Iran, the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC), produces about 3 million barrels of oil per day (bpd), or around 3% of total world output.
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In line with the emphasis of the Supreme Leader and the policies of the thirteenth government regarding the withdrawal of banks from ownership, Bank Melli Iran transferred 51.32% of Petrochemical Shazand's shares.
Russia has been able to swiftly repair some of key oil refineries hit by Ukrainian drones, reducing capacity idled by the attacks to about 10% from almost 14% at the end of March, Reuters calculations showed.
Iran has exported $2.217 billion worth of goods to India during the past Iranian calendar year (ended on March 19), according to an official with Iran’s Trade Promotion Organization (TPO).
Indian conglomerate Reliance Industries will not purchase Russian oil loaded on tankers operated by SCF following recent US sanctions, reported Reuters, citing sources.
Canada, the world's fourth-largest oil producer, can be a key global supplier for years to come providing it sticks to promises to sharply cut emissions, the International Energy Agency (IEA) said on Thursday.
India has ordered companies to operate underutilized gas-based power plants in May and June and import coal-based plants until October 15 to meet high electricity demand.
The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters.
Biden's administration seeks an appeals court to consider international implications of Enbridge's Line 5 shutdown, arguing a federal judge did not fully consider treaty obligations.
India now consumes more than double the petrol it used a decade ago as new and larger vehicles are selling at a scorching pace. Diesel consumption is up by about a third while the overall oil demand is up by half.
Canada's Newfoundland and Labrador province approved renewable energy firm World Energy's hydrogen plant on Tuesday, after more than 80 low-carbon hydrogen production projects have been announced in the country until March.
China and India remained the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in February, with both countries continuing to buy the fuels to partially replace crude oil, traders said and LSEG data showed.
Iran’s Oil Minister Javad Owji, in an X post, wrote on Tuesday his country’s foreign exchange revenues will hopefully increase in 1403 (Iranian year).
Syncrude Canada, majority-owned by Suncor Energy, will pay C$390,000 ($287,187.04) after pleading guilty to a health and safety charge related to a worker's death in June 2021.
India is concerned about rising crude prices, but oil marketing companies will take measures to mitigate the impact on retail consumers if the trend persists.
Iraqi Oil Minister Hayan Abdul-Ghani plans to increase daily production capacity to five million barrels despite market restrictions and OPEC quota limitations for price stability.
Russia's Orsk oil refinery suspended work on Sunday, after the city's dam burst on Friday night amid flooding in the surrounding Orenburg region, Russian news agency cited the plant's press service as saying.
Iran’s trade with neighboring Iraq registered a 30 percent growth in the previous Iranian calendar year (March 21, 2023 to March 19, 2024), according to an official with Iran’s Trade Promotion Organization (TPO).
Saudi Arabia has raised the official selling price (OSP) for its flagship Arab Light crude oil for customers in Asia and the Mediterranean in May, an Aramco statement showed on Friday.