Brent crude futures for June , which expire on Tuesday, were down by 51 cents, or 0.6%, to $88.99 a barrel by 0950 GMT. The more active July contract fell 27 cents, or 0.3%, to $87.94 a barrel.
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The new statistics released by the International Monetary Fund (IMF) show that Iran's oil production in 2023 saw an increase of 500,000 barrels per day (bpd) in comparison to the previous year, reaching 3.1 million bpd.
Iran, as the third largest LPG producer in the world, is capable of exporting the product to African countries, acting head of international affairs at the National Iranian Gas Company (NIGC), Amirhoushang Karami, said.
Iran which holds the second largest natural gas reserves in the world, can be one of the most reliable suppliers of natural gas over the next decades.
Our estimates show that African countries enjoyed the highest rate of growth over the last Iranian calendar year, which ended on 20 March 2014, indicating there is a clear prospect for boosting energy cooperation with the continent over the next two decades.
Turkey is in talks with US energy giant ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas, in an effort to curb its dependence on Russian energy, the Financial Times reported on Sunday.
Directing liquidity towards oil industry’s downstream activities not only leads to self-sufficiency but creates jobs along with profitability to the benefit of people.
The pace at which global energy demand is growing means that alternatives cannot replace oil at the necessary scale writes OPEC Secretary General Haitham Al Ghais. Rather than calling for an end to oil, the focus should be on reducing emissions.
Russia will look for ways to overcome what it regards as any illegal sanctions the European Union imposes on its liquified natural gas (LNG) operations, the Kremlin said on Saturday, saying any measures would backfire on European industry.
Iran's National Gas Export Company CEO Mehran Amirmoini warns of limited seabed vessel capacity and sanctions as major obstacles to implementing a gas pipeline to India.
Brent crude futures gained 19 cents, or 0.2%, to $89.20 a barrel at 0927 GMT, and U.S. West Texas Intermediate crude futures rose by 25 cents, or 0.3%, to $83.82 a barrel.
Azerbaijan, host of this year's U.N. climate summit, will defend the right of oil and gas producing nations to invest in the sector, the country's president said on Friday, noting that despite climate targets, fossil fuel demand remains strong.
"The process of gathering associated gases will accelerate this year so that the majority of petrochemical complexes' gas flares will be turned off at the end of the current Iranian calendar year on March 20 2025" NPC’s managing director said.
Canada-based LNG Energy Group announced on Wednesday it had signed an agreement with Venezuela’s state-owned PDVSA Petroleo, though the renewal of US oil sanctions could potentially pose problems.
India has agreed to allow oil marketing companies to procure ethanol by diverting an extra 800,000 metric tons of sugar for biofuel production, a government source said on Wednesday.
Brent crude futures fell 4 cents, or 0.1%, to $87.98 a barrel by 1005 GMT while U.S. West Texas Intermediate crude futures were down 7 cents, or 0.1%, at $82.74.
Iranian contractors are implementing water and electricity projects in 50 countries, proving the country’s constructive approach to energy diplomacy.
The Islamic Republic of Iran is ready to play a great role in Sri Lanka’s economic growth by making available its technical and engineering services, Iranian president, Ebrahim Raisi said.
Iran's economic growth in 1402(last Iranian year) was largely due to its oil sector achievements, according to Saeed Tajik, head of the energy and environment committee at Tehran's Chamber of Commerce.
Brent crude futures fell 24 cents, or 0.27%, to $88.18 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures lost 33 cents, or 0.4%, to $83.03 a barrel.