Iran’s Persian Gulf oil pipelines region recorded a 13 percent rise in oil product transfers in the first 10 months of the current Iranian calendar year (late March, 2025-late January, 2026) compared with the same period last year, the regional director said.
OIL Feed Atom
Brent crude futures fell by 86 cents (equivalent to a 1.2% decrease) to $68.6 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by 82 cents (about a 1.3% decrease) to $64.32.
Indian Oil Corporation (IOC), India’s leading state-owned refiner, reported a dramatic more than four-fold increase in third-quarter net profit on Thursday, driven by significantly improved refining margins amid a sharp drop in global crude oil prices.
head of Iran’s Oil Pipelines and Telecommunications Company said the country has added about 1,000 kilometers of new pipelines, bringing the total length of its crude oil and petroleum product pipeline network to 15,000 kilometers.
Brent crude futures rose 46 cents (0.7%) to $67.79 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 52 cents (0.8%) to $63.73.
India will diversify its energy sources as a strategy amid changing global circumstances and ensure energy security for its citizens, Trade Minister Piyush Goyal said on Wednesday, days after the U.S. said New Delhi will halt Russian oil purchases.
Power plant gasoil reserves reached more than 3.4 billion liters for the first time in the country’s history in Aban this year, equivalent to more than 90% of total storage capacity. The level marks an increase of 86% and 6%, respectively, compared with the highest reserves recorded in the Iranian years 1403 (2024) and1402 (2023).
Brent crude futures fell by 68 cents (1%) to $65.62 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 60 cents (1%) to $61.54 per barrel.
Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following a trade deal with Washington.
Futures prices for Brent crude oil fell by $3.34 (4.8%), settling at $65.98 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $3.37 (5.2%) to $61.84 per barrel.
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
country's drilling industry has entered a new phase of development under the seventh five-year development plan, focusing on expanding drilling fleet capacity and improving operational efficiency. This phase prioritizes acquiring new rigs, modernizing the existing fleet and enhancing key performance indicators to support increased oil and gas production.
US President Donald Trump said India will buy crude oil from Venezuela instead of Iran, Roydad Naft News Agency correspondent reports.
The first electric submersible pump (ESP) at the South Azadegan oil field has been successfully installed and commissioned at well No. 93, drawing on the expertise of domestic specialists. Officials expect that completing the installation of 50 ESPs by June 2026 will add about 35,000 barrels per day to the field’s production capacity.
head of the National Iranian Oil Refining and Distribution Company visited operational units at the Abadan refinery, including Unit 70 and the project’s second phase, accompanied by senior officials and the Abadan lawmaker, to review progress on ongoing projects.
Iran’s Oil minister said there is no need for concern that the United States, after gaining control of Venezuelan oil, could strike deals with Iran’s long-standing oil customers such as China.
Brent crude futures fell 21 cents (0.3%) to $70.50 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 38 cents (0.6%) to $65.04 per barrel.
OPEC+ is likely to keep its pause on oil output increases for March when it meets on Sunday, five delegates told Reuters, even as crude climbs above $70 a barrel on concern the U.S. could launch a military strike on OPEC member Iran.
Brent crude futures rose by $0.94 (1.4%) to $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $0.92 (1.5%) to $64.13 per barrel.
The United States is handing over to Venezuela a tanker that it seized this month, two U.S. officials told Reuters on Wednesday.
