The 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, 03 February 2025.
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World crude oil prices today February 3, 2025
U.S. West Texas Intermediate crude futures rose $1.44, or 2 percent, to $73.97 a barrel. Brent crude futures rose 62 cents, or 0.8 percent, to $76.29 a barrel.
CEO of Pars Oil and Gas Company (POGC) stated that a pressure-boosting plan has been defined for seven hubs in South Pars offshore, but to expedite the process, pressure boosting for the first hub will also be implemented onshore.
The manager of Refinery 9 at the South Pars Gas Complex announced that nearly 21 billion cubic meters (bcm) of gas were processed and transferred to the national grid during the first 10 months of the Iranian calendar year 1403 (March 19, 2024–January 19, 2025).
Following the inauguration of the 14th administration in Iran, the National Iranian Oil Company (NIOC) has taken significant steps to address gas shortages, increase oil production, and develop infrastructure in the oil industry.
The National Iranian Gas Company (NIGC) announced that in the past 24 hours, gas consumption in the country has reached 876 million cubic meters (mcm).
The CEO of the National Iranian Gas Company (NIGC) announced the commissioning of 3,984 gas supply and development projects in celebration of the Ten Days of Fajr and ahead of the anniversary of the Islamic Revolution.
Iranian firm NTBF, with support from the National Iranian Oil Company, has unveiled its first domestically produced radar-based tank level gauge and comprehensive hydrocarbon tank monitoring software.
The 1st Boushehr Exhibition of Oil, Gas, Energy, Refining and Petrochemical Industry has opened in southern Boushehr province, the head of Boushehr International Exhibitions Company said.
South Pars Refinery 7 manager announced significant production optimization measures, with output expected to significantly increase by March 20th of this Iranian year.
India increased its imports of Russian crude oil by 13% in January, 9% from December, and 9% from a year earlier, thanks to Indian refiners taking advantage of the 49-day grace period.
Lukoil, Russia's second-largest oil producer, plans to raise around $2 billion from the sale of its Burgas oil refinery in Bulgaria, according to Bulgaria's Prime Minister Rosen Zhelyazkov.
The National Iranian Gas Company (NIGC) delivered over 130 million cubic meters of gas to the power plant sector, marking an unprecedented winter season volume due to current temperatures.
Global Oil Prices on 1 February 2025
The price of Brent crude oil rose by 38 cents, or 0.49%, today, reaching $77.25 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 60 cents, or 0.82%, trading at $73.33 per barrel.
World crude oil price today January 30, 2025
Brent crude futures were down 7 cents, or 0.09%, at $76.51 a barrel by 0738 GMT. U.S. crude futures were little changed at 2 cents up, or 0.03%, to $72.64. U.S.
A representative from Sudan's Ministry of Energy and Petroleum, who was a member of the delegation sent to Iran, said: "We need Iranian knowledge and expertise to establish upstream oil industries."
World crude oil price today January 29, 2025
Brent crude futures were down 59 cents, or 0.76%, to $77.90 a barrel as of 0916 GMT, while U.S. crude futures had lost 55 cents, or 0.75%, at $73.22.
US sanctions on Russia's oil and gas sector have disrupted global energy trade, impacting interactions with China and India. Chartering costs for unaffected tankers have surged, creating trade hurdles, amidst economic pressure on Russia.
The commercial manager of the South Pars Gas Complex announced that, in collaboration with 120 domestic and new technology-based firms (NTBFs), over 11,500 essential equipment items and goods have been localized for the South Pars refineries.
World crude oil price today January 28, 2025
Brent crude oil futures were up by 35 cents, or 0.45%, to $77.43 per barrel. U.S. West Texas Intermediate crude futures were up 30 cents, or 0.41%, to $73.47.