Iran's National Petrochemical Company has announced a $5 billion investment by petrochemical companies to collect and manage flare gas emissions, underlining the industry's crucial role in reducing emissions.
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Oil Minister Mohsen Paknejad said the oil industry achieved full self-sufficiency in development and production during tough sanction years, attributing the success to the relentless efforts of Iranian experts, specialists, and youth.
World crude oil price today, June 5, 2025
Brent crude futures rose 15 cents, or 0.2 percent, to $65.01 a barrel. U.S. West Texas Intermediate crude rose 11 cents, or 0.2 percent, to $62.96 a barrel.
India is considering increasing imports of American shale gas, liquefied natural gas, and crude oil to diversify its energy sources and leverage competitive US pricing.
The head of the Iran Chamber of Commerce, Industry, Mines and Agriculture and the German ambassador discussed expanding trade relations between the two countries.
The CEO of Pars Oil and Gas Company (POGC) announced a new record in executing 13,000 work orders during the major overhaul of the South Pars Phase 14 refinery.
The head of operations at the seventh refinery of South Pars announced the successful implementation of the flare gas recovery operation, stating that the project was completed with high quality, relying on domestic technical expertise and innovative measures. The installation of flare and utility line branches was fully executed.
World crude oil prices today, June 4, 2025
Brent crude futures fell 17 cents, or 0.3 percent, to $65.46 a barrel, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3 percent, to $63.22 a barrel.
India's Russian crude oil imports reached a 10-month high of 1.96 million barrels per day in May, driven by continued availability at significant discounts compared to global benchmark prices.
TotalEnergies Azerbaijan has introduced an automated subsea pipeline cleaning system for the second phase of Absheron gas field development, aiming to significantly reduce operational costs and downtime.
Crude oil exports from Iran to its biggest buyer, China, shrank last month on tighter U.S. sanctions and refinery maintenance, Bloomberg has reported, citing data from Vortexa.
The spokesperson for Iran’s Foreign Ministry stated that Iran has consistently emphasized constructive cooperation with Kuwait in the energy sector, particularly regarding the Arash gas field and the joint exploitation of its resources, based on bilateral negotiations and past dialogue.
World crude oil prices today, June 3, 2025
Brent crude rose 5 cents, or 0.1 percent, to $64.68 a barrel. U.S. West Texas Intermediate crude rose 16 cents, or 0.3 percent, to $62.68 a barrel.
U.S. liquefied natural gas exports fell in May due to plant outages and maintenance at the country's largest export facility, preliminary LSEG ship tracking data show.
Adani Group companies are under inquiry by US prosecutors into whether they have been involved in importing Iranian petrochemical products, according to a WSJ report.
French energy major TotalEnergies plans to sell more LNG to India, in particular, from the US and continues to support the expansion of Adani Green, its CEO Patrick Pouyanné said.
The speaker of Iran’s Parliament emphasized the importance of developing strategic relations between Iran and Venezuela, calling for enhanced trade centered on the private sector, the use of non-dollar currencies and leveraging BRICS capabilities.
Iran’s refining capacity has increased to 2.4 million barrels per day, with the Abadan refinery accounting for the largest share of this growth, according to Mohammad-Ali Dadvar, deputy CEO of the National Iranian Oil Refining and Distribution Company (NIORDC).
World crude oil prices today, June 2, 2025
Brent crude futures rose $1.74, or 2.77 percent, to $64.52 a barrel. U.S. West Texas Intermediate crude rose $1.94, or 3.19 percent, to $62.73.
Azeri state energy company SOCAR will sign new agreements soon for oil and gas exploration in Azerbaijan, including with Exxon Mobil and BP, three sources told Reuters on Monday.