Energy

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 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.

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.

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

Iran has raised the official selling price (OSP) of its Light crude oil grade for Asian buyers, a report says.

Saudi Energy Minister Prince Abdulaziz bin Salman has warned Western sanctions against Moscow could result in a shortage of energy supplies in future.

Iran’s oil minister says the country’s oil revenues have increased by 40 percent in the past 10 months compared to the same period last year.

The US envoy on Iran says Washington will increase pressure on China to cease imports of Iranian oil. China is Iran’s biggest oil customer, according to reports.

Natural gas shortage and outages have caused troubles for citizens in parts of Iran amid a persisting cold snap in the country.

Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite US sanctions, according to companies that track the flows.

The head of the Iranian Parliament’s Program and Budget Commission says the value of Iran’s exports of oil products reached 6 billion dollars over the past eight months, despite the draconian US sanctions in place against the country’s energy sector.

To meet its energy needs, Germany should negotiate with Iran on gas supplies, according to the leader of the far-right Alternative for Germany (AfD) party, Tino Chrupalla.

Iranian Oil Minister Javad Owji says US sanctions have prevented Iran form paying its dues to the Organization of Petroleum Exporting Countries (OPEC).

The oil ministers of Iran and Venezuela hold talks on ways to further expand bilateral energy cooperation, despite the tough American sanctions against both oil-producing nations.

Iranian President Ebrahim Raisi has stated that the enemy wanted to interrupt Iran’s trade with sanctions, but the country's oil and non-oil exports did not halt for a moment.

An Iranian-flagged oil tanker confiscated by Greece six months ago off the Greek waters, has left for its pre-designated destination, the Iranian foreign ministry announced on Wednesday.

The naval forces of the Islamic Revolution Guards Corps (IRGC) have seized a foreign tanker in the Persian Gulf region for smuggling of 11 million liters of fuel.

Iran’s oil minister will head to Russia on Monday for the 16th joint economic commission of the two countries, with the finalization of the 40-billion-dollar memorandum of understanding in oil and gas sector topping the agenda of the visit.

The Nigerian ambassador to Tehran says Iran is planned to construct a refinery in his country as part of economic agreements signed with western African nations.

Iran’s Oil Minister Javad Oji says 100 thousand barrels of Iranian oil is refined at an offshore refinery belonging to Venezuela.

The Iranian deputy oil minister says Russia’s state-run oil company Gazprom is going to develop six oilfields and two gas fields in the Islamic Republic.

Iranian Oil Minister Javad Oji says the transit and swap of oil and gas from Russia will make Iran the region’s energy hub, and this will flow huge amounts of foreign currency into the Islamic Republic.

The White House has accused Opec+ of aligning with Russia after Saudi Arabi led the organization to deep oil production cuts, prompting a backlash from countries battling surging energy inflation triggered by Moscow’s invasion of Ukraine.

Iranian Oil Minister Javad Owji says Iran and Japan should work to expand their economic cooperation regardless of the sanctions in place against the Islamic Republic, adding Tehran can play a major role in fulfilling the East Asian state’s energy needs.