The head of a major Iranian energy union warns that Russia appears to be taking over Iran’s share of the Chinese oil market, saying that Tehran should, in return, try to take the place of Moscow in the European market to prevent a decline in its crude sales.
Iran’s Oil Minister Javad Oji says the country has signed 28 contracts worth one billion euros (1.065 billion dollars) to end flare burning at its industrial plants.
Iran’s Oil Minister Javad Owji says the country’s crude production capacity has reached more than 3.8 million barrels per day (bpd), equaling the levels that existed prior to the imposition of tough American sanctions on the country’s energy industry.
Iran’s Oil Minister Javad Oji says the country needs a $200bn investment in the upstream and downstream and petrochemical industries, the bulk of which has been raised under 50 contracts.
The National Iranian Oil Company (NIOC) says the second oil field in the country’s southwestern Fars Province has officially gone on stream, with an initial production capacity of 9,000 barrels of crude per day.
The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices.
Iran’s oil minister has said in the current Persian year, the collection of revenues from selling oil and condensate, petroleum products, petrochemical products and net exported gas increased 2.5 times while as for gas, this figure has reached 3.5 to 4 times.
Iran’s Keyhan newspaper has published an opinion piece arguing that the removal of U.S. sanctions against Iran’s oil sector must no longer be regarded as a concession to Iran because this is what America needs right now given soaring energy prices amid the Ukraine crisis.
Iranian Oil Minister Javad Owji says the Islamic Republic is ready to quickly increase its supply of crude to international markets, stressing that it is the consumer countries that should take the necessary steps to facilitate restoration of stability to global markets.
Iran’s minister of economic and financial affairs says the country’s oil exports have increased 40 percent compared to the time when President Ebrahim Raisi took office.
Iran has signed a number of memoranda of understanding with Venezuela to overhaul and renovate the Latin American country’s oil refineries and gas processing plants.
During the examination of the details of the revenue section of the 1401 budget bill, the Iranian lawmakers approved paragraph b of note 1 that determines the ceiling of resources derived from oil revenues
Oil prices calmed down after fluctuating initially on Monday, as investors eyed contrasting scenarios of tighter Russian energy supplies due to the Ukraine crisis and more crude coming to the market on a possible nuclear deal between Iran and world powers.
Iranian Foreign Minister Hossein Amir Abdollahian has told his Norwegian counterpart Ms. Anniken Huitfeldt that Tehran is ready to expand ties with Oslo in several areas, especially oil and gas.
The Iranian Petroleum Ministry has dismissed rumors of China’s military deployment to Iran to protect its energy projects there, saying such claims could be a reaction to Tehran’s gains from enhanced economic ties with Beijing.
Oil prices extended losses on Friday, heading for a weekly fall, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible supply disruption arising from a Russian invasion of Ukraine.
OPEC’s latest report shows Iran's crude production last year increased 21% compared with 2020 despite stringent sanctions imposed and strictly enforced by the United States.
Oil prices hit their highest in more than seven years on Monday. A possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world's top producer in an already tight market.
