The CEO of Iranian Oil Terminals Company (IOTC) stated that the continuous uninterrupted oil exports, a crucial economic development factor, are largely due to the diligent efforts of its employees.
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Talks on a long-term crude oil supply deal between Indian refiners and Russia have been paused following new US sanctions. India, which usually buys Russian oil on the spot market, sought a term deal to ensure stable prices and consistent supply.
The Negin Makran Petrochemical Development Company has invested €10 billion in establishing Chabahar’s third petrochemical hub to develop complexes and complete the methane gas value chain, aiming to end Iran’s raw petrochemicals exports.
Global Crude Oil Prices on January 15, 2025
Brent crude rose by 11 cents, or 0.14%, to $80.03 per barrel. Meanwhile, West Texas Intermediate (WTI) crude increased by 23 cents, or 0.30%, to $77.73 per barrel.
The deputy CEO of NIORDC has stated that the company's internal capacities are insufficient to meet the demands of the refining and distribution industry.
The Petroleum Engineering and Development Company's procurement and logistics manager emphasized the need for swift acquisition of high-quality supplies for strategic projects in shared oilfields.
The National Iranian Oil Refining and Distribution Company (NIORDC) reported a daily increase of over 10 million liters in gasoline production from December 2024 to December 2025.
Russia's leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping.
India Energy Week, the government's annual oil and gas sector conference, will feature reports from OPEC and IEA on the world's third largest energy consumer.
The global crude oil price on January 14, 2025
Brent crude oil fell by 43 cents, or 0.53%, to $80.58 per barrel, while U.S. West Texas Intermediate (WTI) crude slid by 34 cents, or 0.43%, to trade at $78.48 per barrel.
Farokh Naseri-Karimvand, technical director of NISOC, announced a pilot water injection project that could increase recoverable oil reserves in southern regions by over 5 billion barrels.
The Kremlin has warned that the recent US sanctions on Russia's energy sector could potentially destabilize global markets and is committed to minimizing their impact.
Chinese and Indian refiners seek alternative crude supplies amid US sanctions on Russian producers and tankers, reportedly the most effective yet in curbing shipments to Moscow's largest customers.
The price of a barrel of Brent North Sea crude rose by $1.14, or 1.43 percent, to $80.90. US West Texas Intermediate crude rose by $1.24, or 1.62 percent, to $77.81.
The CEO of NIORDC emphasized the need for diversification in Iran's fuel portfolio, stating that increasing production alone won't solve the imbalance in liquid fuel supply.
The US and UK have blacklisted Indian companies Skyhart Management Services Private Limited and Avision Shipping Services Private Limited for supporting Russia's Arctic LNG 2 project, targeting Gazprom Neft and Surgutneftegaz.
The CEO of NIOPDC plans to diversify Iran's vehicle fuel portfolio by adding liquefied petroleum gas, in line with the 7th Development Plan.
Indian and Chinese oil refiners are shifting their crude oil procurement strategies due to concerns over Russian and Iranian supply availability, pricing, and potential new sanctions.
Iran's Minister of Energy and Iraq's Minister of Electricity and Energy met to discuss electricity exchange and the export of technical and engineering services in the power sector.
Karoon Oil and Gas Production Company's CEO reported a daily sweetening of 600 million cubic feet of gas and the lowest gas flaring rate among oil production companies.