Brent crude futures fell 9 cents to $67.13 a barrel, while West Texas Intermediate (WTI) crude futures fell 8 cents to $63.17.
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India saved billions of dollars by stepping up imports of discounted Russian oil in the wake of the war in Ukraine, but punitive tariffs imposed by the U.S. that came into effect on Wednesday will quickly undo the gains, with no easy solutions in sight.
Russia's fuel oil shipments went mostly to Saudi Arabia and India in July as Asia and the Middle East remain the key outlets for Moscow's fuel oil and vacuum gasoil (VGO) amid import bans and embargoes in the West.
Iran’s exports to Africa rose 2.2 times in the first four months of the current Iranian calendar year (March 21- July 22), the head of the Africa Office at the Trade Promotion Organization (TPO) announced.
The head of Iran’s National Petrochemical Co. (NPC) said the company is ready to welcome investors in the southeastern port city of Chabahar, where about $10 billion has already been invested, creating capacity for more than 10 million tons of petrochemical production.
Brent crude fell 37 cents, or 0.5 percent, to $68.43 a barrel, while West Texas Intermediate (WTI) crude fell 40 cents, or 0.6 percent, to $64.40 a barrel.
Alberta, Canada's primary oil-producing province, is considering investing in Japan's refining sector to decrease its dependence on the US for oil exports.
Refiners in India, among the largest buyers of Russian crude, are planning to trim their purchases in the coming weeks, a modest concession to Washington’s hawks less than a day ahead of a hike in US tariffs, but also a signal that the country has no plans to sever ties with Moscow.
The CEO of the National Iranian Oil Company announced the country has set a new record for oil production.
Brent crude futures rose 29 cents, or 0.4 percent, to $68.02, while West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6 percent, to $64.02.
South African petrochemical firm Sasol said on Monday it swung to an annual profit on the back of higher chemicals prices, tighter cost controls and lower asset writedowns.
The South Pars Gas Complex announced that more than 90% of the materials used in its major overhauls are domestically produced, a move officials say ensures sustainable production and strengthens Iran’s tech-based economy.
The managing director of Karoun Oil and Gas Production Co. announced a historic milestone in March 2025, with daily crude oil output reaching 1 million barrels for the first time.
External Affairs Minister S Jaishankar on Saturday defended India’s energy ties with Russia, saying that New Delhi’s oil purchases were both in national and global interest.
External Affairs Minister S Jaishankar on Saturday defended India’s energy ties with Russia, saying that New Delhi’s oil purchases were both in national and global interest.
From the 14th government's incumbency to Tir (July 22), the Iranian Investment and Economic and Technical Assistance Organization approved 595 foreign investment projects worth $20.379 billion.
India has increased crude oil purchases from Russia since 2022, causing tensions with the US, leading to a 25% penalty tariff on India over the existing 25% reciprocal tariff.
Iran has unveiled its first advanced F-class gas turbine with a capacity of 222 MW, with Energy Minister Abbas Aliabadi in attendance. This was reported by Alalam News Network.
Ukraine attacked the Druzhba pipeline for the third time, halting oil deliveries to Slovakia and Hungary. The European Commission has not reacted so far, but US President Donald Trump said he was very angry.
Brent crude futures rose 12 cents to $67.79 a barrel, while West Texas Intermediate (WTI) crude futures rose 13 cents to $63.65.
Russian Foreign Minister Sergei Lavrov announced Russia and India are exploring joint energy ventures, including oil and gas projects in the Far East and Arctic, amid US tariff increases.