United States President Donald Trump has announced a 25 percent tariff on Indian goods, as well as an unspecified penalty for the country’s purchase of Russian oil and military equipment, as the unending war in Ukraine frustrates the White House.
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Saeed Tavakoli, Managing Director of the National Iranian Gas Company, highlighted the urgent need to develop renewable energy sources to reduce gas consumption in power plants and prevent air pollution caused by burning fuel oil during energy imbalances. He called on the Ministry of Energy to implement new mechanisms to enhance alternative fuel use and protect the environment.
Iran has managed to significantly increase its oil production in a short period of time under an emergency plan introduced by the government and despite the pressures of the US sanctions, according to a report published in the local media.
The International Monetary Fund (IMF) has doubled its forecast for Iran's economic growth in 2025 to 0.6 percent, up from 0.3 percent in its previous report, despite the economic and geopolitical fallout from a 12-day war between Iran and Israel earlier this year.
Brent crude futures fell 17 cents, or 0.24 percent, to $71.52 a barrel, while U.S. West Texas Intermediate crude fell 11 cents, or 0.14 percent, to $69.12.
Vikram Doraiswami, India's High Commissioner to the UK, defended India's oil imports from Russia, highlighting the necessity for economic sustainability and the country's long-standing security ties with Russia.
The Iranian Parliament's Energy Committee's Energy Committee head praised the Oil and Gas Investment Fund's crucial role in restoring infrastructure damaged during the 12-day conflict.
Iran's National Petrochemical Company's project director has announced 19 operational petrochemical projects, including 15 production and four feedstock supply projects, set to commence by March 2026.
The Ministry of Oil's deputy highlighted the crucial role of the private sector in advancing the oil industry's objectives, emphasizing the country's reliance on oil.
Brent crude futures rose 1 cent to $70.05 a barrel, while U.S. West Texas Intermediate crude fell 2 cents to $66.69.
Trump has reduced the deadline for imposing sanctions on Russian oil exports, threatening 100% tariffs on buyers, mainly India and China, if Moscow doesn't end Ukraine's conflict, causing geopolitical risk.
GAIL, India's largest gas distributor, has launched a swap tender for six U.S.-loaded LNG cargoes for 2026 in exchange for six delivered shipments to India.
Iran’s Supreme Economic Council has approved a $3.2 billion investment from the National Development Fund (NDF) to support the construction of 7,000 megawatts of solar power capacity, with a focus on rooftop units, officials said on Monday.
The South Azadegan oil field drilling project, completed through collaboration with NIDC and PEDEC, has been handed over to the employer for operation.
The 61st meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) was held via video conference with the oil minister as the 2025 OPEC Conference president in attendance.
Brent crude futures rose 20 cents, or 0.29 percent, to $68.64 a barrel, while U.S. West Texas Intermediate crude rose 15 cents, or 0.23 percent, to $65.31 a barrel.
India’s Commerce Minister Piyush Goyal announced that trade talks with the U.S., EU, and Oman are in advanced stages, with the FTA with Oman nearly finalized and discussions with the U.S. and EU progressing swiftly.
Ukraine’s state-owned oil and gas major Naftogaz has signed its first deal with Azerbaijan’s SOCAR to import natural gas via the Transbalkan route, it said on Monday.
The CEO of Pars Oil and Gas Company announced the commissioning of the third well ring in the infill drilling project at the South Pars gas field, stating that daily gas extraction capacity has increased by 1.6 million cubic meters.
The overhaul of Phase 10 of the South Pars Gas Refinery has been successfully completed, marking a major step toward improving operational efficiency and process stability, according to the plant’s director.