sector, Iran's Deputy Minister of Energy for Electricity and Energy has departed for Turkey to initiate preliminary negotiations and consultations regarding electricity imports.
The Oil Ministry's Basij Resistance Center has established service stations along the route of the farewell and funeral ceremonies for the Martyr Leader, offering cultural, medical and hospitality services to participants.
Brent crude futures dropped 77 cents, or 1.1%, to settle at $70.80 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 84 cents, or 1.2%, to $67.74 per barrel.
Russia has started seaborne imports of gasoline from India, two industry sources said on Wednesday, in an effort to mitigate fuel shortages triggered by Ukrainian attacks on its energy infrastructure.
President Masoud Pezeshkian commended Iran's oil minister and the country's oil and gas industry for maintaining energy production, exports and public services despite recent challenges.
The Deputy Governor of the Central Bank of Iran (CBI), while participating in the consultative meeting on establishing the Shanghai Cooperation Organization Development Bank and presenting technical and executive proposals, emphasized Iran's active role in advancing the formation of this international financial institution.
Brent crude oil futures dropped by $1.14 (1.6%) to $71.81 per barrel. U.S. West Texas Intermediate (WTI) crude futures also fell by $1.11 (1.6%) to $68.39 per barrel.
TankerTrackers: Iran has exported 50 million barrels of oil over the past two weeks, generating approximately $3.5 billion in revenue.
Experts say the ceasefire will not reduce oil shipping costs through the Strait of Hormuz for the time being.
The Iranian Oil Ministry will not be swayed by psychological warfare or rumor campaigns, the ministry's public relations chief and spokesperson said Tuesday, dismissing attempts to spread misinformation.
Brent crude futures climbed 0.21 percent (15 cents) to $73.30 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 0.51 percent (36 cents) to $71.11.
Iranian researchers at a knowledge-based company have developed rapid gas detection kits capable of identifying the type and concentration of hazardous gases within seconds, placing the country alongside Germany and Japan as the world's only producers of the advanced technology, the company's CEO said.
Iran's president said the recent ceasefire agreement is a great victory for the Iranian people, confirming that oil and petrochemical sanctions have been removed and that $6 billion in frozen funds will be returned via Qatar.
The CEO of the National Iranian Oil Products Distribution Company (NIOPDC) has ordered expanded inspections of fuel stations, saying the company will prioritize public complaints and take firm action against any violations or poor service standards.
During a meeting with the Head of the Turkey–Iran Parliamentary Friendship Group, the Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said that expanding economic, social, and cultural cooperation among nations can help prevent conflicts and wars. He stated that economic diplomacy should be employed as an instrument for promoting peace.