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33rd OPEC and non-OPEC Ministerial Meeting
TEHRAN (Shana) -- The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.
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OPEC+ Agree to cut Output by 2 mbd
TEHRAN (Shana) -- 23 member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) reached a consensus in their 33rd meeting with a daily reduction of 2 million barrels per day for the period between November 2022 to December 2023.
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33rd OPEC+ Meeting Begins in Vienna
TEHRAN (Shana) -- The 33rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) started a few minutes ago at the headquarters of the OPEC Secretariat in Vienna.
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Iran Oil Exports Underway Uninterrupted: Min.
TEHRAN (Shana) – The Iranian Minister of Petroleum said: “Iran's crude oil exports are being carried out without any problems to the target markets.”
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Self-sufficiency Center of Petchem Industry Launched
TEHRAN (Shana) -- "Petrochemical Industry Self-Sufficiency Center" was launched with the aim of making maximum use of all scientific and research capacities of the country in the development of the petrochemical industry.
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33rd OPEC+ Ministerial Meeting to be held in Vienna
TEHRAN (Shana) -- The 33rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will be held in Vienna on Wednesday, October 5.
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Iran, Japan Senior Officials Keen on Development of Cooperation
TOKYO (Shana) -- In his meeting with the Minister of Foreign Affairs of Japan, the Iranian Minister of Petroleum emphasized the development of cooperation between the two countries.
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Iran Ready to Play Important Part in Supplying Energy to Japan
TOKOY (Shana) – Iranian Minister of Petroleum Javad Owji voiced Iran’s preparedness to cooperate with Japanese companies in the field on energy, and said: “Iran can play an important role in providing the energy needed by Japan.”
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Owji Conveys Iran Message of Condolence to Japan Premier
TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji conveyed the message of condolence of the Islamic Republic of Iran to Fumio Kishida, the Prime Minister of Japan, and Aki Abe, Shinzo Abe's wife.
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Deputy Petroleum Minister meets with Belarusian Envoy
TEHRAN (Shana) -- The deputy Petroleum Minister for International Affairs and Trade had a meeting with the ambassador of the Republic of Belarus in the Islamic Republic of Iran with the aim of expanding the level of cooperation.
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Owji Meets Major Japanese Oil, Gas Firms
TOKYO (Shana) – Iranian Minister of Petroleum Javad Owji held meetings with the executives of top Japanese oil and gas firms in Tokyo, in continuation of the 13th administration’s active energy diplomacy.
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Iran Petroleum Minister Attends State Funeral of Japan Ex-Premier
TEHRAN (Shana) -- Iranian Minister of Petroleum Javad Owji attended the state funeral ceremony of late Japanese Prime Minister Shinzo Abe.
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Petroleum Minister Addresses AGGPM in Japan
TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji addressed the Third Asia Green Growth Partnership Ministerial Meeting (AGGPM) in Japan.
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Owji Leaves Tehran for Tokyo
TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji and the accompanying delegation left Tehran on Sunday for Tokyo to attend the Asia Green Growth Partnership Ministerial Meeting (AGGPM) and hold multilateral meetings.
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Owji: Tehran to Boost Energy Ties with Friendly Nations
TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji has indicated that Tehran will boost energy relations with friendly nations, such as China and Russia, amid economic sanctions against the Middle Eastern country.
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NIOC Announced Iran Crude Price for October Delivery
TEHRAN (Shana) – The National Iranian Oil Company (NIOC) has increased the official selling price of all types of crude oil for delivery to Asian customers in October.
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MOGPC Realizes H1 Production Goal
TEHRAN (Shana) -- The caretaker of the Maroon Oil and Gas Production Company (MOGPC) announced that the company succeeded in achieving 101% of its plan to produce crude oil in the first half of the current calendar year, which began on March 21.
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Iran, Pakistan Discuss Energy Cooperation
TEHRAN (Shana) -- The president of Iran and the prime minister of Pakistan weighed plans for cooperation between the two neighbors in the energy industry.
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NIDC Bracing for Stronger Presence in Persian Gulf
TEHRAN (Shana) -- The CEO of the National Iranian Drilling Company (NIDC) said: With the provision of three offshore drilling rigs, the company's presence in the Persian Gulf waters will become stronger in the near future.
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Iran Joins SCO as Permanent Member
TEHRAN (Shana) -- The 22nd Shanghai Cooperation Organization (SCO) summit ended on Friday with a positive note. Iran officially joined the SCO, and all the participants signed the Samarkand Declaration in the end.
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SCO Accession helps Turn Iran into Regional Energy Hub: MP
TEHRAN (Shana) -- A member of the Parliament's Energy Committee published a tweet, saying: “Iran's permanent membership in the Shanghai Cooperation Organization (SCO) is a result of the administration’s targeted diplomacy with its neighbors which is laudable.”
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Defining Moments for Oil and Gas
TEHRAN (Shana) -- Energy prices went up sharply after February 24 when first Russian troops entered Ukraine. By late March 2022, it hit above $ 120.40 per barrel for Brent briefly but retreated to around $110 per barrel, though, the average price of crude oil was $105 per barrel for the first half of 2022. The slow and cautious reaction of oil market towards such major geographical escalation that would potentially cut over 6.7 mb/d of crude and products from Russia is an interesting phenomenon worth analyzing. Let’s be reminded that the international crude oil prices touched $147 per barrel back in 2008 after the United States descended into recession.
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$7bn MOU Signed for Azadegan Development
TEHRAN (Shana) -- A $7 billion memorandum of understanding has been signed by National Iranian Oil Company (NIOC) and Iranian banks and E&P companies to develop the entire giant Azadegan oil field.
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Russia-Ukraine War Impact
Oil Players Displaced
TEHRAN (Shana) -- The Russia-Ukraine war is not just a military conflict between Moscow and Kiev. Moreover, the consequences of the war are not limited to the geography of Europe. At the same time, the war is not limited to the political and military domains, and has had significant economic consequences. One of these consequences has been affecting the global energy markets. In addition to the spike in global oil prices to $120 a barrel, which is a direct consequence of the war, changes have also occurred in the field of trading oil, which, if continues, could change the trading pattern of many countries.
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Iran and Pakistan Energy Supply
TEHRAN (Shana) -- Energy security has always been an especially sensitive issue in the economic policies of various governments of Pakistan. Although Pakistan’s economy mainly depends on agriculture which makes up about 33% of the country’s gross national product (GNP), over recent years, the growth of energy consumption in the domestic, industrial and transportation sectors has made Islamabad more dependent on gas imports to the extent that gas has become a key element of Pakistan’s energy mix. However, despite the advantages that gas has over other fossil fuels, it also has problems, one of which is the high cost and security sensitivities of its transmission. This problem is especially noticeable in a country like Pakistan because due to insecurity mainly in Pakistan's Baluchistan, the central government does not have much control over its security.
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Karoon Petchem Plant Unveils 5th Knowledge-based Item
TEHRAN (Shana) -- Karoon Petrochemical Company has unveiled its fifth knowledge-based product, in cooperation with a knowledge-based company, which can save $10 million by meeting domestic needs.
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Iran, Japan hold Seminar on Net Zero Emissions by 2050
TEHRAN (Shana) – An educational seminar entitled "Introduction of Japan's policies in using hydrogen and ammonia to achieve zero carbon emissions by 2050" was held in Tehran.
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Framework of Iran-Uzbekistan Energy Cooperation Sketched
TEHRAN (Shana) -- The Iranian Deputy Petroleum Minister of International Affairs and Trade determined the framework of cooperation between the two countries in the energy sector in a meeting with the Acting Minister of Energy of Uzbekistan.
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$600m Petchem Value Chain Completion Projects underway under way in Petrol
TEHRAN (Shana) -- The CEO of Petrol said $600 million projects are being implemented by the company in order to complete the value chain of the petrochemical industry.
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Min. Voices Iran Readiness to Help Global Energy Security
TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said the global energy market needs an increase in the supply of oil from Iran, adding: “As a major producer of oil and petroleum products, we are always ready to play our role in providing oil and gas away from politics. and help improve energy security in the world.”