Owji: Oil industry plays ‘pivotal’ role in promoting Iran, Saudi Arabia common economic interests

SHANA (Tehran) – Oil industry can play a “pivotal” role in promoting common economic interests of Iran and Saudi Arabia, said Iranian Oil Minister Javad Owji on Tuesday night.

Oil prices rise, tight supply back in focus

Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.

Oil prices rise as tight supply outlook offsets demand woes

Oil prices rose on Monday after flirting with $95 a barrel earlier in the session, as expectations of a supply deficit stemming from extended output cuts by Saudi Arabia and Russia as well as weak shale production outweighed concerns about demand.

Saudi Arabia says ready to promote cooperation with Iran in petrochemical sector

SHANA (Tehran) – Saudi Ambassador to Iran Abdullah bin Saud al-Anzi on Monday voiced his country’s readiness to broaden cooperation with the Islamic Republic in petrochemical sector.

Global oil stockpiles to fall after Saudi output cut – EIA

Global oil inventories were expected to fall in the fourth quarter after Saudi Arabia extended output cuts this month, while U.S. crude production is forecast to rise more than previously thought, the Energy Information Administration said in a monthly report on Tuesday.

Oil could hit $107: Goldman Sachs

Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their supply cuts, Goldman Sachs warned its clients.

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.

Saudi Arabia oil exports hit 21-month low in June

Saudi Arabia's crude oil exports fell for a third straight month in June to their lowest since September 2021, data from the Joint Organizations Data Initiative (JODI) showed, with big Asian buyers favouring cheaper Russian oil.

Oil slips as weak China data offsets tightening supply

Oil prices fell by more than 1.5% on Tuesday after data showed China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world's largest oil importer.

OPEC+ panel keeps policy unchanged against backdrop of stronger oil market

An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further.

Oil rises 2% as Saudi Arabia and Russia keep supplies tight

Oil prices gained about 2% on Thursday as Saudi Arabia and Russia were taking steps to keep supplies tight into September and possibly beyond.

Oil stuck between supply strains and economic doubt

Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world's biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand.

Saudi Arabia hikes most August oil prices to Asia after supply cuts

Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.

On the sidelines of 8th OPEC International Seminar in Vienna

Iranian, Saudi ministers hold energy talks

SHANA (Vienna) – Iran’s Oil Minister Javad Owji and Saudi Minister of Energy Abdulaziz bin Salman here on Wednesday held energy talks on the sidelines of the 8th OPEC International Seminar.

OPEC+ to keep pursuing efforts to stabilise oil market, Saudi minister says

OPEC+ will continue pursuing efforts to stabilise the oil market and will do “whatever is necessary”, Saudi Arabia’s energy minister said.

Brent crude steady as economic fears offset supply cuts

Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia.

Oil prices edge higher as Saudi cut outweighs bearish backdrop

Oil prices edged higher on Wednesday as Saudi Arabia's surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks.

Oil prices buoyed by Saudi warning and falling U.S. stockpiles

Oil prices rose on Wednesday, driven up by tightening U.S. inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts.

Saudi Arabia cuts June crude prices for Asia

Saudi Arabia, the world's top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months, following a plunge in refining margins.

Saudi Arabia raises May Arab Light crude prices for Asia for third month

Expert cites Saudi-U.S. ties as reason for OPEC+ surprise output cuts

SHANA (Tehran) – Former OPEC affairs head of the Iranian Ministry of Petroleum cited two economic and political factors as main reasons behind the recent OPEC+ surprise decision to cut oil output.

MP: Iran-Saudi détente to have positive impacts on energy sector

SHANA (Tehran) – The recent agreement between Iran and Saudi Arabia on resumption of diplomatic relations will have positive impacts on energy, economic, and political sectors of West Asia, particularly the Persian Gulf region, said an Iranian lawmaker here on Thursday.

IIES head: Iran-Saudi rapprochement contribution to economic, energy sectors a must

SHANA (Tehran) – The head of Iran’s Institute for International Energy Studies (IIES) put great emphasis on contribution of recent political and security agreement between Tehran and Riyadh to economic and energy sectors.

Iran’s former official at OPEC:

Tehran, Riyadh expected to seize opportunity to boost ties in oil, gas sectors

SHANA (Tehran) – Former OPEC affairs head of the the Iranian Ministry of Petroleum here on Saturday said Tehran and Riyadh are expected to seize the opportunity created after their rapprochement and develop their relations, particularly in oil and gas sectors.

Senior expert in energy economics:

Iran-Saudi agreement most important geopolitical event in Middle East

SHANA (Tehran) – A senior expert in energy economics described the March 12 agreement between Iran and Saudi Arabia [on the restoration of diplomatic relations] as the most important event in the Middle East in recent years and the most effective development for OPEC and global oil market in 2023.

Iran’s former OPEC governor:

Iran-Saudi agreement to stabilize global oil market

SHANA (Tehran) – Iran’s former OPEC governor is convinced that Iran-Saudi rapprochement will be to the advantage of crude oil importers and exporters of the Middle East and could stabilize global oil market.

MP: Expansion of world energy powers’ ties effective in developing global economy

SHANA (Tehran) – The expansion of relations between the world’s energy powers such as Iran, Russia, and Saudi Arabia plays an effective role in developing global economy, said a member of the Iranian Parliament National Security and Foreign Policy Committee.