Iran's parliament has set the National Development Fund's share of oil export revenue at 20% in next Iranian year's budget, which begins in March 2026.
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A fire erupted Friday at Cuba’s Ñico López oil refinery in Havana, producing thick black smoke over the bay, but was swiftly brought under control with no injuries, authorities said, as the island endures an intensifying fuel shortage due to U.S. restrictions on Venezuelan oil supplies. The blaze, confined to a warehouse of unused additives near docked tankers, highlights the precarious energy situation gripping the nation.
The United States has issued a general licence to India's Reliance Industries Ltd that will allow the refiner to buy Venezuelan oil directly without violating sanctions, two sources familiar with the matter said.
The expansion of solar power plants in Iran is preventing the release of more than 1 million tons of carbon dioxide (CO2) annually, while also helping reduce electricity supply imbalances, state media reported.
The CEO of Nouri Petrochemical Company emphasized the strategic and supervisory role of the National Petrochemical Company in the sector, saying investors are seeking stability in policymaking and decision-making in the petrochemical industry.
Brent crude futures fell 6 cents (0.1%) to $67.46 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined 12 cents (0.2%) to $62.72 per barrel.
India will buy U.S. liquefied natural gas if it is offered at reasonable rates, the head of the country's top gas importer Petronet LNG said on Thursday, as New Delhi looks to boost imports from Washington.
The CEO of PetroFarhang Holding said the transfer of utility pricing arbitration to the National Petrochemical Company underscores the 14th Government and Ministry of Petroleum’s special attention to the petrochemical sector and the private industry. He added that stable and fair utility pricing fosters trust among private investors.
Brent crude oil futures rose 21 cents (0.30%) to $69.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 26 cents (0.40%) to $64.89 per barrel.
India is already the third-largest consumer market for the oil exported by Petrobras, behind China and Europe.
Iran’s natural gas exports to Turkey grew by about 16 percent in 2025, reaching more than 8.17 billion cubic meters, according to the latest data cited by Eurostat.
The household, commercial, and small industries sectors consumed 63% of the total gas delivered to the national grid on Tuesday.
Brent crude futures rose by 57 cents (0.83%) to $69.37 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 56 cents (0.88%) to $64.52.
India will continue to rely on a diversified mix of energy sources to ensure stable and affordable supplies for its consumers, Foreign Secretary Vikram Misri said, underscoring New Delhi’s focus on energy security and market-driven decisions.
The CEO of the National Petrochemical Company (NPC) said the Oil Ministry under the 14th administration has developed and is implementing medium-term plans to offset idle capacity and ensure a stable supply of feedstock for the petrochemical industry, with large-scale investment in flare gas recovery among the most important measures.
Iran’s petrochemical industry, operating 79 production complexes, has reached a nominal production capacity of more than 100 million metric tons per year, emerging as one of the main pillars of the country’s non-oil economy.
Brent crude futures fell 16 cents (0.23%) to $68.88 per barrel. U.S. West Texas Intermediate (WTI) futures dropped 20 cents (0.31%) to $64.16 per barrel.
India has agreed to halt Russian oil purchases under a sweeping trade deal with the United States, marking a potential historic break in Moscow–New Delhi energy ties.
Iran has collected about 9.0 million cubic meters (mcm) per day of associated and flared gas over the past 15 to 16 months, bringing total daily collection to around 16 mcm, Oil Minister Mohsen Paknejad said on Monday.
The CEO of Arya Sasol Polymer Company said transferring authority for utility pricing arbitration to the National Petrochemical Company (NPC) reflects recognition of the petrochemical industry’s role in the national economy and, if properly implemented, could strengthen a development-oriented approach at companies and align government and corporate interests.