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.
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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.
OPEC+ is likely to keep its pause on oil output increases for March when it meets on Sunday, five delegates told Reuters, even as crude climbs above $70 a barrel on concern the U.S. could launch a military strike on OPEC member Iran.
Brent crude futures rose by $0.94 (1.4%) to $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.92 (1.5%) to $64.13 per barrel.
The United States is handing over to Venezuela a tanker that it seized this month, two U.S. officials told Reuters on Wednesday.
Indian Oil Corp anticipates a significant surge in its annual diesel exports, potentially reaching up to 5 million metric tons by 2027 due to expanded refining capacity.