Friday, September 22, 2023

Energy Market

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.

Minister: Iran eyeing long-term regional energy deals

Iran, as the top producer of electricity in West Asia, is planning on signing long-term agreements in the electricity sector as part of its active diplomacy in the region, the Iranian energy minister says.

Oil minister: Iranian gas condensate exports tripled in recent months

Iran’s Oil Minister Javad Oji says the country’s gas condensate exports have tripled in recent months.

Raisi: Natural gas can shape future of world energy

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 among world’s top 14 power plant constructors

Iran is one of the top 14 constructors of power plants in the world, said a Ministry of Energy official on Wednesday.

Iran joins countries exporting energy services to Europe

Iran joined the countries exporting energy services to Europe for the first time by signing a memorandum of understanding (MoU) with Romania.

Minister: Natural gas swap with Turkmenistan to start soon

The Iranian oil minister says the country’s natural gas swap with Turkmenistan, to help it export to the Azerbaijan Republic through Iran, will begin from the turn of the year.

Iran renewable energy confab, expo to start next week

The 6th edition of Iran's International Renewable Energy Conference and Exhibition (Iran REC 2021) is scheduled to be held on November 20-21 in Tehran.

Iran to increase nuclear electricity generation capacity to 8MG

The head of the Atomic Energy Organization of Iran (AEOI) says the nation’s nuclear electricity production capacity should reach 8 megawatts in the short term.

Iran to Build‌ Its Largest Oceanic Port in Sea of Oman: Minister

Iran is to construct an oceanic port in the Sea of Oman where the country’s largest oil terminal will be built.

Iran Begins Construction Work for Major Petrochemical Facility

Ground was broken on Saturday for the construction of a new petrochemical complex in the western Iranian province of Kermanshah with a total budget of $550 million.

Iran Inaugurates 13 Major Water, Electricity Projects

Iranian President Hassan Rouhani has inaugurated 13 major national projects in the fields of water and electricity with an investment of over 4.7 trillion tomans.

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