Oil Minister Mohsen Paknejad emphasized that aggression against energy-producing countries violates international law and threatens global stability, stating that the energy industry—particularly oil—requires peace and stability to fulfill its role in enhancing prosperity at national, regional, and global levels.
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The CEO of the National Iranian Gas Company (NIGC) said that between 95% and 98% of Iran’s population has access to natural gas, adding that a significant portion of the country’s gas is used to fuel power plants during the summer.
Brent crude rose 48 cents, or 0.7 percent, to $70.63 a barrel. U.S. West Texas Intermediate crude rose 51 cents, or 0.8 percent, to $68.84 a barrel.
Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Wednesday.
India plans to source about 10% of its cooking gas imports from the U.S. beginning in 2026 as part of a broader effort to boost energy purchases to narrow its trade gap with Washington, four industry refining sources familiar with the matter said.
Power plants in Iran consumed more than 2 billion cubic meters of natural gas last week, accounting for the largest share of the country’s total gas usage across three main sectors: power generation, major industries, and residential-commercial-minor industries.
Brent crude futures fell 23 cents, or 0.3 percent, to $69.35 a barrel. U.S. West Texas Intermediate crude fell 33 cents, or about 0.5 percent, to $67.60.
The CEO of Pars Oil and Gas Company (POGC) stated that during the 12-day war, South Pars platforms continued operations uninterrupted. Alongside maintaining stable gas extraction, major overhauls proceeded as planned, with 11 platforms successfully completed so far.
NIDC's CEO prioritizes localizing key equipment and increasing domestically manufactured components in drilling projects, resulting in $7 million savings from the construction of its third domestically built rig.
With a refining capacity of 2.237 million barrels per day, Iran holds a 16% share of OPEC’s total refining capacity, making it the second-largest refiner among the organization’s member countries. Iran also accounts for 2.1% of global refining capacity.
Brent crude rose 36 cents, or 0.5 percent, to $68.66. U.S. West Texas Intermediate crude fell 1 cent to $66.99.
Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday said India has never faced a shortage of petroleum products, even during the Covid pandemic or global conflicts, crediting the government’s foresight for ensuring uninterrupted supplies.
The deputy governor of the Central Bank of Iran (CBI) for monetary policy said the banking network supports the capital market and shareholders through the stock market management, and the use of monetary and credit policy tools.
Referring to the government's policy of developing solar power plants in the country, the director of the engineering office of the Iranian Water and Power Resources Development Management Company said: "Based on this, the construction of solar power plants next to dams has been put on the agenda."
India’s Oil and Natural Gas Corporation (ONGC) has partnered with Mitsui O.S.K. Lines (MOL), Japan’s leading shipping company and one of the largest in the world, to build, own, and operate two Very Large Ethane Carriers (VLECs).
Iran has boosted its oil production to a near-record 5.1 million barrels per day in 2024, defying U.S. sanctions and Israeli aggression, with domestic companies and the IRGC driving the surge, according to a Bloomberg report citing the UK Energy Institute.
Russian natural gas exports to the EU saw a sharp month-over-month contraction of 18.3% in June, according to data compiled by Reuters. The drop was reportedly attributed to maintenance of the gas-pumping infrastructure.
OPEC+ agreed to increase production by 548,000 barrels per day in August, marking the first meeting since oil prices surged and then retreated following attacks on Iran.
The latest summit of the Economic Cooperation Organization (ECO), held in Khankandi, Azerbaijan, brought renewed attention to the untapped economic potential of the region.
A member of the Iranian Parliament's Energy Committee praised the Oil Ministry and NIORC for their timely and effective measures in meeting public gasoline needs.
