Brent crude futures fell 85 cents, or 1.2 percent, to $68.82 a barrel, while U.S. West Texas Intermediate crude fell 82 cents, or 1.2 percent, to $66.51 a barrel.
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ADNOC Gas has signed a 10-year agreement with Indian energy giant HPCL to supply them with 0.5 million metric tons per annum of liquefied natural gas.
Ahmad Jalilianfard, the director of projects at Iran’s National Petrochemical Company announced that 19 petrochemical projects are expected to become operational by the end of the current Persian calendar year (March 20, 2026) which include 15 production projects and four feedstock supply projects.
The Iraqi Minister of Industry and Minerals, Khalid Battal al-Najm, and officials from Saudi Arabia’s Ajyal Group discussed on last Tuesday a possible deal to construct a petrochemical complex in Iraq.
The manager of the South Pars Gas Complex highlighted the refinery's strategic importance in the downstream value chain, highlighting that 10% of its gas output is converted into high-value products.
Iran's oil minister emphasized resolving gas export and payment issues during a meeting with Iraq’s electricity minister, expressing optimism that both matters will soon be settled.
Indian officials have said they would keep purchasing oil from Russia despite the threat of penalties that U.S. President Donald Trump said he would impose, the New York Times reported on Saturday.
National Iranian Drilling Company (NIDC) has drilled and completed 48 oil and gas wells onshore and offshore across Iran during the first four months of the current Iranian calendar year, a company official said.
Brent crude futures fell 7 cents, or 0.1 percent, to $71.63 a barrel. U.S. West Texas Intermediate crude fell 10 cents, or 0.14 percent, to $69.16 a barrel.
Indian state refiners have temporarily ceased purchasing Russian crude oil this week, primarily due to concerns over potential secondary tariffs threatened by U.S. President Donald Trump and reduced discounts on Russian oil.
Brent crude fell 0.4 percent to $72.21 and West Texas Intermediate (WTI) fell 0.2 percent to $69.83 a barrel, following a 1 percent gain in both indices on Wednesday.
US president Donald Trump said on July 30 that the US has concluded a trade deal with Pakistan, saying that the two countries will work together to developing "massive oil reserves" allegedly in Pakistan.
United States President Donald Trump has announced a 25 percent tariff on Indian goods, as well as an unspecified penalty for the country’s purchase of Russian oil and military equipment, as the unending war in Ukraine frustrates the White House.
Iran has managed to significantly increase its oil production in a short period of time under an emergency plan introduced by the government and despite the pressures of the US sanctions, according to a report published in the local media.
Brent crude futures fell 17 cents, or 0.24 percent, to $71.52 a barrel, while U.S. West Texas Intermediate crude fell 11 cents, or 0.14 percent, to $69.12.
Vikram Doraiswami, India's High Commissioner to the UK, defended India's oil imports from Russia, highlighting the necessity for economic sustainability and the country's long-standing security ties with Russia.
Iran's National Petrochemical Company's project director has announced 19 operational petrochemical projects, including 15 production and four feedstock supply projects, set to commence by March 2026.
The Ministry of Oil's deputy highlighted the crucial role of the private sector in advancing the oil industry's objectives, emphasizing the country's reliance on oil.
Brent crude futures rose 1 cent to $70.05 a barrel, while U.S. West Texas Intermediate crude fell 2 cents to $66.69.
Trump has reduced the deadline for imposing sanctions on Russian oil exports, threatening 100% tariffs on buyers, mainly India and China, if Moscow doesn't end Ukraine's conflict, causing geopolitical risk.