Explaining the 24th OPEC Plus Ministerial Meeting, the Iranian oil minister stated that the member countries are ready to take responsibility for the fast and reliable supply of oil whenever the market and consumers need it. After the end of the 24th OPEC and non-OPEC Ministerial Meeting on Tuesday, Javad …
Read More »Iran Welcomes Energy Cooperation with Persian Gulf Arab Nations
Iran’s Deputy Oil Minister Ahmad Asadzadeh has said his ministry is completely ready for cooperation with the countries in the region, especially the Persian Gulf Arab nations, IRIB reported on Sunday. “At the Oil Ministry, we are fully prepared to cooperate with the countries in the region and the Arab …
Read More »Intelligence Minister Says Iran’s Oil Exports have Increased
Iran’s intelligence minister Esmail Khatib says despite pressure by the United States and its allies Tehran currently has fewer problems in selling oil. Iran’s oil exports have increased in the past one year compared with 2019-2020, according to business intelligence groups, but is still well below 2 million bpd exported …
Read More »Only 30 Percent of Oil Reserves are Currently Accessible
Iran’s oil minister said Monday that output at many oil wells has fallen from 50,000 barrels p/d to 1,000 and local expertise should help restore production. Speaking at an event dedicated to research at the oil ministry, Owji urged Iranian young scientists to help the oil industry and raise production …
Read More »Non-Oil Trade with Neighbors Stands at $33b in 8 Months
The value of Iran’s non-oil trade with its neighbors stood at $33 billion during the first eight months of the current Iranian calendar year (March 21-November 21), the spokesman of the Islamic Republic of Iran Customs Administration (IRICA) announced. Ruhollah Latifi put the weight of non-oil trade with the neighboring …
Read More »Iran’s NIOC Shifts Crude Selling Benchmark for Europe
Iranian state-owned NIOC will switch the benchmark basis of its official prices for European crude sales, a potential signal of Tehran’s intentions to return in full force to global markets. In its latest official price formula issuance for January, NIOC notes it will shift its benchmark from Ice Bwave to …
Read More »Iran Envisages Exporting 1.2m Barrels of Crude Daily
Iran’s IRNA News Agency says under the country’s budget bill for the next fiscal year starting March 21, 2022, oil exports will be estimated at 1.2 million barrels per day. The amount of oil exports in the budget bill is one of the most important figures. Therefore, every year, with …
Read More »World Bank: GCC Returns to Growth amid Strong Oil Prices
GCC economies are expected to return to an aggregate growth rate of 2.6% in 2021 due to stronger oil prices and the growth of non-oil sectors, and will accelerate into 2022 as OPEC+-mandated oil production cuts are phased out and higher oil prices improve business sentiment and attract additional investment, …
Read More »Non-Oil Trade Rises 40% in 8 Months yr/yr
The value of Iran’s non-oil trade rose 40 percent during the first eight months of the current Iranian calendar year (March 21-November 21), as compared to the same period of time in the past year, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced. Mehdi Mir-Ashrafi said …
Read More »Iran Seeks to Return Oil Output to Pre-Trump Sanction Level
Iran wants to pump more oil than it did before the Trump administration tightened sanctions, a top official said ahead of high-level nuclear talks whose outcome would directly impact the country’s energy-market ambitions. “Plans are in place to increase oil output to more than 5 million barrels a day,” said …
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