Germany-based Siemens Energy has secured a contract to supply power generation equipment and long-term service agreements for the Misfah and Duqm Independent Power Producer projects in Oman.
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Kuwait's crude oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, a source familiar with the matter told Reuters on Thursday, as the OPEC member boosts exports through the Gulf following the U.S.-Iran interim peace agreement.
Following the damage sustained by petrochemical power plants during the war and the Ministry of Energy's ongoing efforts to resolve the energy deficit in this sector, Iran's Deputy Minister of Energy for Electricity and Energy has departed for Turkey to initiate preliminary negotiations and consultations regarding electricity imports.
Brent crude futures dropped 77 cents, or 1.1%, to settle at $70.80 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 84 cents, or 1.2%, to $67.74 per barrel.
Brent crude oil futures dropped by $1.14 (1.6%) to $71.81 per barrel. U.S. West Texas Intermediate (WTI) crude futures also fell by $1.11 (1.6%) to $68.39 per barrel.
TankerTrackers: Iran has exported 50 million barrels of oil over the past two weeks, generating approximately $3.5 billion in revenue.
Experts say the ceasefire will not reduce oil shipping costs through the Strait of Hormuz for the time being.
The Iranian Oil Ministry will not be swayed by psychological warfare or rumor campaigns, the ministry's public relations chief and spokesperson said Tuesday, dismissing attempts to spread misinformation.
Brent crude futures climbed 0.21 percent (15 cents) to $73.30 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 0.51 percent (36 cents) to $71.11.
Iranian researchers at a knowledge-based company have developed rapid gas detection kits capable of identifying the type and concentration of hazardous gases within seconds, placing the country alongside Germany and Japan as the world's only producers of the advanced technology, the company's CEO said.
The CEO of the National Iranian Oil Products Distribution Company (NIOPDC) has ordered expanded inspections of fuel stations, saying the company will prioritize public complaints and take firm action against any violations or poor service standards.
Brent crude futures climbed 62 cents, or 0.9 percent, to $72.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 53 cents, or 0.8 percent, to $69.76 per barrel.
Pakistan’s Petroleum Minister said his country plans to increase imports of liquefied petroleum gas (LPG) from Iran, adding that Tehran and Islamabad remain in close contact over the Iran-Pakistan gas pipeline project and efforts to secure affordable energy supplies for Pakistan.
The CEO of the National Iranian Drilling Company (NIDC) said: 23 oil and gas wells were drilled and completed in the first three months of this Iranian calendar year (March 21-June 20), through the efforts of the drilling crews and the utilization of the company's drilling fleet, in the country's onshore and offshore oil-rich areas.
Deputy oil minister for gas affairs called for immediate operational planning and targeted energy efficiency measures, warning that the country's natural gas network could face significant strain this winter if preparations are delayed.
Some Iranian provinces have reduced natural gas leaks across their distribution networks to zero by turning consumption constraints into an opportunity to modernize infrastructure and improve efficiency, Deputy Oil Minister for Gas Affairs Saeid Tavakoli said.
Iran’s Minister of Oil held talks with the Minister of Electricity and Energy of South Africa regarding the development of bilateral cooperation in the energy sector, Shana reported.
A senior member of Iran's parliamentary Energy Committee has described the installation of the P4 processing platform at the Reshadat oil field as a symbol of the country's self-reliance in the oil industry, saying the project carries strategic significance for Iran's energy economy beyond its technical achievements.
Venezuela's crude production levels were unaffected by two earthquakes this week that have killed almost 1,000 people, the country's oil minister said on Friday, but power outages remain a hurdle to fully restoring port, refining and petrochemical operations.
Brent crude futures dropped $2.61 (3.47%) to $72.65 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $2.46 (3.42%) to $69.46 per barrel.