Iran's oil industry, a symbol of self-sufficiency and independence, has made significant strides since the Islamic Revolution, utilizing domestic capabilities and indigenous expertise.
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World crude oil prices today February 3, 2025
U.S. West Texas Intermediate crude futures rose $1.44, or 2 percent, to $73.97 a barrel. Brent crude futures rose 62 cents, or 0.8 percent, to $76.29 a barrel.
CEO of Pars Oil and Gas Company (POGC) stated that a pressure-boosting plan has been defined for seven hubs in South Pars offshore, but to expedite the process, pressure boosting for the first hub will also be implemented onshore.
The manager of Refinery 9 at the South Pars Gas Complex announced that nearly 21 billion cubic meters (bcm) of gas were processed and transferred to the national grid during the first 10 months of the Iranian calendar year 1403 (March 19, 2024–January 19, 2025).
U.S. fuel prices are expected to increase due to President Trump's tariffs on Canadian and Mexican oil. The tariffs aim to address immigration and drug smuggling issues but may counteract efforts to control inflation, affecting costs for refiners and ultimately consumers.
The CEO of the National Iranian Gas Company (NIGC) announced the commissioning of 3,984 gas supply and development projects in celebration of the Ten Days of Fajr and ahead of the anniversary of the Islamic Revolution.
The 1st Boushehr Exhibition of Oil, Gas, Energy, Refining and Petrochemical Industry has opened in southern Boushehr province, the head of Boushehr International Exhibitions Company said.
India increased its imports of Russian crude oil by 13% in January, 9% from December, and 9% from a year earlier, thanks to Indian refiners taking advantage of the 49-day grace period.
Lukoil, Russia's second-largest oil producer, plans to raise around $2 billion from the sale of its Burgas oil refinery in Bulgaria, according to Bulgaria's Prime Minister Rosen Zhelyazkov.
Global Oil Prices on 1 February 2025
The price of Brent crude oil rose by 38 cents, or 0.49%, today, reaching $77.25 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 60 cents, or 0.82%, trading at $73.33 per barrel.
World crude oil price today January 30, 2025
Brent crude futures were down 7 cents, or 0.09%, at $76.51 a barrel by 0738 GMT. U.S. crude futures were little changed at 2 cents up, or 0.03%, to $72.64. U.S.
India is looking to expand its investments in Argentina's mining, gas and oil sectors, with a focus on lithium, to secure resources needed for its energy transition, the country's mining secretary told Reuters.
Tehran and Beijing have reached an initial agreement on Chinese investment in Iran’s renewable energy sector, with a Chinese company set to cover 70 percent of the investment.
World crude oil price today January 29, 2025
Brent crude futures were down 59 cents, or 0.76%, to $77.90 a barrel as of 0916 GMT, while U.S. crude futures had lost 55 cents, or 0.75%, at $73.22.
US sanctions on Russia's oil and gas sector have disrupted global energy trade, impacting interactions with China and India. Chartering costs for unaffected tankers have surged, creating trade hurdles, amidst economic pressure on Russia.
The commercial manager of the South Pars Gas Complex announced that, in collaboration with 120 domestic and new technology-based firms (NTBFs), over 11,500 essential equipment items and goods have been localized for the South Pars refineries.
World crude oil price today January 28, 2025
Brent crude oil futures were up by 35 cents, or 0.45%, to $77.43 per barrel. U.S. West Texas Intermediate crude futures were up 30 cents, or 0.41%, to $73.47.
Indian Oil Corp, the country's top refiner, is reportedly facing a potential decrease in Russian oil imports this fiscal year due to recent U.S. sanctions on Moscow.
The South Pars Gas Complex's CEO reported a 2% increase in gas injection into the national grid during the first 10 months of 2024-2025.
India's dependence on Russian oil has grown significantly since the 2022 Ukraine invasion, and the new sanctions could lead to higher inflation and supply disruptions.