oil

  • Iran, Russia sign 10 cooperation agreements, MoUs

    Iran, Russia sign 10 cooperation agreements, MoUs

    SHANA (Tehran) – Iran and Russia sign 10 cooperation agreements and memorandums of understanding (MoUs) at a meeting of the Permanent Russian-‎Iranian Commission on Trade and Economic Cooperation in the presence of Iran Oil Minister Javad Owji and Russian Deputy Prime Minister Alexander Novak in Tehran on May 17, 2023.

  • Iran, Russia hold joint economic commission

    Iran, Russia hold joint economic commission

    SHANA (Tehran) – The meeting of the Permanent Russian-‎Iranian Commission on Trade and Economic Cooperation is held in the presence of Iran Oil Minister Javad Owji and Russian Deputy Prime Minister Alexander Novak in Tehran on May 17, 2023.

  • 28 Russian firms attend Iran Oil Show 2023

    28 Russian firms attend Iran Oil Show 2023

    SHANA (Tehran) – Twenty-eight Russian companies have taken part in the 27th Iran International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition, also ‎known as Iran Oil Show 2023, and will hold talks with Iranian exporters and economic experts on the development of trade and industrial ties.

  • Iran Oil Show 2023 kicks off

    Iran Oil Show 2023 kicks off

    SHANA (Tehran) – The 27th Iran International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition, also ‎known as Iran Oil Show 2023, kicks off here on Wednesday, having the motto "Oil Industry; Technological Production, Optimal Consumption".

  • Oil prices steady on uncertain global outlook and supply concerns

    Oil prices steady on uncertain global outlook and supply concerns

    Oil prices were steady on Monday as concern over rising interest rates, the global economy and the outlook for fuel demand were balanced by the prospect of tightening supplies.

  • Pakistan makes its first purchase of discounted Russian oil

    Pakistan makes its first purchase of discounted Russian oil

    Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at the port of Karachi in May.

  • Oil prices extend losses on fears of recession, slower oil demand

    Oil prices extend losses on fears of recession, slower oil demand

    Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in U.S. gasoline inventories raised concerns about a recession and slower global oil demand.

  • Oil slides as interest rate expectations eclipse Chinese data

    Oil slides as interest rate expectations eclipse Chinese data

    Oil prices dropped sharply on Wednesday, sliding by 2% as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories.

  • Oil edges up as China's economy gathers pace

    Oil edges up as China's economy gathers pace

    Oil prices firmed slightly on Tuesday, after falling 2% in the previous session, as stronger economic data from the world's largest crude importer China underpinned the demand outlook.

  • Oil steady as market awaits China GDP data

    Oil steady as market awaits China GDP data

    Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer.

  • Oil drops 1% after scaling multi-month highs on OPEC's demand warning

    Oil drops 1% after scaling multi-month highs on OPEC's demand warning

    Oil prices fell a dollar a barrel on Thursday, as an OPEC report stoked summer demand worries and traders took profits after benchmarks scaled multi-month highs in the previous session.

  • OPEC+ surprise output cuts: Reasons and impacts

    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.

  • Raeisi: Oil, gas output up 9% in year to March 2023

    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.

  • OPEC+ output cuts aimed at ending U.S. hegemonic energy policies

    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.

  • IEA: Iran’s Feb. oil output hit 2.65 mbd, up despite sanctions

    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.

  • Owji says Iran will set new oil export record this year

    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.

  • Maroun oil/gas output to rise 5%

    Maroun oil/gas output to rise 5%

    Maroun Oil and Gas Production Company (MOGPC) is expected to see its oil and gas production grow 5% as new modifications are under way in its pipelines. Qobad Nasseri, CEO of MOGPC, told “Iran Petroleum” that plans were also under way to end the flaring of 40 mcf/d of associated petroleum gas.

  • Transition to New Order in Oil Market?

    Transition to New Order in Oil Market?

    TEHRAN (Shana) -- The Iranian Petroleum Ministry’s Directorate of OPEC and Int’l Energy Fora has analyzed the oil market to conclude that last year’s developments gave rise to a new tug-of-war, which will soon result in a new balance of forces. In the new order envisaged for the oil market, Western governments will see their monopoly decline on the oil market which would turn into a regional market with a lower level of integration. However, the trans-Atlantic energy market between North America and Europe is projected to show further integration.  

  • 2022 Oil Market Review and 2023 Forecast

    2022 Oil Market Review and 2023 Forecast

    TEHRAN (Shana) -- As the international oil market warms up for 2023 let’s take a look at major events that had immense impact on the world oil markets in 2022. The global energy market was just done with Pandemic that hit demand in early 2020 jeopardizing the supply chain most severely. Producing countries need to be praised and acknowledged for the wonderful job of adjusting skillfully with the demand destruction leading to a swift balance in the market. However, early in 2022 the international oil and energy market was confronted with a severe blow when the Russian conflict with Ukraine broke out on 24 February 2022.

  • Gas, Iran Bargaining Chip

    Gas, Iran Bargaining Chip

    TEHRAN (Shana) -- Iran's gas export and equations for the transfer of theclean energy to its neighboring countries is a program that is being pursued more and more by the PetroleumMinistry. In the latest move, Iran's Minister of Petroleum Javad Owji has held intensive negotiations with senior Turkish officials to extend the gas and energy trade agreement, which seems to be a very important issue in the economic relations between the two countries.

  • Jask Oil Terminal Guarantees Continued Oil Exports: Official

    Jask Oil Terminal Guarantees Continued Oil Exports: Official

    TEHRAN (Shana) -- The head of the Iran Oil Terminals Company (IOTC) said: “Jask Oil Terminal, as a national and strategic project under the management of the administration and the leadership of the National Iranian Oil Company (NIOC) in the Sea of Oman, guarantees the continuation of crude oil exports, decentralization in the field of oil exports, and increased bargaining power and job creation.”

  • Tehran, Beijing Cooperation Favorable for Future of Iran

    Tehran, Beijing Cooperation Favorable for Future of Iran

    TEHRAN (Shana) -- A member of the Energy Committee of the Islamic Parliament said: “Today, the economic cooperation between Iran and China is more coherent than ever, and the recent visit of the president to this country can bring good results for Iran.”

  • Iran Can be Supplier of China's Energy Demand: Expert

    Iran Can be Supplier of China's Energy Demand: Expert

    TEHRAN (Shana) -- An expert on energy issues said since the driving engine of China's economy is the energy sector and Iran also has stable sources of energy, the latter could easily meet China's needs.

  • NIOC, Sinopec in talks for Phase-2 of Yadavaran Oilfield

    NIOC, Sinopec in talks for Phase-2 of Yadavaran Oilfield

    TEHRAN (Shana) -- The director of investment and business of the National Iranian Oil Company (NIOC), emphasizing that the 13th administration, unlike the previous administration, has a strategic view of old partners such as China and Russia, stated: “Since the beginning of the 13th admonition, regular negotiations have been held with China's Sinopec Company regarding the second phase development of Yadavaran field.

  • Development of Oil, Gas Fields in Central Regions Accelerating: CEO

    Development of Oil, Gas Fields in Central Regions Accelerating: CEO

    TEHRAN (Shana) -- The CEO of the National Iranian Oil Company (NIOC) emphasized the need to accelerate the maintenance of the production capacity of the fields operated by the Iranian Central Oil Fields Company (ICOF), and said: “The vision outlined for this company is to increase gas production to 142 million cubic meters per day.”

  • 3%, Share of Knowledge-Based Economy in GDP

    3%, Share of Knowledge-Based Economy in GDP

    TEHRAN (Shana) -- The Deputy Head of Technology of the Oil and Gas Park said: “Until the past few years, the gross domestic product from the knowledge-based sector was a small figure of about one-tenth to two-tenths of a percent, but in the past few years, this issue has become more serious and has accounted for a larger share of the gross domestic product. Recent figures indicate a three percent share of the knowledge-based economy in the GDP.”

  • Gachsaran Oil Output up 180,000b/d

    Gachsaran Oil Output up 180,000b/d

    TEHRAN (Shana) -- The CEO of Gachsaran Oil and Gas Production Company announced the daily increase of 180,000 barrels of oil with the use of skid-mounted crude oil processing unit in this company.

  • Preventing Sale of Iran Oil by Enemies Failed: Representative

    Preventing Sale of Iran Oil by Enemies Failed: Representative

    TEHRAN (Shana) -- A member of the Expediency Council and representative of the Supreme Leader in the Supreme National Security Council said: “The enemies announced that you cannot sell oil, but given the budget bill 1401 and 1402 and the amount of oil announced in it, we can sell it, and the budget is adjusted based on that.”

  • Southern Azadegan Oil Output up 45,000 b/d

    Southern Azadegan Oil Output up 45,000 b/d

    TEHRAN (Shana) -- The CEO of Petroleum Engineering and Development Company (PEDEC), while explaining the actions taken by this company in the South Azadegan field, announced the increase in daily production of crude oil by 45,000 barrels/day over the past year.

  • NISOC inks MoU with Basra Oil Company

    NISOC inks MoU with Basra Oil Company

    TEHRAN (Shana) – National Iranian South Oil Company (NISOC) signed a memorandum of cooperation on the sidelines of the 13th Khuzestan Oil Industry Equipment Manufacturing Exhibition with Basra Oil Company (BOC).