News

Iran Oil Exports Unfazed Despite US Quitting Deal

According to Iranian Parliament’s official website, ICANA, Ali Kardor commented on the state of Iran’s oil exports since US withdrawal from the nuclear deal, and stated: “The United States did not play a role in Iran’s oil exports, and if Europeans offer the necessary guarantees and continue honoring the Joint Comprehensive Plan of Action (JCPOA), Iran can continue its oil ...

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Maduro Vows To Double Oil Production With Help From OPEC

By Irina Slav Venezuelan President Nicolas Maduro has promised to start increasing the crisis-stricken country’s oil production during his second six-year term in office. AFP reports that during his inauguration speech, Maduro said he will seek the help of OPEC to double Venezuela’s oil production, which is currently at 70-year lows and much below its production quota under the OPEC ...

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OPEC Could “Relax” Production Cuts

By Nick Cunningham It was only a few weeks ago that top officials from OPEC nations were issuing statements assuring the market that the group’s production cuts would remain in effect through the end of 2018, with the possibility of even extending them into next year. But now, with the Vienna meeting just a few weeks away, OPEC is suddenly ...

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Iran to Preserve Oil Market Share: MP

Elaborating on the highlights of a meeting of the parliament’s energy committee with the CEO of the National Iranian Oil Company (NIOC), Hossein Amiri Khamkani said Iran-EU scenarios for preserving the Joint Comprehensive Plan of Action (JCPOA) were considered during the meeting. “Iran will continue exporting oil at the current levels which are roughly 2.2 million barrels per day,” the ...

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High Gas Prices May Spoil Driving Season

By Zerohedge With the national average gas price continuing its trudge toward $3 a barrel, pushed by rising crude oil prices, GasBuddy is reporting that more Americans are planning stay-cations instead of traveling this summer as worries about rising gas prices intensify. According to the annual survey, only 58 percent of respondents said they would take a trip this summer, ...

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Steep Growth in Iran Oil Revenues

by Mohammad Bagher Nobakht Addressing reporters on Tuesday, Mohammad Bagher Nobakht said the country’s oil income grew by 99 percent in the month of Farvardin (the first month in the Iranian calendar year beginning on March 21 to April 20), from the same period last year. “During Farvardin, we sold each barrel of oil at $63 while the figure was ...

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Iran Prepares For Oil Production Decline

By Irina Slav Iran expects disruption in its oil industry after the reintroduction of U.S. sanctions that would make it hard to stick to its current production goals, Oil Minister Bijan Zanganeh said over the weekend, when he met with EU’s Climate Action and Energy Commissioner Miguel Arias Canete. Iranian state news agency Shana quoted Zanganeh as saying achieving its ...

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Incentives for Investment in Iran Petchem Hubs

By Javad Asghari Sustainable development signifies generating value-added, and petrochemical industry will be able to render significant services to the Iranian economy. The petrochemical sector is able to play a significant role in boosting Iran’s economic status, reducing unemployment rate, creating jobs and generating revenues through processing, manufacturing and supply of high value-added products. Economic experts are right in their analysis ...

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OPEC Lifts Oil Demand Forecast Amid Rising Prices

By Tsvetana Paraskova  OPEC revised up on Monday its forecast for global oil demand growth this year, but noted that sanctions, tariffs, and the U.S. withdrawal from the Iran nuclear deal point to rising uncertainty over the global economic growth momentum. In its closely watched Monthly Oil Market Report out today, OPEC revised up its global oil demand growth estimate ...

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