Iran’s crude oil storage capacity has increased by 2 million barrels following the commissioning of two refurbished tanks at the Kharg oil terminal in the operational zone.
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Iran exported $67 billion worth of oil in the Iranian calendar year 1403 (ended on March, 20, 2025), marking its highest oil revenue in the past decade, according to estimates by the Central Bank of Iran (CBI).
The CEO of Isfahan Oil Refining Company stated that the Residual Hydrotreating Unit (RHU) upgrade project is progressing swiftly without any stoppages or major issues. The only current obstacle is delays in procuring certain project materials due to suppliers failing to meet commitments.
World crude oil price today, May 16, 2025
Brent crude rose 29 cents, or 0.5 percent, to $64.82 a barrel, while U.S. West Texas Intermediate crude rose 27 cents, or 0.4 percent, to $61.89.
China has emerged as the top customer for Canadian oil shipped on the expanded Trans Mountain pipeline, ship tracking data showed, as a U.S. trade war has shifted crude flows in the year since the pipeline started operating.
The United States of America has become the world’s fourth largest supplier of crude oil to India, overtaking the UAE. According to Vortexa, an energy cargo tracking firm, India's US crude imports doubled to reach 0.33 million barrels per day (mbd) in April, increasing from 0.17 mbd in the previous year and 0.24 mbd in March.
World crude oil price today May 15, 2025
Brent crude fell $1.99, or 3 percent, to $64.10 a barrel. U.S. West Texas Intermediate (WTI) crude fell $2.05, or 3.3 percent, to $61.10.
Strathcona Resources has sold all of its Montney assets for about $2.84 billion and acquired Hardisty Rail Terminal as part of its "core area consolidation" strategy, the Canadian oil and gas producer said on Wednesday.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 26.71 million barrels per day (bpd) of oil in April, according to the group’s latest report.
World price of Brent crude oil today, May 14, 2025
Brent crude futures fell 64 cents, or about 1 percent, to $65.99 a barrel. U.S. West Texas Intermediate (WTI) crude fell 64 cents, or 1 percent, to $63.03.
India has approved three Russian insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market.
The vice chairman of the Iranian Parliament’s Energy Committee said investment in the upstream oil sector is a strategic move that drives economic growth, improves livelihoods and enhances public services.
The government spokesperson announced that shallow oil well drilling operations have begun along the Caspian Sea coast after nearly 30 years, praising the efforts of the Oil Ministry’s staff.
World crude oil price today, May 13, 2025
Brent crude futures rose 65 cents, or about 1 percent, to $65.61 a barrel. U.S. West Texas Intermediate (WTI) crude rose 72 cents, or about 1.2 percent, to $62.67.
Wage talks between Norwegian oil firms and two labour unions resulted in a deal on Tuesday, industry and union officials said.
As the ceasefire between India and Pakistan sets in, there is a sense that the Indian government could consider further strengthening of strategic petroleum reserves and contingency mechanisms.
World crude oil price today, May 12, 2025
Brent crude futures rose $2.03, or 3.18 percent, to $65.94 a barrel. U.S. West Texas Intermediate (WTI) crude rose $2.06, or 3.38 percent, to $63.08.
Over $1 billion of Venezuelan oil shipments to China have been rebranded as Brazilian crude by traders, enabling buyers to reduce logistics costs and avoid U.S. sanctions.
A contract to develop the Gouran and Pazan gas fields was signed between the National Iranian Oil Company (NIOC) and three domestic companies on the final day of the 29th Iran International Oil, Gas, Refining, and Petrochemical Exhibition.
The CEO of the National Iranian South Oil Company (NISOC) said the total value of four first-time production contracts signed at the oil exhibition was about $100 million.