Brent crude futures rose by 19 cents (+0.3%) to $62.13 per barrel. U.S. West Texas Intermediate (WTI) futures also gained 19 cents (+0.3%), reaching $58.44 per barrel.
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Adam Waterous, a 64‑year‑old Canadian financier, aims to transform Strathcona Resources into a North American energy powerhouse by more than doubling crude output to 300,000 barrels per day by 2035.
India’s state-owned oil behemoth, Indian Oil Corp (IOC), has kicked off a tender hunt for a liquefied natural gas (LNG) cargo slated for January delivery, according to two insiders in the energy trade.
PGPIC’s CEO announced that research and development boosted production by 7%, adding 590 trillion rials in revenue while reducing costs by 180 trillion rials.
Brent crude oil fell by 7 cents, or 0.1%, to $62.42 per barrel. U.S. West Texas Intermediate crude declined by 13 cents, or 0.2%, to $58.75 per barrel.
The Kremlin stated on Monday that India will continue to purchase oil from any source that offers the most commercially advantageous terms, underscoring New Delhi’s pragmatic approach to energy security.
Putin issued a decree permitting transactions over Rosneft-Shell’s 7.5% stake in the Caspian Pipeline Consortium, a key route for Kazakh oil exports.
Iran’s oil minister said the country offers “golden opportunities” for investment, especially in the oil and gas sector, and announced that a package of contracts has been prepared for cooperation with friendly nations.
Brent crude futures fell 25 cents, or 0.4 percent, to $63.50 a barrel, while U.S. West Texas Intermediate crude fell 25 cents, or 0.4 percent, to $59.83.
TotalEnergies has agreed to combine its British North Sea oil and gas assets with NEO NEXT Energy, the Repsol and HitecVision-backed platform, creating what will become the basin’s largest producer.
The acting director of the Aban and Paydar-e Gharb oil field development and production enhancement project said the company has prioritized bringing the “Sarvak” oil layer online as its main strategy to stabilize and increase output from the two fields.
Iran’s oil minister stressed that without the South Pars gas-compression project, the field will start losing annual output within one to two years as natural pressure declines after decades of production.
Iran’s economy in the first half of 1404 saw minimal overall growth, with oil driving a 0.1% expansion versus a 0.5% contraction without it, as the sector contributed nearly one-quarter of total growth.
India’s ONGC has secured a deal with Moscow enabling its overseas unit, ONGC Videsh, to keep its 20% stake in Russia’s Sakhalin-1 oil and gas project.
At a summit with Prime Minister Narendra Modi, President Vladimir Putin pledged steady energy supplies to India while urging stronger defence and economic cooperation, even as New Delhi faces growing U.S. pressure over its reliance on Russian oil and arms.
Iran’s Petrochemical Employers Association emphasized that adopting modern technologies to curb pollution and fostering balanced growth through skilled human resources are key to national progress.
The CEO of the National Petrochemical Company said the Bidboland Persian Gulf Gas Refining Complex, the country’s largest flare gas recovery project, is now receiving 80% of its feedstock capacity and is supporting petrochemical plants.
Brent crude futures slipped 8 cents, or 0.1%, to $63.18 per barrel. U.S. West Texas Intermediate (WTI) futures dropped 14 cents, or 0.2%, settling at $59.53 per barrel.
Shahid Tondgooyan Petrochemical Company saved over 1 trillion rials annually by reusing low‑pressure steam, cutting steam use 25%, water 360,000 m³, and electricity 6,500 MWh.
Babak Poladi-Borj, Head of Research and Technology at Iran’s South Pars Gas Complex, stated that AI will drive South Pars into a new era of digitalized operations, enhancing monitoring, energy management, and real-time analytics.