Brent crude futures rose 50 cents, or 0.79 percent, to $64.13 a barrel. U.S. West Texas Intermediate crude rose 53 cents, or 0.89 percent, to $60.28 a barrel.
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Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.
Iran has set a new record in its oil exports despite the continued pressure of US and UN sanctions, according to the latest data from a leading energy analytics firm.
The Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) has signed a memorandum of understanding with the International Union of Small and Medium-Sized Enterprises of Shanghai to expand bilateral industrial and economic cooperation, including a proposal by Chinese companies to help establish a smart industrial park in Iran.
The head of the National Iranian Oil Company called for a more facilitative approach from oversight bodies, saying it is essential for supporting the industry’s national mission as the country prepares for heightened winter gas demand.
Minister of Petroleum and Natural Gas Hardeep Singh Puri on Saturday said that India with its 23 world-class refineries and a total capacity of 258.2 MMTPA now stands among the top five refining nations in the world.
Iran inaugurated its Trade Development Center in Shanghai in a ceremony attended by Tehran Chamber of Commerce Chairman Mahmoud Najafi Arab and Secretary General Fereydoun Vardinejad, honoring Vardinejad for his role in strengthening Iran–China ties.
The National Iranian Oil Company (NIOC) is fully prepared to ensure a stable gas supply during the winter season, the company’s managing director said Sunday.
The spokesperson for the Tehran Province Gas Company said household, commercial, and small industrial gas consumption in the province exceeded 57 million cubic meters in the past 24 hours — a 67% increase compared with the same day last week.
A senior Iranian railway company (IRIR) official says the country has added 300 new wagons to its railway fleet using resources generated through oil barter arrangements with other countries.
Pakistani Prime Minister Shehbaz Sharif has stressed his commitment to strengthening comprehensive cooperation with the Iran, and said that Tehran and Islamabad play an important role for global peace and Islamic unity.
Iran and Kenya plan to boost trade and tech ties with a permanent Iranian expo in Nairobi, a joint innovation hub, and direct Tehran-Nairobi flights.
Brent crude futures rose 55 cents, or 0.9 percent, to $63.93 a barrel. U.S. West Texas Intermediate crude rose 60 cents, or 1 percent, to $60.03.
Russian Urals crude hits its deepest discount to Brent in a year at $4 per barrel after major Indian and Chinese refiners halted December purchases from sanctioned Rosneft and Lukoil ahead of the November 21 US deadline, threatening Moscow’s oil revenues.
Alireza Nojoumi, head of HSE, passive defense, and crisis management at the National Iranian Oil Company (NIOC), met with the director of the Middle East Department at Japan’s Ministry of Economy, Trade and Industry (METI) to explore ways to enhance cooperation on environmental issues.
The Imam Khomeini Oil Refinery in Shazand has completed the largest overhaul project in Iran’s refining industry, boosting fuel production capacity by at least 2 million liters per day, a senior refinery official said.
Brent crude rose 65 cents, or 1 percent, to $64.17 a barrel, while U.S. West Texas Intermediate crude rose 73 cents, or 1.2 percent, to $60.33.
Reza Sepahvand, a member of Iran’s parliamentary energy commission, confirmed that New Delhi has formally requested to purchase oil from Tehran, aware of the looming activation of the UN “snapback” sanctions mechanism. While the exact volume has not been disclosed, he estimated potential imports at around 10 million barrels annually.
Iran and Kuwait have agreed to step up efforts to remove trade obstacles and strengthen bilateral exchanges during the two countries 13th Joint Economic Committee meeting held in Kuwait.
The CEO of Pars Oil and Gas Company announced the completion of drilling and operation of two wells at South Pars Phase 14, stating that the launch of these wells has increased the phase's rich gas extraction capacity by approximately 4 million cubic meters per day.