Over $1 billion of Venezuelan oil shipments to China have been rebranded as Brazilian crude by traders, enabling buyers to reduce logistics costs and avoid U.S. sanctions.
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Iran will inaugurate its first biorefinery this week in the western province of Kermanshah, with President Masoud Pezeshkian expected to attend the opening ceremony, according to a senior official from the Ministry of Industry, Mining and Trade.
Iran’s Oil Minister has ordered the resumption of exploratory drilling in the shallow waters of the Caspian Sea, ending a 30-year pause in operations.
The CEO of Iranian Central Oil Fields Company (ICOFC) highlighted the company’s major role in supplying the country’s onshore gas while simultaneously managing production and development operations.
Iran will inaugurate new refinery projects worth more than $3.0 billion this year, despite years of stagnation in the country’s refining sector, a senior oil official said on Saturday.
Iran plans to increase daily gas production from the South Pars Gas Complex by 10 to 15 million cubic meters (mcm) this winter as part of an early overhaul strategy to prepare for rising seasonal demand, the company’s head said on Saturday.
Iran Oil Pipelines and Telecommunications Company (IOPTC) signed two memorandums of understanding (MoUs) in the field of pipeline physical monitoring with new technology-based firms (NTBFs).
World crude oil price today, May 9, 2025
Brent crude rose 43 cents, or 0.68 percent, to $63.27 a barrel, while U.S. West Texas Intermediate crude rose 42 cents, or 0.7 percent, to $60.33 a barrel.
Indian Oil Corporation confirms adequate fuel and LPG stocks, reassures public not to panic buy, as fuel and LPG are readily available at all outlets.
The Deputy Minister of Iran Petroleum for Petrochemical Affairs announced the establishment of a utility corridor in Phase 3 of the Pars Special Economic Energy Zone to support the development of downstream petrochemical industries.
World crude oil price today, May 8, 2025
Brent crude futures rose 10 cents, or 0.2 percent, to $61.22 a barrel, while U.S. West Texas Intermediate crude rose 13 cents, or 0.2 percent, to $58.20 a barrel.
US energy groups are requesting Trump's administration to exempt liquefied natural gas tankers from a rule requiring producers to increase exports on US-built vessels.
India’s imports of crude oil from the US rose sharply by nearly 34% on a month-on-month basis in April as the country ramped up shipments from America.
World crude oil prices today, May 7, 2025
Brent crude futures rose 1.2 percent to $62.88 a barrel, while U.S. West Texas Intermediate crude rose 81 cents, or 1.4 percent, to $59.90 a barrel.
A joint venture (JV), consisting of Shell (through BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation (ONGC), has wrapped up work on what is said to be India’s first offshore facilities decommissioning project.
Canadian oil producer Suncor Energy reported first-quarter profit above analysts' expectations on Tuesday, as it benefited from greater refinery production and sales volumes.
Iran increased gasoline production to 120 million liters daily in Ordibehesht, despite a decline in profitability in the refining industry, according to a senior industry official.
World crude oil prices today, May 06, 2025
Brent crude futures rose $1.15 to $61.38 a barrel, while U.S. West Texas Intermediate crude rose $1.11 to $58.24 a barrel.
Iran's private sector authority invites Sweden to revive joint investment initiatives in automotive and electricity industries, citing potential for cooperation in non-sanctioned sectors and government guarantee of foreign capital return.
Saudi Arabia and India agreed to enhance energy cooperation, including Saudi investment in two refineries. However, initial talks have been halted due to Saudi Arabia's disagreements with India over crude supply.