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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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Owji’s X post highlights oil sector’s top position in Iran economic growth ranking
SHANA (Tehran) – Iranian Oil Minister Javad Owji’s post on X, formerly called Twitter, highlighted the oil sector’s 16.4 percent economic growth in spring 2023, the highest rate in the country.
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Iran, Uzbekistan sign petrochemical MoU
SHANA (Tehran) – Iran’s National Petrochemical Company (NPC) and Uzbekistan’s Uzkimyosanoat on Wednesday signed a memorandum of understanding (MoU) on cooperation in the petrochemical sector.
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Russia's Gazprom Neft CEO: OPEC+ to act if global market faces oil crunch
The OPEC+ group of leading oil producers will act if the global oil market faces a shortage, Alexander Dyukov, head of Russian oil firm Gazprom Neft, said on Wednesday.
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$50b projects to drive Iran’s oil, gas output growth underway: NIOC official
SHANA (Tehran) – A number of oil and gas projects worth some $50 billion are in progress, said a National Iranian Oil Company (NIOC) official on Wednesday.
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Iran regains pre-sanctions OPEC rank with over 1m bpd output hike: NIOC chief
SHANA (Tehran) – Iran has regained its pre-sanctions position in the OPEC crude oil production table with an increase of more than 1 million barrels per day (bpd) achieved under the 13th administration, said the National Iranian Oil Company (NIOC) managing director on Wednesday.
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Contract on integrated development of joint Azadegan oil field to be signed in a month
SHANA (Tehran) – A contract on the integrated development of the joint Azadegan oil field will be signed within a month, said the National Iranian Oil Company (NIOC) director of investment and business development on Wednesday.
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U.S. oil output from top shale areas to fall for third straight month in October: EIA
U.S. oil output from top shale-producing regions is on track to fall for a third month in a row in October to the lowest level since May 2023, the U.S. Energy Information Administration (EIA) said in its monthly drilling productivity report on Monday.
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Petrochemical value chain completion not just a motto, but a duty: NPC head
SHANA (Tehran) – The completion of petrochemical industry’s value chain is not just a motto, but a task, plan, and duty as an inviolable strategy, said Iran’s National Petrochemical Company (NPC) managing director on Tuesday.
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Oil prices rise as tight supply outlook offsets demand woes
Oil prices rose on Monday after flirting with $95 a barrel earlier in the session, as expectations of a supply deficit stemming from extended output cuts by Saudi Arabia and Russia as well as weak shale production outweighed concerns about demand.