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OPEC+ reaffirms cooperation, eyes 2027 targets
SHANA (Tehran) – The 41st OPEC and non-OPEC Ministerial Meeting reaffirmed the alliance's commitment to oil market stability, extending current crude production targets through the end of 2026, maintaining oversight by the Joint Ministerial Monitoring Committee and endorsing plans to strengthen long-term cooperation among participating countries under the Declaration of Cooperation and the Charter of Cooperation.
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OPEC+ advances gradual output increase
SHANA (Tehran) – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability.
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The value of OPEC to its Member Countries
SHANA (Tehran) – The value of OPEC can be demonstrated in a range of historic and current benefits for Member Countries that have been seen throughout the Organization’s almost 66-year history. These can be summarized in six key points:
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Saudi Arabia, Iran lead OPEC oil production in April
SHANA (Tehran) – Saudi Arabia and Iran remained the top oil producers in the Organization of the Petroleum Exporting Countries in April 2026, according to OPEC’s latest monthly report.
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Seven OPEC+ states adjust production, reaffirm commitment to market stability
SHANA (Tehran) – The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on May 3, 2026, to review global market conditions and outlook.
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OPEC monthly oil output falls by nearly 8m barrels
SHANA (Tehran) – Daily crude oil production by member countries of the Organization of the Petroleum Exporting Countries (OPEC) dropped by 7.878 million barrels to 20.788 million barrels per day, according to the group’s latest report.
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65th meeting of JMMC held via videoconference
SHANA (Tehran) – The Joint Ministerial Monitoring Committee (JMMC), comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela held its 65th Meeting via videoconference on Sunday.
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OPEC+ states adjust production, reaffirm commitment to market stability
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 April 5, 2026, to review global market conditions and outlook.
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Operational commitment of oil experts ensures production stability
SHANA (Tehran) - The CEO of the National Iranian South Oilfields Company said the expertise, technical knowledge and operational commitment of oil industry employees in confronting technical challenges ensure stability and continuity in ongoing production processes.
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OPEC oil tops $142, doubling since start of Ramadan War
SHANA (Tehran) - The price of OPEC’s oil basket climbed above $142 per barrel last week, marking more than a 100% increase since the start of the Ramadan War.
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Iran has no surplus crude for sale
SHANA (Tehran) - The Oil Ministry’s spokesperson said Iran currently has no surplus crude oil stored on the water or available for sale in international markets.
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OPEC Oil Basket jumps 71%, surges $50 amid Ramadan War escalation
SHANA (Tehran) - The price of OPEC’s oil basket (ORB) has surged more than 71%, reaching $120.86 per barrel amid heightened conflict during the imposed Ramadan War.
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Iran’s crude production rises by 34,000 bpd in February
SHANA (Tehran) - Daily oil production by members of the Organization of the Petroleum Exporting Countries increased by 164,000 barrels in February to 28.63 million barrels per day, according to the group’s latest monthly report.
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Will the oil market ignite if attacks on Iran continue?
SHANA (Tehran) – A former head of oil studies at the Organization of the Petroleum Exporting Countries says a prolonged closure of the Strait of Hormuz would inflict serious economic damage on oil-consuming nations, while potentially spurring new global investment in oil projects.
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Fate of black gold: All eyes on the Persian Gulf
SHANA (Tehran) – An energy market analyst said the oil market has been roiled by the US-Israeli attack on Iran, with all attention now focused on the Persian Gulf region and the Strait of Hormuz, through which 21 million barrels of oil and one-fifth of the world's liquefied petroleum gas pass daily.
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OPEC crude production falls by 135,000 barrels per day in January
SHANA (Tehran) – OPEC’s latest monthly report shows that crude oil production by the organization’s members declined by 135,000 barrels per day in January.
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Private sector drives shift in upstream oil investment
SHANA (Tehran) – The National Iranian Oil Company (NIOC) has launched a new approach to upstream oil and gas investment centered on private-sector participation, a senior official said.
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Oil can help achieve SDG 7
SHANA (Tehran) –Globally, over 666 million people do not have access to electricity. If those without electricity were a country, they would be the third most populous on earth.
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NIDC accelerates drilling fleet expansion under Seventh Development Plan
SHANA (Tehran) – The country's drilling industry has entered a new phase of development under the seventh five-year development plan, focusing on expanding drilling fleet capacity and improving operational efficiency. This phase prioritizes acquiring new rigs, modernizing the existing fleet and enhancing key performance indicators to support increased oil and gas production.
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OPEC+ JMMC reiterates focus on full oil production conformity
SHANA (Tehran) – The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
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Oil minister dismisses concerns over possible US deals with Tehran’s customers
SHANA (Tehran) – Oil minister said there is no need for concern that the United States, after gaining control of Venezuelan oil, could strike deals with Iran’s long-standing oil customers such as China.
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OPEC oil basket price rises nearly $2
SHANA (Tehran) – The price of the OPEC oil basket rose by nearly $2 on Thursday (Jan. 29), according to the organization’s secretariat.
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OPEC boosts crude output by 105,000 bpd in December 2025
SHANA (Tehran) – Daily crude oil production by OPEC member countries rose by 105,000 barrels in the final month of 2025, reaching 28.564 million barrels per day in December, according to the organization’s latest report.
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Reducing private-sector investment risk in oil industry
SHANA (Tehran) – The CEO of PetroIran Development Company said the investment volume under a contract to supply four drilling rigs to the National Iranian Oil Company (NIOC) is about $200 million, adding that the public-private partnership (PPP) contract model guarantees the company’s operations for five years, significantly reducing investment risk for the private sector.
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Crude production to increase by 135,000 barrels per day
SHANA (Tehran) – Iran’s oil production will increase by 135,000 barrels per day through the installation of 11 rapid-installation processing units, according to the CEO of the National Iranian Oil Company.
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Oil market under the shadow of a quota war, not geopolitics
SHANA (Tehran) - An energy analyst says the main risk facing the oil market is no longer geopolitical crises but internal tensions within OPEC-plus and a potential battle over production quotas. While political crises have had an impact, he said, the structure of the market has prevented a sharp price surge.
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OPEC+ producers reaffirm commitment to market stability, maintain voluntary output curbs
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 January 4, 2026, to review global market conditions and outlook.
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Uncertainty in US policy biggest challenge for oil market in 2026
SHANA (Tehran) – The former head of international affairs at the National Iranian Oil Company said the global oil market in 2026 will be shaped more than anything else by uncertainty over US tariff policies and the responses of Washington’s trading partners — a factor that could keep global oil demand under pressure and prevent a sharp rise in prices.
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Oil’s rocky 2025: Global tensions fail to offset oversupply
SHANA (Tehran) – A look at oil prices in 2025 shows a volatile year in which the strategic commodity fell from about $74 a barrel at the start of the year to near $60 by year’s end, a decline of nearly 20%. Brent crude briefly topped $82 at times but spent much of the year under pressure, at one point flirting with the $50 range before stabilizing around $60. A mix of economic, geopolitical and supply-side factors drove the swings. Here are the main forces that shaped oil prices in 2025.
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Localization of technology key to boosting oil, gas output
SHANA (Tehran) – The technical adviser to the CEO of the National Iranian Oil Company (NIOC) emphasized the need to upgrade hydraulic fracturing know-how, saying higher oil and gas production cannot be achieved solely by expanding drilling fleets. Localizing key technologies, he said, is the fastest and most cost-effective path to boosting national output.