World crude oil prices today, May 7, 2025
Brent crude futures rose 1.2 percent to $62.88 a barrel, while U.S. West Texas Intermediate crude rose 81 cents, or 1.4 percent, to $59.90 a barrel.
NEWS Feed Atom
A joint venture (JV), consisting of Shell (through BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation (ONGC), has wrapped up work on what is said to be India’s first offshore facilities decommissioning project.
Canadian oil producer Suncor Energy reported first-quarter profit above analysts' expectations on Tuesday, as it benefited from greater refinery production and sales volumes.
Iran increased gasoline production to 120 million liters daily in Ordibehesht, despite a decline in profitability in the refining industry, according to a senior industry official.
President Pezeshkian prioritizes reforming consumption patterns, increasing productivity, and fair subsidy distribution to address the current crisis, claiming that proper management could eliminate poverty in the country.
The Bandar Imam Petrochemical Complex produced more than 4.87 million tons of products in the Iranian calendar year 1403 (2024-25), achieving an 8% growth and securing the top production rank among Iran’s 72 active petrochemical plants, according to the National Petrochemical Company.
World crude oil prices today, May 06, 2025
Brent crude futures rose $1.15 to $61.38 a barrel, while U.S. West Texas Intermediate crude rose $1.11 to $58.24 a barrel.
U.S. President Donald Trump said Moscow and Kyiv want to settle the war in Ukraine and that Russian President Vladimir Putin was more inclined towards peace after the recent fall in the price of oil.
Tehran is to host its 29th International Oil, Gas, Refining and Petrochemical Exhibition dubbed as Iran Oil Show 2025 with the aim of introducing the country's industrial and commercial capabilities in the oil and gas sector.
An analysis of recent three-day data shows that gas consumption by power plants in Iran continues to rise. The gap between power plant and household consumption reached over 96 million cubic meters (mcm) between Friday (May 2) and Sunday (May 4).
Saudi Arabia and India agreed to enhance energy cooperation, including Saudi investment in two refineries. However, initial talks have been halted due to Saudi Arabia's disagreements with India over crude supply.
World crude oil price today, May 5, 2025
Brent crude fell $2.21, or 3.61 percent, to $59.08 a barrel, while U.S. West Texas Intermediate crude fell $2.29, or 3.93 percent, to $56.00 a barrel.
The European Union will on Tuesday announce a roadmap to phase out the bloc's remaining gas ties with Moscow, but in the absence of sanctions it will be difficult for buyers to exit gas contracts using legal options such as force majeure.
The Iranian Masterbatch and Compound Producers Association and Shenzhen Plastics Association of China signed a memorandum of understanding to enhance cooperation in the plastics industry.
The CEO of Sarkhoon and Qeshm Gas Refining Company stated that through major overhauls, self-sufficiency in supplying parts, and incident-free production, the refinery had a successful performance in 1403, effectively serving the public and ensuring stable energy supply.
Iran Oil Show 2025, set to begin on May 8, will showcase the country's significant role in the global energy supply chain, attracting over 2,000 companies from 14 countries.
OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, the group said on Saturday, despite falling prices and expectations of weaker demand.
Iran’s annual export of the petrochemicals is anticipated to reach about 34.8 million tons in the current Iranian calendar year (ends on March 2026), according to the head of the National Petrochemical Company (NPC).
A joint meeting was held between managers and contractors of the Yaran oil field development project to explore strategies for speeding up the project's progress.
Russian oil flows to India reached a 9-month high in April due to abundant Moscow crude availability and low prices, allowing non-sanctioned tankers to transport oil without violating international regulations.