The European Union's delayed ban-effective January 21 next year-on fuels made from Russian crude offers temporary relief, but its restrictive definition of such fuels could pose a challenge to Indian exporters.
OIL Feed Atom
Specialists at Iranian Offshore Oil Company (IOOC) designed and manufactured spare parts for safety valves at the Salman oil and gas platform using domestic expertise and reverse engineering, overcoming challenges posed by international sanctions.
Brent crude futures were down 12 cents, or 0.2 percent, at $69.16 a barrel after falling 0.35 percent on Friday. U.S. West Texas Intermediate crude was flat at $67.34 after falling 0.3 percent in the previous session.
India's petroleum product exports worth USD 15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of Russian crude oil refined in third countries, economic think tank GTRI said.
Iran's oil and petroleum products pipeline network is set to surpass 15,000 kilometers after major transmission projects are completed and commissioned.
The deputy speaker of Iran’s Parliament praised the operational teams at the Abadan Oil Refinery for containing the fire at Unit 70 of the facility.
India's Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, hopes for a potential reduction in petrol and diesel prices, pending stable global crude oil prices for the next two to three months.
The European Union has imposed sanctions on India's Nayara Energy's Vadinar refinery in Gujarat, as part of its 18th sanctions package targeting Russia's energy sector. The move aims to curb Russia's war budget but has sparked India's criticism of the EU's energy trade standards.
Iran has increased crude oil production by 38,000 barrels per day (bpd) at its South Azadegan oilfield over the past 10 months, following the successful drilling and completion of 17 wells, the head of Petropars, the company developing the field, said.
Brent crude rose 73 cents, or 1.05 percent, to $70.25 a barrel. U.S. West Texas Intermediate crude rose 83 cents, or 1.23 percent, to $68.37.
An Iranian missile attack on Israel's Haifa Bay refinery has caused estimated damages ranging between $150 million and $200 million, according to statements from Bazan Group, the facility’s operator.
Brent crude futures rose 17 cents, or about 0.3 percent, to $68.67 a barrel. U.S. West Texas Intermediate crude futures rose 31 cents, or 0.5 percent, to $66.69.
The price of Iran’s heavy crude oil climbed by $5.88, or 9.2 percent, in June compared to May, reaching $69.13 per barrel, according to OPEC’s latest monthly report.
India's Russian crude imports increased to 1.75 million barrels per day in H1 2025, retaining Russia's 35% share of the Indian oil market. However, the shrinking discount on Urals crude indicates a fading advantage, with shipping costs dropping.
Iran’s oil minister said Wednesday the country’s crude production and exports are ongoing and stable, though he declined to provide specific figures.
Brent crude futures fell 17 cents, or 0.3 percent, to $68.54 a barrel. U.S. West Texas Intermediate crude futures fell 11 cents, or 0.2 percent, to $66.41.
The deputy CEO of the National Iranian Drilling Company reported a 78% drilling fleet productivity and a 9.1% reduction in standby time in Q1 due to domestic capabilities and centralized management.
Brent crude fell 32 cents, or 0.5 percent, to $68.89 a barrel. U.S. West Texas Intermediate crude fell 44 cents, or 0.7 percent, to $66.54.
India may face economic consequences as the US considers a 500% tariff on Russian energy imports, disrupting India's energy strategy and raising oil prices.
The National Iranian Drilling Company (NIDC) has developed a comprehensive annual plan to overhaul and modernize seven drilling rigs as part of a broader strategy to enhance technical and specialized services across the country’s onshore oil and gas fields, a senior official said.