Energy Market

Iran says has defused Western sanctions on gas condensates exports

Iran’s oil minister says the country has rendered the US-led Western sanctions on gas condensates exports completely ineffective.

Iran ranks 7th in electricity generation in world

Iran’s minister of energy says the country has experienced a leap in electricity production, citing a recently released report by Energy Institute (EI) on the surge in energy production in different countries.

Iranian oil min.: Tehran-Moscow ties will continue growing 

Iran's Oil Minister Javad Owji says Tehran will continue the policies of late president Ebrahim Raisi including in the energy sector.

Iran has potential to become energy hub: President Raisi

President Ebrahim Raisi expressed Iran’s readiness to become a energy hub, stating that his country could turn into a safe route for the transfer and distribution of natural gas among suppliers and consumers.

Global oil prices may double: Report

Global prices for crude oil will double if disruptions triggered by Yemen’s Houthis also affect the Strait of Hormuz, Daan Struyven, Goldman Sachs’ head of oil research, has told CNBC in an interview.

Gas stations in Iran back online after cyberattack

Almost all gas stations in Iran are operational a day after about 70 percent of the pumps were hit in a cyberattack, the Iranian deputy oil minister said Tuesday.

Iran oil minister: Gas stations hit in cyberattack

Iran’s Oil Minister confirmed that about two thirds of the gas stations across the country were disrupted after they were targeted in a cyberattack on Monday.

Official: Gas stations disrupted in Iran, technical glitch will be tackled soon

A technical error has knocked fuel rationing system in Iran off course, the head of the Gas Stations Union confirmed, adding offline fueling system at non-subsidiary prices has not been affected.

Minister: Iran to increase oil production to 3.6mn barrels per day in months

Iran’s oil minister says the country is planning on increasing its crude production to 3.6 million barrels per day by the end of the current Iranian year, on March 20, 2024, and aims to hit the 4 million mark next year.

IEA head says Middle East violence may ripple through global oil markets

The ongoing escalation of the Israeli-Palestinian conflict could have a detrimental impact on the oil market and energy security worldwide, International Energy Agency (IEA) Executive Director Fatih Birol has cautioned.

Iran inaugurates power plant for industries in Isfahan’s Mobarakeh

Iranian President Ebrahim Raisi inaugurated a combined cycle power plant earlier on Friday in Isfahan’s Mobarakeh Steel Company as part of a larger plan to help industries generate the power they need and remove obstacles for production.

Saudi Arabia, Russia extend oil supply cuts

Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — announced they would extend output cuts by at least another three months.

Minister: 33 oil projects made operating in Iran with a $12bn investment

Iranian Oil Minister Javad Oji says since the start of the current administration in Iran two years ago, 33 half-completed projects have been inaugurated using a $12 billion investment. 

Dozens of oil, gas projects to come on stream within months: Iran’s VP

Iran’s First Vice President Mohammad Mokhber has stated that 67 oil and gas projects will be put into operation by the end of the current Iranian calendar year (March 19, 2024).

Iranian officials seek to allay concerns over “gasoline shortage, price hike”

While Iranian officials have rejected reports that the government is planning to increase gasoline prices at the pump, unofficial sources have not ruled out the price hike.

Iran installs heaviest platform at Phase 11 of South Pars Gas Field, Persian Gulf

Iran successfully completes the operation to install the heaviest platform of South Pars in place, as the country pushes to operationalize the Phase 11 of the giant Persian Gulf gas field.

World Bank says Iran has become world’s 3rd largest energy subsidizer

Iran is the third-largest worldwide provider of subsidies for energy consumption, a new report by the World Bank shows.

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.

Oil prices continue to rise, tighter market expected

Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a US debt default capped gains.

Russia’s oil exports climb to highest levels since start of Ukraine war

Russia's oil exports have risen to their highest levels since the country attacked Ukraine more than a year ago.

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.

Cold spell causes gas shortage in some Iranian cities

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

Iran’s new power plant to generate 6,000 MW of electricity by next year

The deputy head of Iran’s thermal electricity company says 6,000 MW will be added to the country's power plant capacity by the summer peak of the next Persian year of 1402.

Oil minister: Russia developing 7 oil, natural gas fields in Iran

Iran’s oil minister says Russia is leading the development projects of seven oil and natural gas fields in Iran and the two sides are negotiating on contracts for 14 other fields.

Iranian oil minister says Tehran ready to meet Europe’s energy needs in winter

Iran’s Oil Minister Javad Oji says the Islamic Republic has a good capacity to produce oil and gas and their commodities and is thus capable of partly relieving the energy shortage in the world.

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