Market

  • Production Costs Trend as Oil Age Ends

    Production Costs Trend as Oil Age Ends

    TEHRAN (Shana) -- Crude oil extraction and production cost is an effective factor in oil pricing. Such costs vary from one spot to another, depending on the size and availability of oil reserves. Although most oil companies are unwilling to release precise data about oil production costs.However, estimates about costs of extracting oil from active fields in various countries are available. Comparing these costs would be key to analyzing the future of world oil markets. This data would show which countries can keep producing oil, even though in periods when prices keep falling. This issue takes up added significance in light of significant reduction in oil prices over recent years.

  • Iran OPEC Boss Meets Sec. Gen. Barkindo

    Iran OPEC Boss Meets Sec. Gen. Barkindo

    VIENNA (Shana) – Iran’s OPEC Governor Amir Hossein Zamaninia met with HE Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), in Vienna on Thursday to discuss ideas concerning Iran’s return to the global oil market.

  • Is Brent  Crude Headed Towards $100 a Barrel?

    Is Brent Crude Headed Towards $100 a Barrel?

    TEHRAN (Shana) -- Since early December crude oil prices have staged an impressive comeback. Brent crude price has shot up from $40 a barrel in early December to $67.20 on 25 February 2021. The question is how high oil prices are destined to go this year and next.

  • Brent Crude to hit $50/b in 2021

    Brent Crude to hit $50/b in 2021

    TEHRAN (Shana) – The director general of OPEC Affairs and Relations with International Energy Assemblies of the Ministry of Petroleum, said the average price of Brent crude oil in 2021 is expected to fluctuate between $48 and $50 per barrel, according to the latest International Monetary Fund report.

  • Let's Wait a Few Days

    Zangeneh on Iran Oil Exports with Biden as US President:

    Let's Wait a Few Days

    KHUZESTAN (Shan) -- In response to whether the sale of Iranian oil will be facilitated with the beginning of Joe Biden's presidency, Iranian Minister of Petroleum Bijan Zangeneh said: "Let's wait a few days to see what happens."

  • Iran, Azerbaijan Oil, Energy Ministers Meet in Tehran

    Iran, Azerbaijan Oil, Energy Ministers Meet in Tehran

    TEHRAN (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh hosted a meeting with his Azerbaijani counterpart here in Tehran to discuss oil and energy issues concerning the two neighbors.

  • Iran Welcomes Oil Investments by Russian Firms: Min.

    Iran Welcomes Oil Investments by Russian Firms: Min.

    MOSCOW (Shana) – Iranian Minister of Petroleum Bijan Zangeneh described Russia as a strategic partner for Iran, voicing Tehran’s willingness to welcome Russian investors in Iran’s oil industry.

  • Iran Cannot Be Removed from Global Oil Market

    Iran Cannot Be Removed from Global Oil Market

    TEHRAN (Shana) – An Iranian foreign ministry spokesman said: "Despite the US pressure, Iran will never be excluded from the global oil and gas market.”

  • 45th JTC Meeting Convened

    45th JTC Meeting Convened

    VIENNA (Shana) -- The 45th Meeting of the Joint Technical Committee (JTC) was held via videoconference, in preparation for the 23rd Meeting of the Joint Ministerial Meeting (JMMC) planned for 19 October 2020.

  • Iran: “OPEC Performed Well in Oil Market.”

    Iran: “OPEC Performed Well in Oil Market.”

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) had performed well in the oil market given the increase and stabilization of oil price in the market.

  • OPEC and a Bug called "Sloppiness"

    OPEC and a Bug called "Sloppiness"

    TEHRAN (Shana) – The Organization of the Petroleum Exporting Countries (OPEC) is preparing for its 60th anniversary celebrations in September, marking one of the most volatile times in recent years. Although OPEC Secretariat has not been very agile and orderly in recent months, at least over the years since I started observing the Organization’s moves, and it is exhibiting signs of severe sloppiness which has not been hidden in the eyes of most local and foreign observers.

  • Sec. Gen. Opening Remarks at OPEC+ Technical Meeting

    Sec. Gen. Opening Remarks at OPEC+ Technical Meeting

    TEHRAN (Shana) -- Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 7th Technical Meeting of OPEC and non-OPEC Countries under the DoC, 4 June 2020, via videoconference.

  • Covid-19 Crisis and Oil Prices

    Covid-19 Crisis and Oil Prices

    TEHRAN (Shana) -- Oil prices keep falling. Nobody could imagine that oil prices would hit their 17-year lows in less than three months. Analysts shift the blame on the novel coronavirus outbreak, which has degenerated into a global crisis. The Covid-19 outbreak caused economic stagnation and demand for oil and petroleum products dropped severely.

  • WTI, April 20 and What Happened

    WTI, April 20 and What Happened

    TEHRAN (Shana) -- What happened on April 20, 2020 in the oil futures market? Why the benchmark US oil prices did headed to negative territory for May 20 delivery? Will the futures contract price for WTI crude for June 2020 also be negative? Why are the prices for some crude oil in the United States and Canada single-digit or negative? To get the answers to these questions, don't miss this report, which was sent to Shana by an oil market analyst familiar with the oil market.

  • US Crude Oil Plunges below zero in Unprecedented Wipeout; Why?

    US Crude Oil Plunges below zero in Unprecedented Wipeout; Why?

    TEHRAN (Shana) – Monday, April 20, 2020, was a historic day for New York Mercantile Exchange's (NYMEX) crude oil contracts as the price of the item plummeted to minus $ 37.63 for the first time in the industry’s history. Here is why all this happened.

  • How Us WTI Crude Fell Below Zero

    How Us WTI Crude Fell Below Zero

    TEHRAN (Shana) -- The Director of International Affairs at the National Iranian Oil Company (NIOC) said the impact of the fall in crude oil prices by more than $55 on Monday, April 20, on the East Asian market was about $3 as WTI is not used as a benchmark for pricing Iranian crude oil.

  • Oil Market hit by 8-Magnitude Quake: Analysts

    Oil Market hit by 8-Magnitude Quake: Analysts

    TEHRAN (Shana) – Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak: "We will not give in to Saudi oil extortion", "Coronavirus and Saudi Arabia are the cause of falling oil prices", “Russia's energy minister was the first to tell the media that OPEC+ production cuts would face away as of April 1”, "It is a free market and Saudi Arabia and Russia must resolve the price war they have waged which has caused the fall in prices”, "How can Russia and Saudi Arabia not agree and prevent the prices from sinking? What about the responsibility for humanity? Where has global brotherhood gone? Where are the so-called world leaders?”

  • US Oil Output Hike, Challenge to Mideast

    US Oil Output Hike, Challenge to Mideast

    TEHRAN (Shana) -- US President Donald Trump’s energy policy has had significant impacts on global markets. Under his administration, the United States has managed to increase its oil production to levels exceeding leading producers Russia and Saudi Arabia.

  • Threat to Iran Would Jeopardize Energy Security

    Threat to Iran Would Jeopardize Energy Security

    TEHRAN (Shana) -- The world oil market is highly dynamic. Over recent months, this dynamism has picked up speed due to ongoing geopolitical events in the oil sector. The Trump administration has imposed sanctions on Iran’s petroleum sector in a bid to zero the country’s oil exports and drive Iran and even the Organization of the Petroleum Exporting Countries (OPEC) out of the oil market. The dependence of nations on oil carries one single message: Threatening Iran, which sits atop the world’s largest oil and gas reserves, will jeopardize the energy security.

  • How to Trade the Oil Market?
  • US Statements Cannot Run Oil Market: Zangeneh

    US Statements Cannot Run Oil Market: Zangeneh

    TEHRAN (Shana) – Iranian Minster of Petroleum Bijan Zangeneh said on Wednesday that the oil market could not be managed by mere US statements.

  • Who Controls The World's Oil?
  • Impact of Trump's Irrational Decisions on Oil Market

    Impact of Trump's Irrational Decisions on Oil Market

    TEHRAN (Shana) -- The Brent crude oil, last night, for the first time in 2019, crossed the $71/barrel threshold, only hours after the US labelled Iran's elite Revolutionary Guard Corps a 'terror group', indicating that the US President, contrary to his tweets, not only was not concerned about stabilizing the oil market and helping cut fuel prices in the US, but also caused turmoil in the market with his illogical decisions.

  • Oil Market Supply/Demand Balance is Fragile--Iran

    Oil Market Supply/Demand Balance is Fragile--Iran

    TEHRAN (Shana) -- The balance between supply and demand in the oil market is fragile, Iranian Minister of Petroleum Bijan Zangeneh said on Monday, as he called on crude producers to be wary of troubles caused by U.S. sanctions.