The managing director of the Iranian Offshore Oil Company announced significant progress in the construction of the Abuzar oil field pipeline project, saying a new phase of the field’s development will begin soon if current progress continues.
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Brent crude futures rose $1.24, or 2.0 percent, to $62.56 a barrel, while U.S. West Texas Intermediate crude futures rose $1.20, or 2.1 percent, to $58.44.
INDIA and the United States are nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15 per cent to 16 per cent from 50 per cent, India’s Mint reported on Wednesday citing three people aware of the matter.
Iraq and Turkmenistan signed a memorandum of understanding (MoU) on energy cooperation and gas imports during the fourth round of political consultations in Baghdad on Monday, aimed at addressing the two countries’ energy needs.
The South Pars Gas Complex supplies 73 percent of Iran’s natural gas, provides feedstock for 65 percent of the nation’s petrochemical plants, produces 45 percent of its gasoline and fuels 60 to 65 percent of power plants, the company’s CEO said Tuesday.
Brent crude futures were unchanged at $61.01 a barrel. U.S. West Texas Intermediate (WTI) crude for November delivery fell 15 cents to $57.37.
Indian company Reliance Industries is gradually increasing purchases of Middle Eastern oil and is ready to place more orders in the near future, Bloomberg reports.
The National Iranian Gas Company is fully prepared for the winter season and will ensure stable gas transmission nationwide through effective management and operational transformation, the company’s managing director, Saeed Tavakkoli, said.
Iran’s Tehran Oil Refinery, one of the country’s oldest and largest facilities, is investing $3.5 billion to modernize operations and produce all fuels—including gasoline, diesel, and jet fuel—in line with stringent Euro 5 environmental standards, its refining engineering chief said.
Bu Ali Sina Petrochemical Complex has successfully completed a major overhaul of key reactors in its aromatic and paraxylene units without halting production, enhancing equipment reliability and operational efficiency.
Brent crude futures fell 18 cents, or 0.3 percent, to $61.11 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.3 percent, to $57.37.
U.S. President Donald Trump on Sunday warned that India will continue facing steep tariffs on its exports to the United States until it fully halts purchases of Russian oil a stance that has emerged as a key sticking point in the countries’ ongoing trade talks.
Hassan Abbaszadeh, managing director of the National Petrochemical Company, praised the Petrochemical Research and Technology Company for its role in providing catalysts and technical expertise.
Iran's natural gas consumption surged in October, reaching over 1.604 billion cubic meters, while power plants used 1.763 billion, indicating a close competition between major consumers.
Brazil's Vice President Geraldo Alckmin invited Indian oil firms to bid in auctions for Campos and Santos basin blocks, confirmed Petrobras deal to supply 6 million crude barrels to India, strengthening bilateral energy cooperation.
The National Iranian Oil Company's managing director has announced a $800 million budget for the renovation and modernization of its drilling fleet and equipment.
Ali Rabani, director of energy consumption optimization at NPC, plans to implement an energy management system in Iran's petrochemical industry, urging firms to utilize available resources.
The United States and European countries are increasing pressure on Asian buyers of Russian energy, which could limit India’s oil imports as early as December while making supplies cheaper for China.
The CEO of South Pars Gas Complex announced that the complex supplied more than 73% of the country’s gas needs during peak winter demand, describing it as the backbone of Iran’s energy supply.
Brent crude oil futures price reached 16 cents (0.26% decrease) to $60.90 per barrel. The futures price of US West Texas Intermediate (WTI) oil reached 15 cents (0.26% decrease) to $57.31.