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OPEC+ surprise output cuts: Reasons and impacts
On October 5, 2022, oil and energy ministers of OPEC and non-OPEC producers, an alliance known as OPEC+, decided to slash oil output by two million barrels per day (bpd) in November and December 2022 in comparison with that of August 2022, extending the cut in their next sessions until the end of 2023.
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NPC head: Iran Petrochemical Forum an opportunity for indigenizing technologies
SHANA (Tehran) – The National Petrochemical Company (NPC) managing director Wednesday said the upcoming Iran Petrochemical Forum (IPF) will provide a good opportunity to acquire the world’s modern technical know-how and indigenize technologies.
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Owji: OPEC+ decides to cut output despite U.S. push for hike
SHANA (Tehran) – Iran’s Oil Minister Javad Owji Wednesday said OPEC+ decided to cut its output amid growing pressures from the U.S. for a rise.
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Iran’s former OPEC governor:
OPEC+ output cuts to stabilize oil market
SHANA (Tehran) – Iran’s former OPEC governor said the recent decision OPEC+ made to cut its output will put the brakes on the reduction of oil prices and stabilize the market.
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Raeisi: Oil, gas output up 9% in year to March 2023
SHANA (Tehran) – President Seyyed Ebrahim Raeisi here on Tuesday said Iran’s oil and gas production witnessed a nine percent growth in the past Iranian calendar year, which ended on March 20, 2023.
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OPEC+ cut risks straining tight oil market: IEA
SHANA (Tehran) – Oil production target cuts announced by the OPEC+ group over the weekend risk exacerbating a strained market and pushing up oil prices amid inflationary pressures, the International Energy Agency (IEA) said on Monday.
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Expert cites Saudi-U.S. ties as reason for OPEC+ surprise output cuts
SHANA (Tehran) – Former OPEC affairs head of the Iranian Ministry of Petroleum cited two economic and political factors as main reasons behind the recent OPEC+ surprise decision to cut oil output.
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OPEC+ output cuts aimed at ending U.S. hegemonic energy policies
The collective oil output cut by OPEC+ is a very important decision made by the alliance, as it is, in fact, the big producers’ move toward ending the United States’ hegemonic energy policies.
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48th Meeting of the Joint Ministerial Monitoring Committee
SHANA (Tehran) – The 48th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, 3 April 2023.
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SeaPad vessel supports 18 South Pars platforms
The SeaPad logistics platform is located 105km off Assaluyeh, which is tasked with providing logistic and operational support to 18 South Pars platforms that totally produce 350 mcm/d gas. Nearly 100 persons work on SeaPad to make sure gas flow from the giant offshore gas reservoir would not halt.
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NISOC eyes output capacity hike
National Iranian South Oil Company (NISOC) is planning to enhance production within the framework of short-term annual plans. Given NISOC’s 80% share in Iran’s oil production, planning by the company’s Technical Directorate is of paramount significance. The following is the text of the interview of Ramin Rowghanian, NISOC’s technical director, with “Iran Petroleum” on oil output hike plans.
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NIOC head: SP Phase 11 gas production due this year
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director here on Wednesday said gas production in South Pars (SP) Phase 11 will begin this year.
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Europe will add 50 bcm of LNG import capacity by end-2023
Ongoing tensions between Russia and the West has prompted the European Union to find alternatives to its gas imports from Russia for developing its LNG imports capacity.
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IEA: Iran’s Feb. oil output hit 2.65 mbd, up despite sanctions
SHANA (Tehran) – The latest International Energy Agency (IEA) figures show crude oil production in sanctions-hit Iran reached 2.65 million barrels per day (mbd) in February.
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Turkey gas hub ambitions
In 2008, Turkey’s Ministry of Foreign Affairs unveiled the country's national energy strategy, and for the first time in that document, it talked about Turkey is becoming the center and hub of energy transit from Central Asia, the Caucasus, the Middle East, the Balkans, and Russia to Europe. Turkey's foreign policy has since tried more and more towards the realization of this goal and made a lot of efforts in the form of long-term economic and political plans to transform Ceyhan Port into an energy terminal in the region. In this regard, Turkey has always been one of the parties present in discussions related to energy transmission lines to Europe.
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Asia main driver of 2023 oil consumer market
Global oil demand in 2023 is expected to grow 2.32 mb/d compared with 2022. China and India continue to remain the main drivers in the oil market this year. According to the Organization of the Petroleum Exporting Countries (OPEC) data, China will have a 26% share (590 tb/d) of this global increase in oil demand, but the IEA estimates China’s share at 47% (900 tb/d) of its own estimate of 1.9 mb/d increase. In-between, Russia has become a leading oil supplier to China. The Directorate of OPEC and International Energy Fora of Iran’s Ministry of Petroleum has reviewed the oil market based on the latest reports released by the OPEC, International Energy Agency (IEA) as well as the US’s Energy Information Administration (EIA).
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Sanctions fail to paralyze Iran oil industry
SHANA (Tehran) – Sanctions imposed by the enemy have failed and will fail to paralyze Iran’s largest supplier of energy and foreign currencies – the Ministry of Petroleum.
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World January LNG imports down 1.4%
The Russia-Ukraine tension is weighing heavy on the global energy market. December 2022 gas production was down 5% in the European Union and up 6% in China. In January this year, global LNG imports were down 1.4% year-on-year to 36 million tonnes. But global LNG exports were up 2.8% to 35 million tonnes. Gas Exporting Countries Forum (GECF) member states saw their share of global LNG exports in January fall 1.2% year-on-year.
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NIOC head: $160bn investment needed to raise Iran oil, gas production by 50%
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director here on Sunday said a 160-billion-dollar investment is required to increase the country’s oil and production capacities by 50 percent.
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World gas needs $10.53tn by 2050
The Iranian Ministry of Petroleum’s Directorate of OPEC & Int’l Energy Fora has analyzed the latest edition of the Gas Exporting Countries Forum (GECF)’s 2050 Global Gas Outlook. Investment in natural gas is instrumental in stabilizing the global energy system because by 2050, the total investment needed to meet global gas demand would add up to $10.5 trillion. In a sector, whose annual production fall-off is estimated at 4-5%, lack of investment would mean a slump in supply and instead a spike in prices, which would subsequently bring about inflationary pressure and put a strain on livelihoods. That may blunt the willingness of citizens in developed nations to support governments backing energy transition and even make them resistant to any change. A revision of energy policies along with understanding the significance of investment in natural gas, as backup fuel for renewables and a factor of global development, would be a positive development for the future of human beings.
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Iran’s Zagros Petrochemical Company among world’s largest methanol producers
SHANA (Assaluyeh) – Zagros Petrochemical Company in southern Iran is among the five largest methanol producers of the world.
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Iran excelling in conventional, unconventional fields study
Experts at Research Institute of Petroleum Industry (RIPI), which is the main center of research and exploration for gas hydrates in Iran, say that each cubic meter of gas hydrate generates as much thermal value as 164 cubic meters of gas. Common technologies used for recovery from these resources may be costlier than technologies used for recovering from conventional resources; however, the cost-effectiveness of gas hydrate recovery becomes known when conventional resources go on the decline. Touraj Behrouz, head of Upstream Industry Research and Development Division of RIPI, has said good achievements have been made in modelling, studies and lab activities in both conventional and conventional fields.
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Owji says Iran will set new oil export record this year
SHANA (Tehran) – Oil Minister Javad Owji Friday said that Iran will set a new record in oil exports in the new Iranian calendar year starting Tuesday.
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MP: Iran-Saudi détente to have positive impacts on energy sector
SHANA (Tehran) – The recent agreement between Iran and Saudi Arabia on resumption of diplomatic relations will have positive impacts on energy, economic, and political sectors of West Asia, particularly the Persian Gulf region, said an Iranian lawmaker here on Thursday.
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NPC head: Iran a market for long-term investments
SHANA (Tehran) – The National Petrochemical Company (NPC) managing director said Iran is a market for long-term investments.
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Raeisi: Abadan Refinery Phase 2 launch conveys ‘we can’ message
SHANA (Abadan) – The completion and inauguration of the second phase of Abadan Refinery capacity development and stabilization project are the invaluable manifestation of “we can”, President Ebrahim Raeisi said here on Monday.
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Owji says in Abadan Refinery Phase 2 inauguration ceremony:
Iran self-sufficient in constructing oil, gas refineries
SHANA (Abadan) – Iran has become self-sufficient in constructing oil and gas refineries, said Oil Ministry Javad Owji here on Monday.
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Concurrent with Iran oil industry nationalization anniversary
Raeisi inaugurates Abadan Refinery Phase 2
SHANA (Abadan) – President Ebrahim Raeisi on Monday inaugurated Phase 2 of Abadan Refinery in Khuzestan Province, southwestern Iran, concurrent with the anniversary of nationalization of oil industry.
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Iran’s oil minister statement on stability in global oil market:
Any political, legal interference in energy market a lose-lose game for all players
SHANA (Tehran) – Iran’s minister of petroleum, in a statement, on Sunday put great emphasis on bringing stability to the international energy and oil market.