heavy crude fell $1.63 to $69.18/b in Aug as OPEC output jumped 478k bpd to 27.95m. Iran’s output slipped 27k to 3.22m bpd; OPEC+ to lift quotas in Oct amid steady demand outlook.
NEWS Feed Atom
Brent crude futures rose 42 cents, or 0.6 percent, to $66.79 a barrel, while U.S. West Texas Intermediate crude rose 31 cents, or 0.5 percent, to $62.68.
Under Donald Trump's administration, the US is advocating for coordinated action among G7 countries to impose steep tariffs on Chinese and Indian imports.
President Masoud Pezeshkian has emphasized the need for Iran to reduce reliance on oil revenues and unlock the full potential of domestic talent and industry.
Armenian Economy Minister Gevorg Papoyan expressed his country’s interest in importing Iranian liquefied petroleum gas (LPG), calling it a basis for long-term, mutually beneficial cooperation that would strengthen Armenia’s energy security.
Brent crude futures fell 21 cents, or 0.3 percent, to $67.28 a barrel, while U.S. West Texas Intermediate crude futures fell 26 cents, or 0.4 percent, to $63.41.
India continues to buy cheap Russian crude oil, despite being punished for it by the United States.Last year, India’s imports of Russian crude surpassed 1.7 million barrels per day.India is betting big on clean energy, but coal remains key in its energy mix.
Iran’s South Pars Gas Complex produced more than 65 billion cubic meters of sweet gas and 79 million barrels of gas condensate in the first five months of this year, ensuring a stable energy supply for the coming cold season, managing director Gholam Abbas Hosseini announced.
The managing director of Iran’s National Petrochemical Company (NOC) said the country’s polymer production capacity is planned to reach 16 million tons.
Brent crude futures rose 66 cents, or 1 percent, to $67.05 a barrel, while U.S. West Texas Intermediate crude futures rose 68 cents, or 1.1 percent, to $63.31 a barrel.
US President Donald Trump wants to work with EU countries to push Russia to end its war in Ukraine by imposing big new trade tariffs on India and China and impose further sanctions on the shadow fleet, reports say.
Persian Gulf Petrochemical Industries Co. CEO emphasizes the industry's economic significance and its progress in reducing raw material sales and producing diverse products through development projects.
Oil production from the Nowruz field has increased by 1,500 barrels per day following the completion of a complex offshore power cable operation, according to an Iranian offshore oil company official.
Iran's Pars Oil and Gas Company has commissioned the ninth well at Phase 11 of the South Pars gas field, increasing its daily gas production capacity to over 22 million cubic meters.
Brent crude rose 47 cents, or 0.7 percent, to $66.49 a barrel, while U.S. West Texas Intermediate crude rose 72 cents, or 1.2 percent, to $62.98.
The spot supply of Russian oil has not changed from earlier, with barrels trading at a discount of $2-$3 per barrel to Dubai for delivery at Indian ports, said Anuj Jain, head of finance at Indian Oil Corp, the country's top refiner.
The 19th IRAN PLAST 2025 exhibition, attended by senior officials, executives, and industry representatives, opened at Tehran's Permanent International Fairgrounds.
The production capacity of polymer products is projected to reach 16 million tons by the end of Iran's Seventh Development Plan (2028), according to the CEO of the National Petrochemical Company.
first petrochemical contract for the development of gas fields will be ratified soon, the CEO of the National Iranian Petrochemical Company said Monday.
Brent crude rose $1.28, or 1.95 percent, to $66.78 a barrel, while U.S. West Texas Intermediate crude rose $1.20, or 1.94 percent, to $63.07 a barrel.