Iran’s Oil Minister Mohsen Paknejad said the country will gradually reduce gas flaring by about 295 million cubic feet per day (mcf/d) by the end of the Iranian calendar year 1405 (March 2027), following the signing of 12 new contracts on Saturday.
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Russia's exports of liquefied natural gas in January-October fell by 3.4% from a year earlier to 25.2 million metric tons (mmt), while jumping 21% to record levels in October amid the launch of supplies from Arctic LNG 2, LSEG data showed on Saturday.
Contracts for collecting flare gas from 12 oil fields in southern Iran were signed Saturday via video conference under the directive of President Masoud Pezeshkian.
Brent crude fell 38 cents, or 0.6 percent, to $64.62 a barrel, while U.S. West Texas Intermediate crude fell 38 cents, or 0.6 percent, to $60.19 a barrel.
Indian refiners, responsible for half of Russian crude imports, have halted purchases due to US sanctions on major Russian producers and secondary sanctions risks for smaller entities.
Hamidreza Shafiei Makvandi, deputy managing director of the National Iranian Drilling Company, announced the drilling and completion of 72 oil and gas wells in the first seven months of the current Iranian calendar year.
The Imam Khomeini Oil Refinery in Shazand has completed a $60 million overhaul, increasing production capacity by 30% and improving operational reliability, ensuring high-quality production for four years.
Brent crude futures fell 53 cents, or 0.82 percent, to $64.39 a barrel. U.S. West Texas Intermediate crude futures fell 46 cents, or 0.76 percent, to $60.02.
State-run refiner Indian Oil has invited initial bids for 24 million barrels of oil from the Americas for the January to March quarter in 2026, according to a document reviewed by Reuters on Thursday.
The managing director of the National Iranian Gas Company emphasized the importance of protecting and maintaining the stability of the country’s gas network, saying that infrastructure resilience and social stability are two key elements of passive defense.
Brent crude futures rose 22 cents, or 0.34 percent, to $64.62 a barrel. U.S. West Texas Intermediate crude futures rose 20 cents, or 0.33 percent, to $60.35.
India's Hindustan Petroleum issued two rare tenders to import transport fuels for early November delivery, two sources familiar with the matter said on Tuesday, after the company shut one of its processing units due to feedstock contamination.
The managing director of the National Iranian Oil Products Distribution Company said power plant fuel tanks across the country are full, leaving little capacity for additional storage.
Brent crude futures fell $1.29, or 2 percent, to $64.33 a barrel. U.S. West Texas Intermediate crude futures fell $1.20, or 2 percent, to $60.11.
Indian Oil Corp, the country's top refiner, will not completely discontinue buying Russian crude, a top company executive said on Tuesday.
Iran’s National Petrochemical Company (NPC) announced that projects included in the country’s Seventh National Development Plan have achieved an average progress rate of 60 percent, with an estimated total investment requirement of around $26 billion.
The National Petrochemical Company’s managing director said the industry is focusing on attracting investment from genuine private sector players, noting that only about 15% of the $92 billion invested in Iran’s petrochemical sector so far has come from real private investors.
The investment and business development director of the National Iranian Oil Company (NIOC) warned that without reforms in policymaking and financing, a significant portion of the country’s underground oil and gas resources may never be extracted.
Brent crude futures rose about 14 cents, or about 0.2 percent, to $66.08 a barrel. U.S. West Texas Intermediate crude futures rose 22 cents, or 0.4 percent, to $61.74.
India’s oil Secretary Pankaj Jain says India's credibility is at stake if it fails to find a major oil and gas reserve soon, urging faster, technology-driven exploration efforts.