The CEO of the National Iranian Oil Company (NIOC) said: "The reconstruction of damaged facilities in the oil industry is being carried out with full force and as quickly as possible, and the rebuilding process is proceeding phase by phase."
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Iran’s Minister of Industry, Mining and Trade Atabek, in a meeting with the Minister of Heavy Industries of India, emphasized the expansion of economic, trade, and investment cooperation between the two countries.
Brent crude futures rose $4.42, or 4.47%, to $97.15 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $4.07, or 4.50%, to $94.61 per barrel.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, OPEC said in a statement after a meeting on Sunday.
Oil Ministry is ready to implement a system linking fuel cards to bank cards, but the plan requires cooperation from the Ministry of Economic Affairs and Finance, Oil Minister Mohsen Paknejad said Sunday.
The Israeli military has acknowledged carrying out airstrikes on Iran’s Karun petrochemical complex in Mahshahr.
India raised prices of domestic cooking gas for the second time since the Iran war started, to help state retailers cut losses on discounted fuel sales.
The National Iranian South Oilfields Company (NISOC) launched three research projects aimed at reducing environmental pollution, managing contaminated soils and improving environmental performance across its operational areas, a company official said.
India is launching on Friday a new fuel blend with an 85% ethanol component as part of the fuel flex mobility program of the world's third-largest crude importer to reduce dependence on imported oil.
An economic analyst believes: The opportunity that has arisen today in the shadow of Iran's exercise of sovereignty over the Strait of Hormuz must be pursued within the framework of a legal and economic regime appropriate to the region's security and strategic conditions in order to consolidate Iran's sovereignty over this waterway.
Brent crude oil futures fell by 24 cents, or 0.25%, to $94.79 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by 56 cents, or 0.6%, to $92.48 per barrel.
Russian Deputy Prime Minister Alexander Novak has warned that global oil markets could face supply shortages within a few months if the war with Iran persists.
The CEO of the South Pars Gas Complex announced the continued stable production of gas at the complex’s refineries, emphasizing the role of integrated planning, goal-oriented management, and the round-the-clock efforts of the staff. He stated that the reconstruction of facilities and the implementation of strategic projects are proceeding at an accelerated pace and with high quality.
Brent crude futures fell by 87 cents (0.89%) to $96.92 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 78 cents (0.81%) to $95.24.
South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East.
Analysts have slashed their estimates of India's oil demand growth this year, with the consumption uptick to be the weakest since the Covid pandemic as the supply crunch and higher fuel prices slow gasoline and diesel demand.
Fajr Jam Gas Refining Company has launched reconstruction efforts for a major sweetening and cooling unit damaged during the recent 12-day war, according to company officials.
Debris removal operations at two damaged gas refineries in the South Pars Gas Field have reached 60% completion following the 40-day conflict, with parts of the facilities now ready to enter the reconstruction phase, according to the head of Pars Oil and Gas Company.
Brent crude oil futures climbed by $1.56, or 1.6%, to $97.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose by $1.61, or 1.7%, to $95.37 per barrel.
Indian Oil Corporation (IOC) bought five million (mn) barrels of crude oil via a tender, trade sources said.