Amid ongoing diplomatic talks between Iran and the United States that are largely expected to end in sanctions lift, foreign companies are exploring opportunities for investment in Iran’s petroleum industry.
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The Statistical Center of Iran (SCI) has reported a 3% economic growth for the country in 1403 (ended March 20) when including oil, and 2.1% without it.
The CEO of National Iranian South Oil Company (NISOC) announced that the company aims to increase its oil production to more than 2.8 million barrels per day by the end of this year.
World crude oil prices today, May 30, 2025
Brent crude futures fell 21 cents, or 0.33 percent, to $63.94 a barrel. U.S. West Texas Intermediate crude fell 22 cents, or 0.36 percent, to $60.72 a barrel.
The CEO of the National Iranian Oil Company (NIOC) emphasized the need to strengthen the Arvandan Oil and Gas Company to achieve the goal of producing 1 million barrels of oil per day from the West Karun fields.
World crude oil price today May 29, 2025
Brent crude futures rose $1.12, or 1.7 percent, to $66.02 a barrel. U.S. West Texas Intermediate crude rose $1.14, or 1.8 percent, to $62.98 a barrel.
Tankers sanctioned by the United States in January have been used in recent ship-to-ship (STS) transfers of Russian crude on vessels that have ultimately discharged oil in India, Bloomberg reported on Wednesday, citing tanker-tracking data from Kpler and Vortexa.
OPEC and its allies reiterated their commitment to oil market stability by extending production targets until 2026 and mandating new measures for sustainable output evaluation.
The National Iranian Oil Company (NIOC) announced official selling prices for various crude oil grades in June 2025.
India is expected to experience a surge in power demand and renewable energy build-out, if it boosts investments, according to the Rocky Mountain Institute.
Saudi Arabia and Kuwait have announced a new oil discovery in the so-called Partitioned Zone (PZ) between the two OPEC heavyweights which share equally output from the area.
Pasargad Energy Development Company (PEDC) has leveraged artificial intelligence to launch a localized platform for integrated well, reservoir, and surface facility management, as well as the oil industry’s first upstream AI assistant (UIA) based on large language models (LLMs). These innovations have significantly reduced search times and streamlined experts’ access to technical knowledge.
The deputy oil minister announced that Iran is ahead of its planned exploration targets, expressing hope that new technologies will help discover additional oil fields—even smaller ones—while facilitating private sector involvement through IPC contracts or other models.
World crude oil price today May 26, 2025
Brent crude futures rose 39 cents, or 0.6 percent, to $65.17 a barrel, while U.S. West Texas Intermediate crude rose 33 cents, or 0.5 percent, to $61.86 a barrel.
The CEO of the National Iranian Oil Company (NIOC) stressed the need to expedite the implementation of projects by the Iranian Offshore Oil Company (IOOC) in the Persian Gulf.
Former NIOC exploration director warns of increasing difficulty in oil and gas discovery due to low-risk reserves, despite Iran's significant potential for new resources.
The deputy CEO of the National Iranian Drilling Company (NIDC) announced the drilling and completion of 20 onshore oil and gas wells in the first two months of this year (March 21-May 21) using the company’s rigs.
The International Energy Agency (IEA) has again found its ‘missing barrels’. Although the term should be viewed as a misnomer. Barrels are never actually missing; it is just that global demand for oil is being materially under-counted.
The CEO of Isfahan Refinery emphasized that more than 70% of the refinery’s products have been upgraded to meet Euro standards, stating that the facility produces about 15 million liters of Euro 5 gasoline and 25 million liters of diesel daily.
World crude oil price today, May 23, 2025
Brent crude fell 22 cents, or 0.3 percent, to $64.22 a barrel. U.S. West Texas Intermediate crude fell 21 cents, or 0.3 percent, to $60.99.