Brent crude futures rose 26 cents, or 0.4 percent, to $62.71 a barrel. U.S. West Texas Intermediate (WTI) futures rose 29 cents, or 0.53 percent, to $58.95 a barrel.
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India plans to cut Russian crude imports by half due to new U.S. sanctions, though both countries are seeking ways to maintain some discounted oil flows despite Washington’s pressure.
The National Iranian Oil Company (NIOC) has officially kicked off the second phase of development at the Azar oilfield, targeting an increase of approximately 30,000 barrels per day in crude production.
Iran’s Parliament Speaker Mohammad Bagher Ghalibaf announced that fuel pricing authority now fully rests with the executive branch, making recent gasoline and diesel price adjustments legally valid.
Over 92% of Iran’s electricity still comes from fossil fuels, prompting government efforts to boost renewable energy and address its persistent energy imbalance.
Futures for Brent crude oil rose 14 cents, or 0.2%, to $63.31 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures also climbed 18 cents, or 0.3%, to $59.50 per barrel.
Two supertankers are delivering 4 million barrels of Guyanese crude to India—the first direct shipments since 2021—as refiners seek alternatives to sanctioned Russian oil.
Top Iranian petrochemical firms will meet on Kish Island in January 2026 for Petrochem 2026 to tackle industry challenges and present new innovations, products, and technologies.
Gazprom rebounded in Q3 2025 with a 134.2 billion‑ruble ($1.72 billion) profit from tax cuts, though earnings missed analyst forecasts amid Europe’s energy standoff.
The National Iranian Gas Company CEO said the firm injects 850 million cubic meters of gas daily despite sanctions, urging improved school consumption to reduce the country’s high energy use intensity.
The Yaran Field project manager announced that Well No. 22 has been successfully equipped with an electric submersible pump, tested, stabilized, and connected to the production network.
Futures for Brent crude climbed by 94 cents (1.51 %) to settle at US$ 63.32 per barrel. U.S. West Texas Intermediate (WTI) crude also gained, rising 90 cents (1.54 %) to US$ 59.45 per barrel.
Kazakhstan protested to Kyiv after a Ukrainian naval drone strike damaged the CPC terminal near Novorossiysk, halting oil exports and prompting demands to stop such attacks.
Canadian oil and gas stocks are surging despite weak global crude prices, driven by U.S. investment, the Trans Mountain pipeline expansion, and low oil sands breakeven costs.
Iraq’s Ministry of Electricity announced Sunday that natural gas imports from Iran have officially resumed at an average rate of 5 million cubic meters per day, restoring a critical lifeline for the country’s struggling power grid.
In a testament to precision engineering and unwavering safety standards, employees of Iran’s Offshore Oil Company (IOOC) have successfully wrapped up a grueling overhaul of the floating hoses on the nation’s sole floating production storage and offloading (FPSO) vessel, the Cyrus.
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories.
OPEC+ plans to halt production hikes in early 2026, scaling back market-share ambitions amid looming oversupply risks.
Arya Sasol Polymer Company has approved a 150% capital increase from retained earnings to fund three strategic projects that expand capacity and strengthen long-term profitability amid global market challenges.
The National Petrochemical Co. (NPC) and the National Iranian Gas Company (NIGC) have signed a memorandum of understanding aimed at encouraging petrochemical companies to invest in natural gas efficiency and conservation projects.