Energy

Iran's crude exports and oil output in 2023 have hit new highs despite US sanctions, according to consultants, shipping data and a source familiar with the matter, according to a report by Reuters.

Iranian Oil Minister Javad Owji says Tehran has exported over 2.8 million units of spare parts meant for reviving refineries in Venezuela, as the two states move to bolster trade ties in the face of US sanctions.

Berlin has resumed its petroleum imports from Tehran after five years despite a continued regime of US sanctions that bans any trade of energy products with Iran, according to a report.

Head of the Iran-Iraq Joint Chamber of Commerce Yahya Al-e Es’haq announced on Saturday that Baghdad has released $2.7 billion worth of Iranian funds in gas export money frozen due to the US sanctions.

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.

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.

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.

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 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.

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.

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 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

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.

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

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

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

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.

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.

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.

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

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.

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

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.

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 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.