Drilling Magazine Media Intelligence, Contextual Wisdom

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, ...

* U.S. crude, gasoline inventories rise unexpectedly -EIA * OPEC, non-OPEC may ease cuts ‘softly’ – Novak * OPEC set to meet next month to discuss policy (Adds Novak comment, updates prices) LONDON, May 24 (Reuters) – Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC could wind down an output deal ...

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 ...

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 ...

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 ...

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 ...

TEHRAN (Shana) — Iran exported over 800 million barrels of crude oil from its major oil export terminal in Khark Island ove the course of the previous Iranian calendar year which ended on March 20. CEO of the Iranian Oil Terminal Company (IOEC) Pirouz Mousavi told a group of visiting members of the energy committee of the Iranian parliament in ...

By Tsvetana Paraskova In the days of the U.S. withdrawal from the Iran nuclear deal, Iran’s European customers continue to buy Iranian oil and are in no immediate rush to replace volumes, but some refiners and traders have flagged financing issues as having the potential stop to crude trade with Iran. After the U.S. walked out of the Iran deal, ...

By Ryan Collins and Naureen S. Malik HOUSTON and NEW YORK (Bloomberg) — Another darling of the Trump administration is poised to gain from the Iran deal breakup as oil surges: Natural gas exports. With the move to curb Iran’s oil output encouraging more shale drilling, prices for natural gas produced alongside crude in West Texas could crater, falling to ...

TEHRAN (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says Iranian manufacturers can supply up to 65 percent of the equipment used for building a refinery. Speaking in a televised interview on Thursday night, the official said the National Iranian Oil Company (NIOC) has signed a €556-million contract with a consortium of Spain’s Tubacex and Foolad Isfahan Company for the ...