The Directorate of Exploration of the National Iranian Oil Company (NIOC) has embarked on centralized studies over recent years to explore unconventional resources.
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World crude oil price today May 21, 2025
Brent crude futures rose 79 cents, or 1.2 percent, to $66.17 a barrel. U.S. West Texas Intermediate crude rose 82 cents, or 1.3 percent, to $62.85.
India's Russian crude oil imports will hit close to 1.8 million barrels per day in May, the highest in 10 months, ship tracking data from Kpler showed, after refiners snapped up more light grades such as ESPO Blend.
Iran’s Oil Minister and Turkmenistan’s Foreign Minister have emphasized deepening bilateral cooperation in the oil and gas sector and discussed avenues to broaden energy collaboration.
The production and operations manager of Pars Oil and Gas Company (POGC) announced the completion of the overhaul of the South Pars Phase 14 gas platforms and their return to operation.
World crude oil price today, May 20, 2025
Brent crude futures fell 7 cents, or 0.1 percent, to $64.75 a barrel. U.S. West Texas Intermediate crude futures fell 5 cents, or about 0.1 percent, to $62.1 a barrel.
Saudi Arabia is expected to burn more crude oil for power generation this summer than last as it ramps up output after OPEC+ eases supply controls and as fuel oil has become costly, analysts and trade sources said.
India has invoked emergency measures that require gas-fired power stations to produce more in order to ensure uninterrupted electricity supply during the summer season, as soaring temperatures boost demand.
PEDEC has signed two major subsurface drilling contracts to expedite the development of the Paydar Gharb oilfield, a shared reservoir with Iraq.
NIOPDC CEO confirms that the subsidized diesel fuel quota price for urban and intercity transport fleets with verified performance will remain at 300 tomans per liter.
World crude oil price today May 19, 2025
Brent crude futures fell 46 cents, or 0.7 percent, to $64.95 a barrel, while U.S. West Texas Intermediate crude fell 26 cents, or 0.4 percent, to $62.23.
Iran plans to commission two new oil refineries and three fuel quality upgrade projects by the end of the current Iranian year (March 2026), the head of the National Iranian Oil Refining and Distribution Company (NIORDC) announced on Saturday.
India imposed curbs on imports of ready-made garments and processed food from Bangladesh, as relations between the two neighbors turned sour in recent months.
The director of Iran's National Oil Engineering and Construction Company has announced that the Real-Time Monitoring Plan for the Supply and Distribution Chain of Petroleum Products will be operational by March 2026.
OPEC's May 2025 Monthly Oil Market Report predicts India's oil demand to rise by 3.39% from 5.55 million barrels per day in 2024 to 5.74 million in 2025, and 4.28% in 2026.
The CEO of Petrochemical Industries Development Management Company (PIDMCO) announced that the firm is currently managing 25 projects valued at over $11 billion despite challenging sanctions. Some of these projects are among the largest national initiatives, and their completion is critical for boosting production and strengthening the economy.
Turkey has discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea, President Tayyip Erdogan said on Saturday.
The acting head of Iran Gas Engineering and Development Company announced that the gas storage capacity at the Sarajeh field will increase to 1.5 billion cubic meters (bcm) per year upon completion of its second phase.
World crude oil price today, May 16, 2025
Brent crude rose 29 cents, or 0.5 percent, to $64.82 a barrel, while U.S. West Texas Intermediate crude rose 27 cents, or 0.4 percent, to $61.89.
China has emerged as the top customer for Canadian oil shipped on the expanded Trans Mountain pipeline, ship tracking data showed, as a U.S. trade war has shifted crude flows in the year since the pipeline started operating.