OPEC's May 2025 Monthly Oil Market Report predicts India's oil demand to rise by 3.39% from 5.55 million barrels per day in 2024 to 5.74 million in 2025, and 4.28% in 2026.
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Iran’s crude oil storage capacity has increased by 2 million barrels following the commissioning of two refurbished tanks at the Kharg oil terminal in the operational zone.
The CEO of Petrochemical Industries Development Management Company (PIDMCO) announced that the firm is currently managing 25 projects valued at over $11 billion despite challenging sanctions. Some of these projects are among the largest national initiatives, and their completion is critical for boosting production and strengthening the economy.
Iran exported $67 billion worth of oil in the Iranian calendar year 1403 (ended on March, 20, 2025), marking its highest oil revenue in the past decade, according to estimates by the Central Bank of Iran (CBI).
Turkey has discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea, President Tayyip Erdogan said on Saturday.
The acting head of Iran Gas Engineering and Development Company announced that the gas storage capacity at the Sarajeh field will increase to 1.5 billion cubic meters (bcm) per year upon completion of its second phase.
The CEO of Isfahan Oil Refining Company stated that the Residual Hydrotreating Unit (RHU) upgrade project is progressing swiftly without any stoppages or major issues. The only current obstacle is delays in procuring certain project materials due to suppliers failing to meet commitments.
World crude oil price today, May 16, 2025
Brent crude rose 29 cents, or 0.5 percent, to $64.82 a barrel, while U.S. West Texas Intermediate crude rose 27 cents, or 0.4 percent, to $61.89.
China has emerged as the top customer for Canadian oil shipped on the expanded Trans Mountain pipeline, ship tracking data showed, as a U.S. trade war has shifted crude flows in the year since the pipeline started operating.
The United States of America has become the world’s fourth largest supplier of crude oil to India, overtaking the UAE. According to Vortexa, an energy cargo tracking firm, India's US crude imports doubled to reach 0.33 million barrels per day (mbd) in April, increasing from 0.17 mbd in the previous year and 0.24 mbd in March.
The CEO of Pars Oil and Gas Company (POGC) outlined necessary measures to advance the gas pressure-boosting project in South Pars, including providing a comprehensive operational plan, making timely decisions and meeting set deadlines.
World crude oil price today May 15, 2025
Brent crude fell $1.99, or 3 percent, to $64.10 a barrel. U.S. West Texas Intermediate (WTI) crude fell $2.05, or 3.3 percent, to $61.10.
Strathcona Resources has sold all of its Montney assets for about $2.84 billion and acquired Hardisty Rail Terminal as part of its "core area consolidation" strategy, the Canadian oil and gas producer said on Wednesday.
In a significant development, the state-owned Oil India Limited (OIL) commenced its exploration and production activities in Tripura by spudding its well at Debtamura in Tripura’s Gomati district, officials said here on Wednesday.
Iran’s Free Zones High Council announced that commodities valued at $800,000 were exported from Chabahar Free Trade Zone, in southeast of the country, during the first Iranian calendar month Farvardin (March 21-April 21).
The Isfahan Oil Refinery has successfully produced heptane solvent for the first time in Iran. This product plays a significant role in reducing air pollution by cutting MTBE consumption.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 26.71 million barrels per day (bpd) of oil in April, according to the group’s latest report.
World price of Brent crude oil today, May 14, 2025
Brent crude futures fell 64 cents, or about 1 percent, to $65.99 a barrel. U.S. West Texas Intermediate (WTI) crude fell 64 cents, or 1 percent, to $63.03.
India has approved three Russian insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market.
Head of Iran’s Trade Promotion Organization (TPO) Mohammad-Ali Dehqan Dehnavi met with Qatar’s Customs Authority Chief Ahmed Al-Jamal, on the sidelines of Iran Expo 2025, stressing the need to enhance commercial ties and develop trade infrastructure to increase bilateral trade volume.