Iran's residential, commercial, and small-scale industrial sectors consumed 621 million cubic meters of gas due to decreased temperatures, accounting for 72% of the total natural gas production.
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The head of exploration at the National Iranian Oil Company (NIOC) announced that exploration drilling in offshore areas will resume after a five-year pause, marking the first such activity under the 14th administration.
The parliamentary deputy to the president stated that hidden energy subsidies in the country amount to a significant sum and are one of the reasons behind the smuggling of energy resources.
The CEO of Abadan Refinery announced that the facility’s daily gasoline production will increase by 8 to 10 million liters as operational conditions stabilize.
The spokesperson for the National Iranian Gas Company announced on Saturday that 867 million cubic meters (mcm) of gas were delivered to the national grid on Friday.
Indian Oil Corp has purchased 7 million barrels of spot Middle Eastern and African crude oil via tenders, including Abu Dhabi's Murban, amid potential U.S. sanctions on Russia.
Iranian Oil Minister Mohsen Paknejad will discuss oil and gas cooperation with Russia in Moscow, Azernews reports.
Global Oil Prices on January 17, 2025
The price of Brent crude oil rose by $0.43, or 0.53%, to reach $81.72 per barrel today. U.S. West Texas Intermediate (WTI) crude also rising $0.58, or 0.74%, to settle at $79.26 per barrel.
World crude oil price today, January 16, 2025
Brent crude futures rose 25 cents, or 0.3%, to $82.28 per barrel. U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel.
India's oil product demand increased 7.9% in November 2024, driven by increased consumption of diesel, gasoline, and LPG, according to the OPEC monthly oil market report.
The CEO of Iranian Oil Terminals Company (IOTC) stated that the continuous uninterrupted oil exports, a crucial economic development factor, are largely due to the diligent efforts of its employees.
Iran remains the third-largest producer in OPEC, with daily oil output reaching 3.314 million barrels in December 2024, according to the first 2025 report.
The head of the Engineering and Development Department of the National Iranian South Oil Company (NISOC) announced the use of downhole pumps to boost and maintain production from low-pressure wells.
Talks on a long-term crude oil supply deal between Indian refiners and Russia have been paused following new US sanctions. India, which usually buys Russian oil on the spot market, sought a term deal to ensure stable prices and consistent supply.
The Negin Makran Petrochemical Development Company has invested €10 billion in establishing Chabahar’s third petrochemical hub to develop complexes and complete the methane gas value chain, aiming to end Iran’s raw petrochemicals exports.
Global Crude Oil Prices on January 15, 2025
Brent crude rose by 11 cents, or 0.14%, to $80.03 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 23 cents, or 0.30%, to $77.73 per barrel.
The CEO of Pars Oil and Gas Company (POGC) highlighted the South Pars gas field as the largest integrated asset for Iranians, crucial for energy needs and GDP.
The Petroleum Engineering and Development Company's procurement and logistics manager emphasized the need for swift acquisition of high-quality supplies for strategic projects in shared oilfields.
The National Iranian Oil Refining and Distribution Company (NIORDC) reported a daily increase of over 10 million liters in gasoline production from December 2024 to December 2025.
Russia's leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping.