39th OPEC and non-OPEC Ministerial Meeting

OPEC+ extends production agreement until 2026, plans new capacity assessment

SHANA (Tehran) - In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, the Participating Countries decided to:

Finding Nemo, IEA discovers its ‘missing barrels’

SHANA (Tehran) - The International Energy Agency (IEA) has again found its ‘missing barrels’. Although the term should be viewed as a misnomer. Barrels are never actually missing; it is just that global demand for oil is being materially under-counted. 

OPEC crude production hits 26.7 mbd in April

SHANA (Tehran) - Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 26.71 million barrels per day (bpd) of oil in April, according to the group’s latest report.  

OPEC Secretary-General extends condolences to Paknejad following Bandar Abbas incident

SHANA (Tehran) – The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) expressed his condolences and sympathy to Iran’s oil minister following an explosion at the Shahid Rajaee port in Bandar Abbas.

Iran's oil production up by 12,000 bpd in March, OPEC reports

SHANA (Tehran) - According to OPEC's latest monthly report, Iran's crude oil production increased by 12,000 barrels per day (bpd) in March, reaching 3.335 million bpd. 

OPEC+ countries to gradually restore oil production starting April

SHANA (Tehran) – The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook.

OPEC Secretary-General Haitham Al Ghais: Oil industry faces $17.4 trillion investment demand

SHANA (Tehran) – OPEC Secretary-General Haitham Al Ghais visited Tehran on Wednesday, February 5, marking a significant step in strengthening cooperation between the Organization of the Petroleum Exporting Countries (OPEC) and Iran, a key member state.

Iran’s heavy crude oil prices surge in January, OPEC reports

SHANA (Tehran) – According to the latest monthly report from OPEC, Iran’s heavy crude oil prices rose significantly in January, increasing by $6.65, or 9.1%, compared to December, 2024.

Pezeshkian:

Unity in language, vision, policy vital for OPEC

SHANA (Tehran) - The president emphasized the importance of keeping OPEC away from political gamesmanship, stating, "I believe that if OPEC members act united and cohesively, the US cannot sanction or pressure any one member."

In a meeting with OPEC secretary-general;

Oil minister warns unilateral sanctions destabilize oil markets

SHANA (Tehran) – Iran’s Oil Minister Mohsen Paknejad met with Haitham al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), on Wednesday, emphasizing that unilateral sanctions against major oil producers threaten global energy market stability and harm consumers worldwide.

OPEC: 58th Meeting of Joint Ministerial Monitoring Committee concluded

SHANA (Tehran) – The 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, February 3, 2025.

Iran maintains position as OPEC’s third-largest producer

SHANA (Tehran) – According to the first 2025 report from the Secretariat of the Organization of the Petroleum Exporting Countries (OPEC), Iran maintained its position as the third-largest producer in the organization, with daily oil output reaching 3.314 million barrels in December, 2024. 

Iran appoints new representative to OPEC Board, IEF

SHANA (Tehran) – The Iranian minister of oil appointed Ali-Mohammad Mousavi as the new representative of the Islamic Republic of Iran to the OPEC Board of Governors, the Executive Board of the Gas Exporting Countries Forum (GECF), and the International Energy Forum (IEF).

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: