Energy Economy

South Korea’s Ministry of Foreign Affairs said that they have had a meeting with the Iranian delegation in Seoul to explore ways to release Iran’s funds frozen in the country due to sanctions. Seoul and Tehran are holding working-level consultations seeking ways to resolve the issue of Iranian assets frozen …

Iran’s crude oil production in January reached 2.503 million barrels per day (bpd), registering a 21-percent increase compared to the figure for December 2021, according to OPEC’s latest monthly report. Iran produced 2.482 million bpd of crude oil in December 2021, the report said citing secondary sources. The Islamic Republic’s …

As announced by the managing director of Iranian Central Oil Fields Company (ICOFC), 90 new development wells and 17 workover wells will be dug in the operational zone of South Zagros Oil and Gas Production Company (SZOGPC) in a course of five years. Ramin Hatami made the announcement in a …

Iranian Oil Minister’s Deputy for Planning said that Parsian Energy Intensive Industrial Special Economic Zone (PEISEZ) is a new hub of oil and gas in Iran and that the ministry assures investors feeding the zone. An advantage of the PEISEZ is that it is close to the oil and gas …

A report released by Organization of the Petroleum Exporting Countries (OPEC) indicates that Iran’s oil production in January experienced 21,000 barrels per day increase, reaching the highest production level comparing last three years. Despite continued economic sanctions on the Islamic Republic, its crude oil production reached more than 2.5 million …

The managing director of National Iranian Gas Company (NIGC) has said all of the country’s rural and urban population will have access to natural gas through the national gas network within the next two years, IRNA reported. Speaking in a ceremony for the inauguration of a project for gas supply …

Director of Production and Operations of Pars Oil & Gas Company announced the cumulative growth of gas production from South Pars since the beginning of operation in 2002 at about 2,000 billion m3. The duties of Pars Oil & Gas Company are divided into 2 areas of development and production, …

Iran’s LPG exports are projected at around 6 million mt in 2022, with China poised to remain the main buyer, and the volume could be higher if the US lifted sanctions imposed by former President Trump on the country’s energy sector since 2018, sources familiar with the matter said. “The …

Iran Newspaper reported on Wednesday, quoting head of the Islamic Republic of Iran Customs Administration (IRICA) Alireza Moghadasi, that new statistics of Iran’s foreign trade show that Iran’s non-oil exports in the beginning 10 months of the current Iranian calendar year (starting on 20 March 2021) reached $38.763 billion. According …

Expansion of energy exchanges between Russia and Iran as two countries possessing respectively 37 percent and 15 percent of gas and oil reservoirs in the world can pave the way for diminishing petrodollar dominance if Moscow and Tehran omit dollar in economic interactions. The increase of bilateral cooperation between Iran …