Crude oil
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China's March crude imports slip 6% but rise slightly in Q1
China's crude oil imports in March fell from high levels a year earlier but remained strong amid a surge in Russian shipments, official data showed on Friday.
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China's 2023 crude oil imports hit record as fuel demand recovers
China's annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.
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NISOC output up 47% in 2 years
Iran has managed to increase its crude oil and gas condensate exports over the past 20 months by adopting active energy diplomacy despite international sanctions against its petroleum industry. National Iranian South Oil Company (NISOC), the largest oil producer in Iran, has recently brought its output to a record 2.45 mb/d. Gholamreza Nourani, the acting director of production at NISOC, tells “Iran Petroleum” the company increased its oil production by 47% in two years.
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Russia, Saudi Arabia discuss oil market, prices
Saudi Arabia and Russia, the world's top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin's top oil official said.
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China's 'teapot' refiners mop up swelling Iranian crude, defying U.S. curbs
Appetite for Iranian crude is growing in China, the world's biggest oil importer, after the extension of supply cuts by Saudi Arabia and Russia boosted global prices, while Tehran is stepping up output and exports despite U.S. sanctions.
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Saudi Arabia to extend voluntary cut of 1m bpd until end of year
Saudi Arabia on Tuesday extended its one-million-barrel-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
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Global crude oil supplies to improve on refinery maintenance – Vitol exec
Global crude oil supplies are expected to improve in the next six to eight weeks because of refinery maintenance, although sour crude will stay tight, said Russell Hardy, chief executive of the world's largest independent oil trader, Vitol.
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China's March crude oil imports surge 22.5% from year earlier
China's crude oil imports in March surged 22.5% from a year earlier to the highest since June 2020, data showed on Thursday, as refiners stepped up runs to capture fuel export demand and in anticipation of a domestic economic recovery.
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Oil, condensate CDs worth $6m traded in IRENEX on first day
SHANA (Tehran) – The managing director of Iran Energy Exchange (IRENEX) here on Monday announced that the first-day transactions of certificates of deposit (CDs) of crude oil and gas condensates were valued at some six million dollars.
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NIOC Announces Iran Crude Oil Prices for September Delivery
TEHRAN (Shana) -- The National Iranian Oil Company (NIOC) has increased the official selling price of all types of crude oil for export to Asian markets in September.
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OPEC and Future of Oil
TEHRAN (Shana) -- There are doubts about short and long-term cooperation within the Organization of the Petroleum Exporting Countries (OPEC). Based on estimates, demand for crude oil would decline in the long term, i.e. over 30 years. On the other hand, it has to be taken into consideration that the priorities of top oil producers are always changing and the share of oil will decline in their future energy mix. The main question is to know until when OPEC can continue to work.
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DCI-1 Drilling Jacking System Upgraded
TEHRAN (Shana) -- Drilling Company International (DCI) announced the redesign and upgrade of the DCI-1 drilling control and protection system by the company's experts.
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Iran to Cut Dependence on Hormuz Strait for Oil Exports via 1,000-km Pipeline
TEHRAN (Shana) -- The Iranian president says Iran is building a major pipeline to transferring oil from west of the Persian Gulf to its east, cutting dependence on Hormuz Strait for oil exports.
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Iran Eyes 1mbd Crude Output in West Karoon
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the country expected to bring crude oil production to 1 million barrels per day in West Karoon Fields.
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5% Recovery Rate at Iran's Largest Joint Oilfield
TEHRAN (Shana) -- The Director of Consolidated Planning at the National Iranian Oil Company (NIOC) said according to the MDPs provided to the NIOC for developing South and North Azadegan oilfields, the initial recovery rate in the Sarvak layer of South Azadegan is 5.1% and 4.5% in North Azadegan which is while the layer accounts for nearly 90% of the field’s in-place oil reserves.
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Reverse Engineering Saves GOGPC up to Rls. 10b
TEHRAN (Shana) -- Utilizing the expertise of local experts and reverse engineers at Gachsaran Oil and Gas Production Company (GOGPC) resulted in saving Rls. 10 billion in the chemical laboratories of the company.
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How to Make Petrol or Gas from Crude Oil
How to Make Petrol or Gas from Crude Oil