According to a report by tanker-tracking firm TankerTrackers.com, the Islamic Republic of Iran has exported approximately 18 million barrels of crude oil over the past five days, generating an estimated $1.44 billion in revenue.
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Brent crude futures dropped $1.02, or 1.28%, to settle at $78.53 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined $1.48, or 1.93%, to $75.31 per barrel.
Iran’s polymer and plastics market has stabilized as petrochemical plants gradually return to production and product supplies increase on the commodity exchange, according to the spokesperson for Parliament’s Energy Committee.
Brent crude futures rose by 93 cents, or 1.2%, to $79.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 79 cents, or 1%, to $76.84 per barrel.
The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday.
The Venezuelan government has signed five contracts with Shell that will give the European supermajor rights to operate the giant Loran natural gas field.
Iran’s petrochemical industry is steadily restoring production capacity lost during the recent conflict, demonstrating its resilience and strategic importance to the country’s economy.
The oil Ministry has launched an accelerated program to boost onshore natural gas production, with authorities mobilizing all available resources to increase supply alongside field development and associated gas recovery projects, Oil Minister Mohsen Paknejad said.
Brent crude futures dropped $3.20 (3.85%) to settle at $79.97 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $3.52 (4.36%) to $77.23 per barrel.
Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The economic consequences of Washington's military confrontation with Iran are becoming increasingly visible inside the United States itself, as the country's Strategic Petroleum Reserve (SPR) has fallen to its lowest level in more than four decades.
Brent crude futures dropped $4.16 (4.8%) to $83.17 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $4.39 (5.2%) to $80.49 per barrel.
The Deputy Oil Minister and Managing Director of the National Petrochemical Company, announcing that through efforts made, about 38 percent of the petrochemical industry capacity that had been lost or affected has returned to production, said: Today, the market for polymer and plastic products has reached relative stability, and even for some products, in the current situation, production exceeds domestic demand.
The project manager for the development of South Pars phases 22-24 said: With the start of drilling operations for new wells in these phases in the near future and the completion of the remaining sections, the rich gas production capacity of this project will increase by approximately 4 million cubic meters per day.
emerged as the world's second-largest buyer of Russian fossil fuels in May, importing €5.8 billion worth of hydrocarbons, primarily crude oil. Refiners significantly increased purchases, with key hubs like Vadinar and Jamnagar seeing substantial rises in Russian crude arrivals.
A new production well has been brought online at Phase 11 of the South Pars gas field, boosting output from the project to more than 26 million cubic meters of rich gas per day, according to the head of Pars Oil and Gas Company.
The Director General of Khorramshahr Port and Maritime Department announced the successful completion of the first liquefied petroleum gas (LPG) export operation via combined transport to destinations in Afghanistan and Pakistan.
Brent crude futures fell by $1.83, or 2%, to $88.55 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.60, or 1.8%, to $86.11.
Venezuela signed five agreements with British oil major Shell on Thursday to advance oil and gas projects, including the company's participation in the coveted 7-trillion-cubic-feet Loran offshore gas field, the government said.
Oil prices set to surge above $105 a barrel as US-Israeli strikes trigger historic supply shock, demand set to shrink for first time since pandemic.