Energy Economy

The value of Iran’s non-oil trade rose 47 percent during the first four months of the current Iranian calendar year (March 21-July 22), as compared to the same period of last year, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced. According to the Head of the …

Iran has commissioned the Jask oil terminal and pipeline project along the Sea of Oman to bypass the Hormuz Strait for crude oil exports. Located near Jask port in the southern Hormozgan Province, the terminal has capacity to receive up to one million barrels per day (bpd) of light, heavy, …

Iranian heavy oil price increased $4.96 in June to register a 7.4-percent rise compared to the previous month, according to OPEC’s latest monthly report published on Thursday. Iranian heavy crude oil price followed its upward trend since the beginning of the current year to reach $71.68 per barrel in the …

Based on the Ports and Maritime Organization of Gilan Province report exports from Anzali port experienced 75% growth in weight during the first quarter of the current Iranian calendar year (started on March 21). Speaking to IRNA, Head of Gilan Ports and Maritime Organization Hamid Reza Abaie said non-oil products …

Petropars says gas recovery from the Iranian side of the world’s largest gas field has reached 1.8 tcm. The Iranian giant company Petropars said in a statement Sunday that natural gas recovery from the South Pars gas filed had reached a total of 1.8 trillion cubic meters since production started …

Managing Director of Iranian Offshore Oil Company (IOOC) Alireza Salmanzadeh announced on Sunday that drilling and repairing of oil wells have started at Forouzan joint oilfield with the purpose of increasing oil extraction. Salmanzadeh made the remarks after the completion of the installation project of the giant offshore rigs. “Installation …

Iran shares borders with fifteen countries, namely the United Arab Emirates (UAE), Iraq, Turkey, Afghanistan, Pakistan, Russia, Oman, Azerbaijan, Turkmenistan, Kuwait, Qatar, Kazakhstan, Armenia, Bahrain, and Saudi Arabia. Expansion of trade with these neighbors, specially increasing non-oil exports to them, is one of the major plans that the Iranian government …

Moscow hopes that bilateral economic cooperation between the two countries of Iran and Russia would be further strengthened in new Iranian government. Minister of Energy of the Russian Federation, Nikolai Shulginov, in a meeting with Iranian Ambassador to Russia Kazem Jalali on Fri., expressed hope that bilateral economic cooperation and …

Oil prices in world market has increased to the highest level since late 2018 and it is expected to reach 100 dollars per barrel; given the facts, the market is waiting for Iran to export over 200 million barrels of its crude oil as soon as the US sanctions are …

Iran has started pumping oil at a giant new reservoir at the offshore Abuzar oilfield in the Gulf, Iran’s oil ministry news service Shana reported on Tuesday. The Iranian Offshore Oil Company (IOOC) announced it had achieved first oil from the Asmari reservoir of Abuzar oilfield, which is located southwest …