Energy

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.

Middle East

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

IFP Media Wire -
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.
Energy

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

IFP Media Wire -
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.
Energy

Iran president warns of western plots against OPEC

IFP Media Wire -
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.
Energy

Iran, Pakistan open electricity transmission line at joint border

IFP Editorial Staff -
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.
Energy

Iran ranks first worldwide in oil pipeline construction: Report

IFP Media Wire -
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.
Energy

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

IFP Editorial Staff -
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.
Energy

Iranian oil minister says crude production has exceeded 3 million bpd

IFP Editorial Staff -
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.
Energy

Oil prices fall on fears of US rate hike

IFP Media Wire -
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
Energy

Sources say US confiscated Iran oil cargo

IFP Media Wire -
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.
Energy

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

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

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

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

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

IFP Editorial Staff -
The CEO of the National Iranian Company of Petrochemical Industries has predicted a substantial increase in the capacity of the sector.
Energy

3 EU states importing Iranian oil despite US sanctions: Report

IFP Media Wire -
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.
Energy

Iran, Venezuela oil ministers sign agreements to broaden energy ties

Mahdi Arman -
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.
Foreign Policy

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

IFP Editorial Staff -
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.
Energy

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

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

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

IFP Media Wire -
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.
Energy

Iran’s oil minister arrives Venezuela

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

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

IFP Media Wire -
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.
Energy

US official says Biden admin. disagreed with OPEC cut plans

IFP Media Wire -
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.
Energy

Oil prices jump after OPEC surprise production cuts

IFP Media Wire -
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.
Energy

Iran launches major development phase at Abadan refinery

IFP Editorial Staff -
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.
Energy

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

IFP Editorial Staff -
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.
Economy

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

IFP Editorial Staff -
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.
Energy

Iran launches new Phase of giant Gas Field in Persian Gulf

IFP Editorial Staff -
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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