Libya signed a 25-year oil development agreement on Saturday with France's TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said.
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Iran’s crude oil production edged down marginally in December 2025 even as overall output by the Organization of the Petroleum Exporting Countries (OPEC) increased, according to the group’s latest monthly report.
The CEO of the National Iranian Gas Company said the Oil Ministry is aggressively pursuing gas-efficiency measures in cooperation with energy service firms, projecting a 25% to 35% reduction in consumption at the end of the demand chain once the program is fully implemented.
India can leverage its growing energy demand to negotiate better oil and gas supply deals, Oil Minister Hardeep Singh Puri said on Friday, as its refiners continue seeking alternatives to Russian oil.
The head of Iran's Renewable Energy and Energy Efficiency Organization (SATBA) said the installed capacity of the country's renewable power plants has exceeded 3,700 megawatts.
Daily crude oil production by OPEC member countries rose by 105,000 barrels in the final month of 2025, reaching 28.564 million barrels per day in December, according to the organization’s latest report.
Brent crude futures rose by $0.54 (approximately 0.84%) to $64.60 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.43 (about 0.72%) to $59.80.
Indian Oil Corp (IOC) buys 7M barrels of crude for March: 2M Buzios from Brazil’s Petrobras, 3M from Abu Dhabi (Murban + Upper Zakum), 2M Angola grades (Hungo/Clove via Exxon) — accelerating shift away from Russian oil amid tighter sanctions & lowest Russian imports in 2 yrs.
Iran’s trade with member states of the Eurasian Economic Union (EAEU) increased 16 percent in the first eight months of the current Iranian year (Mar. 21st-Nov. 22nd) the head of the Trade Promotion Organization of Iran said.
The CEO of Pars Oil and Gas Company announced an additional daily gas extraction capacity of 25 million cubic meters in the South Pars field under the 14th administration, adding that with new wells coming online by year’s end, this capacity will increase to 30 million cubic meters.
Brent crude futures rose by $0.10 (0.15%) to $65.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.14 (0.23%) to $60.76 per barrel.
Venezuelan crude shipments under a $2 billion supply agreement with the United States have reached roughly 7.8 million barrels, but logistical bottlenecks, pricing resistance from buyers and storage overhangs are slowing progress and delaying a full reversal of output cuts.
The CEO of PetroIran Development Company said the investment volume under a contract to supply four drilling rigs to the National Iranian Oil Company (NIOC) is about $200 million, adding that the public-private partnership (PPP) contract model guarantees the company’s operations for five years, significantly reducing investment risk for the private sector.
The National Iranian Gas Co.’s director for production coordination and supervision stressed the need to maintain 100% operational readiness at South Pars refineries amid severe cold weather, saying stable gas production and transmission are critical under current conditions.
The head of Iranian Gas Transmission Company (IGTC) announced the company's winter preparations to ensure safe and stable passage through the peak gas consumption days in the winter of 1404, stating: "Approximately 207 billion cubic meters of gas has been transferred to consumer endpoints in the first nine months of this [Iranian] year (March 21-December 21, 2025)."
Brent crude futures dropped 97 cents (1.5% decline) to $63.95 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 78 cents (1.3% decline) to $59.58.
India’s state-run Bharat Petroleum Corporation (BPCL) has awarded one-year import tenders for Iraqi and Omani crude oil, awarded to trader Trafigura, as Indian refiners increase spot market purchases from the Middle East to partially offset reduced reliance on Russian oil.
The project manager of South Pars phase 11 at Pars Oil and Gas Company (POGC) said daily gas extraction from the block has increased by more than two million cubic meters with the completion and commissioning of the 10th development well.
Iran’s oil production will increase by 135,000 barrels per day through the installation of 11 rapid-installation processing units, according to the CEO of the National Iranian Oil Company.
Brent crude futures dropped $0.16 (0.3 percent decline) to $63.78 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $0.22 (0.4 percent decline) to $59.12.