Analysis

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If oil disappeared tomorrow….

If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
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Oil security: Vital for all

We took note of the International Energy Agency (IEA) reaffirming the significance of oil security to energy transitions in its most recent commentary: ‘A strong focus on oil security will be critical throughout the clean energy transition’.
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Oil demand growth slowing as non-OPEC supply expands, says IEA

Global oil demand growth is losing momentum, the International Energy Agency (IEA) said on as it trimmed its 2024 growth forecast, in sharp contrast to the view held by producer group OPEC.
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Red Sea turmoil is the only thing keeping oil prices as high as they are

The attacks on ships in the Red Sea are a big geopolitical headache, and an economic one, too, as the chaos bleeds into markets by disrupting shipping flows and stoking inflationary pressure.
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A history of ‘unrealized’ peaks

The idea of oil supply peaking, or so-called peak oil, surfaced as early as the 1880s, with some predicting a looming exhaustion in the US due to the demise of the Pennsylvania oil fields. US and global oil production, however, was still increasing over 70 years later, when the ‘peak oil theory’ of geologist Marion King Hubbert gained traction in 1956.
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Iran and energy transmission

Iran’s geographical position has historically been a key factor in boosting the country’s standing. Iran has always been known to connect the West and the East as well as the North and the South. Historical records also show Iran’s important role in international trading in different periods, the most important of which has been the Silk Road.
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UAE and renewables; ambitions and challenges

Over recent years, investment in the renewable energy sector has increased across the globe. In the meantime, the Persian Gulf oil exporting nations, which have always relied on exporting energy, have adopted a new approach and formulated comprehensive plans to reduce carbon emissions and increase the share of renewables in their energy mix. The United Arab Emirates (UAE), a Persian Gulf littoral state and a key OPEC member country, has invested heavily in all sectors of the energy industry in recent years. In addition to reducing its dependence on non-renewable energy, the UAE is seeking to improve its position in international for a and present an environmentally friendly image of itself.
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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.
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BRICS membership boosts Iran’s bargaining power

The BRICS group of nations recently decided to invite six countries – Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates – to become new members of the bloc. The debate over expanding the BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, topped the agenda at a three-day summit held recently in Johannesburg. One may wonder how China and Russia have been instrumental in this decision. Mohammad Sadeq Jokar, the head of the Institute for International Energy Studies (IIES), tells “Iran Petroleum” that Iran’s BRICS membership would chiefly bolster Iran’s international haggling power. The following is the full text of the interview:
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Kuwait energy outlook; impossible ambitions

Kuwait’s ambitious development plan “Vision 2035” is aimed at transforming the country into a globally important financial and trade center to attract domestic and foreign investment. At the frontline of Vision 2035, lies the Silk City project to which 250 square kilometers of land has been allotted in northeastern Kuwait with an estimated investment of $86 billion over a 25-year period.
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Energy in Kenya; Iran opportunities

Kenya is at the crossroads of East Africa, which has in recent years developed its economic service sector and made significant progress in the use of modern technologies. Although more than one-third of the country’s 46 million people still live below the poverty line, the middle class that has emerged in recent years accounts for three-fourths of GDP growth. The middle class also represents the country’s major energy consumer. The remarkable point about Kenya’s energy sector is its investment in renewables. Currently, more than 75% of the energy consumed in Kenya is supplied by renewables, which mainly include geothermal energy and hydroelectricity. The Kenyan government plans to switch to 100% clean energy by 2030. Kenya’s goal in its Vision 2030 plan for the energy sector is to increase investment in renewables.
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Head of OPEC warns of a ‘dangerous’ lack of investment in oil

The head of the Organization of the Petroleum Exporting Countries – a group of the world’s major oil producers – told CNN that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel.
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Iran-Saudi détente a positive step in increasing cooperation: Analyst

SHANA (Tehran) – An expert in international relations has described the rapprochement between Iran and Saudi Arabia as a positive step toward promoting cooperation.
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US SPR release; opportunity or challenge?

Ever since the outbreak of the war in Ukraine, global markets have been largely affected in various economic sectors as Russia, a top producer of fossil energy in the world, was slapped with Western sanctions, forcing the Kremlin to reconsider its oil and gas sales to certain states. While many expected the continued war to drive global energy prices up, a variety of measures including tapping strategic reserves by some countries like the United States did avoid any sharp price hike. However, it seems that the long-term use of this policy would not affect global markets and would instead affect the US domestic atmosphere in the run-up to the next presidential election.
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Arash gas field issue to be settled through political talks: Analyst

SHANA (Tehran) – A senior expert in West Asia affairs is convinced that the dispute over the Arash gas field, known as Al-Dorra in Kuwait and Saudi Arabia, will be resolved through holding political negotiations and reaching an agreement.
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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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World at ‘beginning of end’ of fossil fuel era, IEA says

The world is at “the beginning of the end” of the fossil fuel era, according to the leading global energy watchdog, which for the first time has forecast that demand for oil, natural gas and coal will all peak before 2030.
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Energy transitions guided by realism

Everyone has an opinion on oil. Some think it is the only thing to blame for climate change. Others say using oil can just be stopped, and we should not invest anymore in new oil projects and leave the resource in the ground. Oil conjures up images of geopolitics, consumerism, historical world events, modernity, the television show Dallas and the actor Daniel Day Lewis’s performance in There Will Be Blood. Oil has featured in countless books, movies and songs, in almost every language on Earth. It is discussed everywhere from the kitchen table to the highest offices in every country in every land.
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Why the world needs more oil, not less

What do toothpaste, deodorant, soap, cameras, computers, gasoline, heating oil, jet fuel, car tires, contact lenses and artificial limbs have in common?
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Energy; chance for Iran-Cuba cooperation

Cuba is among countries principally dependent on overseas to supply its energy needs. However, this Latin American nation is endowed with potential offshore oil and gas reserves whose exploration and extraction may, to a large extent, help Cuba meet its energy demand and bring an end to its imports. That is why Cuba has over years embarked on extensive efforts for exploration and drilling, signing contracts with a variety of nations.
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Hydrogen, green and clean energy

As the world gets closer to the 28th Conference of Parties (COP) to be held in the United Arab Emirates, competition amongst renewables in order to stay ahead of the curve intensifies. However, according to latest data and statistics released by International Energy Agency (IEA) on April 2023, energy from hydrogen is ahead compared to all other sources of energy in, as long as the rate of new investments is concerned. Though green hydrogen is still behind solar and wind in absolute term. According to the above-mentioned IEA report, total renewables accounted for 11 percent of total global energy consumption in 2022. Among these renewables: solar, wind, hydroelectric and geothermal energies, hydrogen stood last.
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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.
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Iran, China Forming Mutual Dependence: Expert

TEHRAN (Shana) -- The head of the Institute of International Energy Studies (IIES) stated that the relations between Iran and China are getting stronger, and said: “The Chinese have always maintained their relationship with our country despite the imposition of sanctions against Iran.”
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Iran Hydrocarbon Reserves Estimated at 16 BBL

TEHRAN (Shana) -- The director of exploration at National Iranian Oil Company (NIOC), Mehdi Fakour, has said that Iran was estimated to sit atop 16 billion barrels of hydrocarbon reserves.
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Will 2023 See Oil Market Prosper?

TEHRAN (Shana) -- With the beginning of 2023, the developments of the oil market in 2022 and the perspective of the New Year have been reviewed. The idea is to examine the factors affecting the market. It must be acknowledged that 2022 experienced ups and downs in the oil market and profound changes have taken place in this market. These developments have caused the 2023 Outlook to have many uncertainties, and as a result, many reputable institutions have doubts in their forecasts, and most institutions are waiting for market stability.
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GECF to Supply 74% of Global Gas by 2050

TEHRAN (Shana) -- The Gas Exporting Countries Forum (GECF) expects 74% of the world's natural gas production by 2050 to be provided by new projects that will start in the future.
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Value-Creating Projects in Iran’s Oil Industry

TEHRAN (Shana) -- Over recent years, Iran's oil industry has enjoyed significant acceleration and progress in the exploitation of projects. By briefly reviewing the development process of the remaining phases of the massive South Pars gas field, other joint fields and implementation of various contracts in oil and gas fields, it could be construed that the development of Iran's oil industry has never stopped notwithstanding the sanctions, and has retained its role as the driver for growth, prosperity and wealth creation in the country’s economy. The present article aims at reviewing the development of some of the most important projects in Iran's oil industry since the 13th administration took office until the end of Iranian calendar year 1400 (March 20, 2022).
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Iran Plans Lifting Offshore Oil Output

TEHRAN (Shana) -- Iran’s comprehensive plan to increase oil output is followed up on in line with the objectives already envisaged for economic prosperity. Therefore, Petroleum Ministry has instructed National Iranian Oil Company (NIOC) with a plan to use its oil fields to increase oil output. Using offshore and onshore oil fields is among plans to that end with joint fields being prioritized. Here we review the Iranian Offshore Oil Company (IOOC)’s oil output hike. IOOC is tasked with operating oil and gas fields off the Persian Gulf.
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COP27; Climate and Energy

TEHRAN (Shana) -- Once in a year, delegates from almost 200 countries gather togetherseeking ways and means to keep climate change from spiraling out of control. This time, they met in Sharm El-Sheikh, Egypt, for the 27th Conference of the Parties (COP) that was originally shaped up back in 1994 when members of the United Nations agreed to convene and officially address climate change with an unprecedented determination. COP gained momentum and moved into center stage during Paris Conference of the Parties when decision was made to move from words and declarations to accountability, costs and damages. This institutionalized COP and countries began to address the topic at national, regional and international levels.
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Golden Age in Iran-Russia Ties

TEHRAN (Shana) -- During the 16th Iranian-Russian Business Council, hosted by Moscow, four documents were signed for cooperation between the two nations by Iranian Minister of Petroleum Javad Owji and Russia’s Deputy Prime Minister Alexander Novak. Owji has said that Iran-Russia ties had entered a “golden age”. Novak also said that Iran-Russia trade grew 45% in 2022 year-on-year.
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