Brent crude oil futures fell by 23 cents, or 0.4%, to $60.52 a barrel, while U.S. West Texas Intermediate (WTI) crude declined by 21 cents, or 0.4%, to $57.11 a barrel.
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Venezuela’s state-owned oil company PDVSA has asked several joint ventures to reduce crude oil output as exports remain paralyzed and storage fills up, adding stress to an already fragile oil sector and deepening pressure on the interim government.
Iran’s Ariasasol Polymer Company has achieved approximately $408,000 in annual savings by capturing and reusing valuable burner gas that was previously wasted during plant maintenance, significantly reducing emissions and technical losses, the company announced.
Daily natural gas consumption in Iran’s residential, commercial, and small industrial sectors hit 621 million cubic meters (mcm) on Saturday amid persistent cold weather, according to the National Iranian Gas Company (NIGC).
Trump said after Maduro’s removal that major U.S. oil companies are ready to invest billions to revive Venezuela’s battered oil sector, though analysts warn restoring production will require massive, long-term investment despite the country’s vast reserves.
Venezuela’s state oil producer PDVSA says production and refining continue normally, with no damage reported after a U.S. military strike that captured President Nicolás Maduro, sources told Reuters.
India has ordered refiners to report weekly oil purchases from Russia and the U.S. as it expects Russian imports to drop below 1 mbpd while negotiating a trade deal with Washington to ease 50% U.S. tariffs over its continued buying of discounted Russian crude.
Drilling has begun on Well #2 of Iran’s Mokhtar gas field in Kohgiluyeh & Boyer-Ahmad, home to an estimated ~9 Tcm of gas—seen by provincial officials as a key step toward unlocking northern reserves, boosting jobs, and reshaping the regional economy.
Philip Mshelbila of Nigeria officially assumed his duties as secretary-general of the Gas Exporting Countries Forum on Jan. 1, succeeding Algeria’s Mohamed Hamel, who completed his four-year term.
Brent crude futures fell $0.04 (a small percentage decrease) to $60.81 per barrel. US West Texas Intermediate (WTI) futures fell $0.03 to $57.39.
India stands to save approximately $1 billion each year in crude oil imports by converting just 10% of diesel consumption in the transport sector to liquefied natural gas (LNG), according to a study by the Petroleum and Natural Gas Regulatory Board (PNGRB).
Turkey’s Energy Minister Alparslan Bayraktar announced on Wednesday that the country will deploy the Cagri Bey drilling vessel to Somali waters in February, marking Turkey’s inaugural deepwater exploration project abroad.
The financial director of the National Iranian Oil Company denied reports that $8 billion in revenue from crude oil and gas condensate exports has not been collected, saying there are currently no stalled receivables.
Tehran’s gas consumption has surged to an unprecedented level amid a sharp drop in temperatures, the spokesperson for Tehran Province Gas Company said.
US crude oil imports dropped to 4.95M bpd last week—lowest in nearly 5 years—due to ad valorem taxes on year-end stocks. Mexico imports hit record low of 71K bpd amid Pemex production struggles. Inventories fell on strong refining.
The US Treasury has sanctioned four companies and four oil tankers linked to Venezuela’s “shadow fleet” as Trump ramps up pressure on Maduro. Exports have already halved due to a blockade—aimed at stopping oil profits funding alleged drug trafficking.
Iran and Russia held an Energy Working Group meeting, co-chaired by senior oil and energy officials, focusing on turning strategic MOUs into concrete, operational projects.
Iran’s petroleum minister said the petrochemical sector is a key economic driver, arguing that stable feedstock supply depends on petrochemical firms investing directly in gas field development—an approach welcomed and legally supported.
Brent crude oil futures fell by $0.20 to $61.13 a barrel, while U.S. West Texas Intermediate (WTI) futures also declined by $0.20 to $57.75 a barrel.
Saudi Aramco is set to take a 20% stake in BPCL’s $11bn greenfield refinery–petrochemical complex at Ramayapatnam port, as India’s state refiner dilutes 30–40% of the project to strategic investors to meet rising fuel and petrochemical demand.