Iran’s oil minister said discounts offered on Iranian crude sales have steadily declined over the past year, while early data from a new gasoline policy show lower fuel consumption, though he cautioned against drawing short-term conclusions.
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The front-month Brent crude oil futures contract rose by $0.17 (0.27%) to $62.55 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures contract increased by $0.20 (0.34%) to $58.58 per barrel.
A growing backlog of at least 20 tankers loaded with Russian crude has formed off the coasts of India and China, turning vast volumes of oil into floating storage as unloading delays mount despite Russia’s exports hitting a more than two-and-a-half-year high.
Brent crude futures rose by 7 cents (0.11%) to $62.14 per barrel. U.S. West Texas Intermediate (WTI) crude increased by 4 cents (0.07%) to $58.05 per barrel.
In 2025, China has supplanted OPEC+ as the key oil price setter by using its import and storage strategy to enforce both a floor and a ceiling on crude prices.
Despite record highs in India’s main indices, several fundamentally strong large-cap stocks are near 52-week lows, creating potential buying opportunities.
Iran’s oil minister issued a standardized Innovative Product Development Agreement, known as the PDA, to support the use of advanced products and expand domestic manufacturing by new technology-based firms (NTBFs) across the oil industry.
Brent crude futures rose by $1.11 (1.84%) to $61.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $1.04 (1.84%) to $57.56 per barrel.
Comptroller and Auditor General of India has flagged the “sub-optimal” utilisation of India’s strategic petroleum reserves by the Ministry of Petroleum and Natural Gas, both for emergency crude shortages and commercial use.
The managing director of Arvandan Oil & Gas Company said production has increased following the start-up and flow of Well 35 at the Darkhovin oil field after years of inactivity, adding 4,000 barrels per day to the company’s oil output.
The U.S. intercepted an oil tanker off Venezuela just days after President Donald Trump ordered a “total and complete blockade” on sanctioned vessels, Homeland Security Secretary Kristi Noem confirmed.
In 2025, global oil demand forecasts shifted as geopolitical tensions, slower renewable adoption, and India’s rising consumption reinforced oil and gas’s stronger-than-expected position.
Iran’s oil minister said the Ministry of Petroleum will remain committed to meeting its targets through the end of the 14th administration and stressed the need to accelerate implementation of Clause (B) of Article 15 of the Seventh Five-Year Development Plan.
Egypt has launched its largest-ever oil and gas exploration program, including seismic surveys over nearly 10% of the country and 101 wells planned for drilling in 2026 under a $5.7 billion investment.
Futures prices for Brent crude oil fell by 12 cents (0.2%) to $59.70 per barrel. Futures prices for U.S. West Texas Intermediate (WTI) crude oil dropped by 16 cents (0.3%) to $55.99 per barrel.
Canadians strongly back expanding oil and gas development amid U.S. trade tensions, but most prefer increasing capacity on existing infrastructure over building new pipelines.
India is rapidly emerging as the world’s leading driver of oil demand growth, outpacing China and fueling a major shift in global energy dynamics through 2030 and beyond.
Brent crude oil futures rose by 42 cents, equivalent to 0.7 percent, reaching $60.10 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 44 cents, equivalent to 0.79 percent, reaching $56.38 per barrel.
A growing fleet of tankers carrying Russia’s flagship Urals crude oil has accumulated off China’s eastern coast, following a sharp reduction in purchases by India—the grade’s largest buyer—due to Western sanctions.
Iran is accelerating refinery upgrade projects under its Seventh National Development Plan, concentrating resources and management on three national priority initiatives, according to NIORDC’s chief.