The CEO of the National Iranian Gas Company (NIGC) emphasized the need to achieve the objectives of the Seventh Development Plan, announcing the start of negotiations and operational measures to connect to Russian gas supplies.
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Traders and buyers have reshuffled tanker supply chains following the U.S. sanctions on Russia’s oil trade and shadow tanker fleet from early this year. China and India are taking in more Russian oil again in April.
World crude oil prices today, April 24, 2025
Brent crude futures rose 67 cents, or 1.01 percent, to $66.79 a barrel, while U.S. West Texas Intermediate crude rose 75 cents, or 1.2 percent, to $63.02.
Indian energy importers have reduced the volume of liquefied natural gas they buy from abroad as prices trend higher. Instead, they are buying more oil products, Bloomberg reported.
The supervisor of the 35-well infill drilling project at South Pars Field announced that drilling has begun on the fifth well in the project, located in phases 15 and 16.
Iran’s oil minister said the potential for trade and economic cooperation between Iran and Russia is far greater than $5 billion, adding that the goal is not just to reach $10 billion but to elevate relations to even higher levels through agreed-upon frameworks.
South Pars field produces 4.5 million barrels of crude oil daily, supplying Iran's gas and gasoline production, and accounting for 40% of the country's consumed gas and gas condensates.
World crude oil price today April 23, 2025
Brent crude futures rose 54 cents, or 0.8 percent, to $67.98. U.S. West Texas Intermediate crude rose 55 cents, or 0.9 percent, to $64.22.
Saudi Arabia and India have agreed to strengthen cooperation in the energy sector, including crude oil and petroleum product supply and the construction of two refineries.
Gas production from Phase 11 of the South Pars field has reached 20 million cubic meters per day (mcm/d) following the completion and commissioning of the eighth well, the managing director of Pars Oil and Gas Company announced.
Major repairs and installation of a new heat exchanger have increased the gasoline production capacity at the Persian Gulf Star Refinery by three million liters.
The investment director of the National Iranian Oil Refining and Distribution Company (NIORDC) emphasized the need for a detailed strategic plan to achieve the refining industry’s vision, stating that implementing new policies to attract investment, ensure energy security, and improve supply chain efficiency is essential.
The National Iranian Oil Company is planning to invest in 50 gas fields to boost daily gas production capacity by 500 million cubic meters.
World crude oil prices today, April 22, 2025
Brent crude futures rose 90 cents, or 1.4 percent, to $67.16 a barrel. U.S. West Texas Intermediate crude futures rose 97 cents, or 1.5 percent, to $64.05.
The CEO of the National Petrochemical Company (NPC) said the petrochemical industry is expanding along the coasts of the Persian Gulf and the Sea of Oman due to favorable infrastructure and access to open waters, with new investors being concentrated in the Makoran region.
The CEO of Abadan Oil Refining Company announced the production of fuel for light aircraft using a new formulation at the refinery. Fardin Rashidi stated that the product is sulfur-free and of significantly higher quality than previous fuels.
World crude oil prices today April 21, 2025
Brent crude futures fell $1.19, or 1.75 percent, to $66.77 a barrel. US West Texas Intermediate crude futures fell $1.11, or 1.72 percent, to $63.57.
China National Offshore Oil Corporation (CNOOC) has signed a third LNG supply deal with Abu Dhabi National Oil Corp (ADNOC), strengthening energy ties between China and the Middle East.
India attracted over USD 36 billion investment from nine NELP bid rounds held before 2014, and has so far yielded 177 oil and gas discoveries, according to a report commissioned by the Petroleum Ministry.
The CEO of the South Pars Gas Complex emphasized that this year’s overhaul process has been more organized than in previous periods and announced that refineries are being prepared for stable production ahead of the upcoming winter.