-
Head of OPEC warns of a ‘dangerous’ lack of investment in oil
The head of the Organization of the Petroleum Exporting Countries – a group of the world’s major oil producers – told CNN that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel.
-
OPEC+ maintains output reduction to boost oil prices
An OPEC+ panel recommended Wednesday that the oil group keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.
-
Russia to decide in November whether to deepen output oil output cuts or raise production – Novak
Russia will consider next month whether to deepen its voluntary oil production cuts or increase output, while separately continuing its current export cuts until the end of the year, Deputy Prime Minister Alexander Novak said on Wednesday.
-
Saudi Arabia, Russia to continue voluntary oil cuts until end of year
Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.
-
Owji: Three oil, one gas fields discovered in two years; 2.6b barrels added to Iran’s recoverable reserves
SHANA (Tehran) – Iran’s oil minister said on Wednesday that three oil and one gas fields have been discovered since the 13th administration took office two years ago.
-
Iran oil minister: Some $20b invested in two years to put projects into operation
SHANA (Tehran) – Iran’s oil minister on Monday said about $20 billion have been invested since the 13th administration took office two years ago to implement upstream and downstream projects.
-
Iran-Saudi détente a positive step in increasing cooperation: Analyst
SHANA (Tehran) – An expert in international relations has described the rapprochement between Iran and Saudi Arabia as a positive step toward promoting cooperation.
-
OPEC oil output rises for second month on Nigeria, Iran – Reuters survey
OPEC oil output rose for a second straight month in September, a Reuters survey found on Monday, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
-
OPEC optimistic on demand, calls for more oil and gas investment
OPEC is optimistic on demand and sees under-investment as a risk to energy security, Secretary General Haitham Al Ghais said on Monday at an energy industry event in Abu Dhabi.
-
US SPR release; opportunity or challenge?
Ever since the outbreak of the war in Ukraine, global markets have been largely affected in various economic sectors as Russia, a top producer of fossil energy in the world, was slapped with Western sanctions, forcing the Kremlin to reconsider its oil and gas sales to certain states. While many expected the continued war to drive global energy prices up, a variety of measures including tapping strategic reserves by some countries like the United States did avoid any sharp price hike. However, it seems that the long-term use of this policy would not affect global markets and would instead affect the US domestic atmosphere in the run-up to the next presidential election.
-
Oil gains ground on outlook for global deficit this quarter
Oil edged higher on Monday, buoyed by widespread bets that global demand will continue to run ahead of supply.
-
Owji says U.S. senators have confirmed rise in Iran’s oil output, exports
SHANA (Tehran) – U.S. senators and Western media have confirmed the increase in Iran’s oil production and exports despite sanctions over the past two years, said Iranian Oil Minister Javad Owji on Saturday.
-
Arash gas field issue to be settled through political talks: Analyst
SHANA (Tehran) – A senior expert in West Asia affairs is convinced that the dispute over the Arash gas field, known as Al-Dorra in Kuwait and Saudi Arabia, will be resolved through holding political negotiations and reaching an agreement.
-
Owji: Refining capacity, oil products quality promoted under 13th administration
SHANA (Isfahan) – Iranian Oil Minister Javad Owji on Friday said the country’s refining capacity and quality of oil products have been promoted under the 13th administration.
-
Isfahan Refinery’s DHT Unit inauguration ceremony
SHANA (Isfahan) – The environmental project of Isfahan Refinery’s Diesel Hydrotreating (DHT) Unit is inaugurated in Isfahan, central Iran, during a ceremony attended by President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji on September 29, 2023.
-
Isfahan Refinery’s RFCC executive operations start during president visit
SHANA (Isfahan) – The executive operations of Isfahan Oil Refinery’s Residual Fluid Catalytic Cracking (RFCC) Unit began on Friday.
-
Isfahan Refinery’s Diesel Hydrotreating Unit comes online in presence of Raeisi, Owji
SHANA (Isfahan) – The environmental project of Isfahan Refinery’s Diesel Hydrotreating (DHT) Unit was inaugurated in the presence of President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji on Friday.
-
All NISOC wells ready for production
Iran’s oil production level stood at roughly 2.2 mb/d in 2021, before the 13th administration took office. It recently rose to 3.1 mb/d. National Iranian South Oil Company (NISOC) is the main oil supplier in Iran, accounting for 75% of the country’s oil production. Alireza Daneshi, CEO of NISOC, puts the company’s oil production at 2.94 mb/d, which is planned to reach 2.97 mb/d by the end of the current calendar year in March 2024. Owing to measures taken over the past two years, NISOC is now able to bring its production to 2.8 mb/d in 45 days.
-
Raeisi to inaugurate Isfahan Refinery’s DHT Unit shortly
SHANA (Isfahan) – The environmental project of Isfahan Refinery’s Diesel Hydrotreating (DHT) Unit will be inaugurated in the presence of President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji within hours.
-
Iran’s oil minister attends 93rd Saudi National Day ceremony
SHANA (Tehran) – Iranian Oil Minister Javad Owji and a number of foreign ambassadors attend a ceremony to celebrate the 93rd National Day of Saudi Arabia at the kingdom’s embassy in Tehran on September 26, 2023.
-
Owji: Oil industry plays ‘pivotal’ role in promoting Iran, Saudi Arabia common economic interests
SHANA (Tehran) – Oil industry can play a “pivotal” role in promoting common economic interests of Iran and Saudi Arabia, said Iranian Oil Minister Javad Owji on Tuesday night.
-
Iranian oil sector’s economic growth up 368%
SHANA (Tehran) – The Iranian oil sector’s economic growth rate jumps 368 percent year on year (YoY) in spring 2023.
-
Oil prices climb as markets focus on supply tightness
Oil prices rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy.
-
NIDC says 55 wells drilled, completed in six months
SHANA (Tehran) – The National Iranian Drilling Company (NIDC) consolidated planning director on Tuesday said 55 onshore and offshore oil and gas wells have been drilled and completed in the first half of the current Iranian calendar year (March 21-September 22, 2023).
-
NPC: Iran seeking to export petrochemical technical services to Venezuela, Brazil
SHANA (Tehran) – The production control manager of Iran’s National Petrochemical Company said NPC has outlined a plan for exporting technical services to Venezuela and Brazil.
-
Oil prices fall as economic outlook outweighs tight supply
Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.
-
Oil prices rise, tight supply back in focus
Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.
-
South Pars gas field production capacity to top 730 mcm/d next winter: POGC CEO
SHANA (Tehran) – The Pars Oil and Gas Company (POGC) managing director said Iran’s gas production capacity in the South Pars field will exceed 730 million cubic meters per day (mcm/d) next winter.
-
Oil prices rise after Russia bans diesel, gas exports
Oil was up more than 1% on Friday following a Russian export ban on diesel and gas.
-
Oil sector’s economic growth up 368% YoY, exports account for over 24% of Iran’s GDP growth
SHANA (Tehran) – The Iranian oil sector’s economic growth rate jumped 368 percent year on year (YoY) in spring 2023.