Futures prices for Brent crude oil fell by $3.34 (4.8%), settling at $65.98 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $3.37 (5.2%) to $61.84 per barrel.
OIL Feed Atom
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
country's drilling industry has entered a new phase of development under the seventh five-year development plan, focusing on expanding drilling fleet capacity and improving operational efficiency. This phase prioritizes acquiring new rigs, modernizing the existing fleet and enhancing key performance indicators to support increased oil and gas production.
US President Donald Trump said India will buy crude oil from Venezuela instead of Iran, Roydad Naft News Agency correspondent reports.
The first electric submersible pump (ESP) at the South Azadegan oil field has been successfully installed and commissioned at well No. 93, drawing on the expertise of domestic specialists. Officials expect that completing the installation of 50 ESPs by June 2026 will add about 35,000 barrels per day to the field’s production capacity.
head of the National Iranian Oil Refining and Distribution Company visited operational units at the Abadan refinery, including Unit 70 and the project’s second phase, accompanied by senior officials and the Abadan lawmaker, to review progress on ongoing projects.
Iran’s Oil minister said there is no need for concern that the United States, after gaining control of Venezuelan oil, could strike deals with Iran’s long-standing oil customers such as China.
Brent crude futures fell 21 cents (0.3%) to $70.50 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 38 cents (0.6%) to $65.04 per barrel.
OPEC+ is likely to keep its pause on oil output increases for March when it meets on Sunday, five delegates told Reuters, even as crude climbs above $70 a barrel on concern the U.S. could launch a military strike on OPEC member Iran.
Brent crude futures rose by $0.94 (1.4%) to $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.92 (1.5%) to $64.13 per barrel.
The United States is handing over to Venezuela a tanker that it seized this month, two U.S. officials told Reuters on Wednesday.
Indian Oil Corp anticipates a significant surge in its annual diesel exports, potentially reaching up to 5 million metric tons by 2027 due to expanded refining capacity.
Brent crude futures declined by 39 cents (0.6%) to $67.18 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 22 cents (0.4%) to $62.17.
U.S. energy major Chevron is pressing Iraq for higher returns on the giant West Qurna 2 oilfield as a condition for stepping in to buy and operate the asset from Russia’s Lukoil, three sources with knowledge of the discussions said.
India’s state-run Hindustan Petroleum Corp Ltd (HPCL) is planning to import Venezuelan crude oil for the first time to expand its activities in the processing of heavier grades in its new fiscal year (FY) beginning in April, Chairman Vikas Kaushal said.
Brent crude futures rose 23 cents (0.35%) to $65.82 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased 29 cents (0.48%) to $60.92 per barrel.
Where exactly is the expected supply glut in the global crude market?
Canada and India will pledge to expand trade in oil and gas as the countries reboot their relationship after a diplomatic chill.
Iran has upgraded mazut quality at its refineries, launched crude-oil desulfurization projects and cut daily gas flaring by up to 14 million cubic meters as part of broader efforts to curb air pollution, the head of the Environmental Protection Organization said.
Brent crude futures rose 23 cents (0.4%) to $66.11 per barrel. U.S. West Texas Intermediate (WTI) crude futures gained 19 cents (0.3%) to $61.26 per barrel.