Political instability following President Raisi's death introduces uncertainty, yet there are strong indications that the Chabahar Port deal will continue to be a priority for Delhi and Tehran despite scrutiny from the West.
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Asia's imports of crude oil rose to the highest in 12 months in May, with the strength being driven by India as the region's second-biggest buyer is on track to see record arrivals.
Brent futures dipped 17 cents or 0.2% to $83.43 a barrel as of 0921 GMT, while U.S. West Texas Intermediate (WTI) crude fell 12 cents or 0.15% to $79.11.
Managing Director of the South Pars Gas Complex (SPGC) Ahmad Bahoush says a project is underway at the complex which upon its completion, the volume of gases being burnt by gas stacks will be reduced by 1.2 thousand million cubic meters annually.
Iranian Minister of Petroleum, Javad Owji, says that 23 mega oil and gas projects, worth 4.6 billion dollars, are ready to come online.
Brent crude futures for July delivery were up 62 cents, or 0.7%, at $84.84 a barrel by 1050 GMT. U.S. West Texas Intermediate futures for July were also up 62 cents, or 0.8%, at $80.45.
The Indian government has announced a special bidding round for two discovered oil and gas fields in the Mumbai offshore region and a coal bed methane field in West Bengal.
The commander of Khatam-al Anbiya Central Headquarters has stated that 40 percent of the Arash gas field belongs to the Islamic Republic of Iran.
One of the most pressing issues in Iran’s energy industry is the widespread flaring of associated natural gas in oil fields, a practice that amounts to burning valuable resources and contributing to environmental degradation.
India's Reliance Industries operator of the world's biggest refining complex, has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told.
Saudi Arabia, the world's biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said.
The Minister of Economic Affairs and Finance, Ehsan Khandouzi, commended the management and staff of Bank Melli Iran (BMI) for their achievements in the Iranian calendar year 1402.
Iranian petroleum minister Jawad Owji cites late president Ibrahim Raisi's demands for increased oil production, exports, investment in oil projects, economic growth, and environmental considerations.
India's Adani Energy Solutions said on Monday that its board has approved a fundraise of up to 125 billion rupees ($1.50 billion).
The Brent crude July contract was up 21 cents at $82.33 a barrel by 0926 GMT. The more active August contract rose 26 cents to $82.10. U.S. West Texas Intermediate (WTI) crude futures were up 23 cents at $77.95.
Managing director of the South Pars Gas Complex, Ahmad Bahoush, says a project is underway at the complex which upon its completion, the volume of gases being burnt by gas stacks will be reduced by 1.2 thousand million cubic meters annually.
Ever since the late Iranian President Ebrahiam Raisi took power in August 2021, the country’s oil exports have been on an upward trajectory.
During the 13th administration under the leadership of Ayatollah Raisi, Iran’s oil revenues rose about 15 billion dollars annually when compare with last years of the previous administration in office.
India seeks collaboration between state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply agreement with Russia to ensure stable crude oil supply and protect the economy from price volatility.
Iran has approved a plan to raise its oil output to four million barrels per day, the country's Tasnim news agency said on Sunday, without providing a time frame.