The European Union’s energy chief said the bloc is growing increasingly concerned about its dependence on US liquefied natural gas, particularly in the wake of President Donald Trump’s threats to take over Greenland.
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US President Donald Trump has removed the 25 per cent tariffs it imposed on India for purchasing Russian oil, citing that the country has undertaken "significant steps" and New Delhi has committed to stop directly or indirectly importing oil from Moscow.
The CEO of Persian Gulf Petrochemical Complementary Industries Investment and Development Group (Petrol) said the transfer of arbitration over utility service pricing to the National Petrochemical Company marks a starting point for broader use of specialized arbitration mechanisms in the petrochemical industry.
Brent crude futures fell 5 cents (0.1%) to $67.50 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined 11 cents (0.2%) to $63.18 per barrel.
Reliance Industries has partially unloaded a cargo of jet fuel in Italy. This is India's first export to the region since the EU ban on petroleum products derived from Russian oil came into effect on January 21, according to shipowners' data and trading sources, Reuters reports.
Iran’s South Pars gas field has set nine production records over the past two years, with daily output reaching a new high of 727 million cubic meters, underscoring the field’s central role in meeting the country’s energy demand.
Iran’s Persian Gulf oil pipelines region recorded a 13 percent rise in oil product transfers in the first 10 months of the current Iranian calendar year (late March, 2025-late January, 2026) compared with the same period last year, the regional director said.
Brent crude futures fell by 86 cents (equivalent to a 1.2% decrease) to $68.6 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 82 cents (about a 1.3% decrease) to $64.32.
Indian Oil Corporation (IOC), India’s leading state-owned refiner, reported a dramatic more than four-fold increase in third-quarter net profit on Thursday, driven by significantly improved refining margins amid a sharp drop in global crude oil prices.
head of Iran’s Oil Pipelines and Telecommunications Company said the country has added about 1,000 kilometers of new pipelines, bringing the total length of its crude oil and petroleum product pipeline network to 15,000 kilometers.
Brent crude futures rose 46 cents (0.7%) to $67.79 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 52 cents (0.8%) to $63.73.
India will diversify its energy sources as a strategy amid changing global circumstances and ensure energy security for its citizens, Trade Minister Piyush Goyal said on Wednesday, days after the U.S. said New Delhi will halt Russian oil purchases.
Iran ranks among the world’s 10 countries with the largest thermal power generation capacity, a senior official at the Thermal Power Plants Holding Company (TPPH) said.
Pars Oil and Gas Company, the developer of the world’s largest gas field, has experienced a distinct period of operational and development activity under Iran’s 14th administration, marked by stabilized output at the shared South Pars field, record gas production, higher asset efficiency and groundwork for new offshore gas developments in the Persian Gulf.
Power plant gasoil reserves reached more than 3.4 billion liters for the first time in the country’s history in Aban this year, equivalent to more than 90% of total storage capacity. The level marks an increase of 86% and 6%, respectively, compared with the highest reserves recorded in the Iranian years 1403 (2024) and1402 (2023).
Brent crude futures fell by 68 cents (1%) to $65.62 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 60 cents (1%) to $61.54 per barrel.
Iran has allocated $48.7 billion in foreign currency for the import of various goods since the start of the current Iranian year (late March 2025), with 73 percent directed to the industrial sector, the spokesperson for the Iran Exchange Center said.
CEO of the National Petrochemical Company announced the operational launch of several major production and infrastructure projects in the petrochemical industry, coinciding with the Ten Days of Fajr celebrations. He stated that with these inaugurations, the industry can celebrate reaching an annual production capacity of 100 million tons.
Statistics from the Ministry of Petroleum in the 14th government indicate numerous and historic record-breaking achievements in gas production. This achievement, though shadowed by suboptimal consumption which diminishes its delight, has been realized solely through the perseverance of oil industry personnel, integrated management, and precise planning, painting a picture of our beloved Iran's strength.
Futures prices for Brent crude oil fell by $3.34 (4.8%), settling at $65.98 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $3.37 (5.2%) to $61.84 per barrel.