Brent crude oil futures rose by 15 cents (a 0.24% increase) to $62.09 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 14 cents (a 0.24% increase) to $58.22 per barrel.
OIL Feed Atom
India is offering 50 new exploration blocks for oil, gas, and coal bed methane under multiple bid rounds, aiming to boost domestic output and cut heavy reliance on energy imports, the oil minister said.
Oil output in Kazakhstan declined by around 6% in December, led by a fall at the vast Chevron-led Tengiz oilfield after a Ukrainian drone attack damaged Russia’s Black Sea exporting terminal, an industry source said on Monday.
The head of research and technology at the National Iranian Oil Company said more than 51% of Iran’s recoverable oil reserves have already been produced, underscoring the need to accelerate the development and localization of enhanced oil recovery (EOR) technologies to protect remaining reserves and sustain output.
Brent crude futures rose by 63 cents (equivalent to 1.04%) to $61.27 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 58 cents (equivalent to 1.02%) to $57.32.
India is pursuing more than $30 billion in compensation from Reliance Industries and partner BP in a long-running arbitration dispute, alleging the companies failed to produce vast amounts of natural gas from deepwater fields due to mismanagement, sources familiar with the matter told Reuters exclusively.
The opening of the second train of the central processing unit at the South Azadegan shared oil field will play a key role in sustainable development in the West Karoun region by expanding stable processing capacity, stabilizing production, strengthening the transfer chain and creating jobs, the deputy head of Parliament’s Energy Committee said.
U.S. tariffs and diplomatic claims put India’s balancing act between cheap Russian oil and American demands under the spotlight as officials and industry await hard data on import cuts.
Oil minister said the mechanism for depositing proceeds from oil sales is overseen, monitored and controlled by the Central Bank of Iran, stressing that the Oil Ministry has no role in banking operations related to those funds.
Brent crude oil futures rose 12 cents (0.19%) to $62.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased 19 cents (0.33%) to $58.54 per barrel.
The chief executive of Petropars Group said the operational capacity of the South Azadegan joint oil field has increased to 160,000 barrels per day, citing the start-up of the second train of the central processing facility and the gradual return of wells to production.
Iran’s oil sales volume remains strong and continues at previous levels, Oil Minister Mohsen Paknejad said on Thursday.
Brent crude futures settled 14 cents lower (0.2 percent) at $62.24 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined 3 cents (0.05 percent) to $58.29.
The White House has directed U.S. forces to prioritize enforcing a quarantine on Venezuelan oil for the next two months. This signals Washington’s preference to pressure Caracas through economic leverage rather than military action.
India's largest oil refiner, Reliance Industries Ltd., has resumed oil purchases from Russia for its plant in Gujarat. This was reported by Bloomberg, citing sources.
Iran’s oil minister said discounts offered on Iranian crude sales have steadily declined over the past year, while early data from a new gasoline policy show lower fuel consumption, though he cautioned against drawing short-term conclusions.
The front-month Brent crude oil futures contract rose by $0.17 (0.27%) to $62.55 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures contract increased by $0.20 (0.34%) to $58.58 per barrel.
A growing backlog of at least 20 tankers loaded with Russian crude has formed off the coasts of India and China, turning vast volumes of oil into floating storage as unloading delays mount despite Russia’s exports hitting a more than two-and-a-half-year high.
Brent crude futures rose by 7 cents (0.11%) to $62.14 per barrel. U.S. West Texas Intermediate (WTI) crude increased by 4 cents (0.07%) to $58.05 per barrel.
In 2025, China has supplanted OPEC+ as the key oil price setter by using its import and storage strategy to enforce both a floor and a ceiling on crude prices.