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Oil prices on track for first weekly rise in two months
Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.
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Iran’s oil output up 60% under 13th administration: NIOC chief
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director said the country’s oil production has jumped 60 percent since the 13th administration took office in August 2021.
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NISOC PGC up 250 tb/d
The studies conducted over the past two years at National Iranian South Oil Company (NISOC), new “planned guide capacity” (PGC) has been determined for the six reservoirs of Ahvaz Bangestan, Mansouri Bangestan, Ab Teimour, Golkhari, Balaroud, and Mansourabad Bangestan, promising a total of 250 tb/d. This amount is 7% of NISOC’s current PGC. A 250 tb/d increase in production from NISOC-run fields would bring the company’s potential output from the current 3.4 mb/d to 3.65 mb/d, which is a breakthrough for Iran’s petroleum industry. That would yield an approximate $7 billion in revenue.
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Nations strike deal at COP28 to transition away from fossil fuels
Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin reducing global consumption of fossil fuels to avert the worst of climate change, signalling the eventual end of the oil age.
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Owji: Operations for completing 50 new projects worth $47.5b start
SHANA (Tehran) – Iran’s Oil Minister Javad Owji said operations for completing 50 new projects worth $47.5 billion have started.
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NISOC output up 47% in 2 years
Iran has managed to increase its crude oil and gas condensate exports over the past 20 months by adopting active energy diplomacy despite international sanctions against its petroleum industry. National Iranian South Oil Company (NISOC), the largest oil producer in Iran, has recently brought its output to a record 2.45 mb/d. Gholamreza Nourani, the acting director of production at NISOC, tells “Iran Petroleum” the company increased its oil production by 47% in two years.
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Oil holds soft tone on oversupply worries ahead of Fed meeting
Oil prices extended losses on Wednesday in Asian trade, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns.
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Kuwait refuses inclusion of fossil fuels phase-out call in COP28 draft deal: Oil minister
Kuwait reaffirmed its rejection for the inclusion of any call for phasing out fossil fuels consumption and production in the COP28 draft final climate deal, Oil Minister Saad Al Barrak said in statements to Kuwait News Agency (KUNA) on Monday.
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Karoun oil output set to rise
Sepehr and Jofeir oil fields, located in West Karoun, are among the independent Iranian fields in the cluster and are set to come online soon. They have been developed by Pasargad Energy Development Company (PEDC) based on an IPC deal. The 13th administration is developing both independent and shared fields as part of its plan to boost its power of haggling in global oil markets.
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Aghar, Dey to lift gas output 7 mcm/d
South Zagros Oil and Gas Production Company (SZOGPC), affiliated with Iranian Central Oil Fields Company (ICOFC), is centered on enhancing production from the Aghar and Dey gas fields by 7 mcm/d.
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UAE and renewables; ambitions and challenges
Over recent years, investment in the renewable energy sector has increased across the globe. In the meantime, the Persian Gulf oil exporting nations, which have always relied on exporting energy, have adopted a new approach and formulated comprehensive plans to reduce carbon emissions and increase the share of renewables in their energy mix. The United Arab Emirates (UAE), a Persian Gulf littoral state and a key OPEC member country, has invested heavily in all sectors of the energy industry in recent years. In addition to reducing its dependence on non-renewable energy, the UAE is seeking to improve its position in international for a and present an environmentally friendly image of itself.
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Tehran refinery to integrate petrochemical plant
The Tehran oil refinery plans to build an integrated petrochemical plant in line with the global perspective of refined petroleum products. Due to its proximity to the Iranian capital, the facility is also planning to upgrade the quality of its products by establishing a continuous catalytic reforming (CCR) unit. CCR is a chemical process that converts petroleum refinery naphtha distilled from low-octane oil into high-octane liquid products called reformates, which are premium blending stocks for high-octane gasoline.
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Iran joins world’s cryogenic cold box exchanger manufacturers
SHANA (Tehran) – Iran has become the sixth country possessing technical know-how to design and manufacture heat exchanger of seven-phase cryogenic cold box.
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Russia's Novak: OPEC+ stands ready to take action
Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ group of leading oil producers will be ready to make a decision if market situation would require it.
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Raeisi: Russians praise Iran’s SP Phase 11 engineering feat
SHANA (Tehran) – Russians lauded engineering operations Iranian experts carried out in the development project of Phase 11 of the South Pars (SP) gas field, said President Seyyed Ebrahim Raeisi on Friday night.
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Raeisi meets Putin, says ground prepared for boosting Iran-Russia energy ties
SHANA (Tehran) – Iran’s President Seyyed Ebrahim Raeisi held talks with his Russian counterpart Vladimir Putin in Moscow on Thursday and said the ground is prepared for developing bilateral relations in energy, agricultural, and knowledge-based industries.
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Iran says seeks ‘constructive’ cooperation with Kuwait in energy sector, Arash gas field
SHANA (Tehran) – Iran has always underlined “amicable and constructive” cooperation with Kuwait in the energy sector and Arash gas field, said the Foreign Ministry spokesman on Wednesday.
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Kremlin says OPEC+ cuts will kick in later, confirms Putin to visit Persian Gulf
Oil production cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday.
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Energy imbalance poses threat, provides opportunity: Parliament speaker
SHANA (Tehran) – Imbalance in some sectors, including the energy sector, is both a big threat and a great opportunity, said the Iranian Parliament speaker on Tuesday.
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Saudi Arabia: OPEC+ oil production cuts can continue past March if needed
The OPEC+ oil production cuts can “absolutely” continue past the first quarter if needed, Saudi Energy Minister Prince Abdulaziz bin Salman said, as he pledged the curbs would be delivered in full.
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Raeisi: Iran ready to cooperate with Cuba in different fields, including energy sector
SHANA (Tehran) – President Seyyed Ebrahim Raeisi on Monday voiced Iran’s readiness to cooperate with Cuba in different fields, including the energy sector.
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Iran Cuba sign MoUs, documents to cooperate in energy, other sectors
SHANA (Tehran) – The presidents and high-ranking officials of Iran and Cuba signed seven memorandums of understanding (MoUs) and documents to cooperate in different fields, including the energy sector here on Monday.
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International paint, coatings exhibition to open in Tehran Monday
SHANA (Tehran) – The 23rd International Paint, Resin, Coatings, Composites and Plating Industries Fair (IPCC 2023) will be held from December 4-7 at the Tehran International Permanent Fairground.
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Government uses oil revenues for investment: Spokesman
SHANA (Tehran) – Iran’s 13th administration has given top priority to using oil revenues for making investment in different sectors instead of meeting executive expenses, said the government spokesman.
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OPEC+ heavyweights join hands to stabilize oil market
International oil markets were caught by surprise when the OPEC+ ministers unanimously approved the production cut initiated by Saudi Arabia and Russia to continue curbing output. The move was further strengthened in mid-July 2023 when OPEC+ ministers met and reaffirmed their commitment to work an output management that would lead to a stable market and adequate supply of oil for the consumers. Major market players; companies, hedge fund managers, and Central Banks welcomed the decision and agreed that upon full recovery of the demand side from the pandemic, markets would welcome back the OPEC+ to retain its traditional role as the energy Central Bank of the world.
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COP28: Focusing on a holistic approach to energy system
COP28 marks both a milestone in the ongoing negotiations on the future of our planet and a moment of pride for OPEC as it takes place in one of our member countries, the UAE.
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Brazil to join OPEC+ but won't cap oil output, Petrobras CEO says
Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group's coordinated output caps, the chief executive of state-run oil firm Petrobras told Reuters.
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Oil, gas trade effect on Iran economic growth remarkable, says lawmaker
SHANA (Tehran) – Oil and gas trade has had a remarkable effect on Iran’s economic growth, said a member of the Parliament’s Energy Committee on Saturday.
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OPEC+ announces additional voluntary cuts to total of 2.2m bpd
OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.
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Iran oil minister lauds ‘favorable’ cooperation between OPEC+ producers
SHANA (Tehran) – Iranian Oil Minister Javad Owji on Thursday praised ‘favorable’ cooperation and understanding between OPEC+ producers.