In a significant development, the state-owned Oil India Limited (OIL) commenced its exploration and production activities in Tripura by spudding its well at Debtamura in Tripura’s Gomati district, officials said here on Wednesday.
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Iran’s Free Zones High Council announced that commodities valued at $800,000 were exported from Chabahar Free Trade Zone, in southeast of the country, during the first Iranian calendar month Farvardin (March 21-April 21).
The Isfahan Oil Refinery has successfully produced heptane solvent for the first time in Iran. This product plays a significant role in reducing air pollution by cutting MTBE consumption.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 26.71 million barrels per day (bpd) of oil in April, according to the group’s latest report.
World price of Brent crude oil today, May 14, 2025
Brent crude futures fell 64 cents, or about 1 percent, to $65.99 a barrel. U.S. West Texas Intermediate (WTI) crude fell 64 cents, or 1 percent, to $63.03.
India has approved three Russian insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market.
Head of Iran’s Trade Promotion Organization (TPO) Mohammad-Ali Dehqan Dehnavi met with Qatar’s Customs Authority Chief Ahmed Al-Jamal, on the sidelines of Iran Expo 2025, stressing the need to enhance commercial ties and develop trade infrastructure to increase bilateral trade volume.
The vice chairman of the Iranian Parliament’s Energy Committee said investment in the upstream oil sector is a strategic move that drives economic growth, improves livelihoods and enhances public services.
The government spokesperson announced that shallow oil well drilling operations have begun along the Caspian Sea coast after nearly 30 years, praising the efforts of the Oil Ministry’s staff.
World crude oil price today, May 13, 2025
Brent crude futures rose 65 cents, or about 1 percent, to $65.61 a barrel. U.S. West Texas Intermediate (WTI) crude rose 72 cents, or about 1.2 percent, to $62.67.
Wage talks between Norwegian oil firms and two labour unions resulted in a deal on Tuesday, industry and union officials said.
As the ceasefire between India and Pakistan sets in, there is a sense that the Indian government could consider further strengthening of strategic petroleum reserves and contingency mechanisms.
Touraj Dehghani, CEO of Iran's Pars Oil and Gas Company, said that his company has four plans to develop gas fields, including Kish, North Pars, Bilal, and Farzad, in the next five years, and its goal is to increase extraction by 200 to 250 million cubic meters.
The CEO of Bandar Imam Petrochemical Complex (BIPC) said the company’s investment in the Marun Petrochemical Diamond Project is a key step toward completing the value chain for its products.
The CEO of Hoveyzeh Persian Gulf Gas Refining Company announced development plans in the upstream sector aimed at ensuring stable feedstock for petrochemical plants. The company has prioritized capturing associated gas from the Darkhovein and West Karun gas fields.
World crude oil price today, May 12, 2025
Brent crude futures rose $2.03, or 3.18 percent, to $65.94 a barrel. U.S. West Texas Intermediate (WTI) crude rose $2.06, or 3.38 percent, to $63.08.
Over $1 billion of Venezuelan oil shipments to China have been rebranded as Brazilian crude by traders, enabling buyers to reduce logistics costs and avoid U.S. sanctions.
Iran will inaugurate its first biorefinery this week in the western province of Kermanshah, with President Masoud Pezeshkian expected to attend the opening ceremony, according to a senior official from the Ministry of Industry, Mining and Trade.
A contract to develop the Gouran and Pazan gas fields was signed between the National Iranian Oil Company (NIOC) and three domestic companies on the final day of the 29th Iran International Oil, Gas, Refining, and Petrochemical Exhibition.
The CEO of the National Iranian South Oil Company (NISOC) said the total value of four first-time production contracts signed at the oil exhibition was about $100 million.