Tuesday, June 6, 2023


Saudi Arabia says to slash oil output by 1 million barrels a day from July

Saudi Arabia announced the decision to expand voluntary cuts to its crude oil output from July in a bid to help efforts to reinforce global oil prices. The rest of the OPEC+ oil producers have already agreed to extend earlier cuts in supply through the end of 2024.

IEA says Iran’s oil output hits 2.750mn in April

The International Energy Agency (IEA) announced in its latest report that Iran’s crude production volume reached 2.75 million barrels per day (bpd) in April.

Iran president warns of western plots against OPEC

Iranian President Ebrahim Raisi said that several Western governments are seeking to sow discord between OPEC member states, calling on the organization's members to preserve cohesion and unity in order to foil the divisive schemes.

Iran, Pakistan open electricity transmission line at joint border

Iranian President Ebrahim Raisi and Pakistani Prime Minister Shehbaz Sharif have inaugurated an electricity transmission line at the joint border between the two countries in Iran’s southeastern province of Sistans-and-Baluchestan.

Iran ranks first worldwide in oil pipeline construction: Report

Iran has topped world’s leading countries in construction of oil transmission pipelines despite US-led sanctions targeting the country’s energy sector, according to a report.

Iran, Iraq extend natural gas agreement for five more years: Min.

Iranian Oil Minister Javad Oji says Iran and Iraq recently agreed to extend a deal to export Iranian natural gas to Iraq for five more years.

Iranian oil minister says crude production has exceeded 3 million bpd

Iran’s Oil Minister Javad Owji says the country’s crude production under the administration of President Ebrahim Raisi has exceeded 3 million barrels per day over the past 20 months.

Oil prices fall on fears of US rate hike

Oil prices dropped on Monday as jitters over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month

Sources say US confiscated Iran oil cargo

The US has confiscated Iranian oil on a tanker at sea in recent days, three sources have confirned. It comes days later Iran seized an oil-laden tanker in retaliation, according to a maritime security firm.

Iranian president: Iran can be a pioneer in gas and oil industries

Iran’s President Ebrahim Raisi has said all countries are admitting that the Islamic Republic is now a pioneer in military and nuclear industries.

High-ranking Russian delegation to visit Iran, discuss economic, energy ties

An Iranian deputy oil minister says a high-ranking Russian delegation will visit Iran to discuss bilateral economic and energy ties.

Iran’s petrochemical industry projected to grow 3 tons in production

The CEO of the National Iranian Company of Petrochemical Industries has predicted a substantial increase in the capacity of the sector.

3 EU states importing Iranian oil despite US sanctions: Report

Three European Union (EU) countries have imported oil from Iran in 2022 despite US sanctions that impose penalties on governments and entities involved in energy trade with Tehran.

Iran, Venezuela oil ministers sign agreements to broaden energy ties

The Iranian and Venezuelan oil ministers have signed new agreements for broader cooperation in the energy sector, in the face of the draconian economic sanctions imposed on both countries by the US.

Beijing’s envoy: Iran oil sales to China on track despite sanctions

The Chinese ambassador to Tehran says the sales of Iranian oil to China is on track “without any problem,” despite the harsh US sanctions in place against the Islamic Republic’s energy sector.

OPEC figures show Iran’s oil output at 2.567 mln bpd in March

Figures by The Organization of the Petroleum Exporting Countries (OPEC) shows Iran’s oil output in March was almost unchanged from February.

IEA warns OPEC+ output cuts risk oil supply deficit, threaten economic recovery

The International Energy Agency (IEA) has warned that output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery.

Iran’s oil minister arrives Venezuela

Iranian Oil Minister Javad Owji is in Caracas, exploring ways of "strengthening relations and cooperation in the field of energy" between Iran and Venezuela.

Sources say Saudi Arabia to maintain crude supply in several Asian refiners despite OPEC+ cuts

Saudi oil giant Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday.

US official says Biden admin. disagreed with OPEC cut plans

The Biden administration told Saudi officials that it disagreed with OPEC’s surprise decision to cut oil production when it was given a ‘heads up’ on the move, John Kirby, coordinator for strategic communications at the US National Security Council, told reporters.

Oil prices jump after OPEC surprise production cuts

Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts. The oil producers, who control roughly 50% of global oil supplies, reached a decision to reduce their output starting from May until the end of 2023, in a move designed to stabilize the markets.

Iran launches major development phase at Abadan refinery

Iran has launched the first section of the second phases of a major project for development and stabilization of capacity at its Abadan refinery in the country's south.

Iran oil exports set record high in 4 years despite sanctions: Minister

Iranian Oil Minister Javad Owji said the country’s oil exports reached the highest level in four years including in the current Persian calendar year which will end on March 20.

Official: US allowed Iraq to release frozen Iranian assets worth hundreds of millions

An Iranian official says the US has allowed Iraq to released Iranian assets worth $500 million, as the two neighbors make efforts to boost economic and energy cooperation despite American sanctions.

Iran launches new Phase of giant Gas Field in Persian Gulf

Iran has inaugurated Phase 14 of the South Pars Gas Field in the Persian Gulf during a ceremony attended by President Ebrahim Raisi.

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