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Iran to use AI to manage oil, gas production: NIOC
SHANA (Tehran) – The National Iranian Oil Company (NIOC) said artificial intelligence (AI) will be used to manage production in oil and gas fields.
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Oil Ministry leading supporter of knowledge-based companies, first-time production: Government spox
SHANA (Tehran) – Iran’s Oil Ministry is the leading supporter of knowledge-based companies and first-time production, said the government spokesman.
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OPEC: Iran’s oil output keeps rising
SHANA (Tehran) – Iran’s crude oil production continued its rise in October, the latest report of the Organization of the Petroleum Exporting Countries (OPEC) showed.
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Oil market remains strong despite negative sentiment: OPEC
OPEC on Monday said oil market fundamentals remained strong and blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
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NIOC signs contracts with domestic companies to drill 35 South Pars infill gas wells
SHANA (Tehran) – The National Iranian Oil Company signed four contracts with domestic companies to drill 35 infill wells in the South Pars gas field, said the NIOC managing director on Monday.
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OPEC+ October production rises 180,000 b/d, led by Iraq and Iran: Platts survey
OPEC+ crude oil output grew 180,000 b/d in October, the latest Platts survey by S&P Global Commodity Insights found, adding supply pressures to flagging market sentiment, as Iran and Iraq led the group's production higher.
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Saudi energy minister blames speculators for oil price drop
Oil demand is healthy and speculators are to blame for the recent drop in crude prices, said Saudi Arabia’s energy minister.
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Iran oil, gas condensate exports ‘favorable’: MP
SHANA (Tehran) – A member of Iran’s Parliament on Saturday described exports of the country’s crude oil and gas condensates as “favorable”.
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Iran’s gasoline production capacity to rise 2 ml/d by next May
SHANA (Tehran) – The National Iranian Oil Refining and Distribution Company (NIORDC) managing director on Saturday said the country’s gasoline and diesel production capacities will increase 2 and 3.5 million liters per day (ml/d) by mid-May 2024, respectively.
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NPC seeks to adopt integrated approach to petrochemical exports: CEO
SHANA (Tehran) – Iran’s National Petrochemical Company seeks to adopt an integrated approach to exporting petrochemical products to target markets, said the NPC managing director.
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NIOEC rivaling foreigners in Venezuela refinery renovation
National Iranian Oil Engineering and Construction Company (NIOEC) is tasked with operating infrastructure projects in the downstream oil sector including refining, storage, transport, and distribution of crude oil and petroleum products in Iran. With more than seven decades of work in infrastructure refining, NIOEC has developed special potential in handling such projects, rendering Iran independent of foreign companies.
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Raeisi: Iran, Türkiye keen to cooperate in oil, gas sectors
SHANA (Tehran) – The Iranian president on Thursday said Tehran and Ankara are eager to cooperate in the oil and gas sectors.
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Oil edges up; markets shrug off China inflation data, eye fresh drivers
Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers.
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OPEC+ expects global economy to weather challenges
OPEC expects the global economy to grow and drive fuel demand, despite macro challenges, including high inflation and interest rates, the producer group's secretary general said on Tuesday.
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China refiners cut oil output as thin margins, quota shortage bite
China's oil refinery utilisation rates are easing from record third-quarter levels as thinning margins and a shortage of export quotas discourage plants from raising output for the rest of 2023, according to traders and industry consultancies.
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Oil, gas industry has ‘considerable’ potential for Iran-China cooperation: Mokhber
SHANA (Tehran) – Iran’s first vice president said on Monday oil and gas industry has a “considerable” potential for Tehran-Beijing cooperation.
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Iran offers $250bn oil investment opportunity at China expo
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director opened up an opportunity for $250 billion investment in the upstream and downstream sectors within the next eight years.
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Oil rises by 1% as Saudi Arabia, Russia stick to cuts
Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
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Mokhber: Iran ready for cooperation with Cuba in energy sector
SHANA (Tehran) – First Vice President Mohammad Mokhber on Sunday voiced Iran’s readiness to cooperate with Cuba in the energy sector.
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Iran ready to export oil, gas, petrochemical services, says Mokhber in CIIE address
SHANA (Tehran) – Iran is ready to export technical and engineering services in the oil, gas, and petrochemical sectors, said First Vice President Mohammad Mokhber in the Chinese city of Shanghai on Sunday.
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Iran’s IGEDC setting new record by operating 10 gas compressor stations simultaneously
SHANA (Tehran) – The Iranian Gas Engineering and Development Company (IGEDC) is setting a new record in the country’s industry by operating 10 gas compressor stations concurrently.
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Iran’s petchem production capacity to hit 130 mt/y by end of 7th Development Plan: NPC head
SHANA (Tehran) – Iran’s petrochemical production capacity will soar to some 130 million tons per year (mt/y) by the end of the 7th Five-Year National Development Plan (2022-2026), said the National Petrochemical Company (NPC) managing director on Friday.
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BRICS membership boosts Iran’s bargaining power
The BRICS group of nations recently decided to invite six countries – Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates – to become new members of the bloc. The debate over expanding the BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, topped the agenda at a three-day summit held recently in Johannesburg. One may wonder how China and Russia have been instrumental in this decision. Mohammad Sadeq Jokar, the head of the Institute for International Energy Studies (IIES), tells “Iran Petroleum” that Iran’s BRICS membership would chiefly bolster Iran’s international haggling power. The following is the full text of the interview:
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U.S. oil output hits record as producers boost drilling efficiency
U.S. oil and gas production has continued to rise as companies squeeze more from each well despite a fall in the number of rigs employed, with the industry boosting efficiency to offset the impact of lower prices.
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OPEC oil output rises for third month; Iran production hits new high: Reuters survey
OPEC oil output has risen for a third straight month in October, a Reuters survey found on Tuesday, led by increases in Nigeria and Angola and despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
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Leader: Muslim governments must block export of oil, other essentials to Zionist regime
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has called upon Muslim states to press for an end to the ongoing Israeli atrocities against the besieged Gaza Strip, impose sanctions on the Zionist regime and stop oil and goods exports to the occupied territories.
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Government to give investors incentives to redress gas imbalance: Spox
SHANA (Tehran) – The cabinet approved incentives to investment in the gas industry with the aim of redressing imbalance, said Iran’s government spokesman on Wednesday.
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Owji: Iran’s oil production hits 3.4m bpd
SHANA (Tehran) – Oil Minister Javad Owji on Wednesday announced that Iran’s oil production has reached 3.4 million barrels per day (bpd).
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MP hails Oil Ministry for doubling exports
SHANA (Tehran) – A member of Iran’s Parliament on Tuesday praised the Oil Ministry for doubling exports and getting the revenue over the past two years.
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World Bank warns oil price could soar to record $150 a barrel
Oil prices could soar to a record high of more than $150 a barrel if the war between Israel and Hamas leads to a repeat of the full-scale conflict in the Middle East witnessed 50 years ago, the World Bank has warned.