After successfully producing a great part of oil industry catalysts at home, the country now enjoys the potential to export the catalysts to meet the neighboring countries' needs.
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The head of the parliament’s energy committee has said that foreign investment in Iran’s oil industry quadrupled during the 3 years of the 13th administration in office.
During PM Modi's visit, New Delhi and Moscow aim to establish a long-term crude oil supply arrangement, focusing on consistent, discounted Russian crude supply to India.
Brent futures rose 4 cents to $85.79 a barrel by 0622 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 2 cents to $82.35.
Following the tragic loss of Ibrahim Raisi during the incident of a chopper crash in May, Iran held a snap presidential election in which Masoud Pezeshkian, a reformist-supported candidate was elected as the 9th president of the Islamic Republic of Iran in the run-off election on July 5.
Brent crude futures were down 36 cents, or 0.4%, at $86.18 a barrel, as at 0646 GMT. U.S. West Texas Intermediate crude was at $82.71 a barrel, down 45 cents, or 0.5%.
The head of the National Iranian Gas Company (NIGC) Majid Chegeni has officially unveiled the country’s energy and environment optimization market in the Iran Energy Exchange (IRENEX), Shana reported.
Balanced development and completing the value chain are two main targets of the petrochemical industry which are expected to be attained over the next seven years.
The price of the OPEC basket of twelve crudes rose by 3.91 dollars month-on-month from 83.22 dollars on May 31 to 87.13 on June 30.
China’s independent refiners have increased their crude imports from Iran by 4.3 percent in June to an eight-month high of around 6.1 million metric tons.
Suncor Energy has shut down its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta and curtailed some production as a precaution due to a wildfire about eight kilometres (5 miles) away, according to the company and an Alberta government minister.
Indian oil companies, BPCL, Hindustan, and BPCL are negotiating with Brazilian energy firm Petrobras to secure long-term crude oil supply contracts, as part of India's energy diversification strategy.
Brent crude futures was up 11 cents, or 0.13%, at $87.54 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.29%, to $84.12.
Iran and Turkmenistan have signed a gas swap deal under which Ashgabat will sell up to 10 billion cubic meters (bcm) of natural gas to Iraq each year.
China’s independent refiners have increased their crude imports from Iran by 4.3 percent in June to an eight-month high of around 6.1 million metric tons.
A visit to Russia by Indian Prime Minister Narendra Modi, expected within days, could help dispel worries that New Delhi is getting too close to the West and further away from Moscow, ceding space to China, analysts said.
Brent crude futures were down 43 cents, or 0.49%, at $86.91 a barrel by 0855 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 49 cents, or 0.58%, to $83.39 in trade thinned by the U.S. Independence Day holiday.
While the enemy has announced clearly that it has failed to prevent Iran from selling its crude oil, some call it into doubt at home, the spokesman of the Iranian government Ali Bahadori-Jahromi announced.
The managing director of the National Iranian Gas Company (NIGC) Majid Chegeni has said that the launch of the energy optimization market is one of the tools of people's participation.
Iranian Minister of Petroleum Javad Owji says that Iran’s foreign exchange revenue from exporting crude, gas condensate, oil products, and petrochemicals rose 3.5 times during the 13th administration in office since August 2021.