India will diversify its energy sources as a strategy amid changing global circumstances and ensure energy security for its citizens, Trade Minister Piyush Goyal said on Wednesday, days after the U.S. said New Delhi will halt Russian oil purchases.
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Iran ranks among the world’s 10 countries with the largest thermal power generation capacity, a senior official at the Thermal Power Plants Holding Company (TPPH) said.
Pars Oil and Gas Company, the developer of the world’s largest gas field, has experienced a distinct period of operational and development activity under Iran’s 14th administration, marked by stabilized output at the shared South Pars field, record gas production, higher asset efficiency and groundwork for new offshore gas developments in the Persian Gulf.
Power plant gasoil reserves reached more than 3.4 billion liters for the first time in the country’s history in Aban this year, equivalent to more than 90% of total storage capacity. The level marks an increase of 86% and 6%, respectively, compared with the highest reserves recorded in the Iranian years 1403 (2024) and1402 (2023).
Brent crude futures fell by 68 cents (1%) to $65.62 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 60 cents (1%) to $61.54 per barrel.
Iran has allocated $48.7 billion in foreign currency for the import of various goods since the start of the current Iranian year (late March 2025), with 73 percent directed to the industrial sector, the spokesperson for the Iran Exchange Center said.
CEO of the National Petrochemical Company announced the operational launch of several major production and infrastructure projects in the petrochemical industry, coinciding with the Ten Days of Fajr celebrations. He stated that with these inaugurations, the industry can celebrate reaching an annual production capacity of 100 million tons.
Statistics from the Ministry of Petroleum in the 14th government indicate numerous and historic record-breaking achievements in gas production. This achievement, though shadowed by suboptimal consumption which diminishes its delight, has been realized solely through the perseverance of oil industry personnel, integrated management, and precise planning, painting a picture of our beloved Iran's strength.
Futures prices for Brent crude oil fell by $3.34 (4.8%), settling at $65.98 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $3.37 (5.2%) to $61.84 per barrel.
A rare combination of rising fuel demand and expanding refining capacity is drawing global commodity traders to India, with firms such as Trafigura seeking long-term partnerships with state oil companies.
Iran has injected more than 165.5 billion cubic meters (bcm) of sweet gas from the South Pars gas complex into the national grid since the start of the current Iranian year (late March 2025) to Feb. 2, the head of the South Pars Gas Complex (SPGC) said.
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
country's drilling industry has entered a new phase of development under the seventh five-year development plan, focusing on expanding drilling fleet capacity and improving operational efficiency. This phase prioritizes acquiring new rigs, modernizing the existing fleet and enhancing key performance indicators to support increased oil and gas production.
US President Donald Trump said India will buy crude oil from Venezuela instead of Iran, Roydad Naft News Agency correspondent reports.
The spokesperson for the South Pars Gas Complex said an earthquake that struck near the city of Asaluyeh early Sunday caused no damage to the complex’s refineries or facilities, and all production and operational activities are continuing as normal.
The first electric submersible pump (ESP) at the South Azadegan oil field has been successfully installed and commissioned at well No. 93, drawing on the expertise of domestic specialists. Officials expect that completing the installation of 50 ESPs by June 2026 will add about 35,000 barrels per day to the field’s production capacity.
head of the National Iranian Oil Refining and Distribution Company visited operational units at the Abadan refinery, including Unit 70 and the project’s second phase, accompanied by senior officials and the Abadan lawmaker, to review progress on ongoing projects.
Iran’s Oil minister said there is no need for concern that the United States, after gaining control of Venezuelan oil, could strike deals with Iran’s long-standing oil customers such as China.
Brent crude futures fell 21 cents (0.3%) to $70.50 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 38 cents (0.6%) to $65.04 per barrel.
India's Bharat Petroleum Corp (BPCL) is scouting global opportunities, ranging from acquisitions to strategic investments in solar, wind and hydropower, a senior official at the state-run refiner said on Friday.
