Iran Central Oil Fields Company (ICOFC) unveiled a fast-track roadmap to boost natural gas production, aiming to offset part of the decline in processing capacity and output from the South Pars gas field.
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The Deputy Minister of Economic Affairs and Finance and Head of the Organization for Investment, Economic and Technical Assistance of Iran, as the alternate member of the Board of Executive Directors of the Islamic Development Bank, met and held talks with Mohammed Al-Jasser, the President of the Islamic Development Bank.
The Deputy Head of the Renewable Energy Organization and Electricity Energy Efficiency Organization (SATBA) announced the welcoming of Iran's plan to connect the electricity grids of Shanghai Cooperation Organization (SCO) member states and said: The development of renewables has increased the opportunity for convergence.
Brent crude futures dropped 24 cents, or 0.3%, to $79.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 58 cents, or 0.8%, to $77.18 per barrel.
Kazakhstan and Russia are holding talks on the construction of the new main gas pipeline from Russia to Kazakhstan to supply gas to the northern regions of Kazakhstan and the city of Astana, Vice Minister of Energy Kaiyrkhan Tutkyshbayev told a briefing at the Central Communications Service, Qazinform News Agency reports.
According to a report by tanker-tracking firm TankerTrackers.com, the Islamic Republic of Iran has exported approximately 18 million barrels of crude oil over the past five days, generating an estimated $1.44 billion in revenue.
Brent crude futures dropped $1.02, or 1.28%, to settle at $78.53 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined $1.48, or 1.93%, to $75.31 per barrel.
Iran’s polymer and plastics market has stabilized as petrochemical plants gradually return to production and product supplies increase on the commodity exchange, according to the spokesperson for Parliament’s Energy Committee.
The 10th International Iran Renewable Energy Conference and Exhibition (IRAN REC 2026) will be held concurrently with the 7th edition of the National Renewable Energy Award on July 20 and 21 at the Milad Tower International Conference Center.
Brent crude futures rose by 93 cents, or 1.2%, to $79.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 79 cents, or 1%, to $76.84 per barrel.
The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday.
The Venezuelan government has signed five contracts with Shell that will give the European supermajor rights to operate the giant Loran natural gas field.
Iran’s petrochemical industry is steadily restoring production capacity lost during the recent conflict, demonstrating its resilience and strategic importance to the country’s economy.
The oil Ministry has launched an accelerated program to boost onshore natural gas production, with authorities mobilizing all available resources to increase supply alongside field development and associated gas recovery projects, Oil Minister Mohsen Paknejad said.
Brent crude futures dropped $3.20 (3.85%) to settle at $79.97 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $3.52 (4.36%) to $77.23 per barrel.
Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The permanent meeting of the Technical Committee of the Asian Clearing Union (ACU) was hosted by the Central Bank of Iran (CBI), focusing on the use of member countries’ national currencies within the ACU framework, upgrading the Union’s infrastructure for exchanging financial messages, and expanding the ACU’s capacity through enhanced knowledge-sharing.
The economic consequences of Washington's military confrontation with Iran are becoming increasingly visible inside the United States itself, as the country's Strategic Petroleum Reserve (SPR) has fallen to its lowest level in more than four decades.
Brent crude futures dropped $4.16 (4.8%) to $83.17 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $4.39 (5.2%) to $80.49 per barrel.
The Deputy Oil Minister and Managing Director of the National Petrochemical Company, announcing that through efforts made, about 38 percent of the petrochemical industry capacity that had been lost or affected has returned to production, said: Today, the market for polymer and plastic products has reached relative stability, and even for some products, in the current situation, production exceeds domestic demand.