A senior Iranian railway company (IRIR) official says the country has added 300 new wagons to its railway fleet using resources generated through oil barter arrangements with other countries.
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Brent crude futures rose 55 cents, or 0.9 percent, to $63.93 a barrel. U.S. West Texas Intermediate crude rose 60 cents, or 1 percent, to $60.03.
Russian Urals crude hits its deepest discount to Brent in a year at $4 per barrel after major Indian and Chinese refiners halted December purchases from sanctioned Rosneft and Lukoil ahead of the November 21 US deadline, threatening Moscow’s oil revenues.
Alireza Nojoumi, head of HSE, passive defense, and crisis management at the National Iranian Oil Company (NIOC), met with the director of the Middle East Department at Japan’s Ministry of Economy, Trade and Industry (METI) to explore ways to enhance cooperation on environmental issues.
The Imam Khomeini Oil Refinery in Shazand has completed the largest overhaul project in Iran’s refining industry, boosting fuel production capacity by at least 2 million liters per day, a senior refinery official said.
Brent crude rose 65 cents, or 1 percent, to $64.17 a barrel, while U.S. West Texas Intermediate crude rose 73 cents, or 1.2 percent, to $60.33.
Reza Sepahvand, a member of Iran’s parliamentary energy commission, confirmed that New Delhi has formally requested to purchase oil from Tehran, aware of the looming activation of the UN “snapback” sanctions mechanism. While the exact volume has not been disclosed, he estimated potential imports at around 10 million barrels annually.
The CEO of Pars Oil and Gas Company announced the completion of drilling and operation of two wells at South Pars Phase 14, stating that the launch of these wells has increased the phase's rich gas extraction capacity by approximately 4 million cubic meters per day.
The Minister of Economic Affairs and Finance of Iran said he has not received any signal of a decline in oil sales, and that these revenues are part of the country's budgetary income.
Brent crude futures rose 9 cents, or 0.14 percent, to $64.53 a barrel, while U.S. West Texas Intermediate crude rose 9 cents, or 0.15 percent, to $60.65.
Union Petroleum Minister Hardeep Singh Puri announced the advancement of oil and gas exploration across seven sedimentary basins in India through “Mission Anveshan,” a significant seismic mapping initiative launched in October 2024.
The operations manager of Fajr Jam Gas Refining Company said the refinery continues to implement corrective programs and optimization projects across production processes. Despite being nearly 40 years old, these ongoing measures have improved the refinery’s overall efficiency while reducing energy consumption.
The well maintenance supervisor of the South Pars joint field announced that the installation of secondary downhole safety valves on Platform SPD16 has been successfully completed. The operation, which began on October 5, concluded two weeks later on October 18 after intensive offshore work in the Persian Gulf.
Brent crude futures fell 90 cents, or 1.4 percent, to $63.99 a barrel. U.S. West Texas Intermediate crude fell 95 cents, or about 1.6 percent, to $60.10 a barrel.
Bharat Petroleum, one of the largest refiners in India, has bought a cargo of Emirati Upper Zakum crude, as it seeks alternatives to Russian oil, Reuters has reported, citing unnamed sources.
The managing director of the National Iranian Gas Company said there are currently no restrictions on gas supply to industries and power plants, adding that the situation has improved in all aspects compared with last year.
The CEO of Pars Oil and Gas Company announced that daily gas production from the South Pars joint field has reached 718 million cubic meters, marking a 25 million cubic meter increase over the past year. He added that output is expected to rise to 30 million cubic meters per day by the end of the year.
Brent crude rose 28 cents, or 0.43 percent, to $65.05 a barrel. U.S. West Texas Intermediate crude rose 25 cents, or 0.41 percent, to $61.23 a barrel.
India's Bharat Petroleum Corp has bought crude oil from Abu Dhabi in a spot tender to replace oil from Russia after the U.S. sanctioned two major Russian producers, two trade sources said on Monday.
The project manager for the Azar Oil Field development said the field has taken a major step toward sustainable and efficient utilization of associated gas with the commissioning of fourth-stage compressors. This follows the readiness of the Cheshmeh-Khosh Gas and NGL 3100 plant to receive high-pressure gas beginning in late October.