oil

  • Gas Condensate Loading Capacity to Rise at South Pars

    Gas Condensate Loading Capacity to Rise at South Pars

    TEHRAN (Shana) -- The deputy head of the South Pars Phase 19 development project announced the arrival of a tanker ship equipped with single point mooring (SPM) in Assaluyeh, southern Iran, which would augment gas condensate loading capacity of the field.

  • WTI, April 20 and What Happened

    WTI, April 20 and What Happened

    TEHRAN (Shana) -- What happened on April 20, 2020 in the oil futures market? Why the benchmark US oil prices did headed to negative territory for May 20 delivery? Will the futures contract price for WTI crude for June 2020 also be negative? Why are the prices for some crude oil in the United States and Canada single-digit or negative? To get the answers to these questions, don't miss this report, which was sent to Shana by an oil market analyst familiar with the oil market.

  • US Crude Oil Plunges below zero in Unprecedented Wipeout; Why?

    US Crude Oil Plunges below zero in Unprecedented Wipeout; Why?

    TEHRAN (Shana) – Monday, April 20, 2020, was a historic day for New York Mercantile Exchange's (NYMEX) crude oil contracts as the price of the item plummeted to minus $ 37.63 for the first time in the industry’s history. Here is why all this happened.

  • Iran Economy Least Affected by Falling Oil Prices: Rouhani

    Iran Economy Least Affected by Falling Oil Prices: Rouhani

    TEHRAN (Shana) -- Iranian President Hassan Rouhani said that falling oil prices would have the least impact on the Iranian economy as the country was not completely reliant on oil anymore.

  • How Us WTI Crude Fell Below Zero

    How Us WTI Crude Fell Below Zero

    TEHRAN (Shana) -- The Director of International Affairs at the National Iranian Oil Company (NIOC) said the impact of the fall in crude oil prices by more than $55 on Monday, April 20, on the East Asian market was about $3 as WTI is not used as a benchmark for pricing Iranian crude oil.

  • District 7 Gas Transmission Sustains 25bcm Supply

    District 7 Gas Transmission Sustains 25bcm Supply

    TEHRAN (Shana) -- District 7 of Gas Transmission Operations affiliated with National Iranian Gas Company (NIGC) covers mainly cold regions, including Markazi, Lorestan, Kurdestan, Kermanshah, Ilam, Hamedan and parts of West Azarbaijan and Qazvin provinces.

  • Dreaming of World and Olympic Championship

    Interview with NIDC Weightlifter

    Dreaming of World and Olympic Championship

    TEHRAN (Shana) -- Iranian weightlifters finished in second place at the 2020 Asian Junior Weightlifting Championships in Tashkent, Uzbekistan. The Iran team won four gold, 10 silver and 5 bronze medals, scoring 641 totally.

  • NISOC Creating Jobs in Oil-Rich Southern Regions

    NISOC Creating Jobs in Oil-Rich Southern Regions

    TEHRAN (Shana) –The CEO of the National Iranian South Oil Company said: "With the implementation of new projects in southern oilfields, job opportunities will be created in the country."

  • NISOC Operates 1st Well in Output Enhancement Projects

    NISOC Operates 1st Well in Output Enhancement Projects

    ILAM (Shana) – The CEO of the National Iranian South Oil Company (NISOC) said his company had started production from the first well in a package of projects aimed at enhancing productivity of old oil fields in Iran.

  • Iran to Drill 1st SP Phase 11 Well by March 2021

    Iran to Drill 1st SP Phase 11 Well by March 2021

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the first offshore well of South Pars Phase 11 project would be drilled in the current Iranian calendar year which began on March 20.

  • Goldman Sachs still sees crude prices falling after OPEC+ deal

    Goldman Sachs still sees crude prices falling after OPEC+ deal

    (Reuters) - Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

  • 10th OPEC+ Teleconference

    10th OPEC+ Teleconference

    TEHRAN (Shana) -- OPEC+ struck a deal to cut the group’s output by 10 million barrels per day in May and June 2020 which would be accompanied by G20’s decision to cut its oil output by 3.7 mbd within a year. The group men on Sunday evening to finalize a deal that had been hampered by Mexico three days earlier.

  • OPEC+ Clinch 10mbd Output Cut Deal

    OPEC+ Clinch 10mbd Output Cut Deal

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the coalition of oil producers at the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies had agreed to curtail the group’s output by 10 mbd.

  • Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices

    Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh discussed the latest oil market developments and price fluctuations with Mohamed Arkab, Algerian Minister of Energy and Mines and the President of OPEC Conference on Tuesday afternoon. He also had a telephone conversation with his Russian and Kuwaiti counterparts on Monday.

  • Oil Market hit by 8-Magnitude Quake: Analysts

    Oil Market hit by 8-Magnitude Quake: Analysts

    TEHRAN (Shana) – Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak: "We will not give in to Saudi oil extortion", "Coronavirus and Saudi Arabia are the cause of falling oil prices", “Russia's energy minister was the first to tell the media that OPEC+ production cuts would face away as of April 1”, "It is a free market and Saudi Arabia and Russia must resolve the price war they have waged which has caused the fall in prices”, "How can Russia and Saudi Arabia not agree and prevent the prices from sinking? What about the responsibility for humanity? Where has global brotherhood gone? Where are the so-called world leaders?”

  • Investment in Oil Startups

    Investment in Oil Startups

    TEHRAN (Shana) -- The idea of establishing oil startups was first raised less than a year ago by Petroleum Minister Bijan Zangeneh. The minister gave instructions to the Office of Deputy Minister of Petroleum for Engineering, Research and Technology to follow up on the formation of oil startups. To that effect, Petroleum Ministry has now allotted 18,000 of land for knowledge-based and startup companies involved in the oil sector.

  • Skid-Mounted Processing Facility at South Azadegan

    Skid-Mounted Processing Facility at South Azadegan

    TEHRAN (Shana) -- National Iranian Oil Company (NIOC) intends to engage Iranian and/or foreign companies in the construction of skid-mounted processing facilities using the build-operate-own (BOO) method.

  • Skid-Mounted Oil Refineries Envisaged

    Skid-Mounted Oil Refineries Envisaged

    TEHRAN (Shana) -- Iran’s state-run National Iranian Oil Company (NIOC) has decided to invest in crude oil processing projects through implementing build-operate-own (BOO) method.

  • NIDC Drills 6 Wells in 15 Days

    NIDC Drills 6 Wells in 15 Days

    TEHRAN (Shana) – The National Iranian Drilling Company (NIDC) has spudded 6 oil and gas wells over the first 15 days of the current Iranian calendar year which began on March 21.

  • Darquain-3 Up for Investment

    Darquain-3 Up for Investment

    TEHRAN (Shana) -- West Karoun is now known to Iranians. This border area is expected to form Iran’s oil civilization. According to plans, Iran intends to increase output from the 11 oil fields located in West Karoun by 1 mb/d within four years. The Darquain field will have a 200,000 b/d share in the above figure. Darquain which lies in Khuzestan Province is 45 kilometers north of the city of Khorramshahr and 100 kilometers south of the oil-rich city of Ahvaz. The field is expected to see its output exceed 220,000 b/d once phase 3 development is fulfilled.

  • How Iran’s Oil Attracted US

    How Iran’s Oil Attracted US

    TEHRAN (Shana) -- The United States suffered least damage among the nations involved in the World War I and World War II. It escaped unscathed even from devastating post-war crises, and even upgraded its political, economic, military and cultural power on a daily basis. In the 1950s, nobody heard any more about Italian Fascism and German Nazism, as Europe was divided between Capitalists and Communists. As the world came closer to mid-1860s, it became further polarized: one pole led by the US and the other led by the Soviet Union.

  • NISOC to Run New Projects to Maintain Oil Production

    NISOC to Run New Projects to Maintain Oil Production

    KHUZESTAN (Shana) -- The CEO of the National Iranian South Oil Company (NISOC) said the company was about to launch 7 project packages for maintaining and enhancing crude oil production in the fields it operates.

  • OPEC, non-OPEC Agreement Reachable before April: Zangeneh

    OPEC, non-OPEC Agreement Reachable before April: Zangeneh

    VIENNA (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says OPEC+ could reach an agreement to consider deeper cuts in the group’s output before the end of March.

  • Iran Ends Monopoly of Building Key Oil Industry Items

    Iran Ends Monopoly of Building Key Oil Industry Items

    TEHRAN (Shana) -- The CEO of Iranian Oil Terminals Company announced construction of the NQ900 electric actuator and automatic sampler controller by local experts.

  • Over 70% of Oil Industry Equipment Localized: Iran

    Over 70% of Oil Industry Equipment Localized: Iran

    TEHRAN (Shana) – A senior Iranian industrial official says the country has indigenized manufacturing of over 70% of the equipment used in the petroleum industry.

  • Iran Envoy to Austria, OPEC Secretary-General Meet in Vienna

    Iran Envoy to Austria, OPEC Secretary-General Meet in Vienna

    TEHRAN (Shana) -- The Iranian ambassador and permanent representative to international organizations in Vienna met with the OPEC secretary-general to discuss the oil market developments following the spread of the Coronavirus in China.

  • Iran-Made Fath 72 Drilling Rig Unveiled

    Iran-Made Fath 72 Drilling Rig Unveiled

    TEHRAN (Shana) – Fath 72 Drilling Rig, built by Academic Center for Education, Culture and Research (ACECR), has been unveiled in a ceremony attended by Iranian Minister of Petroleum Bijan Zangeneh.

  • Petropars Awarded Project to Develop Forouzan Oilfield

    Petropars Awarded Project to Develop Forouzan Oilfield

    TEHRAN (Shana) – The CEO of the Petropars Group said his company had won a tender to develop a production maintenance and enhancement project in Forouzan Oilfield.

  • NIOC to Sell 6 mb of Crude Oil, Gas Condensate at IRENEX

    NIOC to Sell 6 mb of Crude Oil, Gas Condensate at IRENEX

    TEHRAN (Shana) – The National Iranian Oil Company (NIOC) has planned to sell 6 million barrels of heavy and light crude oil and gas condensate at the international floor of the Iran Energy Exchange (IRENEX).

  • Iran Supports Unanimous OPEC Output Cut Plan: Zangeneh

    Iran Supports Unanimous OPEC Output Cut Plan: Zangeneh

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said the country could support deeper cuts in crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) if a majority of the members agreed with it.