Brent crude futures rose 29 cents (0.48%) to $60.25 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased 26 cents (0.46%) to $56.25 per barrel.
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U.S. oil executives are wary of Trump’s push to revive Venezuela’s oil sector, demanding strong legal & financial guarantees from Washington before committing billions to rebuild production — talks continue ahead of a White House meeting.
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U.S. forces seized two Venezuela-linked oil tankers—one flying a Russian flag—in the Atlantic, intensifying Trump’s push to dominate Venezuelan oil flows after capturing Maduro. China slams it as “bullying” as prices drop on expected supply surge.
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National Iranian Drilling Company (NIDC) has completed 101 oil and gas wells so far this year (started in late March 2025), with total drilling footage reaching 103,456 meters, the company’s head said.
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The project manager for the Sabzab–Tang-e Fani–Shazand sour crude oil pipeline said construction has been completed and crude oil transfer to the Shazand refinery has begun, marking the start of operations for the project.
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Brent crude futures fell by 35 cents, or 0.6%, to $60.35 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell by 52 cents, or 0.9%, to $56.61 per barrel.
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Trump says Venezuela’s interim authorities will hand over 30–50M barrels of sanctioned oil to the U.S., to be sold at market price with proceeds controlled by his administration. a major shift tied to the recent U.S operation that captured Nicolás Maduro.
https://t.co/Y4aYm4ztjz
India has bought ~€144bn of Russian crude since Feb 2022, becoming Russia’s second-largest buyer after China, CREA says. Total Russian fossil fuel export revenues now near €1tn—continuing to bankroll Moscow’s war effort in Ukraine.
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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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Iran’s President Masoud Pezeshkian said the government’s reforms to gasoline and diesel pricing aim to eliminate rent-seeking and capital flight by depositing energy credits directly and fairly into people’s bank accounts.
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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.
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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.
https://t.co/UqevI3MpD2
Trump warns the U.S. may hike tariffs on India if New Delhi doesn’t curb purchases of Russian oil, escalating pressure as trade talks remain stalled.
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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.
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Iran’s oil minister said the country’s gas production and processing capacity is rising as damaged facilities gradually return to operation.
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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.
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Venezuela’s PDVSA orders joint ventures (incl. Chevron & CNPC) to cut crude output as US blockade paralyzes exports & fills storage tanks, straining the fragile oil sector amid political crisis.
https://t.co/RxpvAKUJpw
Iran’s Ariasasol Polymer Company saves ~$408K annually by capturing & reusing flare gas wasted during maintenance, slashing emissions & technical losses!
https://t.co/58mHdqEpat
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).
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Trump said after Maduro’s removal that major US 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.
https://t.co/obQGzz9N3T