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All NISOC wells ready for production
Iran’s oil production level stood at roughly 2.2 mb/d in 2021, before the 13th administration took office. It recently rose to 3.1 mb/d. National Iranian South Oil Company (NISOC) is the main oil supplier in Iran, accounting for 75% of the country’s oil production. Alireza Daneshi, CEO of NISOC, puts the company’s oil production at 2.94 mb/d, which is planned to reach 2.97 mb/d by the end of the current calendar year in March 2024. Owing to measures taken over the past two years, NISOC is now able to bring its production to 2.8 mb/d in 45 days.
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Raeisi to inaugurate Isfahan Refinery’s DHT Unit shortly
SHANA (Isfahan) – The environmental project of Isfahan Refinery’s Diesel Hydrotreating (DHT) Unit will be inaugurated in the presence of President Seyyed Ebrahim Raeisi and Oil Minister Javad Owji within hours.
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Owji: Oil industry plays ‘pivotal’ role in promoting Iran, Saudi Arabia common economic interests
SHANA (Tehran) – Oil industry can play a “pivotal” role in promoting common economic interests of Iran and Saudi Arabia, said Iranian Oil Minister Javad Owji on Tuesday night.
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Oil prices climb as markets focus on supply tightness
Oil prices rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy.
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NIDC says 55 wells drilled, completed in six months
SHANA (Tehran) – The National Iranian Drilling Company (NIDC) consolidated planning director on Tuesday said 55 onshore and offshore oil and gas wells have been drilled and completed in the first half of the current Iranian calendar year (March 21-September 22, 2023).
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NPC: Iran seeking to export petrochemical technical services to Venezuela, Brazil
SHANA (Tehran) – The production control manager of Iran’s National Petrochemical Company said NPC has outlined a plan for exporting technical services to Venezuela and Brazil.
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Oil prices fall as economic outlook outweighs tight supply
Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.
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Oil prices rise, tight supply back in focus
Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.
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South Pars gas field production capacity to top 730 mcm/d next winter: POGC CEO
SHANA (Tehran) – The Pars Oil and Gas Company (POGC) managing director said Iran’s gas production capacity in the South Pars field will exceed 730 million cubic meters per day (mcm/d) next winter.
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Oil prices rise after Russia bans diesel, gas exports
Oil was up more than 1% on Friday following a Russian export ban on diesel and gas.
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Oil sector’s economic growth up 368% YoY, exports account for over 24% of Iran’s GDP growth
SHANA (Tehran) – The Iranian oil sector’s economic growth rate jumped 368 percent year on year (YoY) in spring 2023.
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Owji’s X post highlights oil sector’s top position in Iran economic growth ranking
SHANA (Tehran) – Iranian Oil Minister Javad Owji’s post on X, formerly called Twitter, highlighted the oil sector’s 16.4 percent economic growth in spring 2023, the highest rate in the country.
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Iran, Uzbekistan sign petrochemical MoU
SHANA (Tehran) – Iran’s National Petrochemical Company (NPC) and Uzbekistan’s Uzkimyosanoat on Wednesday signed a memorandum of understanding (MoU) on cooperation in the petrochemical sector.
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Russia's Gazprom Neft CEO: OPEC+ to act if global market faces oil crunch
The OPEC+ group of leading oil producers will act if the global oil market faces a shortage, Alexander Dyukov, head of Russian oil firm Gazprom Neft, said on Wednesday.
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$50b projects to drive Iran’s oil, gas output growth underway: NIOC official
SHANA (Tehran) – A number of oil and gas projects worth some $50 billion are in progress, said a National Iranian Oil Company (NIOC) official on Wednesday.
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Iran regains pre-sanctions OPEC rank with over 1m bpd output hike: NIOC chief
SHANA (Tehran) – Iran has regained its pre-sanctions position in the OPEC crude oil production table with an increase of more than 1 million barrels per day (bpd) achieved under the 13th administration, said the National Iranian Oil Company (NIOC) managing director on Wednesday.
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Contract on integrated development of joint Azadegan oil field to be signed in a month
SHANA (Tehran) – A contract on the integrated development of the joint Azadegan oil field will be signed within a month, said the National Iranian Oil Company (NIOC) director of investment and business development on Wednesday.
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U.S. oil output from top shale areas to fall for third straight month in October: EIA
U.S. oil output from top shale-producing regions is on track to fall for a third month in a row in October to the lowest level since May 2023, the U.S. Energy Information Administration (EIA) said in its monthly drilling productivity report on Monday.
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Petrochemical value chain completion not just a motto, but a duty: NPC head
SHANA (Tehran) – The completion of petrochemical industry’s value chain is not just a motto, but a task, plan, and duty as an inviolable strategy, said Iran’s National Petrochemical Company (NPC) managing director on Tuesday.
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Oil prices rise as tight supply outlook offsets demand woes
Oil prices rose on Monday after flirting with $95 a barrel earlier in the session, as expectations of a supply deficit stemming from extended output cuts by Saudi Arabia and Russia as well as weak shale production outweighed concerns about demand.
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Rise in Iran’s oil sales proves foreign policy effective: Spokesman
SHANA (Tehran) – Increase in oil exports, release of frozen assets, expansion of foreign relations, and enhancement of presence in international assemblies are all indicative of effectiveness of the Iranian government’s foreign policy, said the Foreign Ministry spokesman on Monday.
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Saudi Arabia says ready to promote cooperation with Iran in petrochemical sector
SHANA (Tehran) – Saudi Ambassador to Iran Abdullah bin Saud al-Anzi on Monday voiced his country’s readiness to broaden cooperation with the Islamic Republic in petrochemical sector.
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Owji reiterates Iran will not give up share of Arash gas field
SHANA (Tehran) – Iranian Oil Minister Javad Owji said the Islamic Republic will not give up its share of the Arash gas field, known as Al-Dorra in Kuwait and Saudi Arabia, in the Persian Gulf.
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NPC CEO: Foreign guests’ strong presence in IranPlast expo means ‘sanctions have no place’ in petchem industry
SHANA (TEHRAN) – Iran’s National Petrochemical Company (NPC) managing director on Sunday said the twentyfold increase in number of foreign participants of the 17th IranPlast International Exhibition means that “economic sanctions and threats have no place” in petrochemical industry.
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Owji says ‘Iran will export oil wherever it wants’
SHANA (Tehran) – Iran’s Oil Minister Javad Owji on Sunday said his country “will export crude oil and gas condensates wherever it wants”.
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17th IranPlast International Exhibition opens
SHANA (Tehran) – The 17th International Exhibition of Plastics, Rubber, Machinery and Equipment, commonly known as IranPlast International Exhibition, kicked off here on Sunday.
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China's 'teapot' refiners mop up swelling Iranian crude, defying U.S. curbs
Appetite for Iranian crude is growing in China, the world's biggest oil importer, after the extension of supply cuts by Saudi Arabia and Russia boosted global prices, while Tehran is stepping up output and exports despite U.S. sanctions.
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IranPlast among biggest polymer expositions in Mideast: NPC
SHANA (Tehran) – Iran’s International Exhibition of Plastics, Rubber, Machinery and Equipment is one of the biggest polymer expositions in the Middle East, said the National Petrochemical Company investment manager on Friday.
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OPEC statement on peak fossil fuel demand
On the International Energy Agency’s recent Op-Ed published on 12 September 2023, asserting that fossil fuel demand would peak before 2030, OPEC notes that consistent and data-based forecasts do not support this assertion.
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OPEC marks its 63rd anniversary
The Organization of the Petroleum Exporting Countries (OPEC) today turned 63.