Oil output in Kazakhstan declined by around 6% in December, led by a fall at the vast Chevron-led Tengiz oilfield after a Ukrainian drone attack damaged Russia’s Black Sea exporting terminal, an industry source said on Monday.
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Iran’s private sector is ready to participate in large-scale technical and engineering projects in Indonesia, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said, calling for closer cooperation between the chambers of commerce of the two countries to facilitate joint business activity.
The head of research and technology at the National Iranian Oil Company said more than 51% of Iran’s recoverable oil reserves have already been produced, underscoring the need to accelerate the development and localization of enhanced oil recovery (EOR) technologies to protect remaining reserves and sustain output.
Brent crude futures rose by 63 cents (equivalent to 1.04%) to $61.27 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 58 cents (equivalent to 1.02%) to $57.32.
India is pursuing more than $30 billion in compensation from Reliance Industries and partner BP in a long-running arbitration dispute, alleging the companies failed to produce vast amounts of natural gas from deepwater fields due to mismanagement, sources familiar with the matter told Reuters exclusively.
Petrochemical projects under Iran’s Seventh National Development Plan are about 60 percent complete, with all first-year targets for the sector achieved in 2024, the head of the National Petrochemical Company (NPC) said.
A presidential adviser said Iran’s petrochemical industry could become one of the country’s main engines of wealth creation and economic growth by easing investment procedures, cutting red tape, tapping small-scale foreign currency investments and leveraging the capacity of new technology-based firms.
The opening of the second train of the central processing unit at the South Azadegan shared oil field will play a key role in sustainable development in the West Karoun region by expanding stable processing capacity, stabilizing production, strengthening the transfer chain and creating jobs, the deputy head of Parliament’s Energy Committee said.
Trade between Iran and the 27-member European Union reached €3.102 billion in the first 10 months of 2025, according to the latest data released by Eurostat, underscoring the resilience of limited commercial ties despite longstanding sanctions and political tensions.
U.S. tariffs and diplomatic claims put India’s balancing act between cheap Russian oil and American demands under the spotlight as officials and industry await hard data on import cuts.
India’s average daily natural gas consumption dropped to around 190 million metric standard cubic meters per day (mmscmd) in the first seven months of fiscal year 2026, a 4.6% decline from the previous year, driven by reduced power sector offtake, higher LNG prices, and maintenance shutdowns in refineries and fertilizer plants, according to a Crisil Intelligence report.
Germany exported non-oil products worth $1.184 billion to Iran during the first eight months of the current Iranian calendar year (March 21-Novemebr 21), the Islamic Republic of Iran Customs Administration (IRICA) announced.
Brent crude oil futures rose 12 cents (0.19%) to $62.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased 19 cents (0.33%) to $58.54 per barrel.
India’s operational natural gas pipeline network has grown to 25,429 kilometers, advancing the country’s goal of a fully integrated national gas grid that promotes energy security and delivers cleaner fuel to every region.
Russia has nearly doubled its liquefied petroleum gas (LPG) exports to former Soviet republics in Central Asia and Afghanistan in the first 11 months of the year, reaching 1.016 million metric tons, according to industry sources who spoke to Reuters on Friday.
The chief executive of Petropars Group said the operational capacity of the South Azadegan joint oil field has increased to 160,000 barrels per day, citing the start-up of the second train of the central processing facility and the gradual return of wells to production.
Brent crude futures settled 14 cents lower (0.2 percent) at $62.24 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined 3 cents (0.05 percent) to $58.29.
The White House has directed U.S. forces to prioritize enforcing a quarantine on Venezuelan oil for the next two months. This signals Washington’s preference to pressure Caracas through economic leverage rather than military action.
India's largest oil refiner, Reliance Industries Ltd., has resumed oil purchases from Russia for its plant in Gujarat. This was reported by Bloomberg, citing sources.
The CEO of the National Petrochemical Industries Company (NPC) described health, safety and environment (HSE) as an organizational value and said decisions in this area must be made in an integrated manner and aligned with national interests.