Energy Economy

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …

Iran Chief of Staff of Presidential Office Mahmoud Vaezi and Azeri Deputy Prime Minister Shahin Mustafayev, underlined on Monday that there is no obstacle on way of trade and economic cooperation between the two neighboring countries. During a phone conversation, the two officials underlined the need to share experiences to …

According to the Department General of South Pars Customs, 6,036,447 tons of non-oil goods, valued at $1,467,652,224, were exported via this customs office in first four months of the current year (from March 21 to July 22). Head of Department General of Pars Energy Special Economic Zone’s Customs Amir Abbas …

Referring to two countries’ good relations in various fields, the Iranian President said that “The Islamic Republic of Iran is determined to develop friendly and brotherly relations and cooperation with Turkey in all fields.” Speaking in a telephone call with Turkish President Recep Tayyip Erdogan on Friday, Hassan Rouhani congratulated …

Iranian Foreign Ministry in an announcement on Wed. emphasized that Islamic Republic of Iran will pursue a complaint concerning its frozen assets against the South Korean banks in the international courts of justice. Iranian Ministry of Foreign Affairs reiterated, “No telephone calls have been made by the spokesperson of the …

Iran’s Ambassador to Turkmenistan Gholamabbas Arbab Khales said on Tuesday that Turkmens, like the Iranians, are keen on developing trade relations and they continue to maintain businness ties even amid coronavirus outbreak, which has created restrictions for international trade. Addressing a meeting of Khorasan Razavi Foreign Economic Relations Advisory Council, …

A member of Iranian Parliament National Security and Foreign Policy Commission said that Iran’s trade volume exchange with the East especially China must increase, for, western countries showed that they are not trustworthy. Speaking in an interview with Mehr news agency on Wed., Ebrahim Azizi said that senior officials of …

The gas transmission pipelines of South Pars gas field’s 13A and 13C platforms have become ready to transmit gas from these platforms to the refinery on the coast. As reported by the portal of Pars Oil and Gas Company (POGC), which is in charge of developing the giant field in …

The Iraqi Oil marketing company (SOMO) denied, on Thursday, that it exceeded OPEC+ target for oil exports for July. The state company issued a statement in response to the article “Iraqi oil exports in July above OPEC+ target within 20 days only” published by “Attaqa website”. “The Oil Marketing Company …

As the Middle East enters the hottest days of summer, Saudi Arabia is set to burn potentially record amounts of crude oil to run its power plants and keep its citizens comfortably air-conditioned. Electricity consumption always soars around July and August, when temperatures in the kingdom can rise above 122 …