Iran’s polymer and plastics market has stabilized as petrochemical plants gradually return to production and product supplies increase on the commodity exchange, according to the spokesperson for Parliament’s Energy Committee.
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Brent crude futures rose by 93 cents, or 1.2%, to $79.89 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 79 cents, or 1%, to $76.84 per barrel.
The Venezuelan government has signed five contracts with Shell that will give the European supermajor rights to operate the giant Loran natural gas field.
Iran’s petrochemical industry is steadily restoring production capacity lost during the recent conflict, demonstrating its resilience and strategic importance to the country’s economy.
Brent crude futures dropped $3.20 (3.85%) to settle at $79.97 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $3.52 (4.36%) to $77.23 per barrel.
Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire.
The permanent meeting of the Technical Committee of the Asian Clearing Union (ACU) was hosted by the Central Bank of Iran (CBI), focusing on the use of member countries’ national currencies within the ACU framework, upgrading the Union’s infrastructure for exchanging financial messages, and expanding the ACU’s capacity through enhanced knowledge-sharing.
Brent crude futures dropped $4.16 (4.8%) to $83.17 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $4.39 (5.2%) to $80.49 per barrel.
The project manager for the development of South Pars phases 22-24 said: With the start of drilling operations for new wells in these phases in the near future and the completion of the remaining sections, the rich gas production capacity of this project will increase by approximately 4 million cubic meters per day.
emerged as the world's second-largest buyer of Russian fossil fuels in May, importing €5.8 billion worth of hydrocarbons, primarily crude oil. Refiners significantly increased purchases, with key hubs like Vadinar and Jamnagar seeing substantial rises in Russian crude arrivals.
A new production well has been brought online at Phase 11 of the South Pars gas field, boosting output from the project to more than 26 million cubic meters of rich gas per day, according to the head of Pars Oil and Gas Company.
Brent crude futures fell by $1.83, or 2%, to $88.55 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.60, or 1.8%, to $86.11.
Venezuela signed five agreements with British oil major Shell on Thursday to advance oil and gas projects, including the company's participation in the coveted 7-trillion-cubic-feet Loran offshore gas field, the government said.
Oil prices set to surge above $105 a barrel as US-Israeli strikes trigger historic supply shock, demand set to shrink for first time since pandemic.
Iran's geographical position can turn the country into the main energy transit route between Central Asia and the Persian Gulf – a capacity that plays a key role in the region's economy.
Brent crude futures rose $1.48 (1.59%) to $94.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $1.71 (1.90%) to $91.74 per barrel.
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade.
The supply of petrochemical products to Iran’s downstream industries is improving, with higher product availability and continued price stability helping the market move toward balance, according to a senior official at the National Petrochemical Company (NPC).
South Pars Phase 11 has produced a cumulative 16.6 billion cubic meters of rich gas, with an energy value equivalent to approximately 100 million barrels of crude oil, according to the project manager for the phase’s development.
Brent crude futures fell 9 cents, or 0.1%, to $91.36 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.1%, to $88.10 per barrel.