Energy Economy

The National Iranian Oil Company was ranked by far the best company in the world in terms of oil and gas exploration operations in 2019, a senior NIOC official announced. “The NIOC’s petroleum discoveries in 2019, including oil and gas, had amounted to the equivalent of nearly 5 billion barrels …

Iranian Deputy Foreign Minister for International and Legal Affairs Mohsen Baharavand and the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Sanusi Barkindo in a meeting in Vienna on Saturday reviewed bilateral relations in the field of energy. The meeting was held on the occasion of the 60th establishment anniversary …

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview. “Reserves accumulated in the second quarter are gradually shrinking, and we see that July and August were the first two months when …

Indian Oil Corp., one of the biggest refiners in Asia, is taking the bus to reach what it considers the future of energy: hydrogen. The company that sells almost half the oil products in India will deploy 50 buses around the capital powered by fuel cells running on hydrogen-compressed natural …

Iran has announced the launch of the first phase of a new oil export terminal in the Direstan region. The project, which was officially launched by the Iranian President Hassan Rouhani, is expected to increase the export capacity of the country. The first phase of the Qeshm oil terminal with …

On 14 September 1960, the five Founding Fathers of the Organization of the Petroleum Exporting Countries (OPEC), Juan Pablo Pérez Alfonzo of Venezuela; Abdullah al-Tariki of Saudi Arabia; Dr Tala’at al-Shaibani of Iraq; Dr Fuad Rouhani of Iran; and Ahmed Sayed Omar of Kuwait gathered together in the Al-Shaab Hall …

Director-General of Iran’s Trade Promotion Organization’s Office for Arabian and African Countries Farzad Piltan announced exports of about $2.5 billion worth of non-oil goods from Iran to the Middle Eastern countries over the past five months. “Iraq, the UAE, Oman, Kuwait, Syria, Qatar, Jordan, Lebanon, and Bahrain have been the …

Automotive players in Turkey expect up to 8m used car sales in 2020 as a pre-pandemic shortage of new vehicles is exacerbated by supply chain disruptions attributed to the virus. Some 2.1m cars and light commercial vehicles were sold in the first quarter of the year, putting the market on …

The world’s biggest oil company is getting squeezed by its main shareholder, the Saudi Arabian government. Even with crude dropping to US$40 a barrel this week and its cash flow plunging, Saudi Aramco is trying to pay a US$75 billion dividend this year, almost all of it to the state. …

The export of non-oil commodities in the current Iranian year –a period of around 6 months- via the southeastern port city of Chabahar has risen by 95 percent compared to the corresponding period a year earlier, an official said. Director General of the Ports and Maritime Organization of Iran in …