Where exactly is the expected supply glut in the global crude market?
OIL Feed Atom
Canada and India will pledge to expand trade in oil and gas as the countries reboot their relationship after a diplomatic chill.
Iran has upgraded mazut quality at its refineries, launched crude-oil desulfurization projects and cut daily gas flaring by up to 14 million cubic meters as part of broader efforts to curb air pollution, the head of the Environmental Protection Organization said.
Brent crude futures rose 23 cents (0.4%) to $66.11 per barrel. U.S. West Texas Intermediate (WTI) crude futures gained 19 cents (0.3%) to $61.26 per barrel.
Construction of the first offshore platform jacket at Iran’s Farzad B gas field is 93 percent complete, the project’s development manager said, adding that the structure is expected to be loaded for transport in the coming days and installed by the end of the year.
Libya signed a 25-year oil development agreement on Saturday with France's TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said.
Iran’s crude oil production edged down marginally in December 2025 even as overall output by the Organization of the Petroleum Exporting Countries (OPEC) increased, according to the group’s latest monthly report.
India can leverage its growing energy demand to negotiate better oil and gas supply deals, Oil Minister Hardeep Singh Puri said on Friday, as its refiners continue seeking alternatives to Russian oil.
Daily crude oil production by OPEC member countries rose by 105,000 barrels in the final month of 2025, reaching 28.564 million barrels per day in December, according to the organization’s latest report.
Brent crude futures rose by $0.54 (approximately 0.84%) to $64.60 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.43 (about 0.72%) to $59.80.
Indian Oil Corp (IOC) buys 7M barrels of crude for March: 2M Buzios from Brazil’s Petrobras, 3M from Abu Dhabi (Murban + Upper Zakum), 2M Angola grades (Hungo/Clove via Exxon) — accelerating shift away from Russian oil amid tighter sanctions & lowest Russian imports in 2 yrs.
Brent crude futures rose by $0.10 (0.15%) to $65.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.14 (0.23%) to $60.76 per barrel.
Venezuelan crude shipments under a $2 billion supply agreement with the United States have reached roughly 7.8 million barrels, but logistical bottlenecks, pricing resistance from buyers and storage overhangs are slowing progress and delaying a full reversal of output cuts.
The CEO of PetroIran Development Company said the investment volume under a contract to supply four drilling rigs to the National Iranian Oil Company (NIOC) is about $200 million, adding that the public-private partnership (PPP) contract model guarantees the company’s operations for five years, significantly reducing investment risk for the private sector.
Brent crude futures dropped 97 cents (1.5% decline) to $63.95 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 78 cents (1.3% decline) to $59.58.
India’s state-run Bharat Petroleum Corporation (BPCL) has awarded one-year import tenders for Iraqi and Omani crude oil, awarded to trader Trafigura, as Indian refiners increase spot market purchases from the Middle East to partially offset reduced reliance on Russian oil.
Iran’s oil production will increase by 135,000 barrels per day through the installation of 11 rapid-installation processing units, according to the CEO of the National Iranian Oil Company.
Brent crude futures dropped $0.16 (0.3 percent decline) to $63.78 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $0.22 (0.4 percent decline) to $59.12.
Brent crude futures fell by $0.40 (0.62%) to $63.79 a barrel. U.S. West Texas Intermediate (WTI) futures also declined by $0.44 (0.74%) to $59.00 a barrel.
Iran plans to outsource 12% of crude oil processing within the National Iranian Oil Company (NIOC) to the private and non-governmental sectors through public-private partnership (PPP) projects using skid-mounted equipment, a senior NIOC official said, citing faster execution and lower delays compared with traditional contracts.