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.
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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.
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.
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.