-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
36th OPEC and Non-OPEC Ministerial Meeting held via videoconference
The 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM), was held via videoconference on Thursday.
-
Brazil set to join influential OPEC+ oil producers’ alliance
Brazil will join the influential OPEC+ oil coalition that unites some of the biggest crude-producing nations in the world, according to Brazilian Energy Minister Alexandre Silveira.
-
OPEC+ 36th ONOMM underway
SHANA (Tehran) – The 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM) is underway via videoconference.
-
Iran elected as OPEC conference alternate president in 2024
SHANA (Tehran) – Gabon and Iran were on Thursday elected as president and alternate president of the Conference of Ministers of the Organization of Petroleum Exporting Countries (OPEC) for 2024, respectively.
-
Saudi wins provisional backing for OPEC+ oil production cuts: FT
Saudi Arabia has won provisional backing for further oil production cuts by the OPEC+ group that will see other members agree to contribute, boosting oil prices to the highest in three weeks ahead of a crucial meeting of the group.
-
187th Meeting of OPEC Conference kicks off virtually
SHANA (Tehran) – The 187th Meeting of OPEC Conference started virtually on Thursday.
-
Oil gains ahead of OPEC+ meeting as Black Sea shutdowns support
Oil prices rose on Wednesday as investors turned their attention to an OPEC+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying.
-
Owji calls 3.1 bcm gas stockpile a ‘desirable’ record
SHANA (Tehran) – Iran’s Oil Minister Javad Owji on Wednesday said 3.1 billion cubic meters (bcm) of natural gas have been stored, calling it a “desirable” record.
-
Over 80% of equipment used in Iran petchem projects homegrown: NPC chief
SHANA (Tehran) – More than 80 percent of equipment and products used in Iran’s petrochemical projects are supplied by domestic companies, said the National Petrochemical Company (NPC) managing director on Wednesday.
-
Effects of government policies to neutralize sanctions, increase oil revenues ‘noticeable’: MP
SHANA (Tehran) – A member of Iran’s Parliament said the effects of the government’s policies to neutralize sanctions and increase oil revenues and economic growth are “noticeable”.
-
Fajr Jam Gas Refining Company flaring falls 27%
SHANA (Tehran) – Fajr Jam Gas Refining Company in Iran’s southern province of Bushehr reported a 27 percent reduction in flaring intensity.
-
Oil rises, Brent tops $80 ahead of OPEC+ meeting
Oil prices rose on Tuesday as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel.
-
Whose ‘moment of truth’?
Last week, the International Energy Agency (IEA) in its report ‘The Oil and Gas Industry in Net Zero Transitions’ stated that the oil and gas industry faces a ‘moment of truth’. The industry has been told that it must “choose between fueling the climate crisis or embracing the shift to clean energy”, against the backdrop of the IEA’s proposed normative net-zero scenario.
-
Iran’s 10-year gas storage record shattered
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director said gas stockpiled in the first eight months of the current Iranian calendar year (staring March 21, 2023) broke the country’s 10-year record.
-
Brent slips toward $80 ahead of OPEC+ meeting
Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.
-
Oil and gas investment could halve by 2030 to meet climate goal: IEA
The current $800 billion invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5 degrees Celsius is to be reached, the International Energy Agency (IEA) said in a report.
-
New contractual framework for low-yield wells
The average output of Iranian oil wells is 1.55 tb/d. Since the bulk of oil wells in Iran have already reached the second half of their lifecycle and would continue to see their production fall, the National Iranian Oil Company (NIOC) decided in 2021 to engage local technological companies to rehabilitate shut-in and low-yield wells. Amir Moqiseh, NIOC’s deputy director of investment and business, has said rehabilitation of each well would require $1 million, adding that a new model of contract, similar to the “Iran Petroleum Contract” (IPC), has been designed for low-yield and inactive wells.
-
OPEC+ moving closer to compromise with African producers, sources say
OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, four OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.
-
Goldman Sachs says deeper OPEC output cut remains on table
Goldman Sachs says the possibility of a deeper group oil output cut is on the table when OPEC+ oil producers meet, and it expects Saudi Arabia and Russia to announce an extension of their additional voluntary curbs through at least the first quarter of 2024.
-
OPEC+ postpones policy meeting to Nov. 30; oil falls
OPEC+ has delayed its ministerial meeting to set output policy to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement on Wednesday.
-
Owji: Iran supports OPEC+ agreement, decisions
SHANA (Tehran) – Oil Minister Javad Owji on Wednesday said Iran, as one of the founders of OPEC, always supports the agreement and decisions made by OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies.