Over 92% of Iran’s electricity still comes from fossil fuels, prompting government efforts to boost renewable energy and address its persistent energy imbalance.
OIL Feed Atom
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 $59.50 per barrel.
Two supertankers are delivering 4 million barrels of Guyanese crude to India—the first direct shipments since 2021—as refiners seek alternatives to sanctioned Russian oil.
The Yaran Field project manager announced that Well No. 22 has been successfully equipped with an electric submersible pump, tested, stabilized, and connected to the production network.
Futures for Brent crude climbed by 94 cents (1.51 %) to settle at US$ 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.
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.
head of the National Iranian Oil Company announced the start of drilling operations for development wells at the Belal field, relying on the expertise of Iranian engineers.
The future price of Brent crude climbed by 0.24 dollars (0.38 percent) to reach $63.58 per barrel. The futures price of U.S. West Texas Intermediate (WTI) crude rose by 0.43 dollars (0.73 percent), arriving at $59.08 per barrel.
Canada, even with new billion‑dollar projects and UAE investment pledges, plays only a minor role in global critical minerals processing—operating one rare‑earth mine, producing 400 tonnes of NdPr annually compared to China’s 83,697, and with most facilities foreign‑owned.
Saudi Arabia plans to lower January crude prices to Asia by up to 50 cents per barrel—the second monthly cut and lowest in five years—amid falling benchmarks and rising OPEC+ supply.
Futures for Brent crude oil fell 33 cents (0.5%) to $62.81 per barrel. At the same time, U.S. West Texas Intermediate (WTI) crude futures declined 32 cents (0.6%) to $58.39 per barrel.
Iran’s Esfahan Oil Refining Co says its LPG recovery project – set to add $8M annual revenue – has hit 96% completion and will start up before year-end despite sanctions delays.
A landmark pipeline deal in Canada between PM Mark Carney and Alberta Premier Danielle Smith will enable 1 million bpd of new oilsands exports but will increase emissions despite carbon-price fixes and a $16.5B capture project.
A sanctioned Aframax carrying Russian ESPO crude for Indian Oil Corp remains floating off Paradip port as authorities delay discharge pending online verification of insurance from Russia’s Soglasie.
Brent crude futures climbed 19 cents (0.3%) to $62.67 per barrel, while U.S. West Texas Intermediate (WTI) added 14 cents (0.24%) to settle at $58.09 per barrel.
Indian banks are cautiously reentering Russian crude financing, backing only sanctions-compliant trades with non-blacklisted sellers, vessels, and payment systems, according to Bloomberg.