South Korean prosecutors searched seven petrochemical companies as part of an investigation into alleged price fixing involving products such as caustic soda and polyvinyl chloride (PVC), a media report said on Wednesday.
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The head of the National Iranian Oil Refining and Distribution Company (NIORDC) stressed the need to speed up strategic reconstruction projects at damaged oil facilities to ensure steady fuel supplies, particularly to Tehran and the country's northern provinces.
The capacity for collecting associated petroleum gases has increased with the implementation of new projects, and the target of reducing flaring to 35 million cubic meters per day is being pursued.
Brent crude futures rose $1.12, or 1.3 percent, to settle at $84.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 77 cents, or 1 percent, to reach $81.11 a barrel.
Iran’s Academic Center for Education, Culture and Research (ACECR) has localized over 2,000 components used in the petrochemical sector that were previously dependent on foreign imports, according to the organization’s technology commercialization officials.
Venezuela's oil exports fell slightly to 1.16 million barrels per day in July from 1.2 million bpd the previous month as the country drained fewer inventories, but exports to the U.S. jumped to some 786,000 bpd, the highest since early 2019, shipping data showed on Monday.
South Pars Phase 11, the final development phase of the world's largest natural gas field, is expected to reach its first production milestone within two months, according to the project's executive.
Washington's desperate bid to tame oil prices through strategic reserve releases is doomed to fail, experts warn, as Iran's commanding position in the Strait of Hormuz renders American threats increasingly hollow.
Brent crude oil futures fell $4.49, or 5.11%, to $83.44 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $4.90, or 5.79%, to $79.77 a barrel.
Greek shipping company GasLog reported that its liquefied natural gas (LNG) carrier GasLog Shanghai remains stable following an incident while exiting the Strait of Hormuz, with all crew members safe and accounted for.
India's state-run Chennai Petroleum Corp plans to expand its refining capacity by a third to 280,000 barrels per day, it said in its 2025-26 annual report issued on Saturday.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman are adjusting oil production and reaffirming their commitment to market stability.
The Iranian National Petrochemical Company signed a tripartite agreement Sunday with the Oil Ministry and the Administrative and Employment Affairs Organization to establish a "data-based governance" system across the petrochemical industry, officials said.
Turkey and Iraq signed a one-year agreement on maintaining use of the crude oil pipeline between the two countries, Turkish Energy Minister Alparslan Bayraktar said on Saturday.
Iran’s Oil minister praised the oil industry's efforts to rebuild refineries damaged during the war and stressed the need for continued project management meetings and regular progress reporting.
Top U.S. oil producers ExxonMobil and Chevron warn that global supplies of diesel and other refined products will likely remain tight and lead to persistently high prices in the second half of the year as the Iran war continues to cause major energy disruptions.
Iran's Petroleum Engineering and Development Company (PEDEC) is targeting production of 110,000 barrels per day at the Sepehr-Jofeir oil field by the end of the current Iranian calendar year, the company's managing director said.
Brent crude futures fell $1.03, or 1.2%, to $88.00 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined $1.50, or 1.8%, to $82.09 per barrel.
Abu Dhabi National Oil Co (ADNOC) has bought five very large crude carriers (VLCCs) for about $590 million, three sources familiar with the matter said, expanding its fleet as conflicts in the Red Sea and the Strait of Hormuz tighten tanker supply.
Iran has resolved one of the country’s longest-running petrochemical disputes after a decade, with Labor Minister Ahmad Meydari announcing that the legal battle between Jam Petrochemical and Mehr Petrochemical has officially come to an end. Under the finalized agreement, workers at Mehr Petrochemical will begin signing employment contracts with Jam Petrochemical next week, ensuring uninterrupted production and salary payments.