Brent crude futures dropped 67 cents (about 1%) on Monday to settle at $67.38 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) futures fell 61 cents (1%) to $62.94 per barrel.
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Indian Oil Corp bought six million barrels of crude from West Africa and the Middle East, traders said, as the Asian country steered clear of Russian oil in New Delhi's push for a trade deal with Washington.
Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.
Iran’s oil industry has set new records in production, exports and capacity development over the past 18 months, despite continued sanctions and external constraints.
US President Donald Trump has removed the 25 per cent tariffs it imposed on India for purchasing Russian oil, citing that the country has undertaken "significant steps" and New Delhi has committed to stop directly or indirectly importing oil from Moscow.
Brent crude futures fell 5 cents (0.1%) to $67.50 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined 11 cents (0.2%) to $63.18 per barrel.
Reliance Industries has partially unloaded a cargo of jet fuel in Italy. This is India's first export to the region since the EU ban on petroleum products derived from Russian oil came into effect on January 21, according to shipowners' data and trading sources, Reuters reports.
Iran’s Persian Gulf oil pipelines region recorded a 13 percent rise in oil product transfers in the first 10 months of the current Iranian calendar year (late March, 2025-late January, 2026) compared with the same period last year, the regional director said.
Brent crude futures fell by 86 cents (equivalent to a 1.2% decrease) to $68.6 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 82 cents (about a 1.3% decrease) to $64.32.
Indian Oil Corporation (IOC), India’s leading state-owned refiner, reported a dramatic more than four-fold increase in third-quarter net profit on Thursday, driven by significantly improved refining margins amid a sharp drop in global crude oil prices.
head of Iran’s Oil Pipelines and Telecommunications Company said the country has added about 1,000 kilometers of new pipelines, bringing the total length of its crude oil and petroleum product pipeline network to 15,000 kilometers.
Brent crude futures rose 46 cents (0.7%) to $67.79 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 52 cents (0.8%) to $63.73.
India will diversify its energy sources as a strategy amid changing global circumstances and ensure energy security for its citizens, Trade Minister Piyush Goyal said on Wednesday, days after the U.S. said New Delhi will halt Russian oil purchases.
Power plant gasoil reserves reached more than 3.4 billion liters for the first time in the country’s history in Aban this year, equivalent to more than 90% of total storage capacity. The level marks an increase of 86% and 6%, respectively, compared with the highest reserves recorded in the Iranian years 1403 (2024) and1402 (2023).
Brent crude futures fell by 68 cents (1%) to $65.62 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 60 cents (1%) to $61.54 per barrel.
Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following a trade deal with Washington.
Futures prices for Brent crude oil fell by $3.34 (4.8%), settling at $65.98 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $3.37 (5.2%) to $61.84 per barrel.
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
country's drilling industry has entered a new phase of development under the seventh five-year development plan, focusing on expanding drilling fleet capacity and improving operational efficiency. This phase prioritizes acquiring new rigs, modernizing the existing fleet and enhancing key performance indicators to support increased oil and gas production.
US President Donald Trump said India will buy crude oil from Venezuela instead of Iran, Roydad Naft News Agency correspondent reports.