Iran’s Oil Minister held discussions with India’s Minister of Petroleum and Natural Gas on expanding bilateral cooperation in the oil and energy sectors.
OIL Feed Atom
Iran’s Oil Minister announced the Islamic Republic of Iran’s readiness to engage in active and constructive cooperation with BRICS members to achieve the goals of secure and affordable energy.
Brent crude futures dropped $1.20 (1.56%) to $75.88 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.14 (1.6%) to $72.07 per barrel.
Oil Minister Mohsen Paknejad departed for India on Wednesday to attend the 11th BRICS Energy Ministers’ Meeting, where member states will discuss cooperation, sustainable energy development and shared priorities in the energy sector.
Brent crude futures slipped 26 cents, or about 0.3%, to $77.64 a barrel. U.S. West Texas Intermediate (WTI) crude futures declined 17 cents, or 0.2%, to $73.69 a barrel.
The chief executive of the Iranian Offshore Oil Company (IOOC) said the successful installation of the main platform for the Reshadat oil field development project will increase the field’s production capacity by 35,000 barrels per day while enabling the injection of 80,000 barrels of water per day to maintain reservoir pressure and support long-term recovery.
Iran and Tajikistan discussed ways to expand bilateral cooperation in oil and petroleum products trade, as the two countries seek to strengthen energy and economic ties.
Brent crude futures dropped $1.74 (2.16%) to $78.83 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined $0.73 to $75.87 per barrel.
Iran installed the P4 processing platform at the Reshadat oil field in the Persian Gulf, marking a major milestone in the development of one of the country’s most important offshore energy assets.
The admission of the ineffectiveness of oil sanctions against Iran comes after the signing of the memorandum of understanding ending the war between America and the Zionist regime against Iran, voiced by American officials. This follows Mohsen Paknejad, the oil minister, having previously responded decisively to Donald Trump's "maximum pressure" order aimed at reducing Iran's oil exports to zero, declaring that America's maximum pressure policy on Iran's oil exports has failed and that reducing Iran's oil exports to zero is a wish they will never achieve.
The head of the Iranian Offshore Oil Company (IOOC) said installation of the P4 processing platform at the Reshadat oil field will significantly increase Iran’s offshore oil production capacity in the Persian Gulf.
Brent crude futures dropped 24 cents, or 0.3%, to $79.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 58 cents, or 0.8%, to $77.18 per barrel.
According to a report by tanker-tracking firm TankerTrackers.com, the Islamic Republic of Iran has exported approximately 18 million barrels of crude oil over the past five days, generating an estimated $1.44 billion in revenue.
Brent crude futures dropped $1.02, or 1.28%, to settle at $78.53 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined $1.48, or 1.93%, to $75.31 per barrel.
Brent crude futures rose by 93 cents, or 1.2%, to $79.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 79 cents, or 1%, to $76.84 per barrel.
The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday.
Brent crude futures dropped $3.20 (3.85%) to settle at $79.97 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $3.52 (4.36%) to $77.23 per barrel.
Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The economic consequences of Washington's military confrontation with Iran are becoming increasingly visible inside the United States itself, as the country's Strategic Petroleum Reserve (SPR) has fallen to its lowest level in more than four decades.
Brent crude futures dropped $4.16 (4.8%) to $83.17 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $4.39 (5.2%) to $80.49 per barrel.