Iran oil

OPEC member states have achieved an agreement to control production cap, a decision which immediately impacted the markets with oil prices improving.

In an article, Bloomberg has discussed the recent developments in the oil market, particularly the rivalry between Iran and Saudi Arabia.

Iran’s parliament has reportedly given the go-ahead to the government to put a new oil contract model into effect.

Iranian Minister of Petroleum Bijan Zanganeh says the Islamic Republic supports any potential measures aimed at restoring stability to global oil markets, implying, however, that oil prices should be set at reasonable levels.

Iranian researchers invented a device that turns algae into petroleum in just 20 minutes.

The Iraqi government says it may consider shipping crude through Iran if talks with the local Kurdish administration on oil revenue sharing fall apart.

An Iranian oil official says the country has broken many records in oil and gas exports after the implementation of nuclear deal between Tehran and world powers, one of which is the export of 7 million barrels of crude oil in just one day.

Minister of Industries, Mines and Trade Mohammad-Reza Nematzadeh said on Monday, August 1, that the Iranian gas industry is now fully indigenous as the majority of its equipment is made inside the country.

Managing Director of National Iranian Gas Company Hamid-Reza Araqi said the NIGC will supply Chabahar Power Plant with compressed natural gas (CNG).

The general manager of Bushehr Province Department of Ports and Maritime Organization said some 240 foreign oil supertankers have so far docked at Iran’s southern Kharg oil terminal since the implementation of a lasting nuclear deal between Tehran and world powers.

The latest market figures show that Iran’s oil production has already hit the highest level in the past five years – what could mark a major achievement for the country only months after the removal of sanctions in January.

Recent official figures show that China’s imports of crude oil from Iran jumped by 19.5 percent in May compared to the same period last year.

Parviz Sahafzadeh, an official with the Iran’s Petrochemical Employers Association, while describing new oil talks with the Egyptians, reported on the resumption of Iran’s liquefied gas exports to the North African country.

Traders say Royal Dutch Shell has resumed purchases of Iranian crude. The company has now become the second major oil firm after Total to restart trade with Tehran after the lifting of sanctions against the country in January.

Iran opened the Corporate Social Responsibility Conference in the Petroleum Industry on Tuesday May 17.

A top Iranian oil official said on Friday that sanctions on Iranian shipping lines have been completely removed, adding that Iranian tankers presently have no problem to travel to ports around the world.

The International Energy Agency (IEA) announced on Thursday that Iran’s oil production has risen faster than expected, reaching levels not seen since before the Western sanctions against the country were tightened in 2011.

Tehran is reportedly cutting the price of Iranian crude in the Asian trade amid Saudi Arabia’s efforts to flood the already brimming world oil market.

Iran’s Oil Minister Bijan Namdar Zanganeh blamed Saudi Arabia for discouraging customers from buying Iranian crude and luring them away by offering lower prices.

A petroleum activist says that the implementation of the Joint Comprehensive Plan of Action (JCPOA) paves the way for investments in a ban-free Iran. Omani Minster of Oil and Gas Muhammad bin Hamad al-Rumhi says Iran and Oman are to join efforts in addressing falling prices in the oil market.

An Iranian official said here on Saturday that French oil giant Total has received preliminary information for studying the development of the South Azadegan oil field.

Minister of Petroleum Bijan Zangeneh says Iran’s daily production of oil and condensate has risen to 2.4 million barrels.

Iran said on Friday that it is ready to join an oil freeze plan that has been proposed by several key peer producers to help stabilize the market.

Iran’s exports of oil and gas condensates have reached 2.3 million barrels per day (bpd), almost twice as much as before the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal between Tehran and world powers, came into force, Iranian President Hassan Rouhani said.

Engineering studies over North Azadegan oilfield indicate that the field holds 30% more crude oil in its despite than was previously estimated in the field's 2008 master development plan (MDP).