Shana

Easing tensions calm oil prices

SHANA (Tehran) – The decline in oil prices following the announcement of a ceasefire reflects the global market's realism, according to an energy expert.

Trump tells everyone to keep oil prices down after Iran attacks

SHANA (Tehran) – US President Donald Trump expressed a desire on Monday to see oil prices kept down amid fears that the aftermath of the attacks on Iran's nuclear facilities could cause them to spike.

Oil prices ease as Iran-Zionists conflict enters sixth day

SHANA (Tehran) – Oil prices eased in Asian trade on Wednesday, after a gain of 4% in the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve rates decision that could impact oil demand.

OPEC crude oil production tops 27 mbd in May

SHANA (Tehran) - Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 27.022 million barrels per day (bpd) of oil in May, according to the group’s latest report.

NIORDC:

Iran’s refinery facilities unharmed in Zionist regime’s attacks

SHANA (Tehran) – The National Iranian Oil Refining and Distribution Company (NIORDC), in a statement mourning the martyrdom of several commanders, scientists and innocent civilians in attacks by the Zionist regime, announced that the regime’s recent assaults caused no damage to the country’s refinery facilities or oil storage sites.

Oil soars more than 6% after Israel's strike on Iran alarms market

SHANA (Tehran) – Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies.

Expert warns of market instability following OPEC+ production move

SHANA (Tehran) - The former director of international affairs at the National Iranian Oil Company warned of the consequences of a recent decision by eight OPEC+ member countries, cautioning that instability could return to the oil market. 

‘Increased oil supply alone won’t lower prices’

SHANA (Tehran) – Morteza Behrouzifar, a faculty member at the Institute for International Energy Studies, said the recent decision by eight OPEC+ member countries to increase oil supply will not significantly reduce prices in the short term—barring a widespread global economic recession—unless geopolitical and economic stability persists.

Barrels return to the market: Is OPEC+ targeting shale?

SHANA (Tehran) - A recent decision by eight OPEC+ member countries has effectively reversed 62% of their voluntary production cuts over the past four months, bringing additional oil supply back to the market. The move raises questions about its intended goals and potential consequences for global oil markets. 

​​​​​​​Iranian AI for the World Oil Industry

SHANA (Tehran) - In an era where quick and precise access to specialized information is a key to effective decision-making and competitiveness in strategic industries, Pasargad Energy Development Co. (PEDC) has greatly benefited from modern technologies.

OPEC+ agrees to 411k bpd July output hike, eyes market balance

SHANA (Tehran) - The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on May 31, 2025, to review global market conditions and outlook.

NISOC takes major step toward sustainable oil production

SHANA (Tehran) – The CEO of National Iranian South Oil Company (NISOC) announced that the company aims to increase its oil production to more than 2.8 million barrels per day by the end of this year.

Comprehensive production roadmap drafted at NIOC

SHANA (Tehran) – The CEO of the National Iranian Oil Company (NIOC) emphasized the continuation of increasing oil production through the end of the year, stating that due to measures taken, subsidiaries have had access to a comprehensive annual production roadmap since the beginning of the year.

Iran sets June 2025 oil prices for global markets

SHANA (Tehran) – The National Iranian Oil Company (NIOC) announced official selling prices for various crude oil grades in June 2025.

Kharg Island ready to fully support maximum Iranian oil exports

SHANA (Tehran) – The CEO of Iranian Oil Terminals Company emphasized the strategic position of Kharg Island in the country’s oil export chain and announced the company’s full readiness to support Iran’s maximum oil exports. He stated that Iran’s oil terminals play a key role in achieving the oil industry’s major goals through their specialized, infrastructural and logistical capabilities.

OPEC crude production hits 26.7 mbd in April

SHANA (Tehran) - Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 26.71 million barrels per day (bpd) of oil in April, according to the group’s latest report.  

Iran, Bolivia stress strengthening oil industry cooperation

SHANA (Tehran) – Iran’s oil minister emphasized the country’s readiness to expand and strengthen bilateral cooperation in oil, gas, refining and petrochemicals during a meeting with Bolivia’s minister of energy and hydrocarbons.

NIDC drills eight oil, gas wells

SHANA (Tehran) – The deputy CEO of the National Iranian Drilling Company (NIDC) for drilling operations announced the drilling and completion of eight oil and gas wells using the company’s rigs during Farvardin (March 21–April 20), the first month of the Iranian calendar year.

Oil Ministry boosts power plant fuel supply by 36% in 33 days

SHANA (Tehran) – The CEO of National Iranian Oil Products Distribution Company announced a 36% increase in power plant fuel deliveries (diesel and mazut) in the first 33 days of this year (March 21 to April 22) compared to the same period last year.

First steam unit of Besat Power Plant begins operations

POGC: Oil sector supports power grid stability

SHANA (Tehran) – The CEO of Pars Oil and Gas Company (POGC) said the first steam unit of the Besat combined-cycle power plant in South Pars has begun full-capacity operations.

Oil Ministry Ready to provide aid in Bandar Abbas incident

SHANA (Tehran) – The oil minister emphasized the ministry’s readiness to mobilize all resources and capabilities to assist and support those affected by the Bandar Abbas incident during these difficult times.

Early fulfillment of production targets achieved in three western oil fields

SHANA (Tehran) – The executor of the development plan for the Cheshmeh-Khosh, Dalpari, and Paydar Sharq oil fields announced that these three fields achieved their annual production targets in 2024, even exceeding the planned ceiling—a success that boosted the project’s revenue by over $200 million.

NIOC shifts approach to attracting domestic, int’l investors

SHANA (Tehran) – The head of investment opportunity identification and development at National Iranian Oil Company (NIOC) said the company has changed its approach to offering investment opportunities, emphasizing a new strategy to build mutual trust with investors through incentives.

Strong parliamentary support for oil industry investment

SHANA (Tehran) – A member of the Iranian Parliament's Energy Committee said the legislature is focused on enhancing investment appeal in various economic sectors, particularly the oil industry.

PBO: New Economic council measure accelerates oil investment attraction

SHANA (Tehran) – The head of Iran’s Plan and Budget Organization highlighted the country’s geopolitical, historical, and human resource capacities, noting key government steps to revive investment appeal in the strategic oil industry. These include raising project return rates to 23%, allowing investors to benefit from excess earnings, and speeding up contractual processes.

NIOC:

Oil industry contract terms reduced to six months

SHANA (Tehran) – The CEO of the National Iranian Oil Company announced a recent decision by the Economic Council to reduce the maximum duration of oil industry contracts to six months.

Oil Ministry has plans for any scenario: Paknejad

SHANA (Tehran) - Iran’s oil and gas industry has always been—and remains—an attractive sector for international investors due to its high return on investment, Oil Minister Mohsen Paknejad said Tuesday.  

Iran has no restrictions on cooperation with foreign investors 

SHANA (Tehran) – Iran’s oil minister emphasized that the country has no restrictions on working with foreign investors, stating that achieving the goals of Iran’s oil industry requires investment.