Russian Deputy Prime Minister Alexander Novak has warned that global oil markets could face supply shortages within a few months if the war with Iran persists.
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The CEO of the South Pars Gas Complex announced the continued stable production of gas at the complex’s refineries, emphasizing the role of integrated planning, goal-oriented management, and the round-the-clock efforts of the staff. He stated that the reconstruction of facilities and the implementation of strategic projects are proceeding at an accelerated pace and with high quality.
Brent crude futures fell by 87 cents (0.89%) to $96.92 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 78 cents (0.81%) to $95.24.
South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East.
Analysts have slashed their estimates of India's oil demand growth this year, with the consumption uptick to be the weakest since the Covid pandemic as the supply crunch and higher fuel prices slow gasoline and diesel demand.
Fajr Jam Gas Refining Company has launched reconstruction efforts for a major sweetening and cooling unit damaged during the recent 12-day war, according to company officials.
Debris removal operations at two damaged gas refineries in the South Pars Gas Field have reached 60% completion following the 40-day conflict, with parts of the facilities now ready to enter the reconstruction phase, according to the head of Pars Oil and Gas Company.
Brent crude oil futures climbed by $1.56, or 1.6%, to $97.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose by $1.61, or 1.7%, to $95.37 per barrel.
Indian Oil Corporation (IOC) bought five million (mn) barrels of crude oil via a tender, trade sources said.
Deputy oil minister for gas affairs said the country faces a difficult year ahead in addressing energy imbalances, emphasizing that the residential and commercial sectors hold significant potential for reducing natural gas consumption.
The Pars Oil and Gas Company (POGC) established a steering committee dedicated to the reconstruction of damaged South Pars refineries, aimed at safeguarding the nation’s strategic energy production capacity.
Brent crude oil futures fell by 75 cents, or 0.79%, to $94.23 per barrel. U.S. West Texas Intermediate (WTI) crude futures also dropped 85 cents, or 0.92%, to $91.31 per barrel.
Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.
Kazakhstan’s Energy Minister Yerlan Akkenzhenov held a meeting with Türkiye’s Minister of Energy and Natural Resources Alparslan Bayraktar on the sidelines of the BEW 2026 International Energy Forum in Baku, citing Kazakhstan’s Ministry of Energy.
Sixty-three kilometers of Iran's National Gas Line 7 have undergone a thorough cleaning operation, officials announced. The maintenance, known as pigging, was conducted within the operational area of the 10th Gas Transmission Operations region.
Oil minister said reconstruction of energy facilities damaged during the 40-day conflict is progressing faster than expected, with recovery efforts launched almost immediately after the attacks.
Brent crude futures rose $2.78 (up 3.05%) to $93.9 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $2.88 (up 3.3%) to $90.24 per barrel.
Wildfire season has returned to Canada's oil sands region, with seven active blazes in the area on Sunday raising risks for communities, workers, companies and investors.
India's largest state-run refiner and fuel retailer, Indian Oil Corporation, has raised the price of a 19 kilogram commercial LPG cylinder for industrial clients by 42 rupees ($0.4421) to 3,113.50 rupees from 3,071.5 rupees, according to its website.
Three offshore platforms in Iran’s South Pars gas field resumed production following disruptions caused by the Third Imposed War, according to the CEO of Pars Oil and Gas Company.