Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories.
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OPEC+ plans to halt production hikes in early 2026, scaling back market-share ambitions amid looming oversupply risks.
Arya Sasol Polymer Company has approved a 150% capital increase from retained earnings to fund three strategic projects that expand capacity and strengthen long-term profitability amid global market challenges.
The National Petrochemical Co. (NPC) and the National Iranian Gas Company (NIGC) have signed a memorandum of understanding aimed at encouraging petrochemical companies to invest in natural gas efficiency and conservation projects.
head of the National Iranian Oil Company announced the start of drilling operations for development wells at the Belal field, relying on the expertise of Iranian engineers.
Iran has fully suspended natural gas supplies to Iraq for a seven-day period to carry out urgent maintenance and repairs on export pipelines, Iraq’s Electricity Ministry announced on Thursday.
The future price of Brent crude climbed by 0.24 dollars (0.38 percent) to reach $63.58 per barrel. The futures price of U.S. West Texas Intermediate (WTI) crude rose by 0.43 dollars (0.73 percent), arriving at $59.08 per barrel.
Iran’s Fajr-e Jam Gas Refining Company has successfully designed, fabricated and installed the country’s first industrial waste incinerator entirely with in-house expertise, marking a new milestone in domestic engineering for the critical energy sector.
Canada, even with new billion‑dollar projects and UAE investment pledges, plays only a minor role in global critical minerals processing—operating one rare‑earth mine, producing 400 tonnes of NdPr annually compared to China’s 83,697, and with most facilities foreign‑owned.
Saudi Arabia plans to lower January crude prices to Asia by up to 50 cents per barrel—the second monthly cut and lowest in five years—amid falling benchmarks and rising OPEC+ supply.
Futures for Brent crude oil fell 33 cents (0.5%) to $62.81 per barrel. At the same time, U.S. West Texas Intermediate (WTI) crude futures declined 32 cents (0.6%) to $58.39 per barrel.
Iran’s Petropars has finished the second infill gas well (SPD1-9) on Phase 1 of South Pars ahead of schedule using domestic expertise, paving the way for an extra 800 MMcfd national output once all eight wells are done.
Iran’s Kermanshah Petrochemical increased urea/ammonia production and nearly doubled exports to $91M in 7 months while national petrochemical output fell 4% on energy curbs.
Iran’s Esfahan Oil Refining Co says its LPG recovery project – set to add $8M annual revenue – has hit 96% completion and will start up before year-end despite sanctions delays.
A landmark pipeline deal in Canada between PM Mark Carney and Alberta Premier Danielle Smith will enable 1 million bpd of new oilsands exports but will increase emissions despite carbon-price fixes and a $16.5B capture project.
A sanctioned Aframax carrying Russian ESPO crude for Indian Oil Corp remains floating off Paradip port as authorities delay discharge pending online verification of insurance from Russia’s Soglasie.
Brent crude futures climbed 19 cents (0.3%) to $62.67 per barrel, while U.S. West Texas Intermediate (WTI) added 14 cents (0.24%) to settle at $58.09 per barrel.
Indian banks are cautiously reentering Russian crude financing, backing only sanctions-compliant trades with non-blacklisted sellers, vessels, and payment systems, according to Bloomberg.
Iran’s Lordegan Petrochemical Complex set new October records for urea and ammonia output after a catalyst upgrade, generating $100 million in foreign currency from urea exports.
Petrochemical Pardis Company and Pars Special Economic Energy Zone Organization signed an MoU to boost Iran’s urea exports by securing 30,000 tons of storage and a dedicated dock for direct shipments.