The supply of petrochemical products to Iran’s downstream industries is improving, with higher product availability and continued price stability helping the market move toward balance, according to a senior official at the National Petrochemical Company (NPC).
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South Pars Phase 11 has produced a cumulative 16.6 billion cubic meters of rich gas, with an energy value equivalent to approximately 100 million barrels of crude oil, according to the project manager for the phase’s development.
Brent crude futures fell 9 cents, or 0.1%, to $91.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $88.10 per barrel.
Saudi blue chip Sabic and fellow petrochemical producers face an uncertain outlook amid export disruptions and long-term supply-demand imbalances, according to analysts.
The development of the Belal gas field, as one of the key and strategic projects of the oil industry in the Persian Gulf, has entered a new implementation phase with significant technical progress in drilling and platform construction.
Developing compressed natural gas (CNG) infrastructure is one of the most effective ways to reduce gasoline consumption, a member of Parliament’s Energy Committee said, stressing that past experience has demonstrated CNG’s significant role in managing fuel demand.
A member of parliament said the Oil Ministry’s performance during the recent conflict helped prevent fuel and energy shortages across the country despite attacks on critical infrastructure.
Brent crude oil futures fell by $1.14 (equivalent to 1.2%) from the previous price to reach $93.11 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by $1.30 (equivalent to 1.4%) from the previous price to reach $90.00 per barrel.
India expects prices of both oil and gas to drop in the coming months, with enough stocks available despite the U.S.-Israeli war with Iran that has squeezed energy supplies, Oil Minister Hardeep Singh Puri told broadcaster CNN-News18 on Monday.
The CEO of the National Iranian Oil Company (NIOC) said: "The reconstruction of damaged facilities in the oil industry is being carried out with full force and as quickly as possible, and the rebuilding process is proceeding phase by phase."
Iran’s Minister of Industry, Mining and Trade Atabek, in a meeting with the Minister of Heavy Industries of India, emphasized the expansion of economic, trade, and investment cooperation between the two countries.
Brent crude futures rose $4.42, or 4.47%, to $97.15 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $4.07, or 4.50%, to $94.61 per barrel.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, OPEC said in a statement after a meeting on Sunday.
Oil Ministry is ready to implement a system linking fuel cards to bank cards, but the plan requires cooperation from the Ministry of Economic Affairs and Finance, Oil Minister Mohsen Paknejad said Sunday.
The Israeli military has acknowledged carrying out airstrikes on Iran’s Karun petrochemical complex in Mahshahr.
India raised prices of domestic cooking gas for the second time since the Iran war started, to help state retailers cut losses on discounted fuel sales.
The National Iranian South Oilfields Company (NISOC) launched three research projects aimed at reducing environmental pollution, managing contaminated soils and improving environmental performance across its operational areas, a company official said.
India is launching on Friday a new fuel blend with an 85% ethanol component as part of the fuel flex mobility program of the world's third-largest crude importer to reduce dependence on imported oil.
An economic analyst believes: The opportunity that has arisen today in the shadow of Iran's exercise of sovereignty over the Strait of Hormuz must be pursued within the framework of a legal and economic regime appropriate to the region's security and strategic conditions in order to consolidate Iran's sovereignty over this waterway.
Brent crude oil futures fell by 24 cents, or 0.25%, to $94.79 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures dropped by 56 cents, or 0.6%, to $92.48 per barrel.
