Comptroller and Auditor General of India has flagged the “sub-optimal” utilisation of India’s strategic petroleum reserves by the Ministry of Petroleum and Natural Gas, both for emergency crude shortages and commercial use.
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Iranian and Vietnamese officials and private-sector representatives discussed ways to expand joint investment and financial cooperation, with a focus on building long-term economic ties and using Vietnam as a gateway to Southeast Asia.
The managing director of Arvandan Oil & Gas Company said production has increased following the start-up and flow of Well 35 at the Darkhovin oil field after years of inactivity, adding 4,000 barrels per day to the company’s oil output.
The U.S. intercepted an oil tanker off Venezuela just days after President Donald Trump ordered a “total and complete blockade” on sanctioned vessels, Homeland Security Secretary Kristi Noem confirmed.
In 2025, global oil demand forecasts shifted as geopolitical tensions, slower renewable adoption, and India’s rising consumption reinforced oil and gas’s stronger-than-expected position.
The second conference on “Understanding the Indian Market and Trade Opportunities” was held on Wednesday at Iran’s Trade Promotion Organization, focusing on Iran–India economic ties and trade opportunities for 2026.
Iran’s oil minister said the Ministry of Petroleum will remain committed to meeting its targets through the end of the 14th administration and stressed the need to accelerate implementation of Clause (B) of Article 15 of the Seventh Five-Year Development Plan.
South Korean petrochemical firms have submitted restructuring plans—including major plant closures and potential mergers—to help the government cut up to 3.7 million tons of naphtha cracking capacity ahead of a high‑level review on Monday.
Egypt has launched its largest-ever oil and gas exploration program, including seismic surveys over nearly 10% of the country and 101 wells planned for drilling in 2026 under a $5.7 billion investment.
The CEO of the South Pars Gas Complex said all 13 refineries at South Pars are on full alert and gas production is continuing steadily and without interruption, driven by the round-the-clock efforts of the complex’s skilled and committed workforce.
Futures prices for Brent crude oil fell by 12 cents (0.2%) to $59.70 per barrel. Futures prices for U.S. West Texas Intermediate (WTI) crude oil dropped by 16 cents (0.3%) to $55.99 per barrel.
Canadians strongly back expanding oil and gas development amid U.S. trade tensions, but most prefer increasing capacity on existing infrastructure over building new pipelines.
India is rapidly emerging as the world’s leading driver of oil demand growth, outpacing China and fueling a major shift in global energy dynamics through 2030 and beyond.
Iran and Belarus held the third virtual meeting of their joint oil industry working group to review progress and explore new opportunities for cooperation, focusing on implementing the bilateral oil memorandum of understanding between Iran’s Oil Ministry and Belarus’ Belneftekhim petrochemical association.
Iran’s National Iranian Gas Company expects household, commercial and small industrial gas consumption to reach about 650 million cubic meters by the end of the week, an official said Thursday, citing colder-than-average weather.
Brent crude oil futures rose by 42 cents, equivalent to 0.7 percent, reaching $60.10 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 44 cents, equivalent to 0.79 percent, reaching $56.38 per barrel.
Asia’s purchases of U.S. crude oil, liquefied natural gas (LNG), and coal are set to fall this year, defying President Donald Trump’s aggressive use of tariffs and trade deals to ramp up American energy exports.
A growing fleet of tankers carrying Russia’s flagship Urals crude oil has accumulated off China’s eastern coast, following a sharp reduction in purchases by India—the grade’s largest buyer—due to Western sanctions.
Iran is accelerating refinery upgrade projects under its Seventh National Development Plan, concentrating resources and management on three national priority initiatives, according to NIORDC’s chief.
Cumulative oil production from the Sepehr and Jofeir oil fields has surpassed 34.5 million barrels, according to a report presented at the 24th meeting of the Joint Management Committee for the fields’ development and production increase plan.