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Owji: Projects worth over $2b to be launched during president visit to Khuzestan
SHANA (Tehran) – Iran’s oil minister here on Wednesday said projects worth $2.2 billion will be inaugurated during President Seyyed Ebrahim Raeisi’s visit to Khuzestan Province, southwestern Iran, in the next two days.
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Official: APG collection facility in SW Iran to be launched within days
SHANA (Ahvaz) – The managing director of the Persian Gulf Hoveyzeh Gas Refining Company announced on Tuesday that an associated petroleum gas (APG) collection plant in Khuzestan Province, southwestern Iran, will become operational within days.
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Iran-Russia Joint Economic Commission heads hold phone talks
Russia delegation due in Tehran to sign cooperation documents
SHANA (Tehran) – Iran’s deputy oil minister for international affairs and trade here on Monday said a high-ranking delegation from Russia will visit Tehran to sign cooperation documents.
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Oil prices steady on uncertain global outlook and supply concerns
Oil prices were steady on Monday as concern over rising interest rates, the global economy and the outlook for fuel demand were balanced by the prospect of tightening supplies.
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NPC chief: One petrochemical project to be inaugurated each month
SHANA (Tehran) – The managing director of Iran’s National Petrochemical Company (NPC) on Monday announced that one petrochemical project will be inaugurated on average each month of the current Iranian calendar year starting March 21..
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Iran oil production in Persian Gulf to increase as drilling rig installed
SHANA (Tehran) – A drilling rig was erected off Lavan Island, the Persian Gulf, another step toward boosting oil output, said an Iranian Offshore Oil Company (IOOC) official Monday.
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Pakistan makes its first purchase of discounted Russian oil
Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at the port of Karachi in May.
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Oil prices extend losses on fears of recession, slower oil demand
Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in U.S. gasoline inventories raised concerns about a recession and slower global oil demand.
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Iran Oil Show 2023 poster, motto unveiled
SHANA (Tehran) – The poster of the 27th Iran International Oil, Gas, Refining and Petrochemical Exhibition having the moto “Oil Industry; Technological Production, Optimal Consumption” was unveiled on Wednesday.
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Oil slides as interest rate expectations eclipse Chinese data
Oil prices dropped sharply on Wednesday, sliding by 2% as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories.
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OPEC, IEA clash over latest output cuts
OPEC and the International Energy Agency (IEA) do not see eye to eye when it comes to the latest cuts in oil output by OPEC+ producers.
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Official: South Pars Gas Complex winter output up 6%
SHANA (Tehran) – South Pars Gas Complex produced 17.2 billion cubic meters of natural gas last winter, up 6% from a year ago, the SPGC deputy managing director announced on Tuesday.
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Oil edges up as China's economy gathers pace
Oil prices firmed slightly on Tuesday, after falling 2% in the previous session, as stronger economic data from the world's largest crude importer China underpinned the demand outlook.
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China's March crude oil imports surge 22.5% from year earlier
China's crude oil imports in March surged 22.5% from a year earlier to the highest since June 2020, data showed on Thursday, as refiners stepped up runs to capture fuel export demand and in anticipation of a domestic economic recovery.
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NPC official: BRICS members to meet at IPF in May
SHANA (Tehran) – The group of Brazil, Russia, India, China and South Africa (BRICS) will for the first time attend the Iran Petrochemical Forum (IPF), announced a National Petrochemical Company (NPC) official here on Monday.
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G7 ministers agree to cut gas consumption, speed up renewable energy
The Group of Seven rich nations have agreed to call for reducing gas consumption and increasing electricity from renewable sources while phasing out fossil fuels faster and building no new coal-fired plants, France's energy transition minister said on Saturday.
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Iran, Venezuela sign oil MoUs
SHANA (Caracas) – Iran and Venezuela inked new memorandums of understanding (MoUs) and documents on the development of oil and gas fields, the overhaul of refineries and petrochemical complexes, and oil trade.
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NIOC chief: NGL 3200 plant launch a big step toward collecting associated gases
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director said on Saturday the first phase of the NGL 3200 project will become operational soon, describing it as a major stride toward collecting associated gases.
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NIGC head: Iran’s annual gas swap up 358%
SHANA (Tehran) – The amount of gas Iran swapped in the previous year of 1401, which ended on March 20, 2023, witnessed a 358 percent hike when compared with that of a year earlier, said the National Iranian Gas Company (NIGC) managing director Saturday.
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Raeisi describes oil sales rise as his administration’s ‘achievement’
SHANA (Tehran) – Iran’s president on Friday described the increase in oil sales and the hard currency supply as a part of his administration’s “achievements”.
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OPEC's share of oil production growth to shrink this year: EIA
Non-OPEC countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years, the U.S. Energy Information Administration predicted.
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OPEC cites risks to summer oil outlook as backdrop to shock cut
OPEC flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by OPEC+ producers, shedding some light on the factors behind the surprise move that has led to a rise in oil prices.
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Iran’s oil minister in Venezuela to expand energy relations
SHANA (Tehran) – Iran’s Oil Minister Javad Owji arrived in Caracas, the capital of Venezuela, to boost ties in the energy sector.
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Oil drops 1% after scaling multi-month highs on OPEC's demand warning
Oil prices fell a dollar a barrel on Thursday, as an OPEC report stoked summer demand worries and traders took profits after benchmarks scaled multi-month highs in the previous session.
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Oil rises 2% on lower-than-expected U.S. inflation data
Oil prices rose 2% on Wednesday as cooling U.S. inflation data spurred hopes that the Federal Reserve is getting closer to ending its cycle of interest rate hikes and cushioned the impact of a small build in U.S. crude oil stocks.
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Spox: Iran oil sector’s annual economic growth up 15.4%
SHANA (Tehran) – The Central Bank of Iran (CBI) report showed a 15.4 percent economic growth in the country’s oil sector in the previous Iranian year, which ended on March 20, 2023, said the administration’s economic spokesman on Tuesday.
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Oil rises on China stimulus expectations, weaker dollar
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
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Oil edges higher as tighter supply looms, growth concerns weigh
Oil prices edged higher on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers offset concern about weakening global growth that may dampen fuel demand.
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