Iran Energy Minister Abbas Aliabadi says development of renewable energy and electricity consumption optimization is moving forward nationwide, driven by active private-sector participation, as 1,269 MW of projects enter the execution phase.
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Brent crude futures fell by 0.5 percent, or 28 cents, to $61.48 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined by 0.6 percent, or 32 cents, to $58.00 per barrel.
India’s Reliance Industries, once the top buyer of Russian crude, says it expects ZERO Russian oil deliveries in January & none received in past 3 weeks—signaling a sharp drop in India’s imports amid tougher Western sanctions & push for US trade deal.
The United States could raise tariffs on India if New Delhi does not meet Washington’s demand to curb purchases of Russian oil, U.S. President Donald Trump said on Sunday, escalating pressure on the South Asian country as trade talks remain inconclusive.
Iran’s oil minister said natural gas production at the South Pars field has hit a new record of about 725 million cubic meters per day, praising the efforts of operational staff working in difficult conditions.
Brent crude oil futures fell by 23 cents, or 0.4%, to $60.52 a barrel, while U.S. West Texas Intermediate (WTI) crude declined by 21 cents, or 0.4%, to $57.11 a barrel.
Venezuela’s state-owned oil company PDVSA has asked several joint ventures to reduce crude oil output as exports remain paralyzed and storage fills up, adding stress to an already fragile oil sector and deepening pressure on the interim government.
Daily natural gas consumption in Iran’s residential, commercial, and small industrial sectors hit 621 million cubic meters (mcm) on Saturday amid persistent cold weather, according to the National Iranian Gas Company (NIGC).
Trump said after Maduro’s removal that major U.S. oil companies are ready to invest billions to revive Venezuela’s battered oil sector, though analysts warn restoring production will require massive, long-term investment despite the country’s vast reserves.
Venezuela’s state oil producer PDVSA says production and refining continue normally, with no damage reported after a U.S. military strike that captured President Nicolás Maduro, sources told Reuters.
In line with the implementation of Iran's free trade agreement with Eurasia, the fourth International Eurasia Expo will be held in Tehran from February 1st to 4th.
India has ordered refiners to report weekly oil purchases from Russia and the U.S. as it expects Russian imports to drop below 1 mbpd while negotiating a trade deal with Washington to ease 50% U.S. tariffs over its continued buying of discounted Russian crude.
Drilling has begun on Well #2 of Iran’s Mokhtar gas field in Kohgiluyeh & Boyer-Ahmad, home to an estimated ~9 Tcm of gas—seen by provincial officials as a key step toward unlocking northern reserves, boosting jobs, and reshaping the regional economy.
Philip Mshelbila of Nigeria officially assumed his duties as secretary-general of the Gas Exporting Countries Forum on Jan. 1, succeeding Algeria’s Mohamed Hamel, who completed his four-year term.
Brent crude futures fell $0.04 (a small percentage decrease) to $60.81 per barrel. US West Texas Intermediate (WTI) futures fell $0.03 to $57.39.
India stands to save approximately $1 billion each year in crude oil imports by converting just 10% of diesel consumption in the transport sector to liquefied natural gas (LNG), according to a study by the Petroleum and Natural Gas Regulatory Board (PNGRB).
Turkey’s Energy Minister Alparslan Bayraktar announced on Wednesday that the country will deploy the Cagri Bey drilling vessel to Somali waters in February, marking Turkey’s inaugural deepwater exploration project abroad.
The financial director of the National Iranian Oil Company denied reports that $8 billion in revenue from crude oil and gas condensate exports has not been collected, saying there are currently no stalled receivables.
Tehran’s gas consumption has surged to an unprecedented level amid a sharp drop in temperatures, the spokesperson for Tehran Province Gas Company said.
US crude oil imports dropped to 4.95M bpd last week—lowest in nearly 5 years—due to ad valorem taxes on year-end stocks. Mexico imports hit record low of 71K bpd amid Pemex production struggles. Inventories fell on strong refining.