Shana

Oil’s rocky 2025: Global tensions fail to offset oversupply

SHANA (Tehran) – A look at oil prices in 2025 shows a volatile year in which the strategic commodity fell from about $74 a barrel at the start of the year to near $60 by year’s end, a decline of nearly 20%. Brent crude briefly topped $82 at times but spent much of the year under pressure, at one point flirting with the $50 range before stabilizing around $60. A mix of economic, geopolitical and supply-side factors drove the swings. Here are the main forces that shaped oil prices in 2025.

Localization of technology key to boosting oil, gas output

SHANA (Tehran) – The technical adviser to the CEO of the National Iranian Oil Company (NIOC) emphasized the need to upgrade hydraulic fracturing know-how, saying higher oil and gas production cannot be achieved solely by expanding drilling fleets. Localizing key technologies, he said, is the fastest and most cost-effective path to boosting national output.

Localizing EOR technology to boost crude output

SHANA (Tehran) – The head of research and technology at the National Iranian Oil Company said more than 51% of Iran’s recoverable oil reserves have already been produced, underscoring the need to accelerate the development and localization of enhanced oil recovery (EOR) technologies to protect remaining reserves and sustain output.

Oil market shifts from fear to fundamentals as geopolitical shocks fade

SHANA (Tehran) – A former Iranian representative to OPEC’s Board of Governors says the global oil market has largely moved away from fear-driven pricing and is now valuing crude based on fundamentals such as supply, demand, inventory levels and spare production capacity, as the impact of geopolitical shocks continues to fade.

Oil market more resilient than before; no sharp price surge expected in 2026

SHANA (Tehran) – An energy analyst says global oil prices are unlikely to rise sharply in 2026, citing greater market resilience and the absence of major geopolitical or economic shocks.

Record overhaul maintenance achieved in NISOC

SHANA (Tehran) – The head of Industrial Equipment and Process Machinery Maintenance at the National Iranian South Oilfields Company said proactive planning, localization of strategic parts and round-the-clock efforts by operational teams led to the completion of more than 63% of the company’s annual major overhaul program in 1404, an unprecedented achievement that has strengthened production stability, reduced flaring and supported environmental protection.

Persian Gulf terminal keeps oil exports steady

SHANA (Tehran) – The Persian Gulf oil export terminal, the final link in the processing, storage and export chain for oil from the Soroush and Norouz fields, has played a key role in sustaining Iran’s oil exports for more than a decade. It has continued operating without interruption even during periods of sanctions and war.

Strategic role of South Azadegan processing in boosting oil output

SHANA (Tehran) – The head of Iran’s Oil Engineering and Development Company said the completion of the second processing train at the shared South Azadegan oil field marks the country’s first major oil output expansion project since 1395 and carries significant strategic importance for the industry.

President praises Oil Ministry’s efforts

SHANA (Tehran) – President Masoud Pezeshkian on Thursday praised the Oil Ministry and its engineers and specialists for bringing the second train of the Central Processing and Export Terminal (CTEP) at the South Azadegan joint oil field online in record time.

New processing unit speeds oil treatment at South Azadegan Field

SHANA (Tehran) – The head of the National Iranian Oil Company said the start-up of a new processing train at the shared South Azadegan oil field will strengthen infrastructure, speed crude oil processing and support balanced development of shared fields.

President orders launch of second processing train at South Azadegan field

SHANA (Tehran) – The second processing train at the central processing unit of the shared South Azadegan oil field was inaugurated Thursday by order of President Masoud Pezeshkian via videoconference, boosting the field’s crude oil processing capacity to 160,000 barrels per day.

Sabzab–Shazand pipeline delivers crude to Shazand refinery

SHANA (Tehran) — Crude oil has reached the Shazand refinery for the first time through the newly commissioned Sabzab–Shazand crude oil pipeline, expanding Iran’s capacity to transport oil from the south to central and northern regions, the head of the Iranian Oil Pipelines and Telecommunications Company said.

IOOC launches over150 first-of-a-kind research projects

SHANA (Tehran) – Iranian Offshore Oil Company (IOOC) has defined 154 first-of-a-kind research projects with support from the Vice Presidency for Science, Technology and the Knowledge-Based Economy, with more than 25 projects already approved for implementation, the company’s head of research and technology said.

Research spending soars 11-fold as dozens of projects advance in NISOC

SHANA (Tehran) – The head of research and technology at the National Iranian South Oilfields Company (NISOC) said dozens of projects are underway across research, first-of-its-kind production, graduate studies and artificial intelligence, with research funding rising more than elevenfold over the past five years.

Sepehr and Jofeir output tops 34m barrels

SHANA (Tehran) – Cumulative oil production from the Sepehr and Jofeir oil fields has surpassed 34.5 million barrels, according to a report presented at the 24th meeting of the Joint Management Committee for the fields’ development and production increase plan.

OPEC oil output in November stands at 28.48 mbd

SHANA (Tehran) – OPEC’s crude oil production fell by 1,000 barrels per day in November, reaching 28.48 million barrels per day, according to the organization’s latest monthly report issued in December 2025.

NISOC sets record in overhauls

SHANA (Tehran) – The National Iranian South Oil Company (NISOC) completed more than 85 percent of its planned overhauls in the first half of this year, a milestone made possible by early preparation of documentation, scopes of work and contractor selection beginning in winter 1403.

Eight OPEC+ producers maintain cautious output policy amid steady market fundamentals

SHANA (Tehran) – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories.

40th OPEC and non-OPEC Ministerial Meeting Press Statement

40th OPEC+ meeting sets course for market stability through 2026

SHANA (Tehran) – OPEC and its non-OPEC allies reaffirmed their long-standing cooperation framework and extended current crude production levels through the end of 2026 during their 40th ministerial online meeting on Sunday, November 30, underscoring their commitment to stabilizing global oil markets amid ongoing volatility.

Reforming financial terms; prerequisite for meeting oil production goals

SHANA (Tehran) – A deputy oil minister warned that without a reform of its financial relationship with the government, the National Iranian Oil Company (NIOC) – the nation's largest economic enterprise – risks bankruptcy in the coming years.

OPEC Report: Iran’s Oil Price Drops $5 in October

SHANA (Tehran) – The Organization of the Petroleum Exporting Countries (OPEC) announced in its latest monthly report (November) that the average price of Iran’s heavy crude oil fell by $5.07 per barrel in October compared with September.

Paknejad:

Iran meets first-year oil targets under Seventh Development Plan

SHANA (Tehran) – Oil Minister Mohsen Paknejad announced that despite limited financial resources, all quantitative targets for the first year of Iran’s Seventh Development Plan have been fully achieved. He said experts estimate that meeting the plan’s overall objectives will require about $190 billion in funding.

Plan to transfer water to West Karoun Oil Fields approved

SHANA (Tehran) – The conceptual and basic design manager of the Karoun Basin Water Supply and Injection Project said the plan to supply and transfer water for injection into the West Karoun oil fields has been approved at the provincial level.

PetroCrowd launches crowdfunding drive for oil projects

SHANA (Tehran) – The first crowdfunding campaign in Iran’s oil industry, launched through the PetroCrowd platform, reached its funding goal in less than four days, drawing strong investor interest. Information on the second investment project has now been published on the platform’s website, and the investment period will begin soon.

Finance minister: No signal of decline in oil revenues

SHANA (Tehran) – The Minister of Economic Affairs and Finance said he has not received any signal of a decline in oil sales, and that these revenues are part of the country's budgetary income.

First well in Yadavaran Production Boost Plan comes online

SHANA (Tehran) – The director of the Yadavaran oil field development project announced that the first well under the 24-well Yadavaran Production Increase Plan has come on stream.

Installation of downhole pump completed at South Yaran Oil Field

SHANA (Tehran) – The installation of an electric submersible pump (ESP) in one of the wells at the South Yaran oil field development project has been successfully completed by the field’s engineers and technical staff.

$800m allocated to modernize drilling equipment

SHANA (Tehran) – The National Iranian Oil Company (NIOC) has allocated $800 million to overhaul and modernize the drilling rigs and operational equipment of the National Iranian Drilling Company (NIDC), the company’s managing director announced.

NIOC takes major step to boost oil recovery at Ahvaz field

SHANA (Tehran) – The CEO of the National Iranian Oil Company (NIOC) emphasized the importance of the Ahvaz oil field as the country’s largest, saying the new project marks a significant move toward increasing the recovery factor and advancing national oil industry policies aimed at implementing enhanced oil recovery (EOR) methods.

OPEC reports rise in Iran’s oil output in September

SHANA (Tehran) – The Organization of the Petroleum Exporting Countries (OPEC) reported that the group’s total oil production rose by 524,000 barrels per day (bpd) in September, reaching 28.44 million bpd. Iran’s output increased by 44,000 bpd to 3.25 million bpd during the same month, according to OPEC’s latest monthly report released in October.