Brent crude futures rose 76 cents, or 1.11 percent, to $69.40 a barrel. U.S. West Texas Intermediate crude rose 82 cents, or 1.23 percent, to $67.39 a barrel.
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Iran recorded the highest increase in crude oil production among all countries in 2024, boosting its daily output by 374,000 barrels, while top producers like Saudi Arabia and Russia saw significant declines, according to the latest OPEC statistics.
The managing director of the National Iranian Drilling Company (NIDC) said that purchasing 15 new drilling rigs for the oil and gas industry is on the agenda.
Brent crude futures fell 23 cents, or 0.3 percent, to $69.96 a barrel. U.S. West Texas Intermediate crude fell 32 cents, or 0.5 percent, to $68.06 a barrel.
Brent crude rose 48 cents, or 0.7 percent, to $70.63 a barrel. U.S. West Texas Intermediate crude rose 51 cents, or 0.8 percent, to $68.84 a barrel.
Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Wednesday.
Brent crude futures fell 23 cents, or 0.3 percent, to $69.35 a barrel. U.S. West Texas Intermediate crude fell 33 cents, or about 0.5 percent, to $67.60.
NIDC's CEO prioritizes localizing key equipment and increasing domestically manufactured components in drilling projects, resulting in $7 million savings from the construction of its third domestically built rig.
Brent crude rose 36 cents, or 0.5 percent, to $68.66. U.S. West Texas Intermediate crude fell 1 cent to $66.99.
OPEC+ agreed to increase production by 548,000 barrels per day in August, marking the first meeting since oil prices surged and then retreated following attacks on Iran.
Brent crude fell 35 cents, or 0.51 percent, to $68.45 a barrel, while U.S. West Texas Intermediate crude fell 25 cents, or 0.37 percent, to $66.75.
India’s Russian oil imports rose to an 11-month high in June, further cementing Moscow’s continued dominance in New Delhi’s oil import basket.
The Trump administration imposed new sanctions targeting Iran’s oil trade on Thursday as part of its maximum pressure campaign, the US Treasury Department announced.
Brent crude futures fell 58 cents, or 0.8 percent, to $68.53 a barrel. U.S. West Texas Intermediate crude fell 57 cents, or 0.9 percent, to $66.88.
India’s External Affairs Minister S. Jaishankar has said that New Delhi has raised concerns with U.S. Senator Lindsey Graham regarding a proposed bill that threatens to impose massive tariffs, up to 500%, on countries that continue importing oil from Russia.
The Organization of the Petroleum Exporting Countries (OPEC) launched the 2025 edition of its Annual Statistical Bulletin (ASB) on Wednesday, July 2 2025, at the OPEC Secretariat in Vienna, Austria.
Brent crude rose 5 cents to $67.16 a barrel, while U.S. West Texas Intermediate crude was flat at $65.45 a barrel.
Informed trade sources have revealed that Saudi Aramco, the world's largest oil exporter, plans to raise its official selling prices for oil to Asian markets in August, marking the highest levels since April.
Brent crude rose 10 cents, or 0.2 percent, to $66.84 a barrel, while U.S. West Texas Intermediate crude rose 9 cents, or 0.1 percent, to $65.20 a barrel.
Despite a projected decline in long-term global oil demand and a slowdown in 2025 due to Trump's tariffs, S&P Global Commodity Insights forecasts India will lead future oil demand growth, increasing import dependency.