Comptroller and Auditor General of India has flagged the “sub-optimal” utilisation of India’s strategic petroleum reserves by the Ministry of Petroleum and Natural Gas, both for emergency crude shortages and commercial use.
OIL Feed Atom
The managing director of Arvandan Oil & Gas Company said production has increased following the start-up and flow of Well 35 at the Darkhovin oil field after years of inactivity, adding 4,000 barrels per day to the company’s oil output.
The U.S. intercepted an oil tanker off Venezuela just days after President Donald Trump ordered a “total and complete blockade” on sanctioned vessels, Homeland Security Secretary Kristi Noem confirmed.
In 2025, global oil demand forecasts shifted as geopolitical tensions, slower renewable adoption, and India’s rising consumption reinforced oil and gas’s stronger-than-expected position.
Iran’s oil minister said the Ministry of Petroleum will remain committed to meeting its targets through the end of the 14th administration and stressed the need to accelerate implementation of Clause (B) of Article 15 of the Seventh Five-Year Development Plan.
Egypt has launched its largest-ever oil and gas exploration program, including seismic surveys over nearly 10% of the country and 101 wells planned for drilling in 2026 under a $5.7 billion investment.
Futures prices for Brent crude oil fell by 12 cents (0.2%) to $59.70 per barrel. Futures prices for U.S. West Texas Intermediate (WTI) crude oil dropped by 16 cents (0.3%) to $55.99 per barrel.
Canadians strongly back expanding oil and gas development amid U.S. trade tensions, but most prefer increasing capacity on existing infrastructure over building new pipelines.
India is rapidly emerging as the world’s leading driver of oil demand growth, outpacing China and fueling a major shift in global energy dynamics through 2030 and beyond.
Brent crude oil futures rose by 42 cents, equivalent to 0.7 percent, reaching $60.10 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 44 cents, equivalent to 0.79 percent, reaching $56.38 per barrel.
A growing fleet of tankers carrying Russia’s flagship Urals crude oil has accumulated off China’s eastern coast, following a sharp reduction in purchases by India—the grade’s largest buyer—due to Western sanctions.
Iran is accelerating refinery upgrade projects under its Seventh National Development Plan, concentrating resources and management on three national priority initiatives, according to NIORDC’s chief.
Cumulative oil production from the Sepehr and Jofeir oil fields has surpassed 34.5 million barrels, according to a report presented at the 24th meeting of the Joint Management Committee for the fields’ development and production increase plan.
Brent crude oil futures rose by 79 cents (1.3 percent) to $59.71 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 77 cents (1.4 percent) to $56.04 per barrel.
Nigeria earned about ₦12.81 trillion from crude oil exports in Q3 2025, representing 56.14% of total exports and highlighting a recovery in oil revenues.
Brent crude futures dropped 35 cents (0.6%) to $60.21 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents (0.5%) to $56.52 per barrel.
Canada’s Imperial Oil plans to boost 2026 capital spending to C$2.0–2.2 billion and raise output to 441,000–460,000 boepd, prioritizing oil sands projects at Kearl and Cold Lake to cut costs and strengthen cash flow amid weaker oil prices.
India’s Petroleum Minister Hardeep Singh Puri announced that ONGC will soon begin production at West Bengal’s Ashoknagar oil field after resolving regulatory issues, with ₹1,000 crore invested since its 2018 discovery and land provided on a nominal lease.
Brent crude oil futures rose 30 cents (0.49%) to $61.42 per barrel. U.S. West Texas Intermediate (WTI) crude futures also gained 28 cents (0.49%) to $57.72.
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin reaffirmed their energy partnership in New Delhi, with Russia pledging steady fuel supplies to India despite U.S. sanctions and tariffs on discounted crude imports.