The National Iranian Oil Company (NIOC) announced official selling prices for various crude oil grades in June 2025.
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World crude oil price today, May 27, 2025
Brent crude futures rose 26 cents, or 0.4 percent, to $65 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 25 cents, or 0.4 percent, to $61.78 a barrel.
India is expected to experience a surge in power demand and renewable energy build-out, if it boosts investments, according to the Rocky Mountain Institute.
Saudi Arabia and Kuwait have announced a new oil discovery in the so-called Partitioned Zone (PZ) between the two OPEC heavyweights which share equally output from the area.
Pasargad Energy Development Company (PEDC) has leveraged artificial intelligence to launch a localized platform for integrated well, reservoir, and surface facility management, as well as the oil industry’s first upstream AI assistant (UIA) based on large language models (LLMs). These innovations have significantly reduced search times and streamlined experts’ access to technical knowledge.
The deputy oil minister announced that Iran is ahead of its planned exploration targets, expressing hope that new technologies will help discover additional oil fields—even smaller ones—while facilitating private sector involvement through IPC contracts or other models.
World crude oil price today May 26, 2025
Brent crude futures rose 39 cents, or 0.6 percent, to $65.17 a barrel, while U.S. West Texas Intermediate crude rose 33 cents, or 0.5 percent, to $61.86 a barrel.
Trade between Iran and South Korea reached nearly $56 million in the first four months of 2025, highlighting ongoing commercial ties despite external challenges and a decline in Iran's exports.
The CEO of the National Iranian Oil Company (NIOC) stressed the need to expedite the implementation of projects by the Iranian Offshore Oil Company (IOOC) in the Persian Gulf.
Former NIOC exploration director warns of increasing difficulty in oil and gas discovery due to low-risk reserves, despite Iran's significant potential for new resources.
The deputy CEO of the National Iranian Drilling Company (NIDC) announced the drilling and completion of 20 onshore oil and gas wells in the first two months of this year (March 21-May 21) using the company’s rigs.
Iranian President Masoud Pezeshkian referred to the government's strategy for expanding renewable energies, and stated that the movement in this direction has begun and is being followed continuously and regularly in daily and weekly government meetings.
The head of safety and firefighting at National Iranian Petrochemical Company announced that digital transformation and artificial intelligence strategies will be added to future safety and firefighting programs in the petrochemical industry.
The International Energy Agency (IEA) has again found its ‘missing barrels’. Although the term should be viewed as a misnomer. Barrels are never actually missing; it is just that global demand for oil is being materially under-counted.
The CEO of Isfahan Refinery emphasized that more than 70% of the refinery’s products have been upgraded to meet Euro standards, stating that the facility produces about 15 million liters of Euro 5 gasoline and 25 million liters of diesel daily.
The caretaker of Iranian Gas Engineering and Development Company announced progress on strategic projects in gas storage, transmission, measurement, and optimization, stating that the country’s gas storage capacity will more than double with the launch of expansion projects in Sarajeh and Shourijeh.
World crude oil price today, May 23, 2025
Brent crude fell 22 cents, or 0.3 percent, to $64.22 a barrel. U.S. West Texas Intermediate crude fell 21 cents, or 0.3 percent, to $60.99.
India is ready to increase energy imports from the United States as it seeks supplies from whichever source is most suitable to power the expansion of the world's most populous country, Minister of Petroleum and Natural Gas Hardeep Singh Puri told Newsweek.
Iran’s NPC CEO calls for a comprehensive petrochemical industry development model to integrate value chain, prevent resource wastage, and maintain balance across the chain.
World crude oil price today, May 22, 2025
Brent crude futures fell 90 cents, or 1.4 percent, to $64.01 a barrel. U.S. West Texas Intermediate crude fell 85 cents, or 1.4 percent, to $60.72.