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Oil slips as concern eases about Middle East supply risk
Oil slipped for a second day on Tuesday as easing concern about supply risks and a rapidly escalating conflict after Iran's weekend attack on Israel offset data showing China's economy grew faster than expected in the first quarter.
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Kazakhstan to compensate for exceeding OPEC+ quota in March
Kazakhstan will compensate for exceeding its oil production quota under the OPEC+ agreement in March, the country’s Energy Ministry said in a statement on Sunday.
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NPC chief says 12 petrochemical projects will come on stream by mid-March 2025
SHANA (Tehran) – Iran’s National Petrochemical Company (NPC) managing director said on Saturday 12 projects will become operational by the end of the Iranian calendar year of 1403 (March 20, 2025).
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China's March crude imports slip 6% but rise slightly in Q1
China's crude oil imports in March fell from high levels a year earlier but remained strong amid a surge in Russian shipments, official data showed on Friday.
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IEA trims oil demand forecast on weakness in wealthier countries
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity.
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Biggest increase in March oil output comes from Iran: OPEC report
SHANA (Tehran) – Iran’s oil production in March 2024 stood at 3.188 million barrels per day (bpd), showing a 28,000-barrel increase from its February output, the biggest hike among the members of the Organization of Petroleum Exporting Countries, the Monthly Oil Market Report (MOMR) of OPEC showed.
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Owji: Oil Ministry to provide projects with forex funds in collaboration with CBI
SHANA (Tehran) – The provision of foreign exchange funds for the Oil Ministry’s projects in collaboration with the Central of Bank of Iran (CBI) will be put on the agenda, said Oil Minister Javad Owji on Wednesday.
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Iran Oil Show 2024 poster, motto unveiled
SHANA (Tehran) – The poster of the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition having the moto “Oil Industry; Surge in Production, Technological Optimization” was unveiled on Wednesday.
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Owji says forex earnings will increase in year of ‘Surge in Production Through People’s Participation’
SHANA (Tehran) – Iran’s Oil Minister Javad Owji, in an X post, wrote on Tuesday his country’s foreign exchange revenues will hopefully increase in 1403 (starting March 20, 2024), the solar year designated by the Leader as the year of “Surge in Production Through People’s Participation”.
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Oil prices steady after drop as Middle East ceasefire hopes wane
Oil prices stabilised on Tuesday as prices ticked higher amid fading hopes that negotiations between Israel and Hamas would produce a ceasefire in Gaza.
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Islamabad starts work to complete 80km section of Pakistan-Iran gas pipeline
With Iranian President Ebrahim Raeisi's expected visit to Pakistan on April 22, authorities have commenced the work to begin the construction of the 80-kilometre section of the Pakistan-Iran gas pipeline from Gwadar to a point where it can be connected with the Iranian section of the project, The News reported on Sunday.
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SP phases inauguration, consumption management have prevented gas supply cuts: Official
SHANA (Tehran) – Iran’s government spokesman said on Tuesday no gas supply cuts thanks to inauguration of new phases of the South Pars (SP) field and consumption management have been reported since the 13th administration took office in August 2021.
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Lawmakers laud 13th administration’s energy record
SHANA (Tehran) – A number of Iranian lawmakers hailed the 13th administration’s performance in the energy sector.
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Oil slides more than 1% as Middle East tensions ease
Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
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NPC chief says workshops will be formed to spur surge in production
SHANA (Tehran) – Iran’s National Petrochemical Company (NPC) managing director said on Sunday workshops will be formed to realize the slogan of 1403 solar year (starting March 20, 2024) designated by the Leader as the year of “Surge in Production Through People’s Participation”.
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MP: Investments in oil industry promising
SHANA (Tehran) – A member of Iran’s Parliament said increasing investments, development of oil fields, and infrastructure measures in the oil industry are among promising economic moves.
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Brent settles above $90 for first time since October on geopolitical tension
Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts.
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Owji: Resistance front’s actions deter energy exports to occupied territories; Zionist regime’s economic collapse imminent
SHANA (Tehran) – Iran’s oil minister said on Friday the resistance front’s actions in vital crossings have deterred energy exports to the occupied Palestinian territories.
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Iran’s 5.4% economic growth in 2023 second-highest in world: PBO chief
SHANA (Tehran) – Iran’s Plan and Budget Organization (PBO) Head Davoud Manzour posted on X, formerly known as Twitter, that the country’s 5.4 percent economic growth in 2023 reported by the International Monetary Fund (IMF) was the second-highest rate in the world.
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Owji: Turkish companies’ presence in Iran’s oil industry welcome
SHANA (Tehran) – Iran welcomes Turkish companies’ participation in projects of its oil industry, said Oil Minister Javad Owji on Thursday.
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OPEC+ ministers keep output policy steady as oil rallies
A meeting of the top OPEC+ ministers kept oil output policy unchanged and pressed some countries to boost compliance with output cuts, a decision that spurred international crude prices to their highest in five months at nearly $90 a barrel.
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Iran’s annual oil exports hit nearly $36b: IRICA chief
SHANA (Tehran) – Oil exports in the previous Iranian calendar year, which ended on March 19, fetched the country $35.87 billion, said the Islamic Republic of Iran Customs Administration (IRICA) head on Tuesday.
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Economic growth has nothing to do with oil price hikes: Khandouzi
SHANA (Tehran) – Rise in oil prices does not contribute to improvement of economic growth, said the Iranian government’s economic spokesman on Tuesday.
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Saudi Arabia may hike May crude oil prices to Asia
Top oil exporter Saudi Arabia may raise the official selling price (OSP) for flagship Arab Light crude in May after Middle East benchmarks strengthened last month, industry sources said.
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OPEC oil output falls in March, led by Iraq – Reuters survey
OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.
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Oil Ministry creates stable market for knowledge-based companies: Official
SHANA (Tehran) – Iran’s Oil Ministry has created a stable market for knowledge-based companies, said a ministry official on Monday.
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U.S. crude output falls 6% in January due to severe cold, EIA says
U.S. crude oil production dropped in January to 12.5 million barrels per day (bpd), a 6% decline from December's record high, following freezing weather, data from the Energy Information Administration showed on Friday.
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Novak: Russia will cut oil output in Q2 to catch up with other OPEC+ countries
Russia has decided to focus on reducing oil output rather than exports in the second quarter in order to evenly spread production cuts with other OPEC+ member countries, Deputy Prime Minister Alexander Novak said on Friday.
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Gas exports to Iraq fetched Iran $15b, says deputy minister
SHANA (Tehran) – Iran has earned $15 billion from exporting some 52 billion cubic meters (bcm) since 2017, said the deputy oil minister.
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Over 1,500 domestic, 250 foreign companies to participate in Iran Oil Show 2024
SHANA (Tehran) – More than 1,500 domestic and 250 foreign companies will take part in the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as Iran Oil Show 2024, said the public relations manager of the National Iranian Oil Company (NIOC) on Thursday.