The National Iranian Drilling Company announced the completion of drilling operations on the second development well at the Yadavaran joint oil field, part of a six-well project.
OIL Feed Atom
Iran's petroleum industry saw a significant shift in May 2025, with the National Iranian Oil Co. (NIOC) introducing over 200 investment opportunities worth $137 billion, promoting partnerships with the private sector and foreign investors.
Brent crude futures fell 17 cents, or 0.3 percent, to $67.27 a barrel, while U.S. West Texas Intermediate crude futures fell 19 cents, or 0.3 percent, to $63.38.
The CEO of the National Iranian Drilling Company (NIDC), Mehran Makvandi, announced that two wells in Lali oilfield, codenamed 37 and 38, have been put into operation for field testing by Masjed Soleiman Oil and Gas Exploitation Company.
Brent crude fell 26 cents, or 0.38 percent, to $67.69 a barrel, while U.S. West Texas Intermediate futures fell 28 cents, or 0.44 percent, to $63.77.
TotalEnergies has signed four production sharing contracts (PSC) with the Liberia Petroleum Regulatory Agency for the LB-6, LB-11, LB-17 and LB-29 offshore exploration blocks, which were awarded under the 2024 Direct Negotiation Licensing Round.
Brent crude futures fell 33 cents, or 0.5 percent, to $68.14 a barrel, while U.S. West Texas Intermediate crude futures fell 32 cents, or 0.5 percent, to $64.20 a barrel.
The United States has announced new Iran-related sanctions, targeting what it has described as a network of “shadow banking” that has facilitated financial transactions resulting from Iran’s oil sales and other activities.
Brent crude futures fell 20 cents, or 0.3 percent, to $67.24 a barrel, while U.S. West Texas Intermediate crude fell 19 cents to $63.11, also down 0.3 percent.
Ukraine is restricting imports of diesel from India due to India's continued purchases of Russian crude, which holds about a third of total Indian oil imports.
Daily oil production in Iran has increased by 3,000 barrels following the launch of well Fahliyan-52 at the South Azadegan field, raising the field’s total output to 61,900 barrels per day, Petropars Group said.
Brent crude futures rose 32 cents, or 0.5 percent, to $67.31 a barrel, while U.S. West Texas Intermediate crude rose 32 cents, or 0.5 percent, to $63.01 a barrel.
US President Trump imposed a 50% tariff on India for Russian oil, causing a rift between the two countries, justifying the move to curb Russia's finances.
Iran’s Oil Ministry has established a special task force aimed at improving oil and gas production methods and tools, as well as developing enhanced recovery technologies, a senior official announced.
heavy crude fell $1.63 to $69.18/b in Aug as OPEC output jumped 478k bpd to 27.95m. Iran’s output slipped 27k to 3.22m bpd; OPEC+ to lift quotas in Oct amid steady demand outlook.
Brent crude futures rose 42 cents, or 0.6 percent, to $66.79 a barrel, while U.S. West Texas Intermediate crude rose 31 cents, or 0.5 percent, to $62.68.
Under Donald Trump's administration, the US is advocating for coordinated action among G7 countries to impose steep tariffs on Chinese and Indian imports.
President Masoud Pezeshkian has emphasized the need for Iran to reduce reliance on oil revenues and unlock the full potential of domestic talent and industry.
Brent crude futures fell 21 cents, or 0.3 percent, to $67.28 a barrel, while U.S. West Texas Intermediate crude futures fell 26 cents, or 0.4 percent, to $63.41.
India continues to buy cheap Russian crude oil, despite being punished for it by the United States.Last year, India’s imports of Russian crude surpassed 1.7 million barrels per day.India is betting big on clean energy, but coal remains key in its energy mix.