The US has imported fuel oil of Iraqi origin shipped through Syria for the first time, marking a new milestone in Iraq’s efforts to diversify its export routes amid ongoing disruptions to Gulf shipping caused by the Iran war.
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Oil Ministry has made significant progress in strengthening the country's smart energy management system by expanding digital infrastructure and integrating key energy data platforms, according to the deputy head of Parliament's Energy Committee.
The U.S. Department of Energy has authorized Argent LNG to export liquefied natural gas from its proposed Louisiana export terminal to countries that have free-trade agreements with the U.S., giving the developer a key federal approval as it works toward a final investment decision on the project.
The head of Iran's parliamentary Energy Committee said comprehensive support for rebuilding the country's refineries, petrochemical plants and power stations will be a top priority, pledging to remove obstacles and facilitate projects across the energy sector.
Brent crude futures fell nearly $4, or 3.96%, to $96.70 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $3.15, or 3.42%, to $89.04 a barrel.
Asia spot liquefied natural gas prices rose for a fifth consecutive week to their highest in four months on fears of wider shipping disruptions, as Houthi attacks on Saudi oil tankers extended the Middle East war to a second major chokepoint.
The caretaker of the National Petrochemical Company (NPC) said Wednesday the company must overhaul its structural model and improve internal processes as part of a broader push to strengthen its governance role.
A significant portion of Iraq's electricity supply depends on natural gas exported from Iran, Iran's oil minister said, highlighting deepening energy ties between the two neighbors.
Brent crude oil futures rose $4.52 (4.80%) to $98.59 per barrel. U.S. West Texas Intermediate (WTI) crude futures gained $3.39 (3.90%) to $90.22 per barrel.
Asian and European buyers of liquefied natural gas (LNG) plan to ask for lower prices and additional supply guarantees from Qatar and the United Arab Emirates as the U.S.-Iran war raises insurance costs on those deliveries, buyers, traders and industry executives told Reuters.
Iran's main military command, Khatam al-Anbiya Central Headquarters, on Wednesday warned that if the United States attacks Iranian infrastructure, Iran will block all oil exports from West Asia and target oil, gas, electricity, and economic infrastructure across the region, according to media reports.
The CEO of South Pars Gas Complex called for the full use of technical, operational and management capabilities to ensure stable gas production ahead of the upcoming winter, describing the season as a critical and challenging period for Iran's gas industry.
Brent crude oil futures rose $2.23 (equivalent to 2.45%) to reach $93.24 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures increased by $2.18 (2.18%) to $86.18.
Iran has set the official selling price for its light crude oil grade for Asian buyers at $4.35 a barrel below the Oman/Dubai average for August, the state-owned National Iranian Oil Company said on Wednesday.
Kuwaiti oil tanker that was passing through the US-Omani corridor in the Strait of Hormuz was stopped by Iranian armed forces.
Brent crude futures rose by $1.89 (2.12%) to $91.11 per barrel. U.S. West Texas Intermediate (WTI) crude futures also increased by $2.07 (2.49%) to $85.30 per barrel.
Crude oil exports from Saudi Arabia fell for a third straight month in May to a record low, data from the Joint Organizations Data Initiative (JODI) showed on Tuesday, with the U.S.-Iran conflict disrupting shipments across the Gulf.
Iran expects to restore 100 million cubic meters of gas production capacity within the next few months, according to Mohammad-Jafar Ghaempanah, the president's executive deputy.
Brent crude futures rose 18 cents (0.2%) to $88.28 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 34 cents (0.4%) to $82.15 per barrel.
The Manager of Engineering and Development at the National Iranian Oil Company, referring to the meeting between Iran's Oil Minister and Russia's Minister of Energy, emphasized the continuation of cooperation between the two countries in developing oil and gas fields.