oil market
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IEA sees relatively well supplied oil market in 2024
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas.
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Saudi energy minister: We need to be ‘proactive’ on oil market
Saudi Energy Minister Prince Abdulaziz bin Salman said in a Russian TV interview that it was necessary to be "proactive" on the oil market and attempt to bring stability to it, while adding that oil producers do not target prices.
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Iran, potential key player in oil market
Petroleum industry is a key sector in the Iranian economy. Iran has been trying its best to benefit from its giant hydrocarbon resources to realize its objectives set out in its development plans. Along with sustainable oil and gas production, Iran been instrumental in global energy supply. It may not be eliminated from global energy trading as it continues to play an effective role in this sector.
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Russia, Persian Gulf top diplomats say OPEC+ efforts stabilize global oil market
Top diplomats from Russia and the Persian Gulf Arab states praised "the successful" efforts of the countries of the OPEC+ group, saying they contributed to stability of the global oil market, a joint statement said on Monday.
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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.
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Owji: OPEC+ decisions put oil market on right track
SHANA (Tehran) – Iran’s Oil Minister Javad Owji here on Wednesday said decisions made by OPEC+ have put the oil market on the right track.
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OPEC+ cuts aimed at balancing oil market, UAE energy minister says
The additional voluntary output cuts announced by the OPEC+ alliance of 23 oil producers in April are aimed at balancing the oil market, the UAE's minister of energy and infrastructure said.
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OPEC+ cut risks straining tight oil market: IEA
SHANA (Tehran) – Oil production target cuts announced by the OPEC+ group over the weekend risk exacerbating a strained market and pushing up oil prices amid inflationary pressures, the International Energy Agency (IEA) said on Monday.
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Asia main driver of 2023 oil consumer market
Global oil demand in 2023 is expected to grow 2.32 mb/d compared with 2022. China and India continue to remain the main drivers in the oil market this year. According to the Organization of the Petroleum Exporting Countries (OPEC) data, China will have a 26% share (590 tb/d) of this global increase in oil demand, but the IEA estimates China’s share at 47% (900 tb/d) of its own estimate of 1.9 mb/d increase. In-between, Russia has become a leading oil supplier to China. The Directorate of OPEC and International Energy Fora of Iran’s Ministry of Petroleum has reviewed the oil market based on the latest reports released by the OPEC, International Energy Agency (IEA) as well as the US’s Energy Information Administration (EIA).
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Iran starts offering oil, gas condensate certificates of deposit
TEHRAN (Shana) – Transactions of crude oil and gas condensate certificates of deposit in Iran Energy Exchange (IRENEX) started here on Sunday.
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Iran Ready to Ramp up Output ASAP
TEHRAN (Shana) -- Iranian Minister of Petroleum Javad Owji said the country would readily enhance its crude oil output to help stabilize the global market.
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OPEC+ Agrees to Ramp up Output by 400k bpd in April
TEHRAN (Shana) -- The 23 member states of the Organization of the Petroleum Exporting Countries and its allies, the OPEC+ coalition, agreed at their 26th meeting to increase production by 400,000 barrels per day in April.
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Iran Racing Ahead Even in Covid-Stricken Oil Market
TEHRAN (Shana) -- It is not known yet when the US would end its maximum pressure campaign, the signature legacy of President Donald Trump, to bring Iran’s oil exports down to zero and drive Iran out of the oil trading market. Nonetheless, based on analysts’ views, US president-elect Joe Biden is not willing to continue his predecessor’s policy.
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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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Oil market in 2020
The Downfall
TEHRAN (Shana) -- The year 2020 is coming to an end; the year in which coronavirus overshadowed the oil market, the martyrdom of General Soleimani brought the oil price to the level of $72 per barrel, the Saudi-Russian price war led to the Black Monday for West Texas Intermediate with a price of minus $37/b, to name a few. The only proper measure taken by oil market players in the year was the historic coalition of oil producers in the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a grouping called OPEC+, to slash output by 9.7 million barrels per day.
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Iran Petroleum Minister meets with Russian Deputy Prime Minister
MOSCOW (Shana) – Iranian Minister of Petroleum Bijan Zangeneh met with the Deputy Prime Minister and Minister of Energy of Russia in Moscow.
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Iran Oil Minister to Visit Moscow on Sunday
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh is to leave Tehran for Moscow on Sunday, December 20, to review the latest developments in the global crude oil markets with Russian officials.
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Adeli: OPEC Politicized by Some Member States
TEHRAN (Shana) -- Mohammad Hossein Adeli, former secretary general of the Gas Exporting Countries Forum (GECF), has said some member states of the Organization of the Petroleum Exporting Countries have politicized the Organization. In an interview, he cites the examples of countries that did not hesitate to compensate for Iranian and Venezuelan share following their US sanctions on the two member states.
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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.
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OPEC Conference and OPEC and non-OPEC Ministerial Meeting rescheduled to June 6
TEHRAN (Shana) -- The 179th Meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting that were originally planned for 9 and 10 June 2020, respectively, are now scheduled to take place via videoconference on Saturday, 6 June 2020.
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Oil for Our Nation
TEHRAN (Shana) -- Everything initiated when a national demand was brought up in parliament. Some 15 years had passed since the 1933 agreement. World War II (WWII) had come to an end and triumphant Allies were letting the US take over politics and economy. Britain, France and their European allies felt exhausted due to the war with German Nazism and Italian Fascism. Now, it was the US who wanted to fish in troubled waters caused by WWII. Under such circumstances, nationalists and independent movements in Iran found the chance to breathe fresh air and they focused on the petroleum industry.
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COVID-19, Main Culprit in Recent Oil Price Fluctuations: Zangeneh
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh says that coronavirus is to blame for recent price fluctuations in the oil market.
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Market Balance, a Necessity: Zangeneh
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the oil market was under pressure because of coronavirus outbreak and as a result the oil price had fallen to below $60 per barrel, adding, “Efforts must be made to ensure the market balance”.
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2019 Oil Market Hotbeds
TEHRAN (Shana) -- The year 2019 was fraught with events for global oil markets. However, as far as the pricing was concerned the impacts were weak and short-lived on the market. That could have largely affected the oil market in the middle of the decade, but by the end of the last decade of the 21st century, the impact has been meager. In other words, 2019 ended the same way it had started. No significant development was witnessed in the trend of prices with which are mainly concerned producers, consumers, speculators and market analysts. Nonetheless, in the final hours of 2019, oil prices experienced an unpredicted jump to cross $70 a barrel, an unprecedented record since 2018.
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Zangeneh says Would Stress De-politicization of Energy Market in Moscow
MOSCOW (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said he would call on his Russian opposite number to prevent politicization of the oil market.