Brent crude futures rose by $1.89 (2.12%) to $91.11 per barrel. U.S. West Texas Intermediate (WTI) crude futures also increased by $2.07 (2.49%) to $85.30 per barrel.
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Crude oil exports from Saudi Arabia fell for a third straight month in May to a record low, data from the Joint Organizations Data Initiative (JODI) showed on Tuesday, with the U.S.-Iran conflict disrupting shipments across the Gulf.
The Minister of Economy announced the drafting of a reform package to eliminate laws that hinder business, as well as revising the tax system to reduce traditional audits and corruption.
Iran expects to restore 100 million cubic meters of gas production capacity within the next few months, according to Mohammad-Jafar Ghaempanah, the president's executive deputy.
Iran’s problems cannot be solved by the government alone, President Masoud Pezeshkian said on Monday, calling for broad public participation to tackle the country’s deep-rooted structural imbalances.
Brent crude futures rose 18 cents (0.2%) to $88.28 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 34 cents (0.4%) to $82.15 per barrel.
U.S. gasoline pump prices crossed the $4 a gallon mark on Monday as renewed hostilities between the U.S. and Iran further disrupt energy flows through the Strait of Hormuz, a critical route for global oil supplies.
An official, announcing that the country's renewable power plant capacity has surpassed 5,400 MW, stated: If equipment, foreign currency, and financial resources are provided, the target of exceeding 7,000 MW by the end of summer will be achieved.
The Manager of Engineering and Development at the National Iranian Oil Company, referring to the meeting between Iran's Oil Minister and Russia's Minister of Energy, emphasized the continuation of cooperation between the two countries in developing oil and gas fields.
President Masoud Pezeshkian on Sunday called on Oil Ministry to align its operations with global standards, expand technical training and develop integrated management systems to improve the performance of engineers and specialists in the oil and gas sector.
The Central Treatment of Export Petroleum (CTEP) unit at the Azadegan oil field is on the verge of full operational capacity after completing production trains A and B and launching pre-commissioning operations, the Petroleum Engineering and Development Company (PEDEC) reported.
Two oil tankers were attacked at the Caspian Pipeline Consortium (CPC) terminal off Russia's Black Sea coast, CPC said on Sunday, adding that oil loadings are suspended.
The new Iranian ambassador to South Korea, before departing for his post, visited the Tehran Chamber of Commerce and held talks with the Secretary-General of the Tehran Chamber to exchange views on the capacities for cooperation with this East Asian country and the development of commercial, technological, and cultural exchanges between the two countries.
As the annual overhaul season begins at the shared South Pars gas field, planning is underway to maintain stable gas production. Following damage to several domestic gas refineries during recent conflicts, ensuring maximum readiness of South Pars platforms for this winter has become more critical than ever.
New Leader of the Islamic Revolution Ayatollah Seyyed Mojtaba Khamenei issued a statement on Saturday saying that the United States' violation of a bilateral understanding with Tehran has once again demonstrated that the U.S. president's signature is "worthless and unreliable," while urging Iranians to preserve national unity and maintain confidence in state institutions.
Canada’s largest oil refinery is planning to shut down for maintenance in the fall, potentially exacerbating fuel market tightness in northeastern U.S. states that rely on the plant for gasoline and diesel imports.
Fajr Jam Gas Refinery completed the reconstruction and commissioning of its A and B waste incinerators, ending a five-year delay by relying on in-house expertise and domestic capabilities.
A new production well at the Cheshmeh Khosh, Dalpari and Paydar-e Sharq oil fields has come online, adding 5,500 barrels of crude oil per day, concurrent with the 30th Joint Management Committee (JMC) meeting for the fields' development project.
The heads of the national standards organizations of Iran and India emphasized the development of technical cooperation and the role of standardization in facilitating trade and improving the quality of goods and services.
Brent crude oil futures contracts rose by $1.77, or 2.1 percent, reaching $86 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures contracts increased by $1.91, or 2.4 percent, to $80.86.