Iran’s Oil Minister has ordered the resumption of exploratory drilling in the shallow waters of the Caspian Sea, ending a 30-year pause in operations.
OIL Feed Atom
Iran Oil Pipelines and Telecommunications Company (IOPTC) signed two memorandums of understanding (MoUs) in the field of pipeline physical monitoring with new technology-based firms (NTBFs).
Government spokesperson Fatemeh Mohajerani said Saturday that young engineers in the oil industry have successfully addressed key challenges in the sector, emphasizing the government’s duty to support them and help resolve obstacles.
World crude oil price today, May 9, 2025
Brent crude rose 43 cents, or 0.68 percent, to $63.27 a barrel, while U.S. West Texas Intermediate crude rose 42 cents, or 0.7 percent, to $60.33 a barrel.
Indian Oil Corporation confirms adequate fuel and LPG stocks, reassures public not to panic buy, as fuel and LPG are readily available at all outlets.
The CEO of the National Iranian Oil Company (NIOC) said Iran is on its way to becoming the largest operational hub for the oil industry in the region.
World crude oil price today, May 8, 2025
Brent crude futures rose 10 cents, or 0.2 percent, to $61.22 a barrel, while U.S. West Texas Intermediate crude rose 13 cents, or 0.2 percent, to $58.20 a barrel.
India’s imports of crude oil from the US rose sharply by nearly 34% on a month-on-month basis in April as the country ramped up shipments from America.
Iranian oil minister plans $10 billion in projects by March 2026, increasing oil and gas production capacity, attracting investment, and supporting new technology-based firms.
The 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025) was officially inaugurated by Oil Minister Mohsen Paknejad, who unveiled the event’s official logo.
World crude oil prices today, May 7, 2025
Brent crude futures rose 1.2 percent to $62.88 a barrel, while U.S. West Texas Intermediate crude rose 81 cents, or 1.4 percent, to $59.90 a barrel.
Canadian oil producer Suncor Energy reported first-quarter profit above analysts' expectations on Tuesday, as it benefited from greater refinery production and sales volumes.
World crude oil prices today, May 06, 2025
Brent crude futures rose $1.15 to $61.38 a barrel, while U.S. West Texas Intermediate crude rose $1.11 to $58.24 a barrel.
U.S. President Donald Trump said Moscow and Kyiv want to settle the war in Ukraine and that Russian President Vladimir Putin was more inclined towards peace after the recent fall in the price of oil.
Tehran is to host its 29th International Oil, Gas, Refining and Petrochemical Exhibition dubbed as Iran Oil Show 2025 with the aim of introducing the country's industrial and commercial capabilities in the oil and gas sector.
Saudi Arabia and India agreed to enhance energy cooperation, including Saudi investment in two refineries. However, initial talks have been halted due to Saudi Arabia's disagreements with India over crude supply.
World crude oil price today, May 5, 2025
Brent crude fell $2.21, or 3.61 percent, to $59.08 a barrel, while U.S. West Texas Intermediate crude fell $2.29, or 3.93 percent, to $56.00 a barrel.
Iran Oil Show 2025, set to begin on May 8, will showcase the country's significant role in the global energy supply chain, attracting over 2,000 companies from 14 countries.
OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, the group said on Saturday, despite falling prices and expectations of weaker demand.
A joint meeting was held between managers and contractors of the Yaran oil field development project to explore strategies for speeding up the project's progress.