Russia’s energy minister said a comprehensive agreement signed by the presidents of Iran and Russia, along with the outcomes of recent expert-level meetings, has paved the way for a new cooperation protocol and a fresh phase in ties between Tehran and Moscow.
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Brent crude futures declined by 32 cents (0.47%) to $68.33 per barrel. In contrast, U.S. West Texas Intermediate (WTI) futures rose by 62 cents (0.99%) to $63.51 per barrel.
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.
China's oil imports from Russia are on track for all-time high of over 2 million barrels per day in February as India is withdrawing from Russian spot purchases and supply is now heavily discounted for Chinese independent refiners.
The project manager for development of the joint Farzad field said the first jacket for the Farzad B gas field has been successfully loaded and will soon be transported for installation in the Persian Gulf.
The CEO of the National Iranian Gas Company said gas tariff reforms are designed to improve consumption patterns rather than increase government revenue, stressing that smart management of consumption data, stronger network maintenance and precise implementation of optimization programs have helped stabilize the country’s gas network.
Brent crude futures slipped 3 cents (about 0.04%) to $67.72 per barrel. U.S. West Texas Intermediate (WTI) crude futures also dropped 3 cents (around 0.05%) to $62.86 per barrel.
In a move to help the chances of a trade deal with the United States, India intends to raise imports of U.S. liquefied petroleum gas (LPG) and reduce such purchases from the Middle East, anonymous sources familiar with the plans told Reuters on Thursday.
The National Petrochemical Company said it has fully lifted gas restrictions for petrochemical complexes, allowing companies to receive feedstock at their required capacity.
Iran and Russia are aiming to increase their annual bilateral trade to $20 billion, a senior Iranian oil ministry official said Monday, as the two countries opened a joint economic commission in Tehran.
US Secretary of State Marco Rubio stated that India has assured the White House it will not increase its purchases of Russian oil beyond current levels, following new US sanctions on Russia’s energy sector.
President Donald Trump and Israeli Prime Minister Benjamin Netanyahu agreed at a White House meeting on Wednesday that the U.S. would work to reduce Iran's oil exports to China, Axios reported, citing two U.S. officials briefed on the issue.
Iran’s unemployment rate reached 7.8 percent in autumn 1404 (September-December, 2025), marking a 0.6 percentage point increase compared with the same period last year, according to new data released by the Statistical Center of Iran.
The operator of Phase 13 of the South Pars gas field has announced the commissioning of a new well, boosting daily production from the phase by more than 1.5 million cubic meters.
Iran's parliament has set the National Development Fund's share of oil export revenue at 20% in next Iranian year's budget, which begins in March 2026.
A fire erupted Friday at Cuba’s Ñico López oil refinery in Havana, producing thick black smoke over the bay, but was swiftly brought under control with no injuries, authorities said, as the island endures an intensifying fuel shortage due to U.S. restrictions on Venezuelan oil supplies. The blaze, confined to a warehouse of unused additives near docked tankers, highlights the precarious energy situation gripping the nation.
The United States has issued a general licence to India's Reliance Industries Ltd that will allow the refiner to buy Venezuelan oil directly without violating sanctions, two sources familiar with the matter said.
The expansion of solar power plants in Iran is preventing the release of more than 1 million tons of carbon dioxide (CO2) annually, while also helping reduce electricity supply imbalances, state media reported.
The CEO of Nouri Petrochemical Company emphasized the strategic and supervisory role of the National Petrochemical Company in the sector, saying investors are seeking stability in policymaking and decision-making in the petrochemical industry.
Brent crude futures fell 6 cents (0.1%) to $67.46 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined 12 cents (0.2%) to $62.72 per barrel.
