Brent crude futures rose 58 cents, or 0.8 percent, to $70.94 a barrel, while U.S. West Texas Intermediate crude futures rose 59 cents, or 0.9 percent, to $69.04.
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India ramped up crude oil imports from Russia to 2.08 million barrels per day in June — the highest level since July 2024 — as refiners boosted stockpiles during the Israel-Iran conflict, according to data from Kpler. Despite a 6% overall drop in India’s global crude imports, Russian oil shipments rose 8% month-on-month, underscoring Moscow’s continued dominance as India’s top oil supplier following Western sanctions.
Iran's Supreme Economic Coordination Council, led by President Masoud Pezeshkian, has approved new financial incentives to encourage private sector involvement in renewable energy development, specifically solar panel purchases and installation.
The managing director of the National Iranian Drilling Company (NIDC) referred to the company's move towards domestic production of the equipment, and said: "One of the strategic priorities of the National Iranian Drilling Company is to increase the share of domestic manufacturing.”
In a message acknowledging the resilience and tireless efforts of oil industry workers during the days of the Zionist aggression, the president said the employees of this sector were frontline warriors who, under the most challenging conditions, courageously and dutifully fulfilled their mission of securing the country’s energy supply.
India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, announced a bold energy security roadmap, aiming for energy independence by 2047 and net-zero emissions by 2070.
Iran's Energy Minister, Abbas Aliabadi, has announced a 100-megawatt renewable energy project, aiming for the total installed capacity to surpass 3,000 megawatts by March 2026.
By 2050, global energy demand is expected to rise by 23% due to changing lifestyles and a 20% increase in urbanization rates.
The deputy chairman of the Iranian Parliament’s Energy Committee praised the efforts of oil industry workers during the 12-day war, stating that all refineries are currently operating at full capacity, with fuel transportation and distribution proceeding smoothly.
deputy CEO of the National Iranian Drilling Company (NIDC) announced a comprehensive plan to modernize its drilling fleet, localize equipment production, develop a national drilling engine, and repair and complete 150 oil wells by March 20, 2026.
US President Donald Trump is seriously considering imposing 500% tariffs on countries, including India and China, that buy Russian energy.
Crude oil exports from Saudi Arabia to China are seen reaching the highest level in two years in August, Reuters reported today, citing half a dozen unnamed trade sources.
The director of South Pars Gas Refinery No. 3 announced the start of a overhaul aimed at ensuring stable gas production during the cold season. The operation, carried out with extensive support from technical and maintenance teams, will last 28 days.
Brent crude futures rose 76 cents, or 1.11 percent, to $69.40 a barrel. U.S. West Texas Intermediate crude rose 82 cents, or 1.23 percent, to $67.39 a barrel.
India needs to increase its petrochemical production capacity to meet local and global demand and contain China's growing dominance of the sector, a senior Reliance Industries official said on Friday.
Iran recorded the highest increase in crude oil production among all countries in 2024, boosting its daily output by 374,000 barrels, while top producers like Saudi Arabia and Russia saw significant declines, according to the latest OPEC statistics.
The eighth refinery of the South Pars Gas Complex has begun a major overhaul, with more than 250,000 man-hours of work scheduled, according to the refinery’s director.
The managing director of the National Iranian Drilling Company (NIDC) said that purchasing 15 new drilling rigs for the oil and gas industry is on the agenda.
Brent crude futures fell 23 cents, or 0.3 percent, to $69.96 a barrel. U.S. West Texas Intermediate crude fell 32 cents, or 0.5 percent, to $68.06 a barrel.
India Ltd has signed a 15-year gas sale and purchase agreement with GAIL (India) Ltd to supply up to 900,000 standard cubic metres per day of natural gas from its Bakhri Tibba block in Rajasthan to a power plant operated by Rajasthan Rajya Vidyut Utpadan Nigam Ltd.