Hossein Afshin, Vice President of Iran for Science, Technology, and Knowledge-Based Economy, stated that the 14th government is committed to resolving the energy imbalance within the next three years.
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The Kremlin has warned that the recent US sanctions on Russia's energy sector could potentially destabilize global markets and is committed to minimizing their impact.
Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The National Petrochemical Company's CEO reported that the industry exported $10 billion in the first nine months of 2024, with projections estimating it to reach $13 billion by yearend.
The CEO of NIORDC emphasized the need for diversification in Iran's fuel portfolio, stating that increasing production alone won't solve the imbalance in liquid fuel supply.
The National Iranian Gas Company (NIGC) exceeded its target for injecting sweet gas into the national grid this winter, reaching daily records of 872 million cubic meters.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
The CEO of NIOPDC plans to diversify Iran's vehicle fuel portfolio by adding liquefied petroleum gas, in line with the 7th Development Plan.
First Vice President of Iran Mohammadreza Aref praised the Oil Ministry for its significant production boost during the 14th administration, despite facing numerous challenges.
Oil Minister Mohsen Paknejad emphasized that a total of $120 billion is needed to achieve the quantitative goals of the 7th Development Plan, aimed at increasing oil and gas production capacity.
Indian and Chinese oil refiners are shifting their crude oil procurement strategies due to concerns over Russian and Iranian supply availability, pricing, and potential new sanctions.
Iran's Minister of Energy and Iraq's Minister of Electricity and Energy met to discuss electricity exchange and the export of technical and engineering services in the power sector.
Karoon Oil and Gas Production Company's CEO reported a daily sweetening of 600 million cubic feet of gas and the lowest gas flaring rate among oil production companies.
The National Iranian Gas Company's managing director is satisfied with the 80% progress in gas supply to Chabahar and has approved the Makoran steel pipeline development, which will significantly contribute to the country's economic cycle.
Iranian Oil Minister Mohsen Paknejad emphasized the importance of collaborating with private sector players in the oil industry for the country's progress and salvation.
The head of maintenance at the South Pars refinery announced that a major overhaul of the mercaptan removal unit has prevented the daily waste of over 27.5 million cubic meters of standard gas.
India plans to expand its natural gas pipeline network by 10,805 kilometres (6,714 miles), the Ministry of Petroleum and Natural Gas announced on January 7, 2025.
The spokesperson for the National Iranian Gas Company announced that 867 million cubic meters (mcm) of natural gas were delivered to the national grid on Wednesday.
President of Iran Masoud Pezeshkian stated that transitioning to clean energy and revising development policies is essential.