Iran’s oil minister said Wednesday that the snapback mechanism would not create new obstacles to crude oil sales, stressing that the government has plans in place should challenges arise.
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The National Iranian Oil Company is centering its plans on boosting production and capturing associated gas despite external pressures and sanctions, the company’s chief said Wednesday.
Commerce and industry minister Piyush Goyal has indicated that India could buy more oil from the US amid repeated calls from American President Donald Trump for India and China to lower purchase of Russian crude.
Brent crude futures rose 3 cents to $67.66 a barrel. U.S. West Texas Intermediate crude futures rose 5 cents to $63.46.
India is a very close partner of the US, but President Donald Trump has imposed additional tariffs on New Delhi for its purchases of Russian oil as part of actions taken against President Vladimir Putin for the Ukraine war, Secretary of State Marco Rubio has said.
Iranian refineries are expanding efforts to conserve water and energy by building wastewater treatment plants and investing in solar power generation, a senior oil official said.
Brent crude futures fell 34 cents, or 0.51 percent, to $66.23 a barrel, while U.S. West Texas Intermediate crude fell 29 cents, or 0.47 percent, to $61.99 a barrel.
Iran’s oil exports are continuing without interruption, the head of the National Iranian Oil Company (NIOC) said on Monday, dismissing reports of losses from changes in sales methods.
Brent crude futures rose 45 cents, or 0.67 percent, to $67.13 a barrel, while U.S. West Texas Intermediate crude rose 47 cents, or 0.75 percent, to $63.15 a barrel.
Iraq has increased oil exports following the gradual unwinding of voluntary production cuts under an OPEC+ agreement, the country's state oil marketer SOMO said on Sunday.
ONGC plans to begin drilling stratigraphic wells in India's offshore basins next year, as part of India's efforts to boost oil and gas exploration for energy security and reduced imports.
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.
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.