Latest Energy News in Iran – Iran’s economy, while diversified, is still heavily influenced by the state of the oil and gas market. Read more about recent news and developments in the sector here.
Iran’s Oil Minister Javad Owji says the country’s crude production capacity has reached more than 3.8 million barrels per day (bpd), equaling the levels that existed prior to the imposition of tough American sanctions on the country’s energy industry.
The construction of the second phase of a major natural gas storage facility and three projects as part of the “Sulphur Park” in the eastern Iranian city of Sarakhs has been launched in a ceremony with the presence of President Ebrahim Raisi.
An official at Iran’s Abadan Refinery says the first phase of a “development and stabilization” plan at the facility in southern Iran will be completed in the first half of the current Iranian calendar year.
Iran’s foreign ministry spokesman has called a newly declared agreement between Saudi Arabia and Kuwait over the exploitation of the Arash gas field illegal, saying: Tehran reserves the right to exploit the field in the Persian Gulf.
Iran’s Oil Minister Javad Oji says the country needs a $200bn investment in the upstream and downstream and petrochemical industries, the bulk of which has been raised under 50 contracts.
The National Iranian Oil Company (NIOC) says the second oil field in the country’s southwestern Fars Province has officially gone on stream, with an initial production capacity of 9,000 barrels of crude per day.
The CEO of the National Iranian Oil Company says the first refinery row of the phase 14 of the South Pars gas project in the Persian Gulf has become operational.
The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices.
Iran’s Keyhan newspaper has published an opinion piece arguing that the removal of U.S. sanctions against Iran’s oil sector must no longer be regarded as a concession to Iran because this is what America needs right now given soaring energy prices amid the Ukraine crisis.
The Persian Gulf Bidboland storage facility and wharf has been launched in the presence of Iran’s oil minister in the port city of Mahshahr in southern Iran.
Iranian Oil Minister Javad Owji says the Islamic Republic is ready to quickly increase its supply of crude to international markets, stressing that it is the consumer countries that should take the necessary steps to facilitate restoration of stability to global markets.
Iran’s minister of economic and financial affairs says the country’s oil exports have increased 40 percent compared to the time when President Ebrahim Raisi took office.
Oil prices soared past $100 for the first time in more than seven years on Thursday after Russian President Vladimir Putin announced a "military operation" in Ukraine.
Iran has signed a number of memoranda of understanding with Venezuela to overhaul and renovate the Latin American country’s oil refineries and gas processing plants.
Iranian President Ebrahim Raisi says natural gas can shape the future of energy in the world, stressing that gas exporting countries should use the fuel to prop up the global economic recovery after the coronavirus pandemic is over.
Iran and Qatar have enjoyed good, stable and predictable relations over the past years. According to an opinion piece published by IRNA News Agency, the Iranian president’s visit to Doha, a decade after the last such visit, shows great efforts aimed at expanding relations. Ebrahim Raisi has a mission to strengthen bilateral relations with Qatar and Tehran’s role in the Gas Exporting Countries Forum.
Oil prices calmed down after fluctuating initially on Monday, as investors eyed contrasting scenarios of tighter Russian energy supplies due to the Ukraine crisis and more crude coming to the market on a possible nuclear deal between Iran and world powers.
