Iran’s petroleum minister said the petrochemical sector is a key economic driver, arguing that stable feedstock supply depends on petrochemical firms investing directly in gas field development—an approach welcomed and legally supported.
OIL Feed Atom
Brent crude oil futures fell by $0.20 to $61.13 a barrel, while U.S. West Texas Intermediate (WTI) futures also declined by $0.20 to $57.75 a barrel.
Saudi Aramco is set to take a 20% stake in BPCL’s $11bn greenfield refinery–petrochemical complex at Ramayapatnam port, as India’s state refiner dilutes 30–40% of the project to strategic investors to meet rising fuel and petrochemical demand.
Despite a U.S. blockade and a sharp fall in exports, at least two oil tankers have reached Venezuela in recent days, underscoring PDVSA’s push to build floating storage and keep crude flowing—mainly to China to repay debt.
Behzad Shamsi, chief financial officer of the National Iranian Oil Company (NIOC), said global oil prices have dropped about 21% in recent months compared with previous periods—a significant decline. However, the oil ministry has partly offset the drop by boosting export volumes and reducing discounts.
Brent crude oil futures rose by 15 cents (a 0.24% increase) to $62.09 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 14 cents (a 0.24% increase) to $58.22 per barrel.
India is offering 50 new exploration blocks for oil, gas, and coal bed methane under multiple bid rounds, aiming to boost domestic output and cut heavy reliance on energy imports, the oil minister said.
Oil output in Kazakhstan declined by around 6% in December, led by a fall at the vast Chevron-led Tengiz oilfield after a Ukrainian drone attack damaged Russia’s Black Sea exporting terminal, an industry source said on Monday.
The head of research and technology at the National Iranian Oil Company said more than 51% of Iran’s recoverable oil reserves have already been produced, underscoring the need to accelerate the development and localization of enhanced oil recovery (EOR) technologies to protect remaining reserves and sustain output.
Brent crude futures rose by 63 cents (equivalent to 1.04%) to $61.27 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 58 cents (equivalent to 1.02%) to $57.32.
India is pursuing more than $30 billion in compensation from Reliance Industries and partner BP in a long-running arbitration dispute, alleging the companies failed to produce vast amounts of natural gas from deepwater fields due to mismanagement, sources familiar with the matter told Reuters exclusively.
The opening of the second train of the central processing unit at the South Azadegan shared oil field will play a key role in sustainable development in the West Karoun region by expanding stable processing capacity, stabilizing production, strengthening the transfer chain and creating jobs, the deputy head of Parliament’s Energy Committee said.
U.S. tariffs and diplomatic claims put India’s balancing act between cheap Russian oil and American demands under the spotlight as officials and industry await hard data on import cuts.
Oil minister said the mechanism for depositing proceeds from oil sales is overseen, monitored and controlled by the Central Bank of Iran, stressing that the Oil Ministry has no role in banking operations related to those funds.
Brent crude oil futures rose 12 cents (0.19%) to $62.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased 19 cents (0.33%) to $58.54 per barrel.
The chief executive of Petropars Group said the operational capacity of the South Azadegan joint oil field has increased to 160,000 barrels per day, citing the start-up of the second train of the central processing facility and the gradual return of wells to production.
Iran’s oil sales volume remains strong and continues at previous levels, Oil Minister Mohsen Paknejad said on Thursday.
Brent crude futures settled 14 cents lower (0.2 percent) at $62.24 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined 3 cents (0.05 percent) to $58.29.
The White House has directed U.S. forces to prioritize enforcing a quarantine on Venezuelan oil for the next two months. This signals Washington’s preference to pressure Caracas through economic leverage rather than military action.
India's largest oil refiner, Reliance Industries Ltd., has resumed oil purchases from Russia for its plant in Gujarat. This was reported by Bloomberg, citing sources.