Iran has increased crude oil production by 38,000 barrels per day (bpd) at its South Azadegan oilfield over the past 10 months, following the successful drilling and completion of 17 wells, the head of Petropars, the company developing the field, said.
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Iran’s petrochemical industry remains committed to achieving its development goals for the current year, despite disruptions caused by a 12-day conflict triggered by Israeli airstrikes, a senior official said.
Brent crude rose 73 cents, or 1.05 percent, to $70.25 a barrel. U.S. West Texas Intermediate crude rose 83 cents, or 1.23 percent, to $68.37.
State-run Oman LNG has signed a sales and purchase agreement (SPA) with Swiss-based Dutch multinational energy and commodity trader Vitol, the company revealed on May 19.
An Iranian missile attack on Israel's Haifa Bay refinery has caused estimated damages ranging between $150 million and $200 million, according to statements from Bazan Group, the facility’s operator.
Brent crude futures rose 17 cents, or about 0.3 percent, to $68.67 a barrel. U.S. West Texas Intermediate crude futures rose 31 cents, or 0.5 percent, to $66.69.
The price of Iran’s heavy crude oil climbed by $5.88, or 9.2 percent, in June compared to May, reaching $69.13 per barrel, according to OPEC’s latest monthly report.
India's Russian crude imports increased to 1.75 million barrels per day in H1 2025, retaining Russia's 35% share of the Indian oil market. However, the shrinking discount on Urals crude indicates a fading advantage, with shipping costs dropping.
The planning and development director of the National Petrochemical Company (NPC) said the petrochemical sector remains firmly committed to its pre-approved goals and is seriously pursuing the implementation of its programs.
Iran’s oil minister said Wednesday the country’s crude production and exports are ongoing and stable, though he declined to provide specific figures.
Brent crude futures fell 17 cents, or 0.3 percent, to $68.54 a barrel. U.S. West Texas Intermediate crude futures fell 11 cents, or 0.2 percent, to $66.41.
NATO warns major economies like India, China, and Brazil of severe secondary sanctions if they maintain trade relations with Russia, especially in oil and gas, amid US pressure.
Iran's exports to African countries increased by 85% in Q1 2021, while its trade surplus with the continent surged by 113 percent, according to a senior official at the Trade Promotion Organization.
Iran's Supreme Economic Coordination Council emphasized preparedness and dignified living conditions amid war efforts. They approved major investments, including a National Development Fund plan to boost crude oil production and construct solar power plants.
The deputy CEO of the National Iranian Drilling Company reported a 78% drilling fleet productivity and a 9.1% reduction in standby time in Q1 due to domestic capabilities and centralized management.
Brent crude fell 32 cents, or 0.5 percent, to $68.89 a barrel. U.S. West Texas Intermediate crude fell 44 cents, or 0.7 percent, to $66.54.
India may face economic consequences as the US considers a 500% tariff on Russian energy imports, disrupting India's energy strategy and raising oil prices.
Solar power plants with the capacity of 11.5 megawatts (MW) were put into operation in Khorasan Razavi province, in the northeast of Iran, on Monday morning.
Iran consumed more than 4.2 billion cubic meters (bcm) of natural gas across three major sectors—power plants, large industries, and residential, commercial, and small industries—during the week ending July 11.
The National Iranian Drilling Company (NIDC) has developed a comprehensive annual plan to overhaul and modernize seven drilling rigs as part of a broader strategy to enhance technical and specialized services across the country’s onshore oil and gas fields, a senior official said.
