• WTI: What Negative Price Meant

    WTI: What Negative Price Meant

    TEHRAN (Shana) -- On 20 April 2020, West Texas Intermediate (WTI) futures experienced unprecedented developments. WTI contract prices for delivery in May dropped to below zero. One may ask it would be the same for June. In this specific period, negative prices were driven by an unusual circumstance due to an expiring futures contract. However, unless the oil demand situation changes quickly, the US could face single digit or even negative oil prices throughout the summer.

  • Covid-19 Crisis and Oil Prices

    Covid-19 Crisis and Oil Prices

    TEHRAN (Shana) -- Oil prices keep falling. Nobody could imagine that oil prices would hit their 17-year lows in less than three months. Analysts shift the blame on the novel coronavirus outbreak, which has degenerated into a global crisis. The Covid-19 outbreak caused economic stagnation and demand for oil and petroleum products dropped severely.

  • CNG Helps Raise Iran Gasoline Exports

    CNG Helps Raise Iran Gasoline Exports

    TEHRAN (Shana) -- Compressed natural gas (CNG), an alternative fuel, has been used in Iran’s transportation fleet for more than a decade. Environmental regulations, low costs and the abundance of gas reserves constitute the main reason for choosing this fuel. However, one significant point is not out of the loop. Each cubic meter of CNG would save one liter of gasoline for exports, which would be instrumental in helping Iran shed selling unprocessed hydrocarbon.

  • How Iran’s Oil Attracted US

    How Iran’s Oil Attracted US

    TEHRAN (Shana) -- The United States suffered least damage among the nations involved in the World War I and World War II. It escaped unscathed even from devastating post-war crises, and even upgraded its political, economic, military and cultural power on a daily basis. In the 1950s, nobody heard any more about Italian Fascism and German Nazism, as Europe was divided between Capitalists and Communists. As the world came closer to mid-1860s, it became further polarized: one pole led by the US and the other led by the Soviet Union.

  • Future of Oil, Future of World

    Future of Oil, Future of World

    TEHRAN (Shana) -- Oil ministers from OPEC and non-OPEC partners during their last meeting in Vienna agreed to cut an extra 503,000 b/d from their total production in a bid to help stabilize the oil market. The OPEC and non-OPEC producers would now remove a total of 1.703 mb/d of oil from their output.

  • Global Rivalry over Shale Oil/Gas

    Global Rivalry over Shale Oil/Gas

    TEHRAN (Shana) -- Shale oil and gas market has been gathering steam across the globe over the past decade. Many countries, particularly the United States, have developed new technologies to produce and process shale oil and gas.

  • Startups, New Energy Business Sector

    Startups, New Energy Business Sector

    TEHRAN (Shana) -- A new business sector is emerging in Iran’s petroleum industry. Several years after the formation of knowledge-based companies in this vital sector, it is now oil startups’ turn. The startups are expected to develop creative ideas with a view to reducing production costs and boosting productivity in the petroleum industry.

  • Interaction with Iran Benefits Foreign Firms

    Interaction with Iran Benefits Foreign Firms

    TEHRAN (Shana) -- Iran sits atop the world’s largest hydrocarbon reserves and is located on the energy corridor route. However, in the aftermath of the 1979 Islamic Revolution, the United States has been using every tool at its disposal to keep Iran from becoming a key energy player.

  • Iran Gas Transmission Matures

    Iran Gas Transmission Matures

    TEHRAN (Shana) -- Iran's gas treatment capacity is set to exceed 1 bcm/d by the end of the current year. According to plans, gas supply to cities and villages is planned to hit 100% in three years. Every year, over 3,000 villages are connected to the natural gas network, a breakthrough experienced in no other country. Along with the development of its domestic network, Iran has been seriously working on gas export projects like the Iran Gas Trunkline 9 (IGAT9) and IGAT6. The country has a long-term plan to win an 18% share in global gas trading.

  • US Oil Output Hike, Challenge to Mideast

    US Oil Output Hike, Challenge to Mideast

    TEHRAN (Shana) -- US President Donald Trump’s energy policy has had significant impacts on global markets. Under his administration, the United States has managed to increase its oil production to levels exceeding leading producers Russia and Saudi Arabia.

  • Iran Oil Refining Capacity to Reach 2.4 mbd by March

    Iran Oil Refining Capacity to Reach 2.4 mbd by March

    TEHRAN (Shana) -- Plans are under way to bring Iran’s oil refining capacity to 2.4 million barrels per day by the end of the current Iranian calendar year to March 20, 2020.

  • Russia-Korea-Oil Triangle to Defeat US

    Russia-Korea-Oil Triangle to Defeat US

    TEHRAN (Shana) -- North Korean leader Kim Jong-un’s visit to Russia was significant on several fronts. Some had laid emphasis on the political aspects of this visit and its impact on future talks between North Korea and the United States. Some others mainly focused on Russia-North Korea ties and looked into their political and economic aspects.

  • Threat to Iran Would Jeopardize Energy Security

    Threat to Iran Would Jeopardize Energy Security

    TEHRAN (Shana) -- The world oil market is highly dynamic. Over recent months, this dynamism has picked up speed due to ongoing geopolitical events in the oil sector. The Trump administration has imposed sanctions on Iran’s petroleum sector in a bid to zero the country’s oil exports and drive Iran and even the Organization of the Petroleum Exporting Countries (OPEC) out of the oil market. The dependence of nations on oil carries one single message: Threatening Iran, which sits atop the world’s largest oil and gas reserves, will jeopardize the energy security.

  • Investment Potential in Ahvaz Field

    Investment Potential in Ahvaz Field

    TEHRAN (Shana) -- Iran sits atop 10% of oil reserves in the world, thereby becoming the fourth largest holder of crude oil deposits in the world. Due to a variety of reasons, Iran has so far tapped not more than 20% of its reserves with the rest remaining intact.