oil market
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The Recent OPEC+ Decision on Oil Production: Implications for Global Market Stability
SHANA (Tehran) - OPEC+, a key coalition of oil producers, has been instrumental in maintaining global oil market stability. In April and November 2023, eight members include, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, voluntarily cut production by 2.2 million barrels per day (bpd) to counter demand fluctuations. As economic conditions improved and oil inventories declined, the group decided in December 2024 to gradually restore these cuts starting April 2025.
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Cease-fire brings calm to oil market amid complex outlook
SHANA (Tehran) - A spokesperson for Iran’s Union of Exporters of Oil, Gas, and Petrochemical Products stated that the oil market is simultaneously influenced by fundamental factors, countries’ economic conditions, and political developments.
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Global Oil Market in 2024: Uncertainty and Volatility
SHANA (Tehran) – The global oil market is a dynamic and complex arena influenced by various factors such as geopolitical tensions, technological advancements, environmental concerns, and shifting consumer preferences.
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IIES Establishing Strategic Studies Centers
SHANA (Tehran) - The Institute for International Energy Studies’ (IIES) deputy for research says the institute plans to create a number of strategic studies centers in the institute to help the four main subsidiaries of the Petroleum Ministry to face the challenges they face by providing their needs to research and related studies.
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It’s About Reducing Emissions, Not Oil Demand
The pace at which global energy demand is growing means that alternatives cannot replace oil at the necessary scale writes OPEC Secretary General Haitham Al Ghais. Rather than calling for an end to oil, the focus should be on reducing emissions.
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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.