Iran’s Oil Minister has ordered the resumption of exploratory drilling in the shallow waters of the Caspian Sea, ending a 30-year pause in operations.
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The CEO of Iranian Central Oil Fields Company (ICOFC) highlighted the company’s major role in supplying the country’s onshore gas while simultaneously managing production and development operations.
The Iranian government spokesperson acknowledged the efforts of the Ministry of Petroleum last year to ensure optimal winter fuel supply, stating: "As a fellow citizen, I appreciate the hardworking individuals in the oil industry."
Iran will inaugurate new refinery projects worth more than $3.0 billion this year, despite years of stagnation in the country’s refining sector, a senior oil official said on Saturday.
Iran plans to increase daily gas production from the South Pars Gas Complex by 10 to 15 million cubic meters (mcm) this winter as part of an early overhaul strategy to prepare for rising seasonal demand, the company’s head said on Saturday.
Iran Oil Pipelines and Telecommunications Company (IOPTC) signed two memorandums of understanding (MoUs) in the field of pipeline physical monitoring with new technology-based firms (NTBFs).
Government spokesperson Fatemeh Mohajerani said Saturday that young engineers in the oil industry have successfully addressed key challenges in the sector, emphasizing the government’s duty to support them and help resolve obstacles.
World crude oil price today, May 9, 2025
Brent crude rose 43 cents, or 0.68 percent, to $63.27 a barrel, while U.S. West Texas Intermediate crude rose 42 cents, or 0.7 percent, to $60.33 a barrel.
Indian Oil Corporation confirms adequate fuel and LPG stocks, reassures public not to panic buy, as fuel and LPG are readily available at all outlets.
The CEO of the National Iranian Gas Company (NIGC) announced new measures by the company to facilitate international contracts, attract investment and develop gas relations with neighboring countries. He said gas cooperation between Iran and Turkmenistan will pave the way for regional gas trade.
The Deputy Minister of Iran Petroleum for Petrochemical Affairs announced the establishment of a utility corridor in Phase 3 of the Pars Special Economic Energy Zone to support the development of downstream petrochemical industries.
The CEO of the National Iranian Oil Company (NIOC) said Iran is on its way to becoming the largest operational hub for the oil industry in the region.
World crude oil price today, May 8, 2025
Brent crude futures rose 10 cents, or 0.2 percent, to $61.22 a barrel, while U.S. West Texas Intermediate crude rose 13 cents, or 0.2 percent, to $58.20 a barrel.
US energy groups are requesting Trump's administration to exempt liquefied natural gas tankers from a rule requiring producers to increase exports on US-built vessels.
India’s imports of crude oil from the US rose sharply by nearly 34% on a month-on-month basis in April as the country ramped up shipments from America.
Iranian oil minister plans $10 billion in projects by March 2026, increasing oil and gas production capacity, attracting investment, and supporting new technology-based firms.
The 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025) was officially inaugurated by Oil Minister Mohsen Paknejad, who unveiled the event’s official logo.
World crude oil prices today, May 7, 2025
Brent crude futures rose 1.2 percent to $62.88 a barrel, while U.S. West Texas Intermediate crude rose 81 cents, or 1.4 percent, to $59.90 a barrel.
A joint venture (JV), consisting of Shell (through BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation (ONGC), has wrapped up work on what is said to be India’s first offshore facilities decommissioning project.
Canadian oil producer Suncor Energy reported first-quarter profit above analysts' expectations on Tuesday, as it benefited from greater refinery production and sales volumes.