Iran and Tajikistan discussed ways to expand bilateral cooperation in oil and petroleum products trade, as the two countries seek to strengthen energy and economic ties.
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Brent crude futures dropped $1.74 (2.16%) to $78.83 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined $0.73 to $75.87 per barrel.
The U.S. Treasury Department issued a general license for Iran on Monday that authorized the production, delivery and sale of crude oil and petrochemical and petroleum products of Iranian-origin through August 21.
Iran installed the P4 processing platform at the Reshadat oil field in the Persian Gulf, marking a major milestone in the development of one of the country’s most important offshore energy assets.
The admission of the ineffectiveness of oil sanctions against Iran comes after the signing of the memorandum of understanding ending the war between America and the Zionist regime against Iran, voiced by American officials. This follows Mohsen Paknejad, the oil minister, having previously responded decisively to Donald Trump's "maximum pressure" order aimed at reducing Iran's oil exports to zero, declaring that America's maximum pressure policy on Iran's oil exports has failed and that reducing Iran's oil exports to zero is a wish they will never achieve.
The head of the Iranian Offshore Oil Company (IOOC) said installation of the P4 processing platform at the Reshadat oil field will significantly increase Iran’s offshore oil production capacity in the Persian Gulf.
Reza Khilaei, Director of Oil and Gas Production Supervision at the National Iranian Oil Company, in an interview with Shana, explaining the latest status of associated petroleum gas (flare gas) collection, announced: The amount of flare gas collection since the beginning of the fourteenth government's administration has increased from about 5 million cubic meters per day to over 9 million cubic meters, and it is predicted that with the implementation of approved plans, this figure will reach approximately 35 million cubic meters per day by the end of the government.
Iran’s Deputy Energy Minister Mostafa Rajabi Mashhadi announced a bilateral meeting with the Russian Energy Minister on the sidelines of the 6th Meeting of Energy Ministers of the Shanghai Cooperation Organization (SCO) in Bishkek, Kyrgyzstan.
Mehdi Heydari, Deputy Minister of Economic Affairs and Finance and Head of the Organization for Investment, Economic and Technical Assistance of Iran, held bilateral meeting on the sidelines of the 51st Annual Meeting of the Board of Executive Directors of the Islamic Development Bank (IsDB) in Baku with the head of Azerbaijan's Export and Investment Agency.
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.
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.