Market

  • Defining Moments for Oil and Gas

    Defining Moments for Oil and Gas

    TEHRAN (Shana) -- Energy prices went up sharply after February 24 when first Russian troops entered Ukraine. By late March 2022, it hit above $ 120.40 per barrel for Brent briefly but retreated to around $110 per barrel, though, the average price of crude oil was $105 per barrel for the first half of 2022. The slow and cautious reaction of oil market towards such major geographical escalation that would potentially cut over 6.7 mb/d of crude and products from Russia is an interesting phenomenon worth analyzing. Let’s be reminded that the international crude oil prices touched $147 per barrel back in 2008 after the United States descended into recession.

  • Oil Players Displaced

    Russia-Ukraine War Impact

    Oil Players Displaced

    TEHRAN (Shana) -- The Russia-Ukraine war is not just a military conflict between Moscow and Kiev. Moreover, the consequences of the war are not limited to the geography of Europe. At the same time, the war is not limited to the political and military domains, and has had significant economic consequences. One of these consequences has been affecting the global energy markets. In addition to the spike in global oil prices to $120 a barrel, which is a direct consequence of the war, changes have also occurred in the field of trading oil, which, if continues, could change the trading pattern of many countries.

  • Energy Security Redefined

    Energy Security Redefined

    TEHRAN (Shana) -- European Union unanimously decided to impose sanctions on seaborne crude oil deliveries from Russia. Europe’s energy future is now woven by hasty opportunistic policies using Russian- Ukraine conflict as a new crowbar to open the door to dismantled US Northern Atlantic alignment and flawed energy transition policies.

  • Petropars Key in Iran Oil Industry 

    Petropars Key in Iran Oil Industry 

    TEHRAN (Shana) -- Petropars has a major share in developing Iran’s joint oil and gas fields. The company’s CEO has been outspoken in explaining the company’s status in developing phase 11 of South Pars gas field, Bilal, Farzad B, Forouzan, and South Azadegan fields and cooperation with Latin American firms. So far, the Iranian major has implemented around $27 billion worth of projects.

  • NIOC Announces Iran Crude Oil Prices for September Delivery

    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.

  • Iran Raises August Crude Price for Asian Buyers

    Iran Raises August Crude Price for Asian Buyers

    TEHRAN (Shana) – The National Iranian Oil Company (NIOC) has increased the official selling price of all types of crude oil for export to Asian customers in August.

  • Shifting Geopolitics of Energy: A New World Energy Order

    Shifting Geopolitics of Energy: A New World Energy Order

    TEHRAN (Shana) -- Whatever the outcome of war in Ukraine, one thing is for sure. The economic reverberations will be felt and in fact is already affecting the global economy by everyone and in all countries for years to come as the world divides between the West and rapidly reshaping Eurasia. The tectonic shifts and fractures in the world and how sanctions against Russia are likely to reshape and redefine a set of new global geopolitical realities.

  • Return of Iran Oil to Market Prevents Deepening Global Economic Recession

    Former Director of International Affairs at NIOC:

    Return of Iran Oil to Market Prevents Deepening Global Economic Recession

    TEHRAN (Shana) -- The former director of international affairs of the National Iranian Oil Company says the return of Iran’s crude oil to the market could prevent further deepening of the global economy.

  • Gray Shadow of Energy Security

    Gray Shadow of Energy Security

    TEHRAN (Shana) -- The energy market has seen many fluctuations over recent months. The latest lockdowns in China are causing significant demand destruction and adding downward pressure on oil prices, reduction of gas storage in Europe and finally the tension between Russia and Ukraine complicated part of energy marketpuzzle, such a wonderful life!

  • Why $100 a Barrel Could Be Bad for Energy Transition

    Why $100 a Barrel Could Be Bad for Energy Transition

    TEHRAN (Shana) -- With oil costing over $100 a barrel, and Russia’s war in Ukraine underscoring the risk of relying on fossil fuel, it would seem like a great time to speed up shifting from the polluting fuel, Akshat Pathi and Will Mathis write for Bloomberg, noting that the reality isn’t so simple.

  • US Fueling Oil Price Tensions Seeking New Energy Strategy: Expert

    US Fueling Oil Price Tensions Seeking New Energy Strategy: Expert

    TEHRAN (Shana) -- Explaining the latest developments in the oil market, the Director General of OPEC and Relations with Energy Communities Department of the Ministry of Petroleum said: "The United States is trying to change the strategy of new energies and save the use of these energies by fueling oil price tensions."

  • World Oil and Gas Market in 2022

    World Oil and Gas Market in 2022

    TEHRAN (Shana) -- As 2021 is coming to a close and 2022 arrives just fresh from the calendar, international oil markets seem to be quietly warming up for the beginning of a new era. The future for the oil and gas industry has changed for the better or worse.

  • Iran OPEC Status to be Improved: Owji

    Iran OPEC Status to be Improved: Owji

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said the supply of winter fuel is the most important priority of the oil industry for the time being, adding, "Our effort is to strengthen Iran's position in OPEC and take back our markets."

  • FM Spokesman Denies Request from Saudi Arabia to Sell Iran Oil

    FM Spokesman Denies Request from Saudi Arabia to Sell Iran Oil

    TEHRAN (Shana) -- A spokesman for the Iranian Ministry of Foreign Affairs said that the request from Saudi Arabia to sell Iranian oil was not true, adding that Iran's talks with Saudi Arabia on bilateral, regional and international issues were under way and that any other issue on these talks was baseless.

  • 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.