IEA expects comfortably supplied oil market in 2025 despite demand hike

SHANA (Tehran) – The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast.

Oil edges lower on IEA surplus forecast

SHANA (Tehran) – Oil prices were down more than 1% on Thursday as a forecast for ample supply in the oil market offset optimism stemming from growing expectations of a US interest rate cut.

Iran’s oil output rises by 37,000 bpd in November, OPEC reports 

SHANA (Tehran) – Iran’s crude oil production increased by 37,000 barrels per day (bpd) in November compared to the previous month, according to the latest report from the Organization of the Petroleum Exporting Countries (OPEC). 

189th Meeting of OPEC Conference concludes

SHANA (Tehran) – The 189th (Ordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened today, December 10, 2024, under the Chairmanship of its President, Marcel Abeke, Minister of Petroleum of the Gabonese Republic and Head of its Delegation.

Speaking at 189th OPEC Meeting

Paknejad: OPEC continues cooperation with non-OPEC partners

SHANA (Tehran) – Iranian Oil Minister said OPEC continues cooperation with non-OPEC partners.

OPEC re-elects Secretary General al-Ghais for second term

SHANA (Tehran) – The Organization of the Petroleum Exporting Countries re-elected current secretary general Haitham al-Ghais for a second three-year term at a virtual meeting today.

Declaration of Cooperation between OPEC, non-OPEC hits eight years

SHANA (Tehran) – The Declaration of Cooperation between OPEC member countries and non-OPEC oil-producing countries has turned eight on Tuesday, according to a press release by OPEC.

OPEC and Russia highlight the importance of oil and energy markets stability

SHANA (Tehran) -The Organization of the Petroleum Exporting Countries (OPEC) and the Russian Federation held the Ninth High-level Meeting of the OPEC-Russia Energy Dialogue today, 22 November 2024, in Moscow, the Russian Federation.

Age of Electricity, Analysis or Science Fiction?

SHANA (Tehran) - The International Energy Agency has predicted that fossil fuel consumption will reach its peak by the end of the current decade while electricity demand will rise dramatically, in what the IEA calls the Age of Electricity. OPEC has expressed its views on this issue in the form of an article which is as follows:

Reuters Survey finds:

OPEC Oil Output the Lowest, Iran's the Highest

SHANA (Tehran) - Reuters announced Iran as the only member of Opec which its oil production rose in September 2024.

56th Meeting of the Joint Ministerial Monitoring Committee

SHANA (Tehran) - The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ held a meeting on 2 October and reviewed the current market situation. JMMC also issued a statement at the end of the meeting which is as follows:

The 64th anniversary of OPEC and the challenges ahead

September 14 is the 64th anniversary of the establishment of the Organization of Petroleum Exporting Countries (OPEC). 64 years ago, five oil-producing countries including Iran, Saudi Arabia, Iraq, Kuwait and Venezuela, gathered in Baghdad and founded OPEC. Over the past 64 years, OPEC has left behind many challenges and passed through risky years, and it has still been able to continue its targets with the cooperation of its members.

OPEC marks its 64th Anniversary

SHANA (Tehran) - 64 years ago, in this day the representatives of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela came together in Baghdad to found an organization to defend their rights on making just revenue from oil exports and creating stability in the oil market. OPEC has issued a statement on the occasion, having honored 64 years of its achievements to this end which follows below:

OPEC Weekly Price on Decline

SHANA (Tehran) –The weekly price of the OPEC basket of twelve crudes fell by 2.77 dollars during the week ending on July 25.

OPEC Weekly Price Declines

SHANA (Tehran) – The weekly price of the OPEC basket of twelve crudes fell by 1.24 dollars during the week ending on July 11.

Monthly Price of OPEC Basket Rises

SHANA (Tehran) – The price of the OPEC basket of twelve crudes rose by 3.91 dollars month-on-month from 83.22 dollars on May 31 to 87.13 on June 30.

Weekly Price of OPEC Basket Rises

SHANA (Tehran) – The weekly price of the OPEC basket of twelve crudes rose by 13 cents during the week ending on June 27.

OPEC Weekly Price Rises for Two Weeks in A Row

SHANA (Tehran) – The weekly price of OPEC basket of twelve crudes rose by 2.04 dollars during the week ending on June 20.

OPEC’s Oil Price Rises for 5 Days in A Row

SHANA (Tehran) - OPEC’S daily oil price has risen consistently since 3rd June, a day after it fell considerably after holding 188th OPEC and 37th OPEC+ Ministerial Meetings on June 2.

OPEC+ Extends Collective Production Cuts Into 2025

SHANA (Tehran) -In a press release that was published at the end of OPEC+ ministerial meeting on 2 June, the oil producing group reaffirmed its commitment to the Declaration of Cooperation (DoC) and decided to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC into the next year.

OPEC Conveys Its Condolences on The Tragic Passing of Iranian President

SHANA (Tehran) - Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), HE Haitham Al Ghais, issued a statement offering his condolences on the demise of the Iranian president, Ayatollah Ibrahim Raisi, who lost his life on Sunday in a chopper crash.

We Are Not Happy To See Sanctions Against Iran, OPEC Secretary General

SHANA (Tehran) - OPEC Secretary General, Haitham Al Ghais, has said that sanctions against Iran distorts the way that oil usually flows.

Biggest increase in March oil output comes from Iran: OPEC report

SHANA (Tehran) – Iran’s oil production in March 2024 stood at 3.188 million barrels per day (bpd), showing a 28,000-barrel increase from its February output, the biggest hike among the members of the Organization of Petroleum Exporting Countries, the Monthly Oil Market Report (MOMR) of OPEC showed.

OPEC oil output falls in March, led by Iraq – Reuters survey

OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.

OPEC says IEA commentary on oil security encouraging

Oil producer group OPEC said it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.

OPEC: Iran retains position as third-largest oil producer

SHANA (Tehran) – The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in February.