Tag Archives: SHANA

Iranian Minister of Petroleum Bijan Zangeneh said the first offshore well of South Pars Phase 11 project would be drilled in the current Iranian calendar year which began on March 20.

Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a historic yet insufficient deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.

OPEC+ had just struck a deal to cut the group’s output by 10 million barrels per day (including 300,000b/d by US) in May and June 2020.

Shazand Imam Khomeini Oil Refinery supplied 5.2 billion liters of Euro-4 petrol over the course of the previous Iranian calendar year which ended on March 19.

All the refineries processing South Pars gas output are operating normally and there is no drop in their output despite the coronavirus outbreak, an official with the South Pars Gas Complex said.

The coalition of oil producers at the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies had agreed to curtail the group’s output by 10 mbd.

The oil price slump following failure of OPEC+ talks in March is the biggest blow to the oil market since the third oil shock; a new scenario is emerging for the oil market.

A crunch videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and Russia started on Thursday evening.